Slide 1: First Quarter 2026 Financial Results
First Quarter 2026 Financial Results May 1, 2026 © 2026 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 2026 financial framework, including up to ten percent revenue growth and f
Slide 3: 1Q26 earnings call agenda
1Q26 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 © 2026 Moderna, Inc. All rights reserved.
Slide 4: 1Q26 financial summary
1Q 2026 Update| Business Review 1Q26 financial summary Revenue Net income (loss) excluding Cash & investments $0.4B Arbutus litigation settlement $7.5B $(0.5)B Net income (loss) $(1.3)B Continuing to execute with financial discipline Reduced 1Q26 adjusted cash costs1 by 26% compared to 1Q25 1. Exclu
Slide 5: Business highlights in 1Q
1Q 2026 Update| Business Review Business highlights in 1Q Regulatory milestones Pipeline progress Intismeran autogene mRNA-4157 Approved in EU for • Phase 3 Stage 1 NSCLC trial initiation individuals aged 12+ • Upcoming ASCO* oral presentation: Phase 2 5-year update of intismeran autogene + Keytruda
Slide 6: 1Q26 earnings call agenda
1Q26 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 © 2026 Moderna, Inc. All rights reserved.
Slide 7: Strong 1Q revenue with strategic partnerships driving 1H outlook
1Q 2026 Update | Financial Review Strong 1Q revenue with strategic partnerships driving 1H outlook Reiterating up to 10% revenue growth in 2026 U.S./international revenue 7 © 2026 Moderna, Inc. All rights reserved.
Slide 8: 1Q26 net loss was $(0.5B) excluding litigation settlement charge
1Q 2026 Update | Financial Review 1Q26 net loss was $(0.5B) excluding litigation settlement charge GAAP Non-GAAP1 GAAP GAAP Non-GAAP1 Litigation Adjusted Change Change In $ millions 1Q 2026 1Q 2025 Settlement2 1Q 2026 (1Q'26 vs. 1Q'25) (1Q'26 vs. 1Q'25) Net product sales $352 $352 $86 $266 309% $266
Slide 9: 2026 GAAP financial framework
1Q 2026 Update | Financial Review 2026 GAAP financial framework Total revenue Up to 10% growth from 2025; expect 2026 revenue to be split ~50% U.S. and ~50% International Cost of sales1 ~$1.8B ~$4.9B (GAAP expenses excluding $0.9B litigation settlement charge) R&D ~$3.0B ~$4.2B (adjusted cash costs2
Slide 10: 1Q26 earnings call agenda
1Q26 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 © 2026 Moderna, Inc. All rights reserved.
Slide 11: Advancing a multi-year revenue growth strategy
1Q 2026 Update | Commercial Overview & Pipeline Programs Advancing a multi-year revenue growth strategy Executing on key approvals and strategic partnerships ● Delivered first shipment under strategic partnership in UK ● mNEXSPIKE: approved in EU for individuals aged 12+ ● mCOMBRIAX: approved in EU
Slide 12: Infectious disease vaccines: approved products
1Q 2026 Update | Commercial Overview & Pipeline Programs Infectious disease vaccines: approved products 2025/26 formula approved Approved in the US, EU, Approved in the U.S., Approved in EU in 30+ countries Canada, Australia EU, Canada • Approved in the EU • Approved in EU for • Annual strain update
Slide 13: Infectious disease vaccines: late-stage pipeline
1Q 2026 Update | Commercial Overview & Pipeline Programs Infectious disease vaccines: late-stage pipeline Flu Norovirus mRNA-1010 mRNA-1403 Filed In Phase 3 • U.S. PDUFA date of • Ongoing Phase 3 August 5, 2026 study fully enrolled in second Northern • Under review in the EU, Hemisphere season Canad
Slide 14: Oncology therapeutics
1Q 2026 Update | Commercial Overview & Pipeline Programs Oncology therapeutics Intismeran autogene mRNA-4157 In partnership with Merck Phase 3 Phase 2 Phase 1 • Adjuvant melanoma – • Adjuvant muscle invasive • Adjuvant pancreatic cancer – fully enrolled bladder cancer (MIBC) – fully enrolled fully e
Slide 15: Oncology therapeutics
1Q 2026 Update | Commercial Overview & Pipeline Programs Oncology therapeutics Cancer antigen T-cell Cancer antigen Cell therapy- therapy engager therapy enhancer + mRNA-4359 mRNA-2808 mRNA-4106 anzu-cel mRNA-4203 Phase 2 Phase 1/2 Phase 1 Phase 1 • Cohorts enrolling in • Phase 1/2 study in • (mRNA-
Slide 16: Rare disease therapeutics pipeline
1Q 2026 Update | Commercial Overview & Pipeline Programs Rare disease therapeutics pipeline PA MMA mRNA-3927 mRNA-3705 Phase 2 Phase 2 • In a registrational • Company deferring study; target decision on pivotal enrollment reached trial until PA readout New update 16 © 2026 Moderna, Inc. All rights r
Slide 17: 1Q26 earnings call agenda
1Q26 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 © 2026 Moderna, Inc. All rights reserved.
Slide 18: 2026 value drivers
1Q 2026 Update | Looking Ahead 2026 value drivers Commercial + Potential Potential clinical financial approvals milestones performance ● mNEXSPIKE in EU, ● Intismeran Japan, Switzerland, • Five-year Phase 2 adjuvant melanoma data ● Up to 10% revenue Taiwan • Phase 3 adjuvant melanoma data; event-dri
Slide 19: Upcoming events
1Q 2026 Update | Looking Ahead Upcoming events ASCO Investor Event June 1, 2026 | 7:15 PM ET In-person in Chicago, IL/webcast Moderna Science Day June 25, 2026 In-person in Cambridge, MA/webcast Moderna Analyst Day November 12, 2026 In-person in Cambridge, MA/webcast 19 © 2026 Moderna, Inc. All righ
Slide 20: © 2026 Moderna, Inc. All rights reserved.
20 © 2026 Moderna, Inc. All rights reserved.
Slide 21: Q&A
Q&A © 2026 Moderna, Inc. All rights reserved.
Slide 22: Appendix: Moderna's Pipeline
Appendix Moderna’s Pipeline © 2026 Moderna, Inc. All rights reserved.
Slide 23: Moderna's pipeline: Infectious diseases
Moderna’s pipeline: Infectious diseases 23 © 2026 Moderna, Inc. All rights reserved.
Slide 24: Moderna's pipeline: Oncology
Moderna’s pipeline: Oncology Abbreviations: NSCLC, non-small cell lung cancer; RCC, renal cell carcinoma; MIBC, muscle-invasive bladder cancer; NMIBC, non-muscle invasive bladder cancer 24 © 2026 Moderna, Inc. All rights reserved.
Slide 25: Moderna's pipeline: Rare diseases
Moderna’s pipeline: Rare diseases 25 © 2026 Moderna, Inc. All rights reserved.