TLDR
- Moderna stock jumped 17% on Thursday after reports emerged of discussions with at least one large pharmaceutical company about a potential deal
- The deal could involve either a full acquisition or a large partnership, though the exact nature remains unclear
- Moderna has been struggling with declining COVID-19 vaccine sales, lowering its 2025 revenue guidance to $1.5-$2.2 billion in August
- Bloomberg Intelligence analysts suggest a full takeover is unlikely since Moderna’s key non-vaccine asset is already partnered with Merck
- The company’s revenue dropped from a peak of $19.3 billion in 2022 to $3.2 billion in 2024 as pandemic demand faded
Moderna shares climbed 17% on Thursday after STAT News reported the biotech company has been in discussions with at least one major pharmaceutical company. The talks center around a deal of large scope, potentially including an acquisition or partnership.
The Cambridge, Massachusetts-based company has not officially commented on the reported discussions. A person familiar with the talks told STAT News that both a buyout and a large partnership are being considered as options.
The stock surge comes as Moderna struggles with declining sales following the waning of the COVID-19 pandemic. Shares had dropped more than 40% over the past year before Thursday’s rally.
Revenue Struggles Mount
In August, Moderna lowered its full-year revenue guidance to between $1.5 billion and $2.2 billion. This represented a $300 million reduction at the high end of the range.
The company’s second quarter revenues came in at $142 million. This marked a sharp decline from the $241 million reported in the same quarter of 2024.
COVID-19 vaccine sales drove the revenue drop. The company sold just $114 million worth of COVID-19 vaccines in the three months ending in June. Sales of its Respiratory Syncytial Virus vaccine were negligible during the period.
Moderna attributed the weak performance to the seasonal nature of COVID-19 infections. The company expects demand to pick up in the second half of the year during fall and winter months.
The Broader Picture
The vaccine maker hit peak revenues of $19.3 billion in 2022 when COVID-19 infections remained high. Those revenues plummeted to $3.2 billion in 2024.
The stock has reflected this decline. Shares have fallen over 57% in the past five years and are down approximately 30% since the start of 2025.
Bloomberg Intelligence analysts Sam Fazeli and Max Nisenwrit expressed doubt about a full takeover. They noted that Moderna’s key non-vaccine asset, mRNA-4157, is already partnered with Merck.
The analysts suggested that finding a partner for Moderna’s vaccine business or cancer portfolio is more likely. Such a deal would help address the company’s cash burn issues.
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