Slide 1: Fourth Quarter 2024 Financial Results
Fourth Quarter 2024 Financial Results February 14, 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 deliver up to 10 product approvals over the next three years; M
Slide 3: 4Q24 earnings call agenda
4Q24 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: 2024 financial summary
4Q 2024 Update| Financial Review Moderna 2024 2024 financial summary Revenue Annual cost savings1 Net income (loss) Cash and investments $3.2B $2.6B $(3.6)B $9.5B Reduction from 2023 of 27% 1. From 2023 to 2024; costs including R&D, SG&A and cost of sales, excluding manufacturing resizing charges of
Slide 5: Focus on product approvals to drive growth and diversification
4Q 2024 Update| Business Review Moderna 2024 Focus on 10 product approvals to drive growth and diversification Expecting up to 10 product approvals in the next three years 5 © 2025 Moderna, © 2025Inc. Moderna, All rights Inc. reserved. All rights reserved. 5
Slide 6: Advanced pipeline across multiple therapeutic areas
4Q 2024 Update| Business Review Moderna 2024 Advanced pipeline across multiple therapeutic areas Two products Four positive Additional data and progress on the market Phase 3s across multiple programs Respiratory viruses Latent & other viruses Oncology Norovirus INT Next-gen COVID mRNA-1403 mRNA-415
Slide 7: 4Q24 earnings call agenda
4Q24 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 8: 4Q24 product sales of $0.9B, FY 2024 product sales of $3.1B
4Q 2024 Update| Financial Review 4Q24 product sales of $0.9B, FY 2024 product sales of $3.1B FY 2024 product sales in billions 2024 2024 Commentary guidance actual U.S. $1.7-$2.0B $1.7B Market share declined Vaccination rates slightly lower Minimal RSV sales Includes return reserve reversal
Slide 9: Fourth quarter 2024 financial results
4Q 2024 Update| Financial Review Fourth quarter 2024 financial results Change In $ millions, except per share amounts 4Q 2024 4Q 2023 (4Q'24 vs. 4Q'23) Net product sales $ 938 $ 2,793 $ (1,855) (66)% Other revenue1 28 18 10 56 % Total revenue 966 2,811 (1,845) (66)% Cost of sales 739 929 (190) (20)
Slide 10: Full year 2024 financial results
4Q 2024 Update| Financial Review Full year 2024 financial results Change In $ millions, except per share amounts FY 2024 FY 2023 (FY'24 vs. FY'23) Net product sales $ 3,109 $ 6,671 $ (3,562) (53)% Other revenue1 127 177 (50) (28) % Total revenue 3,236 6,848 (3,612) (53)% Cost of sales 1,464 4,693 (3
Slide 11: Reduced costs in 2024 by $2.6B excluding resizing charges
4Q 2024 Update| Financial Review Reduced costs in 2024 by $2.6B excluding resizing charges GAAP costs in billions Cost reduction drivers Manufacturing resizing Pricing renegotiation for outside services R&D prioritization Volume reduction Digital systems and process efficiencies Numbers do
Slide 12: Driving continued cost reductions in 2025 and 2026
4Q 2024 Update| Financial Review Driving continued cost reductions in 2025 and 2026 GAAP costs in billions Numbers may not add due to rounding 1. Depreciation and amortization of $0.6B includes $0.3B in manufacturing resizing charges and $0.3B spread among the other cost categories 12 © 2025 Moderna
Slide 13: 2025 GAAP financial framework
4Q 2024 Update| Financial Review 2025 GAAP financial framework $1.5 – $2.5 billion Total revenue (1H25: expecting ~$0.2B reflecting seasonality of the respiratory business) Cost of sales ~$1.2 billion R&D ~$4.1 billion SG&A ~$1.1 billion Tax Negligible Capital ~$0.4 billion expenditures Cash and 202
