Slide 1: Second Quarter 2025 Financial Results
Second Quarter 2025 Financial Results August 1, 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 focus o
Slide 3: 2Q25 earnings call agenda
2Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2025 Moderna, Inc. All rights reserved.
Slide 4: 2Q25 financial summary
2Q 2025 Update| Business Review 2Q25 financial summary Revenue Net income (loss) Cash and investments $0.1B $(0.8)B $7.5B Continuing to execute with financial discipline Reduced operating expenses by 35% ($555 million) from 2Q24 to 2Q251 1. Costs including R&D, SG&A and cost of sales 4 © 2025 Modern
Slide 5: Business highlights
2Q 2025 Update| Business Review Business highlights Expanding our Advancing pipeline to Continuing to execute commercial portfolio: drive sales growth: with financial discipline: Three new U.S. FDA approvals Positive Phase 3 flu vaccine data Expanded cost reductions mRNA-1010 demonstrated superior
Slide 6: 2Q25 earnings call agenda
2Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2025 Moderna, Inc. All rights reserved.
Slide 7: Second quarter 2025 financial results
2Q 2025 Update| Financial Review Second quarter 2025 financial results Change In $ millions, except per share amounts 2Q 2025 2Q 2024 (2Q'25 vs. 2Q'24) Net product sales $ 114 $ 184 $ (70) (38)% Other revenue1 28 57 (29) (51) % Total revenue 142 241 (99) (41)% Cost of sales 119 115 4 3 % Research an
Slide 8: Updated 2025 GAAP financial framework
2Q 2025 Update| Financial Review Updated 2025 GAAP financial framework Current framework Change from previous framework Total revenue $1.5 - $2.2 billion; Lowered high end of range from $2.5 billion 2H25: expecting revenue split of 40% - 50% in Q3; with the balance in Q4 Primarily driven by timing o
Slide 9: Reducing 2025 GAAP operating expenses by ~$0.4B
2Q 2025 Update| Financial Review Reducing 2025 GAAP operating expenses by ~$0.4B and progressing toward intermediate-term cost reduction goals GAAP costs in billions Numbers may not add due to rounding 1. From 2023 to 2024; costs including R&D, SG&A and cost of sales, excluding resizing charges of $
Slide 10: Primary drivers to achieve 2027 cost targets
2Q 2025 Update| Financial Review Primary drivers to achieve 2027 cost targets GAAP costs in billions Anticipated cost reduction drivers Phase 3 trial completions Manufacturing efficiencies Procurement savings Workforce restructuring impact Numbers may not add due to rounding 10 © 2025 Moderna, Inc.
Slide 11: 2Q25 earnings call agenda
2Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2025 Moderna, Inc. All rights reserved.
Slide 12: Prioritized pipeline
2Q 2025 Update| Pipeline Programs Prioritized pipeline Recently Potential filings Approved approved through 2028 Intismeran autogene: COVID COVID Flu + COVID (50+) Norovirus adjuvant melanoma PA Spikevax mNEXSPIKE mRNA-1083 mRNA-1403 mRNA-4157 mRNA-3927 RSV (60+) RSV (18-59 HR) Seasonal Flu CMV Chec
Slide 13: Respiratory vaccines portfolio
2Q 2025 Update| Pipeline Programs Respiratory vaccines portfolio Respiratory virus vaccines COVID RSV (18-59 HR) Flu Flu + COVID (50+) Spikevax / mNEXSPIKE mRESVIA mRNA-1010 mRNA-1083 mNEXSPIKE ● Approved by the FDA ● Announced positive ● Engaging with regulators ● Approved by the FDA on May 31, on
Slide 14: Strong Phase 3 flu data advances respiratory vaccine portfolio
2Q 2025 Update| Pipeline Programs Strong Phase 3 flu data advances respiratory vaccine portfolio Standalone flu vaccine (mRNA-1010) demonstrated superior efficacy to a licensed standard-dose seasonal flu vaccine, with a relative vaccine efficacy (rVE) of 26.6% Flu Phase 3 (95% CI: 16.7% - 35.4%) i
Slide 15: Latent + other vaccines and rare disease therapeutics portfolios
2Q 2025 Update| Pipeline Programs Latent + other vaccines and rare disease therapeutics portfolios Latent + other vaccines Rare disease therapeutics CMV PA mRNA-1647 mRNA-3927 ● Accrued sufficient cases for primary endpoint; ● In registrational study company remains blinded ● Updating analysis plan
Slide 16: Oncology therapeutics portfolio
2Q 2025 Update| Pipeline Programs Oncology therapeutics portfolio Oncology therapeutics Intismeran Checkpoint AIM-T Early-stage oncology mRNA-4157 mRNA-4359 In collaboration with Merck ● First-line metastatic melanoma Tumor-targeted antigen therapy ● Adjuvant melanoma: Phase 3 study fully enrolled a
Slide 17: 2Q25 earnings call agenda
2Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2025 Moderna, Inc. All rights reserved.
