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© 2025 Moderna, Inc. All rights reserved. Third Quarter 2025 Financial Results November 6, 2025
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© 2025 Moderna, Inc. All rights reserved. Forward-looking statements and disclaimer 2 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: Moderna's ability to drive use of Spikevax, mNEXSPIKE and mRESVIA; Moderna's strategic global partnerships; Moderna's ability to advance its pipeline to drive sales growth; Moderna's 2025 financial framework; Moderna's ability to deliver cost efficiencies across the business, improve cash costs and achieve cash breakeven in 2028; Moderna's 2026 and 2027 cost framework; Moderna's anticipated cost reduction drivers; Moderna's ability to execute on its prioritized pipeline, including potential near-term filings and approvals; Moderna's engagement with regulators, including with respect to mRNA-1083; the potential of Moderna's oncology portfolio; anticipated milestones for Moderna's pipeline programs; Moderna's anticipated key value drivers; expectations regarding the 2025-26 COVID vaccination market, including vaccination rate; and the total addressable market for Moderna's potential products. In some cases, forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “could,” “expects,” “intends,” “plans,” “aims,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this presentation are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna’s control and which could cause actual results to differ materially from those expressed or implied by these forward- looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties descri bed under the heading “Risk Factors” in Moderna’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (SEC), and in subsequent filings made by Moderna with the SEC, which are available on the SEC’s website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this presentation in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna’s current expectations and speak only as of the date of this presentation. Financial figures in this presentation as of, and for the quarterly periods ended, September 30, 2025, and September 30, 2024, are unaudited.
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© 2025 Moderna, Inc. All rights reserved. 3Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Looking Ahead Stéphane Bancel, CEO Commercial Overview & Pipeline Programs Stephen Hoge, M.D., President
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© 2025 Moderna, Inc. All rights reserved. 3Q 2025 Update| Business Review 3Q25 financial summary 4 Revenue $1.0B Net income (loss) $(0.2)B Cash and investments $6.6B Continuing to execute with financial discipline Reduced operating expenses by 34% ($656M) from 3Q24 compared to 3Q251 1. Costs including R&D, SG&A and cost of sales
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© 2025 Moderna, Inc. All rights reserved. 3Q 2025 Update| Business Review Business highlights 5 Approved by FDA and Health Canada; 25/26 seasonal strain formula available across the U.S. Approved in 40 countries 25/26 seasonal strain update approved in 40 countries Driving use of commercial products ● Flu (mRNA-1010): positive results from Phase 3 relative vaccine efficacy study ● Combination Flu + Covid (mRNA-1083): filing under review by EMA ● mRNA-4359: presented Phase 1b data at ESMO ● CMV (mRNA-1647): Congenital CMV indication did not meet primary efficacy endpoint Advancing pipeline to drive sales growth First made-in-Canada mRNA vaccines delivered Three products approved Progress on strategic global partnerships Facility licensed by the Medicines and Healthcare products Regulatory Agency (MHRA) Total cost improvement of $2.1B in last 4 quarters* Improved 2025 projected cash costs1: – ~$0.5B from 2Q25 projection – ~$0.9B from January 2025 projection Continuing to execute with financial discipline *Total COGS, SG&A, and R&D last 4 quarters vs. prior year 4 quarters. 1Cash costs = GAAP costs - (stock-based compensation & depreciation & amortization) Facility licensed by the Therapeutic Goods Administration (TGA)
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© 2025 Moderna, Inc. All rights reserved. 3Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Looking Ahead Stéphane Bancel, CEO Commercial Overview & Pipeline Programs Stephen Hoge, M.D., President
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© 2025 Moderna, Inc. All rights reserved. 7 3Q 2025 Update| Financial Review 3Q25 revenue of ~$1.0B, 1Q-3Q total of ~$1.3B 7 U.S. $0.1 – 0.4B $1.0 – 1.3B RoW $0.3 – 0.4B $0.6 – 0.7B Total $0.3 – 0.7B $1.6 – 2.0B 4Q and FY 2025 outlookRevenue through 3Q25 Expected 4Q revenue in billions Numbers may not add due to rounding Total expected FY 2025 revenue
