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2026-06-12 23:06 3mo ago
2026-05-06 10:30 4mo ago
Novavax (NVAX) Reports Q1 Loss, Beats Revenue Estimates
NVAX Novavax
FMP Stock News
Original source text
Novavax (NVAX - Free Report) came out with a quarterly loss of $0.06 per share versus the Zacks Consensus Estimate of a loss of $0.25. This compares to earnings of $2.93 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +75.68%. A quarter ago, it was expected that this vaccine maker would post a loss of $0.66 per share when it actually produced earnings of $0.11, delivering a surprise of +116.67%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Novavax, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $139.51 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 100.70%. This compares to year-ago revenues of $666.66 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Novavax shares have added about 20.5% since the beginning of the year versus the S&P 500's gain of 6%.

What's Next for Novavax?While Novavax has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Novavax was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.33 on $53.17 million in revenues for the coming quarter and -$0.06 on $362.2 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the bottom 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Fate Therapeutics (FATE - Free Report) , is yet to report results for the quarter ended March 2026.

This clinical-stage biotech company that develops stem cell treatments is expected to post quarterly loss of $0.29 per share in its upcoming report, which represents a year-over-year change of +9.4%. The consensus EPS estimate for the quarter has been revised 1.3% higher over the last 30 days to the current level.

Fate Therapeutics' revenues are expected to be $1.75 million, up 7.4% from the year-ago quarter.
2026-06-12 23:06 3mo ago
2026-05-06 14:21 4mo ago
Novavax, Inc. (NVAX) Q1 2026 Earnings Call Transcript
NVAX Novavax
FMP Stock News
Original source text
Novavax, Inc. (NVAX) Q1 2026 Earnings Call Transcript
2026-06-12 23:06 3mo ago
2026-05-06 15:07 4mo ago
Why Novavax Stock Is Trading Higher On Wednesday?
NVAX Novavax
FMP Stock News
Original source text
Novavax Inc. (NASDAQ:NVAX) shares are trading higher on Wednesday after the company reported better-than-expected first-quarter financial results.

Novavax (NVAX) Q1 2026 Earnings Date And Key CatalystThe COVID-19 vaccine maker reported quarterly sales of $139.51 million, beating the $78.32 million estimate.

The company reported a net loss of $9 million, compared to net income of $519 million a year ago.

First quarter of 2025 net income benefited from $603 million of non-cash sales related to the close-out of two APA agreements.  

Balance Sheet Strengthened With Credit FacilityCash, cash equivalents, marketable securities, and restricted cash were $795 million.

In February 2026, Novavax announced a $330 million credit facility with MidCap Financial. The credit facility was put in place to further strengthen its balance sheet and provide access to non-dilutive capital as Novavax advances its growth strategy.

Strategic Partnerships Drive Long-Term Growth OutlookNovavax has executed four new Material Transfer Agreements and broadened collaborations with leading pharma players, covering more than 30 distinct programs.

Management expects partner-driven revenue to support operations through 2028, without relying on upfront payments or royalties.

Novavax reaffirmed its 2026 sales guidance of $230 million-$270 million compared to the consensus of $393.28 million.

NVAX Technical Analysis: Momentum And Key Support LevelsThe stock’s current price is 6.6% above its 20-day simple moving average (SMA) of $8.29 but 2.2% below its 50-day SMA of $9.04. The moving average convergence divergence (MACD) is above its signal line, indicating that downside pressure is easing, which suggests improving momentum for the stock.

In terms of support and resistance levels, the key resistance is at $9.00, where rebounds could stall, while key support is at $7.50, a level where buyers have previously stepped in.

How Novavax Ranks On Value And MomentumBelow is the Benzinga Edge scorecard for Novavax, highlighting its strengths and weaknesses compared to the broader market:

Value: 47.17 — The stock is trading at a moderate valuation relative to peers. Momentum: 58.89 — Indicates a neutral momentum profile, suggesting the stock is not significantly outperforming or underperforming the market. The Verdict: Novavax’s Benzinga Edge signal reveals a balanced scorecard with moderate value and neutral momentum. This suggests that while the stock may not be a standout performer, it remains a viable option for investors looking for exposure in the biotech sector.

NVAX Stock Price Activity: Novavax shares were up 15.19% at $9.33 at the time of publication on Wednesday, according to Benzinga Pro data.

Photo: Shutterstock

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© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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2026-06-12 23:06 3mo ago
2026-05-07 12:16 4mo ago
NVAX Q1 Earnings Beat, Stock Jumps 16% on Matrix-M Deal Momentum
NVAX Novavax
FMP Stock News
Original source text
Key Takeaways Novavax posted a narrower Q1 loss and revenues beat as Matrix-M licensing gained momentum.NVAX highlighted 30-plus Matrix-M evaluation fields spanning oncology and infectious diseases.Novavax expects operations funded into 2028 with partner reimbursements and new credit access. Novavax (NVAX - Free Report) incurred a loss of 6 cents per share in the first quarter of 2026, narrower than the Zacks Consensus Estimate of a loss of 25 cents. In the year-ago quarter, the company had recorded EPS of $2.93, driven by higher sales.

Quarterly revenues totaled $139.5 million, down 79% year over year. This metric beat the Zacks Consensus Estimate of $69.5 million.

Novavax’s shares were up about 16% yesterday, likely due to the better-than-expected results. The quarter reflected a business mix that is increasingly tied to partners, with management highlighting that partners now have rights to evaluate its proprietary Matrix-M technology in more than 30 fields spanning infectious diseases and oncology.

Shares of Novavax have increased 39% so far this year compared with the industry’s nil growth.

Image Source: Zacks Investment Research

NVAX’s Q1 Earnings in DetailA key theme this quarter was the shifting composition of revenues as NVAX prioritizes monetizing Matrix-M through partners. Product sales were led by supply activity and direct demand for the company’s COVID-19 vaccine, Nuvaxovid, in a smaller set of markets, while partner-related revenues benefited from licensing activity across multiple counterparties.

Novavax recorded $42.2 million in product sales, down 93% year over year. This includes about $10 million from Nuvaxovid, reflecting sales primarily in Germany for the 2025-2026 season and the continued transition of commercial responsibility in Europe to Sanofi (SNY - Free Report) . Supply sales were nearly $33 million, up 136% year over year, supported by higher demand for Matrix-M adjuvant from partners as well as COVID-19 supply to SNY.

Last year, Sanofi acquired exclusive rights to market Nuvaxovid globally, except in certain territories where Novavax maintains existing partnership agreements.

Licensing, royalties and other revenues totaled $97.3 million, including $30 million recognized as an upfront payment received from Pfizer (PFE - Free Report) in connection with a non-exclusive license agreement for Matrix-M signed earlier this year. The metric increased 116% on a year-over-year basis.

NVAX’s Costs Improve While Strengthening Liquidity ProfileResearch and development (R&D) expenses totaled $95.5 million, up 7% year over year, driven by increased costs tied to post-marketing commitments and annual strain change activities. This figure does not include the $28 million of R&D reimbursement from Sanofi.

Selling, general and administrative (SG&A) expenses declined 40% to $29 million. This downside was primarily due to the transition of lead commercial activities to Sanofi and the elimination of Novavax’s commercial infrastructure.

As of March 31, 2026, Novavax had $795 million in cash and cash equivalents compared with $751 million in the previous quarter. Management also highlighted access to additional non-dilutive capital, including a new $330 million credit facility established in the first quarter, with an initial $50 million draw.

Based on quarter-end liquidity and anticipated partner reimbursements, management said it believes the company can fund operations into 2028 before considering any incremental cash flow from future upfront payments, milestones or royalties.

NVAX’s Financial GuidanceFor 2026With Sanofi leading commercialization in key COVID-19 markets, NVAX continues to emphasize an adjusted revenue framework rather than total revenue guidance. For 2026, the company reiterated an adjusted total revenue outlook of $230 million to $270 million, which does not include any amounts receivable from SNY.

Novavax expects full-year combined R&D and SG&A expenses to be in the band of $380-$420 million. This figure excludes $70 million to $80 million in anticipated R&D reimbursements from Sanofi.

Beyond 2026Novavax reiterated that adjusted combined R&D and SG&A expenses, inclusive of R&D reimbursements, are expected to be approximately $225 million in 2027 (at the midpoint).

For 2028, the company refined its target range to $150-$200 million from its prior goal of below $200 million.

NVAX Builds a Wider Funnel for Matrix-M ApplicationsNovavax continues to position Matrix-M as the centerpiece of its partnering strategy. During the quarter, the company emphasized that its non-exclusive model enables multiple companies to explore similar high-potential areas, which can increase the probability of downstream success and broaden potential royalty streams.

Operationally, management noted that it signed four new material transfer agreements in early 2026, including a new oncology-focused collaboration with a top-10 global pharmaceutical company last month. NVAX also pointed to expanding activity with existing counterparties, including a new agreement allowing preclinical work in up to nine additional infectious disease fields.

Novavax Highlights C. Diff as Next In-House Value CatalystBeyond partnering, Novavax is selectively advancing internal R&D to support future deals and generate differentiated proof points. The company prioritized its Clostridium difficile colitis (C. Diff.) vaccine candidate as its next potential program to enter the clinic, targeting entry as early as 2027.

Management framed C. Diff. as a large unmet-need opportunity with no approved vaccine today and indicated the candidate is designed with broader coverage using multiple antigens, along with an emphasis on mucosal immunity, given the gut-based nature of infection. Novavax also stated that it is conducting an IND-enabling repeat-dose toxicity study and expects to pursue pre-IND discussions with the FDA to inform next steps.

NVAX’s Zacks RankNovavax currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
2026-06-12 23:06 3mo ago
2026-05-07 16:00 4mo ago
Novavax to Participate in BofA Securities 2026 Health Care Conference
NVAX Novavax
FMP Stock News
Original source text
GAITHERSBURG, Md., May 7, 2026 /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX) today announced that it will participate in the BofA Securities 2026 Health Care Conference.
2026-06-12 23:06 3mo ago
2026-05-08 14:18 4mo ago
What's Going On With Novavax Stock On Friday?
NVAX Novavax
FMP Stock News
Original source text
Bloomberg noted that Moderna said it is conducting early-stage research into vaccines targeting hantaviruses, even as health experts suggest the virus linked to recent cruise ship deaths is unlikely to become a broader public health threat.

The COVID-19 vaccine maker confirmed it has been working with the U.S. Army Medical Research Institute of Infectious Diseases on hantavirus vaccine research.

"These efforts are early-stage and ongoing and reflect Moderna's broader responsibility to develop countermeasures against emerging infectious diseases," the company told Bloomberg.

In September 2024, the Vaccine Innovation Center at Korea University College of Medicine (VIC-K, Director Heejin Cheong) entered into a full-scale collaboration with global pharmaceutical company Moderna to develop an mRNA-based hantavirus vaccine.

Since signing a research agreement, the two institutions have collaborated through Moderna’s global public health initiative, the mRNA Access Program.

WHO Identifies Multiple CasesThe World Health Organization has identified at least six confirmed hantavirus cases and two suspected infections linked to the outbreak. Three additional passengers have died, according to the report.

Hantaviruses are typically spread through contact with infected rodents and can cause severe respiratory illness in humans.

The company reported a relative vaccine efficacy of 26.6% overall, including 29.6% for A/H1N1, 22.2% for A/H3N2, and 29.1% for the B/Victoria lineage, with 27.4% efficacy in participants 65 and older.

Novavax reported quarterly sales of $139.51 million, beating the $78.32 million estimate.

The company reported a net loss of $9 million, compared to net income of $519 million a year ago.

First quarter of 2025 net income benefited from $603 million of non-cash sales related to the close-out of two APA agreements.  

NVAX Price Action: Novavax shares were up 13.16% at $10.44 at the time of publication Friday, according to Benzinga Pro.

Over the past month, NVAX has gained about 8.5% versus a 9.0% rise in the S&P 500 and is up roughly 38% year-to-date compared to the index’s 7.5% gain.

Image via Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.
2026-06-12 23:06 3mo ago
2026-05-11 09:29 4mo ago
Hantavirus Scare Sparks Vaccine Stock Rally: Moderna, Novavax Climb
NVAX Novavax
FMP Stock News
Original source text
MRNA stock is climbing. See the chart and price action here.  The latest wrinkle: two Americans connected to the ship are now being treated as potential cases after being transported in aircraft biocontainment units during a U.S. repatriation effort. 

U.S. health officials said one passenger had symptoms while another tested PCR positive for the virus, though the PCR-positive passenger was reportedly asymptomatic and will undergo follow-up testing.

The Americans were among 17 U.S. citizens repatriated to Nebraska for evaluation and monitoring after the outbreak aboard the Hondius. The ship's outbreak has included six confirmed cases, two suspected cases and three deaths. 

MRNA, NVAX RallyModerna has drawn the most direct investor attention from the hantavirus headlines. The company is reportedly conducting early-stage research into vaccines targeting hantaviruses in collaboration with the U.S. Army Medical Research Institute of Infectious Diseases and Korea University College of Medicine's Vaccine Innovation Center. 

The research began before the cruise ship outbreak, but the timing has given investors a fresh reason to revisit Moderna's mRNA platform beyond COVID-19. 

The story plays into a familiar market setup: when a rare virus becomes a headline risk, companies with perceived vaccine optionality often catch a bid. 

Still, the move may be more sentiment-driven than fundamental. 

Moderna's hantavirus work remains at an early stage, and analysts have cautioned that the commercial opportunity could be limited given the rarity of outbreaks and the long development timeline for any potential vaccine. 

"We see no meaningful revenue opportunity," Evercore analysts wrote last week, noting hantavirus is a "structurally small market," per Brew Markets. 

The rally suggests investors are treating the hantavirus scare as a fresh catalyst for vaccine platform stocks, even as health officials continue to frame the broader public risk as low and analysts downplay the catalyst as well.

Price ActionNVAX Price Action: Novavax stock was up 4.75% at $10.59 during premarket trading Monday, according to Benzinga Pro.

Over the past month, NVAX has gained about 31.1% versus a 8.9% rise in the S&P 500 and is up roughly 57% year-to-date compared to the index’s 7.6% gain.

MRNA Price Action: Moderna stock was up 6.52% at $57.89 during premarket trading Monday, according to Benzinga Pro.

Over the past month, MRNA has gained about 13.5% versus a 8.9% rise in the S&P 500 and is up roughly 94% year-to-date compared to the index’s 7.6% gain.

Photo: joshimerbin / Shutterstock

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.
2026-06-12 23:06 3mo ago
2026-05-11 10:53 4mo ago
Moderna Stock Is Up 6% Today: Is It Outperforming Other Vaccine Stocks Like Pfizer and Novavax?
NVAX Novavax
FMP Stock News
Original source text
Shares of Moderna (NASDAQ:MRNA | MRNA Price Prediction) are up roughly 6% in Monday morning trading, changing hands near $57.52 after Friday's close of $54.35.
2026-06-12 23:06 3mo ago
2026-05-12 10:01 4mo ago
Investors Heavily Search Novavax, Inc. (NVAX): Here is What You Need to Know
NVAX Novavax
FMP Stock News
Original source text
Novavax (NVAX) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.
2026-06-12 23:06 3mo ago
2026-05-13 22:20 4mo ago
Novavax, Inc. (NVAX) Presents at Bank of America Global Healthcare Conference 2026 Transcript
NVAX Novavax
FMP Stock News
Original source text
Novavax, Inc. (NVAX) Presents at Bank of America Global Healthcare Conference 2026 Transcript
2026-06-12 23:06 3mo ago
2026-05-26 10:01 3mo ago
Novavax, Inc. (NVAX) Is a Trending Stock: Facts to Know Before Betting on It
NVAX Novavax
FMP Stock News
Original source text
Novavax (NVAX - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.

Shares of this vaccine maker have returned +14.1% over the past month versus the Zacks S&P 500 composite's +4.4% change. The Zacks Medical - Biomedical and Genetics industry, to which Novavax belongs, has lost 0.8% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, Novavax is expected to post a loss of $0.37 per share, indicating a change of -159.7% from the year-ago quarter. The Zacks Consensus Estimate has changed -10.6% over the last 30 days.

The consensus earnings estimate of -$0.2 for the current fiscal year indicates a year-over-year change of -107.8%. This estimate has changed -221.6% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $0.31 indicates a change of -55.8% from what Novavax is expected to report a year ago. Over the past month, the estimate has changed -25.5%.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Novavax is rated Zacks Rank #3 (Hold).

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

In the case of Novavax, the consensus sales estimate of $52.38 million for the current quarter points to a year-over-year change of -78.1%. The $361.06 million and $258.91 million estimates for the current and next fiscal years indicate changes of -67.9% and -28.3%, respectively.

Last Reported Results and Surprise HistoryNovavax reported revenues of $139.51 million in the last reported quarter, representing a year-over-year change of -79.1%. EPS of -$0.06 for the same period compares with $2.93 a year ago.

Compared to the Zacks Consensus Estimate of $69.51 million, the reported revenues represent a surprise of +100.7%. The EPS surprise was +76%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Novavax is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Novavax. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
2026-06-12 23:06 3mo ago
2026-06-01 16:00 3mo ago
Novavax to Participate in 2026 Jefferies Global Healthcare Conference
NVAX Novavax
FMP Stock News
Original source text
GAITHERSBURG, Md., June 1, 2026 /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX) today announced it will participate in the 2026 Jefferies Global Healthcare Conference.
2026-06-12 23:06 3mo ago
2026-06-04 13:11 3mo ago
Novavax, Inc. (NVAX) Presents at Jefferies Global Healthcare Conference 2026 Transcript
NVAX Novavax
FMP Stock News
Original source text
Novavax, Inc. (NVAX) Presents at Jefferies Global Healthcare Conference 2026 Transcript
2026-06-12 23:06 3mo ago
2026-06-05 12:35 3mo ago
Novavax (NVAX) Up 10.4% Since Last Earnings Report: Can It Continue?
NVAX Novavax
FMP Stock News
Original source text
A month has gone by since the last earnings report for Novavax (NVAX - Free Report) . Shares have added about 10.4% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Novavax due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Novavax, Inc. before we dive into how investors and analysts have reacted as of late.

Q1 Earnings & Sales Beat EstimatesNovavax incurred a loss of 6 cents per share in the first quarter of 2026, narrower than the Zacks Consensus Estimate of a loss of 25 cents. In the year-ago quarter, the company had recorded EPS of $2.93, driven by higher sales.

Quarterly revenues totaled $139.5 million, down 79% year over year. This metric beat the Zacks Consensus Estimate of $69.5 million.

Quarter in DetailA key theme this quarter was the shifting composition of revenues as NVAX prioritizes monetizing Matrix-M through partners. Product sales were led by supply activity and direct demand for the company’s COVID-19 vaccine, Nuvaxovid, in a smaller set of markets, while partner-related revenues benefited from licensing activity across multiple counterparties.

Novavax recorded $42.2 million in product sales, down 93% year over year. This includes about $10 million from Nuvaxovid, reflecting sales primarily in Germany for the 2025-2026 season and the continued transition of commercial responsibility in Europe to Sanofi. Supply sales were nearly $33 million, up 136% year over year, supported by higher demand for Matrix-M adjuvant from partners as well as COVID-19 supply to Sanofi.

Last year, Sanofi acquired exclusive rights to market Nuvaxovid globally, except in certain territories where Novavax maintains existing partnership agreements.

Licensing, royalties and other revenues totaled $97.3 million, including $30 million recognized as an upfront payment received from Pfizer in connection with a non-exclusive license agreement for Matrix-M signed earlier this year. The metric increased 116% on a year-over-year basis.

Costs Improve While Strengthening Liquidity ProfileResearch and development (R&D) expenses totaled $95.5 million, up 7% year over year, driven by increased costs tied to post-marketing commitments and annual strain change activities. This figure does not include the $28 million of R&D reimbursement from Sanofi.

Selling, general and administrative (SG&A) expenses declined 40% to $29 million. This downside was primarily due to the transition of lead commercial activities to Sanofi and the elimination of Novavax’s commercial infrastructure.

As of March 31, 2026, Novavax had $795 million in cash and cash equivalents compared with $751 million in the previous quarter. Management also highlighted access to additional non-dilutive capital, including a new $330 million credit facility established in the first quarter, with an initial $50 million draw.

Based on quarter-end liquidity and anticipated partner reimbursements, management said it believes the company can fund operations into 2028 before considering any incremental cash flow from future upfront payments, milestones or royalties.

Financial GuidanceFor 2026

With Sanofi leading commercialization in key COVID-19 markets, Novavax continues to emphasize an adjusted revenue framework rather than total revenue guidance. For 2026, the company reiterated an adjusted total revenue outlook of $230 million to $270 million, which does not include any amounts receivable from Sanofi.

Novavax expects full-year combined R&D and SG&A expenses to be in the band of $380-$420 million. This figure excludes $70 million to $80 million in anticipated R&D reimbursements from Sanofi.

Beyond 2026

Novavax reiterated that adjusted combined R&D and SG&A expenses, inclusive of R&D reimbursements, are expected to be approximately $225 million in 2027 (at the midpoint).

For 2028, the company refined its target range to $150-$200 million from its prior goal of below $200 million.

How Have Estimates Been Moving Since Then?It turns out, estimates revision flatlined during the past month.

The consensus estimate has shifted -9.85% due to these changes.

VGM ScoresCurrently, Novavax has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook Novavax has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerNovavax belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Moderna (MRNA - Free Report) , has gained 6.3% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.

Moderna reported revenues of $389 million in the last reported quarter, representing a year-over-year change of +260.2%. EPS of -$1.18 for the same period compares with -$2.52 a year ago.

Moderna is expected to post a loss of $2.00 per share for the current quarter, representing a year-over-year change of +6.1%. Over the last 30 days, the Zacks Consensus Estimate has changed +3.9%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Moderna. Also, the stock has a VGM Score of C.
2026-06-12 23:06 3mo ago
2026-06-08 10:01 3mo ago
Novavax, Inc. (NVAX) is Attracting Investor Attention: Here is What You Should Know
NVAX Novavax
FMP Stock News
Original source text
Novavax (NVAX - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Over the past month, shares of this vaccine maker have returned -6.1%, compared to the Zacks S&P 500 composite's +1.9% change. During this period, the Zacks Medical - Biomedical and Genetics industry, which Novavax falls in, has lost 0.6%. The key question now is: What could be the stock's future direction?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Revisions to Earnings EstimatesHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

Novavax is expected to post a loss of $0.36 per share for the current quarter, representing a year-over-year change of -158.1%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.7%.

