Slide 1: Second Quarter 2022 Financial Results
Second Quarter 2022 Financial Results August 3rd, 2022 © 2022 M oderna, Inc. All rights reserved.
Slide 2: Forward-looking statements and disclaimer
Forward-looking statements and disclaimer This presentation contains forw ard-looking statements w ithin the meaning of the Priv ate Securities Litigation Reform Act of 1995, as amended, including statements regarding: anticipated sales, including the timing of sales, under adv ance purchase agreeme
Slide 3: 2Q22 earnings call agenda
2Q22 earnings call agenda 1 Business Review – Stéphane Bancel, CEO 2 Spikevax® COVID-19 Vaccine – Paul Burton, M.D., Ph.D., CMO 3 R&D/Clinical Programs – Stephen Hoge, M.D., President 4 Commercial Market – Arpa Garay, CCO 5 Financials – David Meline, CFO 6 Looking Forward – Stéphane Bancel, CEO 3 ©
Slide 4: Financial highlights 2Q22
Financial highlights 2Q22 Second quarter 2022 GAAP financial results • Revenue: $4.7 billion (+9% YoY) • Net income: $2.2 billion (-21% YoY) • Continued reduction in shares outstanding in 2Q22 – 2Q22: Repurchased 9 million shares for $1.3 billion (average price of $142) – Total of 18 million shares
Slide 5: Business updates and pipeline advances
Business updates and pipeline advances COVID Booster Commercial Pipeline Advances Updates • Four programs in Phase 3 • New supply contract with the U.S. government for 70 million doses (option for 4 million pediatric doses • Flu (mRNA-1010) Phase 3 immunogenecity study started exercised) with option
Slide 6: Programs in development
Moderna as of August 2022 Commercial Phase 3 Phase 2 46 development Pipeline Moderna COVI D-19 Vaccine/Spikev ax® COVI D boosters, Flu, RSV, CMV Zika, PCV, VEGF-A programs Respiratory vaccines Latent vaccines mRNA therapeutics Programs in development • COVID variant boosters (variant-specific and •
Slide 7: 2Q22 earnings call agenda
2Q22 earnings call agenda 1 Business Review – Stéphane Bancel, CEO 2 Spikevax® COVID-19 Vaccine – Paul Burton, M.D., Ph.D., CMO 3 R&D/Clinical Programs – Stephen Hoge, M.D., President 4 Commercial Market – Arpa Garay, CCO 5 Financials – David Meline, CFO 6 Looking Forward – Stéphane Bancel, CEO 7 ©
Slide 8: Boosting with mRNA-1273 provides substantial protection against COVID-19 infection and hospitalization
Boosting with mRNA-1273 provides substantial protection against COVID-19 infection and hospitalization 3,111,159 matched pairs in Spanish nationwide registry between January 3 – February 6, 2022 “Estimated effectiveness was 52.5% (51.3– 53.7) for an mRNA-1273 booster and 46.2% (43.5–48.7) for a BNT1
Slide 9: Boosting with mRNA-1273 provides substantial protection against COVID-19 infection and hospitalization
Boosting with mRNA-1273 provides substantial protection against COVID-19 infection and hospitalization 462,950 booster recipients September – December 2021 in U.S. Veteran Affairs Medical Center study “[Relative vaccine effectiveness] (95% CI) was 19% (17-22%) for confirmed infection, 52% (46-57%) f
Slide 10: Boosting with mRNA-1273 provides substantial protection against COVID-19 infection and hospitalization
Boosting with mRNA-1273 provides substantial protection against COVID-19 infection and hospitalization 3,056,862 matched pairs in NHS England between October 29, 2021 and January 31, 2022 COVID-19 Hospitalization, cumulative incidence/1000 “Booster vaccination with mRNA-1273 COVID-19 vaccine was mor
Slide 11: disCOVEries study: decentralized trial comparing Pfizer vs. Moderna antibody levels
disCOVEries study: Innovative, decentralized trial designed to compare Pfizer vs. Moderna antibody levels • Real-world assessment of antibody levels – Used mobile health technology to recruit/enroll participants and at-home blood collection self-conducted by participants • The study was designed to
Slide 12: Higher antibody levels with MMM vs. PPP for ancestral virus and variants
Results show higher antibody levels with MMM vs. PPP for ancestral virus and variants of concern Antibody GMTs and GMRs From ≥8 Weeks Through ≥32 Weeks Following First Booster in the MMM and PPP Cohorts • Primary endpoint: Antibody level since receiving a COVID-19 booster (each participant providing
