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Moderna : Presentation (Moderna 1Q26 Earnings Presentation FINAL)
Moderna : Presentation (Moderna 1Q26 Earnings Presentation
About this update from Moderna, Inc.
First Quarter 2026 Financial Results May 1, 2026 © 2026 Moderna, Inc. All rights reserved. 1Q26 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. 1Q 2026 Update| Business Review 1Q26 financial summary Revenue $0.4B Net income (loss) excluding Arbutus litigation settlement $(0.5)B Cash & investments $7.5B Net income (loss) $(1.3)B Continuing to execute with financial discipline Reduced 1Q26 adjusted cash costs 1 by 26% compared to 1Q25 Excluding $0.9B for litigation settlement charge. Cash costs = GAAP expenses − stock-based compensation − depreciation and amortization © 2025 Moderna, Inc. All rights reserved. © 2026 Moderna, Inc. All rights reserved. 4 1Q 2026 Update| Business Review Business highlights in 1Q Regulatory milestones Intismeran autogene mRNA-4157 Phase 3 Stage 1 NSCLC trial initiation Pipeline progress Approved in EU for individuals aged 12+ Upcoming ASCO * oral presentation: Phase 2 5-year update of intismeran autogene Approved in EU for individuals aged 50+ + Keytruda in adjuvant melanoma mRNA-4359 Presented new data at AACR * Seasonal flu mRNA-1010 Pandemic flu mRNA-1018 Phase 3 study initiated with support from CEPI August 5 PDUFA date in U.S. *ASCO: American Society of Clinical Oncology; AACR: American Association for Cancer Research © 2025 Moderna, Inc. All rights reserved. © 2026 Moderna, Inc. All rights reserved. 5 1Q26 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. 1Q 2026 Update | Financial Review Strong 1Q revenue with strategic partnerships driving 1H outlook Reiterating up to 10% revenue growth in 2026 U.S./international revenue © 2026 Moderna, Inc. All rights reserved. 7 1Q 2026 Update | Financial Review In $ millions GAAP Non-GAAP 1 GAAP 1Q 2026 Litigation Settlement 2 Adjusted 1Q 2026 1Q 2025 Net product sales $352 Other revenue 37 $352 37 $86 22 Total revenue 389 389 108 Cost of sales Research and development Selling, general and administrative 955 649 173 (878) 77 649 173 90 856 212 Total operating expenses 1,777 (878) 899 1,158 Loss from operations (1,388) 878 (510) (1,050) Other income, net Provision for income taxes 3 54 9 54 9 86 7 Net loss $(1,343) $878 $(465) $(971) Loss per share - Basic and Diluted $(3.40) $2.22 $(1.18) 1 Results excluding the litigation settlement provide a view of underlying operating performance $(2.52) 1Q26 net loss was $(0.5B) excluding litigation settlement charge GAAP Non-GAAP 1 Change Change (1Q'26 vs. 1Q'25) (1Q'26 vs. 1Q'25) $266 309% $266 309% 15 68% 15 68% 281 260% 281 260% 865 961% (13) (14)% (207) (24)% (207) (24)% (39) (18)% (39) (18)% 619 53% (259) (22)% (338) 32% 540 (51)% (32) (37)% (32) (37)% 2 29% 2 29% $(372) 38% $506 (52)% $(0.88) 35% $1.34 (53)% 2 Litigation settlement-related expenses in Q1 2026 3 Tax effect of legal settlement is negligible In $ billions 3/31/2026 12/31/2025 Change (3/31 vs. 12/31) Cash, cash equivalents and investments $ 7.5 $ 8.1 $ (0.6) (7) % © 2026 Moderna, Inc. All rights reserved. 8 1Q 2026 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 ~$1.8B ~$3.0B ~$4.9B (GAAP expenses excluding $0.9B litigation settlement charge) ~$4.2B ( adjusted cash costs 2 excluding $0.9B litigation settlement charge) ~$1.0B SG&A R&D Cost of sales 1 Tax Negligible Capital expenditures $0.2 - $0.3B Cash and investments 2026 year-end balance of $4.5 - $5.0B (Excludes any further drawdowns from the Company's remaining $0.9B available under its credit facility) Includes $0.9B litigation settlement charge Excluding $0.9B for litigation settlement charge. Cash costs = GAAP expenses − stock-based compensation − depreciation and amortization © 2026 Moderna, Inc. All rights reserved. 9 1Q26 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. 1Q 2026 Update | Commercial Overview & Pipeline Programs Advancing a multi-year revenue growth strategy Executing on key approvals and strategic partnerships Delivered first shipment under strategic partnership in UK mNEXSPIKE: approved in EU for individuals aged 12+ mCOMBRIAX: approved in EU for individuals aged 50+ Flu : U.S. PDUFA date of August 5, 2026 © 2026 Moderna, Inc. All rights reserved. 