The consensus earnings estimate of -$0.19 for the current fiscal year indicates a year-over-year change of -107.4%. This estimate has changed -20.7% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $0.26 indicates a change of -40.5% from what Novavax is expected to report a year ago. Over the past month, the estimate has changed -37.9%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Novavax.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

For Novavax, the consensus sales estimate for the current quarter of $49.81 million indicates a year-over-year change of -79.2%. For the current and next fiscal years, $371.85 million and $258.46 million estimates indicate -66.9% and -30.5% changes, respectively.

Last Reported Results and Surprise HistoryNovavax reported revenues of $139.51 million in the last reported quarter, representing a year-over-year change of -79.1%. EPS of -$0.06 for the same period compares with $2.93 a year ago.

Compared to the Zacks Consensus Estimate of $69.51 million, the reported revenues represent a surprise of +100.7%. The EPS surprise was +76%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Novavax is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Novavax. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
2026-06-12 23:06 3mo ago
2026-06-12 18:45 3mo ago
Novavax (NVAX) Stock Slides as Market Rises: Facts to Know Before You Trade
NVAX Novavax
FMP Stock News
Original source text
In the latest close session, Novavax (NVAX - Free Report) was down 1.66% at $8.88. The stock trailed the S&P 500, which registered a daily gain of 0.5%. Elsewhere, the Dow gained 0.7%, while the tech-heavy Nasdaq added 0.31%.

The vaccine maker's stock has dropped by 3.42% in the past month, falling short of the Medical sector's gain of 5.49% and the S&P 500's loss of 0.23%.

Analysts and investors alike will be keeping a close eye on the performance of Novavax in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of -$0.36, marking a 158.06% fall compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $49.81 million, indicating a 79.18% downward movement from the same quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.19 per share and a revenue of $371.85 million, indicating changes of -107.36% and -66.9%, respectively, from the former year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Novavax. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 6.72% upward. Currently, Novavax is carrying a Zacks Rank of #3 (Hold).

The Medical - Biomedical and Genetics industry is part of the Medical sector. With its current Zacks Industry Rank of 147, this industry ranks in the bottom 40% of all industries, numbering over 250.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
2026-06-12 23:06 3mo ago
2026-06-08 10:01 3mo ago
QUALCOMM Incorporated (QCOM) is Attracting Investor Attention: Here is What You Should Know
QCOM Qualcomm
FMP Stock News
Original source text
Qualcomm (QCOM - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Over the past month, shares of this chipmaker have returned -1.4%, compared to the Zacks S&P 500 composite's +1.9% change. During this period, the Zacks Electronics - Semiconductors industry, which Qualcomm falls in, has gained 3.8%. The key question now is: What could be the stock's future direction?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Qualcomm is expected to post earnings of $2.27 per share for the current quarter, representing a year-over-year change of -18.1%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

For the current fiscal year, the consensus earnings estimate of $10.79 points to a change of -10.3% from the prior year. Over the last 30 days, this estimate has remained unchanged.

For the next fiscal year, the consensus earnings estimate of $10.79 indicates a change of +0.1% from what Qualcomm is expected to report a year ago. Over the past month, the estimate has remained unchanged.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #4 (Sell) for Qualcomm.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

In the case of Qualcomm, the consensus sales estimate of $9.7 billion for the current quarter points to a year-over-year change of -6.5%. The $42.92 billion and $43.34 billion estimates for the current and next fiscal years indicate changes of -2.8% and +1%, respectively.

Last Reported Results and Surprise HistoryQualcomm reported revenues of $10.6 billion in the last reported quarter, representing a year-over-year change of -2.2%. EPS of $2.65 for the same period compares with $2.85 a year ago.

Compared to the Zacks Consensus Estimate of $10.62 billion, the reported revenues represent a surprise of -0.19%. The EPS surprise was +3.11%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates just once over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Qualcomm is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Qualcomm. However, its Zacks Rank #4 does suggest that it may underperform the broader market in the near term.
2026-06-12 23:06 3mo ago
2026-06-08 12:47 3mo ago
Got $25,000? Broadcom or Qualcomm: The Clear Winner for Growth Investors This Year
QCOM Qualcomm
FMP Stock News
Original source text
Broadcom (NASDAQ:AVGO | AVGO Price Prediction) and Qualcomm (NASDAQ:QCOM) just gave investors two different reads on the AI chip economy.
2026-06-12 23:06 3mo ago
2026-06-09 03:45 3mo ago
Nvidia CEO Jensen Huang Just Declared War on Intel, AMD, and Qualcomm -- and the PC Market Will Never Be the Same
QCOM Qualcomm
FMP Stock News
Original source text
It took a while for the full impact of the personal computer to be appreciated after John Blankenbaker introduced the first PC -- the Kenbak-1 -- in 1971. It might also take a while to digest the ramifications of Nvidia (NVDA +0.15%) CEO Jensen Huang's proclamation a few days ago, "The PC is being reinvented."

What we can know now, though, is that Huang declared war on Intel (INTC +6.49%), Advanced Micro Devices (AMD +4.91%), and Qualcomm (QCOM +4.32%). And the PC market will never be the same.

Image source: Nvidia.

A new era for PC technology Nvidia isn't attempting to reinvent the PC on its own. The company collaborated with Microsoft (MSFT +0.11%) to integrate AI agents into Windows. It also worked with Taiwan's MediaTek, a leader in building systems-on-a-chip based on Arm's (ARM +11.05%) architecture, on custom CPU design.

Nvidia's RTX Spark was the result of this team effort. It's a new superchip that Nvidia says "reinvents Windows PCs for the era of personal AI agents." RTX Spark includes an Nvidia Blackwell RTX GPU and Nvidia NVLink-C2C to connect to a Nvidia Grace CPU.

How will RTX Spark change PCs? Huang explained it this way: "For forty years, you launched apps. Click. Type. With RTX Spark and Microsoft Windows, you ask -- and the PC does the work." He added, "Local agents. Frontier models. Creative workflows, RTX games. All on a laptop. This is the new PC. The personal AI computer."

Nvida's new superchip has already secured significant industrywide adoption. PC makers, including ASUS (ASUUY +0.00%), Dell (DELL +1.03%), HP (HPQ +2.27%), Lenovo (LNVGY 3.57%), Microsoft, and MSI, plan to launch laptops and compact desktop PCs featuring RTX Spark this fall. Acer and Gigabyte won't be too far behind.

Letting the chips fall where they may Huang's announcement introducing RTX-Spark sent shockwaves across the PC industry. Qualcomm was the hardest hit. The microchip stock is down by a double-digit percentage since the RTX-Spark debut.

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Nvidia's new superchip particularly threatens Qualcomm because its Snapdragon chips compete in the same market as RTX-Spark. Nvidia's dominance in the AI community could jeopardize Qualcomm's growth plans for the PC market.

However, Intel arguably faces the broadest threat from RTX-Spark. The technology pioneer's x86 architecture has been a mainstay for Windows PCs for decades. Intel now must compete directly against the world's largest company by market cap.

AMD is in a similar position to Intel. Its chips have been Intel's primary rival for years. AMD has invested heavily in promoting its Ryzen AI processors. But Nvidia's new product could drastically change the competitive dynamics.

Is Nvidia's stock now a no-brainer buy? Does Nvidia's intention to reinvent the PC make its stock a no-brainer buy? Not on its own. Investors probably shouldn't bank on Nvidia winning big enough in the PC market to move the needle much, at least not over the near term.

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The main challenge is that Nvidia's data center business is so large that any new market is likely to amount to little more than a blip. In the first quarter of 2026 alone, the company's data center revenue totaled $75.2 billion, roughly 92% of total revenue.

However, Huang has forecast a $200 billion CPU market, some of which includes AI PCs. He also stated during a keynote address at Taiwan's Computex conference, "This reinvention of the computer is as big a deal as the reinvention of the phone into what we now know as the smartphone."

The PC market truly won't be the same with Nvidia now focusing on it. While the RTX-Spark superchip doesn't make Nvidia's stock a no-brainer buy by itself, it adds yet another reason for investors to consider scooping up shares.
2026-06-12 23:06 3mo ago
2026-06-09 11:47 3mo ago
Qualcomm Drops 8% on ByteDance ASIC Deal, Marvell Falls 10% as Custom-Silicon Stocks Slide
QCOM Qualcomm
FMP Stock News
Original source text
Shares of Qualcomm (NASDAQ:QCOM | QCOM Price Prediction) are down 8% to $201 in Tuesday morning trading, while Marvell Technology (NASDAQ:MRVL) shares are off 10% to $260. The catalyst centers on news that ByteDance is moving forward with a custom AI silicon (ASIC) deal that touches Qualcomm directly, reshaping the merchant custom-silicon narrative across the sector.

The selling action looks counterintuitive given the strategic upside the ByteDance partnership could deliver for Qualcomm. Yet, sector-wide pressure on custom-silicon names is amplifying the move and dragging Marvell stock down alongside it, raising fresh questions about how investors value merchant ASIC providers in an era of hyperscaler self-design.

ByteDance Deal Stirs a Despite or Because Of Debate The reported ByteDance engagement extends Qualcomm’s reach beyond smartphones and into data center AI silicon. That fits with what Qualcomm CEO Cristiano Amon stated on the company’s Q2 FY2026 call: “We are equally excited by our entry into the data center, where a leading hyperscaler custom silicon engagement is on track for initial shipments later this calendar year.” The corresponding 8-K filing from late April detailed handset weakness offset by record automotive revenue.

The Qualcomm story now extends beyond mobile dependency. Handset revenue was down 13% year over year (YoY) to $6.02 billion in Q2 FY2026, while automotive climbed to a record $1.33 billion, up 38% YoY. Diversification into data center silicon can help reduce concentration in smartphones, where Apple‘s (NASDAQ:AAPL) in-house modem ambitions remain a long-term concern.

Investors appear to be weighing several offsetting concerns on Qualcomm stock. Export regulation risk on advanced AI chips tied to a Chinese customer is a legitimate question, and a classic sell-the-news reaction can hit even strategically positive announcements. Margin and competitive worries in the custom-silicon market are also in play.

The longer-term setup still looks intriguing, though. QCOM stock is up 18% year to date (YTD), and the company’s Investor Day on June 24 will detail its data center and Physical AI roadmap. Qualcomm trades at a forward P/E ratio of 20x, with an analyst consensus price target near $180.48.

Marvell Slides as the Custom-Silicon Trade Unwinds Marvell Technology sits at the heart of the custom-AI-ASIC theme, so any signal of hyperscaler or large customer vertical integration tends to weigh on MRVL stock. The company flags this in its own filings, citing the “Risk that customers develop own solutions or vertically integrate” as a tangible factor for the business.

The fundamental backdrop remains strong, however. Marvell Technology reported Q1 FY2027 revenue of $2.42 billion, up 28% YoY, and CEO Matt Murphy described the data center business as “on fire.” The company guided Q2 FY2027 revenue near $2.7 billion, with custom silicon projected to exceed $10 billion by fiscal 2029.

Marvell Technology’s data center segment generated $1.83 billion in Q1 FY2027 revenue, with that segment representing 76% of total sales. The company has expanded through acquisitions of Celestial AI and XConn Technologies for photonic fabric and chiplet connectivity, building a connectivity and custom-compute platform that also concentrates exposure to hyperscaler decision-making.

MRVL stock has surged 210% YTD, helped by NVIDIA (NASDAQ:NVDA) CEO Jensen Huang publicly calling Marvell Technology the “next trillion-dollar company” and the announcement that Marvell will join the S&P 500 effective June 22. That parabolic run leaves Marvell Technology stock more sensitive to negative custom-silicon headlines than fundamentals alone might suggest.

What Investors Should Watch Next The custom-silicon trade has been one of the most crowded positionings in tech, and big single-day drawdowns can shake out leveraged holders quickly. Semiconductor names may be vulnerable to a synchronized unwind, and this dynamic appears to be playing out across Qualcomm stock, Marvell stock, and peers including Broadcom (NASDAQ:AVGO).

Investors may want to size their positions carefully and watch for whether Qualcomm frames the ByteDance relationship and export-control exposure ahead of its June 24 Investor Day. For Marvell Technology, the next signal on whether AI-ASIC demand is broadening could come from hyperscaler capex commentary and follow-on custom-silicon customer wins.

The bull case rests on Qualcomm building a durable data center franchise and Marvell extending its custom-silicon lead with Amazon‘s (NASDAQ:AMZN) Trainium and Microsoft‘s (NASDAQ:MSFT) Maia programs. The bear case centers on geopolitical risk, customer in-housing, and stretched valuations, with Marvell Technology stock trading at a forward P/E ratio of 65x. Both narratives may be tested in the days to come.
2026-06-12 23:06 3mo ago
2026-06-09 12:12 3mo ago
Jensen Huang strikes again, recommends buying Qualcomm stock
QCOM Qualcomm
FMP Stock News
Original source text
Nvidia chief executive Jensen Huang brought Qualcomm QCOM in focus late Monday, issuing an explicit public endorsement of the rival chipmaker.

Speaking to tech executives and reporters during his highly anticipated press tour in Seoul, Huang praised QCOM’s dominance in mobile hardware before playfully instructing the audience to “buy their stock”

The unscripted remarks caught Wall Street completely off guard, immediately triggering a wave of after-hours buying.

Though the stock saw heavy selling on Tuesday, versus its year-to-date low, Qualcomm stock is up more than 60% at writing.

Addressing attendees regarding Nvidia’s strategic positioning, Jensen Huang freely acknowledged that his company lacked a competitive edge in smartphones.

However, he quickly reframed this limitation as a mutual victory for the broader tech ecosystem.

“I don’t think we are incredibly good at mobile devices – and I don’t think it’s necessary,” Huang noted, setting up the ultimate punchline; “They’re doing such a good job. Buy their stock.”

This off-the-cuff validation from the undisputed poster child of the generative artificial intelligence boom instantly injected fresh speculative enthusiasm into QCOM shares.

Note that the semiconductor firm currently pays a healthy dividend yield of 1.82% - which makes it even more attractive as a long-term holding.

The sudden alliance brought temporary relief to Qualcomm shares following a brutal week of market volatility.

Tensions peaked just days ago at Computex – where Nvidia unveiled its powerful new RTX Spark superchip for Windows PCs, standardizing an aggressive push directly into Qualcomm’s flagship “Windows on Arm” computing narrative.

Simultaneously, a conservative AI revenue forecast from Broadcom had dragged down the entire semiconductor index in a sweeping sector-wide sell-off.

By publicly advocating for his competitor, Jensen Huang basically signaled to nervous institutional investors that Nvidia has no immediate intention of challenging QCOM’s premium mobile moat –  providing crucial psychological support to a jittery market.

While retail investors celebrated the immediate price spike, seasoned market analysts are voicing growing anxiety over the sheer influence of the “Jensen Bump.”

Industry skeptics suggest that a single executive’s casual commentary wielding this much market-moving power hints at dangerous, bubble-like exuberance.

For now, the macroeconomic landscape remains entirely captive to Huang’s words – proving once again that in the current tech environment, an Nvidia recommendation outweighs the conventional financial metrics.

Investors should also note that Wall Street analysts do not particularly agree with Huang on QCOM stock.

According to Barchart,the consensus rating on Qualcomm Inc sits at “hold” only, with the mean price target of nearly $185 indicating potential downside of some 13% from current levels.

Analysts’ cautious stance partly reflects valuation concerns, with the company currently going for a rather stretched 27x forward earnings.
2026-06-12 23:06 3mo ago
2026-06-10 10:40 3mo ago
What Sparked Qualcomm's Massive 60% Breakout?
QCOM Qualcomm
FMP Stock News
Original source text
SHENZHEN, CHINA - MAY 28: The Qualcomm logo is displayed on a building on May 28, 2026 in Shenzhen, Guangdong Province, China. Qualcomm is a U.S.-based semiconductor and wireless technology company known for its Snapdragon processors and mobile communications technologies used in smartphones and connected devices worldwide. (Photo by Cheng Xin/Getty Images)

Getty Images

This article was written and reviewed by Doug Nathman and his team at Trefis. For questions, email [email protected]

After years as a market underperformer, what has led investors to finally take notice?

If you weren't paying attention, you might have overlooked it. From March 10, 2026, to June 8, 2026, shares of Qualcomm (QCOM) experienced a significant climb, increasing by 61.7%. To put it in perspective, this far surpassed the S&P 500’s return of 9.5% and left numerous other semiconductor rivals like Broadcom trailing behind.

So, what was the catalyst? For a considerable time, the narrative surrounding this firm was repetitive: smartphone cycles, demand from China, and its complex relationship with Apple. However, during this timeframe, Wall Street shifted its focus to a completely different narrative.

The Engine Finally RoarsThe most substantial indication of a new era came from the automotive sector. The company announced record automotive revenues of $1.3 billion, which marked a 38% increase year-over-year. This was far from negligible, serving as a clear indication that Qualcomm's much-anticipated expansion into the automotive market is gaining momentum. The storyline is evolving from a gamble on future automotive technology to a business that is currently generating real, accelerating growth.

An Unexpected AI Plot TwistThe true catalyst for this surge, however, was the unexpected credibility of its AI objectives. While the mobile device sector managed its inventory challenges, the company was actively making significant moves elsewhere. News of a contract to provide AI chips to ByteDance, the parent company of TikTok, made headlines. Furthermore, during its earnings call, management disclosed that it was “commencing our ramp with a leading hyperscaler” for custom semiconductor manufacturing. What was previously mere speculation has transformed into a new growth narrative with a defined timeline, shifting Qualcomm’s focus from just smartphones to the expansive data centers that fuel cloud computing. This same systematic focus on secular growth drivers is how our HQ Portfolio targets high-conviction opportunities across the broader market

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This transformation is occurring as the company’s total revenue growth is already gaining traction, recording a 5.2% increase over the past year, up from a 3.3% average over three years. The market appreciates a comeback but cherishes a reinvention even more. This 61.7% surge represents a belief that Qualcomm is evolving into something beyond just a mobile phone producer.

Yet, with management still asserting that its China Android revenue is “bottoming out,” has the stock’s valuation outpaced the company’s actual transformation?
2026-06-12 23:06 3mo ago
2026-06-10 12:18 3mo ago
Qualcomm Slips, Shorter-Term Momentum Cools From Roller Coaster AI Highs
QCOM Qualcomm
FMP Stock News
Original source text
Qualcomm Inc (NASDAQ:QCOM) stock slid on Wednesday as investors weighed a broader semiconductor correction and profit-taking after a sharp multi-month AI rally.

The stock gained 17% year-to-date, topping the S&P 500’s 8% and the Nasdaq 100’s 16% returns,

• Qualcomm stock is feeling bearish pressure. Why is QCOM stock dropping?

Still, the move cooled as doubts about the video’s authenticity spread.

Chatterjee Sees Qualcomm Diversifying Beyond HandsetsJPMorgan analyst Samik Chatterjee kept Qualcomm at Neutral but raised his price forecast to $265 from $160, saying the company could use its June 24 Investor Day to highlight growth in data centers, automotive and IoT.

Chatterjee expects Qualcomm to target more than $3 billion in data center revenue in fiscal 2027 and $35 billion by fiscal 2031, supported by custom silicon, merchant CPUs, AI accelerators and Alphawave connectivity. He also expects automotive and IoT revenue to each reach about $17 billion by fiscal 2031.

The analyst said non-handset revenue could rise from about $13 billion in fiscal 2026 to about $69 billion by fiscal 2031, representing 69% of total revenue, with data centers accounting for about 35%.

Technical AnalysisFrom a trend perspective, Qualcomm is still in a constructive longer-term structure: it’s trading 10.7% above its 50-day SMA ($179.58) and 20.5% above its 200-day SMA ($164.98), and the golden cross in May keeps the bigger uptrend intact.

The near-term issue is momentum damage, with shares trading 10.8% below the 20-day SMA ($222.82), a level that often acts as the “line in the sand” for short-term control.

Top ETF ExposureSignificance: Because QCOM carries such a heavy weight in these funds, any significant inflows or outflows will likely trigger automatic buying or selling of the stock.

QCOM Price ActionQCOM Stock Price Activity: Qualcomm shares were down 6.07% at $192.95 at the time of publication on Wednesday, according to Benzinga Pro data.

Photo Courtesy: Qualcomm Snapdragon on smartphone, courtesy Qualcomm

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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2026-06-12 23:06 3mo ago
2026-06-10 18:45 3mo ago
Qualcomm (QCOM) Suffers a Larger Drop Than the General Market: Key Insights
QCOM Qualcomm
FMP Stock News
Original source text
In the latest close session, Qualcomm (QCOM - Free Report) was down 6.96% at $191.12. The stock's change was less than the S&P 500's daily loss of 1.62%. Elsewhere, the Dow lost 1.87%, while the tech-heavy Nasdaq lost 1.98%.

Coming into today, shares of the chipmaker had lost 2.33% in the past month. In that same time, the Computer and Technology sector lost 0.74%, while the S&P 500 lost 0.03%.

Market participants will be closely following the financial results of Qualcomm in its upcoming release. The company is predicted to post an EPS of $2.26, indicating a 18.41% decline compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $9.7 billion, reflecting a 6.46% fall from the equivalent quarter last year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $10.8 per share and a revenue of $42.73 billion, representing changes of -10.22% and -3.2%, respectively, from the prior year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Qualcomm. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.13% higher within the past month. Qualcomm is holding a Zacks Rank of #4 (Sell) right now.

In terms of valuation, Qualcomm is presently being traded at a Forward P/E ratio of 19.02. This valuation marks a discount compared to its industry average Forward P/E of 48.66.

It is also worth noting that QCOM currently has a PEG ratio of 18.83. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Electronics - Semiconductors industry had an average PEG ratio of 1.94 as trading concluded yesterday.

The Electronics - Semiconductors industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 50, putting it in the top 21% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
2026-06-12 23:06 3mo ago
2026-06-11 03:06 3mo ago
QCraft Demonstrates Urban NOA on Qualcomm's Latest Snapdragon Ride SoC, Targets 2026 Global Mass Production
QCOM Qualcomm
FMP Stock News
Original source text
At Qualcomm's Automotive Technology and Cooperation Summit, attendees rode in SA8650P-equipped production vehicles running QCraft's urban NOA, marking the latest milestone since the partnership formed in 2025.

