Slide 1: First Quarter 2025 Financial Results
First Quarter 2025 Financial Results May 1, 2025 © 2025 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 ability to drive use of Spikevax and mRESVIA and expand markets for its pr
Slide 3: 1Q25 earnings call agenda
1Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2025 Moderna, Inc. All rights reserved.
Slide 4: 1Q25 financial summary
1Q 2025 Update| Business Review 1Q25 financial summary Revenue Net income (loss) Cash and investments $0.1B $(1.0)B $8.4B Continuing to execute with financial discipline Reduced operating expenses by 19% ($275 million) from 1Q24 to 1Q251 1. Costs including R&D, SG&A and cost of sales 4 © 2025 Modern
Slide 5: Business highlights
1Q 2025 Update| Business Review Business highlights 1 2 3 Expanding markets Advancing pipeline to Continuing to execute for our commercial products drive sales growth with financial discipline Tender opportunity to Expansion of oncology portfolio, Third consecutive quarter compete for COVID in
Slide 6: 1Q25 earnings call agenda
1Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2025 Moderna, Inc. All rights reserved.
Slide 7: First quarter 2025 financial results
1Q 2025 Update| Financial Review First quarter 2025 financial results Change In $ millions, except per share amounts 1Q 2025 1Q 2024 (1Q'25 vs. 1Q'24) Net product sales $ 86 $ 167 $ (81) (49)% Other revenue1 22 — 22 100 % Total revenue 108 167 (59) (35)% Cost of sales 90 96 (6) (6) % Research and de
Slide 8: 2025 GAAP financial framework
1Q 2025 Update| Financial Review 2025 GAAP financial framework Expectations for full year 2025 unchanged from prior expectations $1.5 – $2.5 billion Total revenue (1H25: expecting ~$0.2B reflecting seasonality of the respiratory business) Cost of sales ~$1.2 billion R&D ~$4.1 billion SG&A ~$1.1 bill
Slide 9: Announcing $1.4 - $1.7 billion of cost reductions by 2027
1Q 2025 Update| Financial Review Announcing $1.4 - $1.7 billion of cost reductions by 2027 GAAP costs in billions Numbers may not add due to rounding 1. From 2023 to 2024; costs including R&D, SG&A and cost of sales, excluding resizing charges of $1.6B for 2023 and $0.2B for 2024 2. Depreciation and
Slide 10: 1Q25 earnings call agenda
1Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2025 Moderna, Inc. All rights reserved.
Slide 11: Prioritized pipeline
1Q 2025 Update| Pipeline Programs Prioritized pipeline Filed in 2024 Potential filings for approval through 2028 Seasonal Flu Intismeran: adj. Next-gen COVID Norovirus PA mRNA-1283 mRNA-1010 mRNA-1403 melanoma mRNA-3927 mRNA-4157 Flu + COVID RSV (18-59 HR) CMV MMA (18-49) mRNA-1345 mRNA-1647 mRNA-37
Slide 12: Prioritized pipeline: expanding oncology pipeline
1Q 2025 Update| Pipeline Programs Prioritized pipeline Filed in 2024 Potential filings for approval through 2028 Seasonal Flu Intismeran: adj. Next-gen COVID Norovirus PA mRNA-1283 mRNA-1010 mRNA-1403 melanoma mRNA-3927 mRNA-4157 RSV (18-59 HR) CMV Checkpoint AIM-T MMA mRNA-1345 mRNA-1647 mRNA-4359
Slide 13: Respiratory vaccines portfolio
1Q 2025 Update| Pipeline Programs Respiratory vaccines portfolio Respiratory virus vaccines Next-gen COVID RSV (18-59 HR) Flu + COVID (50+) Flu mRNA-1283 mRNA-1345 mRNA-1083 mRNA-1010 ● Filed in 2024 for ● Filed in 2024 for ● Filed in 2024 for ● Exceeded case approval approval approval accrual targe
Slide 14: Latent + other vaccines and rare disease therapeutics portfolio
1Q 2025 Update| Pipeline Programs Latent + other vaccines and rare disease therapeutics portfolio Latent + other vaccines Rare disease therapeutics CMV PA mRNA-1647 mRNA-3927 ● Presented 36-month durability data at ● In registrational study medical meeting1 ● Anticipate Phase 3 vaccine efficacy read
Slide 15: Oncology therapeutics portfolio
1Q 2025 Update| Pipeline Programs Oncology therapeutics portfolio Expanding oncology portfolio with additional intismeran indication and new development candidates Oncology therapeutics Intismeran autogene Checkpoint AIM-T Early-stage oncology mRNA-4157 mRNA-4359 ● Adjuvant melanoma: ● First-line me
Slide 16: Checkpoint AIM-T (mRNA-4359) Phase 1/2 study
1Q 2025 Update| Pipeline Programs Checkpoint AIM-T (mRNA-4359) is ongoing in Phase 1/2 study; now enrolling Phase 2 with additional indications planned Immune-targeted antigen therapy Study design and key objectives APC Safety and tolerability of mRNA-4359 alone and in combination with pembrolizum
Slide 17: 1Q25 earnings call agenda
1Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2025 Moderna, Inc. All rights reserved.