Slide 13: Higher antibody levels with MMM vs. PPP for Omicron BA.1
Results show higher antibody levels with MMM vs. PPP for Omicron BA.1 Ant ibody GMTs and GMRs From ≥8 Weeks Through ≥32 Weeks Following First Booster in t he MMM and PPP Cohorts • Results show higher antibody levels with MMM vs. PPP for Omicron BA.1 and better durability – Moderna titer levels at 24
Slide 14: 2Q22 earnings call agenda
2Q22 earnings call agenda 1 Business Review – Stéphane Bancel, CEO 2 Spikevax® COVID-19 Vaccine – Paul Burton, M.D., Ph.D., CMO 3 R&D/Clinical Programs – Stephen Hoge, M.D., President 4 Commercial Market – Arpa Garay, CCO 5 Financials – David Meline, CFO 6 Looking Forward – Stéphane Bancel, CEO 14 ©
Slide 15: Advancing two bivalent candidates for the fall
We are advancing two bivalent candidates for the fall to meet different market needs mRNA-1273.214 • Demonstrated significantly higher titers against the BA.4/5 strain in a clinical trial before the fall booster season, when (25 µg of mRNA-1273 and 25 µg of Omicron BA.1) compared to the currently au
Slide 16: Respiratory vaccines: Flu, RSV vaccines ongoing in Phase 3 studies
Respiratory vaccines: Flu, RSV vaccines ongoing in Phase 3 studies • COVID-19 variant boosters and next generation booster (mRNA-1283) in development • Flu (mRNA-1010) Phase 3 safety & immunogenecity trial ongoing to support potential accelerated approval and preparing for Phase 3 efficacy study in
Slide 17: Latent & public health vaccines: CMV vaccine ongoing in Phase 3 study
Latent & public health vaccines: CMV vaccine ongoing in Phase 3 study • CMV vaccine pivotal Phase 3 study, known as CMVictory, is ongoing • EBV vaccine (to prevent infectious mononucleosis) Phase 1 is ongoing; EBV vaccine (to prevent EBV sequelae) in preclinical • HIV vaccines Phase 1 trials are ong
Slide 18: mRNA therapeutics: Data expected from PA and PCV programs in '22
mRNA therapeutics: Data expected from PA and PCV programs in ’22 Immuno-oncology • PCV Phase 1 ongoing; Phase 2 fully enrolled, data expected in 4Q 2022 • KRAS Phase 1 ongoing; evaluating next steps for the program • Triplet, IL-12 ongoing in Phase 1 • Checkpoint vaccine open IND Cardiovascular • VE
Slide 19: 2Q22 earnings call agenda
2Q22 earnings call agenda 1 Business Review – Stéphane Bancel, CEO 2 Spikevax® COVID-19 Vaccine – Paul Burton, M.D., Ph.D., CMO 3 R&D/Clinical Programs – Stephen Hoge, M.D., President 4 Commercial Market – Arpa Garay, CCO 5 Financials – David Meline, CFO 6 Looking Forward – Stéphane Bancel, CEO 19 ©
Slide 20: Second quarter 2022 Product Sales of $4.5 billion, $10.5 billion in 1H 2022
Second quarter 2022 Product Sales of $4.5 billion, $10.5 billion in 1H 2022 (unaudited) Product Sales YoY Comparison In USD Billions Q2 2022 Product Sales: $4.5 billion 10.5 ▪ North America: $1.6 billion, includes pediatric deliveries 2.4 ▪ EMEA: $1.5 billion ▪ APAC: $1.1 billion 5.9 4.5 ▪ RoW: $0.4
Slide 21: Spikevax continues to show substantial market share
Spikevax® continues to show substantial market share Booster market in OECD countries continue to be an mRNA vaccine market Spikevax® Cumulative Booster Market Share +44% +48% 57% 55% +6% +16% +9% 54% +31% 51% 45% 43% 43% 43% 39% +18% +28% 41% 34% 35% 35% 32% 34% 28% 30% 27% 10% 11% 4% 3% 2% Oct Feb
Slide 22: New U.S. government contract for fall 2022 COVID booster doses
New U.S. government contract for fall 2022 COVID booster doses • New U.S. government contract includes an award up to $1.8 billion for 70 million doses to be delivered in 2022; additional options, if exercised, may raise total to 300 million doses – U.S. government exercised option for an additional
Slide 23: COVID booster commercial outlook in 2022
COVID booster commercial outlook in 2022 Commercial Dynamics I LLUSTRATI VE Pandemic Endemic • Moderna is advancing two bivalent candidates for fall 2022 based on different market needs for Omicron subvariants (mRNA-1273.214 and mRNA-1273.222) 2020 • Both bivalent candidates contain 25 µg of the cur
Slide 24: 2Q22 earnings call agenda
