Moderna (MRNA) investor relations material

Financial performance and cost management

• Achieved $2 billion in cost reductions in 2025, doubling the initial $1 billion target.

• Ended 2025 at the high end of revenue guidance with $1.9 billion in sales.

• Continued cost containment and exceeded sales expectations in early 2026.

• Growth in 2026 driven by ex-U.S. strategic partnerships and new COVID vaccine mNEXSPIKE.

Pipeline and clinical development updates

• Preclinical hantavirus programs ongoing with U.S. Army Medical Research and Korean partners.

• Five-year phase II melanoma data for intismeran plus KEYTRUDA shows durable recurrence-free survival (hazard ratio 0.51).

• Phase III melanoma trial is event-driven, with data expected in 2026; no futility analysis planned.

• Additional phase II trials in renal cell carcinoma and bladder cancer are fully enrolled; melanoma readout expected before RCC.

• Metastatic studies in melanoma and squamous cell lung cancer recently initiated.

Regulatory and commercial strategy

• Strong relationship with FDA, evidenced by three approvals in 2025: new COVID vaccine, RSV label expansion, and pediatric COVID vaccine.

• Awaiting FDA decision on flu vaccine by August 5, 2026; positioning for older adult market.

• mCOMBRIAX (flu/COVID combo) approved in Europe, targeting fall 2027 launch; U.S. combo filing pending further FDA guidance.