Episode summary
Moderna CEO on the Biotech’s Cancer Vaccine and Pipeline
At Barron's
· · 22 min · Hosts: Andy Serwer · Guests: Stéphane Bancel
Summary
Moderna’s Stéphane Bancel defended the market’s negative reaction to leaked and then disclosed trial data on the company’s cancer vaccine candidate, saying the key takeaway was not the stock move but the clinical result. He argued the data showed the first additional agent to beat Keytruda in melanoma, with a 42% improvement, and said investors may have wanted a bigger effect size or more signals on broader uses.
Bancel said Moderna and Merck have already committed to expanding the program, including nine clinical studies and a further $3 billion in financing to pursue more tumor types. He framed the strategy as following Merck’s Keytruda playbook: prove the drug in melanoma, then test it across many cancers, and possibly move earlier in disease, including a stage 1 lung cancer study and a potential monotherapy use.
The discussion also covered Moderna’s broader mRNA platform, its infectious-disease franchise, autoimmune work, and rare-disease ambitions. Bancel argued the company is more than a COVID story, with five approved vaccines, a flu-COVID combo in Europe, and a long-term moat built on manufacturing know-how, software-like biology, and a large clinical-data engine.
Key takeaways
- Bancel said the cancer-vaccine data showed a 42% improvement in risk-free survival versus Keytruda-based treatment, and called it a meaningful win for patients and Moderna.
- Moderna and Merck have already committed to nine studies and, after raising another $3 billion, plan to test the drug across more tumor types.
- Bancel expects the cancer program could eventually be used earlier in disease, including stage 1 lung cancer, where side effects from checkpoint therapy may be less acceptable.
- He argued Moderna is an mRNA platform company, not a one-product COVID company, with five approved vaccines and multiple shots on goal in infectious disease, oncology, autoimmune disease, and rare disease.
- Bancel said Moderna’s moat comes from its platform, manufacturing scale, and proprietary algorithm for selecting antigens, which he said is not public or patented.
Notable quotes
“The context is as follow is that Ketudra is a standard of care. Uh they mer run a study presented back in 2018 showing a 43% improvement versus placebo”
“This is the first time that an additional agent adding to ketra is better than kidra. It's not bit better by a little bit is better by 42%”
“We have also showed at ASCO a big oncology conference back in the spring of this year that now we have proven the mechanism of action of inismaran”
“We raise three more billion dollar to be able to invest and to basically play the Merc Kudra playbook”
How the episode opens
Hello everyone and welcome to At Barons. I'm Andy Sir and welcome to our guest Stefan Bonsel, CEO of Madna. Stefan, great to see you. Thanks so much for joining us. — Thank you so much for having me. So, I want to go right to the news and ask you what you make of the market's reaction to the trial results of the cancer vaccine candidate that were leaked and then you disclose them and the stock tanks, Stefan. So, what what's what was your reaction to that?
Well, we're a bit surprised. Uh, but the key what we focus on always is the data. I think what was nice Saturday night in Madrid, we were there when the lead clinician of a study presented the result and put them into context.
The context is as follow is that Ketudra is a standard of care. Uh they mer run a study presented back in 2018 showing a 43% improvement versus placebo I water. has changed the life of many many families and since then uh three different combination have been tried in the clinic and have failed.
This is the first time that an additional agent adding to ketra is better than kidra. It's not bit better by a little bit is better by 42%. It's almost the same improvement than kitra had against water.
So we're very happy for what it's going to mean for patient and for the company.
Right. Kruda's Merkstroke and was in conjunction with that. But but so why the strong reaction though? — Oh, you need to ask investors and hedge funds, not me. Do you think it was buy on the rumor, sell on the news? Do you think that the results they wanted not 43%, they wanted 88%, do you think they were looking for more signals about other efficacies, other uses of the drug?
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- biotech pipeline
- cancer vaccine
- stock market selloff
- drug development
Companies and tickers mentioned
- MRNA
- Moderna
Watch the episode
Watch “Moderna CEO on the Biotech’s Cancer Vaccine and Pipeline” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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