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Shares of Moderna, Inc. (NASDAQ:MRNA) are falling Thursday. The Massachusetts-based biotech company made two significant announcements regarding its finances and business strategy.
What To Know: Moderna announced that the company is targeting up to 10% revenue growth in 2026 in connection with its Analyst Day. The company plans to expand its seasonal vaccine offering from three to six approved products by 2028.
Moderna said it’s targeting readouts from nine ongoing Phase 2 and Phase 3 clinical studies in its oncology pipeline. The company also aims to improve its GAAP operating expenses by approximately $500 million each year, charting a path to cash breakeven in 2028.
Moderna further announced a $1.5 billion credit facility from Ares Management, an investment manager based in California. The debt financing consists of three tranches over five years, with some portions of the money only available after Moderna reaches certain milestones.
“While we remain well-positioned to achieve our 2028 cash breakeven target, this additional capital enhances our strong balance sheet and enables increased flexibility over the coming years,” said Jamey Mock, Moderna’s CFO.
MRNA Price Action: Shares of Moderna were initially trading higher on Thursday before pulling back as the broader market reversed course. The stock was down 3.47%, trading at 23.35 at the time of publication, according to Benzinga Pro.
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Posted In: MRNA
