Moderna (MRNA) Bernstein Insights: Healthcare Leaders and Disruptors – 3rd Annual Healthcare Forum summary

Strategic positioning and platform evolution

• Emphasizes identity as an mRNA platform company, not solely a COVID-19 vaccine provider, with a broad pipeline across vaccines, oncology, rare diseases, and autoimmune disorders.

• Currently has five approved vaccines and is launching two more, with significant growth expected in the coming years.

• Only major mRNA platform company remaining after competitors exited or shifted focus.

• Focuses on leveraging mRNA and lipid delivery to modulate the immune system for diverse therapeutic areas.

• Long-term vision centers on immunology and information molecule platforms, with AI integration to accelerate R&D and reduce costs.

Oncology pipeline and intismeran developments

• Intismeran, a personalized cancer vaccine, achieved both primary and secondary endpoints in a rigorous phase III trial, outperforming PD-1 monotherapy.

• Development plan includes expanding intismeran to additional tumor types, including those with low immunogenicity and early-stage disease.

• Manufacturing and personalization processes are proprietary, with scale-out strategies and digital platforms to support hospital integration.

• Commercial partnership with Merck is structured as a 50/50 cost and profit split, focusing on rapid regulatory filings.

• Off-the-shelf cancer vaccines and multiplexed T cell engagers are in early clinical stages, aiming to broaden oncology offerings.

Rare disease and autoimmune pipeline

• Rare disease programs target liver-based genetic disorders, with pivotal data for PA expected in Q4 and a strategy to leverage manufacturing for multiple indications.

• Manufacturing for rare diseases uses the same lipid technology as vaccines, optimizing factory utilization and cost structure.

• Long-term rare disease business expected to have high patient retention and durable revenue streams.

• Autoimmune pipeline includes in vivo CAR T and other programs, with updates anticipated over the next 12–18 months.