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Moderna chairman Noubar Afeyan exuded star power earlier this month as he commanded the spotlight at BIO 2023, the industry’s largest convention.

Basking in the accolades heaped on Moderna’s celebrated Covid-19 vaccine, Afeyan regaled the Boston audience with the company’s origin story and greeted fans who lined up to snap selfies with him. Stuart Cable, a partner in the law firm Goodwin who’s represented Moderna and joined Afeyan on stage, called Moderna “arguably the most successful story in the history of biotechnology.”

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But the Cambridge, Mass.-based company can’t afford to rest on its laurels. Two and a half years after its vaccine liberated tens of millions from pandemic lockdowns — ringing up more than $36 billion in sales so far — Moderna faces a changing business and regulatory environment. Demand for Covid shots is waning, a backlash over drug prices is gaining traction, and questions about its next act loom.

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