11 1Q 2026 Update | Commercial Overview & Pipeline Programs Infectious disease vaccines: approved products Annual strain update (ASU) for 2026/27 submissions to initiate following strain selection announcements expected in May for both COVID vaccines 2025/26 formula approved in 30+ countries Approved in the EU for individuals aged 12+ Under review in Japan, Switzerland Additional filings planned for 2H26 Approved in the US, EU, Canada, Australia Approved in the EU for individuals aged 18+ Presented data for heterologous revaccination at ESCMID* [ l ink to publication ] Approved in the U.S., EU, Canada Approved in EU Approved in EU for individuals aged 50+ Under review in Canada and Australia Presented mRNA-1083 data from Japanese cohort at ESCMID [ l ink to publication ] Awaiting further guidance from FDA on refiling in the U.S. New update *European Society of Clinical Microbiology and Infectious Diseases © 2026 Moderna, Inc. All rights reserved. 12 1Q 2026 Update | Commercial Overview & Pipeline Programs Infectious disease vaccines: late-stage pipeline New update Flu mRNA-1010 U.S. PDUFA date of August 5, 2026 Under review in the EU, Canada and Australia Presented mRNA-1010 revaccination data at ESCMID [ l ink to publication ] Filed Norovirus mRNA-1403 Ongoing Phase 3 study fully enrolled in second Northern Hemisphere season In Phase 3 New update © 2026 Moderna, Inc. All rights reserved. 13 1Q 2026 Update | Commercial Overview & Pipeline Programs Oncology therapeutics Intismeran autogene mRNA-4157 In partnership with Merck Phase 3 Phase 2 Phase 1 Adjuvant melanoma - fully enrolled Adjuvant non-small cell lung cancer (NSCLC) Adjuvant NSCLC non-pCR post neoadjuvant Adjuvant NSCLC (Stage 1), intismeran monotherapy and in combination with KEYTRUDA QLEX Adjuvant muscle invasive bladder cancer (MIBC) - fully enrolled Adjuvant renal cell carcinoma (RCC) - fully enrolled Non-muscle invasive bladder cancer (NMIBC), intismeran monotherapy First-line metastatic melanoma First-line metastatic squamous NSCLC Adjuvant pancreatic cancer - fully enrolled Peri-operative gastric cancer - fully enrolled Upcoming ASCO oral presentation: Individualized neoantigen therapy intismeran autogene (intismeran) plus pembrolizumab (pembro) in resected melanoma: 5-year update of the KEYNOTE-942 study New update © 2026 Moderna, Inc. All rights reserved. 14 1Q 2026 Update | Commercial Overview & Pipeline Programs Oncology therapeutics Cancer antigen therapy mRNA-4359 Cohorts enrolling in first-line metastatic melanoma, second-line+ metastatic melanoma, and first-line metastatic NSCLC Data presented at AACR [ l ink to publication ] Phase 2 T-cell engager mRNA-2808 Phase 1/2 study in multiple myeloma dosing Phase 1/2 Cancer antigen therapy mRNA-4106 (mRNA-4106) Phase 1 study dosing Phase 1 Cell therapy-enhancer + anzu-cel mRNA-4203 Cell therapy-enhancer + anzu-cel (anzutresgene autoleucel, IMA203) Phase 1 study dosing In collaboration with Immatics Phase 1 New update © 2026 Moderna, Inc. All rights reserved. 15 1Q 2026 Update | Commercial Overview & Pipeline Programs Rare disease therapeutics pipeline PA mRNA-3927 In a registrational study; target enrollment reached Phase 2 MMA mRNA-3705 Company deferring decision on pivotal trial until PA readout Phase 2 New update © 2026 Moderna, Inc. All rights reserved. 16 1Q26 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. 1Q 2026 Update | Looking Ahead 2026 value drivers Commercial + financial performance Potential approvals mNEXSPIKE in EU, Intismeran Potential clinical milestones Up to 10% revenue growth in 2026 2026 adjusted cash cost 1 target: $4.2B Japan, Switzerland, Taiwan mCOMBRIAX in EU, Canada, Australia Flu (mRNA-1010) in the U.S., Canada, Australia Five-year Phase 2 adjuvant melanoma data Phase 3 adjuvant melanoma data; event-driven Phase 2 adjuvant renal cell carcinoma data; event-driven Phase 1 adjuvant pancreatic and peri-operative gastric data mRNA-4359 Phase 2 data Norovirus Phase 3 data subject to case accruals PA registrational study data 1. Excluding $0.9B for litigation settlement charge. Cash costs = GAAP expenses − stock-based compensation − depreciation and amortization © 2026 Moderna, Inc. All rights reserved. 18 1Q 2026 Update | Looking Ahead Upcoming events ASCO Investor Event June 1, 2026 | 7:15 PM ET In-person in Chicago, IL/webcast Moderna Science Day June 25, 2026 In-person in Cambridge, MA/webcast Moderna Analyst Day November 12, 2026 © 2026 Moderna, Inc. All rights reserved. 19 In-person in Cambridge, MA/webcast © 2026 Moderna, Inc. All rights reserved. 20 © 2026 Moderna, Inc. All rights reserved. Attention : This is an excerpt of the original content. To continue reading it, access the original document here .