Exclusive: Rapidly unraveling, Moderna's future leans on cancer

Once on track to become one of the world's biggest drugmakers, Moderna faces a crisis unlike any other in its 15-year-history

October 31, 2025 Check out STAT+

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Mike Reddy for STAT STAT+ | How Moderna, the company that helped save the world, unraveled An in-depth analysis of Moderna's dramatic rise and fall, from mRNA triumph to existential crisis, and what its uncertain future means for biotech. By Jason Mast STAT+ | Biotech might be tiny but the dealmaking is mighty Also this week: A look at Kura and Syndax as they vie for market share among AML patients, and why Intellia faces an existential crisis. By Adam Feuerstein STAT+ | FDA moves to ease path for biosimilars as Trump seeks to cut drug costs The FDA wants to make it quicker to approve biosimilars, part of President Trump's efforts to lower U.S. drug prices. By Daniel Payne STAT; Handout: Courtesy Eli Lilly Eli Lilly's weight loss and diabetes drug tops Keytruda as world's best-selling medicine The therapy, marketed as Zepbound and Mounjaro, took the crown from Merck's blockbuster cancer drug at a striking pace. By Elaine Chen

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