Here's Why I Wouldn't Touch Moderna With a 10‑Foot Pole Until Its Next Growth Engine Is Clear

By Reuben Gregg Brewer – Feb 23, 2026 at 9:00AM ESTKey PointsModerna helped to rapidly create vaccines for COVID-19, leading to a financial windfall.But those vaccine sales have waned, and so has the company's top line.There are opportunities ahead for Moderna, but they're all conjecture until regulatory approval. We’re bullish on these 10 stocks ›NASDAQ: MRNAModernaMarket Cap$19BToday's Changeangle-down(3.53%) $1.76Current Price$51.63Price as of February 23, 2026 at 10:48 AM ETModerna made a fortune with COVID vaccines, but revenue has since declined.Moderna (MRNA +3.53%) became a household name during the coronavirus pandemic. There's a good reason for that: Its mRNA technology enabled the rapid development of a vaccine. The financial benefit of that success for Moderna was huge, but what comes next? Moderna hits a home run The onset of the COVID-19 pandemic was a global event and a material shock to the world's healthcare system. Moderna used its mRNA technology to help develop a vaccine in record time. The company's reward was a massive revenue spike, with its sales jumping from roughly $60 million in 2020 to over $19 billion in 2023. Image source: Getty Images. For a biotech developing novel medicines, this revenue advance was highly beneficial. It pushed Moderna's cash hoard up from $1.1 billion to over $10 billion. That's money that the company has been able to invest in the development of new products. There's just one problem. COVID-related revenue has been declining, with sales now down to $1.9 billion. And management is burning through its savings, which are now down to roughly $5.8 billion. To be fair, that's still a lot of money, but so far there's little to show for the billions that have been spent. So there's no reason to expect a material turnaround in the biotech's financial performance. There are sparks, but no fire Moderna hasn't been throwing money away. It has an influenza vaccine now being examined by the Food and Drug Administration. After originally refusing to look at the vaccine, which was a major setback for the company, the FDA has changed course and is now considering it with enough lead time that the vaccine could be approved before the next flu season. ExpandNASDAQ: MRNAModernaToday's Change(3.53%) $1.76Current Price$51.63Key Data PointsMarket Cap$19BDay's Range$48.73 - $54.0052wk Range$22.28 - $55.20Volume177KAvg Vol12MGross Margin44.29% Moderna is also working with pharmaceutical giant Merck on a melanoma therapy. Results of trials look exciting, but the therapy is still in the testing phase. The concept of what amounts to individualized cancer care is a huge opportunity, but it could be some time before it hits the market. What's next for Moderna? The reason to be cautious about Moderna is that, following its major success with COVID, it has yet to launch a major new product. Until it does, its spending will remain elevated, and its revenue isn't likely to grow materially. Conservative investors should probably wait until the company actually gets a new product over the finish line before buying the stock.Read NextFeb 21, 2026 •By Adria CiminoBillionaire Philippe Laffont Just Dumped CoreWeave and Opened a Position in a Stock That Soared Nearly 50% in January.Feb 18, 2026 •By Rich SmithWhy Moderna Stock Just PoppedFeb 12, 2026 •By Adria CiminoModerna: Stock to Avoid or Bad News Buy?Feb 9, 2026 •By Prosper Junior BakinyShould You Buy Moderna Before Feb. 13?Jan 28, 2026 •By Prosper Junior BakinyThis Stock Is Already Up 58% This Year. Is It a Buy?Jan 21, 2026 •By Joe TenebrusoWhy Moderna Stock Surged TodayAbout the AuthorReuben Gregg Brewer is a contributing Motley Fool stock market analyst covering energy, utilities, REITs, and consumer staples. He is the former director of research at Value Line Publishing, where he rose from mutual fund analyst to equity analyst before leading all research operations. Reuben holds a bachelor’s degree in psychology from SUNY Purchase, a master’s in social work from Columbia University, and an MBA from Regis University. He has been featured as a financial expert on CNBC and in the Financial Times, Barron’s, and InvestmentNews.TMFReubenGBrewerStocks MentionedModernaNASDAQ: MRNA$51.63 (+3.53%) $+1.76*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.