Moderna has secured a $1.5 billion, five-year loan from Ares Management as it aims for up to 10% revenue growth in 2026, the company said Thursday.
Moderna will draw $600M upfront, with optional access to $400M through Nov 2027 and $500M through Nov 2028. President Stephen Hoge told Reuters the financing provides flexibility for business development and risk management.
The company has faced a steep post-pandemic decline — revenue plunged from $18.4B in 2022 as COVID-19 vaccine demand collapsed, prompting cost cuts and program cancellations (CMV, herpes, Varicella-Zoster, glycogen storage disease).
Moderna expects $1.6B–$2B in 2025 sales, relying on next-gen mRNA vaccines including mRESVIA (RSV) and the mNEXSPIKE COVID booster, though RSV sales trail Pfizer and GSK.
Hoge said revenue growth beyond 2026 will be supported by:
- UK, Canada & Australia partnership momentum
- Expiration of Pfizer’s EU COVID vaccine deal in 2027, opening access to a $1.8B market
- Launch of COVID-flu combo and norovirus vaccines in 2028
He added:
“We expect to be the first — and perhaps only — player in those categories.”
Late-stage data for Moderna’s personalized cancer vaccine with Merck may arrive next year, supporting a potential 2027 launch.
Moderna aims to cut $500M in expenses in both 2026 and 2027, targeting break-even by 2028, even as it increases R&D investment in cancer and rare diseases.