Moderna (MRNA) is the best-performing stock in the S&P 500 this year, up around 650%, ahead of Sandisk at about 380%. The shares had struggled after sales fell sharply as demand for its COVID vaccine and pill dwindled. Attention now centers on intismeran, a cancer vaccine developed with Merck, which in a late-stage trial reduced the risk of death or recurrence in melanoma patients by 42% when paired with Keytruda. CEO Stéphane Bancel believes it will work everywhere Keytruda works, a drug that brought Merck $32 billion in revenue last year. The article cautions that intismeran is not yet approved, Moderna's revenue totaled just $1.9 billion in 2025, and its market value is under $90 billion versus Merck's around $370 billion, so investors should tread carefully.
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