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William Coulman & David Crowther9/12/24

Moderna is cutting its R&D spend, but it needs products to return to growth

Moderna, one of the most visible pharmaceutical brands of the pandemic, is struggling to adapt to a post-COVID world.

Shares in the company were trading down as much as 18% earlier today after announcing plans to slash $1.1 billion in annual R&D expenses while delaying its breakeven target to 2028 (from 2026), capping a brutal return to Earth for the once high-flying company.

Moderna had a meteoric rise, with its mRNA technology one of a number of vaccines that helped ease lockdowns worldwide. That technology made the company a fortune: in just over a year, quarterly revenue skyrocketed from a modest $150 million to more than $7 billion.

Moderna revenues are falling

But, as the rest of the world moves on, the Massachusetts-based company has struggled, spending billions on R&D in search of its next product breakthrough, with revenue slumping sharply since 2021. And pulling back on investing in future projects, even if it technically saves the company money in the short-term, is not a growth story that investors want to hear.

The company now says it expects 10 new product approvals by 2027, but for now it’s leaning heavily on two offerings: its COVID-19 vaccine and a recently approved RSV shot.

Moderna shares plunge on plans to cut R&D, launch 10 new products by 2027

Moderna shares plunge on plans to cut $1.1 billion in costs, launch 10 new products by 2027

Moderna had a meteoric rise, with its mRNA technology one of a number of vaccines that helped ease lockdowns worldwide. That technology made the company a fortune: in just over a year, quarterly revenue skyrocketed from a modest $150 million to more than $7 billion.

Moderna revenues are falling

But, as the rest of the world moves on, the Massachusetts-based company has struggled, spending billions on R&D in search of its next product breakthrough, with revenue slumping sharply since 2021. And pulling back on investing in future projects, even if it technically saves the company money in the short-term, is not a growth story that investors want to hear.

The company now says it expects 10 new product approvals by 2027, but for now it’s leaning heavily on two offerings: its COVID-19 vaccine and a recently approved RSV shot.

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J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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