Slide 18: Looking Ahead: Our execution priorities
2Q 2025 Update| Looking Ahead Our execution priorities 1 Drive use of Spikevax, mNEXSPIKE and mRESVIA vaccines 2 Focus on 10 product approvals to drive sales growth 3 Deliver cost efficiency across the business 18 © 2025 Moderna, Inc. All rights reserved.
Slide 19: Drive use of Spikevax, mNEXSPIKE and mRESVIA vaccines
2Q 2025 Update| Looking Ahead Our execution priorities 1 Drive use of Spikevax, mNEXSPIKE and mRESVIA vaccines Entered 3Q with three approved products in the U.S. 19 © 2025 Moderna, Inc. All rights reserved.
Slide 20: Focus on product approvals targeting $30B+ TAM
2Q 2025 Update| Looking Ahead Our execution priorities Focus on 10 product approvals targeting 2 $30B+ TAM to drive sales growth Targeted product approvals Approved during 2Q Approved during 2Q Positive Phase 3 data announced in 2Q 20 © 2025 Moderna, Inc. All rights reserved.
Slide 21: Deliver cost efficiencies across business
2Q 2025 Update| Looking Ahead Our execution priorities 3 Deliver cost efficiencies across business GAAP costs in billions Continue to target cash breakeven in 2028 Numbers may not add due to rounding 1. From 2023 to 2024; costs including R&D, SG&A and cost of sales, excluding resizing charges of $1.
Slide 22: AI utilization to unlock cost efficiencies
2Q 2025 Update| Looking Ahead Our execution priorities 3 Deliver cost efficiencies across business AI utilization across the company has potential to unlock increased cost efficiencies Growth in GPT use GPT messages sent Deep Research spotlight: Target Product Profiles ● Faster TPP development: Redu
Slide 23: Upcoming catalysts
2Q 2025 Update| Looking Ahead Upcoming catalysts Potential approvals Data readouts Seasonal flu CMV: Phase 3 efficacy (Preparing to file) Norovirus: Phase 3 efficacy Intismeran adjuvant melanoma: Flu + COVID combo 50+ ― Phase 2 5-year durability data (EMA review ongoing; plan to re-file in
Slide 24: Our execution priorities
2Q 2025 Update| Looking Ahead Our execution priorities 1 Drive use of Spikevax, mNEXSPIKE and mRESVIA vaccines 2 Focus on 10 product approvals to drive sales growth 3 Deliver cost efficiency across the business 24 © 2025 Moderna, Inc. All rights reserved.
Slide 25: Looking Ahead
2Q 2025 Update| Looking Ahead 25 © 2025 Moderna, Inc. All rights reserved.
Slide 26: Q&A
Q&A © 2025 Moderna, Inc. All rights reserved.
Slide 27: Appendix: Moderna's Pipeline
Appendix Moderna’s Pipeline © 2025 Moderna, Inc. All rights reserved.
Slide 28: Moderna's pipeline: Respiratory vaccines
Moderna’s pipeline: Respiratory vaccines Preclinical Phase 1 Phase 2 Phase 3 Commercial Partner COVID-19 vaccine Spikevax® COVID-19 vaccine Next-gen mNEXSPIKE® Flu vaccine mRNA-1010 Adults RSV vaccine mRESVIA® Flu + COVID vaccine mRNA-1083 Pandemic Flu mRNA-1018 RSV + hMPV vaccine mRNA-1365 COVID-19
Slide 29: Moderna's pipeline: Latent + other vaccines
Moderna’s pipeline: Latent + other vaccines Preclinical Phase 1 Phase 2 Phase 3 Commercial Partner CMV vaccine mRNA-1647 EBV vaccine mRNA-1189 to prevent infectious mononucleosis EBV vaccine mRNA-1195 Latent to prevent or treat long term EBV sequelae vaccines HSV vaccine mRNA-1608 VZV vaccine mRNA-1
Slide 30: Moderna's pipeline: Oncology
Moderna’s pipeline: Oncology Preclinical Phase 1 Phase 2 Phase 3 Commercial Partner Adjuvant melanoma mRNA-4157 Adjuvant NSCLC mRNA-4157 Adjuvant NSCLC post neoadjuvant treatment mRNA-4157 Individualized RCC mRNA-4157 neoantigen therapy Bladder cancer (HR MIUC) mRNA-4157 (intismeran autogene) Bladde
Slide 31: Moderna's pipeline: Rare disease therapeutics
Moderna’s pipeline: Rare disease therapeutics Preclinical Phase 1 Phase 2 Phase 3 Commercial Partner Propionic acidemia (PA) mRNA-3927 Methylmalonic acidemia (MMA) mRNA-3705 Glycogen storage disease type 1a mRNA-3745 Rare disease (GSD1a) therapeutics Ornithine transcarbamylase deficiency mRNA-3139 (