From the Editor's Desk

Moderna's Next Act Is Using mRNA vs. Flu, Zika, HIV, and Cancer

The biotech has reached a $100 billion market cap. But after Covid, the challenges get even bigger.

A year ago, Moderna Inc. was an unprofitable company with no marketed products and a promising but totally unproven technology. None of its experimental drugs and vaccines had ever completed a large-scale trial. Experts were divided on how well the mRNA-based Covid-19 vaccine it was about to enter in a Phase III trial would stack up against older, more established vaccine technologies.

This year, Moderna could deliver 1 billion doses of its Covid shot and bring in $19 billion in revenue. It's become the rare biotech to hit the big time without being gobbled up by, or splitting profits with, a larger, more established company. Its market value - which hit $100 billion for the first time on July 14th - exceeds that of stalwarts such as Bayer AG, the German inventor of aspirin, and biotech peers such as Biogen Inc., founded three decades prior.

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