Moderna, Inc. · NASDAQ:MRNA
Moderna — Q2 2026 Earnings Presentation
29 slides from Moderna's earnings presentation, Jul 31, 2026
Slide 1: Second Quarter 2026 Financial Results
Second Quarter 2026 Financial Results July 31, 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 up to ten percent revenue grow
Slide 3: 2Q26 earnings call agenda
2Q26 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: 2Q26 financial summary
2Q 2026 Update | Business Review 2Q26 financial summary Revenue Net income (loss) Cash & investments $0.1B $(0.8)B $6.9B Continuing to execute with financial discipline Reduced cash costs1 by 10% in 2Q26 compared to 2Q25 1.Cash costs = GAAP expenses − stock-based compensation − depreciation and amor
Slide 5: Business highlights in 2Q
2Q 2026 Update | Business Review Business highlights in 2Q Pipeline progress Corporate updates Seasonal flu mRNA-1010 Positive recommendation from U.S. VRBPAC; August 5 Partnerships PDUFA date Expanded CEPI partnership to explore development of Norovirus mRNA-1403 Ebola vaccine Following interim ana
Slide 6: Moderna welcomes Ester Banque as Chief Commercial Officer
2Q 2026 Update | Business Review Moderna welcomes Ester Banque as Chief Commercial Officer Leads Moderna’s global commercial organization, product launch execution and expansion into new markets Brings more than 30 years of commercial leadership experience across biopharmaceuticals and animal he
Slide 7: Moderna welcomes new Board member Michael McDonnell
2Q 2026 Update | Business Review Moderna welcomes new Board member Michael McDonnell Former Executive Vice President and Chief Financial Officer of Biogen Inc., with more than 24 years of public company CFO experience Previously served as Chief Financial Officer of IQVIA Holdings, Intelsat, MCG
Slide 8: 2Q26 earnings call agenda
2Q26 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 © 2025 Moderna, Inc. All rights reserved.
Slide 9: Strategic partnerships drove strong 1H performance
2Q 2026 Update | Financial Review Strategic partnerships drove strong 1H performance U.S./international revenue • Reiterating up to 10% growth in 2026 • Expect U.S./International revenue split of 50/50 • Expect 3Q revenue to be 55% of 2H26 revenue 9 © 2026 Moderna, Inc. All rights reserved.
Slide 10: 2Q 2026 financial results
2Q 2026 Update | Financial Review 2Q 2026 financial results Change In $ millions, except per share amounts 2Q 2026 2Q 2025 (2Q'26 vs. 2Q'25) Net product sales $ 94 $ 114 $ (20) (18)% Other revenue1 51 28 23 82 % Total revenue 145 142 3 2 % Cost of sales 93 119 (26) (22) % Research and development 65
Slide 11: Updated 2026 GAAP financial framework
2Q 2026 Update | Financial Review Updated 2026 GAAP financial framework UPDATED FRAMEWORK CHANGE FROM PREVIOUS Up to 10% growth from 2025 Total revenue (Expect 2026 revenue to be split ~50% U.S. and ~50% Unchanged International; expect 3Q revenue to be 55% of 2H26 revenue) Cost of sales1 ~$1.7B ~$4.
Slide 12: 2Q26 earnings call agenda
2Q26 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 13: Advancing a multi-year revenue growth strategy
2Q 2026 Update | Business updates Advancing a multi-year revenue growth strategy Executing on key approvals and strategic partnerships mNEXSPIKE®: Approvals in Japan and Taiwan mFLUSIVA®: Positive VRBPAC recommendation for mRNA-1010 and U.S. PDUFA date of August 5, 2026 mRESVIA®: Joint procure
Slide 14: Infectious disease vaccines: approved products
2Q 2026 Update | Business updates Infectious disease vaccines: approved products 2025/26 formula approved Approved in the US, EU, Canada, Approved in EU Approved in 44 countries in 30+ countries Australia, Japan, Taiwan • XFG strain selected • Approved in Mexico for • Under review in Japan • Approve
Slide 15: mNEXSPIKE's momentum and real-world evidence
2Q 2026 Update | Business updates mNEXSPIKE’s momentum and real-world evidence mNEXSPIKE (mRNA-1283) Observed vaccine effectiveness against hospitalization launch-year performance with documented COVID-19 during the 2025–26 season U.S. mNEXSPIKE 25/26 season mRNA-1283 vs. matched BNT62b2 vs. matched
Slide 16: Infectious disease vaccines: late-stage pipeline
2Q 2026 Update | Business updates Infectious disease vaccines: late-stage pipeline Flu Norovirus mRNA-1010 mRNA-1403 Filed In Phase 3 • Positive June 18, 2026 U.S. • Phase 3 interim analysis VRBPAC recommendation did not meet statistical criteria for early success; • U.S. PDUFA date of preparing to
Slide 17: 2Q26 earnings call agenda
2Q26 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 18: Oncology therapeutics: intismeran autogene mRNA-4157
2Q 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 ASCO 2026 presentations:* fully enro
Slide 19: Oncology therapeutics
2Q 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 20: Rare disease therapeutics pipeline
2Q 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 20 © 2026 Moderna, Inc. All rights reserved.
Slide 21: 2Q26 earnings call agenda
2Q26 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 22: 2026 value drivers
2Q 2026 Update | Looking Ahead 2026 value drivers Commercial + Potential Potential clinical financial performance approvals milestones ● Intismeran ● Up to 10% revenue ● mNEXSPIKE in EU, Japan, Switzerland, • Five-year Phase 2 adjuvant melanoma data growth in 2026 Taiwan • Phase 3 adjuvant melanoma
Slide 23: Upcoming events
2Q 2026 Update | Looking Ahead Upcoming events Moderna Analyst Day November 12, 2026 In-person in Cambridge, MA Webcast 23 © 2026 Moderna, Inc. All rights reserved.
Slide 24: © 2026 Moderna, Inc. All rights reserved.
24 © 2026 Moderna, Inc. All rights reserved.
Slide 25: Q&A
Q&A © 2026 Moderna, Inc. All rights reserved.
Slide 26: Appendix: Moderna's Pipeline
Appendix Moderna’s Pipeline © 2026 Moderna, Inc. All rights reserved.
Slide 27: Moderna's pipeline: Infectious diseases
Moderna’s pipeline: Infectious diseases 27 © 2026 Moderna, Inc. All rights reserved.
Slide 28: 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 28 © 2026 Moderna, Inc. All rights reserved.
Slide 29: Moderna's pipeline: Rare diseases
Moderna’s pipeline: Rare diseases 29 © 2026 Moderna, Inc. All rights reserved.