Slide 1: Third Quarter 2024 Financial Results
Third Quarter 2024 Financial Results November 7, 2024 © 2024 Moderna, Inc. All rights reserved.
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: 3Q24 earnings call agenda
3Q24 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2024 Moderna, Inc. All rights reserved.
Slide 4: 3Q24 financial highlights
3Q 2024 Update| Business Review 3Q24 financial highlights 3Q24 GAAP financial results Revenue: Net income: Cash and investments: $1.9 billion $13 million $9.2 billion Continuing to execute with financial discipline Reduced operating expenses by $0.5B from 3Q23 to 3Q241 1. Reported figure excludes re
Slide 5: Ready for an earlier COVID vaccine approval in 2024/2025 season
3Q 2024 Update| Business Review We were ready for an earlier COVID vaccine approval in the 2024/2025 season in the U.S. 2024 COVID vaccine approval Spikevax was available across the U.S. healthcare was 19 days earlier than in 2023 system through timely shipments to all channels Shipped 2x doses into
Slide 6: Earlier uptake in the retail segment; 40% Moderna retail share
3Q 2024 Update| Business Review Timing of approval drove earlier uptake in the retail segment; continuing to monitor weekly vaccinations 40% Moderna market share in retail channel season to date U.S. Retail, total market COVID shots-in-arms to date Cumulative doses, in millions Weekly doses, in mill
Slide 7: Retail segment represented 73% of total COVID market in fall 2023
3Q 2024 Update| Business Review Retail segment represented 73% of total COVID market in fall 2023 season in the U.S. Retail distributed IDN+ distributed Gov’t & Others volume1 volume1 distributed volume2 (Aug 2023 – Dec 2023) (Aug 2023 – Dec 2023) (Aug 2023 – Dec 2023) NOTE: Retail encompasses all r
Slide 8: Flu market volumes show significant vaccinations across all three channels
3Q 2024 Update| Business Review Flu market volumes show significant vaccinations across all three channels in the U.S. Retail distributed IDN+ distributed Gov’t & Others volume1 volume1 distributed volume2 (Aug 2023 – Dec 2023) (Aug 2023 – Dec 2023) (Aug 2023 – Dec 2023) Focused on driving COVID vac
Slide 9: Efforts to drive vaccination rates
3Q 2024 Update| Business Review Efforts to drive vaccination rates HCP education Consumer ad campaign CDC recommends additional doses for older adults and high-risk populations 9 © 2024 Moderna, Inc. All rights reserved.
Slide 10: RSV commercial update
3Q 2024 Update| Business Review RSV commercial update 2024/2025 season Opportunity ● 3Q24 mRESVIA® sales: $10M ● Ability to participate in the full U.S. contracting season for 2025/2026 ● Timing of approval/recommendation resulted in missing majority of ● Anticipate broader mRESVIA RSV label contrac
Slide 11: Moderna welcomes new Board member Abbas Hussain
3Q 2024 Update| Business Review Moderna welcomes new Board member Abbas Hussain ● More than 35 years of commercial leadership and operating experience in healthcare, most recently serving as CEO of Vifor Pharma (2021-2023) ● Former Global President, Pharmaceuticals & Vaccines, GSK (2013-2017) ● Spen
Slide 12: Executive Committee updates
3Q 2024 Update| Business Review Executive Committee updates Stephen Hoge Rose Loughlin Jacqueline Miller Tracey Franklin President EVP, Research Chief Medical Chief People and Officer Digital Technology Officer Leads strategy across Leads research Leads development Leads talent and R&D, Medical Affa
Slide 13: 3Q24 earnings call agenda
3Q24 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2024 Moderna, Inc. All rights reserved.
Slide 14: 3Q24 product sales of $1.8B, 1Q-3Q total of $2.2B
3Q 2024 Update| Financial Review 3Q24 product sales of $1.8B, 1Q-3Q total of $2.2B YTD total revenues of $2.3B1 Product sales through 3Q24 4Q and FY 2024 outlook in billions Expected 4Q product sales U.S. $0.2 - 0.5B RoW $0.6 - 0.8B Total $0.8 - 1.3B Reiterating expected 2024 product sales $3.0-3.5B
Slide 15: Third quarter 2024 financial results
3Q 2024 Update| Financial Review Third quarter 2024 financial results Change In $ millions, except per share amounts 3Q 2024 3Q 2023 (3Q'24 vs. 3Q'23) Net product sales $ 1,820 $ 1,757 $ 63 4 % Other revenue1 42 74 (32) (43) % Total revenue 1,862 1,831 31 2 % Cost of sales 514 2,241 (1,727) (77) % R
Slide 16: Continued efficiency gains in 3Q24, reducing SG&A by 36%
3Q 2024 Update| Financial Review Continued efficiency gains in 3Q24, reducing SG&A by 36% Scaled the company and invested in people, processes and technology SG&A down 36% Reduced purchased year-over-year Laid digital foundation services and use of with SAP/ERP system external consultants and strong
Slide 17: Updated 2024 financial framework
3Q 2024 Update| Financial Review Updated 2024 financial framework Current framework Change from previous framework Net sales $3.0 – $3.5 billion in 2024 product sales Unchanged Cost of sales 40% – 45% of product sales Narrowed from previous range of 40% - 50% R&D $4.6 – $4.7 billion Lowered from $4.
Slide 18: 3Q24 earnings call agenda
3Q24 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2024 Moderna, Inc. All rights reserved.
