Slide 1: Third Quarter 2023 Financial Results
Third Quarter 2023 Financial Results November 2, 2023 © 2023 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 revenues in 2023 and 2024; Moderna’s ability to launch multiple p
Slide 3: 3Q23 earnings call agenda
3Q23 earnings call agenda Business Review Stéphane Bancel, CEO Commercial Market Arpa Garay, CCO Financials Jamey Mock, CFO R&D/Clinical Programs Stephen Hoge, M.D., President Looking Forward Stéphane Bancel, CEO 3 © 2023 Moderna, Inc. All rights reserved.
Slide 4: 3Q23 and 2023 highlights
3Q 2023 Update| Business Review 3Q23 and 2023 highlights COVID product Pandemic to endemic U.S. market share (Spikevax) sales cost resizing 3Q23 Increasing Spikevax share Manufacturing in the current season1 cost reduction $1.8B 45% Resizing manufacturing footprint to accelerate gross 36% margin exp
Slide 5: 3Q23 earnings call agenda
3Q23 earnings call agenda Business Review Stéphane Bancel, CEO Commercial Market Arpa Garay, CCO Financials Jamey Mock, CFO R&D/Clinical Programs Stephen Hoge, M.D., President Looking Forward Stéphane Bancel, CEO 5 © 2023 Moderna, Inc. All rights reserved.
Slide 6: 3Q23 Spikevax sales of $1.8B; updating sales outlook to at least $6B for 2023
3Q 2023 Update| Commercial Market 3Q23 Spikevax sales of $1.8B; updating sales outlook to at least $6B for 2023 Spikevax sales through 3Q23 4Q and FY 2023 outlook $1.8B $3.9B International U.S. $0.9B $0.9B Expected Expected 4Q sales 4Q sales $0.8B $0.3B $1.1B At least $1B Contracts not dependent on
Slide 7: Moderna's U.S. COVID market share in Fall season to date is higher than 2022
3Q 2023 Update| Commercial Market Moderna’s U.S. COVID market share in 2023 Fall season to date is higher than market share in 2022 Moderna weekly market share (%) of administered doses 45% cumulative market share for 2023 season to date 36% Moderna market share in 2022 Based on information licensed
Slide 8: Weekly vaccination trends in 2023 indicate similarly sized market to 2022
3Q 2023 Update| Commercial Market Weekly vaccination trends in 2023 indicate similarly sized market to 2022, despite later launch Cumulative vaccinations Total U. S. market (millions) IQVIA data represents U.S. L+X = weeks past launch date retail pharmacy channel only 2023 COVID vaccines were launch
Slide 9: Non-retail segment expected to increase in 2023 as the season progresses
3Q 2023 Update| Commercial Market Similar to 2022, we expect the non-retail segment to increase in 2023 as the season progresses 2022 cumulative vaccinations We expect retail/non-retail mix for Total U.S. market (millions) full year 2023 to evolve as the season progresses Vaccine uptake in the non-r
Slide 10: Multi-pronged approach to increase sense of urgency to get vaccinated
3Q 2023 Update| Commercial Market We are using a multi-pronged approach to increase sense of urgency to get vaccinated Continuing to Supporting Engaging Amplifying voice of activate the retail pharmacies the consumer advocacy groups medical community and physician with a focus on and major to proact
Slide 11: We expect at least $6B in Spikevax sales this year, supported by U.S. market
3Q 2023 Update| Commercial Market We expect at least $6B in Spikevax sales this year, supported by U.S. market Moderna share expected to be higher than 2022, consistent across retail and non-retail channels Vaccine administrations in the retail channel tracking ahead of 2022 on a launch-adjusted bas
Slide 12: RSV: Best-in-class product profile
3Q 2023 Update| Commercial Market RSV: Best-in-class product profile Vaccine efficacy against RSV-LRTD Well-established safety and Ease of administration ≥2 symptoms was generally tolerability profile for mRNA consistent in patients regardless of vaccine technology co-morbidities1 • Single-dose pref
Slide 13: RSV: Anticipating a successful launch in 2024
3Q 2023 Update| Commercial Market RSV: Anticipating a successful launch in 2024 Positioned for a strong launch Observing strong Strong clinical profile and ready Well-positioned with consumer awareness to use pre-filled syringes (PFS) commercial team and and demand in the are competitive differentia
Slide 14: 3Q23 earnings call agenda
3Q23 earnings call agenda Business Review Stéphane Bancel, CEO Commercial Market Arpa Garay, CCO Financials Jamey Mock, CFO R&D/Clinical Programs Stephen Hoge, M.D., President Looking Forward Stéphane Bancel, CEO 14 © 2023 Moderna, Inc. All rights reserved.
