Moderna, Inc. · NASDAQ:MRNA

Moderna — 44th Annual J.P. Morgan Healthcare Conference 2026

24 slides from Moderna's conference presentation, Jan 12, 2026

1. Slide 1: 44th Annual J.P. Morgan Healthcare Conference

   44th Annual J.P. Morgan Healthcare Conference January 12, 2026 © 2026 Moderna, Inc. All rights reserved.

2. Slide 2: Forward-looking statements and disclaimer

   J.P. Morgan Healthcare Conference 2026 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 projected commercial and financial

3. Slide 3: Near-term strategy drives diversified growth

   J.P. Morgan Healthcare Conference 2026 Near-term strategy drives diversified growth Build a large seasonal Invest cash generated vaccine franchise for into oncology and rare high-risk populations disease therapeutics Oncology Rare disease Marketed products Expected launches ● Adjuvant melanoma ● Adj

4. Slide 4: 2025 was a year of execution

   J.P. Morgan Healthcare Conference 2026 2025 was a year of execution Expecting 2025 revenue of ~$1.9B, Revenue $100M above prior midpoint Note: Management’s preliminary view subject to completion of year-end close and audit procedures. Final 2025 results to be reported on February 13, 2026. 4 © 2026

5. Slide 5: 2025 was a year of execution

   J.P. Morgan Healthcare Conference 2026 2025 was a year of execution Three approved products Revenue Filings under review Pipeline Flu + COVID (50+) Flu mRNA-1083 mRNA-1010 Filed and under review in Filed and under review in the U.S., Europe and Canada Europe, Canada and Australia Pipeline progress F

6. Slide 6: 2025 was a year of execution

   J.P. Morgan Healthcare Conference 2026 2025 was a year of execution Continuing to execute on cash cost reductions 1 Revenue Pipeline Costs 1. Cash costs = GAAP operating expenses − stock-based compensation (“SBC”) − depreciation and amortization (“D&A”). Manufacturing resizing charges are excluded i

7. Slide 7: 2025 was a year of execution

   J.P. Morgan Healthcare Conference 2026 2025 was a year of execution 2025 year-end cash and investment balance Revenue Numbers do not add due to rounding Pipeline Costs Note: Management’s preliminary view subject to completion of year-end close and audit procedures. Final 2025 results to be reported

8. Slide 8: Seasonal vaccines expected to deliver up to 10% revenue growth in 2026

   J.P. Morgan Healthcare Conference 2026 Seasonal vaccines expected to deliver up to 10% revenue growth in 2026 with continued momentum through 2028 8 © 2026 Moderna, Inc. All rights reserved.

9. Slide 9: 2026 growth driver: Annualized impact from UK, Canada, Australia partnerships

   J.P. Morgan Healthcare Conference 2026 2026 growth driver: Annualized impact from UK, Canada, Australia partnerships Multi-year partnerships providing recurring revenue UK Partnership features ● 69M population ● ~$0.2B in revenue 1Q26 for spring booster Long-term agreements ● Expect order for fall 2

10. Slide 10: 2026 growth driver: mNEXSPIKE

    J.P. Morgan Healthcare Conference 2026 2026 growth driver: mNEXSPIKE Expect strong uptake to continue in the U.S. and geographic expansion into new markets Solid launch-year performance What’s next in 2026 Continue to drive uptake U.S. mNEXSPIKE 25/26 season-to- U.S. date share of total retail marke

11. Slide 11: 2027 growth drivers: geographic expansion and new products

    J.P. Morgan Healthcare Conference 2026 2027 growth drivers: geographic expansion and new products EU opportunity Potential long-term Flu vaccine Significant ~$1.75B partnerships in Latin (mRNA-1010) respiratory virus vaccine America and Asia Expect to enter global flu market with minimal current vac

