Moderna
stock was rising Wednesday after the vaccine maker released positive results from a Phase 3 trial of its mRNA flu vaccine and provided insight on its plans for other vaccines targeting cancer and other diseases.
Moderna
(ticker: MRNA) said Wednesday that its flu vaccine, mRNA-1010, met its primary endpoint in a recent late-stage trial.
“With today’s positive Phase 3 flu results, along with previous results in Covid and RSV, we are now three for three on advancing respiratory disease programs to positive Phase 3 data,” Chief Executive Stéphane Bancel said in the news release.
Moderna
also said Wednesday it intends to have a combination vaccine for Covid-19 and the flu as early as 2025.
The data were released as the company works toward expanding its pipeline now that Covid-19 vaccine demand decreases. In the company’s second quarter, Covid-19 sales tumbled 94% from the same period a year ago. The company also said it was cutting back on its prior estimate of the size of the U.S. commercial Covid-19 vaccine market.
The concern that a lack of Covid-19 demand will impact the company’s balance sheet has continued to hit shares, with the stock tumbling 38% this year while the
S&P 500
has climbed 16%.
But flu vaccines aren’t the only next step for Moderna. The company also plans to begin a second Phase 3 trial, with partner
Merck
(MRK), of mRNA-4157 for non-small cell lung cancer later this year. Investors can expect updates on that trial in the company’s fourth quarter.
Moderna added that it expects to launch up to 15 new products over the next five years “addressing high unmet needs.” The company said it’s currently developing vaccines against six other viruses “with unmet needs” like HIV and Epstein-Barr.
“Moderna expects to add $10 billion to $15 billion in annual sales five years after launching new products in oncology, rare and latent diseases by 2028,” the company said.
Shares of Moderna jumped 4.5% to $110.02.
Write to Angela Palumbo at [email protected]
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