Moderna's revenue was $2.7 billion in the 12 months through December, but covid vaccinations have been declining. In the September quarter, Moderna's revenue was $551 million, down 13% from a year early. The company believes its messenger-RNA technique can be applied to other diseases besides covid-19, and that seems highly plausible to me. But this is a risky investment, given that Moderna has swung from a $20-a-share profit in fiscal 2022 to an estimated $10.72-a-share loss in fiscal 2023.