Slide 18: Our execution priorities
1Q 2025 Update| Looking Ahead Our execution priorities 1 Drive use of Spikevax and mRESVIA vaccines 2 Focus on 10 product approvals to drive sales growth 3 Deliver cost efficiency across the business 18 © 2025 Moderna, Inc. All rights reserved.
Slide 19: Drive use of Spikevax and mRESVIA vaccines
1Q 2025 Update| Looking Ahead Our execution priorities 1 Drive use of Spikevax and mRESVIA vaccines Entering 2025 with two Additional approvals approved products in the U.S. for mRESVIA ex-U.S. 19 © 2025 Moderna, Inc. All rights reserved.
Slide 20: Focus on product approvals targeting $30B+ TAM
1Q 2025 Update| Looking Ahead Our execution priorities Focus on 10 product approvals targeting 2 $30B+ TAM to drive sales growth Targeted product approvals Expect extended review timeline with the addition of standalone flu data Timeline dependent on case accruals Newly prioritized; timeline subject
Slide 21: Deliver cost efficiencies across business
1Q 2025 Update| Looking Ahead Our execution priorities 3 Deliver cost efficiencies across business GAAP costs in billions Continue to target cash breakeven in 2028 Numbers may not add due to rounding 1. From 2023 to 2024; costs including R&D, SG&A and cost of sales, excluding resizing charges of $1.
Slide 22: Upcoming catalysts
1Q 2025 Update| Looking Ahead Upcoming catalysts Potential approvals Data readouts Next-gen COVID CMV: Phase 3 efficacy (filed, PDUFA date May 31, 2025) Seasonal flu: Phase 3 efficacy RSV 18-59 HR Norovirus: Phase 3 efficacy (filed, PDUFA date June 12, 2025) intismeran adjuvant melanoma:
Slide 23: Looking Ahead
1Q 2025 Update| Looking Ahead 23 © 2025 Moderna, Inc. All rights reserved.
Slide 24: Q&A
Q&A © 2025 Moderna, Inc. All rights reserved.
Slide 25: Appendix: Moderna's Pipeline
Appendix Moderna’s Pipeline © 2025 Moderna, Inc. All rights reserved.
Slide 26: Moderna's pipeline: Respiratory vaccines
Moderna’s pipeline: Respiratory vaccines Preclinical Phase 1 Phase 2 Phase 3 Commercial Partner COVID-19 vaccine Spikevax® COVID-19 vaccine Next-gen mRNA-1283 Flu vaccine mRNA-1010 RSV vaccine older adults mRESVIA® Adults RSV vaccine 18-59 high risk mRNA-1345 Flu + COVID vaccine mRNA-1083 Pandemic F
Slide 27: Moderna's pipeline: Latent + other vaccines
Moderna’s pipeline: Latent + other vaccines Preclinical Phase 1 Phase 2 Phase 3 Commercial Partner 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 VZV vaccine mRNA-1
Slide 28: Moderna's pipeline: Oncology
Moderna’s pipeline: Oncology Preclinical Phase 1 Phase 2 Phase 3 Commercial Partner Adjuvant melanoma mRNA-4157 Adjuvant NSCLC mRNA-4157 Adjuvant NSCLC post neoadjuvant treatment mRNA-4157 Intismeran RCC mRNA-4157 autogene Bladder cancer (HR MIUC) mRNA-4157 Bladder cancer (HR NMIBC) mRNA-4157 Early
Slide 29: Moderna's pipeline: Rare disease therapeutics
Moderna’s pipeline: Rare disease therapeutics Preclinical Phase 1 Phase 2 Phase 3 Commercial Partner Propionic acidemia (PA) mRNA-3927 Methylmalonic acidemia (MMA) mRNA-3705 Glycogen storage disease type 1a mRNA-3745 Rare disease (GSD1a) therapeutics Ornithine transcarbamylase deficiency mRNA-3139 (