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Biopharma & Life Sciences

Moderna Executive Compensation (FY25)

MRNA · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Stéphane Bancel
Latest say-on-pay support
=
May 6, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 20, 2026Latest filing (8-K): May 11, 2026
9 filings cited on this page
A report that fails to generate is refunded in full
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304 figures on this page: 299 cited to the filing that reported them, 5 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Stéphane Bancel: $19,876,180 → $19,932,217 (0.3% higher)
CEO pay ratio: 93:1 → 89:1 (4.3% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Moderna's chief executive and what were they paid?
Total compensation for Stéphane Bancel, Chief Executive Officer, came to $19,932,217 in fiscal 2025. Bancel's total moved 0.3% higher from the $19,876,180 reported for fiscal 2024.
What was Moderna's say-on-pay result?
Shareholders supported the say-on-pay proposal with 65.1% of votes cast for or against in favor at the meeting held May 6, 2026 for fiscal 2025.
Which companies are in Moderna's peer group?
The disclosed peer group includes Alnylam Pharmaceuticals, BeOne Medicines, Biogen, BioMarin Pharmaceutical and Bristol-Myers Squibb, among others.
What is Moderna's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 89:1, against median employee compensation of $225,053.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stéphane Bancel
Chief Executive Officer
◇—◇◇◇—◇◇
Stephen Hoge
President
◇—◇◇◇—◇◇
Arpa Garay
Chief Commercial Officer
◇◇◇◇◇—◇◇
James Mock
Chief Financial Officer
◇◇◇◇◇—◇◇
Juan Andres
President, Strategic Partnerships and Enterprise Expansion
◇—◇◇◇—◇◇
David Meline
Former Chief Financial Officer
Departed during or after this year
◇◇◇◇——◇◇
Jorge Gomez
Former Chief Financial Officer
Departed during or after this year
◇—————◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stéphane Bancel
Chief Executive Officer
◇—◇◇◇—◇◇
Stephen Hoge
President
◇—◇◇◇—◇◇
James Mock
Chief Financial Officer
◇—◇◇◇—◇◇
Shannon Klinger
Chief Legal Officer and Corporate Secretary
◇—◇◇◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stéphane Bancel
Chief Executive Officer
◇—◇◇◇—◇◇
Shannon Klinger
Chief Legal Officer and Corporate Secretary
◇—◇◇◇—◇◇
James Mock
Chief Financial Officer
◇—◇◇◇—◇◇
Stephen Hoge
President
◇—◇◇◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stéphane Bancel
Chief Executive Officer
◇—◇◇◇—◇◇
Stephen Hoge
President
◇—◇◇◇—◇◇
James Mock
Chief Financial Officer
◇—◇◇◇—◇◇
Shannon Klinger
Chief Legal Officer and Corporate Secretary
◇—◇◇◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
James MockPSU◇—————◇
James MockRSU◇——◇——◇
James MockPSU◇◇◇—◇—◇
Shannon Thyme KlingerPSU◇—————◇
Shannon Thyme KlingerPSU◇◇◇—◇—◇
Shannon Thyme KlingerRSU◇——◇——◇
Stéphane BancelPSU◇—————◇
Stéphane BancelPSU◇◇◇—◇—◇
Stephen HogePSU◇—————◇
Stephen HogePSU◇◇◇—◇—◇
Stephen HogeRSU◇——◇——◇
Fiscal 2022 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
James MockRSU◇◇——
RSU◇◇——
Option◇—◇10/5/2032
Option◇—◇2/28/2033
RSU◇◇——
Option◇—◇2/27/2034
RSU◇◇——
Option◇—◇3/1/2035
Option◇—◇2/27/2034
RSU◇◇——
RSU◇◇——
RSU◇◇——
Shannon KlingerOption◇—◇3/1/2032
Option◇—◇3/1/2035
RSU◇◇——
RSU◇◇——
Option◇—◇2/27/2034
Option◇—◇2/27/2034
RSU◇◇——
Option◇—◇2/28/2033
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Stephen HogeOption◇—◇2/27/2034
Option◇—◇2/28/2033
RSU◇◇——
RSU◇◇——
Option◇—◇3/1/2032
Option◇—◇3/1/2035
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Stéphane BancelOption◇—◇3/1/2032
Option◇—◇3/1/2035
Option◇—◇2/28/2033
Option◇—◇2/27/2034
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
James Mock
Chief Financial Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Shannon Klinger
Chief Legal Officer and Corporate Secretary · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Stéphane Bancel
Chief Executive Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Stephen Hoge
President · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Noubar Afeyan, Ph.D
Board chair
◇—◇——◇◇
François Nader, M.D
◇◇◇———◇
Sandra Horning, M.D
◇◇————◇
Elizabeth Tallett
◇◇◇———◇
Elizabeth Nabel, M.D
◇◇————◇
Abbas Hussain
◇◇————◇
Paul Sagan
◇—◇———◇
David Rubenstein
◇◇◇———◇
Stéphane Bancel served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Equity is delivered as Rsus/Options.
Stock ownership guideline: 6x annual cash retainer ($480,000)

