MRNA

Moderna develops messenger RNA therapeutics and vaccines, with its COVID-19 vaccine generating $18.4 billion in 2022 revenue before crashing to $6.7 billion in 2023 as pandemic demand evaporated. The company's mRNA platform technology remains intact and applicable across infectious diseases, oncology, and rare diseases, with 45 programs in development including a promising cytomegalovirus vaccine in Phase 3 trials. Management expects the respiratory franchise alone—combining COVID, flu, and RSV vaccines—to generate $8-15 billion in annual peak sales by the late 2020s. Trading at $42 per share with $9.9 billion in cash and no debt, Moderna offers exposure to a proven mRNA platform at a steep discount to its $400+ pandemic highs, though current losses of $4.6 billion annually burn through roughly $1 billion in cash per quarter.