Moderna (MRNA) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic direction and financial performance

• Focus on building a large seasonal and respiratory vaccine franchise to generate cash for investment in oncology and rare disease assets, with three approved products and several in regulatory review or late-stage trials.

• Cash generated from vaccines will be invested into oncology and rare disease therapeutics, advancing a diversified pipeline.

• 2025 sales expected to reach $1.9 billion, exceeding previous guidance, with significant cost reductions lowering cash costs from $6.3 billion to $4.3–$4.5 billion.

• Cash and liquidity position strengthened to $8.1 billion by end of 2025, with access to a $9 billion credit facility.

• Targeting profitability and cash breakeven by 2028, driven by geographic diversification, new product launches, and operational efficiencies.

Product pipeline and growth catalysts

• Anticipates up to six vaccine products by 2028, including mRESVIA, flu, flu plus COVID, norovirus, and others, supporting growth in and outside the U.S.

• Geographic expansion through long-term government partnerships in the U.K., Canada, Australia, and new agreements in Brazil, with launches planned in Europe, Canada, Australia, Taiwan, and Japan.

• Re-entry into the European COVID market in 2027 after expiration of a competitor’s contract, with potential first-mover advantage for flu plus COVID combo.

• Oncology pipeline highlighted by mRNA-4157 (with Keytruda), mRNA-4359, and mRNA-2808, with multiple phase II/III studies and potential readouts in 2026.

• Rare disease programs advancing, with PA phase III data expected in 2026 and MMA ready for pivotal study pending PA results.

Clinical and regulatory milestones

• Five-year phase II data for mRNA-4157 in melanoma expected soon, with phase III interim readout anticipated in 2026; positive results could support broader oncology applications.

• mRNA-4359 phase II in metastatic lung and melanoma could yield data in 2026, offering accelerated approval potential.

• Flu monotherapy and flu plus COVID combo launches expected to impact sales from 2027 in Europe and 2028 in the U.S.

• Norovirus and PA readouts anticipated in 2026, with additional pipeline assets in infectious and autoimmune diseases progressing.

• Multiple potential clinical data catalysts in 2026, including key readouts for oncology, rare disease, and norovirus programs.