2025 Moderna, Inc. Second Quarter Financial Results

2025 Moderna, Inc. Second Quarter Financial Results

• 1. © 2025 Moderna, Inc. All rights reserved. Second Quarter 2025 Financial Results August 1, 2025

• 2. © 2025 Moderna, Inc. All rights reserved. Forward-looking statements and disclaimer 2 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: Moderna's ability to drive use of Spikevax, mNEXSPIKE and mRESVIA; Moderna's focus on 10 product approvals to drive sales growth; Moderna's 2025 financial framework; Moderna's ability to deliver cost efficiencies across the business, including anticipated cost reductions by 2027 and cash breakeven in 2028; Moderna's anticipated cost reduction drivers; Moderna's ability to execute on its prioritized pipeline, including potential filings through 2028; Moderna's engagement with regulators, including with respect to mRNA-1083; the potential of Moderna's oncology portfolio; anticipated milestones for Moderna's pipeline programs; the potential for AI to increase cost efficiencies; and the total addressable market for Moderna's potential products. In some cases, forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “could,” “expects,” “intends,” “plans,” “aims,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forwardlooking statements in this presentation are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna’s control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading “Risk Factors” in Moderna’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (SEC), and in subsequent filings made by Moderna with the SEC, which are available on the SEC’s website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this presentation in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna’s current expectations and speak only as of the date of this presentation. Financial figures in this presentation as of, and for the quarterly periods ended, June 30, 2025, and June 30, 2024, are unaudited.

• 3. © 2025 Moderna, Inc. All rights reserved. 2Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Looking Ahead Stéphane Bancel, CEO Pipeline Programs Stephen Hoge, M.D., President

• 4. © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Business Review 2Q25 financial summary 4 Revenue $0.1B Net income (loss) $(0.8)B Cash and investments $7.5B Continuing to execute with financial discipline Reduced operating expenses by 35% ($555 million) from 2Q24 to 2Q251 1. Costs including R&D, SG&A and cost of sales

• 5. © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Business Review Business highlights Expanding our commercial portfolio: Three new U.S. FDA approvals Continuing to execute with financial discipline: Expanded cost reductions  Fourth consecutive quarter of double-digit year-overyear declines in R&D and SG&A combined  Accelerating cash cost reductions, including difficult decision on workforce restructuring 5 1EUA: Emergency Use Authorization Advancing pipeline to drive sales growth: Positive Phase 3 flu vaccine data  mRNA-1010 demonstrated superior relative vaccine efficacy compared to a licensed standarddose seasonal influenza vaccine in adults aged 50 years and older Approved for all adults 65 and older, and high-risk individuals aged 12-64 Expanded approval to high-risk individuals aged 18-59 Expanded approval to high-risk children aged 6m-11y Previously authorized under EUA1

• 6. © 2025 Moderna, Inc. All rights reserved. 2Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Looking Ahead Stéphane Bancel, CEO Pipeline Programs Stephen Hoge, M.D., President

• 7. 7 © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Financial Review Second quarter 2025 financial results In $ millions, except per share amounts 2Q 2025 2Q 2024 Change (2Q'25 vs. 2Q'24) Net product sales $ 114 $ 184 $ (70) (38)% Other revenue1 28 57 (29) (51) % Total revenue 142 241 (99) (41)% Cost of sales 119 115 4 3 % Research and development 700 1,221 (521) (43) % Selling, general and administrative 230 268 (38) (14) % Total operating expenses 1,049 1,604 (555) (35)% Loss from operations (907) (1,363) 456 (33)% Other income, net 89 84 5 6 % Provision for income taxes 7 — 7 100 % Net loss $ (825) $ (1,279) $ 454 (35)% Loss per share – Basic and Diluted2 $ (2.13) $ (3.33) $ 1.20 (36) % Weighted average shares – Basic and Diluted2 388 384 4 1 % Effective tax rate (1)% — % 1 Includes grant, collaboration, licensing and royalty, and other miscellaneous revenue. 2Basic and diluted loss per share were the same as the Company reported a net loss in both periods presented. In $ billions 6/30/2025 3/31/2025 Change (6/30 vs. 3/31) Cash, cash equivalents and investments $ 7.5 $ 8.4 $ (0.9) (11)%

