Moderna investor day: cost cuts reinvested into cancer drug launch, shares fall 5.2%

Moderna trimmed costs faster than expected to ~$3.8B in 2026 but will reinvest savings into late-stage trials and commercialization of intismeran, its personalized cancer vaccine with Merck. Cash costs expected $4B in 2027 and $4-4.5B through 2030. Shares fell 5.2%.