Moderna ($MRNA) falls even after “good news”: 2025 sales tracking above guidance, cost cuts reiterated, and 2026 growth outlook held steady

What happened

Moderna told investors at the J.P. Morgan Healthcare Conference that 2025 revenue should be about $1.9B (above the midpoint of prior guidance). It reiterated a plan for up to 10% revenue growth in 2026 and guided to 2026 non-adjusted operating expenses of about $4.9B (down from an estimated $5.0B–$5.2B in 2025). Despite that, the stock fell as the market stayed focused on the path to cash breakeven and whether costs need to come down faster. It also said it has filed for approval of its standalone seasonal flu vaccine (mRNA-1010) in multiple countries, with potential approvals beginning in 2026.

Why the market cares

This is a “trust and timeline” story: inve ...