Moderna, Inc.

May 4, 2026 at 4:17 PM UTC

Moderna: Presentation (Moderna 1Q26 Earnings Presentation FINAL)

First Quarter 2026 Financial Results

May 1, 2026

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

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 costs1 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

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

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

1Q 2026 Update | Financial Review

In $ millions	GAAP		Non-GAAP1	GAAP
In $ millions	1Q 2026	Litigation Settlement2	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 taxes3	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) 1Results 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-GAAP1 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)%
2Litigation settlement-related expenses in Q1 2026 3Tax 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) %

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 costs2 excluding $0.9B litigation settlement charge)

~$1.0B

SG&A

R&D

Cost of sales1

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

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

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

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*

[link 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
[link to publication]
Awaiting further guidance from FDA on refiling in the U.S.

New update

*European Society of Clinical Microbiology and Infectious Diseases

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

[link to publication]

Filed

Norovirus

mRNA-1403

Ongoing Phase 3 study fully enrolled in second Northern Hemisphere season

In Phase 3

New update

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

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

[link 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

1Q 2026 Update | Commercial Overview & Pipeline Programs

Rare disease therapeutics pipeline

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

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

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 cost1 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

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

In-person in Cambridge, MA/webcast

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