Did the Moderna CEO Get a Raise?
Yes. Stephane Bancel's total compensation rose 13% to $9.7M in 2025, from $8.6M in 2024, per Moderna's SEC DEF 14A filings.
This page answers a common executive-compensation question: Did the Moderna CEO Get a Raise?. The answer draws on SEC DEF 14A proxy statements, the public disclosure mechanism for U.S. public-company executive pay. Every public company must file an annual proxy statement disclosing CEO and named-executive-officer compensation in detail. Why this matters for shareholders: executive compensation is the single most-disclosed governance metric at U.S. public companies, and the Dodd-Frank-mandated say-on-pay vote gives shareholders an explicit channel to express approval or dissent. Reading pay data well — including pay-versus-performance, peer-group selection, and time-vesting structures — is a basic part of stock-by-stock fundamental analysis.
The detailed answer below uses the actual proxy-statement filings, explains how to read them, and translates the executive-compensation accounting into the shareholder-relevant interpretation.
Stephane Bancel Pay: 2024 → 2025
- 2025 total comp
- $9,660,000
- 2024 total comp
- $8,580,000
- Change ($)
- +$1,080,000
- Change (%)
- +13%
Source: Moderna SEC DEF 14A proxy statements, 2024 and 2025 Summary Compensation Tables.
In its latest proxy statement, Moderna reported Stephane Bancel's 2025 total compensation at $9,660,000 — up $1,080,000 (13%) from $8,580,000 in 2024. The biggest single driver was stock awards, which rose $540,000.
Across the disclosed history, Stephane Bancel's total pay has run: 2022, $8.0M; 2023, $8.0M; 2024, $8.6M; 2025, $9.7M. CEO compensation is lumpy year to year because equity grants — the largest component — are often awarded in multi-year blocks rather than evenly, so a single year's jump or drop can reflect grant timing as much as a change in pay philosophy.
Whether a raise is warranted ties back to performance: Moderna posted a 584.1% three-year total shareholder return on 389.7% revenue growth, and the package carries a CEOPay Pay-for-Performance grade of A (96/100).
Compensation Detail
| Component | Amount |
|---|---|
| Total Compensation | $9,660,000 |
| Base Salary | $966,000 |
| Stock Awards | $4,830,000 |
| Option Awards | $1,159,200 |
| Non-Equity Incentive | $1,449,000 |
| CEO-to-Worker Pay Ratio | 77:1 |
| Pay-Performance Grade | A |
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Frequently Asked Questions
Yes. Stephane Bancel's total compensation rose 13% to $9.7M in 2025, from $8.6M in 2024, per Moderna's SEC DEF 14A filings.
Stephane Bancel, CEO of Moderna, earned $9.7M in total compensation in 2025, including $4.8M in stock awards and $966,000 in base salary.
In 2025, total compensation of $9,660,000 was composed of $966,000 base salary, $0 cash bonus, $4,830,000 stock awards, $1,159,200 option awards, and $1,449,000 in non-equity incentive compensation.
Our Pay-for-Performance Score rates Moderna as A (96/100), based on three-year total shareholder return of 584.1%, revenue growth of 389.7%, and shareholder say-on-pay vote approval.
Stephane Bancel is the chief executive officer of Moderna (MRNA).
More about Moderna
Yes. Stephane Bancel's total compensation rose 13% to $9.7M in 2025, from $8.6M in 2024, per Moderna's SEC DEF 14A filings.
Source: SEC EDGAR DEF 14A proxy statements, 2026.