Moderna's value runs far ahead of its sales
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What the chart shows
The two halves of Moderna's chart point opposite ways. Revenue was US$19.3bn in 2022 and US$1.9bn in 2025. The company's market value, US$11.5bn at the end of 2025, was US$81.1bn in October.
What changed is a cancer vaccine. Patients given intismeran, developed with Merck, alongside Keytruda went longer without melanoma returning than patients on Keytruda alone. Nobody outside the two companies has seen by how much; the full results are presented at ESMO in Madrid on 24 October.
Before then, Moderna joins the Nasdaq-100 on 9 October, so funds tracking that index have to buy whatever the data says. Monday's 6.95% gain, to US$203.21, came ahead of both.
The story behind it
Moderna is up almost 600% this year on cancer data nobody has seen in full Read the edition →On the calendar
The US releases that move markets, in New Zealand and Australian time. Economic calendar →The numbers
Two scales: revenue (left, US$bn) fell from 19.3 in 2022 to 1.9 in 2025; market value (right, US$bn) went from 11.5 at end-2025 to 81.1 on 5 October.
| Revenue, US$bn | Market value, US$bn | |
|---|---|---|
| 2021 | 18.5 | 103.0 |
| 2022 | 19.3 | 69.0 |
| 2023 | 6.8 | 37.9 |
| 2024 | 3.2 | 16.0 |
| 2025 | 1.9 | 11.5 |
How we make these charts: one chart a day from a story in the edition, drawn from the figures the story names and checked against the sources named on the chart before it is published. General information only, not financial advice.
