Moderna's commercial business has contracted, with trailing-twelve-month revenue falling to $2.2 billion from $3.1 billion a year earlier, and an operating margin of -150.2%. The company's valuation is primarily driven by its drug pipeline, including positive Phase 3 trial results for its melanoma treatment and FDA approval for its mRNA flu vaccine. However, a norovirus vaccine study did not meet early success criteria, and cash and investments declined to $6.9 billion in Q2 2026 from $7.5 billion three months prior.