WUXI, China--(BUSINESS WIRE)--QCraft and Qualcomm gave attendees at the 2026 Qualcomm Automotive Technology and Cooperation Summit the opportunity to experience QCraft’s urban NOA (Navigate-on-Autopilot) solution in SA8650P-equipped production vehicles, marking a key step toward global mass production in 2026.

In under a year, QCraft has completed development and on-road validation of highway and urban NOA on Qualcomm’s SA8775P and SA8650P platforms, with global delivery planned for 2026.

Share Held June 5, the summit marked the latest milestone since QCraft and Qualcomm formed a strategic partnership in September 2025. In under a year, QCraft has completed development and on-road validation of highway and urban NOA on Qualcomm’s SA8775P and SA8650P platforms, with global delivery planned for 2026. A higher-compute solution based on Qualcomm’s QAM8797P platform is now in joint development.

During the summit’s live urban test rides, SA8650P-equipped vehicles handled unprotected left turns, mixed pedestrian-vehicle traffic, tunnels, transitions between main and side roads and congested maneuvering with smooth, human-like control. “QCraft’s development on the Snapdragon Ride™ platform has entered the fast lane toward mass production,” said CTO Dr. Dong Li, who delivered a keynote on the shift “from autonomous driving to general-purpose physical AI.”

Mass production at scale

QCraft’s QPilot assisted-driving solution has now shipped on nearly 30 production models, with more than 50 additional models expected in 2026. Across its fleet, the system has supported more than 3.5 billion user-driven kilometers and over 100 million parking-assist uses, while maintaining an AEB false-trigger rate of less than once per 500,000 kilometers. QCraft estimates the technology helps users avoid more than 146,000 potential accidents each year, underscoring the company’s focus on bringing safe, scalable assisted driving from technical validation to mass-market deployment.

World models and reinforcement learning

In his keynote, Dr. Li said the industry has reached an inflection point toward general-purpose physical AI, with world models and reinforcement learning as the essential bridge. He detailed QCraft’s cloud-based world model, which offers controllable, physics-aligned video generation; a zero-shot engine that uses natural language to synthesize long-tail and adverse-weather scenarios on command; and low-cost closed-loop simulation for continuous reinforcement learning. The approach, he said, lets AI develop “defensive driving instincts” for proactive safety. “Safety will always be our highest priority,” he added.
2026-06-12 23:06 3mo ago
2026-06-11 11:53 3mo ago
Jensen Huang Just Told Investors to Buy This Under-the-Radar Artificial Intelligence (AI) Chip Stock (Hint: It's Not Marvell)
QCOM Qualcomm
FMP Stock News
Original source text
During a recent visit to Seoul, South Korea, Nvidia (NVDA +0.15%) CEO Jensen Huang openly praised another artificial intelligence (AI) semiconductor stock: Qualcomm (QCOM +4.32%). Huang acknowledged Qualcomm's success in mobile devices and AI-enabled smartphones, even telling investors to buy Qualcomm stock.

This endorsement comes at a pivotal time, as the AI infrastructure boom accelerates demand for specialized chips across data centers, personal devices, and vehicles. Huang's comments quietly highlight deeper strategic differences between Nvidia and the competitive landscape: Not every pocket of the AI realm requires Nvidia's high-performance GPUs.

Let's dive into what makes Qualcomm unique and assess whether the stock is a good buy right now, as Huang suggests.

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Why does Jensen Huang like Qualcomm? Huang notes that Nvidia's bread and butter is in accelerated computing for data centers, robotics, and AI infrastructure. However, he acknowledges that Nvidia lacks the same competitive advantages in edge devices -- mobile phones and consumer electronics. Huang said, "I don't think we're incredibly good at mobile devices, and I don't think it's necessary," directing investors toward Qualcomm instead.

Qualcomm has demonstrated strong performance in on-device AI for smartphones, where chips must deliver inference while also drawing minimal power to preserve battery life. I don't think Huang was simply being polite. Rather, he seems to recognize that Qualcomm's focus complements Nvidia's strengths -- allowing both companies to succeed in an ever-expanding chip landscape without direct overlap in mobile AI.

Image source: Getty Images.

What is Qualcomm's role in the AI chip stack? While Nvidia's GPUs dominate data centers, these chip clusters typically handle the heavy training required to build AI models at scale. By contrast, Qualcomm's Snapdragon chip platform is marketed toward on-device processing across smartphones, laptops, automotive systems, and Internet of Things (IoT) devices. These solutions prioritize low latency and energy efficiency -- enabling AI to run locally rather than constantly relying on remote cloud environments.

Qualcomm has also aggressively expanded into AI inference for data centers with its AI200 and AI250 accelerators, optimized for lower power consumption and memory management. This architecture directly targets workloads where Nvidia's ecosystem may be too costly.

Is Qualcomm stock a buy? Per the company's second-quarter earnings, Qualcomm's automotive revenue accelerated 38% year over year, while the IoT segment posted high-single-digit growth. This traction is notable as Qualcomm works hard to diversify beyond a soft handset device market.

As investment in AI infrastructure continues compounding, the company's new initiatives across inference and memory deployments could prove promising as enterprises seek efficient alternatives for edge-to-cloud workloads.

QCOM PE Ratio (Forward) data by YCharts

On the valuation side, Qualcomm trades at a modest forward price-to-earnings (P/E) multiple relative to the premiums seen in many other leading AI chip stocks. While competition in AI PCs is heating up, Qualcomm's established foothold and cost-effective designs should provide resilience for the time being.

As Huang suggests, Qualcomm looks poised for further upside as on-device AI adoption accelerates across consumer and enterprise markets. In my eyes, Qualcomm offers a rare balance of growth at a reasonable price in a chip sector dominated by AI-driven hype.

Adam Spatacco has positions in Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices, Broadcom, Marvell Technology, Micron Technology, Nvidia, and Qualcomm. The Motley Fool recommends Arm Holdings. The Motley Fool has a disclosure policy.
2026-06-12 23:06 3mo ago
2026-06-11 18:15 3mo ago
Trump Phone Promised 'Made In America' — Teardown Shows It Was Designed In China
QCOM Qualcomm
FMP Stock News
Original source text
• Micron Technology stock is trading at elevated levels. What’s next for MU stock?

The Trump Organization previously got rid of its Made in America claims, using phrases like "Designed with American Values," "Proudly American" and "American Proud Design" to describe its T1 phone.

A new teardown of the T1 phone by iFixit and NBC reveals the phone is nearly identical to the HTC U24 Pro, a smartphone made in China for the Taiwanese company.

"The only place the T1 could have been made in the very short time the brand has existed, in the limited quantities being produced, and at the same price point as the U24 Pro, is at factories with preexisting tooling and production lines for this phone," iFixit said.

The breakdown went on to allege that the phone was likely "designed in China, made in China, with the vast majority of parts sourced from China."

Benzinga reached out to the Trump Organization and the White House for comment and did not hear back.

The T1 Trump phone contains a Snapdragon processor from Qualcomm Inc (NASDAQ:QCOM) and uses the Android platform.

HTC previously told The Verge that it "does not design or manufacture phones for third parties." The Verge previously alleged that HTC may contract a third-party company to make the U24 Pro and Trump Mobile used the same third-party company to make the T1 Phone, with both likely made in China.

Delays and Slogan ChangesTrump Mobile — run by Donald Trump Jr. and Eric Trump — has undergone multiple delays to get its phones out.

The company has also changed its slogans and wording on its website multiple times.

The change from Made in America to "shaped by American innovation" was among the big changes that went viral and saw questions on just where the T1 phone was going to be made.

Members of the Democratic Party also attacked the phone company over potential conflicts of interest with members of the president's family running operations.

“The media's continued attempts to fabricate conflicts of interest are irresponsible and reinforce the public's distrust in what they read. Neither the president nor his family have ever engaged, or will ever engage, in conflicts of interest," White House Press Secretary Karoline Leavitt previously told Benzinga.

Surrounded by delays and controversy, phones for Trump Mobile recently began shipping to those who pre-ordered.

Photo: danishch/Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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2026-06-12 23:06 3mo ago
2026-06-12 08:41 3mo ago
Wall Street sets Qualcomm stock price target for 2027
QCOM Qualcomm
FMP Stock News
Original source text
Wells Fargo, one of the ‘Big Four Banks,’ raised its Qualcomm (NASDAQ: QCOM) stock price target from $160 to $230 on June 12, maintaining an ‘Equal Weight’ rating on the shares.

The new price forecast represents a 43% increase from the bank’s previous target, as well as a roughly 13% upside from the last closing price of $202.96

In comparison, the Bank of America Securities (BofA) reiterated a ‘Sell’ rating on the communications firm on June 11, with a Qualcomm stock price target of $165 for the next 12 months.

BofA’s figure implies QCOM shares will decline almost 19% over the span of the next year and suggests the bank is not quite optimistic ahead of Qualcomm’s upcoming June 24 Investor Day.

JPMorgan remains positive on Qualcomm In contrast, JPMorgan gave Qualcomm a major boost earlier this month, raising its price target on the shares from $160 to $265 on June 5 while maintaining a ‘Neutral’ rating ahead of the Investor Day.

More precisely, the investment believes Qualcomm is going to unveil ambitious data center revenue goals, projecting more than $3 billion in revenue by fiscal 2027 and $35 billion by fiscal 2031. 

As a result, JPMorgan has also placed Qualcomm on ‘Positive Catalyst Watch’ and argues management’s long-term targets can still surpass current investor expectations. 

However, the firm has not upgraded the stock rating yet, stating it wants to see stronger evidence that execution will be solid as the company pursues growth opportunities.

Qualcomm stock price target 2027 Overall, Wall Street rates Qualcomm a ‘Hold,’ as the company has received eight ‘Buy,’ 19 ‘Hold,’ and four ‘Sell’ ratings over the past three months, according to TipRanks data.

12-month QCOM stock price target. Source: TipRanks As for the prices, the average Qualcomm share price target for 2027 sits at $184 based on the same data, which implies a roughly 9% downside.

Featured image via Shutterstock

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2026-06-12 23:06 3mo ago
2026-06-12 10:30 3mo ago
Friday's Morning Movers: STX, WDC & QCOM PT Hikes, LEN Misses Revenue
QCOM Qualcomm
FMP Stock News
Original source text
The AI memory trade continues to surge with optimism from analysts. Diane King Hall explains why JP Morgan raised price targets for Seagate (STX) and Western Digital (WDC) even after both stocks saw strong rallies over the last year.
2026-06-12 23:06 3mo ago
2026-06-12 14:31 3mo ago
Arm Rockets 11%, Qualcomm Rises 5%: Who's Winning the Chip-Architecture Race?
QCOM Qualcomm
FMP Stock News
Original source text
Shares of Arm (NASDAQ:ARM | ARM Price Prediction) are up 11% in midday trading on Friday, June 12, changing hands near $379. Qualcomm (NASDAQ:QCOM) stock is also rallying, climbing 5% to trade near $213.

Both moves come after a choppy stretch for the chip-architecture group, with Arm and Qualcomm shares snapping back together. The purest IP peers in electronic design automation traded roughly flat on the session, leaving these two as the clear standouts in the chip-architecture conversation.

Arm and Qualcomm represent two distinct business models inside the same architecture story. Arm collects licensing fees and per-chip royalties on its IP, while Qualcomm designs and sells the silicon directly. The lines are blurring as Qualcomm prepares its own data center push, which raises the day’s central question: Who’s actually winning the chip-architecture race?

Arm’s Architecture Lead Powers the Move Arm continues to ride momentum from its Q4 FY2026 report, where revenue hit $1.49 billion, up 20% year over year and ahead of the $1.47 billion consensus. Arm’s licensing revenue jumped 29% to $819 million, while the company’s data center royalty revenue more than doubled year over year.

CEO Rene Haas declared that “demand for Arm AGI CPU, Arm’s first data center chip, has exceeded expectations, reinforcing Arm as the compute platform for the AI era.” The company has flagged more than $2 billion in customer demand for the AGI CPU across FY2027 and FY2028. The data center CPU addressable market is pegged at more than $100 billion by 2030.

Arm cites 50% CPU compute share among the top hyperscalers, a striking footprint for an architecture licensor. Amazon‘s (NASDAQ:AMZN) AWS alone runs more than $20 billion annually in Graviton-related spend.

Arm stock has surged 240% year to date, dwarfing most chip-sector peers. The valuation remains extreme, with a trailing P/E ratio of 357x and a forward P/E ratio of 147x. The average analyst price target on Arm sits at $255, well below today’s quote.

Qualcomm Bets on the Data Center Qualcomm’s Q2 FY2026 results showed revenue of $10.6 billion, a slight beat on a tougher comparison, while non-GAAP EPS of $2.65 topped the $2.56 consensus for a fourth consecutive earnings beat. The company’s handset revenue slipped 13% on memory supply constraints and softness from Chinese OEMs.

The diversification story is the bright spot for Qualcomm. The company’s automotive revenue set a record at $1.33 billion, up 38% year over year, while Qualcomm’s IoT revenue grew 9% to $1.73 billion. The mix shift away from handset dependence is exactly what the market has been waiting to see.

Qualcomm CEO Cristiano Amon asserted that “a leading hyperscaler custom silicon engagement is on track for initial shipments later this calendar year.” That data center push is the strategic wildcard for Qualcomm, and chatter that the design leans on ARM architecture has fueled speculation the company could become both a partner and a competitive force to Arm.

Qualcomm stock trades at a far more conventional valuation, with a P/E ratio of 21x and a forward P/E ratio of 20x. The dividend yield sits near 1.73%, backed by a fresh $20 billion repurchase authorization. Qualcomm shares are up 24% year to date.

What to Watch Next The next anticipated major catalyst lands on June 24, when Qualcomm will host its Investor Day focused on Data Center and Physical AI growth initiatives. Concrete detail on the hyperscaler engagement, customer identity, or revenue ramp could reset expectations for Qualcomm stock heading into the second half of the year.

For Arm, the watch item is whether AGI CPU traction keeps converting pipeline demand into royalty revenue at the pace embedded in today’s valuation. With a beta of 3.79, Arm stock can move sharply in either direction on incremental hyperscaler news. The gap between the current price and the analyst consensus target leaves limited room for execution slips.

Composite sentiment on Arm currently reads bullish, with a score of 65.61 and a 13.38-point improvement over the past 30 days. That positioning signal, combined with Qualcomm’s looming Investor Day, sets up a defining stretch for the chip-architecture trade.

The scoreboard today reads Arm +11%, Qualcomm +5%, with both names tied to the same secular thread of custom silicon flowing through ARM-based designs. Investors weighing their exposure can balance Arm’s growth premium against Qualcomm’s cheaper multiple, dividend, and optionality on its data center debut. One session doesn’t settle the architecture race, but it does indicate that both companies sit at the center of it.
2026-06-12 23:05 3mo ago
2026-05-12 16:50 4mo ago
Moderna, Inc. (MRNA) Presents at Bank of America Global Healthcare Conference 2026 Transcript
MRNA Moderna
FMP Stock News
Original source text
Moderna, Inc. (MRNA) Presents at Bank of America Global Healthcare Conference 2026 Transcript
2026-06-12 23:05 3mo ago
2026-05-12 17:00 4mo ago
Moderna Recognized by TIME as One of the World's Most Impactful Companies
MRNA Moderna
FMP Stock News
Original source text
CAMBRIDGE, MA / ACCESS Newswire / May 12, 2026 / Moderna, Inc. (NASDAQ:MRNA) today announced it was ranked no. 1 on TIME's 2026 list of the World's Most Impactful Companies. The recognition highlights the Company's work as a pioneer of mRNA technology and its focus on delivering meaningful benefits for patients and society.

"We are honored to be recognized by TIME as one of the world's most impactful companies," said Stéphane Bancel, Chief Executive Officer of Moderna. "This reflects the dedication of our team to our mission and advancing mRNA science for patients. We remain focused on developing innovative medicines to address significant unmet needs, expanding the reach of our platform across infectious diseases, oncology and rare diseases, and strengthening pandemic preparedness to deliver lasting impact for people and communities around the world."

In 2026, Moderna received approval in Europe for its fourth product, mCOMBRIAX®, a flu plus COVID combination vaccine. As its product portfolio grows, the Company continues to invest in its long-term strategic partnerships with the United Kingdom, Canada and Australia to support pandemic readiness by expanding manufacturing capacity and minimizing response times.

Moderna recently marked the fourth anniversary of the Moderna Charitable Foundation and published its fourth annual Impacting Human Health Report. Through its mRNA Access program, the Company partners with the scientific community to offer researchers the use of its mRNA technology to explore new vaccines against emerging or neglected infectious diseases. Since its launch in 2022, the program has grown to include 35 institutions worldwide.

Presented by TIME and Statista, this ranking is grounded in a science-based methodology. The Upright Project's Net Impact Model evaluates companies based on the net-positive contributions of their products and services across four key dimensions: Society, Knowledge, Health, and Environment, which are measured throughout the full value chain and comparable across industries and regions.

For the complete feature along with individual company rankings, please visit time.com.

About Moderna

Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of its technology platform, Moderna is reimagining how medicines are made to transform how we treat and prevent diseases. Since its founding, Moderna's mRNA platform has enabled the development of vaccines and therapeutics across infectious diseases, cancer, rare diseases and more.

With a global team and a unique culture, driven by the company's values and mindsets, Moderna's mission is to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X, Facebook, Instagram, YouTube and LinkedIn.

Moderna Contacts

Media:
Chris Ridley
Vice President, Global Head of Communications
+1 617-800-3651
[email protected]

Investors:
Lavina Talukdar
Senior Vice President & Head of Investor Relations
+1 617-209-5834
[email protected]

SOURCE: Moderna, Inc.
2026-06-12 23:05 3mo ago
2026-05-19 12:20 3mo ago
Moderna, Inc. (MRNA) Presents at RBC Capital Markets Global Healthcare Conference 2026 Transcript
MRNA Moderna
FMP Stock News
Original source text
Moderna, Inc. (MRNA) Presents at RBC Capital Markets Global Healthcare Conference 2026 Transcript
2026-06-12 23:05 3mo ago
2026-05-21 09:36 3mo ago
Forget Moderna: This Biotech Juggernaut Is a Way Better Buy Right Now
MRNA Moderna
FMP Stock News
Original source text
© Sundry Photography / iStock Editorial via Getty Images

Moderna (NASDAQ:MRNA | MRNA Price Prediction) is back in the headlines after ripping 63.17% higher year to date on a surprise Q1 revenue triple and renewed pipeline excitement. But the underlying story deserves a closer look.

The Moderna Story Has Not Changed Strip away the bounce and the fundamentals tell the same story long-term investors have heard for three years running. Full-year 2025 revenue collapsed to $1.94 billion, a roughly 40% drop, and management’s own 2026 guidance calls for up to 10% growth off that depressed base. Roughly 80% of Q1 2026 sales came from outside the U.S., and the entire franchise is still effectively a single COVID product.

Meanwhile, cash is bleeding. Year-end cash is projected to fall from $8.1 billion at the end of 2025 to $4.5 billion to $5.0 billion by year-end 2026. Management drew $600 million on a credit facility. Q1 GAAP net loss widened to $1.34 billion. There is no dividend, no buyback, and the upcoming catalysts (the August 5, 2026 flu vaccine PDUFA, melanoma readouts, norovirus Phase 3) are binary catalysts rather than earnings drivers. Polymarket traders priced a 100% implied probability of the Q1 miss before resolution. That is what a crowded headline trade looks like.

The Gilead Alternative The smarter rotation is into Gilead Sciences (NASDAQ:GILD), which trades at a forward earnings multiple of 15 with a 2.46% dividend yield and a market cap near $162 billion. Three reasons this is the better long-term holding for a retirement portfolio.

1. A cash-flow machine generating real free cash flow. The HIV franchise grew 10% to $5.03 billion in Q1 2026, with Biktarvy alone bringing in $3.36 billion for the quarter. Patent protection on Biktarvy was extended to April 2036, meaning no major loss of exclusivity for a full decade. Non-GAAP product gross margin expanded 200 basis points to 87.5%, and Q1 free cash flow hit $2.427 billion, up 237.08% year over year.

2. Real shareholder returns. Gilead declared a $0.82 quarterly dividend payable June 29, 2026, repurchased $419 million of stock in Q1 alone, and has a $6.0 billion buyback authorization. Moderna returns no capital to shareholders and is drawing on its credit facility.

3. Pipeline optionality funded by the business. The headline 2026 EPS loss guidance is entirely an artifact of roughly $11.5 billion in one-time IPR&D charges from the Arcellx, Ouro Medicines, and Tubulis acquisitions. Operations are fine. CEO Daniel O’Day described the setup as “the strongest pipeline in Gilead’s history… With up to four potential launches and five Phase 3 updates anticipated in 2026.” That includes a BIC/LEN PDUFA on August 27, 2026 and anito-cel for multiple myeloma on December 23, 2026. Gilead can pay for all of it from operating cash flow.

The Action Moderna’s chart looks exciting because the prior year was a disaster. Gilead, up 22.98% over the past year with a beta of 0.332, has been doing the quiet compounding retirement portfolios actually need. The cash-flow story warrants closer research attention than the headline bounce.
2026-06-12 23:05 3mo ago
2026-05-21 11:26 3mo ago
US FDA to hold expert committee meeting to review Moderna's flu vaccine
MRNA Moderna
FMP Stock News
Original source text
Moderna logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

CompaniesMay 21 (Reuters) - The U.S. FDA said on Thursday it would hold a meeting of outside experts next ​month to review Moderna's (MRNA.O), opens new tab experimental flu shot.

Moderna's mRNA-based seasonal ‌flu vaccine is currently under review by the U.S. Food and Drug Administration after the agency rejected the company's initial application. ​A decision is expected by August 5.

Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.

In February, ​the agency fueled industry and investor concerns after ⁠it rejected Moderna's application, citing concerns about the standard dose ​flu shot used in the comparison group.

After meeting with the ​company, the agency reversed course and accepted an amended application with the promise that Moderna would conduct an additional study in ​older adults once the vaccine is approved.

If approved, Moderna's ​shot would be the first seasonal flu shot in the U.S. made ‌with ⁠mRNA technology, a faster vaccine platform than conventional methods.

Health Secretary Robert F. Kennedy Jr., however, is a prominent critic of mRNA technology, which underpins Moderna's and most ​other COVID-19 vaccines.

Moderna's ​flu vaccine worked ⁠better than conventional flu shots in a late-stage international trial of more than 40,000 ​adults aged 50 and older, researchers reported earlier ​this ⁠month.