12. Slide 12: 2028 growth drivers: new products

    J.P. Morgan Healthcare Conference 2026 2028 growth drivers: new products Flu + COVID Norovirus vaccine combination vaccine (mRNA-1403) (mRNA-1083) Opportunity with a novel Combination flu + COVID seasonal vaccine vaccine in the U.S. could benefit from coadministration trends in seasonal vaccination

13. Slide 13: Near-term strategy drives sustainable growth

    J.P. Morgan Healthcare Conference 2026 Near-term strategy drives sustainable growth Build a large seasonal Invest cash generated vaccine franchise for into oncology and rare high-risk populations disease therapeutics Oncology Rare disease Marketed products Expected launches ● Adjuvant melanoma ● Adj

14. Slide 14: Therapeutics pipeline

    J.P. Morgan Healthcare Conference 2026 Therapeutics pipeline Oncology Rare diseases Intismeran mRNA-4359 PA mRNA-4157 mRNA-3927 In collaboration with Merck Phase 2 ● In a registrational study; target Phase 3 ● Cohorts enrolling in first-line metastatic enrollment reached ● Adjuvant melanoma melanoma

15. Slide 15: Investments in late-stage oncology and rare disease programs

    J.P. Morgan Healthcare Conference 2026 Investments in late-stage oncology and rare disease programs set the stage for additional growth in 2027-2028 15 © 2026 Moderna, Inc. All rights reserved.

16. Slide 16: Our early-stage pipeline investments are expected to mature in 2029 and beyond

    J.P. Morgan Healthcare Conference 2026 Our early-stage pipeline investments are expected to mature in 2029 and beyond 16 © 2026 Moderna, Inc. All rights reserved.

17. Slide 17: Further reducing cash costs to $3.5 - $3.9 billion in 2027

    J.P. Morgan Healthcare Conference 2026 Further reducing cash costs to $3.5 - $3.9 billion in 2027 Cash costs1 1. Cash costs = GAAP operating expenses − stock-based compensation (“SBC”) − depreciation and amortization (“D&A”); 2. 2025, 2026 and 2027 guidance includes $0.7B of SBC and D&A. Numbers may

18. Slide 18: Looking ahead: 2026 value drivers

    J.P. Morgan Healthcare Conference 2026 Looking ahead: 2026 value drivers Commercial Pipeline Financial discipline mNEXSPIKE continuing to Potential approvals 2026 cash cost1 targets: gain market share ● mNEXSPIKE in Europe, Japan and Taiwan $4.2B ● Flu + COVID combo (mRNA-1083) in Europe and Canada

19. Slide 19: Key takeaways

    J.P. Morgan Healthcare Conference 2026 Key takeaways Poised to deliver up to 10% Expanding commercial Multiple potential clinical revenue growth and further portfolio with approvals of data catalysts driven by reduce costs in 2026 additional seasonal vaccines late-stage oncology 19 © 2026 Moderna, I

20. Slide 20: Appendix

    Appendix © 2026 Moderna, Inc. All rights reserved.

21. Slide 21: Moderna's pipeline: respiratory vaccines

    J.P. Morgan Healthcare Conference 2026 Moderna’s pipeline: respiratory vaccines *CEPI: Coalition for Epidemic Preparedness Innovations 21 © 2026 Moderna, Inc. All rights reserved.

22. Slide 22: Moderna's pipeline: latent + other vaccines

    J.P. Morgan Healthcare Conference 2026 Moderna’s pipeline: latent + other vaccines 22 © 2026 Moderna, Inc. All rights reserved.

23. Slide 23: Moderna's pipeline: oncology

    J.P. Morgan Healthcare Conference 2026 Moderna’s pipeline: oncology Abbreviations: NSCLC, non-small cell lung cancer; MIBC, muscle-invasive bladder cancer; NMIBC, non-muscle-invasive bladder cancer 23 © 2026 Moderna, Inc. All rights reserved.

24. Slide 24: Moderna's pipeline: rare disease therapeutics

    J.P. Morgan Healthcare Conference 2026 Moderna’s pipeline: rare disease therapeutics 24 © 2026 Moderna, Inc. All rights reserved.

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