Moderna, Inc. · NASDAQ:MRNA

Moderna — Q1 2024 Earnings Presentation

34 slides from Moderna's earnings presentation, May 2, 2024

Slide 2: Forward-looking statements and disclaimer
Forward-looking statements and disclaimer 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 expected product sales in 2024 and trends informing Moderna's 2024 sales o
Slide 3: 1Q24 earnings call agenda
1Q24 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO R&D/Clinical Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2024 Moderna, Inc. All rights reserved.
Slide 4: Business Review
1Q 2024 Update| Business Review Our COVID-19 vaccine has impacted hundreds of millions of people, and our pipeline has the potential to impact many more Shared clinical progress Expanded INT studies at our Vaccines Day into new indications 4 © 2024 Moderna, Inc. All rights reserved.
Slide 5: Business highlights
1Q 2024 Update| Business Review Business highlights Japan IP licensing Brazil contract Announced financing Collaboration with agreement Agreement with the Ministry of Health in Brazil to supply for Flu program with OpenAI to advance Non-exclusive IP licensing with Japanese 12.5M COVID-19 Blackstone
Slide 6: 1Q24 financial highlights
1Q 2024 Update| Business Review 1Q24 financial highlights 1Q24 GAAP financial results Revenue: Net income (loss): Cash and investments: $0.2 billion $(1.2) billion $12.2 billion Executing with financial discipline Reduced operating expenses1 by $795M from 1Q23 to 1Q24 1 Cost of goods sold + SG&A + R
Slide 7: 1Q24 earnings call agenda
1Q24 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO R&D/Clinical Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2024 Moderna, Inc. All rights reserved.
Slide 8: Now expecting 1H 2024 product sales of ~$267M
1Q 2024 Update| Financial Review Now expecting 1H 2024 product sales of ~$267M Product Sales Q1 $167M Q1 sales in U.S. and Rest of World Expecting Q2 sales of ~$100M including Q2 ~$100M a portion of our Brazil contract H1 ~$267M 8 © 2024 Moderna, Inc. All rights reserved.
Slide 9: First quarter 2024 financial results
1Q 2024 Update| Financial Review First quarter 2024 financial results Change In $ millions, except per share amounts 1Q 2024 1Q 2023 (1Q'24 vs. 1Q'23) Net product sales $ 167 $ 1,828 $ (1,661) (91) % Other revenue1 — 34 (34) (100) % Total revenue 167 1,862 (1,695) (91) % Cost of sales 96 792 (696) (
Slide 10: Invested in foundational capabilities to drive efficiencies
1Q 2024 Update| Financial Review Invested in foundational capabilities to drive efficiencies Scaled the company and invested in people, processes and technology SG&A down 10% Reduced purchased year-over-year Laid digital foundation services and use of with SAP/ERP system external consultants and str
Slide 11: 2024 financial framework
1Q 2024 Update| Financial Review 2024 financial framework Expectations for full year 2024 remain consistent with prior expectations Net sales ~$4 billion (1H 2024: now expecting ~$0.3 billion reflecting seasonality of the respiratory business) Cost of sales ~35% of product sales R&D ~$4.5 billion SG
Slide 12: Moderna and Blackstone Life Sciences funding agreement
1Q 2024 Update| Financial Review Moderna and Blackstone Life Sciences development and commercialization funding agreement Announced March 27, 2024 Funding for flu program Key terms R&D framework • Improve competitiveness / • Up to $750M funding • Funding will offset R&D label of product • Return bas
Slide 13: 1Q24 earnings call agenda
1Q24 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO R&D/Clinical Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2024 Moderna, Inc. All rights reserved.
Slide 14: Respiratory vaccines
1Q 2024 Update| R&D/Clinical Programs Respiratory vaccines RSV Flu Next-gen COVID Combos mRNA-1345 mRNA-1010 mRNA-1283 mRNA-1083 • Presented positive • Data expected • Presented positive data • Presented Phase 3 P303 Phase 3 from Phase 3 from studies of data at ESCMID Global immunogenicity data comb
Slide 15: Latent + Other vaccines
1Q 2024 Update| R&D/Clinical Programs Latent + Other vaccines CMV EBV VZV HSV Norovirus mRNA-1647 mRNA-1189/95 mRNA-1468 mRNA-1608 mRNA-1403/5 • Phase 3 trial fully • Presented positive • mRNA- 1468 elicited • Phase 1/2 trial fully • Presented positive enrolled immunogenicity and comparable or highe
Slide 16: Oncology therapeutics
1Q 2024 Update| R&D/Clinical Programs Oncology therapeutics Individualized Neoantigen Therapy (INT) AACR presentations Two ongoing Phase 3 studies: • Presented Phase 1 translation data from mRNA-2752 (Triplet intratumoral program) • Adjuvant melanoma AACR 2024 mRNA-2752 presentation • Adjuvant non-s
Slide 17: 1Q24 earnings call agenda
1Q24 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO R&D/Clinical Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2024 Moderna, Inc. All rights reserved.
Slide 18: COVID-19 commercial strategy focused on needs of each region
Our COVID-19 commercial strategy is focused on the 1Q 2024 Update| Looking Ahead needs of each region United States European Union Rest of World Our focus is working with New tender published Prioritizing markets public health officials, health in January 2024 for up for greater care providers and t
Slide 19: 2023 COVID-19 vaccination rates lagged behind flu
1Q 2024 Update| Looking Ahead 2023 COVID-19 vaccination rates lagged behind flu vaccination rates U.S. vaccination rates in Fall 2023 2023 COVID-19 11% vaccination rate1 44% 2023 flu vaccination rate2 1. IQVIA and Moderna internal estimates 2. https://www.cdc.gov/flu/fluvaxview/dashboard/ vaccinatio
Slide 20: COVID-19 continues to show a high burden of disease
1Q 2024 Update| Looking Ahead COVID-19 continues to show a high burden of disease U.S. vaccination COVID-19 infection burden rates in Fall 2023 Total hospitalizations from October 2023 through April 20, 20243 2023 COVID-19 11% vaccination rate1 44% 2023 flu vaccination rate2 Long COVID is a serious
Slide 21: Opportunity to increase vaccination rate through educational efforts
1Q 2024 Update| Looking Ahead Opportunity to increase vaccination rate through educational efforts U.S. vaccination COVID-19 infection burden We are focused on rates in Fall 2023 Total hospitalizations from October 2023 education and awareness to through April 20, 20243 increase vaccination rates 20
Slide 22: Spikevax 2024-2025 formula strain selection
1Q 2024 Update| Looking Ahead Spikevax 2024-2025 formula strain selection World Health Organization Selected the JN.1 strain Moderna is prepared to supply the worldwide market, European Medicines Agency and has already Selected the JN.1 strain manufactured JN.1 drug substance to support a potential
Slide 23: 2023 COVID-19 vaccines were not on the U.S. market until 5 weeks after Flu
1Q 2024 Update| Looking Ahead 2023 COVID-19 vaccines were not on the U.S. market until 5 weeks after Flu 2023 U.S. Flu & COVID-19 vaccine administrations in retail pharmacies • 3M Flu shots provided prior to COVID-19 launch • Vaccinations in August are predominately in the retail pharmacy channel 23
Slide 24: Early strain selection could align flu and COVID-19 approvals
1Q 2024 Update| Looking Ahead Early strain selection has potential to align timing of flu and COVID-19 vaccine approvals in the U.S. 2023 U.S. Flu & COVID-19 vaccine administrations in retail pharmacies VRBPAC to select strain during May 16th meeting Working with FDA and regulators for approval to a
Slide 25: Anticipating approval and a strong RSV vaccine launch
Anticipating approval and a strong RSV vaccine launch 1Q 2024 Update| Looking Ahead into a large market in 2024 RSV peak global market size1,2 Strong product profile Filed for • Strong vaccine efficacy across approvals globally3 study populations, 83.7% efficacy in primary analysis • Anticipating ap
Slide 26: Time-and-motion study of PFS vaccine
1Q 2024 Update| Looking Ahead Time-and-motion study of PFS vaccine indicates potential to ease burden on pharmacies during Fall vaccination season Mean time of preparation Pre-filled 43.5 or 82 syringe seconds doses/hour (SD: 24.5) 3-4x more efficient Vaccines requiring 166.4 or 22 seconds doses/hou
Slide 27: Major upcoming pipeline milestones
1Q 2024 Update| Looking Ahead Major upcoming pipeline milestones Respiratory Latent + Other Oncology Rare Disease vaccines vaccines therapeutics therapeutics ● COVID: SpikeVax 2024-2025 ● CMV: Phase 3 data ● INT: Completion of ● PPA and MMA: formula approval and launch enrollment in Initiation of pi
Slide 29: Save the Date
ASCO Investor Event June 3, 6:00 – 7:15 PM CT In person in Chicago/webcast Save the Date R&D Day September 12, 8:00 AM – 1:00 PM ET Events in 2024 In person in New York/webcast © 2024 Moderna, Inc. All rights reserved.
Slide 34: Moderna's pipeline: rare disease + other therapeutics
Moderna’s pipeline: rare disease + other therapeutics *Vertex to pay milestone and royalties 34 © 2024 Moderna, Inc. All rights reserved.

