Moderna (MRNA) Bernstein 42nd Annual Strategic Decisions Conference summary

Strategic evolution and business focus

• Transitioned from a research-focused entity to a global commercial business with four FDA-approved products and more in late-stage development.

• Emphasizes long-term investment in mRNA technology, aiming to build a scalable platform for multiple therapeutic areas.

• Allocates significant leadership time to commercial operations, AI integration, and talent development.

• Industry landscape has shifted, with consolidation among mRNA competitors and a focus on maintaining technological leadership.

• Policy and regulatory stability are seen as critical for long-term planning, though current FDA transitions have not disrupted ongoing programs.

Oncology and individualized therapies

• Five-year data for intismeran (individualized neoantigen therapy) in melanoma shows durable response and improved P value, supporting optimism for phase III outcomes.

• New phase III studies in lung cancer, including monotherapy and combination with KEYTRUDA, are underway, with early-stage disease seen as a promising target.

• Safety profile of intismeran is similar to infectious disease vaccines, driving rapid clinical trial enrollment and strong patient interest.

• Expansion into other cancer types is being explored, with Merck as a 50/50 partner in development and profit sharing.

Vaccines portfolio and market dynamics

• Four vaccines are approved globally, with flu and norovirus candidates expected to further expand the respiratory portfolio.

• Norovirus vaccine is positioned as a major opportunity due to lack of existing products and strong demand among high-risk groups and healthcare workers.

• Direct sales to pharmacies and product bundling are key commercial strategies, leveraging cost efficiencies and existing sales infrastructure.

• Company has stabilized after a dramatic revenue decline post-pandemic and is forecasting renewed sales growth and geographic diversification.