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© 2025 Moderna, Inc. All rights reserved. 8 3Q 2025 Update| Financial Review Third quarter 2025 financial results In $ millions, except per share amounts 3Q 2025 3Q 2024 Change (3Q'25 vs. 3Q'24) Net product sales $ 973 $ 1,820 $ (847) (47)% Other revenue1 43 42 1 2 % Total revenue 1,016 1,862 (846) (45)% Cost of sales 207 514 (307) (60) % Research and development 801 1,137 (336) (30) % Selling, general and administrative 268 281 (13) (5) % Total operating expenses 1,276 1,932 (656) (34)% Loss from operations (260) (70) (190) 271 % Other income, net 73 91 (18) (20) % Provision for income taxes 13 8 5 63 % Net (loss) income $ (200) $ 13 $ (213) NM (Loss) Earnings per share – Diluted $ (0.51) $ 0.03 $ (0.54) NM Weighted average shares – Diluted2 390 399 (9) (2) % Weighted average shares – Basic2 390 385 5 1 % Effective tax rate (7)% 39 % 1Includes grant, collaboration, licensing and royalty, and other miscellaneous revenue. 2We generated a net loss in the current period presented, therefore the basic and diluted calculation was the same in 3Q 2025. In $ billions 9/30/2025 6/30/2025 Change (9/30 vs. 6/30) Cash, cash equivalents and investments $ 6.6 $ 7.5 $ (0.9) (12)%
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© 2025 Moderna, Inc. All rights reserved. 9 3Q 2025 Update| Financial Review 2025 GAAP operating expense ahead of plan by $1.1B GAAP costs Numbers may not add due to rounding in billions Will update improvements to 2026 and 2027 cost framework at Analyst Day 1Cash costs = GAAP costs - (stock-based compensation & depreciation & amortization) Continue to target cash breakeven in 2028
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© 2025 Moderna, Inc. All rights reserved. 10 3Q 2025 Update| Financial Review Updated 2025 GAAP financial framework Total revenue Cost of sales R&D Tax $1.6 – $2.0 billion $0.8 – $0.9 billion $3.3 – $3.4 billion Negligible Capital expenditures 2025 year-end balance of $6.5 – $7 billionCash and investments $0.3 billion SG&A $1.1 billion Current framework Change from previous framework Narrowed from previous range of $1.5 – $2.2 billion Lowered from $1.2 billion Lowered from $3.6 – $3.8 billion Unchanged Unchanged Unchanged Increased from ~$6 billion
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© 2025 Moderna, Inc. All rights reserved. 3Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Looking Ahead Stéphane Bancel, CEO Commercial Overview & Pipeline Programs Stephen Hoge, M.D., President
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© 2025 Moderna, Inc. All rights reserved. 3Q 2025 Update|Commercial Overview & Pipeline Programs 2025 U.S. vaccination rate tracking within expected range Total market U.S. cumulative retail COVID vaccinations Source: IQVIA 12 26M doses in total retail market, August – December 2024 Total market: Fall 2024 retail vs. nonretail market breakdown Source: IQVIA 2025 revised revenue rangeincorporates 20-40% decline in cumulative vaccinations from 26M total doses in retail market during August – December 2024
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© 2025 Moderna, Inc. All rights reserved. 3Q 2025 Update|Commercial Overview & Pipeline Programs 2025/2026 COVID retail market share in line with expectations; strong mNEXSPIKE uptake U.S. retail cumulative market share Moderna COVID product split (season average) 13 Source: IQVIA Source: IQVIA
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© 2025 Moderna, Inc. All rights reserved. 3Q 2025 Update|Commercial Overview & Pipeline Programs Prioritized pipeline 14 COVID Spikevax RSV (60+) mRESVIA Positive Phase 3 readoutsApproved Flu + COVID (50+) mRNA-1083 Seasonal Flu mRNA-1010 Norovirus mRNA-1403 Intismeran autogene mRNA-4157 MMA mRNA-3705 PA mRNA-3927 mRNA-4359 COVID mNEXSPIKE RSV (18-59 HR) mRESVIA COVID (Ped. HR) Spikevax Abbreviations: RSV: Respiratory Syncytial Virus; HR: High risk; Ped: Pediatric; CMV: Cytomegalovirus; AIM-T: adaptive immune modulation therapy; PA: Propionic acidemia; MMA: Methylmalonic acidemia Clinical programs with registrational intent
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© 2025 Moderna, Inc. All rights reserved. 3Q 2025 Update|Commercial Overview & Pipeline Programs Respiratory vaccines portfolio 15 ● The updated 2025 -26 formula is approved in 40 countries ● Filing under review with the European Medicines Agency (EMA) ● Expect to refile with Health Canada in 2025 ● Awaiting further guidance from FDA on refiling in the U.S. ● Phase 3 immunogenicity subanalyses presented at ESWI Flu + COVID mRNA-1083 COVID Spikevax RSV mRESVIA Respiratory virus vaccines ● Expect to complete submissions for approval in the U.S., Canada, Australia and Europe by January 2026 ● Phase 3 vaccine efficacy and safety data presented at IDWeek ● Phase 3 relative vaccine efficacy in high-risk subset of patients presented at ESWI Flu mRNA-1010 ● mRESVIA approved in 40 countries for all adults 60 years and older ● Also approved in 31 of those countries for high-risk adults aged 18-59 ● Data presented at IDWeek ● The updated 2025 -26 formula is approved in U.S. ● mNEXSPIKE approved in Canada ● Filed and targeting 2026 approvals in Australia, EU, Japan and Taiwan COVID mNEXSPIKE
