Moderna
37 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.
Customers
Biomedical Advanced Research and Development Authority (BARDA)
earns from · approximately $1.8 billionThe maximum award from BARDA, inclusive of all amendments, was approximately $1.8 billion.Business (Item 1)
Also named by DHR
Government of the United Kingdom
earns fromThese facilities were fully licensed in 2025, and the government in each of these countries has entered into a multi-year commitment to purchase mRNA products from us.Business (Item 1)
Government of Canada
earns fromIn 2026, we expect to drive revenue growth from the annualized impact of our long-term partnerships in the UK, Canada and Australia, as well as continued strong uptake of mNEXSPIKE in the U.S.Business (Item 1)
Government of Australia
earns fromIn 2026, we expect to drive revenue growth from the annualized impact of our long-term partnerships in the UK, Canada and Australia, as well as continued strong uptake of mNEXSPIKE in the U.S.Business (Item 1)
Suppliers
Cellscript and mRNA RiboTherapeutics (Penn Modified mRNA Patents)
depends on · low single digitsThe Cellscript-MRT Agreements require us to pay royalties based on annual net sales of licensed products at rates in the low single digits for therapeutic, prophylactic, and diagnostic uses, and royalties based on annual net sales of licensed products sold for research uses at rates in the mid-single digits, subject to certain reductions, with an aggregate minimum floor.Business (Item 1)
National Institute of Allergy and Infectious Diseases (NIAID)
depends on · low-to-mid single-digit royaltiesPursuant to the agreement, we have agreed to pay tiered, low-to-mid single-digit royalties on net sales of our RSV vaccine, a minimum annual royalty payment, and certain contingent development, regulatory and commercial milestone payments on a licensed product-by-licensed product basis.Business (Item 1)
Partners and platforms
Coalition for Epidemic Preparedness Innovations (CEPI)
depends on · up to $54.3 millionIn December 2025, CEPI agreed to invest up to $54.3 million to support a pivotal Phase 3 clinical trial that aims to help advance our investigational mRNA-based H5 pandemic influenza vaccine candidate, mRNA-1018, to licensure.Business (Item 1)
OpenAI (ChatGPT Enterprise)
depends onIn 2024, our AI culture led to the deployment across the company of ChatGPT Enterprise and its enhanced capabilities such as Advanced Analytics, Image Generation and GPTs.Business (Item 1)
Also named by AMD, COMP, CRWV, HOOD, MSFT, NVDA, NYT, PVH and 3 more
Merck
depends onPursuant to the PCV Agreement, we and Merck will collaborate on further development and commercialization of mRNA-4157, and we will share costs and any profits and losses worldwide related to mRNA-4157 equally.Business (Item 1)
Recordati
depends onWe will continue to lead the clinical development of mRNA-3927 through approval and Recordati will lead commercialization.Business (Item 1)
Also named by LGND
Blackstone Life Sciences
depends onConsequently, we announced that we were planning to start a confirmatory vaccine efficacy study, P304, funded by project financing through Blackstone Life Sciences, a collaboration we announced in 2024.Business (Item 1)
Vertex Pharmaceuticals
depends onWe are collaborating with Vertex on our CF candidate, mRNA-3692/VX-522, which is designed to treat the underlying cause of CF by enabling cells in the lungs to produce functional CFTR protein for the treatment of the over 5,000 patients who do not produce any modulator-responsive CFTR protein.Business (Item 1)
Other companies
Ares Capital Corporation
depends on · $600 million outstandingnamed as a riskA failure to comply with the covenants in our credit agreement with lenders led by Ares Capital Corporation, as administrative agent, could result in an event of default, which, if not cured or waived, could have a material, adverse effect on our business, financial condition, and results of operations.Risk factors (Item 1A)
Competitors
Pfizer
competes withnamed as a riskWe compete with larger, well-established and experienced pharmaceutical companies for sales of our products, including against Pfizer and Sanofi for sales of our COVID vaccines and Pfizer and GSK for our RSV vaccine.Risk factors (Item 1A)
Sanofi
competes withnamed as a riskWe compete with larger, well-established and experienced pharmaceutical companies for sales of our products, including against Pfizer and Sanofi for sales of our COVID vaccines and Pfizer and GSK for our RSV vaccine.Risk factors (Item 1A)
BioNTech
competes withnamed as a riskWe largely compete against Pfizer and BioNTech for sales of our COVID vaccines, whose vaccine is also based on mRNA technology.Business (Item 1)
GlaxoSmithKline (GSK)
competes withnamed as a riskWith respect to our RSV vaccine, we compete against Pfizer and GlaxoSmithKline, who entered the U.S. market prior to us, and our RSV sales have been minimal to date.Business (Item 1)
Novavax
competes withnamed as a riskWe also compete against other vaccines, including Sanofi and Novavax’s.Business (Item 1)
Places
United States
concentrated innamed as a riskThe commercial markets for these vaccines are seasonal and characterized, particularly in the U.S. (our largest market), by a fragmented end customer base, unpredictability in orders and seasonality of deliveries.Business (Item 1)
Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more
Marlborough, Massachusetts
operates innamed as a riskWe have purpose-built our facility in Marlborough, Massachusetts for intismeran, and it may encounter difficulties or it take longer than anticipated to scale up the facility to meet future commercial demand, if intismeran is approved.Risk factors (Item 1A)
