Moderna is currently in advanced trials for a skin cancer vaccine. Speaking at an investor conference on Wednesday, company president Stephen Hoge said the vaccine could represent a "fairly significant" revenue opportunity that "could materialize quite quickly."

According to a study released in late 2023 involving patients with advanced skin cancer, treatment combining Moderna's vaccine and Merck's cancer drug Keytruda reduced the risk of death or cancer recurrence by half.

Investors are placing their hopes on Moderna's cancer vaccine to boost sales, offsetting declining revenues from COVID vaccine sales, Bloomberg notes.

Another Moderna product, an RSV vaccine, gained approval last year but has underperformed. Other vaccine manufacturers secured contracts with buyers, such as pharmacies, while Moderna was still awaiting U.S. approval for its own RSV vaccine.

Moderna shares rose 2.4% on Wednesday in New York. However, the company's stock has declined by 27% this year, partly due to concerns about the future of a $590 million contract with the U.S. for an avian influenza vaccine.

Hoge stated that the company is still "preparing to move forward" with the avian flu vaccine trial under the existing agreement.