mRNA vaccines and therapeutics
Moderna
Moderna earns revenue by selling COVID-19 and RSV vaccines to wholesalers, distributors and governments while developing mRNA medicines for infectious diseases, cancer and rare diseases. It spends through both internal plants and external manufacturers such as Lonza, Thermo Fisher and ROVI, and also uses outside funding from investors including Blackstone for late-stage development. H1 2026 revenue was $534 million (versus $250 million a year earlier); Q2 alone brought $145 million of revenue and an $815 million operating loss. Cash, cash equivalents and investments fell $1.2 billion (15%) from the start of the year by end-June.
Business categories Pharmaceuticals & Biotechnology · Biopharma & Life Sciences · primary
MRNA Updated Oct 9, 2026 4 AI consumers· 3 recurring
Per the valuechain.wiki graph, Moderna is directly linked to 6 companies (2 supply, 3 revenue, 1 investment relationships) and reaches 13 companies within two hops; the links are backed by 12 dated sources, 5 of them primary filings (as of 2026-10-09).
Financials & Segments
- Total revenue · FY2025 revenue: $1.944 billion
- Segments · COVID-19 vaccines · RSV vaccine · Other revenue
Revenue from
- Vertex Pharmaceuticals Incorporated High confidence· Contract value $270M · agreement life · Maximum development and regulatory milestones payable to Moderna, excluding royalties on net sales
Moderna maintains a license and collaboration agreement with Vertex to develop mRNA therapeutics for cystic fibrosis and is eligible for up to USD 270 million in development and regulatory milestones plus royalties on future net sales. - FFF Enterprises High confidence· Revenue share 15% · FY2025 · FFF Enterprises' share of Moderna's FY2025 total revenue
U.S. pharmaceutical distributor FFF Enterprises was Moderna's largest disclosed customer in FY2025, accounting for 15% of total revenue. The absolute revenue amount by counterparty was not disclosed. - Public Works and Government Services Canada High confidence· Revenue share 13% · FY2025 · Public Works and Government Services Canada's share of Moderna's FY2025 total revenue
Canada's federal procurement organization accounted for 13% of Moderna's FY2025 total revenue and 33% of year-end accounts receivable. - Cardinal Health High confidence· Revenue share 11% · FY2025 · Cardinal Health's share of Moderna's FY2025 total revenue
Cardinal Health was a U.S. distribution customer representing 11% of Moderna's FY2025 total revenue. The absolute revenue amount by counterparty was not disclosed. - Merck & Co. High confidence
Moderna co-develops the individualized neoantigen cancer vaccine V940 (intismeran autogene, mRNA-4157) with Merck and is advancing it through Phase 3 as an adjuvant therapy with Keytruda for melanoma and NSCLC under a structure in which Merck exercised its option and shares development costs and economics, making it a pipeline bet that attaches an mRNA platform to the defense of the Keytruda franchise.