Slide 14: 4Q24 earnings call agenda
4Q24 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 15: Prioritized pipeline overview
4Q 2024 Update| Pipeline Programs Prioritized pipeline overview 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 mRNA-3927 mRNA-4157 Flu + COVID RSV (18-59 HR) CMV MMA (18-49) mRNA-1345 mR
Slide 16: Respiratory portfolio
4Q 2024 Update| Pipeline Programs Respiratory portfolio Respiratory virus vaccines Next-gen COVID RSV (18-59 HR) Flu + COVID (50+) Flu mRNA-1283 mRNA-1345 mRNA-1083 mRNA-1010 ● Shared positive ● Shared positive ● Shared positive ● Shared positive Phase 3 vaccine Phase 3 Phase 3 Phase 3 efficacy, imm
Slide 17: Non-respiratory portfolio
4Q 2024 Update| Pipeline Programs Non-respiratory portfolio Latent + other vaccines Oncology therapeutics Rare disease therapeutics CMV INT PA mRNA-1647 mRNA-4157 mRNA-3927 ● Anticipate Phase 3 vaccine ● Adjuvant melanoma: Phase 3 ● In registrational study efficacy readout in 2025 study fully enroll
Slide 18: 4Q24 earnings call agenda
4Q24 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 19: Our execution priorities
4Q 2024 Update| Looking Ahead Our execution 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 19 © 2025 Moderna, Inc. All rights reserved.
Slide 20: Drive use of Spikevax and mRESVIA vaccines
4Q 2024 Update| Looking Ahead Our execution priorities 1 Drive use of Spikevax and mRESVIA vaccines Entering 2025 with two Additional approvals approved products in the U.S. for mRESVIA ex-U.S. 20 © 2025 Moderna, Inc. All rights reserved.
Slide 21: Focus on product approvals over the next 3 years
4Q 2024 Update| Looking Ahead Our execution priorities Focus on 10 product approvals over the next 3 years to 2 drive sales growth Targeted product approvals Ten product approvals anticipated over the next three years target a $30B+ TAM 21 © 2025 Moderna, Inc. All rights reserved.
Slide 22: Deliver cost efficiencies across business
4Q 2024 Update| Looking Ahead Our execution priorities 3 Deliver cost efficiencies across business GAAP costs in billions 2024: Reduced costs by $2.6B2 2025/2026: Estimated cash cost reduction of more than $1B Numbers may not add due to rounding 1. Depreciation and amortization of $0.6B includes
Slide 23: Important milestones
4Q 2024 Update| Looking Ahead Important milestones Pivotal data Potential approvals readouts Next-gen COVID CMV: Phase 3 efficacy (filed, PDUFA date May 31, 2025) Seasonal flu: Phase 3 efficacy RSV 18-59 HR (filed, PDUFA date June 12, 2025) Norovirus: Phase 3 efficacy Flu + COVID combo 5
Slide 24: Looking Ahead
4Q 2024 Update| Looking Ahead 24 © 2025 Moderna, Inc. All rights reserved.
Slide 25: Q&A
Q&A © 2025 Moderna, Inc. All rights reserved.
Slide 26: Appendix: Moderna's Pipeline
Appendix Moderna’s Pipeline © 2024 Moderna, Inc. All rights reserved.
Slide 27: 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 mRNA-1283 mRNA-1010 mRNA-1020 Flu vaccines mRNA-1030 mRNA-1011 Adults mRNA-1012 RSV vaccine older adults mRESVIA® RSV vaccine 18-59 high risk mRNA-1345
Slide 28: 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 to prevent or treat long term EBV sequelae Latent HSV vaccine mRNA-1608 vaccines VZV vaccine mRNA-1
Slide 29: 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 neoantigen cSCC mRNA-4157 therapy RCC mRNA-4157 Bladder cancer mRNA-4157 Early and late solid tu
Slide 30: 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 (GSD1a) mRNA-3745 Rare disease Ornithine transcarbamylase deficiency (OTC) mRNA-3139 therapeu