Moderna — Q1 2024 Earnings Presentation on 6ix

Moderna — Q1 2024 Earnings Presentation

Slide 1: First Quarter 2024 Financial Results

Slide 2: Forward-looking statements and disclaimer

Slide 3: 1Q24 earnings call agenda

Slide 4: Business Review

Slide 5: Business highlights

Slide 6: 1Q24 financial highlights

Slide 7: 1Q24 earnings call agenda

Slide 8: Now expecting 1H 2024 product sales of ~$267M

Slide 9: First quarter 2024 financial results

Slide 10: Invested in foundational capabilities to drive efficiencies

Slide 11: 2024 financial framework

Slide 12: Moderna and Blackstone Life Sciences funding agreement

Slide 13: 1Q24 earnings call agenda

Slide 14: Respiratory vaccines

Slide 15: Latent + Other vaccines

Slide 16: Oncology therapeutics

Slide 17: 1Q24 earnings call agenda

Slide 18: COVID-19 commercial strategy focused on needs of each region

Slide 19: 2023 COVID-19 vaccination rates lagged behind flu

Slide 20: COVID-19 continues to show a high burden of disease

Slide 21: Opportunity to increase vaccination rate through educational efforts

Slide 22: Spikevax 2024-2025 formula strain selection

Slide 23: 2023 COVID-19 vaccines were not on the U.S. market until 5 weeks after Flu

Slide 24: Early strain selection could align flu and COVID-19 approvals

Slide 25: Anticipating approval and a strong RSV vaccine launch

Slide 26: Time-and-motion study of PFS vaccine

Slide 27: Major upcoming pipeline milestones

Slide 28: Looking Ahead

Slide 29: Save the Date

Slide 30: Appendix: Moderna's Pipeline

Slide 31: Moderna's pipeline: respiratory vaccines

Slide 32: Moderna's pipeline: latent + other vaccines

Slide 33: Moderna's pipeline: oncology

Slide 34: Moderna's pipeline: rare disease + other therapeutics