Slide 15: Third quarter 2023 financial results
3Q 2023 Update| Financial Review Third quarter 2023 financial results Change In $ millions, except per share amounts 3Q 2023 3Q 2022 (3Q'23 vs. 3Q'22) Net product sales $ 1,757 $ 3,120 $ (1,363) (44) % Other revenue1 74 244 (170) (70) % Total revenue 1,831 3,364 (1,533) (46) % Cost of sales 2,241 1,
Slide 16: Total 2023 cost of sales expected to be $5 billion, including resizing charges
3Q 2023 Update| Financial Review Total 2023 cost of sales expected to be $5 billion, including $1.6 billion of charges from proactive resizing efforts 2023 Cost of Sales in $ billion Before resizing charges of $1.6 billion, annual cost of sales would be at lower end of previous guidance range of $3.
Slide 17: Respiratory cost of sales framework
3Q 2023 Update| Financial Review Respiratory cost of sales framework Resizing expected to drive more predictable cost of sales going forward Respiratory cost of sales % at different sales levels Write-downs / charges expected to be less than 10% of sales in 2024 and beyond (vs. 74% YTD) Capacity bet
Slide 18: Q3 2023 financial results with and without charges
3Q 2023 Update| Financial Review Q3 2023 financial results with and without charges GAAP Non-GAAP Manufacturing GAAP 3Q 2023 In $ millions resizing and tax 3Q 2023 related charges w/o charges Net product sales 1,757 1,757 Other revenue 74 74 Total revenue 1,831 1,831 Cost of sales 2,241 (1,416)1 825
Slide 19: 2023 updated financial framework
3Q 2023 Update| Financial Review 2023 updated financial framework Expectations for full year 2023 • Reduction of upper range informed by U.S. vaccination trends in recent weeks Sales • COVID-19 sales of at least $6 billion, assuming U.S. vaccination rate trends consistent with Fall 2022 period (prev
Slide 20: Moderna operating principles
3Q 2023 Update| Financial Review Moderna operating principles We expect our COVID franchise to be profitable in 2024 and beyond We plan to invest in our late-stage pipeline to drive significant organic sales growth We will be disciplined and will adjust our R&D and SG&A investment based upon our sal
Slide 21: Early thoughts on 2024 and 2025 product sales
3Q 2023 Update| Financial Review Early thoughts on 2024 and 2025 product sales Projecting approximately $4 billion mostly in 2H 2024 In billions COVID APAs COVID US RSV + Int’l COVID Total (ex-US) 2023 $4 $2 - At least $6B Approximately 2024 $1 $2+ ~$1 $4B 2025 Expect to return to growth 21 © 2023 M
Slide 22: 2024 and 2025: early thoughts on overall financial framework
3Q 2023 Update| Financial Review 2024 and 2025: early thoughts on overall financial framework Expectations for full year 2024 Expectations for full year 2025 Sales ~$4 billion Return to growth Cost of Sales ~35% of product sales Improve with higher sales R&D ~$4.5 billion Flat to down, with ability
Slide 23: 3Q23 earnings call agenda
3Q23 earnings call agenda Business Review Stéphane Bancel, CEO Commercial Market Arpa Garay, CCO Financials Jamey Mock, CFO R&D/Clinical Programs Stephen Hoge, M.D., President Looking Forward Stéphane Bancel, CEO 23 © 2023 Moderna, Inc. All rights reserved.
