Moderna (MRNA) Goldman Sachs 45th Annual Global Healthcare Conference summary

Pipeline strategy and R&D prioritization

• Focuses on four mature modalities: respiratory vaccines, vaccines for other viruses, oncology, and rare diseases.

• Advances 5-10 medicines per modality to maximize platform potential and success rates.

• Prioritizes programs with unique technological advantages and high unmet need.

• Manages R&D spend by leveraging partnerships and creative financing.

Project financing and partnerships

• Maintains a strong balance sheet with $13 billion in cash, investing $4.5 billion annually in R&D.

• Uses partnerships like Blackstone Life Sciences for P&L sparing investments, e.g., $750 million for flu program.

• Project financing enables reinvestment in other pipeline programs.

Avian flu and pandemic preparedness

• Closely monitors H5 avian influenza due to pandemic risk as it spreads from birds to livestock.

• Engaged in discussions with U.S. government agencies for H5 vaccine development and supply.

• mRNA platform seen as a rapid response tool for emerging pandemics.