2Q22 earnings call agenda 1 Business Review – Stéphane Bancel, CEO 2 Spikevax® COVID-19 Vaccine – Paul Burton, M.D., Ph.D., CMO 3 R&D/Clinical Programs – Stephen Hoge, M.D., President 4 Commercial Market – Arpa Garay, CCO 5 Financials – David Meline, CFO 6 Looking Forward – Stéphane Bancel, CEO 24 ©
Slide 25: Second quarter 2022 financial results
Second quarter 2022 financial results QoQ Change In $ millions, except per share amounts (unaudited) Q2 2022 Q2 2021 (Q2 22 vs. Q2 21) Product sales $ 4,531 $ 4,197 $ 334 8% Grant rev enue 183 139 44 32 % Collaboration rev enue 35 18 17 94 % Total revenue 4,749 4,354 395 9% Cost of sales 1,381 750 6
Slide 26: Year-to-date 2022 financial results
Year-to-date 2022 financial results 2022 YTD 2021 YTD YoY In $ millions, except per share amounts (unaudited) ended 6/30/22 ended 6/30/21 Change Product sales $ 10,456 $ 5,930 $ 4,526 76 % Grant rev enue 309 333 (24) (7) % Collaboration rev enue 50 28 22 79 % Total revenue 10,815 6,291 4,524 72 % Co
Slide 27: Cash/Investments and Cash Deposits
Cash/ Investments and Cash Deposits (unaudited) Cash / Investments In USD Billions Cash, Cash equivalents and Investments ▪ Cash, Cash equivalents and Investments as 17.6 19.3 18.1 of June 30, 2022 at $18.1 billion, down from 12.2 $19.3 billion as of March 31, 2022 6/30/2021 12/31/2021 3/31/2022 6/3
Slide 28: Moderna's capital allocation priorities
Moderna’s capital allocation priorities Reinvest in the business & Share buyback details accelerate investment in R&D, 1 manufacturing infrastructure and Share buybacks: company buildout • Q2 2022: 9 million shares for $1.3 billion • Cumulative buybacks to date: 18 million shares (~4% of outstanding
Slide 29: 2022 updated financial framework
2022 updated financial framework ▪ Advance purchase agreements (APAs) for expected delivery in 2022 of ~$21 billion of product sales, reflecting new US government contract for 2022 and a downward adjustment for COVAX doses Sales ▪ We expect sales to be higher in Q4 than in Q3, driven by the timing o
Slide 30: 2Q22 earnings call agenda
2Q22 earnings call agenda 1 Business Review – Stéphane Bancel, CEO 2 Spikevax® COVID-19 Vaccine – Paul Burton, M.D., Ph.D., CMO 3 R&D/Clinical Programs – Stephen Hoge, M.D., President 4 Commercial Market – Arpa Garay, CCO 5 Financials – David Meline, CFO 6 Looking Forward – Stéphane Bancel, CEO 30 ©
Slide 31: Moderna's 2022 priorities
Moderna’s 2022 priorities 1 Execute on $21B signed APAs and deliver fall boosters 2 Execute on late-stage clinical vaccine pipeline with flu, RSV, and CMV Phase 3 trials 3 • Advance therapeutic programs and share proof-of-concept readouts for our PA and PCV programs 4 Bring forward more mRNA candida
Slide 32: Published first ESG report in June
Published first ESG report in June Select highlights: • Medicines for patients: Announced global public health strategy including goal to target 15 priority pathogens by 2025 and mRNA access collaborative • Employees: Continued workforce growth with focus on talent and creating a culture of inclusio
Slide 33: R&D Day and ESG Day save the date
R&D Day September 8th Save the Date Events in 2022 ESG Day November 10th 33 © 2022 M oderna, Inc. All rights reserved.
Slide 34: Our mission
Our mission To deliver on the promise of mRNA science to create a new generation of transformative medicines for patients. 34 © 2022 M oderna, Inc. 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 mRNA-1273/Spikevax ® Worldw ide mRNA-1273.214 Omicron (BA.1) variant + w ild-type Worldw ide mRNA-1273.222 Omicron (BA.4/5) variant + w ild-type Worldw ide mR
Slide 36: Moderna's Latent & Public Health Vaccines (Pipeline 2/3)
Moderna’s Latent & Public Health Vaccines (Pipeline 2/3) Preclinical Moderna Modality Program ID # Phase 1 Phase 2 Phase 3 Commercial development rights CMV vaccine mRNA-1647 W orldwide EBV vaccine (to prevent mRNA-1189 W orldwide infectious mononucleosis) Latent vaccines EBV vaccine (to prevent EBV
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 Relaxin Systemic Heart failure mRNA-0184 Worldwide secreted & cell surface PD-L1 Autoimmune hepatitis mRNA-6981 Worldwide therapeutics Personalized cancer vaccine 50-