The advisory committee meeting is scheduled to be held on June 18, according to a federal register notice. The ⁠FDA's ​Vaccines and Related Biological Products Advisory ​Committee advises the agency on whether to approve vaccines.

Reporting by Sneha S ​K in Bengaluru; Editing by Tasim Zahid and Maju Samuel

Our Standards: The Thomson Reuters Trust Principles., opens new tab
2026-06-12 23:05 3mo ago
2026-05-21 17:03 3mo ago
Moderna, Merck cancer combo cuts melanoma spread risk at five years
MRNA Moderna
FMP Stock News
Original source text
A sign marks the offices of Moderna in Cambridge, Massachusetts, U.S., July 22, 2025. REUTERS/Brian Snyder/File Photo Purchase Licensing Rights, opens new tab

CompaniesMay 21 (Reuters) - Moderna (MRNA.O), opens new tab and Merck's (MRK.N), opens new tab combination therapy for skin cancer helped reduce risk of cancer spreading to another part of the body ​by 59% after five years of follow-up, data from ‌a mid-stage trial showed Thursday.

The study tested Moderna's experimental personalized cancer vaccine intismeran autogene, in combination with Merck's blockbuster immunotherapy Keytruda, in melanoma patients ​after surgery to assess whether the combination prevented their ​cancer from returning. The trial enrolled 157 patients from 2019 ⁠to 2021.

Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.

After five years of follow-up, overall survival was 92.2 % ​for the combination arm, while the Keytruda-alone group recorded 71.3 %, the ​results showed.

The data follow earlier results showing the combination cut the risk of recurrence or death by 49 % after five years, consistent with the three-year follow-up ​data published in 2023.

A late-stage trial is currently underway to ​determine whether intismeran serves as a first-line therapy in combination with Keytruda for ‌melanoma. ⁠The vaccine is also being tested in lung and other cancers to assess its potential to prevent recurrence.

Intismeran autogene uses a patient's tumor-specific genetic signature to train the immune system to recognize ​and attack cancer ​cells.

Seven patients ⁠in each treatment group died during follow-up, most from cancer. The safety profile of intismeran autogene ​was consistent with prior analyses, the company said.

Skin cancer ​is ⁠the most common form of cancer in the United States. The American Academy of Dermatology Association estimates that 234,680 new cases of ⁠melanoma will ​be diagnosed in the U.S. in ​2026.

The findings will be presented at American Society of Clinical Oncology in Chicago next ​week.

Reporting by Sneha S K in Bengaluru; Editing by Tasim Zahid

Our Standards: The Thomson Reuters Trust Principles., opens new tab
2026-06-12 23:05 3mo ago
2026-05-30 03:54 3mo ago
Moderna, Inc. (MRNA) Presents at Bernstein 42nd Annual Strategic Decisions Conference Transcript
MRNA Moderna
FMP Stock News
Original source text
Moderna, Inc. (MRNA) Presents at Bernstein 42nd Annual Strategic Decisions Conference Transcript
2026-06-12 23:05 3mo ago
2026-06-01 05:00 3mo ago
Moderna and CEPI Expand Strategic Collaboration to Advance Potential Vaccine Against Bundibugyo Ebolavirus
MRNA Moderna
FMP Stock News
Original source text
Coalition for Epidemic Preparedness Innovations funding builds on Moderna's prior filovirus research and supports preclinical development and Phase 1 clinical evaluation

CAMBRIDGE, MA / ACCESS Newswire / June 1, 2026 / Moderna, Inc. (NASDAQ:MRNA) today announced an expanded collaboration with the Coalition for Epidemic Preparedness Innovations (CEPI) to advance the development of a potential vaccine against Bundibugyo ebolavirus (BDBV), a cause of Ebola virus disease for which there are currently no licensed vaccines indicated.

Under the agreement, CEPI has committed up to US $50 million to support preclinical development and Phase 1 clinical testing of Moderna's investigational BDBV vaccine candidate. The funding will also support parallel manufacturing activities, enabling doses to be produced while clinical evaluation is underway and positioning the program to rapidly advance into large-scale Phase 2/3 trials should the Phase 1 safety and immunogenicity data support further development.

The vaccine candidate is being developed using Moderna's mRNA platform, the same technology that demonstrated rapid development, scalability, and global deployment capabilities during the COVID-19 pandemic. The program also builds on Moderna's existing research and development efforts in filoviruses, including Ebola-related viruses.

The collaboration further expands Moderna's longstanding strategic collaboration with CEPI, which is focused on accelerating the development of vaccines and other countermeasures against epidemic and pandemic threats.

"At Moderna, we believe our mRNA platform can play an important role in responding rapidly to emerging infectious disease threats," said Stéphane Bancel, Chief Executive Officer of Moderna. "We are proud to expand our strategic collaboration with CEPI to advance a potential vaccine candidate against Bundibugyo ebolavirus, leveraging our established technology and experience in filovirus vaccine development. We will move with urgency and scientific rigor to support the response and help bring a potential vaccine closer to the communities that need it most."

By combining CEPI's funding and expertise in epidemic preparedness with Moderna's mRNA platform and manufacturing capabilities, the collaboration aims to accelerate the development of a potential vaccine that could help strengthen global readiness against future Ebola outbreaks.

"With Bundibugyo virus spreading rapidly and no licensed vaccines, every day counts in the race against this deadly disease," said Dr. Richard Hatchett, CEO of CEPI. "CEPI's urgent funding and support aims to advance safe, effective vaccines to help control this epidemic."

The current outbreak - declared a Public Health Emergency of International Concern (PHEIC) and a Public Health Emergency of Continental Security (PHECS) by the World Health Organization and Africa CDC, respectively - has already caused more than 900 suspected cases and more than 220 suspected deaths, making it the third largest Filovirus outbreak in history.

About Moderna

Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of its technology platform, Moderna is reimagining how medicines are made to transform how we treat and prevent diseases. Since its founding, Moderna's mRNA platform has enabled the development of vaccines and therapeutics across infectious diseases, cancer, rare diseases and more.

With a global team and a unique culture, driven by the company's values and mindsets, Moderna's mission is to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X, Facebook, Instagram, YouTube and LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: Moderna's expanded collaboration with CEPI and CEPI's investment; the ability to rapidly advance into large-scale Phase 2/3 trials; the potential for a vaccine against BDBV. In some cases, forward-looking statements can be identified by terminology such as "will," "may," "should," "could," "expects," "intends," "plans," "aims," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna's control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading "Risk Factors" in Moderna's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (SEC), and in subsequent filings made by Moderna with the SEC, which are available on the SEC's website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna's current expectations and speak only as of the date of this press release.

Moderna Contacts

Media:

Chris Ridley
Vice President, Global Head of Communications
+1 617-800-3651
[email protected]

Investors:

Lavina Talukdar
Senior Vice President & Head of Investor Relations
+1 617-209-5834
[email protected]

SOURCE: Moderna, Inc.
2026-06-12 23:05 3mo ago
2026-06-01 05:37 3mo ago
Moderna partners with global health coalition to develop Bundibugyo Ebola vaccine
MRNA Moderna
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SummaryCompaniesCEPI commits just over $60 million to three vaccine groupsNo approved vaccines exist for Ebola BundibugyoOther global health funders increase supportJune 1 (Reuters) - Global health organisation CEPI will give roughly $60 million to Moderna (MRNA.O), opens new tab and two other groups to accelerate the development of shots ​against Ebola Bundibugyo, the deadly virus that has swept through eastern Democratic Republic of Congo.

The Coalition for Epidemic Preparedness Innovations was one of the ‌early investors that helped to develop a vaccine at the height of the COVID-19 pandemic.

Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.

Richard Hatchett, head of CEPI, told Reuters on Monday it was possible to get Ebola Bundibugyo (BDBV) vaccines ready for trials within a couple of months.

There are currently no approved BDBV vaccines or treatments.

Hatchett said the promise of vaccines on "a not infinitely distant horizon" should help to start conversations about who would buy them ​and fund any roll-out.

But he cautioned that vaccine development can be unpredictable and the challenging security situation in eastern Congo would make trials complex.

There have ​been 282 confirmed cases in Congo, including 42 deaths, and around 1,100 suspected cases, according to the Africa Centres for Disease Control ⁠and Prevention and the World Health Organization.

Another nine cases have been confirmed in Uganda, including one death.

Global health agencies have declared the outbreak a public health emergency.

EARLY CLINICAL ​TESTING OF MODERNA VACCINE CANDIDATECEPI has committed up to $50 million to support preclinical and early clinical development of Moderna's investigational BDBV vaccine candidate.

The funding would also support manufacturing and ​progression to later-stage trials if early data are positive, Moderna said.

"We have worked on Ebola in preclinical models showing great results," Moderna Chief Executive Stephane Bancel said in a telephone interview.

Moderna logo and stock graph are seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration//File Photo Purchase Licensing Rights, opens new tab

Given the lethality of Ebola, the aim would be to create a vaccine that prevents disease while attempting to simplify the dosing strategy, he said.

At this point, it's not clear whether the vaccine could be given in ​one or two doses. That would be ironed out in the phase 1 trial before moving into larger trials, which he said would need to be done in ​Africa.

"Our goal is to move as fast as we can without compromising safety, and to be as helpful as we can," he said.

CEPI said it would also invest up to $8.6 million for ‌a shot ⁠developed by the University of Oxford and manufactured by the Serum Institute of India, and an initial $3.2 million for a vaccine developed by the International AIDS Vaccine Initiative.

IAVI's single-dose Bundibugyo vaccine candidate uses the same technology as Merck's (MRK.N), opens new tab approved vaccine Ervebo for the Zaire strain, the first strain of Ebola to be discovered in what was then Zaire and is now Democratic Republic of Congo.

It has shown survival benefit in animal studies.

IAVI CEO Mark Feinberg said in a press briefing it remains unclear which partners would be responsible ​for organising or conducting clinical trials for ​the vaccine candidate.

He noted that multiple ⁠studies were carried out during the 2014-2016 West African Ebola outbreak, backed by U.S. agencies and the World Health Organization.

"We understand from the WHO more recently that they won't be assuming that role in the future," Feinberg said, adding it would require "tens of millions ​of dollars until we're in a position to enter the clinic".

The WHO did not immediately clarify its stance on sponsoring ​or conducting trials.

Oxford's candidate, ⁠ChAdOx1 Bundibugyo, uses the same technology as that of the Oxford/AstraZeneca (AZN.L), opens new tab COVID-19 vaccine.

Hatchett said Oxford and Serum had demonstrated in a different outbreak last year - Rift Valley Fever in Mauritania and Senegal - that they could make doses ready for trial in around six weeks, far quicker than typical timescales that have in the past run to years.

Once a vaccine is developed, ⁠Hatchett said the ​next challenge was ensuring access to the shots where they are needed. He said 300,000 doses of ​Ervebo were needed to bring the 2018-2020 Ebola Zaire outbreak under control in a similar region of Congo.

Separately, global vaccine alliance Gavi on Friday committed up to $50 million to the Ebola response, and the World Bank's ​Pandemic Fund announced up to $220.6 million in grants.

Reporting by Mariam Sunny and Siddhi Mahatole in Bengaluru; Editing by Mrigank Dhaniwala, Vijay Kishore, Devika Syamnath, Barbara Lewis and Joe Bavier

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Jen is the Global Health Correspondent at Reuters, covering everything from pandemics to the rise of obesity worldwide. Since joining the news agency in 2022, her award-winning work includes coverage of gender-affirming care for adolescents in the UK and a global investigation with colleagues into how contaminated cough syrup killed hundreds of children in Africa and Asia. She previously worked at the Telegraph newspaper and Channel 4 News in the UK, and spent time as a freelancer in Myanmar and the Czech Republic.
2026-06-12 23:05 3mo ago
2026-06-01 08:00 3mo ago
Moderna and Merck Present 5-Year Data for Intismeran Autogene in Combination With KEYTRUDA (pembrolizumab) in Patients With High-Risk Stage III/IV Melanoma Following Complete Resection at the 2026 ASCO Annual Meeting
MRNA Moderna
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At a median 5-year (60.3 months) planned follow-up of the Phase 2b KEYNOTE-942/mRNA-4157-P201 study, intismeran autogene in combination with KEYTRUDA demonstrated a 49% reduction in the risk of recurrence or death and a 59% reduction in the risk of distant metastasis or death compared to KEYTRUDA alone

Intismeran autogene in combination with KEYTRUDA demonstrated an encouraging trend toward overall survival in an exploratory analysis compared to KEYTRUDA alone (HR=0.471; [95% CI, 0.165-1.345])

CAMBRIDGE, MA AND RAHWAY, NJ / ACCESS Newswire / June 1, 2026 / Moderna, Inc. (NASDAQ:MRNA) and Merck (NYSE:MRK), known as MSD outside of the United States and Canada, today announced detailed results from a planned five-year follow-up analysis of the Phase 2b randomized KEYNOTE-942/mRNA-4157-P201 study evaluating intismeran autogene (mRNA-4157 or V940), an investigational mRNA-based individualized neoantigen therapy (INT), in combination with KEYTRUDA® (pembrolizumab), Merck's anti-PD-1 therapy, in patients with high-risk melanoma (stage III/IV) following complete resection. These data will be presented today at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting (May 29-June 2) and published simultaneously in ASCO's Journal of Clinical Oncology.

With a median follow-up of 60.3 months (range, 50.5-76.4), adjuvant treatment with intismeran autogene in combination with KEYTRUDA continued to prolong recurrence-free survival (RFS), the study's primary endpoint, reducing the risk of recurrence or death by 49% (HR=0.51; [95% CI, 0.294-0.887]) compared to KEYTRUDA alone. Intismeran autogene in combination with KEYTRUDA also continued to demonstrate a meaningful improvement in distant metastasis-free survival (DMFS), a key secondary endpoint of the study, reducing the risk of distant metastasis or death by 59% (HR=0.411; [95% CI, 0.200-0.843]) compared to KEYTRUDA alone. The exploratory endpoint of overall survival (OS) also demonstrated an encouraging trend toward improved OS (HR=0.471; [95% CI, 0.165-1.345]; n=14) with intismeran autogene in combination with KEYTRUDA compared to KEYTRUDA alone. Together, these findings indicate a sustained improvement in RFS and DMFS at five years.

"With each year of continued follow-up of our Phase 2b study, we gain a more complete picture of the durability of intismeran autogene in combination with KEYTRUDA. Now, with a median follow-up of five years, the sustained recurrence-free survival and distant metastasis-free survival demonstrate the potential long-term benefit of intismeran autogene in combination with KEYTRUDA in melanoma patients at high risk of recurrence," said David Berman, M.D., Ph.D., Chief Development Officer of Moderna. "These findings add to our confidence in the potentially transformative impact of this novel, personalized approach to cancer care made possible by mRNA technology."

"The risk of disease recurrence remains high for patients with stage III/IV melanoma following surgery, so we are encouraged by these long-term findings showing that intismeran autogene in combination with KEYTRUDA provided sustained and durable reductions in the risk of recurrence," said Dr. Majorie Green, Senior Vice President and Head of Oncology, Global Clinical Development, Merck Research Laboratories. "These data further reinforce the potential of this individualized approach to address critical gaps in the adjuvant setting and reflect our continued commitment to advancing innovative therapies for patients."

The safety profile of intismeran autogene in combination with KEYTRUDA remained consistent with prior analyses. The most common adverse events attributed to intismeran autogene in combination with KEYTRUDA were fatigue (59.6%), injection site pain (59.6%), and chills (51.0%). The majority of the adverse events attributed to intismeran autogene were Grade 1 (31.7%) and Grade 2 (51.9%), with fatigue being the most common Grade 3 event (4.8%) and no Grade 4-5 events. Immune-related adverse events occurred in 45.2% of patients receiving the combination and 44% receiving KEYTRUDA alone. Intismeran autogene in combination with KEYTRUDA did not result in potentiation of immune-related AEs.

The findings build on the primary analysis and supportive analysis at an approximately three-year follow-up (34.9 months), presented at the 2024 ASCO Annual Meeting, in which intismeran autogene in combination with KEYTRUDA resulted in a 49% RFS risk reduction and 62% DMFS risk reduction compared to KEYTUDA alone.

Additional subgroup and translational data

Data from an exploratory subgroup analysis continued to indicate that improvement in RFS was maintained with intismeran autogene in combination with KEYTRUDA across subpopulations, including age, sex, disease state (Stage III/IV), programmed death-ligand 1 (PD-L1) status, BRAF status, tumor mutation burden (TMB) or circulating tumor DNA (ctDNA) status, compared to KEYTRUDA alone.

Intismeran autogene plus KEYTRUDA increased T-cell clonal expansion and promoted the emergence of new T-cell clonotypes compared with KEYTRUDA alone. At long-term follow-up, patients receiving the combination demonstrated an approximately 2-fold higher proportion of novel expanded T-cell clonotypes versus KEYTRUDA monotherapy (0.030 vs 0.016 median summed frequency). Higher magnitude increases of these novel T-cell clones was associated with remaining recurrence-free; recurrence-free patients in the combination arm had approximately twice the number of unique novel expanded clonotypes at long-term follow-up (median number 42 vs 20 in recurrence-free vs recurrence patients, respectively). Additional data presented at ASCO (abstract #9564) found that, in a subset of melanoma patients receiving adjuvant combination therapy, these novel clonotypes were linked to intismeran-encoded neoantigens, supporting intismeran's proposed mechanism of action and association with clinical benefit.[1]

Ongoing clinical development programs

Moderna and Merck have nine total Phase 2 and Phase 3 clinical trials underway investigating intismeran autogene in combination with KEYTRUDA across multiple tumor types, including melanoma, non-small cell lung cancer (NSCLC), bladder cancer and renal cell carcinoma. This includes the recent initiation of a Phase 3 study of intismeran autogene as a monotherapy and in combination with KEYTRUDA for the treatment of high-risk Stage I NSCLC (INTerpath-014, NCT07513376).

The Phase 3 clinical trial for adjuvant melanoma (INTerpath-001, NCT05933577) and a randomized Phase 2 study for adjuvant renal cell carcinoma (INTerpath-004, NCT06307431) are fully enrolled. Two NSCLC Phase 3 studies, evaluating adjuvant treatment in patients with completely resected NSCLC (INTerpath-002, NCT06077760) and evaluating adjuvant treatment for patients with resectable NSCLC after receiving neoadjuvant KEYTRUDA plus platinum-based chemotherapy (INTerpath-009, NCT06623422), are enrolling. Randomized Phase 2 studies for patients with resected muscle invasive bladder cancer (INTerpath-005, NCT06305767) and resected non-muscle invasive bladder cancer (INTerpath-011, NCT06833073) are enrolling, a Phase 2 study of first-line treatment for patients with metastatic melanoma (INTerpath-012, NCT06961006) and a Phase 2 study of first-line treatment for patients with metastatic squamous NSCLC (INTerpath-013, NCT07221474) are also enrolling.

About intismeran autogene (mRNA-4157 or V940)

Intismeran autogene is a novel investigational messenger RNA (mRNA)-based individualized neoantigen therapy (INT) consisting of a synthetic mRNA coding for up to 34 neoantigens that is designed and produced based on the unique mutational signature of the DNA sequence of the patient's tumor. Upon administration into the body, the algorithmically derived and RNA-encoded neoantigen sequences are endogenously translated and undergo natural cellular antigen processing and presentation, a key step in adaptive immunity. Individualized neoantigen therapies are designed to train and activate an antitumor immune response by generating specific T-cell responses based on the unique mutational signature of a patient's tumor.

About KEYNOTE-942/mRNA-4157-P201 (NCT03897881)

KEYNOTE-942 is an ongoing randomized, open-label Phase 2b trial that enrolled 157 patients with high-risk stage III/IV melanoma. Following complete surgical resection, patients were assigned 2:1 (stratified by stage) to receive intismeran autogene (1 mg every three weeks for nine doses) and KEYTRUDA (200 mg every three weeks up to 18 cycles [for approximately one year]) versus KEYTRUDA alone for approximately one year until disease recurrence or unacceptable toxicity. The primary endpoint is RFS, defined as the time from first dose of KEYTRUDA until the date of first recurrence (local, regional or distant metastasis), a new primary melanoma, or death from any cause in the intention-to-treat population. Secondary endpoints include distant metastasis-free survival and safety, and exploratory endpoints include distribution of TMB expression in baseline tumor samples across study arms and their association with the primary RFS endpoint.

Key eligibility criteria for the trial included: patients with resectable cutaneous melanoma metastatic to a lymph node and at high risk of recurrence, patients with complete resection within 13 weeks prior to the first dose of KEYTRUDA, patients were disease free at study entry (after surgery) with no loco-regional relapse or distant metastasis and no clinical evidence of brain metastases, patients had a formalin fixed paraffin embedded (FFPE) tumor sample available suitable for sequencing, Eastern Cooperative Oncology Group (ECOG) Performance Status 0 or 1 and patients with normal organ and marrow function reported at screening.

About melanoma

Melanoma, the most serious form of skin cancer, is characterized by the uncontrolled growth of pigment-producing cells. The rates of melanoma have been rising over the past few decades, with more than 330,000 new cases diagnosed worldwide in 2022. In the U.S., skin cancer is one of the most common types of cancer diagnosed, and melanoma accounts for a large majority of skin cancer deaths. It is estimated there will be about 112,000 new cases of melanoma diagnosed and over 8,500 deaths resulting from the disease in the U.S. in 2026.

About KEYTRUDA® (pembrolizumab) injection for intravenous use, 100 mg

KEYTRUDA is an anti-programmed death receptor-1 (PD-1) therapy that works by increasing the ability of the body's immune system to help detect and fight tumor cells. KEYTRUDA is a humanized monoclonal antibody that blocks the interaction between PD-1 and its ligands, PD-L1 and PD-L2, thereby activating T lymphocytes which may affect both tumor cells and healthy cells.

Merck has the industry's largest immuno-oncology clinical research program. There are currently more than 2,800 trials studying KEYTRUDA across a wide variety of cancers and treatment settings. The KEYTRUDA clinical program seeks to understand the role of KEYTRUDA across cancers and the factors that may predict a patient's likelihood of benefitting from treatment with KEYTRUDA, including exploring several different biomarkers.

Selected KEYTRUDA® (pembrolizumab) Indications in the U.S.

Melanoma

KEYTRUDA is indicated for the treatment of patients with unresectable or metastatic melanoma.

