Slide 1: Third Quarter 2025 Financial Results
Third Quarter 2025 Financial Results November 6, 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, mNEXSPIKE and mRESVIA; Moderna's strateg
Slide 3: 3Q25 earnings call agenda
3Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Commercial Overview & Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2025 Moderna, Inc. All rights reserved.
Slide 4: 3Q25 financial summary
3Q 2025 Update| Business Review 3Q25 financial summary Revenue Net income (loss) Cash and investments $1.0B $(0.2)B $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 4 © 2025 Mode
Slide 5: Business highlights
3Q 2025 Update| Business Review Business highlights Driving use of Advancing pipeline to Continuing to execute commercial products drive sales growth with financial discipline Three products approved ● Flu (mRNA-1010): Total cost improvement of positive results from $2.1B in last 4 quarters* 25/26
Slide 6: 3Q25 earnings call agenda
3Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Commercial Overview & Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2025 Moderna, Inc. All rights reserved.
Slide 7: 3Q25 revenue of ~$1.0B, 1Q-3Q total of ~$1.3B
3Q 2025 Update| Financial Review 3Q25 revenue of ~$1.0B, 1Q-3Q total of ~$1.3B Numbers may not add due to rounding Revenue through 3Q25 4Q and FY 2025 outlook in billions Expected 4Q Total expected revenue FY 2025 revenue 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.
Slide 8: Third quarter 2025 financial results
3Q 2025 Update| Financial Review Third quarter 2025 financial results Change In $ millions, except per share amounts 3Q 2025 3Q 2024 (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) % Res
Slide 9: 2025 GAAP operating expense ahead of plan by $1.1B
3Q 2025 Update| Financial Review 2025 GAAP operating expense ahead of plan by $1.1B GAAP costs in billions Will update improvements to 2026 and 2027 cost framework at Analyst Day Continue to target cash breakeven in 2028 1 Cash costs = GAAP costs - (stock-based compensation & depreciation & amortiza
Slide 10: Updated 2025 GAAP financial framework
3Q 2025 Update| Financial Review Updated 2025 GAAP financial framework Current framework Change from previous framework Total revenue $1.6 – $2.0 billion Narrowed from previous range of $1.5 – $2.2 billion Cost of sales $0.8 – $0.9 billion Lowered from $1.2 billion R&D $3.3 – $3.4 billion Lowered fr
Slide 11: 3Q25 earnings call agenda
3Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Commercial Overview & Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2025 Moderna, Inc. All rights reserved.
Slide 12: 2025 U.S. vaccination rate tracking within expected range
3Q 2025 Update|Commercial Overview & Pipeline Programs 2025 U.S. vaccination rate tracking within expected range 2025 revised revenue range incorporates 20-40% decline in cumulative vaccinations from 26M total doses in retail market during August – December 2024 Total market U.S. cumulative retail C
Slide 13: 2025/2026 COVID retail market share in line with expectations
3Q 2025 Update|Commercial Overview & Pipeline Programs 2025/2026 COVID retail market share in line with expectations; strong mNEXSPIKE uptake U.S. retail cumulative Moderna COVID product market share split (season average) Source: IQVIA Source: IQVIA 13 © 2025 Moderna, Inc. All rights reserved.
Slide 14: Prioritized pipeline
3Q 2025 Update|Commercial Overview & Pipeline Programs Prioritized pipeline Positive Phase 3 Clinical programs with Approved registrational intent readouts Flu + COVID Intismeran COVID RSV (60+) COVID PA Spikevax mRESVIA mNEXSPIKE (50+) autogene mRNA-3927 mRNA-1083 mRNA-4157 COVID (Ped. HR) RSV (18-
Slide 15: Respiratory vaccines portfolio
3Q 2025 Update|Commercial Overview & Pipeline Programs Respiratory vaccines portfolio Respiratory virus vaccines COVID COVID RSV Flu Flu + COVID Spikevax mNEXSPIKE mRESVIA mRNA-1010 mRNA-1083 ● The updated 2025-26 ● The updated 2025-26 ● mRESVIA approved ● Expect to complete ● Filing under review fo
Slide 16: Latent + other vaccines and rare disease therapeutics portfolios
3Q 2025 Update|Commercial Overview & Pipeline Programs Latent + other vaccines and rare disease therapeutics portfolios Latent + other vaccines Rare disease therapeutics Norovirus PA mRNA-1403 mRNA-3927 ● Ongoing Phase 3 safety and efficacy study ● In a registrational study; target has not accrued s
Slide 17: Oncology therapeutics portfolio
3Q 2025 Update|Commercial Overview & Pipeline Programs Oncology therapeutics portfolio Precision immunotherapy Intismeran mRNA-4359 Early-stage oncology mRNA-4157 In collaboration with Merck ● First-line metastatic Cancer antigen therapy ● Adjuvant melanoma: Phase 3 study fully enrolled melanoma and
Slide 18: 3Q25 earnings call agenda
3Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Commercial Overview & Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2025 Moderna, Inc. All rights reserved.
Slide 19: Looking ahead: key value drivers
3Q 2025 Update| Looking Ahead Looking ahead: key value drivers Commercial Pipeline Financial discipline mNEXSPIKE continuing to gain Potential approvals for flu + COVID combo Ahead of plan on cash cost1 market share (mRNA-1083) in Europe and Canada reduction: $0.9B improvement in 2025 projection yea
Slide 20: Update | Looking Ahead
3Q 2025 Update| Looking Ahead 20 © 2025 Moderna, Inc. All rights reserved.
Slide 21: Q&A
Q&A © 2025 Moderna, Inc. All rights reserved.
Slide 22: Appendix: Moderna's Pipeline
Appendix Moderna’s Pipeline © 2025 Moderna, Inc. All rights reserved.
Slide 23: Moderna's pipeline: Respiratory vaccines
Moderna’s pipeline: Respiratory vaccines Please see Moderna website and approval labels for indication details 23 © 2025 Moderna, Inc. All rights reserved.
Slide 24: Moderna's pipeline: Latent + other vaccines
Moderna’s pipeline: Latent + other vaccines 24 © 2025 Moderna, Inc. All rights reserved.
Slide 25: Moderna's pipeline: Oncology
Moderna’s pipeline: Oncology 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 25 © 2025 Moderna, Inc. All rights reserved.
Slide 26: Moderna's pipeline: Rare disease therapeutics
Moderna’s pipeline: Rare disease therapeutics 26 © 2025 Moderna, Inc. All rights reserved.