Slide 24: We will continue to deliver great impact with our mRNA medicines
3Q 2023 Update| R&D/Clinical Programs We will continue to deliver great impact with our mRNA medicines Anticipating up to 15 launches in the next 5 years1 Respiratory vaccines Latent/other vaccines Oncology Rare disease RSV Seasonal Flu (older adults) mRNA-1010 by mRNA-1345 2025 Flu/COVID mRNA-1083
Slide 25: Respiratory vaccines pipeline overview
3Q 2023 Update| R&D/Clinical Programs Respiratory vaccines pipeline overview mRNA-1083 Phase 3 trial dosing participants Commercial and Phase 3 programs Next-gen programs Combination programs PC Ph. 1 Ph. 2 Ph. 3 Comm. PC Ph. 1 Ph. 2 Ph. 3 Comm. PC Ph. 1 Ph. 2 Ph. 3 Comm. COVID-19 (mRNA-1273.222/.81
Slide 26: mRNA-1083 Phase 3 trial is now dosing participants
3Q 2023 Update| R&D/Clinical Programs mRNA-1083 (flu + COVID-19 combination vaccine) Phase 3 trial is now dosing participants mRNA-1083 has Fast Track designation from FDA Design Randomized, stratified, observer-blind, active- control study to evaluate the immunogenicity, safety and reactogenicity o
Slide 27: Latent & other vaccines
3Q 2023 Update| R&D/Clinical Programs Latent & other vaccines Phase 3 CMVictory study is fully enrolled including adolescent cohorts Phase 3 programs Early clinical programs PC Ph. 1 Ph. 2 Ph. 3 Comm. PC Ph. 1 Ph. 2 Ph. 3 Comm. PC Ph. 1 Ph. 2 Ph. 3 Comm. CMV (mRNA-1647) EBV (mRNA-1189/-1195) HSV (mR
Slide 28: mRNA therapeutics
3Q 2023 Update| R&D/Clinical Programs mRNA therapeutics INT enrolling patients in Phase 3 adjuvant melanoma study; adjuvant NSCLC Phase 3 to start imminently Immuno-oncology Cardiovascular Rare Disease Individualized Neoantigen Therapy (INT) PC Ph. 1 Ph. 2 Ph. 3 Comm. PC Ph. 1 Ph. 2 Ph. 3 Comm. (mRN
Slide 29: INT: NSCLC Phase 3 trial to start imminently
3Q 2023 Update| R&D/Clinical Programs INT: NSCLC Phase 3 trial to start imminently Primary endpoint is disease free survival compared to pembrolizumab Randomized, double-blind placebo and active comparator controlled, INT + pembrolizumab (KEYTRUDA®) vs. placebo + pembrolizumab (1:1) Resected non-sma
Slide 30: 3Q23 earnings call agenda
3Q23 earnings call agenda Business Review Stéphane Bancel, CEO Commercial Market Arpa Garay, CCO Financials Jamey Mock, CFO R&D/Clinical Programs Stephen Hoge, M.D., President Looking Forward Stéphane Bancel, CEO 30 © 2023 Moderna, Inc. All rights reserved.
Slide 31: Our focus for 2024 and 2025 to drive sales growth and profitability
3Q 2023 Update| Conclusion Our focus for 2024 and 2025 to drive sales growth and profitability Commercial Disciplined Executing our late execution investment stage pipeline Market share gains of COVID Recent resizing efforts aimed at We will continue to deliver on in the US demonstrate that we makin
Slide 32: Anticipating up to 15 launches over the next 5 years
3Q 2023 Update| Conclusion Anticipating up to 15 launches over the next 5 years Respiratory vaccines Latent/other vaccines Oncology Rare disease RSV Seasonal Flu by (older adults) mRNA-1345 mRNA-1010 2025 Flu/COVID mRNA-1083 NextGen COVID mRNA-1283 Subject to regulatory discussions1 Flu/COVID/RSV RS
Slide 33: Our Mission
Our Mission Deliver the greatest possible impact to people through mRNA medicines. © 2023 Moderna, inc. Confidential. All rights reserved.
Slide 34: Thank you
Thank you Q&A © 2023 Moderna, inc. Confidential. All rights reserved.
Slide 35: Moderna's Respiratory Vaccines (Pipeline 1/3)
Moderna’s Respiratory Vaccines (Pipeline 1/3) Preclinical Modality Program ID # Phase 1 Phase 2 Phase 3 Commercial Moderna rights development Spikevax® Worldwide COVID-19 vaccine mRNA-1283 Next generation (2-5 °C) Worldwide mRNA-1010 Worldwide Adults mRNA-1020 Worldwide Flu vaccine mRNA-1030 Worldwi
Slide 36: Moderna's Latent & Emerging Vaccines (Pipeline 2/3)
Moderna’s Latent & Emerging Vaccines (Pipeline 2/3) Preclinical Moderna Modality Program ID # Phase 1 Phase 2 Phase 3 Commercial development rights CMV vaccine mRNA-1647 Worldwide EBV vaccine (to prevent Latent infectious mononucleosis) mRNA-1189 Worldwide EBV vaccine (to address EBV mRNA-1195 World
Slide 37: Moderna's Therapeutics (Pipeline 3/3)
Moderna’s Therapeutics (Pipeline 3/3) Preclinical Modality Program ID # Phase 1 Phase 2 Phase 3 Commercial Moderna rights development Systemic Relaxin mRNA-0184 Worldwide secreted & cell Heart failure surface PD-L1 Worldwide Autoimmune hepatitis mRNA-6981 therapeutics Individualized neoantigen 50-50
Slide 38: Save the Date
Digital Investor Event November 8th Save the Date ESG Day Events in 2023 December 7th © 2023 Moderna, Inc. All rights reserved.