Moderna, Inc. · NASDAQ:MRNA
Moderna — 43rd Annual J.P. Morgan Healthcare Conference 2025
25 slides from Moderna's conference presentation, Jan 13, 2025
Slide 1: 43rd Annual J.P. Morgan Healthcare Conference
43rd Annual J.P. Morgan Healthcare Conference January 13, 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 2025 revenue guidance and factors impacting the guidance range; the rate o
Slide 3: Agenda
J.P. Morgan Healthcare Conference 2025 Agenda 1 Foundation and promise of our mRNA platform 2 2024 recap 3 Strategic priorities 4 Outlook 5 Important milestones 3 © 2025 Moderna, Inc. All rights reserved.
Slide 4: Moderna was founded and built to use nature's information molecule
J.P. Morgan Healthcare Conference 2025 Moderna was founded and built to use nature’s information molecule, mRNA, to treat and prevent disease DNA mRNA Protein mRNA-based medicine could move at the pace of information by leveraging a common platform 4 © 2025 Moderna, Inc. All rights reserved.
Slide 5: The promise of mRNA
J.P. Morgan Healthcare Conference 2025 The promise of mRNA 1 Large opportunity to address unmet need Higher efficiency 2 in R&D Rapid and agile 3 development Greater capital 4 efficiency 5 © 2025 Moderna, Inc. All rights reserved.
Slide 6: Investing in a platform to deliver on the promise of mRNA
J.P. Morgan Healthcare Conference 2025 Investing in a platform to deliver on the promise of mRNA 10+ years of investment creating a singular platform mRNA science mRNA Many Delivery platform medicines Manufacturing 6 © 2025 Moderna, Inc. All rights reserved.
Slide 7: Moderna's success developing medicines validates investments in our platform
J.P. Morgan Healthcare Conference 2025 Moderna’s success developing medicines validates investments in our platform Moderna’s rate of success with our platform technology is higher than industry standard1 1. Statistics for Moderna based upon internal data and are based upon: 26 Phase 1 trials, 12 Ph
Slide 8: 2024 financial recap
J.P. Morgan Healthcare Conference 2025 2024 financial recap 2024 Actuals 2024 Guidance1 (unaudited)2 Product sales Product sales $3.0-$3.5B $3.0-$3.1B U.S.: $1.7-$2.0B U.S.: $1.7B RoW: $1.3-$1.5B RoW: $1.3-$1.4B Ending cash & Ending cash & investments investments ~$9.0B ~$9.5B 1. Most recent guidanc
Slide 9: Continued to advance our pipeline in 2024
J.P. Morgan Healthcare Conference 2025 Continued to advance our pipeline in 2024 Approval of Four positive Additional data and progress mRESVIA, our 2nd Phase 3 readouts across multiple programs commercial product1 Respiratory viruses Latent viruses Oncology Norovirus INT Next-gen COVID mRNA-1403 mR
Slide 10: Strategic priorities
J.P. Morgan Healthcare Conference 2025 Strategic 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 10 © 2025 Moderna, Inc. All rights reserved.
Slide 11: Drive use of Spikevax and mRESVIA vaccines
J.P. Morgan Healthcare Conference 2025 Strategic priorities 1 Drive use of Spikevax and mRESVIA vaccines 2024 demonstrated that the COVID market Entering 2025 with two Additional approvals is sizable and durable in the U.S. approved products in the U.S. for mRESVIA ex-U.S. 1. Source: Based on inform
Slide 12: 2025 revenue guidance: wide range takes into consideration multiple uncertainties
J.P. Morgan Healthcare Conference 2025 2025 revenue guidance: wide range takes into consideration multiple uncertainties 2024 product sales: $3.0B-$3.1B (unaudited) 2025 total revenue guidance: $1.5B-$2.5B 2024 items not repeating Factors impacting 2025 guidance range in 2025 Potential upside Additi
Slide 13: Focus on product approvals over the next 3 years
J.P. Morgan Healthcare Conference 2025 Strategic priorities 2 Focus on 10 product approvals over the next 3 years to drive sales growth Filed in 2024 Expecting to file in for approval 2025-2027 for approval Seasonal Flu INT: Adj. Next-gen COVID Norovirus PA mRNA-1283 mRNA-1010 mRNA-1403 Melanoma mRN
Slide 14: Deliver cost efficiencies across business
J.P. Morgan Healthcare Conference 2025 Strategic priorities 3 Deliver cost efficiencies across business Reconciliation of projected 2024 GAAP expenses from 3Q24 earnings call to cash costs 1 In billions $ Cash operating expenses exclude stock-based compensation, depreciation and amortization, which
Slide 15: Deliver cost efficiencies across business
J.P. Morgan Healthcare Conference 2025 Strategic priorities 3 Deliver cost efficiencies across business Cash costs In billions $ Reducing cash costs by $1B in 2025 Plan for additional ~$0.5B cash cost reduction in 2026 1. 2023 excludes resizing changes of $0.9B for inventory write-downs and $0.7
Slide 16: Projected decline in net cash use
J.P. Morgan Healthcare Conference 2025 Strategic priorities 3 Deliver cost efficiencies across business Projected decline in net cash use Adjust cash costs to revenue growth 16 © 2025 Moderna, Inc. All rights reserved.
Slide 17: Topline growth and diversification expected to drive cash breakeven in 2028
J.P. Morgan Healthcare Conference 2025 Topline growth and diversification expected to drive cash breakeven in 2028 Expected product approvals Ten product approvals anticipated over the next three years target a $30B+ TAM 17 © 2025 Moderna, Inc. All rights reserved.
Slide 18: Important milestones
J.P. Morgan Healthcare Conference 2025 Important milestones Pivotal data Potential approvals readouts Next-gen COVID CMV: Phase 3 efficacy (filed, PDUFA date May 30, 2025) Seasonal flu: Phase 3 efficacy RSV 18-59 HR (filed) Norovirus: Phase 3 efficacy Flu + COVID combo 50+ INT adjuvant
Slide 19: Key takeaways from today's presentation
J.P. Morgan Healthcare Conference 2025 Key takeaways from today’s presentation 2024 Execute on our Multiple important achievements 3 priorities in 2025 milestones Delivered over $3B1 in Driving use of Spikevax and Up to 3 potential COVID vaccine sales mRESVIA product approvals in 2025 Approv
Slide 20: J.P. Morgan Healthcare Conference 2025
J.P. Morgan Healthcare Conference 2025 20 © 2025 Moderna, Inc. All rights reserved.
Slide 21: Appendix
Appendix © 2025 Moderna, Inc. All rights reserved.
Slide 22: Moderna's pipeline: respiratory vaccines
J.P. Morgan Healthcare Conference 2025 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 va
Slide 23: Moderna's pipeline: latent + other vaccines
J.P. Morgan Healthcare Conference 2025 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-1
Slide 24: Moderna's pipeline: oncology
J.P. Morgan Healthcare Conference 2025 Moderna’s pipeline: oncology Preclinical Phase 1 Phase 2 Phase 3 Commercial Adjuvant melanoma mRNA-4157 Adjuvant NSCLC mRNA-4157 Adjuvant NSCLC post neoadjuvant treatment mRNA-4157 Individualized cSCC mRNA-4157 neoantigen therapy RCC mRNA-4157 Bladder cancer mR
Slide 25: Moderna's pipeline: rare disease therapeutics
J.P. Morgan Healthcare Conference 2025 Moderna’s pipeline: rare disease 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 transca
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