• 8. 8 © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Financial Review Updated 2025 GAAP financial framework Total revenue Cost of sales R&D Tax $1.5 - $2.2 billion; 2H25: expecting revenue split of 40% - 50% in Q3; with the balance in Q4 $1.2 billion $3.6 - $3.8 billion Negligible Capital expenditures 2025 year-end balance of ~$6 billion Cash and investments $0.3 billion SG&A $1.1 billion Current framework Change from previous framework Lowered high end of range from $2.5 billion Primarily driven by timing of UK COVID shipments from 2H25 to 1Q26 Unchanged Lowered from $4.1 billion Unchanged Unchanged Lowered from $0.4 billion Unchanged

• 9. 9 © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Financial Review Reducing 2025 GAAP operating expenses by ~$0.4B and progressing toward intermediate-term cost reduction goals GAAP costs Numbers may not add due to rounding in billions 1. From 2023 to 2024; costs including R&D, SG&A and cost of sales, excluding resizing charges of $1.6B for 2023 and $0.2B for 2024 2. Depreciation and amortization includes $0.3B of related manufacturing resizing charges already accounted for in $1.6B resizing charge and are added back to determine cash costs

• 10. 10 © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Financial Review Anticipated cost reduction drivers Phase 3 trial completions Manufacturing efficiencies Procurement savings Workforce restructuring impact Primary drivers to achieve 2027 cost targets in billions GAAP costs Numbers may not add due to rounding

• 11. © 2025 Moderna, Inc. All rights reserved. 2Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Looking Ahead Stéphane Bancel, CEO Pipeline Programs Stephen Hoge, M.D., President

• 12. © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Pipeline Programs Prioritized pipeline 12 COVID Spikevax RSV (60+) mRESVIA Potential filings through 2028 Approved Flu + COVID (50+) mRNA-1083 Seasonal Flu mRNA-1010 Norovirus mRNA-1403 Intismeran autogene: adjuvant melanoma mRNA-4157 MMA mRNA-3705 PA mRNA-3927 CMV mRNA-1647 Checkpoint AIM-T mRNA-4359 Positive Phase 3 readouts Recently approved COVID mNEXSPIKE RSV (18-59 HR) mRESVIA COVID (Ped. HR) Spikevax Abbreviations: RSV: Respiratory Syncytial Virus; HR: High risk; Ped: Pediatric; CMV: Cytomegalovirus; AIM-T: adaptive immune modulation therapy; PA: Propionic acidemia; MMA: Methylmalonic acidemia

• 13. © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Pipeline Programs Respiratory vaccines portfolio 13 mNEXSPIKE ● Approved by the FDA on May 31, 2025 ● Submitted for annual strain update and expect product to be available for fall season in the U.S. ● Published Phase 3 data in The Lancet: link to publication Spikevax ● Approved by FDA for high-risk children ages 6m – 11y ● Approved by European Medicines Agency (EMA) for our updated COVID-19 variant vaccine ● Engaging with regulators on data requirements for resubmitting BLA for mRNA-1083 candidate vaccine ● Approved by the FDA on June 12, 2025 ● CDC adopted April ACIP recommendation for ages 50-59 high-risk Flu + COVID (50+) mRNA-1083 COVID Spikevax / mNEXSPIKE RSV (18-59 HR) mRESVIA Respiratory virus vaccines ● Announced positive results from Phase 3 relative vaccine efficacy study ● mRNA-1010 achieved the most stringent superiority criterion compared to standard flu vaccine Flu mRNA-1010

• 14. © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Pipeline Programs Strong Phase 3 flu data advances respiratory vaccine portfolio 14 Flu Phase 3 P304 top-line data Additional Phase 3 datapoints Next steps  Standalone flu vaccine (mRNA-1010) demonstrated superior efficacy to a licensed standard-dose seasonal flu vaccine, with a relative vaccine efficacy (rVE) of 26.6% (95% CI: 16.7% - 35.4%) in adults aged 50+  Safety and tolerability were consistent with reported results from a previous Phase 3 study. The majority of solicited adverse reactions (SARs) were mild  Strong rVE was observed for each influenza strain contained in the vaccine, including A/H1N1 (rVE=29.6%), A/H3N2 (rVE=22.2%), and the B/Victoria lineages (rVE=29.1%)  Subgroup analyses confirmed a consistently strong rVE point estimate across age groups, risk factors and previous influenza vaccination status. In participants aged 65 years and older, mRNA-1010 observed an rVE of 27.4%  Submitting mRNA-1010 data for publication and presenting data at medical conferences  Preparing to file mRNA-1010 for FDA approval