KEYTRUDA is indicated for the adjuvant treatment of adult and pediatric (12 years and older) patients with Stage IIB, IIC, or III melanoma following complete resection.

See additional selected KEYTRUDA indications in the U.S. after the Selected Important Safety Information.

Selected Important Safety Information for KEYTRUDA

Severe and Fatal Immune-Mediated Adverse Reactions

KEYTRUDA is a monoclonal antibody that belongs to a class of drugs that bind to either the programmed death receptor-1 (PD-1) or the programmed death ligand 1 (PD-L1), blocking the PD-1/PD-L1 pathway, thereby removing inhibition of the immune response, potentially breaking peripheral tolerance and inducing immune-mediated adverse reactions. Immune-mediated adverse reactions, which may be severe or fatal, can occur in any organ system or tissue, can affect more than one body system simultaneously, and can occur at any time after starting treatment or after discontinuation of treatment. Important immune-mediated adverse reactions listed here may not include all possible severe and fatal immune-mediated adverse reactions.

Monitor patients closely for symptoms and signs that may be clinical manifestations of underlying immune-mediated adverse reactions. Early identification and management are essential to ensure safe use of anti-PD-1/PD-L1 treatments. Evaluate liver enzymes, creatinine, and thyroid function at baseline and periodically during treatment. For patients with TNBC treated with KEYTRUDA in the neoadjuvant setting, monitor blood cortisol at baseline, prior to surgery, and as clinically indicated. In cases of suspected immune-mediated adverse reactions, initiate appropriate workup to exclude alternative etiologies, including infection. Institute medical management promptly, including specialty consultation as appropriate.

Withhold or permanently discontinue KEYTRUDA depending on severity of the immune-mediated adverse reaction. In general, if KEYTRUDA requires interruption or discontinuation, administer systemic corticosteroid therapy (1 to 2 mg/kg/day prednisone or equivalent) until improvement to Grade 1 or less. Upon improvement to Grade 1 or less, initiate corticosteroid taper and continue to taper over at least 1 month. Consider administration of other systemic immunosuppressants in patients whose adverse reactions are not controlled with corticosteroid therapy.

Immune-Mediated Pneumonitis

KEYTRUDA can cause immune-mediated pneumonitis. The incidence is higher in patients who have received prior thoracic radiation. Immune-mediated pneumonitis occurred in 3.4% (94/2799) of patients receiving KEYTRUDA, including fatal (0.1%), Grade 4 (0.3%), Grade 3 (0.9%), and Grade 2 (1.3%) reactions. Systemic corticosteroids were required in 67% (63/94) of patients. Pneumonitis led to permanent discontinuation of KEYTRUDA in 1.3% (36) and withholding in 0.9% (26) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 23% had recurrence. Pneumonitis resolved in 59% of the 94 patients.

Pneumonitis occurred in 8% (31/389) of adult patients with cHL receiving KEYTRUDA as a single agent, including Grades 3-4 in 2.3% of patients. Patients received high-dose corticosteroids for a median duration of 10 days (range: 2 days to 53 months). Pneumonitis rates were similar in patients with and without prior thoracic radiation. Pneumonitis led to discontinuation of KEYTRUDA in 5.4% (21) of patients. Of the patients who developed pneumonitis, 42% interrupted KEYTRUDA, 68% discontinued KEYTRUDA, and 77% had resolution.

Pneumonitis occurred in 7% (41/580) of adult patients with resected NSCLC who received KEYTRUDA as a single agent for adjuvant treatment of NSCLC, including fatal (0.2%), Grade 4 (0.3%), and Grade 3 (1%) adverse reactions. Patients received high-dose corticosteroids for a median duration of 10 days (range: 1 day to 2.3 months). Pneumonitis led to discontinuation of KEYTRUDA in 26 (4.5%) of patients. Of the patients who developed pneumonitis, 54% interrupted KEYTRUDA, 63% discontinued KEYTRUDA, and 71% had resolution.

Immune-Mediated Colitis

KEYTRUDA can cause immune-mediated colitis, which may present with diarrhea. Cytomegalovirus infection/reactivation has been reported in patients with corticosteroid-refractory immune-mediated colitis. In cases of corticosteroid-refractory colitis, consider repeating infectious workup to exclude alternative etiologies. Immune-mediated colitis occurred in 1.7% (48/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (1.1%), and Grade 2 (0.4%) reactions. Systemic corticosteroids were required in 69% (33/48); additional immunosuppressant therapy was required in 4.2% of patients. Colitis led to permanent discontinuation of KEYTRUDA in 0.5% (15) and withholding in 0.5% (13) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 23% had recurrence. Colitis resolved in 85% of the 48 patients.

Hepatotoxicity and Immune-Mediated Hepatitis

KEYTRUDA as a Single Agent

KEYTRUDA can cause immune-mediated hepatitis. Immune-mediated hepatitis occurred in 0.7% (19/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (0.4%), and Grade 2 (0.1%) reactions. Systemic corticosteroids were required in 68% (13/19) of patients; additional immunosuppressant therapy was required in 11% of patients. Hepatitis led to permanent discontinuation of KEYTRUDA in 0.2% (6) and withholding in 0.3% (9) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, none had recurrence. Hepatitis resolved in 79% of the 19 patients.

KEYTRUDA With Axitinib

KEYTRUDA in combination with axitinib can cause hepatic toxicity. Monitor liver enzymes before initiation of and periodically throughout treatment. Consider monitoring more frequently as compared to when the drugs are administered as single agents. For elevated liver enzymes, interrupt KEYTRUDA and axitinib, and consider administering corticosteroids as needed. With the combination of KEYTRUDA and axitinib, Grades 3 and 4 increased alanine aminotransferase (ALT) (20%) and increased aspartate aminotransferase (AST) (13%) were seen at a higher frequency compared to KEYTRUDA alone. Fifty-nine percent of the patients with increased ALT received systemic corticosteroids. In patients with ALT ≥3 times upper limit of normal (ULN) (Grades 2-4, n=116), ALT resolved to Grades 0-1 in 94%. Among the 92 patients who were rechallenged with either KEYTRUDA (n=3) or axitinib (n=34) administered as a single agent or with both (n=55), recurrence of ALT ≥3 times ULN was observed in 1 patient receiving KEYTRUDA, 16 patients receiving axitinib, and 24 patients receiving both. All patients with a recurrence of ALT ≥3 ULN subsequently recovered from the event.

Immune-Mediated Endocrinopathies

Adrenal Insufficiency

KEYTRUDA can cause primary or secondary adrenal insufficiency. For Grade 2 or higher, initiate symptomatic treatment, including hormone replacement as clinically indicated. Withhold KEYTRUDA depending on severity. Adrenal insufficiency occurred in 0.8% (22/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (0.3%), and Grade 2 (0.3%) reactions. Systemic corticosteroids were required in 77% (17/22) of patients; of these, the majority remained on systemic corticosteroids. Adrenal insufficiency led to permanent discontinuation of KEYTRUDA in <0.1% (1) and withholding in 0.3% (8) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement.

Hypophysitis

KEYTRUDA can cause immune-mediated hypophysitis. Hypophysitis can present with acute symptoms associated with mass effect such as headache, photophobia, or visual field defects. Hypophysitis can cause hypopituitarism. Initiate hormone replacement as indicated. Withhold or permanently discontinue KEYTRUDA depending on severity. Hypophysitis occurred in 0.6% (17/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (0.3%), and Grade 2 (0.2%) reactions. Systemic corticosteroids were required in 94% (16/17) of patients; of these, the majority remained on systemic corticosteroids. Hypophysitis led to permanent discontinuation of KEYTRUDA in 0.1% (4) and withholding in 0.3% (7) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement.

Thyroid Disorders

KEYTRUDA can cause immune-mediated thyroid disorders. Thyroiditis can present with or without endocrinopathy. Hypothyroidism can follow hyperthyroidism. Initiate hormone replacement for hypothyroidism or institute medical management of hyperthyroidism as clinically indicated. Withhold or permanently discontinue KEYTRUDA depending on severity. Thyroiditis occurred in 0.6% (16/2799) of patients receiving KEYTRUDA, including Grade 2 (0.3%). None discontinued, but KEYTRUDA was withheld in <0.1% (1) of patients.

Hyperthyroidism occurred in 3.4% (96/2799) of patients receiving KEYTRUDA, including Grade 3 (0.1%) and Grade 2 (0.8%). It led to permanent discontinuation of KEYTRUDA in <0.1% (2) and withholding in 0.3% (7) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement. Hypothyroidism occurred in 8% (237/2799) of patients receiving KEYTRUDA, including Grade 3 (0.1%) and Grade 2 (6.2%). It led to permanent discontinuation of KEYTRUDA in <0.1% (1) and withholding in 0.5% (14) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement. The majority of patients with hypothyroidism required long-term thyroid hormone replacement. The incidence of new or worsening hypothyroidism was higher in 1185 patients with HNSCC, occurring in 16% of patients receiving KEYTRUDA as a single agent or in combination with platinum and FU, including Grade 3 (0.3%) hypothyroidism. The incidence of new or worsening hypothyroidism was higher in 389 adult patients with cHL (17%) receiving KEYTRUDA as a single agent, including Grade 1 (6.2%) and Grade 2 (10.8%) hypothyroidism. The incidence of new or worsening hyperthyroidism was higher in 580 patients with resected NSCLC, occurring in 11% of patients receiving KEYTRUDA as a single agent as adjuvant treatment, including Grade 3 (0.2%) hyperthyroidism. The incidence of new or worsening hypothyroidism was higher in 580 patients with resected NSCLC, occurring in 22% of patients receiving KEYTRUDA as a single agent as adjuvant treatment (KEYNOTE-091), including Grade 3 (0.3%) hypothyroidism.

Type 1 Diabetes Mellitus (DM), Which Can Present With Diabetic Ketoacidosis

Monitor patients for hyperglycemia or other signs and symptoms of diabetes. Initiate treatment with insulin as clinically indicated. Withhold KEYTRUDA depending on severity. Type 1 DM occurred in 0.2% (6/2799) of patients receiving KEYTRUDA. It led to permanent discontinuation in <0.1% (1) and withholding of KEYTRUDA in <0.1% (1) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement.

Immune-Mediated Nephritis With Renal Dysfunction

KEYTRUDA can cause immune-mediated nephritis. Immune-mediated nephritis occurred in 0.3% (9/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (0.1%), and Grade 2 (0.1%) reactions. Systemic corticosteroids were required in 89% (8/9) of patients. Nephritis led to permanent discontinuation of KEYTRUDA in 0.1% (3) and withholding in 0.1% (3) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, none had recurrence. Nephritis resolved in 56% of the 9 patients.

Immune-Mediated Dermatologic Adverse Reactions

KEYTRUDA can cause immune-mediated rash or dermatitis. Exfoliative dermatitis, including Stevens-Johnson syndrome, drug rash with eosinophilia and systemic symptoms, and toxic epidermal necrolysis, has occurred with anti- PD-1/PD-L1 treatments. Topical emollients and/or topical corticosteroids may be adequate to treat mild to moderate nonexfoliative rashes. Withhold or permanently discontinue KEYTRUDA depending on severity. Immune-mediated dermatologic adverse reactions occurred in 1.4% (38/2799) of patients receiving KEYTRUDA, including Grade 3 (1%) and Grade 2 (0.1%) reactions. Systemic corticosteroids were required in 40% (15/38) of patients. These reactions led to permanent discontinuation in 0.1% (2) and withholding of KEYTRUDA in 0.6% (16) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 6% had recurrence. The reactions resolved in 79% of the 38 patients.

Other Immune-Mediated Adverse Reactions

The following clinically significant immune-mediated adverse reactions occurred at an incidence of <1% (unless otherwise noted) in patients who received KEYTRUDA or were reported with the use of other anti-PD-1/PD-L1 treatments. Severe or fatal cases have been reported for some of these adverse reactions. Cardiac/Vascular: Myocarditis, pericarditis, vasculitis; Nervous System: Meningitis, encephalitis, myelitis and demyelination, myasthenic syndrome/myasthenia gravis (including exacerbation), Guillain-Barré syndrome, nerve paresis, autoimmune neuropathy; Ocular: Uveitis, iritis and other ocular inflammatory toxicities can occur. Some cases can be associated with retinal detachment. Various grades of visual impairment, including blindness, can occur. If uveitis occurs in combination with other immune-mediated adverse reactions, consider a Vogt-Koyanagi-Harada-like syndrome, as this may require treatment with systemic steroids to reduce the risk of permanent vision loss; Gastrointestinal: Pancreatitis, to include increases in serum amylase and lipase levels, gastritis, duodenitis; Musculoskeletal and Connective Tissue: Myositis/polymyositis, rhabdomyolysis (and associated sequelae, including renal failure), arthritis (1.5%), polymyalgia rheumatica; Endocrine: Hypoparathyroidism; Hematologic/Immune: Hemolytic anemia, aplastic anemia, hemophagocytic lymphohistiocytosis, systemic inflammatory response syndrome, histiocytic necrotizing lymphadenitis (Kikuchi lymphadenitis), sarcoidosis, immune thrombocytopenic purpura, solid organ transplant rejection, other transplant (including corneal graft) rejection; Other: Myocarditis-Myositis-Myasthenia Gravis (or Myasthenia-Like) Overlap syndrome, reported as the co-occurrence of either two or all three adverse reactions.

Infusion-Related Reactions

KEYTRUDA can cause severe or life-threatening infusion-related reactions, including hypersensitivity and anaphylaxis, which have been reported in 0.2% of 2799 patients receiving KEYTRUDA. Monitor for signs and symptoms of infusion-related reactions. Interrupt or slow the rate of infusion for Grade 1 or Grade 2 reactions. For Grade 3 or Grade 4 reactions, stop infusion and permanently discontinue KEYTRUDA.

Complications of Allogeneic Hematopoietic Stem Cell Transplantation (HSCT)

Fatal and other serious complications can occur in patients who receive allogeneic HSCT before or after anti-PD-1/PD-L1 treatments. Transplant-related complications include hyperacute graft-versus-host disease (GVHD), acute and chronic GVHD, hepatic veno-occlusive disease after reduced intensity conditioning, and steroid-requiring febrile syndrome (without an identified infectious cause). These complications may occur despite intervening therapy between anti-PD-1/PD-L1 treatments and allogeneic HSCT. Follow patients closely for evidence of these complications and intervene promptly. Consider the benefit vs risks of using anti-PD-1/PD-L1 treatments prior to or after an allogeneic HSCT.

Increased Mortality in Patients With Multiple Myeloma

In trials in patients with multiple myeloma, the addition of KEYTRUDA to a thalidomide analogue plus dexamethasone resulted in increased mortality. Treatment of these patients with an anti-PD-1/PD-L1 treatment in this combination is not recommended outside of controlled trials.

Embryofetal Toxicity

Based on its mechanism of action, KEYTRUDA can cause fetal harm when administered to a pregnant woman. Advise women of this potential risk. In females of reproductive potential, verify pregnancy status prior to initiating KEYTRUDA and advise them to use effective contraception during treatment and for 4 months after the last dose.

Adverse Reactions

In KEYNOTE-006, KEYTRUDA was discontinued due to adverse reactions in 9% of 555 patients with advanced melanoma; adverse reactions leading to permanent discontinuation in more than one patient were colitis (1.4%), autoimmune hepatitis (0.7%), allergic reaction (0.4%), polyneuropathy (0.4%), and cardiac failure (0.4%). The most common adverse reactions (≥20%) with KEYTRUDA were fatigue (28%), diarrhea (26%), rash (24%), and nausea (21%).

In KEYNOTE-054, when KEYTRUDA was administered as a single agent to patients with stage III melanoma, KEYTRUDA was permanently discontinued due to adverse reactions in 14% of 509 patients; the most common (≥1%) were pneumonitis (1.4%), colitis (1.2%), and diarrhea (1%). Serious adverse reactions occurred in 25% of patients receiving KEYTRUDA. The most common adverse reaction (≥20%) with KEYTRUDA was diarrhea (28%). In KEYNOTE-716, when KEYTRUDA was administered as a single agent to patients with stage IIB or IIC melanoma, adverse reactions occurring in patients with stage IIB or IIC melanoma were similar to those occurring in 1011 patients with stage III melanoma from KEYNOTE-054.

In KEYNOTE-189, when KEYTRUDA was administered with pemetrexed and platinum chemotherapy in metastatic nonsquamous NSCLC, KEYTRUDA was discontinued due to adverse reactions in 20% of 405 patients. The most common adverse reactions resulting in permanent discontinuation of KEYTRUDA were pneumonitis (3%) and acute kidney injury (2%). The most common adverse reactions (≥20%) with KEYTRUDA were nausea (56%), fatigue (56%), constipation (35%), diarrhea (31%), decreased appetite (28%), rash (25%), vomiting (24%), cough (21%), dyspnea (21%), and pyrexia (20%).

In KEYNOTE-407, when KEYTRUDA was administered with carboplatin and either paclitaxel or paclitaxel protein-bound in metastatic squamous NSCLC, KEYTRUDA was discontinued due to adverse reactions in 15% of 101 patients. The most frequent serious adverse reactions reported in at least 2% of patients were febrile neutropenia, pneumonia, and urinary tract infection. Adverse reactions observed in KEYNOTE-407 were similar to those observed in KEYNOTE-189 with the exception that increased incidences of alopecia (47% vs 36%) and peripheral neuropathy (31% vs 25%) were observed in the KEYTRUDA and chemotherapy arm compared to the placebo and chemotherapy arm in KEYNOTE-407.

In KEYNOTE-042, KEYTRUDA was discontinued due to adverse reactions in 19% of 636 patients with advanced NSCLC; the most common were pneumonitis (3%), death due to unknown cause (1.6%), and pneumonia (1.4%). The most frequent serious adverse reactions reported in at least 2% of patients were pneumonia (7%), pneumonitis (3.9%), pulmonary embolism (2.4%), and pleural effusion (2.2%). The most common adverse reaction (≥20%) was fatigue (25%).

In KEYNOTE-010, KEYTRUDA monotherapy was discontinued due to adverse reactions in 8% of 682 patients with metastatic NSCLC; the most common was pneumonitis (1.8%). The most common adverse reactions (≥20%) were decreased appetite (25%), fatigue (25%), dyspnea (23%), and nausea (20%).

In KEYNOTE-671, adverse reactions occurring in patients with resectable NSCLC receiving KEYTRUDA in combination with platinum-containing chemotherapy, given as neoadjuvant treatment and continued as single-agent adjuvant treatment, were generally similar to those occurring in patients in other clinical trials across tumor types receiving KEYTRUDA in combination with chemotherapy.

The most common adverse reactions (reported in ≥20%) in patients receiving KEYTRUDA in combination with chemotherapy or chemoradiotherapy were fatigue/asthenia, nausea, constipation, diarrhea, decreased appetite, rash, vomiting, cough, dyspnea, pyrexia, alopecia, peripheral neuropathy, mucosal inflammation, stomatitis, headache, weight loss, abdominal pain, arthralgia, myalgia, insomnia, palmar-plantar erythrodysesthesia, urinary tract infection, hypothyroidism, radiation skin injury, dysphagia, dry mouth, and musculoskeletal pain.

In the neoadjuvant phase of KEYNOTE-671, when KEYTRUDA was administered in combination with platinum-containing chemotherapy as neoadjuvant treatment, serious adverse reactions occurred in 34% of 396 patients. The most frequent (≥2%) serious adverse reactions were pneumonia (4.8%), venous thromboembolism (3.3%), and anemia (2%). Fatal adverse reactions occurred in 1.3% of patients, including death due to unknown cause (0.8%), sepsis (0.3%), and immune-mediated lung disease (0.3%). Permanent discontinuation of any study drug due to an adverse reaction occurred in 18% of patients who received KEYTRUDA in combination with platinum-containing chemotherapy; the most frequent adverse reactions (≥1%) that led to permanent discontinuation of any study drug were acute kidney injury (1.8%), interstitial lung disease (1.8%), anemia (1.5%), neutropenia (1.5%), and pneumonia (1.3%).

Of the KEYTRUDA-treated patients who received neoadjuvant treatment, 6% of 396 patients did not receive surgery due to adverse reactions. The most frequent (≥1%) adverse reaction that led to cancellation of surgery in the KEYTRUDA arm was interstitial lung disease (1%).

In the adjuvant phase of KEYNOTE-671, when KEYTRUDA was administered as a single agent as adjuvant treatment, serious adverse reactions occurred in 14% of 290 patients. The most frequent serious adverse reaction was pneumonia (3.4%). One fatal adverse reaction of pulmonary hemorrhage occurred. Permanent discontinuation of KEYTRUDA due to an adverse reaction occurred in 12% of patients who received KEYTRUDA as a single agent, given as adjuvant treatment; the most frequent adverse reactions (≥1%) that led to permanent discontinuation of KEYTRUDA were diarrhea (1.7%), interstitial lung disease (1.4%), increased aspartate aminotransferase (1%), and musculoskeletal pain (1%).

Adverse reactions observed in KEYNOTE-091 were generally similar to those occurring in other patients with NSCLC receiving KEYTRUDA as a single agent, with the exception of hypothyroidism (22%), hyperthyroidism (11%), and pneumonitis (7%). Two fatal adverse reactions of myocarditis occurred.

Adverse reactions observed in KEYNOTE-483 were generally similar to those occurring in other patients receiving KEYTRUDA in combination with pemetrexed and platinum chemotherapy.

In KEYNOTE-689, the most common adverse reactions (≥20%) in patients receiving KEYTRUDA were stomatitis (48%), radiation skin injury (40%), weight loss (36%), fatigue (33%), dysphagia (29%), constipation (27%), hypothyroidism (26%), nausea (24%), rash (22%), dry mouth (22%), diarrhea (22%), and musculoskeletal pain (22%).

In the neoadjuvant phase of KEYNOTE-689, of the 361 patients who received at least one dose of single agent KEYTRUDA, 11% experienced serious adverse reactions. Serious adverse reactions that occurred in more than one patient were pneumonia (1.4%), tumor hemorrhage (0.8%), dysphagia (0.6%), immune-mediated hepatitis (0.6%), cellulitis (0.6%), and dyspnea (0.6%). Fatal adverse reactions occurred in 1.1% of patients, including respiratory failure, clostridium infection, septic shock, and myocardial infarction (one patient each). Permanent discontinuation of KEYTRUDA due to an adverse reaction occurred in 2.8% of patients who received KEYTRUDA as neoadjuvant treatment. The most frequent adverse reaction which resulted in permanent discontinuation of neoadjuvant KEYTRUDA in more than one patient was arthralgia (0.6%).

