Moderna CEO Stéphane Bancel, speaking at the World Economic Forum in Davos, Switzerland, in January 2026, stated that the company does not plan to invest in new late-stage (Phase 3) vaccine trials in the foreseeable future. He attributed this to challenges in achieving a return on investment, particularly due to reduced access to the U.S. market.
Bancel explained: "You cannot make a return on investment if you don't have access to the U.S. market," noting that the market has become much smaller because of the lack of government recommendations, regulatory delays, and limited official support.
He affirmed that growing opposition to immunizations from U.S. officials would affect Moderna's vaccine business "100 percent." The comments follow policy shifts under HHS leadership, including reduced recommendations for certain vaccines (such as COVID-19 shots for some groups) and cuts to childhood immunization schedules.
Bancel indicated the company would focus investments elsewhere, such as rare cancer vaccines or other areas like oncology and rare diseases, where returns are more viable without broad government-backed mandates or recommendations for infectious disease vaccines.
The transcript references RFK Jr.'s push to reduce mandated vaccines and demands for placebo-controlled safety trials, interpreting Bancel's remarks as confirming that without such mandates or market access, new vaccine development lacks financial incentive.