Moderna has transitioned from its pandemic peak to a focus on cost discipline and pipeline advancement. Analysts note that Novavax trades at roughly three times forward sales and 7.5 times forward earnings based on its projected $500 million in annual revenues by 2030, while Moderna’s valuation metrics remain elevated due to continued high R&D spending. Moderna’s near-term growth hinges on the success of its next-generation COVID/flu combo vaccine, the intismeran cancer immunotherapy program and its RSV vaccine candidate. Investors should weigh the potential upside of these programs against the company’s heavier cost structure and the absence of major commercialization partners for most of its pipeline.

Moderna announced that Jacqueline Miller, M.D., who oversaw development of the Spikevax COVID-19 vaccine, will resign as Chief Medical Officer effective March 2. Dr. Miller joined Moderna in 2018 and played a central role in advancing the mRNA platform to emergency use authorization in under a year. Her departure raises questions about continuity in clinical strategy as the company shifts resources toward next-generation vaccines and rare disease programs.

Effective March 2, Dr. David Berman, M.D., Ph.D., will join Moderna as Chief Development Officer. Dr. Berman joins from a decade of oncology and rare disease leadership roles, most recently serving as head of global clinical development at a biopharma focused on gene editing. Moderna expects Dr. Berman to oversee late-stage clinical programs, including registrational trials for the COVID/flu combo shot and the pivotal study for the rare metabolic disorder candidate mRNA-3927, with top-line data anticipated by year-end 2026.

Moderna entered into a global collaboration with Recordati to develop and, upon approval, commercialize mRNA-3927 for propionic acidemia. Under the agreement, Moderna will lead clinical development and manufacturing and is eligible to receive up to $160 million in upfront and near-term milestones, plus tiered royalties on net sales. Recordati will leverage its rare disease commercial infrastructure across 150 countries. Interim phase 1/2 data published in Nature showed early clinical improvements in propionyl-CoA carboxylase activity, and the registrational study has reached full enrollment with a data readout expected by the end of 2026.