• 15. © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Pipeline Programs Latent + other vaccines and rare disease therapeutics portfolios 15 Latent + other vaccines ● Accrued sufficient cases for primary endpoint; company remains blinded ● Updating analysis plan to add secondary endpoints ● Anticipate Phase 3 final analysis in 2025 ● Registrational study expected to start in 2025 ● In a Phase 3 efficacy study; accruing cases ● Timing of Phase 3 data readout subject to case accruals CMV mRNA-1647 Norovirus mRNA-1403 Rare disease therapeutics MMA mRNA-3705 PA mRNA-3927 ● In registrational study

• 16. © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Pipeline Programs Oncology therapeutics portfolio 16 In collaboration with Merck Oncology therapeutics Intismeran mRNA-4157 Early-stage oncology New study Tumor-targeted antigen therapy ● mRNA-4106: Phase 1 study dosing Cell therapy-enhancing antigen therapy ● mRNA-4203: IND open T-cell engager ● mRNA-2808: IND open Checkpoint AIM-T mRNA-4359 ● First-line metastatic melanoma and first-line metastatic NSCLC: Phase 2 study enrolling NSCLC patients ● Adjuvant melanoma: Phase 3 study fully enrolled ● NSCLC: Enrolling two adjuvant Phase 3 studies for those with and without prior neoadjuvant treatment ● Adjuvant high-risk muscle invasive bladder cancer: Enrolling two cohorts: randomized Phase 2 in adjuvant MIBC and single-arm cohort in perioperative MIBC ● Adjuvant renal cell carcinoma: Randomized Phase 2 study fully enrolled ● High-risk non-muscle invasive bladder cancer (HR NMIBC): Randomized Phase 2 study enrolling ● First-line metastatic melanoma: Randomized Phase 2 study enrolling

• 17. © 2025 Moderna, Inc. All rights reserved. 2Q25 earnings call agenda Business Review Stéphane Bancel, CEO Financials Jamey Mock, CFO Looking Ahead Stéphane Bancel, CEO Pipeline Programs Stephen Hoge, M.D., President

• 18. © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Looking Ahead Our execution priorities 18 3 1 Deliver cost efficiency across the business Drive use of Spikevax, mNEXSPIKE and mRESVIA vaccines 2 Focus on 10 product approvals to drive sales growth

• 19. © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Looking Ahead 19 1 Drive use of Spikevax, mNEXSPIKE and mRESVIA vaccines Entered 3Q with three approved products in the U.S. Our execution priorities

• 20. © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Looking Ahead 20 2 Focus on 10 product approvals targeting $30B+ TAM to drive sales growth Targeted product approvals Positive Phase 3 data announced in 2Q Our execution priorities Approved during 2Q Approved during 2Q

• 21. © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Looking Ahead 21 3 Deliver cost efficiencies across business in billions GAAP costs Continue to target cash breakeven in 2028 Our execution priorities Numbers may not add due to rounding 1. From 2023 to 2024; costs including R&D, SG&A and cost of sales, excluding resizing charges of $1.6B for 2023 and $0.2B for 2024 2. Depreciation and amortization includes $0.3B of related manufacturing resizing charges already accounted for in $1.6B resizing charge and are added back to determine cash costs

• 22. © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Looking Ahead 22 3 Deliver cost efficiencies across business AI utilization across the company has potential to unlock increased cost efficiencies Our execution priorities Deep Research spotlight: Target Product Profiles ● Faster TPP development: Reduced timelines from weeks to hours without compromising quality of output ● Strong insights: Synthesized global data and literature into clear, strategic direction ● Better decisions: Refined thinking and improved early planning through human-AI collaboration Growth in GPT use GPT messages sent

