What now feels like a distant chapter, Moderna stood out as a leader in the Covid period by delivering its mRNA-based Spikevax vaccine across Europe less than twelve months after the first lockdowns began.

The company based in the US had listed on the NASDAQ only a few years before in 2018 and set new highs as the largest biotech initial public offering then. That mark has since been surpassed by Sana Biotechnology in 2021, Kailera Therapeutics early in 2026 and most recently by Parabilis Medicines which secured 670 million dollars on 10 June 2026.

After a surge in share values tied to the Covid vaccine, Moderna has watched its market value decline steadily over the last five years. Yet the firm believes a turnaround is near and early 2026 figures already point to renewed optimism.

"COVID arrived and so we made a brief shift to meet our responsibility to support people... since then we returned to our core mission," explained Moderna CEO Stéphane Bancel.

"We launched the company and later listed publicly on the view that mRNA represents a potent platform and that gradually we can create treatments across many fields including cancer, infectious conditions, rare genetic disorders and beyond."

In this edition of The Big Question, Stéphane spoke with Mared Gwyn in the studio about Moderna future plans and Europe level of readiness.

Is another pandemic coming?

"We see an ongoing chance of a major pandemic that might arise from nature or be created by people," Stéphane told The Big Question.

"Should a large event occur we will move even quicker than in 2020 because manufacturing capacity now exists. There is a major site in America plus facilities in Canada, the UK and Australia so the world and Moderna are far better positioned."

Although Moderna is American, Stéphane holds European roots and worries for the region.

BioNTech the German firm that teamed with Pfizer on the widely used Comirnaty Covid vaccine said in May it would shut its production plants in Germany.

After 2026 ends Comirnaty will come only from US partner Pfizer.

"Looking at the situation now continental Europe lacks any mRNA production capacity," Stéphane cautioned.

"At Moderna we are engaging the European Union and various governments to explore partnerships similar to those in Canada the UK and Australia because we believe Europe needs mRNA capacity on its own soil."

"A serious incident could strike Europe and there would be no industrial base ready to respond."

Could a cancer vaccine revive Moderna share price?

Moderna and BioNTech are now directing their mRNA technology toward new areas such as cancer care.

They have unveiled a fresh therapy for Lynch syndrome a genetic issue that impairs DNA repair and raises the odds of several cancers.

Stéphane believes the vaccine can stop cancer onset in Lynch syndrome patients while also strengthening company performance.

"We are resuming our pre-pandemic path... four infectious disease vaccines have gained European approval with more in phase three expected to yield results this year and further candidates such as the Lynch syndrome treatment.

We are broadening the range returning to sales growth this year. We knew Covid sales would fall sharply after the pandemic yet the full portfolio and the power of the mRNA platform will drive renewed growth which is our focus now."

The Big Question is a Euronews Business series featuring conversations with business leaders and specialists on key current issues.

Watch the video above for the complete discussion with Moderna.