Analyst Conference Summary

biotechnology

conference date: November 6, 2025 @ 5:00 AM Pacific Time
for quarter ending: September 30, 2025 (third quarter, Q3 2025)

Forward-looking statements

Overview: Plunging revenue post Covid. Hopes for pipeline.

Basic data (GAAP):

Revenue was $ million, up % sequentially from $142 million, and down % from $ million year-earlier.

Net income negative was $ million, up sequentially from negative $825 billion, and up from $ billion year-earlier.

EPS (diluted) was negative $, up sequentially from negative $2.13, and up from $ year-earlier.

Guidance:

Conference Highlights:

Stephane Bancel, Moderna's CEO, said "" Anticipates headcount of under 5,000 by year-end.

Spikevax sales for Covid were $ million in Q3. $ million in U.S. and $ million international. Moderna filed for approval of its next-generation COVID-19 vaccine (mRNA-1283) in Q4 2024, approved in May 2025.

Filed for next generation RSV vaccine (mRNA-1345) for high-risk adults aged 18-59 in Q4 2024, approved in Q2 2025. Believes sales can grow in future years. Q2 sales insignificant.

In Q2 2025 announced positive Phase 3 results for its seasonal flu vaccine. Preparing to file with FDA.

In Q2 2025 announced positive Phase 3 results for its Flu + Covid vaccine. Withdrew FDA submission, engaging in requirements for resubmitting.

The Ctyomegalovirus vaccine Phase 3 data was negative for preventing infection during pregnancy, so the program was terminated in Q3 2025.

The Phase 3 trial for mRNA-4157 for adjuvant melanoma is fully enrolled, led by Merch. Two NSCLC Phase 3 trials are enrolling. Several Phase 2 trials in other indications are underway. Has 3 other cancer vaccine candidates in or ready for Phase 1.

Cash ended the quarter at $ billion, down sequentially from $5.13 billion.

Operating expense (GAAP) of $ billon consisted of $ million for cost of sales, $ million for R&D, and $ million for SG&A. Operating loss was $ million. $ million interest income; $ million other income. Income tax $ million.

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