• 23. © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Looking Ahead Upcoming catalysts 23  Seasonal flu (Preparing to file)  Flu + COVID combo 50+ (EMA review ongoing; plan to re-file in other markets)  CMV: Phase 3 efficacy  Norovirus: Phase 3 efficacy  Intismeran adjuvant melanoma: ― Phase 2 5-year durability data ― Phase 3 efficacy data  Checkpoint AIM-T: ― Phase 1b data at ESMO ― Phase 2 data  PA: registrational study efficacy  MMA: registrational study efficacy Potential approvals Data readouts

• 24. © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Looking Ahead Our execution priorities 24 3 1 Deliver cost efficiency across the business Drive use of Spikevax, mNEXSPIKE and mRESVIA vaccines 2 Focus on 10 product approvals to drive sales growth

• 25. © 2025 Moderna, Inc. All rights reserved. 2Q 2025 Update| Looking Ahead 25

• 26. © 2025 Moderna, Inc. All rights reserved. Q&A

• 27. © 2025 Moderna, Inc. All rights reserved. Appendix Moderna’s Pipeline

• 28. © 2025 Moderna, Inc. All rights reserved. Moderna’s pipeline: Respiratory vaccines 28 Please see Moderna website and approval labels for indication details Preclinical Phase 1 Phase 2 Phase 3 Commercial Partner Adults COVID-19 vaccine Spikevax® COVID-19 vaccine Next-gen mNEXSPIKE® Flu vaccine mRNA-1010 RSV vaccine mRESVIA® Flu + COVID vaccine mRNA-1083 Pandemic Flu mRNA-1018 RSV + hMPV vaccine mRNA-1365 Adolescents & Pediatrics COVID-19 vaccine Spikevax® RSV vaccine pediatrics mRNA-1345

• 29. © 2025 Moderna, Inc. All rights reserved. Moderna’s pipeline: Latent + other vaccines 29 Preclinical Phase 1 Phase 2 Phase 3 Commercial Partner Latent vaccines CMV vaccine mRNA-1647 EBV vaccine to prevent infectious mononucleosis mRNA-1189 EBV vaccine to prevent or treat long term EBV sequelae mRNA-1195 HSV vaccine mRNA-1608 VZV vaccine mRNA-1468 HIV vaccine mRNA-1644 Enteric vaccines Norovirus vaccines mRNA-1403 mRNA-1405 Bacterial vaccines Lyme vaccines mRNA-1975 mRNA-1982 Public health vaccines Nipah vaccine mRNA-1215 Mpox vaccine mRNA-1769

• 30. © 2025 Moderna, Inc. All rights reserved. Moderna’s pipeline: Oncology 30 Abbreviations: NSCLC, non-small cell lung cancer; RCC, renal cell carcinoma; HR MIUC, high-risk muscle-invasive urothelial carcinoma; HR NMIBC, high-risk non-muscle invasive bladder cancer Preclinical Phase 1 Phase 2 Phase 3 Commercial Partner Adjuvant melanoma mRNA-4157 Adjuvant NSCLC mRNA-4157 Adjuvant NSCLC post neoadjuvant treatment mRNA-4157 RCC mRNA-4157 Bladder cancer (HR MIUC) mRNA-4157 Bladder cancer (HR NMIBC) mRNA-4157 1L metastatic melanoma mRNA-4157 Early and late solid tumor (first in human) mRNA-4157 Checkpoint adaptive immune modulation therapy (AIM-T) mRNA-4359 Solid tumors mRNA-4106 Solid tumors mRNA-4203 Solid tumors mRNA-2808 Individualized neoantigen therapy (intismeran autogene) Cancer antigen therapies and T-cell engagers

• 31. © 2025 Moderna, Inc. All rights reserved. Moderna’s pipeline: Rare disease therapeutics 31 Preclinical Phase 1 Phase 2 Phase 3 Commercial Partner Rare disease therapeutics Propionic acidemia (PA) mRNA-3927 Methylmalonic acidemia (MMA) mRNA-3705 Glycogen storage disease type 1a (GSD1a) mRNA-3745 Ornithine transcarbamylase deficiency (OTC) mRNA-3139 Crigler-Najjar syndrome type 1 (CN-1) mRNA-3351 Cystic fibrosis (CF) mRNA-3692 / VX-522