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Moderna Inc - Stock Quote MRNA

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Morningstar's Moderna Inc Stock Analysis

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Moderna Shares Remain Undervalued Following Superior Data for Bivalent Omicron-Adapted Vaccine

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

Moderna produced data for its bivalent COVID-19 vaccine mRNA-1273.214 that we think puts the firm in a solid position ahead of the Food and Drug Administration advisory committee meeting scheduled for June 28, with data that supports the use of a new vaccine that targets both the original virus and the omicron variant. We're maintaining our $232 fair value estimate, as we see this data supporting near-term dominance of mRNA vaccines heading into next winter (we expect Pfizer/BioNTech to have similar data available by the June 28 meeting as well). We continue to model $20.6 billion in Moderna 2022 COVID vaccine sales, in line with management guidance for $21 billion in COVID vaccine sales, and roughly $4 billion in annual COVID vaccine sales beginning in 2024. We see Moderna shares as undervalued, with significant potential for the firm's mRNA technology to support further updates to COVID vaccines as well as additional respiratory virus vaccines in the near term, and a broader portfolio of mRNA-based therapeutics in the long run. While we're encouraged by the firm's progress and validation of its technology, we have yet to award the firm an economic moat.

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Moderna Inc's Company Profile

Business Description

Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018. The firm's mRNA technology was rapidly validated with its COVID-19 vaccine, which was authorized in the United States in December 2020. Moderna had 44 mRNA development programs as of early 2022, with 25 of these in clinical trials. Programs span a wide range of therapeutic areas, including infectious disease, oncology, cardiovascular disease, and rare genetic diseases.

200 Technology Square
Cambridge, MA, 02139
T +1 617 714-6500
Sector Healthcare
Industry Biotechnology
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Speculative Growth
Employees 2,700

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