Unlike other major vaccine providers such as Pfizer or Astra-Zeneca, Moderna has only one product commercially available – their COVID-19 vaccine. However, Moderna has existed since 2010 and has a large range of other vaccines and mRNA therapies undergoing clinical trials. Having been catapulted to the first rank of biopharmaceuticals by the pandemic in 2020 and taking in tens of billions of dollars in vaccine revenue, there is significant interest in what Moderna will produce next.
Founded by biologist Derrick Rossi and immunologist Timothy Springer, Moderna from its foundation was focused on the medical potential of mRNA therapies. RNA (Ribonucleic Acid) is a form of genetic code that controls gene expression and has a role in protein synthesis, alongside countless other functions. The m in mRNA stands for ‘messenger’, which are strands of RNA that provide the basic information for protein synthesis. Moderna develops synthetic mRNA which triggers the patient’s body to begin producing certain proteins - in the case of their vaccine, antibodies. Moderna believe this technology has a wide range of applications outside of coronavirus and are in the trial stages for a range of similar vaccines and therapies.
Moderna’s 2018 IPO was hotly anticipated and became the largest Biotech IPO to date. Moderna started trading on the NASDAQ exchange at $24 per share, valuing the company at $7.5 billion. At that time, of course, Moderna had no commercial products, but a great flair for raising money. Already the recipient of $2.6 billion in equity financing before its IPO, Moderna’s contract for the COVID-19 vaccine saw the share price briefly above $400 in early 2021. With over 200 million doses administered, some analysts were disappointed with the revenues produced by the vaccine, though they still amount to a profit of several billion dollars. Moderna has major institutional interest, with Baillie Gifford and venture capitalists Flagship Pioneering the largest shareholders. CEO Stéphane Bancel is also a major shareholder, owning around 9% of the company.
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Moderna does not pay a dividend to investors. Biotechnology companies often reinvest earnings back into the company for growth and expansion into new ventures.
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