Moderna, Inc. · NASDAQ:MRNA
Moderna — Q3 2026 Earnings Presentation
32 slides from Moderna's earnings presentation, Nov 6, 2026
Slide 1: Third Quarter 2026 Financial Results
Third Quarter 2026 Financial Results November 6, 2026 © 2026 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 updated 2026 financial framework, including 15-25% revenue growth and furt
Slide 3: 3Q26 earnings call agenda
3Q26 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Business updates Stephen Hoge, M.D., President Pipeline updates David Berman, M.D., Ph.D., Chief Development Officer Looking Ahead Stéphane Bancel, CEO © 2026 Moderna, Inc. All rights reserved.
Slide 4: 3Q26 financial summary
3Q 2026 Update | Business Review 3Q26 financial summary Revenue Net income Cash & investments $1.3B $0.2B $8.0B Continuing to execute with financial discipline Reduced cash costs1 by 10% in 3Q26 compared to 3Q25 1.Cash costs = GAAP expenses − stock-based compensation − depreciation and amortization
Slide 5: Business highlights in 3Q
3Q 2026 Update | Business Review Business highlights in 3Q Commercial milestones Oncology pipeline Corporate updates Approved by U.S. FDA Financing Intismeran autogene mRNA-4157 and Health Canada Raised $3.0B through 0% • Presented Phase 3 data at the ESMO1 convertible notes3 due 2032, 2026 Presiden
Slide 6: Moderna welcomes Juan Andres as Chief Operating Officer
3Q 2026 Update | Business Review Moderna welcomes Juan Andres as Chief Operating Officer As Chief Operating Officer, Juan leads Moderna’s operational strategy and execution, including oversight of the Company’s global manufacturing organization Returns to Moderna after six years leading the buil
Slide 7: 3Q26 earnings call agenda
3Q26 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Business updates Stephen Hoge, M.D., President Pipeline updates David Berman, M.D., Ph.D., Chief Development Officer Looking Ahead Stéphane Bancel, CEO © 2026 Moderna, Inc. All rights reserved.
Slide 8: 3Q26 revenue of $1.3B, 1Q-3Q total of $1.8B
3Q 2026 Update | Financial Review 3Q26 revenue of $1.3B, 1Q-3Q total of $1.8B Revenue through 3Q26 • Strength in 3Q driven by increased demand, operational execution, and timing of shipments between 3Q and 4Q • Increased 2026 revenue outlook to 15-25% growth, exceeding prior expectation of up to 10%
Slide 9: 3Q 2026 financial results
3Q 2026 Update | Financial Review 3Q 2026 financial results Change In $ millions, except per share amounts 3Q 2026 3Q 2025 (3Q'26 vs. 3Q'25) Net product sales $ 1,273 $ 973 $ 300 31 % Other revenue1 40 43 (3) (7) % Total revenue 1,313 1,016 297 29 % Cost of sales 318 207 111 54 % Research and develo
Slide 10: Updated 2026 GAAP financial framework
3Q 2026 Update | Financial Review Updated 2026 GAAP financial framework UPDATED FRAMEWORK CHANGE FROM PREVIOUS 15-25% growth from 2025 Increased from up to 10% growth from 2025 Total revenue (Expect 2026 revenue to be approximately (Expect 2026 revenue split of ~50% U.S. and ~50% International) even
Slide 11: 3Q26 earnings call agenda
3Q26 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Business updates Stephen Hoge, M.D., President Pipeline updates David Berman, M.D., Ph.D., Chief Development Officer Looking Ahead Stéphane Bancel, CEO © 2026 Moderna, Inc. All rights reserved.
Slide 12: Advancing a multi-year revenue growth strategy
3Q 2026 Update | Business updates Advancing a multi-year revenue growth strategy Executing our strategy mFLUSIVA®: FDA approval for 50-64 years of age; accelerated approval for adults 65+; approved in Canada for adults 50+ mCOFLU®: Approved in Canada for adults 50+ (known as mCOMBRIAX® in the EU
Slide 13: Infectious disease vaccines: approved products
3Q 2026 Update | Business updates Infectious disease vaccines: approved products Deliveries underway in Supplying U.S., Japan, Taiwan, Approved in 44 countries Approved in U.S., Canada Approved in EU, Canada markets worldwide Spain with planned 2028 market expansion • XFG strain approved • Clinical
Slide 14: U.S. respiratory vaccination demand remains resilient
3Q 2026 Update | Business updates U.S. respiratory vaccination demand remains resilient U.S. retail + LTC respiratory vaccines market remains stable Season-to-date through October 30, 2026 | Retail + LTC 27.0M Flu 29.1M Strong momentum 14.5M Robust flu and COVID-19 activity COVID-19 14.0M continues
Slide 15: Infectious disease vaccines: late-stage pipeline
3Q 2026 Update | Business updates Infectious disease vaccines: late-stage pipeline Norovirus mRNA-1403 In Phase 3 • Phase 3 interim analysis did not meet statistical criteria for early success • Moderna has decided not to enroll an additional cohort this season • Company is engaging Health Authoriti
Slide 16: 3Q26 earnings call agenda
3Q26 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Business updates Stephen Hoge, M.D., President Pipeline updates David Berman, M.D., Ph.D., Chief Development Officer Looking Ahead Stéphane Bancel, CEO © 2026 Moderna, Inc. All rights reserved.