Of the 361 patients who received KEYTRUDA as neoadjuvant treatment, 11% did not receive surgery. Surgical cancellation on the KEYTRUDA arm was due to disease progression in 4%, patient decision in 3%, adverse reactions in 1.4%, physician's decision in 1.1%, unresectable tumor in 0.6%, loss of follow-up in 0.3%, and use of non-study anti-cancer therapy in 0.3%.

Of the 323 KEYTRUDA-treated patients who received surgery following the neoadjuvant phase, 1.2% experienced delay of surgery (defined as on-study surgery occurring ≥9 weeks after initiation of neoadjuvant KEYTRUDA) due to adverse reactions, and 2.8% did not receive adjuvant treatment due to adverse reactions.

In the adjuvant phase of KEYNOTE-689, of the 255 patients who received at least one dose of KEYTRUDA, 38% experienced serious adverse reactions. The most frequent serious adverse reactions reported in ≥1% of KEYTRUDA- treated patients were pneumonia (2.7%), pyrexia (2.4%), stomatitis (2.4%), acute kidney injury (2.0%), pneumonitis (1.6%), COVID-19 (1.2%), death not otherwise specified (1.2%), diarrhea (1.2%), dysphagia (1.2%), gastrostomy tube site complication (1.2%), and immune-mediated hepatitis (1.2%). Fatal adverse reactions occurred in 5% of patients, including death not otherwise specified (1.2%), acute renal failure (0.4%), hypercalcemia (0.4%), pulmonary hemorrhage (0.4%), dysphagia/malnutrition (0.4%), mesenteric thrombosis (0.4%), sepsis (0.4%), pneumonia (0.4%), COVID-19 (0.4%), respiratory failure (0.4%), cardiovascular disorder (0.4%), and gastrointestinal hemorrhage (0.4%). Permanent discontinuation of adjuvant KEYTRUDA due to an adverse reaction occurred in 17% of patients. The most frequent (≥1%) adverse reactions that led to permanent discontinuation of adjuvant KEYTRUDA were pneumonitis, colitis, immune-mediated hepatitis, and death not otherwise specified.

In KEYNOTE-048, KEYTRUDA monotherapy was discontinued due to adverse events in 12% of 300 patients with HNSCC; the most common adverse reactions leading to permanent discontinuation were sepsis (1.7%) and pneumonia (1.3%). The most common adverse reactions (≥20%) were fatigue (33%), constipation (20%), and rash (20%).

In KEYNOTE-048, when KEYTRUDA was administered in combination with platinum (cisplatin or carboplatin) and FU chemotherapy, KEYTRUDA was discontinued due to adverse reactions in 16% of 276 patients with HNSCC. The most common adverse reactions resulting in permanent discontinuation of KEYTRUDA were pneumonia (2.5%), pneumonitis (1.8%), and septic shock (1.4%). The most common adverse reactions (≥20%) were nausea (51%), fatigue (49%), constipation (37%), vomiting (32%), mucosal inflammation (31%), diarrhea (29%), decreased appetite (29%), stomatitis (26%), and cough (22%).

In KEYNOTE-012, KEYTRUDA was discontinued due to adverse reactions in 17% of 192 patients with HNSCC. Serious adverse reactions occurred in 45% of patients. The most frequent serious adverse reactions reported in at least 2% of patients were pneumonia, dyspnea, confusional state, vomiting, pleural effusion, and respiratory failure. The most common adverse reactions (≥20%) were fatigue, decreased appetite, and dyspnea. Adverse reactions occurring in patients with HNSCC were generally similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a monotherapy, with the exception of increased incidences of facial edema and new or worsening hypothyroidism.

In KEYNOTE-204, KEYTRUDA was discontinued due to adverse reactions in 14% of 148 patients with cHL. Serious adverse reactions occurred in 30% of patients receiving KEYTRUDA; those ≥1% were pneumonitis, pneumonia, pyrexia, myocarditis, acute kidney injury, febrile neutropenia, and sepsis. Three patients died from causes other than disease progression: 2 from complications after allogeneic HSCT and 1 from unknown cause. The most common adverse reactions (≥20%) were upper respiratory tract infection (41%), musculoskeletal pain (32%), diarrhea (22%), and pyrexia, fatigue, rash, and cough (20% each).

In KEYNOTE-087, KEYTRUDA was discontinued due to adverse reactions in 5% of 210 patients with cHL. Serious adverse reactions occurred in 16% of patients; those ≥1% were pneumonia, pneumonitis, pyrexia, dyspnea, GVHD, and herpes zoster. Two patients died from causes other than disease progression: 1 from GVHD after subsequent allogeneic HSCT and 1 from septic shock. The most common adverse reactions (≥20%) were fatigue (26%), pyrexia (24%), cough (24%), musculoskeletal pain (21%), diarrhea (20%), and rash (20%).

In KEYNOTE-170, KEYTRUDA was discontinued due to adverse reactions in 8% of 53 patients with PMBCL. Serious adverse reactions occurred in 26% of patients and included arrhythmia (4%), cardiac tamponade (2%), myocardial infarction (2%), pericardial effusion (2%), and pericarditis (2%). Six (11%) patients died within 30 days of start of treatment. The most common adverse reactions (≥20%) were musculoskeletal pain (30%), upper respiratory tract infection and pyrexia (28% each), cough (26%), fatigue (23%), and dyspnea (21%).

In KEYNOTE-A39, when KEYTRUDA was administered in combination with enfortumab vedotin to patients with locally advanced or metastatic urothelial cancer (n=440), fatal adverse reactions occurred in 3.9% of patients, including acute respiratory failure (0.7%), pneumonia (0.5%), and pneumonitis/ILD (0.2%). Serious adverse reactions occurred in 50% of patients receiving KEYTRUDA in combination with enfortumab vedotin; the serious adverse reactions in ≥2% of patients were rash (6%), acute kidney injury (5%), pneumonitis/ILD (4.5%), urinary tract infection (3.6%), diarrhea (3.2%), pneumonia (2.3%), pyrexia (2%), and hyperglycemia (2%). Permanent discontinuation of KEYTRUDA occurred in 27% of patients. The most common adverse reactions (≥2%) resulting in permanent discontinuation of KEYTRUDA were pneumonitis/ILD (4.8%) and rash (3.4%). The most common adverse reactions (≥20%) occurring in patients treated with KEYTRUDA in combination with enfortumab vedotin were rash (68%), peripheral neuropathy (67%), fatigue (51%), pruritus (41%), diarrhea (38%), alopecia (35%), weight loss (33%), decreased appetite (33%), nausea (26%), constipation (26%), dry eye (24%), dysgeusia (21%), and urinary tract infection (21%).

In KEYNOTE-052, KEYTRUDA was discontinued due to adverse reactions in 11% of 370 patients with locally advanced or metastatic urothelial carcinoma. Serious adverse reactions occurred in 42% of patients; those ≥2% were urinary tract infection, hematuria, acute kidney injury, pneumonia, and urosepsis. The most common adverse reactions (≥20%) were fatigue (38%), musculoskeletal pain (24%), decreased appetite (22%), constipation (21%), rash (21%), and diarrhea (20%).

In KEYNOTE-045, KEYTRUDA was discontinued due to adverse reactions in 8% of 266 patients with locally advanced or metastatic urothelial carcinoma. The most common adverse reaction resulting in permanent discontinuation of KEYTRUDA was pneumonitis (1.9%). Serious adverse reactions occurred in 39% of KEYTRUDA-treated patients; those ≥2% were urinary tract infection, pneumonia, anemia, and pneumonitis. The most common adverse reactions (≥20%) in patients who received KEYTRUDA were fatigue (38%), musculoskeletal pain (32%), pruritus (23%), decreased appetite (21%), nausea (21%), and rash (20%).

In KEYNOTE-905, the most common adverse reactions (≥20%) occurring in cisplatin-ineligible patients with MIBC treated with KEYTRUDA in combination with enfortumab vedotin (n=167) were rash (54%), pruritus (47%), fatigue (47%), peripheral neuropathy (39%), alopecia (35%), dysgeusia (35%), diarrhea (34%), constipation (28%), decreased appetite (28%), nausea (26%), urinary tract infection (24%), dry eye (21%), and weight loss (20%).

In the neoadjuvant phase of KEYNOTE-905, serious adverse reactions occurred in 27% (n=167) of patients; the most frequent (≥2%) were urinary tract infection (3.6%) and hematuria (2.4%). Fatal adverse reactions occurred in 1.2% of patients, including myasthenia gravis and toxic epidermal necrolysis (0.6% each). Additional fatal adverse reactions were reported in 2.7% of patients in the post-surgery phase before adjuvant treatment started, including sepsis and intestinal obstruction (1.4% each). Permanent discontinuation of KEYTRUDA due to an adverse reaction occurred in 15% of patients; the most frequent (>1%) were rash (2.4%, including generalized exfoliative dermatitis), increased alanine aminotransferase, increased aspartate aminotransferase, diarrhea, dysgeusia, and toxic epidermal necrolysis (1.2% each). Of the 167 patients in the KEYTRUDA in combination with enfortumab vedotin arm who received neoadjuvant treatment, 7 (4.2%) patients did not receive surgery due to adverse reactions. The adverse reactions that led to cancellation of surgery were acute myocardial infarction, bile duct cancer, colon cancer, respiratory distress, urinary tract infection, and the two deaths due to myasthenia gravis and toxic epidermal necrolysis (0.6% each).

Of the 146 patients who received neoadjuvant treatment with KEYTRUDA in combination with enfortumab vedotin and underwent radical cystectomy, 6 (4.1%) patients experienced delay of surgery (defined as time from last neoadjuvant treatment to surgery exceeding 8 weeks) due to adverse reactions.

In the adjuvant phase of KEYNOTE-905, serious adverse reactions occurred in 43% (n=100) of patients; the most frequent (≥2%) were urinary tract infection (8%); acute kidney injury and pyelonephritis (5% each); urosepsis (4%); and hypokalemia, intestinal obstruction, and sepsis (2% each). Fatal adverse reactions occurred in 7% of patients, including urosepsis, intracranial hemorrhage, death, myocardial infarction, multiple organ dysfunction syndrome, and pseudomonal pneumonia (1% each). Permanent discontinuation of KEYTRUDA due to an adverse reaction occurred in 28% of patients; the most frequent (>1%) were diarrhea (5%), peripheral neuropathy, acute kidney injury, and pneumonitis (2% each).

In KEYNOTE-057, KEYTRUDA was discontinued due to adverse reactions in 11% of 148 patients with high-risk NMIBC. The most common adverse reaction resulting in permanent discontinuation of KEYTRUDA was pneumonitis (1.4%). Serious adverse reactions occurred in 28% of patients; those ≥2% were pneumonia (3%), cardiac ischemia (2%), colitis (2%), pulmonary embolism (2%), sepsis (2%), and urinary tract infection (2%). The most common adverse reactions (≥20%) were fatigue (29%), diarrhea (24%), and rash (24%).

Adverse reactions occurring in patients with MSI-H or dMMR CRC were similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a monotherapy.

In KEYNOTE-158 and KEYNOTE-164, adverse reactions occurring in patients with MSI-H or dMMR cancer were similar to those occurring in patients with other solid tumors who received KEYTRUDA as a single agent.

In KEYNOTE-811, fatal adverse reactions occurred in 3 patients who received KEYTRUDA in combination with trastuzumab and CAPOX (capecitabine plus oxaliplatin) or FP (5-FU plus cisplatin) and included pneumonitis in 2 patients and hepatitis in 1 patient. KEYTRUDA was discontinued due to adverse reactions in 13% of 350 patients with locally advanced unresectable or metastatic HER2-positive gastric or GEJ adenocarcinoma. Adverse reactions resulting in permanent discontinuation of KEYTRUDA in ≥1% of patients were pneumonitis (2.0%) and pneumonia (1.1%). In the KEYTRUDA arm vs placebo, there was a difference of ≥5% incidence between patients treated with KEYTRUDA vs standard of care for diarrhea (53% vs 47%), rash (35% vs 28%), hypothyroidism (11% vs 5%), and pneumonia (11% vs 5%).

In KEYNOTE-859, when KEYTRUDA was administered in combination with fluoropyrimidine- and platinum-containing chemotherapy, serious adverse reactions occurred in 45% of 785 patients. Serious adverse reactions in >2% of patients included pneumonia (4.1%), diarrhea (3.9%), hemorrhage (3.9%), and vomiting (2.4%). Fatal adverse reactions occurred in 8% of patients who received KEYTRUDA, including infection (2.3%) and thromboembolism (1.3%). KEYTRUDA was permanently discontinued due to adverse reactions in 15% of patients. The most common adverse reactions resulting in permanent discontinuation of KEYTRUDA (≥1%) were infections (1.8%) and diarrhea (1.0%). The most common adverse reactions (reported in ≥20%) in patients receiving KEYTRUDA in combination with chemotherapy were peripheral neuropathy (47%), nausea (46%), fatigue (40%), diarrhea (36%), vomiting (34%), decreased appetite (29%), abdominal pain (26%), palmar-plantar erythrodysesthesia syndrome (25%), constipation (22%), and weight loss (20%).

In KEYNOTE-590, when KEYTRUDA was administered with cisplatin and fluorouracil to patients with metastatic or locally advanced esophageal or GEJ (tumors with epicenter 1 to 5 centimeters above the GEJ) carcinoma who were not candidates for surgical resection or definitive chemoradiation, KEYTRUDA was discontinued due to adverse reactions in 15% of 370 patients. The most common adverse reactions resulting in permanent discontinuation of KEYTRUDA (≥1%) were pneumonitis (1.6%), acute kidney injury (1.1%), and pneumonia (1.1%). The most common adverse reactions (≥20%) with KEYTRUDA in combination with chemotherapy were nausea (67%), fatigue (57%), decreased appetite (44%), constipation (40%), diarrhea (36%), vomiting (34%), stomatitis (27%), and weight loss (24%).

Adverse reactions occurring in patients with esophageal cancer who received KEYTRUDA as a monotherapy were similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a monotherapy.

In KEYNOTE-A18, when KEYTRUDA was administered with CRT (cisplatin plus external beam radiation therapy [EBRT] followed by brachytherapy [BT]) to patients with FIGO 2014 Stage III-IVA cervical cancer, fatal adverse reactions occurred in 1.4% of 294 patients, including 1 case each (0.3%) of large intestinal perforation, urosepsis, sepsis, and vaginal hemorrhage. Serious adverse reactions occurred in 34% of patients; those ≥1% included urinary tract infection (3.1%), urosepsis (1.4%), and sepsis (1%). KEYTRUDA was discontinued for adverse reactions in 9% of patients. The most common adverse reaction (≥1%) resulting in permanent discontinuation was diarrhea (1%). For patients treated with KEYTRUDA in combination with CRT, the most common adverse reactions (≥10%) were nausea (56%), diarrhea (51%), urinary tract infection (35%), vomiting (34%), fatigue (28%), hypothyroidism (23%), constipation (20%), weight loss (19%), decreased appetite (18%), pyrexia (14%), abdominal pain and hyperthyroidism (13% each), dysuria and rash (12% each), back and pelvic pain (11% each), and COVID-19 (10%).

In KEYNOTE-826, when KEYTRUDA was administered in combination with paclitaxel and cisplatin or paclitaxel and carboplatin, with or without bevacizumab (n=307), to patients with persistent, recurrent, or first-line metastatic cervical cancer regardless of tumor PD-L1 expression who had not been treated with chemotherapy except when used concurrently as a radio-sensitizing agent, fatal adverse reactions occurred in 4.6% of patients, including 3 cases of hemorrhage, 2 cases each of sepsis and due to unknown causes, and 1 case each of acute myocardial infarction, autoimmune encephalitis, cardiac arrest, cerebrovascular accident, femur fracture with perioperative pulmonary embolus, intestinal perforation, and pelvic infection. Serious adverse reactions occurred in 50% of patients receiving KEYTRUDA in combination with chemotherapy with or without bevacizumab; those ≥3% were febrile neutropenia (6.8%), urinary tract infection (5.2%), anemia (4.6%), and acute kidney injury and sepsis (3.3% each).

KEYTRUDA was discontinued in 15% of patients due to adverse reactions. The most common adverse reaction resulting in permanent discontinuation (≥1%) was colitis (1%).

For patients treated with KEYTRUDA, chemotherapy, and bevacizumab (n=196), the most common adverse reactions (≥20%) were peripheral neuropathy (62%), alopecia (58%), anemia (55%), fatigue/asthenia (53%), nausea and neutropenia (41% each), diarrhea (39%), hypertension and thrombocytopenia (35% each), constipation and arthralgia (31% each), vomiting (30%), urinary tract infection (27%), rash (26%), leukopenia (24%), hypothyroidism (22%), and decreased appetite (21%).

For patients treated with KEYTRUDA in combination with chemotherapy with or without bevacizumab, the most common adverse reactions (≥20%) were peripheral neuropathy (58%), alopecia (56%), fatigue (47%), nausea (40%), diarrhea (36%), constipation (28%), arthralgia (27%), vomiting (26%), hypertension and urinary tract infection (24% each), and rash (22%).

In KEYNOTE-158, KEYTRUDA was discontinued due to adverse reactions in 8% of 98 patients with previously treated recurrent or metastatic cervical cancer. Serious adverse reactions occurred in 39% of patients receiving KEYTRUDA; the most frequent included anemia (7%), fistula, hemorrhage, and infections [except urinary tract infections] (4.1% each). The most common adverse reactions (≥20%) were fatigue (43%), musculoskeletal pain (27%), diarrhea (23%), pain and abdominal pain (22% each), and decreased appetite (21%).

In KEYNOTE-394, KEYTRUDA was discontinued due to adverse reactions in 13% of 299 patients with previously treated hepatocellular carcinoma. The most common adverse reaction resulting in permanent discontinuation of KEYTRUDA was ascites (2.3%). The most common adverse reactions in patients receiving KEYTRUDA (≥10%) were pyrexia (18%), rash (18%), diarrhea (16%), decreased appetite (15%), pruritus (12%), upper respiratory tract infection (11%), cough (11%), and hypothyroidism (10%).

In KEYNOTE-966, when KEYTRUDA was administered in combination with gemcitabine and cisplatin, KEYTRUDA was discontinued for adverse reactions in 15% of 529 patients with locally advanced unresectable or metastatic biliary tract cancer. The most common adverse reaction resulting in permanent discontinuation of KEYTRUDA (≥1%) was pneumonitis (1.3%). Adverse reactions leading to the interruption of KEYTRUDA occurred in 55% of patients. The most common adverse reactions or laboratory abnormalities leading to interruption of KEYTRUDA (≥2%) were decreased neutrophil count (18%), decreased platelet count (10%), anemia (6%), decreased white blood cell count (4%), pyrexia (3.8%), fatigue (3.0%), cholangitis (2.8%), increased ALT (2.6%), increased AST (2.5%), and biliary obstruction (2.3%).

In KEYNOTE-017 and KEYNOTE-913, adverse reactions occurring in patients with MCC (n=105) were generally similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a single agent.

In KEYNOTE-426, when KEYTRUDA was administered in combination with axitinib, fatal adverse reactions occurred in 3.3% of 429 patients. Serious adverse reactions occurred in 40% of patients, the most frequent (≥1%) were hepatotoxicity (7%), diarrhea (4.2%), acute kidney injury (2.3%), dehydration (1%), and pneumonitis (1%). Permanent discontinuation due to an adverse reaction occurred in 31% of patients; KEYTRUDA only (13%), axitinib only (13%), and the combination (8%); the most common were hepatotoxicity (13%), diarrhea/colitis (1.9%), acute kidney injury (1.6%), and cerebrovascular accident (1.2%). The most common adverse reactions (≥20%) were diarrhea (56%), fatigue/asthenia (52%), hypertension (48%), hepatotoxicity (39%), hypothyroidism (35%), decreased appetite (30%), palmar-plantar erythrodysesthesia (28%), nausea (28%), stomatitis/mucosal inflammation (27%), dysphonia (25%), rash (25%), cough (21%), and constipation (21%).

In KEYNOTE-564, when KEYTRUDA was administered as a single agent for the adjuvant treatment of renal cell carcinoma, serious adverse reactions occurred in 20% of patients receiving KEYTRUDA; the serious adverse reactions (≥1%) were acute kidney injury, adrenal insufficiency, pneumonia, colitis, and diabetic ketoacidosis (1% each). Fatal adverse reactions occurred in 0.2% including 1 case of pneumonia. Discontinuation of KEYTRUDA due to adverse reactions occurred in 21% of 488 patients; the most common (≥1%) were increased ALT (1.6%), colitis (1%), and adrenal insufficiency (1%). The most common adverse reactions (≥20%) were musculoskeletal pain (41%), fatigue (40%), rash (30%), diarrhea (27%), pruritus (23%), and hypothyroidism (21%).

In KEYNOTE-868, when KEYTRUDA was administered in combination with chemotherapy (paclitaxel and carboplatin) to patients with advanced or recurrent endometrial carcinoma (n=382), serious adverse reactions occurred in 35% of patients receiving KEYTRUDA in combination with chemotherapy, compared to 19% of patients receiving placebo in combination with chemotherapy (n=377). Fatal adverse reactions occurred in 1.6% of patients receiving KEYTRUDA in combination with chemotherapy, including COVID-19 (0.5%) and cardiac arrest (0.3%). KEYTRUDA was discontinued for an adverse reaction in 14% of patients. Adverse reactions occurring in patients treated with KEYTRUDA and chemotherapy were generally similar to those observed with KEYTRUDA alone or chemotherapy alone, with the exception of rash (33% all Grades; 2.9% Grades 3-4).

Adverse reactions occurring in patients with MSI-H or dMMR endometrial carcinoma who received KEYTRUDA as a single agent were similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a single agent.

Adverse reactions occurring in patients with TMB-H cancer were similar to those occurring in patients with other solid tumors who received KEYTRUDA as a single agent.

Adverse reactions occurring in patients with recurrent or metastatic cSCC or locally advanced cSCC were similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a monotherapy.

