A comprehensive plan to expand Moderna's seasonal respiratory vaccine franchise from three to potentially six approved products by 2028. The company plans to leverage cash generated from its marketed products (Spikevax, mRESVIA, and mNEXSPIKE) to fund its late-stage oncology and rare disease pipelines.

Expected impact: Aims to establish a diversified, multi-modality biotechnology company, drive sustainable long-term revenue, and achieve cash breakeven by 2028.

A strategic shift in Moderna's operating model to support its transition into a diversified biotechnology entity. Under the new structure, President Dr. Stephen Hoge assumes expanded operational and cross-functional oversight across R&D, Manufacturing, and Commercial operations for three distinct franchises: Infectious Diseases, Intismeran (oncology), and Rare Diseases. Additionally, Ester Banque was appointed as Chief Commercial Officer to build out the global commercial organization.

Expected impact: Improves strategic alignment, strengthens enterprise execution, and accelerates global product launches across three commercial franchises.

A company-wide restructuring to narrow the cost base and resize operations post-pandemic. Initiatives include streamlining the production network by exiting eight contract manufacturing organizations (CMOs) since 2022, adding three company-built facilities (in the UK, Canada, and Australia), and renegotiating supplier contracts.

Expected impact: Aims to reduce adjusted cash costs to ~$4.2 billion in 2026 and $3.5-$3.9 billion in 2027, while driving a 10% improvement in gross margins over three years.