Slide 17: Oncology therapeutics: intismeran autogene mRNA-4157
3Q 2026 Update | Pipeline updates Oncology therapeutics Intismeran autogene mRNA-4157 In partnership with Merck Phase 3 Phase 2 Phase 1 • Adjuvant melanoma • Adjuvant muscle invasive bladder • Adjuvant pancreatic cancer fully enrolled cancer (MIBC) fully enrolled ESMO 2026: Presidential Symposium ,
Slide 18: Phase 3 results demonstrate a 42% reduction in risk of recurrence or death
3Q 2026 Update | Pipeline updates Phase 3 results demonstrate a 42% reduction in the risk of recurrence or death Key takeaways First positive Phase 3 study for individualized neoantigen therapy First positive Phase 3 study versus anti-PD1 in adjuvant melanoma 18 © 2026 Moderna, Inc. All rights reser
Slide 19: Results demonstrate greater RFS benefit with longer follow-up
3Q 2026 Update | Pipeline updates Phase 2 results demonstrate greater RFS benefit with longer follow-up Primary analysis1 3-year analysis2 5-year analysis3 Primary analysis a 3-year follow-up 5-year follow-up Phase 2 0.56 (median F/U: 23 months4) 0.51 (median F/U: 34.9 months) 0.51 (median F/U: 60.3
Slide 20: mITT analysis shows greater RFS benefit
3Q 2026 Update | Pipeline updates mITT analysis shows a greater RFS benefit among patients who received intismeran as planned mITT population excludes participants who did not receive at least one dose of intismeran or placebo as planned a. Randomization stratification factors applied to all stratif
Slide 21: Safety findings consistent with known profiles
3Q 2026 Update | Pipeline updates Safety findings were consistent with the known profiles of the individual therapies AEs of interest for intismeran were consistent with expected profile • The most common AEs in the intismeran + KEYTRUDA arm were pyrexia (52.2%), injection site pain (51.0%), and fat
Slide 22: Oncology therapeutics
3Q 2026 Update | Pipeline updates Oncology therapeutics Cancer antigen T-cell Cell therapy- therapies engager enhancer + mRNA-4359 mRNA-2808 anzu-cel mRNA-4203 + IMA203 Phase 2 • Phase 2 in first-line metastatic melanoma, second-line+ Phase 1/2 Phase 1 metastatic melanoma, and first-line metastatic
Slide 23: Rare disease therapeutics pipeline
3Q 2026 Update | Pipeline updates Rare disease therapeutics pipeline PA MMA mRNA-3927 mRNA-3705 Phase 2 Phase 2 • In a registrational • Company deferred study; target decision on pivotal enrollment reached trial until PA readout 23 © 2026 Moderna, Inc. All rights reserved.
Slide 24: 3Q26 earnings call agenda
3Q26 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Business updates Stephen Hoge, M.D., President Pipeline updates David Berman, M.D., Ph.D., Chief Development Officer Looking Ahead Stéphane Bancel, CEO © 2026 Moderna, Inc. All rights reserved.
Slide 25: 2026 value drivers
2026 value drivers 3Q 2026 Update | Looking Ahead Commercial + Potential Potential clinical financial performance approvals milestones Intismeran ● Updated expected 2026 mNEXSPIKE in EU, revenue growth to 15-25%, Japan, Switzerland, • Five-year Phase 2 adjuvant melanoma data exceeding previous e
Slide 26: Upcoming events
3Q 2026 Update | Looking Ahead Upcoming events Moderna Analyst Day November 12, 2026 In-person at Moderna Marlborough Facility (by RSVP) Webcast 26 © 2026 Moderna, Inc. All rights reserved.
Slide 27: © 2026 Moderna, Inc. All rights reserved.
27 © 2026 Moderna, Inc. All rights reserved.
Slide 28: Q&A
Q&A © 2026 Moderna, Inc. All rights reserved.
Slide 29: Appendix: Moderna's Pipeline
Appendix Moderna’s Pipeline © 2026 Moderna, Inc. All rights reserved.
Slide 30: Moderna's pipeline: Infectious diseases
Moderna’s pipeline: Infectious diseases 30 © 2026 Moderna, Inc. All rights reserved.
Slide 31: Moderna's pipeline: Oncology
Moderna’s pipeline: Oncology Abbreviations: NSCLC, non-small cell lung cancer; RCC, renal cell carcinoma; MIBC, muscle-invasive bladder cancer; NMIBC, non-muscle invasive bladder cancer 31 © 2026 Moderna, Inc. All rights reserved.
Slide 32: Moderna's pipeline: Rare diseases
Moderna’s pipeline: Rare diseases 32 © 2026 Moderna, Inc. All rights reserved.