MRNA
Moderna Inc.
Is MRNA Halal?
mRNA medicines and vaccines serve a generally permissible life-preserving purpose, but March 2026 liquidity and investment income exceed the examined financial limits.
What You Should Know
Moderna develops mRNA-based vaccines and medicines, and life-preserving treatment is generally permissible. Its March 31, 2026 filing shows debt at 5.14% of total assets and receivables plus cash at 17.23%, but cash plus reported investments is 64.90% and interest income is 18.51% of quarterly revenue. Ingredient, formulation, clinical-use and scholar-specific vaccine questions remain qualitative rather than being treated as a blanket stock-level prohibition.
⚠️ Concerns
- •Cash plus reported investments were 64.90% of total assets at March 31, 2026
- •Interest income was 18.51% of quarterly revenue
- •Debt was 5.14% of total assets
- •Vaccine and medicine ingredients, excipients, manufacturing, clinical-trial ethics, access, pricing, government contracts and product safety require scholar and qualitative review
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
590 / 11,488
7,456 / 11,488
1,979 / 11,488
72 / 389
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 64.90%, above the examined 33.333% limit, and disclosed interest income is 18.51% of quarterly revenue; debt/assets is 5.14% and receivables plus cash/assets is 17.23%.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 64.90%, above the examined 33.33% total-assets limit; debt and receivables plus cash pass, while disclosed interest income is also above the FTSE income benchmark. This is not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Identifiable liquidity/assets is 64.90%, above the examined 33% financial limit; this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
Moderna develops mRNA vaccines and medicines. Medical and preventive products that preserve life and health are generally permissible, while formulation, ingredient, indication, manufacturing and collaboration details can require scholar-specific review.
Limitation: The filing does not classify revenue by every formulation, excipient, animal-derived input, clinical use, licensing arrangement or other Sharia-screened category, so an exact prohibited-revenue percentage cannot be reproduced.
Purification
Disclosed interest income is 18.51% of quarterly revenue, but ZakatInvest does not prescribe a fixed purification percentage and the product-level business screen remains incomplete.
Inputs, assumptions and primary sources
- Amounts are USD millions from Moderna's March 31, 2026 Form 10-Q.
- Interest-bearing debt is the reported $590 million of long-term debt; operating and financing lease liabilities are not entered as conventional debt.
- Cash is $1,908 million. Current investments of $3,297 million and non-current investments of $2,251 million are treated as identifiable investment securities; the filing's debt-security tables show corporate and government debt holdings with a small equity-investment component.
- Net accounts receivable is $71 million and quarterly revenue is $389 million.
- Reported interest income is $72 million for the three months ended March 31, 2026.
- Moderna reports vaccine and other product revenue, collaboration, grant, manufacturing and licensing revenue but does not provide a reproducible prohibited-revenue numerator by formulation, excipient, animal-derived input, indication or contract.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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