Pays to
- Lonza Ltd. Medium confidence
Lonza is a long-term contract manufacturer producing Moderna's COVID-19 vaccine material and potential follow-on products at U.S. and Swiss sites. Fees and actual purchase volumes under the 10-year agreement announced in 2020 were not disclosed.Confirms KO Eugene Investment & Securities Published Jan 19, 2026: Late-January Earnings Season Begins, with Guidance as the Key VariableConfirms EN Lonza Published May 1, 2020: Moderna and Lonza Announce Worldwide Strategic Collaboration to Manufacture Moderna's Vaccine - Thermo Fisher Scientific Medium confidence
Thermo Fisher Scientific supplied raw materials and served as a manufacturing partner for aseptic fill-finish, labeling and packaging of Moderna's COVID-19 vaccine in North Carolina. The contract value was not disclosed.Confirms EN Moderna Published Jun 1, 2021: Moderna Announces Agreement with Thermo Fisher Scientific for Fill/Finish Manufacturing of Moderna's COVID-19 Vaccine - Laboratorios Farmacéuticos ROVI, S.A. Medium confidence
ROVI participates in Moderna's supply chain by producing active substance in Granada and performing fill-finish work in Madrid. ROVI's 2024 materials confirmed an ongoing 10-year agreement covering COVID-19, RSV and influenza mRNA vaccines, but did not disclose its value. - Danaher (Aldevron plasmid DNA) Medium confidence
Moderna sources plasmid DNA, the starting material for mRNA vaccine production, from Danaher's Aldevron. The supply agreement was expanded in May 2021 to cover the COVID-19 vaccine and pipeline candidates. Payments are undisclosed.Confirms KO BioSpectator Published Jun 18, 2021: Danaher to acquire pDNA and mRNA maker Aldevron for $9.6BConfirms EN Business Wire Published May 24, 2021: Moderna and Aldevron Announce Expanded Partnership for mRNA Vaccine and Therapeutic Pipeline
Investors
- Blackstone High confidence· Contract value $750M · influenza program development and commercialization funding arrangement · Maximum funding commitment from Blackstone Life Sciences
Blackstone Life Sciences committed up to $750 million to fund development and commercialization of Moderna's influenza program. Moderna recognized $340 million and $267 million of expense reductions from the arrangement in FY2025 and FY2024, respectively.Confirms EN Blackstone Published Mar 27, 2024: Blackstone Life Sciences Announces Collaboration to Support Moderna's Influenza Program
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '20 | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|---|
| McKesson Corporation | lead2 | · | +44.2 | +51.8 | +24.1 | +23.7 | +44.5 | +14.8 |
| Merck & Co. | lead1 | · | +1.8 | +49.4 | +1 | -6.3 | +9.8 | +44.9 |
| Cardinal Health, Inc. | lead1 | · | -0.4 | +54.1 | +34.1 | +19 | +76.3 | +21.1 |
| Vertex Pharmaceuticals Incorporated | lead1 | · | -7.1 | +31.5 | +40.9 | -1 | +12.6 | +20.5 |
| Moderna | node | · | +143.1 | -29.3 | -44.6 | -58.2 | -29.1 | +393.6 |
| Thermo Fisher Scientific | benef1 | · | +43.5 | -17.3 | -3.4 | -1.7 | +11.8 | +13.9 |
| Danaher Corporation | benef1 | · | +48.6 | -19 | -1.2 | -0.3 | +0.4 | -3.4 |
| Blackstone | benef1 | · | +107.1 | -40 | +82.7 | +35.1 | -7.8 | -23.5 |
| Solventum | benef2 | · | · | · | · | · | +20 | +15.7 |
| CoreWeave | benef2 | · | · | · | · | · | · | +14.6 |
| PPL Corporation | benef2 | · | +12.9 | +0.4 | -3.8 | +24 | +11.4 | +1.8 |
| Medtronic plc | benef2 | · | -9.8 | -22.6 | +9.6 | +0.3 | +24 | -0.3 |
| EQT Corporation | benef2 | · | +71.6 | +57.6 | +16.2 | +21.4 | +17.6 | -0.6 |
| Alnylam Pharmaceuticals | benef2 | +0 | +30.5 | +40.1 | -19.5 | +22.9 | +69 | -41.5 |
YTD as of 2026-09-04 · source: Yahoo Finance
Moderna operates across mRNA vaccines and therapeutics. After -29.1% in 2025, it rebounded +393.6% in 2026. The stock (+393.6%) is ahead of both its demand side (avg +28.8%) and supply side (avg +6.1%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is Merck & Co. (+44.9%) and the furthest behind is Thermo Fisher Scientific (+6.1%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends through both internal plants and external manufacturers such as Lonza, Thermo Fisher and ROVI, and also uses outside funding from investors including Blackstone for late-stage development.
Analysis generated from returns as of 2026-09-04← All companiesMarkdown · JSON · Customers · Suppliers · Ripple