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Moderna’s Spikevax: a prickly pricing decision

Sunny Vijay Arora (S.P. Jain Institute of Management and Research, Mumbai, India)
Vidyut Lata Dhir (S.P. Jain Institute of Management and Research, Mumbai, India)
Malay Krishna (S.P. Jain Institute of Management and Research, Mumbai, India)

Publication date: 22 July 2022

Issue publication date: 25 January 2023


Research methodology

The case was compiled using secondary research, including the following sources, all of which are cited in the References List section of the case: Company annual reports, press releases and company websites and news media, podcasts, video recordings, websites of trade associations and other public domain sources.

Case overview/synopsis

This case highlights the decisions facing Moderna, Inc. (Moderna) related to pricing of its COVID-19 vaccine in the European Union (EU) in July of 2021. The CEO, Stéphane Bancel, must balance the need for improving shareholder returns with the call to act responsibly during a global pandemic. Should Moderna raise prices or hold prices constant? What other options might be available to the CEO?

Complexity academic level

At the authors’ institute, instructors use this case in a second-year marketing elective in pricing at the MBA level. Within the elective, the case enables a discussion on concepts of value realization through pricing and leadership decision strategies. The case may also be used in at the Executive MBA level, in a course of strategic leadership.



Disclaimer: This case is written solely for educational purposes and is not intended to represent successful or unsuccessful managerial decision making. The author/s may have disguised names; financial and other recognizable information to protect confidentiality.


Arora, S.V., Dhir, V.L. and Krishna, M. (2023), "Moderna’s Spikevax: a prickly pricing decision", , Vol. 19 No. 1, pp. 98-116.



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