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Alnylam Pharmaceuticals ALNY
  • BeOne Medicines ONC
  • Biogen BIIB
  • BioMarin Pharmaceutical BMRN
  • Bristol-Myers Squibb BMY
  • Exelixis EXEL
  • Incyte Corporation INCY
  • Ionis Pharmaceuticals IONS
  • Jazz Pharmaceuticals JAZZ
  • Merck MRK
  • Neurocrine Biosciences NBIX
  • PTC Therapeutics PTCT
  • Regeneron Pharmaceuticals REGN
  • Sarepta Therapeutics SRPT
  • Ultragenyx Pharmaceutical RARE
  • United Therapeutics UTHR
  • Vertex Pharmaceuticals VRTX

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 6, 2026=◇◇◇
2023May 6, 2024=◇◇◇
2022May 3, 2023=◇◇◇
2021April 28, 2022=◇◇◇
2020April 28, 2021=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Stéphane Bancel (Chief Executive Officer), FY2025 total compensation $19,932,217 (base salary $1,677,739) [exec_comp, SEC accession 0001308179-26-000081, filed 2026-03-16]

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What this page does not include

Everything above is a fact Moderna disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Moderna sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Say-on-pay responsiveness
Moderna recorded a low support level. The responsiveness analysis covers what the company said it would do, what it did, and how that compares with the companies that recovered their vote.
Responsiveness analysis
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
304 figures on this page: 299 cited to the filing that reported them, 5 calculated from figures it prints.
299 cited to the filing
5 calculated from the filing

Documents cited

  1. 0001682852-26-000101
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001308179-26-000081
    2025 Summary Compensation Table · CEO Pay Ratio · Compensation Discussion and Analysis · Director Compensation · and 1 more section
  3. 0001308179-25-000082
    2024 Summary Compensation Table
  4. 0001682852-24-000031
  5. 0001308179-24-000208
    Summary Compensation Table
  6. 0001193125-23-137079
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0001308179-23-000184
    Executive Compensation Tables
  8. 0001682852-22-000016
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001193125-21-140463
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Moderna executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/MRNA (accessed 2026).
Short form: data: Velarion

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9 filings cited on this page
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Biopharma & Life Sciences rankings

Chief executive pay — Biopharma & Life SciencesCEO pay ratio — Biopharma & Life SciencesSay-on-pay support — Biopharma & Life Sciences

Peers Moderna discloses

The companies named in MRNA's own disclosed peer group.

Alnylam PharmaceuticalsBeOne MedicinesBiogenBioMarin PharmaceuticalBristol-Myers SquibbExelixisIncyte CorporationIonis PharmaceuticalsJazz PharmaceuticalsMerckNeurocrine BiosciencesPTC TherapeuticsRegeneron PharmaceuticalsSarepta TherapeuticsUltragenyx PharmaceuticalUnited TherapeuticsVertex Pharmaceuticals

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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