In KEYNOTE-522, when KEYTRUDA was administered with neoadjuvant chemotherapy (carboplatin and paclitaxel followed by doxorubicin or epirubicin and cyclophosphamide) followed by surgery and continued adjuvant treatment with KEYTRUDA as a single agent (n=778) to patients with newly diagnosed, previously untreated, high-risk early-stage TNBC, fatal adverse reactions occurred in 0.9% of patients, including 1 each of adrenal crisis, autoimmune encephalitis, hepatitis, pneumonia, pneumonitis, pulmonary embolism, and sepsis in association with multiple organ dysfunction syndrome and myocardial infarction. Serious adverse reactions occurred in 44% of patients receiving KEYTRUDA; those ≥2% were febrile neutropenia (15%), pyrexia (3.7%), anemia (2.6%), and neutropenia (2.2%). KEYTRUDA was discontinued in 20% of patients due to adverse reactions. The most common reactions (≥1%) resulting in permanent discontinuation were increased ALT (2.7%), increased AST (1.5%), and rash (1%). The most common adverse reactions (≥20%) in patients receiving KEYTRUDA with chemotherapy followed by KEYTRUDA alone were fatigue (70%), nausea (67%), alopecia (61%), rash (52%), constipation (42%), diarrhea and peripheral neuropathy (41% each), stomatitis (34%), vomiting (31%), headache (30%), arthralgia (29%), pyrexia (28%), cough (26%), abdominal pain (24%), decreased appetite (23%), insomnia (21%), and myalgia (20%).

In KEYNOTE-355, when KEYTRUDA and chemotherapy (paclitaxel, paclitaxel protein-bound, or gemcitabine and carboplatin) were administered to patients with locally recurrent unresectable or metastatic TNBC who had not been previously treated with chemotherapy in the metastatic setting (n=596), fatal adverse reactions occurred in 2.5% of patients, including cardio-respiratory arrest (0.7%) and septic shock (0.3%). Serious adverse reactions occurred in 30% of patients receiving KEYTRUDA in combination with chemotherapy; the serious reactions in ≥2% were pneumonia (2.9%), anemia (2.2%), and thrombocytopenia (2%). KEYTRUDA was discontinued in 11% of patients due to adverse reactions. The most common reactions resulting in permanent discontinuation (≥1%) were increased ALT (2.2%), increased AST (1.5%), and pneumonitis (1.2%). The most common adverse reactions (≥20%) in patients receiving KEYTRUDA in combination with chemotherapy were fatigue (48%), nausea (44%), alopecia (34%), diarrhea and constipation (28% each), vomiting and rash (26% each), cough (23%), decreased appetite (21%), and headache (20%).

In KEYNOTE-B96, when KEYTRUDA was administered in combination with paclitaxel, with or without bevacizumab, serious adverse reactions occurred in 54% of patients. Serious adverse reactions in ≥2% of patients were pneumonia (4.3%), urinary tract infection (3.9%), adrenal insufficiency (3%), hyponatremia (3%), COVID-19, decreased neutrophil count, pulmonary embolism (2.6% each), abdominal pain, anemia, colitis, diarrhea, febrile neutropenia, pyrexia, and vomiting (2.1% each).

Fatal adverse reactions occurred in 3.9% of patients receiving KEYTRUDA and paclitaxel, with or without bevacizumab, including assisted suicide (0.9%), death, intestinal perforation, sepsis, COVID-19, cardio-respiratory arrest, colitis, and embolic stroke (0.4% each).

KEYTRUDA was permanently discontinued for adverse reactions in 16% of patients. The most common adverse reactions resulting in permanent discontinuation of KEYTRUDA (≥1%) were colitis and increased alanine aminotransferase (1.3% each). Adverse reactions leading to the interruption of KEYTRUDA occurred in 44% of patients. The most common adverse reactions leading to interruption of KEYTRUDA in ≥2% were urinary tract infection (3.9%), adrenal insufficiency, pyrexia, pneumonitis, upper respiratory tract infection (2.6% each), neutropenia, diarrhea, and COVID-19 (2.1% each).

The most common adverse reactions (≥20%) for patients treated with KEYTRUDA in combination with paclitaxel, with or without bevacizumab, were diarrhea (45%), fatigue (43%), nausea (41%), alopecia, peripheral neuropathy (38% each), epistaxis (31%), urinary tract infection (27%), constipation (25%), abdominal pain, decreased appetite, vomiting (24% each), hypothyroidism (21%), cough, hypertension, and rash (20% each).

For patients treated with KEYTRUDA in combination with paclitaxel and bevacizumab (N=169), decreased white blood cell count (27%), stomatitis (22%), and pyrexia (21%) were also reported as adverse reactions.

Lactation

Because of the potential for serious adverse reactions in breastfed children, advise women not to breastfeed during treatment and for 4 months after the last dose.

Pediatric Use

In KEYNOTE-051, 173 pediatric patients (65 pediatric patients aged 6 months to younger than 12 years and 108 pediatric patients aged 12 years to 17 years) were administered KEYTRUDA 2 mg/kg every 3 weeks. The median duration of exposure was 2.1 months (range: 1 day to 25 months).

Adverse reactions that occurred at a ≥10% higher rate in pediatric patients when compared to adults were pyrexia (33%), leukopenia (30%), vomiting (29%), neutropenia (28%), headache (25%), abdominal pain (23%), thrombocytopenia (22%), Grade 3 anemia (17%), decreased lymphocyte count (13%), and decreased white blood cell count (11%).

Geriatric Use

Of the 564 patients with locally advanced or metastatic urothelial cancer treated with KEYTRUDA in combination with enfortumab vedotin, 44% (n=247) were 65-74 years and 26% (n=144) were 75 years or older. No overall differences in effectiveness were observed between patients 65 years of age or older and younger patients. Patients 75 years of age or older treated with KEYTRUDA in combination with enfortumab vedotin experienced a higher incidence of fatal adverse reactions than younger patients. The incidence of fatal adverse reactions was 4% in patients younger than 75 and 7% in patients 75 years or older.

Of the 167 patients with MIBC treated with KEYTRUDA in combination with enfortumab vedotin, 37% (n=61) were 65-74 years and 46% (n=77) were 75 years or older. Patients 75 years of age or older treated with KEYTRUDA in combination with enfortumab vedotin experienced a higher incidence of fatal adverse reactions than younger patients. The incidence of fatal adverse reactions was 4% in patients younger than 75 and 12% in patients 75 years or older.

Additional Selected KEYTRUDA Indications in the U.S.

Non-Small Cell Lung Cancer

KEYTRUDA, in combination with pemetrexed and platinum chemotherapy, is indicated for the first-line treatment of patients with metastatic nonsquamous non-small cell lung cancer (NSCLC), with no EGFR or ALK genomic tumor aberrations.

KEYTRUDA, in combination with carboplatin and either paclitaxel or paclitaxel protein-bound, is indicated for the first-line treatment of patients with metastatic squamous NSCLC.

KEYTRUDA, as a single agent, is indicated for the first-line treatment of patients with NSCLC expressing PD-L1 [tumor proportion score (TPS) ≥1%] as determined by an FDA-approved test, with no EGFR or ALK genomic tumor aberrations, and is:

Stage III where patients are not candidates for surgical resection or definitive chemoradiation, or

metastatic.

KEYTRUDA, as a single agent, is indicated for the treatment of patients with metastatic NSCLC whose tumors express PD-L1 (TPS ≥1%) as determined by an FDA-approved test, with disease progression on or after platinum-containing chemotherapy. Patients with EGFR or ALK genomic tumor aberrations should have disease progression on FDA-approved therapy for these aberrations prior to receiving KEYTRUDA.

KEYTRUDA is indicated for the treatment of patients with resectable (tumors ≥4 cm or node positive) NSCLC in combination with platinum-containing chemotherapy as neoadjuvant treatment, and then continued as a single agent as adjuvant treatment after surgery.

KEYTRUDA, as a single agent, is indicated as adjuvant treatment following resection and platinum-based chemotherapy for adult patients with Stage IB (T2a ≥4 cm), II, or IIIA NSCLC.

Malignant Pleural Mesothelioma

KEYTRUDA, in combination with pemetrexed and platinum chemotherapy, is indicated for the first-line treatment of adult patients with unresectable advanced or metastatic malignant pleural mesothelioma (MPM).

Head and Neck Squamous Cell Cancer

KEYTRUDA is indicated for the treatment of adult patients with resectable locally advanced head and neck squamous cell carcinoma (HNSCC) whose tumors express PD-L1 [Combined Positive Score (CPS) ≥1] as determined by an FDA-approved test, as a single agent as neoadjuvant treatment, continued as adjuvant treatment in combination with radiotherapy (RT) with or without cisplatin and then as a single agent.

KEYTRUDA, in combination with platinum and fluorouracil (FU), is indicated for the first-line treatment of patients with metastatic or with unresectable, recurrent HNSCC.

KEYTRUDA, as a single agent, is indicated for the first-line treatment of patients with metastatic or with unresectable, recurrent HNSCC whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-approved test.

KEYTRUDA, as a single agent, is indicated for the treatment of patients with recurrent or metastatic HNSCC with disease progression on or after platinum-containing chemotherapy

Classical Hodgkin Lymphoma

KEYTRUDA is indicated for the treatment of adult patients with relapsed or refractory classical Hodgkin lymphoma (cHL).

KEYTRUDA is indicated for the treatment of pediatric patients with refractory cHL, or cHL that has relapsed after 2 or more lines of therapy.

Primary Mediastinal Large B-Cell Lymphoma

KEYTRUDA is indicated for the treatment of adult and pediatric patients with refractory primary mediastinal large B-cell lymphoma (PMBCL), or who have relapsed after 2 or more prior lines of therapy. KEYTRUDA is not recommended for treatment of patients with PMBCL who require urgent cytoreductive therapy.

Urothelial Cancer

KEYTRUDA, in combination with enfortumab vedotin, is indicated for the treatment of adult patients with locally advanced or metastatic urothelial cancer.

KEYTRUDA, as a single agent, is indicated for the treatment of patients with locally advanced or metastatic urothelial carcinoma:

who are not eligible for any platinum-containing chemotherapy, or

who have disease progression during or following platinum-containing chemotherapy or within 12 months of neoadjuvant or adjuvant treatment with platinum-containing chemotherapy.

KEYTRUDA, in combination with enfortumab vedotin, as neoadjuvant treatment and then continued after cystectomy as adjuvant treatment, is indicated for the treatment of adult patients with muscle invasive bladder cancer (MIBC) who are ineligible for cisplatin-containing chemotherapy.

KEYTRUDA, as a single agent, is indicated for the treatment of patients with Bacillus Calmette-Guerin (BCG)-unresponsive, high-risk, non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS) with or without papillary tumors who are ineligible for or have elected not to undergo cystectomy.

Microsatellite Instability-High or Mismatch Repair Deficient Cancer

KEYTRUDA is indicated for the treatment of adult and pediatric patients with unresectable or metastatic microsatellite instability-high (MSI-H) or mismatch repair deficient (dMMR) solid tumors, as determined by an FDA-approved test, that have progressed following prior treatment and who have no satisfactory alternative treatment options.

Microsatellite Instability-High or Mismatch Repair Deficient Colorectal Cancer

KEYTRUDA is indicated for the treatment of patients with unresectable or metastatic MSI-H or dMMR colorectal cancer (CRC) as determined by an FDA-approved test.

Gastric Cancer

KEYTRUDA, in combination with trastuzumab, fluoropyrimidine- and platinum-containing chemotherapy, is indicated for the first-line treatment of adults with locally advanced unresectable or metastatic HER2-positive gastric or gastroesophageal junction (GEJ) adenocarcinoma whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-approved test.

KEYTRUDA, in combination with fluoropyrimidine- and platinum-containing chemotherapy, is indicated for the first-line treatment of adults with locally advanced unresectable or metastatic HER2-negative gastric or gastroesophageal junction (GEJ) adenocarcinoma whose tumors express PD-L1 (CPS ≥ 1) as determined by an FDA approved test.

Esophageal Cancer

KEYTRUDA is indicated for the treatment of patients with locally advanced or metastatic esophageal or gastroesophageal junction (GEJ) (tumors with epicenter 1 to 5 centimeters above the GEJ) carcinoma that is not amenable to surgical resection or definitive chemoradiation either:

in combination with platinum- and fluoropyrimidine-based chemotherapy for patients with tumors that express PD-L1 (CPS ≥1), or

as a single agent after one or more prior lines of systemic therapy for patients with tumors of squamous cell histology that express PD-L1 (CPS ≥10) as determined by an FDA-approved test.

Cervical Cancer

KEYTRUDA, in combination with chemoradiotherapy (CRT), is indicated for the treatment of patients with locally advanced cervical cancer involving the lower third of the vagina, with or without extension to pelvic sidewall, or hydronephrosis/non-functioning kidney, or spread to adjacent pelvic organs (FIGO 2014 Stage III-IVA).

KEYTRUDA, in combination with chemotherapy, with or without bevacizumab, is indicated for the treatment of patients with persistent, recurrent, or metastatic cervical cancer whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-approved test.

KEYTRUDA, as a single agent, is indicated for the treatment of patients with recurrent or metastatic cervical cancer with disease progression on or after chemotherapy whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-approved test.

Hepatocellular Carcinoma

KEYTRUDA is indicated for the treatment of patients with hepatocellular carcinoma (HCC) secondary to hepatitis B who have received prior systemic therapy other than a PD-1/PD-L1-containing regimen.

Biliary Tract Cancer

KEYTRUDA, in combination with gemcitabine and cisplatin, is indicated for the treatment of patients with locally advanced unresectable or metastatic biliary tract cancer (BTC).

Merkel Cell Carcinoma

KEYTRUDA is indicated for the treatment of adult and pediatric patients with recurrent locally advanced or metastatic Merkel cell carcinoma (MCC).

Renal Cell Carcinoma

KEYTRUDA, in combination with axitinib, is indicated for the first-line treatment of adult patients with advanced renal cell carcinoma (RCC).

KEYTRUDA is indicated for the adjuvant treatment of patients with RCC at intermediate-high or high risk of recurrence following nephrectomy, or following nephrectomy and resection of metastatic lesions.

Endometrial Carcinoma

KEYTRUDA, in combination with carboplatin and paclitaxel, followed by KEYTRUDA as a single agent, is indicated for the treatment of adult patients with primary advanced or recurrent endometrial carcinoma.

KEYTRUDA, as a single agent, is indicated for the treatment of adult patients with advanced endometrial carcinoma that is MSI-H or dMMR, as determined by an FDA-approved test, who have disease progression following prior systemic therapy in any setting and are not candidates for curative surgery or radiation.

Tumor Mutational Burden-High Cancer

KEYTRUDA is indicated for the treatment of adult and pediatric patients with unresectable or metastatic tumor mutational burden-high (TMB-H) [≥10 mutations/megabase (mut/Mb)] solid tumors, as determined by an FDA-approved test, that have progressed following prior treatment and who have no satisfactory alternative treatment options. This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials. The safety and effectiveness of KEYTRUDA in pediatric patients with TMB-H central nervous system cancers have not been established.

Cutaneous Squamous Cell Carcinoma

KEYTRUDA is indicated for the treatment of patients with recurrent or metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC that is not curable by surgery or radiation.

Triple-Negative Breast Cancer

KEYTRUDA is indicated for the treatment of patients with high-risk early-stage triple-negative breast cancer (TNBC) in combination with chemotherapy as neoadjuvant treatment, and then continued as a single agent as adjuvant treatment after surgery.

KEYTRUDA, in combination with chemotherapy, is indicated for the treatment of patients with locally recurrent unresectable or metastatic TNBC whose tumors express PD-L1 (CPS ≥10) as determined by an FDA-approved test.

Ovarian Cancer

KEYTRUDA, in combination with paclitaxel, with or without bevacizumab, is indicated for the treatment of adult patients with platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal carcinoma whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-authorized test, and who have received 1 or 2 prior systemic treatment regimens.

Merck's focus on cancer

Every day, we follow the science as we work to discover innovations that can help patients, no matter what stage of cancer they have. As a leading oncology company, we are pursuing research where scientific opportunity and medical need converge, underpinned by our diverse pipeline of more than 25 novel mechanisms. With one of the largest clinical development programs across more than 30 tumor types, we strive to advance breakthrough science that will shape the future of oncology. By addressing barriers to clinical trial participation, screening and treatment, we work with urgency to reduce disparities and help ensure patients have access to high-quality cancer care. Our unwavering commitment is what will bring us closer to our goal of bringing life to more patients with cancer. For more information, visit https://www.merck.com/research/oncology/.

About Merck's research in melanoma

Merck is committed to delivering meaningful advances for patients with melanoma and to continuing research in skin cancers through a broad clinical development program across investigational and approved medicines. KEYTRUDA has been established as an important treatment option for the adjuvant treatment of patients with resected Stage IIB, IIC, or III melanoma based on results of KEYNOTE-054 and KEYNOTE-716. KEYTRUDA is also approved worldwide for the treatment of patients with unresectable or metastatic melanoma.

About Merck

At Merck, known as MSD outside of the United States and Canada, we are unified around our purpose: We use the power of leading-edge science to save and improve lives around the world. For more than 130 years, we have brought hope to humanity through the development of important medicines and vaccines. We aspire to be the premier research-intensive biopharmaceutical company in the world - and today, we are at the forefront of research to deliver innovative health solutions that advance the prevention and treatment of diseases in people and animals. We foster a diverse and inclusive global workforce and operate responsibly every day to enable a safe, sustainable and healthy future for all people and communities. For more information, visit www.merck.com and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn.

About Moderna

Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of its technology platform, Moderna is reimagining how medicines are made to transform how we treat and prevent diseases. Since its founding, Moderna's mRNA platform has enabled the development of vaccines and therapeutics across infectious diseases, cancer, rare diseases and more.

With a global team and a unique culture, driven by the company's values and mindsets, Moderna's mission is to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X, Facebook, Instagram, YouTube and LinkedIn.

Forward-Looking Statement of Merck & Co., Inc., Rahway, N.J., USA

This news release of Merck & Co., Inc., Rahway, N.J., USA (the "company") includes "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company's management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline candidates that the candidates will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company's patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company's Annual Report on Form 10-K for the year ended December 31, 2025 and the company's other filings with the Securities and Exchange Commission (SEC) available at the SEC's Internet site (www.sec.gov).

Moderna Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: the ability of intismeran autogene in combination with KEYTRUDA to demonstrate sustained improvement in RFS and DMFS compared with KEYTRUDA alone; the encouraging trend in overall survival compared with KEYTRUDA alone; the potential long-term benefit; the tolerability and safety profile for intismeran autogene; the companies' ongoing Phase 2 and Phase 3 clinical trials, including anticipated milestones; and mRNA's potential in cancer care. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna's control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading "Risk Factors" in Moderna's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in subsequent filings made by Moderna with the U.S. Securities and Exchange Commission, which are available on the SEC's website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna's current expectations and speak only as of the date of this press release.

###

Please see Prescribing Information for KEYTRUDA (pembrolizumab) at https://www.merck.com/product/usa/pi_circulars/k/keytruda/keytruda_pi.pdf and Medication Guide for KEYTRUDA at https://www.merck.com/product/usa/pi_circulars/k/keytruda/keytruda_mg.pdf.

Merck Media Contacts:

Carly Myar
[email protected]

Julie Cunningham
[email protected]

Merck Investor Contacts:

Peter Dannenbaum
(732) 594-1579
Steven Graziano
(732) 594-1583

Moderna Media Contacts:

Chris Ridley
Vice President, Global Head of Communications
+1 617-800-3651
[email protected]

Moderna Investor Contacts:

Lavina Talukdar
Senior Vice President & Head of Investor Relations
+1 617-209-5834
[email protected]

1 Sullivan, R., et al. Intismeran autogene to induce de novo neoantigen-specific T cells as adjuvant therapy in melanoma. Poster presented at: ASCO 2026; May 31, 2026; Chicago, IL

SOURCE: Moderna, Inc.
2026-06-12 23:05 3mo ago
2026-06-01 12:39 3mo ago
Moderna Reports Strong 5-Year Cancer Vaccine Data, Expands CEPI Partnership; Stock Falls
MRNA Moderna
FMP Stock News
Original source text
Moderna, Inc. (NASDAQ:MRNA) stock is trading lower on Monday.

• Moderna stock is under selling pressure. What’s driving MRNA stock lower?

Combination Continues To Show Durable Melanoma BenefitsAfter a median follow-up of 60.3 months, the combination continued to show durable benefits, reducing the risk of recurrence or death by 49% compared with KEYTRUDA alone, meeting the study’s primary endpoint of recurrence-free survival (RFS).

The combination also improved the key secondary endpoint of distant metastasis-free survival (DMFS), lowering the risk of distant metastasis or death by 59% versus KEYTRUDA alone.

Results Reinforce Earlier ASCO FindingsThe findings build on the primary analysis and supportive analysis at an approximately three-year follow-up (34.9 months), presented at the 2024 ASCO Annual Meeting, in which intismeran autogene in combination with KEYTRUDA resulted in a 49% RFS risk reduction and 62% DMFS risk reduction compared to KEYTRUDA alone.

The company on Monday said it is expanding its collaboration with the Coalition for Epidemic Preparedness Innovations (CEPI) to develop a vaccine against the Bundibugyo ebolavirus (BDBV).

Moderna Expands CEPI Partnership For Bundibugyo Ebola VaccineModerna’s collaboration with CEPI aims to accelerate the development of a potential vaccine using its mRNA technology, which gained prominence during the COVID-19 pandemic.

The urgency of this initiative is underscored by the current outbreak, which has led to over 900 suspected cases and more than 220 deaths, marking it as the third-largest filovirus outbreak in history.

CEPI Commits Up To $50 MillionUnder the agreement, CEPI has committed up to $50 million to support preclinical development and Phase 1 clinical testing of Moderna’s investigational BDBV vaccine candidate.

The vaccine candidate is being developed using Moderna’s mRNA platform, the same technology that demonstrated rapid development, scalability, and global deployment capabilities during the COVID-19 pandemic.

MRNA Stock Price Activity: Moderna shares were down 2.78% at $45.88 at the time of publication on Monday, according to Benzinga Pro data.

