Moderna’s stock tumbled over 5% this Friday, January 30, following the announcement that Jacqueline Miller, a key figure in the development of its blockbuster Spikevax COVID-19 vaccine, will be leaving the company on March 2. The news underscores a pivotal moment for the biotech firm as it navigates a shifting landscape and refocuses its efforts on oncology and cost reduction.
Moderna Shifts Focus to Cancer and Cost Control
The departure of a top vaccine executive comes as Moderna streamlines operations and bets big on cancer treatments.
- Jacqueline Miller, who oversaw the development of Spikevax and mRESVIA, is departing Moderna on March 2.
- The company is reducing operating expenses by $300 to $500 million by 2027 to achieve profitability.
- Moderna is heavily investing in mRNA cancer treatments, including the promising mRNA-4359 for skin cancer.
- Analysts predict potential commercialization of a skin cancer vaccine by 2028, priced at $200,000.
- Moderna anticipates revenue between 1.5 and 2.5 billion euros in 2025 from its existing vaccine portfolio.
Miller joined Moderna in 2020, right as the COVID-19 pandemic exploded, and quickly rose to oversee the evolution of Spikevax. Over six years, she guided the approval of seven new vaccines, spanning from infant to elderly populations. Beyond Spikevax, she also played a crucial role in the development of mRESVIA, a vaccine targeting respiratory syncytial virus.
Since reaching peak valuations in June 2021, Moderna’s market capitalization has steadily declined, hitting a low of $17 billion in 2025. Shares briefly fell to $22 in early December—a level not seen since before the arrival of its COVID-19 vaccine in January 2020. This context makes Miller’s departure particularly noteworthy.
mRNA technology remains central to Moderna’s strategy, with a growing emphasis on cancer therapies. The company is currently developing mRNA-4359, a skin cancer treatment developed in partnership with Merck. Moderna highlighted positive results from the experimental vaccine just ten days prior, on January 20.
UBS analyst Michael Yee told Reuters that further data from Moderna is expected by the end of 2026, with potential commercialization slated for 2028 at a price point of $200,000. The market for high-risk melanoma, or skin cancer, is substantial, with an estimated 112,000 diagnoses expected in the United States alone in 2026.
What is the projected price of Moderna’s potential skin cancer vaccine? The vaccine, developed with Merck, is anticipated to be priced at $200,000 upon commercialization in 2028.
Currently, Moderna generates revenue from its COVID-19, respiratory syncytial virus, and seasonal flu vaccines, projecting between 1.5 and 2.5 billion euros in sales for 2025. This stands in stark contrast to its competitor, Pfizer, which anticipates approximately $62 billion in revenue for 2025, bolstered by a diverse product portfolio including Eliquis, an anticoagulant generating $7.3 billion in revenue in 2024, and vaccines for pneumococcal infections and treatments for rare heart conditions.
To bolster profitability, Moderna initiated a 10% workforce reduction last summer, aiming to reduce operating expenses by $1.4 to $1.7 billion by 2027.