Slide 19: Respiratory vaccines
3Q 2024 Update| Pipeline Programs Respiratory vaccines Next-gen COVID RSV Flu/COVID combo Flu mRNA-1283 mRNA-1345 mRNA-1083 mRNA-1010 (18-59 years HR) (50+ years) (50+ years) ● Shared positive Phase 3 ● Shared positive Phase 3 ● Shared positive Phase 3 ● Initiated Phase 3 vaccine efficacy and data f
Slide 20: Flu vaccine (mRNA-1010) Phase 3 efficacy study (P304)
3Q 2024 Update| Pipeline Programs Flu vaccine (mRNA-1010) Phase 3 efficacy study (P304) Season 2 study only to commence if Design success criteria not met in season 1 Randomized, observer-blind, active control study of optimized mRNA-1010 Season 1 Season 2 Total N= ~40,000 Total N= ~16,000 Participa
Slide 21: Non-respiratory portfolio
3Q 2024 Update| Pipeline Programs Non-respiratory portfolio Latent + other Oncology Rare disease virus vaccines therapeutics therapeutics CMV INT: Non-small cell lung PA mRNA-1647 cancer (NSCLC) mRNA-3927 ● Expect to have accrued the 81 mRNA-4157 Intend to begin to generate pivotal cases necessary t
Slide 22: Norovirus (mRNA-1403) Phase 3 study design
3Q 2024 Update| Pipeline Programs Norovirus (mRNA-1403) Phase 3 study design Phase 3 was designed to test the efficacy, safety and immunogenicity of a trivalent norovirus vaccine Design Randomized, observer-blind, placebo-controlled study Phase 3 Study Design Number of participants ~25,000 adults ≥
Slide 23: Phase 3 trial evaluating adjuvant mRNA-4157 (V940) with pembrolizumab in NSCLC
3Q 2024 Update| Pipeline Programs Phase 3 trial evaluating adjuvant mRNA-4157 (V940) in combination with pembrolizumab after neoadjuvant pembrolizumab and chemotherapy in patients with certain types of NSCLC Randomized double-blind placebo-controlled study of adjuvant pembrolizumab with or without i
Slide 24: 3Q24 earnings call agenda
3Q24 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2024 Moderna, Inc. All rights reserved.
Slide 25: Our execution priorities
3Q 2024 Update| Looking Ahead Our execution priorities 1 Drive use of Spikevax and mRESVIA vaccines 2 Focus on 10 product approvals over the next 3 years to drive sales growth 3 Deliver cost efficiency across the business and slow the pace of R&D investment, reducing annual R&D expense by $1.1B star
Slide 26: Drive use of Spikevax and mRESVIA vaccines
3Q 2024 Update| Looking Ahead Our execution priorities 1 Drive use of Spikevax and mRESVIA vaccines ● Continue to work with all U.S. market channels to maximize availability of Spikevax ● Marketing campaigns and medical education to drive vaccination rates ● Bringing manufacturing facilities online
Slide 27: Focus on product approvals over the next 3 years
3Q 2024 Update| Looking Ahead Our execution priorities Focus on 10 product approvals over the next 3 years to 2 drive sales growth ● CMV: Expect to trigger Phase 3 interim analysis by the end of 2024 ● PA and MMA: Initiation of pivotal studies ● Norovirus: Commenced Phase 3 vaccine efficacy study ●
Slide 28: Deliver cost efficiency and slow the pace of R&D investment
3Q 2024 Update| Looking Ahead Our execution priorities Deliver cost efficiency across the business and slow the pace 3 of R&D investment, reducing annual R&D expense by $1.1B starting in 20271 ● Continued focus on improving efficiency with SG&A and R&D expenses flat to down in 2025 ● Reduction of R&
Slide 29: Looking Ahead
3Q 2024 Update| Looking Ahead 29 © 2024 Moderna, Inc. All rights reserved.
Slide 30: Q&A
Q&A © 2024 Moderna, Inc. All rights reserved.
Slide 31: Appendix: Moderna's Pipeline
Appendix Moderna’s Pipeline © 2024 Moderna, Inc. All rights reserved.
Slide 32: Moderna's pipeline: respiratory vaccines
3Q 2024 Update| Appendix Moderna’s pipeline: respiratory vaccines Preclinical Phase 1 Phase 2 Phase 3 Commercial COVID-19 vaccine Spikevax® COVID-19 vaccine Next gen mRNA-1283 mRNA-1010 mRNA-1020 Flu vaccines mRNA-1030 mRNA-1011 mRNA-1012 Adults RSV vaccine older adults mRESVIA® RSV vaccine 18-59 hi
Slide 33: Moderna's pipeline: latent + other vaccines
3Q 2024 Update| Appendix Moderna’s pipeline: latent + other vaccines Preclinical Phase 1 Phase 2 Phase 3 Commercial CMV vaccine mRNA-1647 EBV vaccine mRNA-1189 to prevent infectious mononucleosis EBV vaccine mRNA-1195 to prevent or treat long term EBV sequelae Latent HSV vaccine mRNA-1608 vaccines V
Slide 34: Moderna's pipeline: oncology
3Q 2024 Update| Appendix Moderna’s pipeline: oncology Preclinical Phase 1 Phase 2 Phase 3 Commercial Adjuvant melanoma mRNA-4157 Adjuvant NSCLC mRNA-4157 Individualized Adjuvant NSCLC post neoadjuvant treatment mRNA-4157 neoantigen therapy cSCC mRNA-4157 RCC mRNA-4157 Bladder cancer mRNA-4157 Cancer
Slide 35: Moderna's pipeline: rare disease + other therapeutics
3Q 2024 Update| Appendix Moderna’s pipeline: rare disease + other therapeutics Preclinical Phase 1 Phase 2 Phase 3 Commercial Propionic acidemia (PA) mRNA-3927 Methylmalonic acidemia (MMA) mRNA-3705 Rare disease Glycogen storage disease type 1a (GSD1a) mRNA-3745 intracellular Ornithine transcarbamyl