Moderna (MRNA) investor relations material

Financial outlook and cost management

• Guided to up to 10% revenue growth in 2026, driven by mRESVIA and strategic partnerships in the UK, Canada, and Australia.

• Achieved $2 billion in infrastructure cost reductions, surpassing the $1 billion target for 2025.

• On track to meet $4.3 billion cash cost guidance for 2026, with further reductions to $3.5–$3.9 billion in 2027.

• Breakeven targeted for 2028, with approvals and market expansion as key variables.

Product pipeline and regulatory milestones

• mRESVIA and other products approved, with strong FDA collaboration and an August 5th PDUFA date for the flu vaccine.

• Flu vaccine demonstrated 27% better efficacy versus standard of care; approval could further strengthen market position.

• European combo approval opens new opportunities post-2026, with significant growth potential in the EU respiratory market from 2027.

• Intismeran phase III data expected in 2026; approval possible in 2027, but not a major contributor until 2028.

Market expansion and competitive positioning

• EU respiratory vaccine market expected to open in 2027 after competitor contract lapses, with COVID and flu markets estimated at $700 million and $1 billion, respectively.

• Flu vaccine positioned for enhanced efficacy in vulnerable populations, aiming for meaningful market share.

• Portfolio approach and product approvals expected to drive growth in new and existing markets.