Moderna and Merck reported five-year results from their phase IIb study of the personalized cancer vaccine intismeran autogene administered alongside Keytruda in high-risk melanoma patients. The combination therapy reduced the composite endpoint of recurrence or death by 49% compared with Keytruda monotherapy (hazard ratio 0.51; 95% CI 0.35–0.74). At the five-year follow-up, 62% of patients in the combo arm remained recurrence-free versus 43% in the control group. These data mark the first long-term efficacy readout for an mRNA-based oncology vaccine and underpin plans for a pivotal phase III trial in 2026.

Moderna’s CEO Stephane Bancel announced on Bloomberg TV that the company will pause investments in new late-stage vaccine trials, citing growing political resistance to immunizations among U.S. officials. While Moderna will continue advancing its existing mRNA vaccine portfolio—focused on influenza, RSV and emerging coronaviruses—the company will reallocate approximately 15% of its R&D budget toward oncology and rare disease programs. This reallocation follows a 20% year-over-year increase in R&D spending to $3.2 billion in 2025.

Investors are weighing the dual impact of breakthrough oncology data against the strategic retrenchment in vaccine trial spending. The 49% risk reduction in melanoma recurrence positions Moderna as a front-runner in mRNA-based cancer therapies, a segment projected to exceed $50 billion in annual global revenue by 2030. Conversely, deferring new late-stage vaccine trials may slow near-term revenue growth in prophylactic vaccines, where Moderna had anticipated launching two candidates by 2027. Analysts expect the shift to bolster long-term margins, with an operating margin uplift of 3–5 percentage points by 2028 driven by higher-margin oncology products and optimized trial spend.