Slide 1: Fourth Quarter 2025 Financial Results
Fourth Quarter 2025 Financial Results February 13, 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 2026 financial framework, including up to ten percent revenue growth and f
Slide 3: 4Q25 earnings call agenda
4Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Commercial Overview & Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2026 Moderna, Inc. All rights reserved.
Slide 4: 2025 financial summary
4Q 2025 Update| Business Review 2025 financial summary Revenue Annual cost savings Net income (loss) Cash & investments $1.9B $2.2B $(2.8)B $8.1B Reduction from 2024 of 30% © 2025 2026 Moderna, Inc. All rights reserved.
Slide 5: Strong execution driving commercial and pipeline progress
4Q 2025 Update| Business Review Strong execution driving commercial and pipeline progress Commercial Filings under Pipeline updates review progress Three products on the market Flu + COVID Intismeran Norovirus mRNA-1083 autogene mRNA-4359 mRNA-4157 Filed and under review • Positive five-year Phase 2
Slide 6: Executive Committee update
4Q 2025 Update| Business Review Executive Committee update David Berman, M.D., Ph.D. Incoming Chief Development Officer Over a two-decade career, Dr. Berman has contributed to the development of more than a dozen clinical-stage immunotherapies, including senior leadership roles on four oncology bi
Slide 7: 4Q25 earnings call agenda
4Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Commercial Overview & Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2026 Moderna, Inc. All rights reserved.
Slide 8: 4Q25 revenue of $0.7B, FY 2025 revenue of $1.9B
4Q 2025 Update | Financial Review 4Q25 revenue of $0.7B, FY 2025 revenue of $1.9B FY 2025 revenue in billions numbers may not add due to rounding 2025 2025 Commentary guidance1 actual U.S. $1.0-$1.3B $1.2B Strong COVID retail market share in Fall 20252 Successful mNEXSPIKE launch International $
Slide 9: Fourth quarter 2025 financial results
4Q 2025 Update | Financial Review Fourth quarter 2025 financial results Change In $ millions, except per share amounts 4Q 2025 4Q 2024 (4Q'25 vs. 4Q'24) Net product sales $ 645 $ 938 $ (293) (31) % Other revenue1 33 28 5 18 % Total revenue 678 966 (288) (30) % Cost of sales 452 739 (287) (39) % Rese
Slide 10: Full year 2025 financial results
4Q 2025 Update | Financial Review Full year 2025 financial results Change FY 2025 FY 2024 In $ millions, except per share amounts (FY'25 vs. FY'24) ended 12/31/25 ended 12/31/24 Net product sales $ 1,818 $ 3,109 $ (1,291) (42) % 1 Other revenue 126 127 (1) (1) % Total revenue 1,944 3,236 (1,292) (40
Slide 11: 2026 GAAP financial framework
4Q 2025 Update | Financial Review 2026 GAAP financial framework Total revenue Up to 10% growth from 2025; expect 2026 revenue to be split ~50% U.S. and ~50% International Cost of sales ~$0.9B ~$4.9B total GAAP operating expenses R&D ~$3.0B ~$4.2B total cash costs1 SG&A ~$1.0B Tax Negligible Capital
Slide 12: 4Q25 earnings call agenda
4Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Commercial Overview & Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2026 Moderna, Inc. All rights reserved.
Slide 13: Advancing a multi-year revenue growth strategy
4Q 2025 Update | Commercial Overview & Pipeline Programs Advancing a multi-year revenue growth strategy Recent strategic agreements and global approvals support durable growth ● mNEXSPIKE approvals in Canada and Australia ● Strain-updated Spikevax COVID vaccine approved in UK for spring vaccination
Slide 14: 2026 growth driver: Annualized impact from UK, Canada, Australia strategic partnerships
4Q 2025 Update | Commercial Overview & Pipeline Programs 2026 growth driver: Annualized impact from UK, Canada, Australia strategic partnerships Multi-year strategic partnerships providing recurring revenue UK Strategic partnership features ● 69M population ● ~$0.2B in revenue 1H26 for spring booste
Slide 15: 2026 growth driver: mNEXSPIKE
4Q 2025 Update | Commercial Overview & Pipeline Programs 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 Continuing to drive uptake U.S. mNEXSPIKE 25/26 season-to- U.S. date share o
Slide 16: Infectious disease vaccines portfolio
4Q 2025 Update | Commercial Overview & Pipeline Programs Infectious disease vaccines portfolio Approved Filed In Phase 3 Flu Flu + COVID Norovirus mRNA-1010 mRNA-1083 mRNA-1403 • Accepted for review • Filing under review Ongoing Phase 3 • Updated 2025-26 • mNEXSPIKE • mRESVIA in the EU, Canada wit
Slide 17: Therapeutics pipeline
4Q 2025 Update | Commercial Overview & Pipeline Programs Therapeutics pipeline Oncology Rare diseases Intismeran autogene 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 •
Slide 18: 4Q25 earnings call agenda
4Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Commercial Overview & Pipeline Programs Stephen Hoge, M.D., President Looking Ahead Stéphane Bancel, CEO © 2026 Moderna, Inc. All rights reserved.
Slide 19: Looking ahead: 2026 value drivers
4Q 2025 Update | Looking Ahead Looking ahead: 2026 value drivers Commercial Pipeline Financial discipline mNEXSPIKE continuing to Potential approvals 2026 cash cost1 target: gain market share ● mNEXSPIKE in Europe, Japan and Taiwan $4.2B ● Flu + COVID combo (mRNA-1083) in Europe and Canada Full year
Slide 20: Strong momentum heading into 2026
4Q 2025 Update | Looking Ahead Strong momentum heading into 2026 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 infectious late-stage oncology disease vaccine
Slide 21: Looking Ahead
4Q 2025 Update | Looking Ahead 21 © 2026 Moderna, Inc. All rights reserved.
Slide 22: Q&A
Q&A © 2026 Moderna, Inc. All rights reserved.
Slide 23: Appendix: Moderna's Pipeline
Appendix Moderna’s Pipeline © 2026 Moderna, Inc. All rights reserved.
Slide 24: Moderna's pipeline: Infectious diseases
Moderna’s pipeline: Infectious diseases 24 © 2025 Moderna, Inc. All rights reserved.
Slide 25: Moderna's pipeline: Oncology
Moderna’s pipeline: Oncology Abbreviations: NSCLC, non-small cell lung cancer; RCC, renal cell carcinoma; HR MIUC, high-risk muscle-invasive urothelial carcinoma; HR NMIBC, high-risk non-muscle invasive bladder cancer 25 © 2025 Moderna, Inc. All rights reserved.
Slide 26: Moderna's pipeline: Rare disease therapeutics
Moderna’s pipeline: Rare disease therapeutics 26 © 2025 Moderna, Inc. All rights reserved.