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© 2025 Moderna, Inc. All rights reserved. 3Q 2025 Update|Commercial Overview & Pipeline Programs Latent + other vaccines and rare disease therapeutics portfolios 16 Latent + other vaccines ● Registrational study expected to start in 2026 ● Interim data from the Phase 1 / 2 study presented at ICIEM ● Discontinuing development in congenital CMV ● Continue to evaluate mRNA -1647 in ongoing Phase 2 trial in bone marrow transplant patients CMV mRNA-1647 ● Ongoing Phase 3 safety and efficacy study has not accrued sufficient cases ● Will enroll second Northern Hemisphere season (2025-2026) for additional case accruals ● Timing of Phase 3 data readout subject to case accruals Norovirus mRNA-1403 Rare disease therapeutics MMA mRNA-3705 PA mRNA-3927 ● In a registrational study; target enrollment reached ● Final results from dose escalation portion of Phase 1 / 2 study and cumulative data from ongoing participants in extension study presented at ICIEM
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© 2025 Moderna, Inc. All rights reserved. 3Q 2025 Update|Commercial Overview & Pipeline Programs ● Adjuvant melanoma: Phase 3 study fully enrolled ● NSCLC: Enrolling two adjuvant Phase 3 studies for those with and without prior neoadjuvant treatment ● Adjuvant high-risk muscle invasive bladder cancer: Enrolling two cohorts: randomized Phase 2 in adjuvant MIBC and single -arm cohort in perioperative MIBC ● Adjuvant renal cell carcinoma : Randomized Phase 2 study fully enrolled ● High-risk non-muscle invasive bladder cancer (HR NMIBC): Randomized Phase 2 study enrolling ● First-line metastatic melanoma: Randomized Phase 2 study enrolling ● First-line metastatic squamous NSCLC : Randomized Phase 2 study ● Phase 2 adjuvant melanoma neoantigen analysis data presented at the Society for Melanoma Research (SMR) 2025 Oncology therapeutics portfolio 17 In collaboration with Merck Precision immunotherapy Intismeran mRNA-4157 Early-stage oncology New study Cancer antigen therapy ● mRNA-4106: Phase 1 study dosing T-cell engager ● mRNA-2808: first patient dosed Cell therapy-enhancer ● mRNA-4203 + anzu-cel (IMA203) IND open mRNA-4359 ● First-line metastatic melanoma and first-line metastatic NSCLC: Phase 2 cohorts enrolling ● Phase 1b data presented at ESMO In collaboration with Immatics
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© 2025 Moderna, Inc. All rights reserved. 3Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Looking Ahead Stéphane Bancel, CEO Commercial Overview & Pipeline Programs Stephen Hoge, M.D., President
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© 2025 Moderna, Inc. All rights reserved. 3Q 2025 Update| Looking Ahead 19 Looking ahead: key value drivers mNEXSPIKE continuing to gain market share Full year impact from strategic global partnerships in 2026: Canada United Kingdom Australia Commercial Pipeline Potential approvals for flu + COVID combo (mRNA-1083) in Europe and Canada Refiling for flu + COVID combo (mRNA-1083) approval in U.S. pending further FDA guidance Filing for flu (mRNA-1010) approvals in U.S., Canada, Australia and EU Clinical milestones ● Intismeran – Five-year Phase 2 adjuvant melanoma data – Phase 3 adjuvant melanoma data; event-driven ● mRNA-4359 Phase 2 study underway; event-driven ● Norovirus Phase 3 data readout subject to case accruals ● PA registrational study data readout Financial discipline Ahead of plan on cash cost1 reduction: $0.9B improvement in 2025 projection year-to-date Increasing ending 2025 cash range to $6.5B - $7.0B (up by $0.5B - $1.0B from prior framework) 1Cash costs = GAAP costs - (stock-based compensation & depreciation & amortization)
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© 2025 Moderna, Inc. All rights reserved. 3Q 2025 Update| Looking Ahead 20
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© 2025 Moderna, Inc. All rights reserved. Q&A
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© 2025 Moderna, Inc. All rights reserved. Appendix Moderna’s Pipeline
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© 2025 Moderna, Inc. All rights reserved. Moderna’s pipeline: Respiratory vaccines 23 Please see Moderna website and approval labels for indication details
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© 2025 Moderna, Inc. All rights reserved. Moderna’s pipeline: Latent + other vaccines 24
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© 2025 Moderna, Inc. All rights reserved. Moderna’s pipeline: Oncology 25 Abbreviations: NSCLC, non-small cell lung cancer; RCC, renal cell carcinoma; HR MIUC, high-risk muscle-invasive urothelial carcinoma; HR NMIBC, high-risk non-muscle invasive bladder cancer
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© 2025 Moderna, Inc. All rights reserved. Moderna’s pipeline: Rare disease therapeutics 26