Nov 20 (Reuters) - Moderna ( MRNA ) said on Thursday it

secured a five-year loan of $1.5 billion from Ares Management ( ARES )

, as it targets up to 10% revenue growth next year.

The vaccine maker, which is expected to unveil strategy

updates to analysts later on Thursday, said it will draw $600

million upfront, and will have optional access to $400 million

through November 2027 and $500 million through November 2028.

Moderna ( MRNA ) President Stephen Hoge told Reuters the loan would

give the company flexibility to fund business development or

manage risk. "As we see opportunities to invest, whether in the

company or other programs, we want to be able to do that without

any questions," he said.

Moderna ( MRNA ) has been struggling financially since its pandemic

windfall, with revenue plunging from $18.4 billion in 2022 to a

fraction of that as COVID-19 vaccine demand collapsed, forcing

deep cost cuts and pipeline reprioritization.

After dropping its cytomegalovirus vaccine in October,

Moderna ( MRNA ) said it has also shelved programs for herpes simplex,

Varicella-Zoster and glycogen storage disease.

The company, which expects $1.6 billion to $2 billion in

sales for 2025, had been banking on revenue from newer vaccines

using mRNA technology, including mRESVIA for RSV and an

experimental COVID/flu combination shot.

Sales of its RSV shot have lagged competing vaccines from

Pfizer ( PFE ) and GSK, however.

Hoge said the projected 10% revenue growth for 2026 was

riding on momentum from UK, Canada and Australia partnerships

and U.S. demand for Moderna's ( MRNA ) next-generation COVID vaccine

mNEXSPIKE.

He added that 2027 should also get a lift as Pfizer's ( PFE ) EU

COVID vaccine deal expires, opening national tenders to a $1.8

billion market where Moderna ( MRNA ) currently has little share, and

again in 2028 from expected COVID-flu combo and norovirus

vaccine rollouts.

"We do expect we will be the first and perhaps only (player)

in those vaccine categories," he said.

Late-stage data on an individualized cancer vaccine,

developed with partner Merck & Co ( MRK ), could also be

available next year, Hoge said, leading to a possible 2027

launch.

The company on Thursday said it expects to trim $500 million

from expenses in both 2026 and 2027, as it works toward a goal

of breaking even in 2028.

After cutting some programs, Moderna ( MRNA ) said it will increase

research-and-development investments for its cancer and rare

disease pipeline.