Moderna (MRNA) investor relations material

Strategic priorities and business outlook

• Focus on building a large seasonal vaccine franchise for high-risk populations, targeting up to six approved products by 2028, including flu, COVID-19, RSV, norovirus, and combination vaccines.

• Geographic and product expansion planned, with multi-year contracts and new market entries in the UK, Canada, Australia, Europe, Latin America, and Asia-Pacific.

• Investments in late-stage oncology and rare disease programs, with pivotal data and potential launches for Intismeran and PA in 2027–2028, and early-stage pipeline maturation from 2029 onward.

• Targeting up to 10% revenue growth in 2026, with sustained sales growth and profitability by 2028, supported by new product launches and market expansions.

• Ongoing cost discipline, digital/AI-driven productivity improvements, and manufacturing efficiencies to support growth and margin expansion.

Financial guidance and capital allocation

• 2025 revenue guidance narrowed to $1.6–$2 billion, with 3Q25 revenue at $1.0B and U.S. vaccination rates down 28% season-to-date but within expectations.

• Cash cost reductions accelerated, with 2027 guidance now $3.5–$3.9 billion, down from $9 billion two years prior, and 2026 costs expected at $4.2B.

• Targeting cash break-even by 2028, with $3–$4 billion in cash projected at year-end 2027, and $6.5–$7.6B in year-end 2025 cash and investments, supported by a $1.5B non-dilutive loan.

• R&D investment shifting from infectious disease to oncology and rare diseases, with infectious disease costs declining as phase III trials conclude.

• Capital allocation prioritizes high-return pipeline opportunities, pausing or discontinuing lower-priority programs (CMV, HSV, VZV, GSD1a) to maintain financial discipline.

Manufacturing, technology, and operational efficiency

• Manufacturing network streamlined and expanded, with new facilities in the UK, Canada, Australia, and upgrades at Norwood, supporting local supply and revenue diversification.

• New U.S. drug product facility and Norwood upgrades enable end-to-end manufacturing, with capacity for 100M pre-filled syringe units annually by 2027.

• Robotics, automation, and AI integrated across manufacturing and supply chain, driving gross margin expansion and operational excellence.

• Personalized manufacturing for oncology (Intismeran) optimized for cost and scalability, with rapid improvements in turnaround time.

• Digital transformation and AI adoption extend to HR, legal, pharmacovigilance, and research, enhancing productivity and decision-making.