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2026-06-12 23:05 3mo ago
2026-06-02 01:04 3mo ago
Moderna, Inc. (MRNA) Discusses Intismeran mRNA Immunotherapy and Phase II KEYNOTE-942 Oncology Data Transcript
MRNA Moderna
FMP Stock News
Original source text
Moderna, Inc. (MRNA) Discusses Intismeran mRNA Immunotherapy and Phase II KEYNOTE-942 Oncology Data Transcript
2026-06-12 23:05 3mo ago
2026-06-02 07:00 3mo ago
Moderna to Present at Upcoming Conference in June 2026
MRNA Moderna
FMP Stock News
Original source text
CAMBRIDGE, MA / ACCESS Newswire / June 2, 2026 / Moderna, Inc. (Nasdaq:MRNA), today announced its participation in the following upcoming investor conference:

Goldman Sachs 47th Annual Global Healthcare Conference 2026, on Tuesday, June 9th at 3:20 p.m. ET

A live webcast of the presentation will be available under "Events and Presentations" in the Investors section of the Moderna website at investors.modernatx.com.

A replay of each webcast will be archived on Moderna's website for at least 30 days following the presentation.

About Moderna

Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of its technology platform, Moderna is reimagining how medicines are made to transform how we treat and prevent diseases. Since its founding, Moderna's mRNA platform has enabled the development of vaccines and therapeutics across infectious diseases, cancer, rare diseases and more.

With a global team and a unique culture, driven by the company's values and mindsets, Moderna's mission is to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X, Facebook, Instagram, YouTube and LinkedIn.

Investors:
Lavina Talukdar
Senior Vice President & Head of Investor Relations
617-209-5834
[email protected]

SOURCE: Moderna, Inc.
2026-06-12 23:05 3mo ago
2026-06-02 12:01 3mo ago
MRNA Partners With CEPI to Develop Vaccine for Bundibugyo Ebolavirus
MRNA Moderna
FMP Stock News
Original source text
Key Takeaways Moderna will receive up to $50M from CEPI to develop a Bundibugyo ebolavirus vaccine.The funding supports early development and manufacturing to speed potential phase II/III studies.No approved Bundibugyo ebolavirus vaccines exist, and the outbreak remains a public health emergency. Moderna (MRNA - Free Report) announced a new collaboration with the Coalition for Epidemic Preparedness Innovations (“CEPI”) to accelerate the development of a potential vaccine targeting Bundibugyo ebolavirus (“BDBV”). This virus strain is responsible for the ongoing Ebola outbreak in the Democratic Republic of the Congo and neighboring Uganda.

Per the partnership terms, CEPI will provide up to $50 million to support preclinical and early-stage development of Moderna’s experimental BDBV vaccine. This funding will also support manufacturing activities in parallel, which would allow the program to “rapidly” advance to phase II/III studies, if the early-stage data are supportive.

The collaboration addresses a significant unmet need, as there are currently no approved vaccines for Bundibugyo ebolavirus and no BDBV vaccine candidates in clinical development. The current epidemic has already caused more than 900 suspected cases and over 220 suspected deaths. Both the World Health Organization and Africa CDC have declared the outbreak a public health emergency.

CEPI is also supporting two additional BDBV vaccine programs. It has committed up to $3.2 million to a candidate being developed by the International AIDS Vaccine Initiative and up to $8.6 million to a vaccine candidate from the University of Oxford, which will be manufactured by Serum Institute of India.

MRNA’s Stock PerformanceYear to date, shares of Moderna have surged 56% compared with the industry’s nil growth.

Image Source: Zacks Investment Research

More on MRNA-CEPI CollaborationThe new BDBV vaccine program collaboration expands the existing strategic partnership between Moderna and CEPI that was formed in 2023. This partnership was formed to leverage the company’s mRNA platform to accelerate the development of vaccines against emerging epidemic and pandemic threats. The collaboration was designed to support CEPI's "100 Days Mission," which aims to develop safe, effective and accessible vaccines within 100 days of identifying a new pandemic threat.

The partnership expanded further in the last year when CEPI committed up to $54.3 million to support a pivotal phase III study of Moderna's investigational mRNA-based H5 pandemic influenza vaccine candidate. The funding is intended to help advance the vaccine toward licensure and strengthen global preparedness against future influenza pandemics. As part of the agreement, Moderna also committed to reserving 20% of its H5 vaccine manufacturing capacity for affordable supply to low and middle-income countries in the event of a pandemic.

MRNA’s Zacks RankModerna currently carries a Zacks Rank #3 (Hold).

Key Picks Among Biotech StocksSome better-ranked stocks from the sector are Immunocore (IMCR - Free Report) and Indivior Pharmaceuticals (INDV - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 30 days, estimates for Immunocore’s 2026 bottom line have improved from a loss per share of 88 cents to earnings of 6 cents. Over the same period, estimates for 2027 EPS have risen from 24 cents to 87 cents. IMCR’s shares have lost 16% year to date.

Immunocore’s earnings beat estimates in three of the trailing four quarters but missed the mark on one occasion, delivering an average surprise of 46.66%.

Over the past 30 days, estimates for Indivior Pharmaceuticals’ 2026 EPS have increased from $3.00 to $3.35. Over the same period, EPS estimates for 2027 have risen to $3.69 from $3.33. INDV’s shares are down 3% year to date.

Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 65.44%.
2026-06-12 23:05 3mo ago
2026-06-02 16:34 3mo ago
Moderna Launches Moderna Direct with “eCommerce Powered by FFF Enterprises™”
MRNA Moderna
FMP Stock News
Original source text
TEMECULA, Calif., June 02, 2026 (GLOBE NEWSWIRE) -- FFF Enterprises, Inc. — the nation’s most trusted specialty pharmaceutical distributor and diversified healthcare company — today announced that Moderna has selected FFF’s ecommerce platform to power Moderna Direct.

eCommerce Powered by FFF Enterprises™ delivers an enhanced ordering experience for Moderna customers. Built on BioSupply®, FFF Enterprises’ proprietary ecommerce platform, the Moderna Direct site provides streamlined access to Moderna’s product portfolio through a customized, Moderna-branded experience.

“We are truly honored to collaborate with Moderna to support Moderna Direct through a customized implementation of FFF’s BioSupply® ecommerce platform. This engagement has allowed us to build on our strong, scalable foundation to enhance the customer experience through an intuitive interface,” said Robert Keith, FFF’s senior vice president of customer experience and communication. “We’re proud of how rapidly we were able to support Moderna’s vision and remain committed to continually introducing enhancements and expanded self-service capabilities that elevate the experience for Moderna’s direct business customers.”

“FFF has been a strong collaborator throughout this process, with a clear commitment to delivering for customers,” said Matt Block, U.S. general manager at Moderna. “The launch of the enhanced Moderna Direct represents an important step forward in how we support our customers and creates momentum for future innovation.” 

As a leading specialty distributor in the U.S., FFF provides this service to meet the needs of manufacturing partners and enable direct-to-healthcare business models that bypass traditional channels.

“Thinking back on how the organization has grown over the last 38 years, we are humbled to be able to offer this capability as part of the suite of services we provide to our pharmaceutical manufacturing and healthcare provider customers,” said Patrick M. Schmidt, FFF’s chief executive officer. “As a specialty pharmaceutical distributor and diversified healthcare technology company, we have invested in best-in-class technologies and are honored to partner with outstanding healthcare companies serving patients across the country.”

For inquiries about FFF’s eCommerce services, contact Michelle Valenzuela, vice president, marketing & communications.

About FFF Enterprises, Inc. 
Founded in 1988, FFF Enterprises, Inc. is a privately held, multibillion-dollar specialty pharmaceutical distributor and diversified healthcare technology company. FFF Enterprises is the parent company to Nufactor, Inc., a specialty infusion company, InCircle Review, and RightNow Inventory™. Our partners include global pharmaceutical and biologics manufacturers, prestigious healthcare systems, large and independent retail pharmacies, and leading alternate care sites. Our nationwide commerce is supported by a network of distribution and infusion pharmacy locations utilizing world-class technology and cybersecurity solutions. For more information about FFF Enterprises, please visit its news site, LinkedIn, Instagram, Facebook, and YouTube.
2026-06-12 23:05 3mo ago
2026-06-03 02:45 3mo ago
Meet the Biotech Stock That's Trouncing Lilly, Merck, and Pfizer in 2026
MRNA Moderna
FMP Stock News
Original source text
Eli Lilly (LLY 2.05%), Merck (MRK 1.44%), and Pfizer (PFE +0.10%) are among the largest pharmaceutical companies in the world. The first focuses primarily on developing medicines for diabetes and weight management -- areas where it is a leader -- while the other two have a strong presence in oncology. Merck has been the best performer among this trio this year, but even it has been left in the dust by a smaller biotech that has been flying high since 2026 began: Moderna (MRNA +0.44%). Shares of this vaccine specialist are up 43% to date, and there are good reasons to think the company has plenty of upside left.

Image source: Getty Images.

Why Moderna's shares have soared Moderna became famous after it developed one of the leading coronavirus vaccines on the market. But the company's COVID-related work is no longer a major growth driver. Investors have instead been paying attention to the biotech's pipeline progress. And on that front, Moderna's recent efforts have been highly encouraging. For instance, the company is awaiting approval for a flu vaccine after submitting regulatory applications in the U.S., Europe, Australia, and Canada earlier this year.

Moderna hopes to carve out a niche in this space where there is a need for newer, better options. Despite there being plenty of flu vaccines, they typically aren't very effective (efficacy tends to fall between 40% and 60% during peak flu seasons, but it can be even lower). That leaves patients, particularly those who are most at risk, including seniors, vulnerable to severe cases of the disease, hospitalization, and sometimes death.

Moderna's mRNA-1010 performed better than traditional vaccines in older adults in studies, so the company could find tremendous success in this market, provided its candidate earns approval. Progress with this program is one of the reasons Moderna has performed well this year. Elsewhere, the company continues to make headway with what might be its most promising pipeline product: mRNA-4157, an investigational personalized therapeutic cancer vaccine. Moderna is developing this medicine in collaboration with Merck.

In a phase 2 study, mRNA-4157 significantly reduced the risk of recurrence or death in patients with advanced melanoma when combined with Merck's Keytruda, versus Keytruda alone. mRNA-4157 is undergoing several phase 2 and phase 3 studies. It is looking to tap into a large market, and analysts estimate that it could generate billions in sales. Moderna's work with mRNA-4157 is incredibly important to its medium-term outlook. Investors should pay close attention to developments in that department.

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Is the stock still a buy? Moderna is unquestionably an innovative vaccine company. Its mRNA platform has strong potential, partly because vaccines of this kind are faster to develop than traditional ones, which often rely on growing live viruses in bulk, weakening them, and then introducing them into patients' bodies to teach their immune systems how to respond. For mRNA vaccines, scientists need to know the target pathogen's genetic sequence and design an mRNA molecule accordingly, which, once injected into the patient, initiates a series of biological processes that lead to immunization.

This advantage is one of the reasons why mRNA vaccines dominated much of the coronavirus market. And here's the good news: Moderna has a pipeline full of them across many therapeutic areas. The company's phase 3 pipeline, including products such as mRNA-4157 and mRNA-1010, should yield new approvals soon and help it generate solid revenue and earnings. However, there are significant risks to consider. After its rally this year, Moderna has a market cap of $18 billion (as of writing).

That's quite a lot for a company that currently generates meager revenue ($389 million in the first quarter) and is unprofitable. While its mRNA platform is indeed promising, some of the success of its late-stage candidates seems already baked into the stock price. Clinical or regulatory setbacks will sink Moderna's shares. In other words, there could be plenty of volatility ahead. Investors comfortable with that may consider initiating a small position in the stock. Others will want to stay away and look for more established biotech stocks.
2026-06-12 23:05 3mo ago
2026-06-08 19:01 3mo ago
Moderna and the University of Oxford Receive UK Authorization to Begin Phase 1/2 Study of Investigational mRNA Cancer Vaccine for People with Lynch Syndrome
MRNA Moderna
FMP Stock News
Original source text
Lynch syndrome is an inherited condition affecting 1 in 300 people that causes lifetime cancer risk of up to 80%[1]

The INTERCEPT-Lynch trial is part of a scientific collaboration between the University of Oxford and Moderna to advance a novel mRNA approach to cancer prevention

OXFORD, UK AND CAMBRIDGE, MA / ACCESS Newswire / June 8, 2026 / The University of Oxford and Moderna, Inc. (NASDAQ:MRNA) today announced a Phase 1/2 study of mRNA-4194, Moderna's investigational mRNA-based cancer vaccine for Lynch Syndrome, has received Medicines and Healthcare products Regulatory Agency (MHRA) authorization in the UK.

Lynch syndrome is an inherited condition that increases cancer risk. It is caused by alterations in genes responsible for repairing DNA, leading cells to accumulate DNA errors which can lead to cancer[2]. It is the most common hereditary cancer predisposition condition, affecting 1 in 300 people[3], and increases the risk of several cancer types, including colorectal, endometrial, ovarian, stomach, and prostate cancers[4]. Today, care options for people with Lynch syndrome remain limited to regular surveillance, with low-dose aspirin and surgery used in select cases[5].

mRNA-4194 is designed to generate immune responses against selected targets associated with early cancer development in people with Lynch syndrome. mRNA-4194 represents Moderna's first investigational cancer prevention program.

"This MHRA authorization marks an important milestone as we explore approaches to shift cancer care from treating disease to preventing it. By applying mRNA technology earlier in the patient journey, we aim to harness the immune system when it can have the greatest impact," said David Berman, M.D., Ph.D., Chief Development Officer, Moderna. "We are proud to bring this innovation to the UK, building on our long-standing collaboration with leading UK institutions to advance mRNA research and development. We are deeply grateful to the participants, investigators and partners who make this research possible."

The Phase 1/2 study, funded by Moderna, sponsored by the University of Oxford, and run by the University's Oncology Clinical Trials Office and Oxford Cancer Center, will administer mRNA-4194 to participants with Lynch syndrome to assess safety, characterize immune response and determine the optimal dose for further testing. Moderna and the University of Oxford anticipate the first patient to be dosed this summer. The second phase will expand enrollment across multiple centers in the UK, including Oxford, and is expected to begin in 2027.

"People with Lynch syndrome live with a very high risk of developing cancer, often at a younger age than the general population. The INTERCEPT-Lynch trial represents a meaningful step in our efforts to prevent Lynch syndrome-associated cancers before they develop," said Professor David Church, Cancer Research UK Senior Cancer Research Fellow in the University of Oxford's Centre for Human Genetics in the Nuffield Department of Medicine and the lead investigator in the trial. "By using mRNA vaccine technology to train the immune system to recognize early cancer changes, or what we call ‘pre-cancer,' we hope to reduce cancer risk and ultimately improve the lives of people with this inherited condition."

This clinical trial is part of a 10-year strategic partnership between Moderna and the UK Government, established in 2022, to strengthen the UK's mRNA capabilities and pandemic preparedness. In addition to the construction of the Moderna Innovation and Technology Centre (MITC) in Harwell, Oxfordshire, which opened in September 2025, the collaboration includes significant investment in UK-based R&D, with more than 20 clinical trials delivered across 135 centers, involving more than 14,500 participants to date. The Moderna Strategic Partnership (MSP) is managed by the UK Health Security Agency (UKHSA) on behalf of the Department of Health and Social Care.

About precision prevention research at the University of Oxford

Precision prevention research focuses on groups of people at higher risk of developing cancer and matches them to biologically-targeted agents that aim to stop cancer from developing. The approach aims to delay or prevent cancer, improving outcomes while reducing the burden of complex treatments on individuals and healthcare systems. INTERCEPT-Lynch forms part of Oxford's expanding cancer precision prevention research programme.

About the University of Oxford

Oxford University has been placed number 1 in the Times Higher Education World University Rankings for the ninth year running, and number 3 in the QS World Rankings 2024. At the heart of this success are the twin-pillars of our ground-breaking research and innovation and our distinctive educational offer.

Oxford is world-famous for research and teaching excellence and home to some of the most talented people from across the globe. Our work helps the lives of millions, solving real-world problems through a huge network of partnerships and collaborations. The breadth and interdisciplinary nature of our research alongside our personalised approach to teaching sparks imaginative and inventive insights and solutions.

Through its research commercialisation arm, Oxford University Innovation, Oxford is the highest university patent filer in the UK and is ranked first in the UK for university spinouts, having created more than 300 new companies since 1988. Over a third of these companies have been created in the past five years. The university is a catalyst for prosperity in Oxfordshire and the United Kingdom, contributing £15.7 billion to the UK economy in 2018/19, and supports more than 28,000 full time jobs.

About Moderna

Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of its technology platform, Moderna is reimagining how medicines are made to transform how we treat and prevent diseases. Since its founding, Moderna's mRNA platform has enabled the development of vaccines and therapeutics across infectious diseases, cancer, rare diseases and more.

With a global team and a unique culture, driven by the company's values and mindsets, Moderna's mission is to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X, Facebook, Instagram, YouTube and LinkedIn.

Moderna Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: the potential of mRNA to target pre-cancerous cells before cancer develops; expectations regarding timing of the Phase 1 study, including commencement of the second phase in 2027; and Moderna's ongoing strategic partnership with the UK Government. In some cases, forward-looking statements can be identified by terminology such as "will," "may," "should," "could," "expects," "intends," "plans," "aims," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna's control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading "Risk Factors" in Moderna's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (SEC), and in subsequent filings made by Moderna with the SEC, which are available on the SEC's website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna's current expectations and speak only as of the date of this press release.

University of Oxford Contacts

For interviews with Professor David Church, lead of the INTERCEPT-Lynch study, please contact the University of Oxford News Office: [email protected].

Moderna Contacts

Media:

Chris Ridley
Vice President, Global Head of Communications
+1 617-800-3651
[email protected]

Investors:

Lavina Talukdar
Senior Vice President & Head of Investor Relations
+1 617-209-5834
[email protected]

[1] Sherman, S., Ojha, S. K., Menon, G., et al. (2025, January 19). Hereditary nonpolyposis colon cancer (Lynch syndrome). In StatPearls. StatPearls Publishing. https://www.ncbi.nlm.nih.gov/books/NBK564511/
[2] Mayo Clinic. (2025, December 2). Lynch syndrome: Symptoms and causes. https://www.mayoclinic.org/diseases-conditions/lynch-syndrome/symptoms-causes/syc-20374714
[3] Underkofler, K. A., & Ring, K. L. (2023). Updates in gynecologic care for individuals with Lynch syndrome. Frontiers in Oncology, 13, 1127683. https://doi.org/10.3389/fonc.2023.1127683
[4] American Cancer Society. (2024, May 13). Lynch syndrome. https://www.cancer.org/cancer/risk-prevention/genetics/family-cancer-syndromes/lynch-syndrome.html
[5] MD Anderson. (2024, April 24). Lynch syndrome: 10 things to know about this genetic condition. https://www.mdanderson.org/cancerwise/qa-understanding-and-managing-lynch-syndrome.h00-158589789.html

SOURCE: Moderna, Inc.
2026-06-12 23:05 3mo ago
2026-06-09 07:11 3mo ago
Does Moderna Need to Start Making Money?
MRNA Moderna
FMP Stock News
Original source text
Moderna (MRNA +0.44%) is best known for its COVID-19 vaccines, which were fast-tracked for approval in 2020 and subsequently generated tens of billions of dollars in revenue.

However, a lot has changed in the past few years. Although Moderna's COVID-19 vaccines remain its primary revenue stream, sales are just a fraction of what they were during the pandemic. Plus, the company is losing money hand over fist, posting a $2.8 billion net loss in 2025 and expecting billions in losses in 2026 as well.

Based on this, you might think Moderna would be a terrible investment. But I'm not sure that's the case, and there are three main reasons why.

Image source: Getty Images.

1. Moderna's revenue could soar within a few years Moderna has four commercial products today -- two COVID-19 vaccines, an RSV vaccine approved for vulnerable populations, and a combination COVID-19 and flu vaccine that was recently approved in Europe.

However, the real story is Moderna's pipeline. The company has over 30 vaccines and therapeutics in development, including its highly anticipated flu vaccine that is awaiting approval in the U.S. and Europe. It is developing several other vaccines, as well as treatments for rare diseases and several types of cancer.

Moderna has a stated goal of 10 commercial products within a few years. If it can get some of its most promising candidates to market, its revenue could easily be several times the current level.

2. Cost management is a priority Second, Moderna's management team has made expense reduction a priority. It has already trimmed several hundred million dollars in ongoing expenses and anticipates about $500 million in additional reductions next year.

It is doing this by streamlining its manufacturing processes and strategically focusing its R&D efforts on its pipeline candidates with the most potential. This alone could help reduce the losses significantly.

3. Moderna can handle the losses in the meantime Finally, Moderna has $7.5 billion in cash on its balance sheet, so it can withstand the losses for the time being. If it loses about $2 billion this year, which seems likely, and not only cuts costs by another $500 million in 2027 but also generates revenue from at least one new commercial product, it's easy to see how these losses could get much smaller.

In fact, Moderna's management has said the company will be cash flow positive by 2028 and will get there without burning through the rest of its cash.

To sum it up, Moderna is losing money right now, but that's ok. It's all part of the process. If the company can reach its target of 10 commercial products and keep moving in the right direction on financial discipline, it could have a very bright future ahead.
2026-06-12 23:05 3mo ago
2026-06-09 17:32 3mo ago
Moderna, Inc. (MRNA) Presents at Goldman Sachs 47th Annual Global Healthcare Conference 2026 Transcript
MRNA Moderna
FMP Stock News
Original source text
Moderna, Inc. (MRNA) Presents at Goldman Sachs 47th Annual Global Healthcare Conference 2026 Transcript
2026-06-12 23:05 3mo ago
2026-06-11 09:27 3mo ago
Intel Stock Pops on Rare Analyst Double Upgrade
INTC Intel
FMP Stock News
Original source text
Intel Corp (NASDAQ:INTC) is up 4.6% at $111.99 in premarket trading, after Bank of America handed out a double upgrade to the semiconductor giant to "buy" from "underperform" and lifted its price target to $135 from $96. The brokerage cited improving fundamentals and a more favorable outlook for the chipmaker's turnaround efforts.

The upgrade adds fuel to what has already been a massive run higher for Intel stock. Shares are up 190% in 2026 and 384.8% over the last 12 months. Though the equity had recently cooled off after touching a May 11 record high of $132.75, support from the $100 region and ascending 40-day moving average kept the pullback in check. 

Analyst sentiment remains surprisingly cautious despite the stock's outperformance. Of the 44 brokerages in coverage, 31 still carry a "hold" rating, while three say "sell" or worse and just 10 rate the stock a "buy" or better. This leaves ample room for additional upgrades should Intel's momentum continue.

Options traders have been leaning bullish of late. Specifically, Intel's 10-day call/put volume ratio of 3.01 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and Nasdaq OMX PHLX (PHLX) ranks higher than 85% of readings from the past year.