(https://www.cnbc.com/2026/08/19/moderna-merck-cancer-vaccine-shows-initial-late-stage-melanoma-data.html) just proved the *platform* works in late-stage melanoma. That's real. But here's what the headlines aren't saying: clinical wins at this stage don't predict commercial margins. Moderna posted 52% net margins on annual revenue last quarter—impressive until you realize COVID windfall is the foundation.

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