Stéphane Bancel, Moderna CEO

'The biggest in­flec­tion point ever': On R&D day, Mod­er­na CEO Stéphane Ban­cel dou­bles down on vac­cines and lays out a vi­sion for a '40, 50'-drug biotech

The stakes have al­ways been dif­fer­ent for Mod­er­na. They didn’t in­vest more in the Covid-19 vac­cine race than Pfiz­er, Sanofi or As­traZeneca, and they didn’t have more to lose than No­vavax — a $100 mil­lion biotech that be­came a $7 bil­lion com­pa­ny vir­tu­al­ly overnight. But they had con­sid­er­ably more to gain than any­one.

Born with grand am­bi­tions and the check­book to match, Mod­er­na spent its first decade of life at­tract­ing as many crit­ics of its vi­sion to re­make drug de­vel­op­ment as it did back­ers. But the pan­dem­ic pre­sent­ed a twin op­por­tu­ni­ty: to prove its tech­nol­o­gy on a glob­al stage and to give a still-young biotech bil­lions in an­nu­al rev­enue years be­fore an­tic­i­pat­ed.

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