Moderna is aiming to rebuild its financial strength as the biotech company confirms that it has secured a five-year, $1.5 billion loan from Ares Management. Looking ahead, it is targeting a 10% growth in revenue for 2026.

The loan is broken down into three tranches, including a $600 million upfront term loan funded at closing, $400 million in delayed drawing term loan facility (DDTL) available in multiple draws at Moderna's discretion through November 2027, and an additional $500 million DDTL, available in multiple draws at Moderna's discretion through November 2028, contingent on the achievement of key regulatory milestones aligned with Moderna's late-stage clinical pipeline.¹

"While we remain well-positioned to achieve our 2028 cash breakeven target, this additional capital enhances our strong balance sheet and enables increased flexibility over the coming years," said Jamey Mock, Moderna’s CFO. "Ares is a highly reputable lender in the healthcare space, and we are proud to have their valuable financial backing in pursuit of our long-term financial targets."

Why did Moderna take out the $1.5 billion loan?

Moderna has been relying on revenue from its new mRNA-based vaccines, including mResvia for RSV and an experimental Covid/flu combination shot.² Sales of its RSV shot have not produced as successfully as expected, yet as Moderna president Stephen Hoge told Reuters, the loan would give the company flexibility to fund business development or manage risk. "As we see opportunities to invest, whether in the company or other programs, we want to be able to do that without any questions," he said.²

Hoge continued, saying that the projected 10% revenue growth for next year was riding on momentum from Moderna’s partnerships in the UK, Canada and Australia, along with increasing demand from the U.S. for its Covid vaccine mNexspike.²

"We do expect we will be the first and perhaps only [player] in those vaccine categories," he said.

Moderna’s three-year plan

Along with announcing its new five-year loan, Moderna revealed its new three-year business plan, "Over the next three years, we expect to build a large seasonal vaccine franchise for at-risk populations and invest the cash generated into oncology and rare disease therapeutics," commented Stéphane Bancel, the company’s CEO. "We plan to deliver up to 10% revenue growth in 2026 while continuing to reduce our research and development investments and diversify further into oncology. Our financial outlook remains strong, and we are focused on disciplined execution as we advance our pipeline and bring innovative mRNA medicines to patients around the world."

As part of the business plan, Moderna expects impacts from commercial growth drivers, such as geographic expansion and new product launches.³ In 2026, Moderna anticipates growth from its long-term partnerships in the UK, Canada and Australia, enhancing research and development investments, supporting national security and defense, and providing revenue visibility through onshore manufacturing.³ Along with its expected growth, the company is also projecting continued uptake of mNexspike in the U.S. and its launch in other countries.³

"We are pleased to provide flexible capital to Moderna at this pivotal moment in their growth trajectory," said Doug Dieter, DrPH, co-head of Ares Specialty Healthcare. "Moderna has already demonstrated the power of its mRNA platform with multiple commercial products and has an impressive and differentiated clinical pipeline. This investment reflects Moderna's disciplined approach to capital management and our support of their long-term financial strategy."

Sources

1. Moderna Secures $1.5 Billion Five-Year Credit Facility from Ares Management. Access Newswire. November 20, 2025. https://www.accessnewswire.com/newsroom/en/healthcare-and-pharmaceutical/moderna-secures-1.5-billion-five-year-credit-facility-from-ares-manag-1103861

2. Wingrove P. Moderna Takes $1.5 Billion Loan, Expects 10% Revenue Growth Next Year. Reuters. November 20, 2025. https://www.reuters.com/business/healthcare-pharmaceuticals/moderna-takes-15-billion-loan-expects-10-revenue-growth-next-year-2025-11-20/

3. Moderna Analyst Day Highlights Pipeline Progress and Business Strategy Updates. Moderna. November 20, 2025. https://feeds.issuerdirect.com/news-release.html?newsid=5758345706655596&symbol=MRNA