Norwood, Massachusetts (Moderna Technology Center)
operates inWe have built a dedicated in-house, multi-building manufacturing campus in Norwood, Massachusetts, the Moderna Technology Center (MTC).Business (Item 1)
Commodities and inputs
Term SOFR
exposed to its price · up to $1.5 billionnamed as a riskIn November 2025, we entered into a variable-rate Credit Agreement providing for borrowings of up to $1.5 billion, under which outstanding amounts bear interest at rates based on Term SOFR plus a margin of 5.50% or a base rate plus a margin of 4.50%, at our option.Market risk (Item 7A)
Also named by BWIN, CLH, DORM, DPZ, DY, ECG, HUBB, IBP and 9 more
Foreign currencies (Canadian dollar, Euro, Korean won, Mexican peso)
exposed to its price · approximately 27% of our revenuenamed as a riskFor the year ended December 31, 2025, approximately 27% of our revenue was denominated in foreign currencies, although our revenue generating activities and operations continued to be primarily denominated in U.S. dollars.Market risk (Item 7A)
Also named by ADSK, BR, ENTG, EXPE, MGNI, ON, SYK, UAL and 1 more
Single-source raw materials and excipients
depends onnamed as a riskWe utilize a number of raw materials and excipients that may have a single source of supply, are new to the pharmaceutical industry and are being employed in a novel manner.Risk factors (Item 1A)
Regulators
U.S. Food and Drug Administration (FDA)
subject tonamed as a riskFor example, recent FDA policy updates regarding COVID vaccine approvals and the evidence expected for certain populations could require additional clinical data or trials to support broader indications, delay approvals or supplemental applications, or result in more limited labeled populations, which could adversely affect the timing and scope of commercialization for our COVID vaccines, including updated or variant-adapted formulations.Risk factors (Item 1A)
Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more
European Commission
named as a riskAdditionally, we have been excluded from selling our COVID vaccines in many European markets due to a competitor’s contract with the European Commission, which does not lapse until year-end 2026.Risk factors (Item 1A)
Also named by AAPL, BKNG, CCK, FWONA, IONS, KRYS, META, TEX and 1 more
Advisory Committee on Immunization Practices (ACIP)
subject tonamed as a riskFor example, changes in FDA regulatory policies, post-marketing safety monitoring, and evidentiary expectations, as well as CDC and Advisory Committee on Immunization Practices (ACIP) recommendations regarding eligibility, target populations, and vaccination practices, may have affected and may continue to affect demand for our vaccines.Risk factors (Item 1A)
Also named by PFE
Laws and programs
Inflation Reduction Act of 2022
subject tonamed as a riskAdditionally, the Inflation Reduction Act of 2022 includes provisions, such as drug pricing controls and Medicare redesign, that have begun to be implemented and are likely to impact our business, but its ultimate effect on our business and the healthcare industry in general is not yet known.Risk factors (Item 1A)
Also named by ABBV, APD, ARE, BKH, DD, DHR, ELV, ENPH and 30 more
Most-favored-nation drug pricing executive order
subject tonamed as a riskMFN pricing models in the U.S. could also affect our international pricing strategy and future decisions on reimbursement and commercialization in certain jurisdictions.Risk factors (Item 1A)
Rare pediatric disease priority review voucher program
subject tonamed as a riskAlthough we have obtained rare pediatric disease designation for mRNA-3927, we may not be eligible to receive a priority review voucher in the event the FDA determines we no longer meet the criteria for designation, revokes the designation or FDA approval does not occur by September 30, 2029.Risk factors (Item 1A)
Bayh-Dole Act
subject tonamed as a riskAny exercise of the march-in rights by the U.S. government could harm our competitive position, business, financial condition, results of operations and prospects.Risk factors (Item 1A)
Also named by OKLO
Public Readiness and Emergency Preparedness Act (PREP Act)
subject tonamed as a riskHowever, if the Secretary of the U.S. Department of Health and Human Services were to revoke or materially modify the declaration underlying such PREP Act coverage, or if our COVID vaccine is not successfully transitioned to the National Vaccine Injury Compensation Program (VICP), our COVID vaccine could become subject to significantly greater product liability exposure in the United States.Risk factors (Item 1A)
National Vaccine Injury Compensation Program (VICP)
subject tonamed as a riskIn addition, any significant changes to, or overhaul of, the VICP could increase our potential liability exposure.Risk factors (Item 1A)
Canada drug importation (FDA rule / Florida)
subject tonamed as a riskIn January 2024, the FDA approved Florida’s request to import certain lower-priced medications from Canada.Risk factors (Item 1A)
Gavi COVAX Advance Market Commitment
named as a riskFor example, in March 2022, we announced that we will not enforce our patents for COVID vaccines against companies manufacturing in or for the Gavi COVAX Advance Market Commitment (AMC) countries, provided that the manufactured vaccines are solely for use in the AMC 92 countries.Risk factors (Item 1A)
Technology
Cold-chain logistics
depends onnamed as a riskFurther, if we or third-party distributors do not maintain effective cold-chain supply logistics required for certain of our products and product candidates, products may be returned, become out-of-date or be rendered unusable.Risk factors (Item 1A)