Moderna : 1Q 2023 Earnings Call Presentation

First Quarter 2023 Financial Results

May 4, 2023

© 2023 Moderna, Inc. All rights reserved.

Forward-looking statements and disclaimer

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: anticipated sales, including the timing of sales, under advance purchase agreements in 2023, which may not be realized; expected new contracts for COVID-19 vaccines; Moderna's expectations regarding the commercial COVID-19 market and its preparations for and ability to effectively compete in such a market; Moderna's preparations for potential RSV and flu vaccine launches in 2024; the estimated addressable markets for Moderna's respiratory franchise and expected timing for the franchise to generate cash; the potential for an updated formulation of mRNA-1010 to lead

to improved immune responses against influenza B strains and enable licensure through accelerated approval; Moderna's plans with respect to its

individualized neoantigen therapy (INT), including plans to initiate a Phase 3 study in adjuvant melanoma in 2023 and rapidly expand to additional tumor types, including non-small cell lung cancer; Moderna's ability to rapidly make mRNA-4157 available to patients and to identify populations that could benefit from INT; the timing of data from Moderna's ongoing clinical trials; Moderna's capital allocation priorities, including anticipated spending on R&D for 2023; and Moderna's 2023 financial framework. 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 forward-looking 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, 2022, 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, March 31, 2023, and March 31, 2022, are unaudited.

2	© 2023 Moderna, Inc. All rights reserved.

1Q23 earnings call agenda

Business Review

Stéphane Bancel, CEO

R&D/Clinical Programs

Stephen Hoge, M.D., President

Commercial Market

Arpa Garay, CCO

Financials

Jamey Mock, CFO

Looking Forward

Stéphane Bancel, CEO

3	© 2023 Moderna, Inc. All rights reserved.

1 2023 Update| Business Review

1Q23 financial highlights

1Q23 GAAP financial results

Revenue:	Net income:	Diluted earnings	Cash and
$1.9 billion	$79 million	per share:	investments:
		$0.19	$16.4 billion

Quarter

Capital allocation highlights

Reinvest in the	External investment
business	opportunities (licenses
•	$1.1 billion R&D	and/or M&A)
2023: OriCiro, CytomX,
•	$0.3 billion SG&A
Life Edit, Generation Bio
•	$0.1 billion capital

expenditures

Return capital to shareholders

Repurchased 3.6 million shares for $526 million in 1Q23 (avg. price ~$145/share)

4	© 2023 Moderna, Inc. All rights reserved.

Update| Business Review

Commercial 1Q23 updates

Quarter 1 2023

2023 COVID market

• Reiterating a minimum of ~$5 billion in COVID vaccine sales from previously announced APAs
• In active negotiations with key customers in major markets
• • U.S. (commercial & government)
  • Japan
  • EU
  • Other key countries

	RSV pre-launch and		Individualized Neoantigen
	medical activity		Therapy (INT)
•	Educating medical	•	Scaling manufacturing
	community on the health		to support clinical development
	burden of RSV		and commercial markets
•	Manufacturing	•	Commercial team working to
	mRNA-1345 in pre-filled		prioritize additional cancer
	syringes for 2024 launch		indications

5	© 2023 Moderna, Inc. All rights reserved.