Street View: Brokerages bet on Moderna's cancer vaccine pipeline

Vaccine maker Moderna MRNA.O on Friday trimmed its 2025 revenue forecast after UK deliveries of some COVID vaccines were deferred to next year.

The revised forecast of between $1.5 billion and $2.2 billion reflects ongoing headwinds for the vaccine maker, which is grappling with slumping demand for COVID-19 shots, a slower-than-expected RSV rollout and regulatory delays in its new product pipeline.

OPTIMISTIC ON CO'S CANCER VACCINE PIPELINE

Morningstar ( fair value estimate: $85) says its most enthusiastic about the company's oncology pipeline

"We think investors are focused on policy issues and near-term uncertainty around the CMV readout, rather than what we see as the more valuable oncology pipeline led by intismeran"

TD Cowen ("hold" PT: $25) says eight potential regulatory filings and approvals, including for MRNA's experimental respiratory vaccines and cancer vaccine intismeran, could support Moderna's goal of a 2028 break even

"Collectively, these programs represent a $30 bln total addressable market"

Berenberg ("hold," PT: $30) says late-stage data for MRNA's Merck & Co-partnered individualized cancer vaccine, intismeran, is the most important pipeline catalyst

Piper Sandler ("overweight", PT: $69) says, "We forecast new vaccine approvals will grow product sales from $1.7 billion this year to $2.9 billion in 2026 and $4.3 billion in 2027"