Moderna, Inc. · Q2 2026 call

As you know, the second quarter is always light for seasonal vaccines. We generated revenue of $0.1 billion, which exceeded the top of our range. Our focus on financial discipline continued. We reduced cash cost by 10% in Q2 compared to the second quarter of 2025.

For the second quarter, total revenue was $145 million, above the guidance range we provided on the first quarter call. Our geographic mix for the quarter was 60% US and 40% international. For the first half of the year, total revenue was $0.5 billion with 31% from the US and 69% from international markets.

We ended the quarter with cash and investments of $6.9 billion compared to $7.5 billion at the end of the first quarter. […] In July, we paid $950 million related to the litigation settlement announced earlier this year, which will be reflected in our third quarter cash balance.

In aggregate, excluding the $0.9 billion litigation charge, we are expecting total GAAP operating expenses of $4.7 billion and $4 billion of cash costs which excludes stock-based compensation, depreciation and amortization, each reflect a $0.2 billion improvement compared to our previous guidance.

As a reminder, our cash guidance does not assume any additional drawdown from our remaining $0.9 billion undrawn credit facility.

As a reminder, during its first season on the market in 2025, 2026, mNEXSPIKE captured approximately 24% of the total US retail covid vaccine market. Uptake was particularly strong among older adults with mNEXSPIKE accounting for approximately 34% of the retail market among individuals aged 65 and older.

Among adults age 65 and older, vaccine effectiveness was approximately 59% for mNEXSPIKE compared with a matched unvaccinated cohort. Among adults age 75 and older, it was approximately 67%.

we remain on track for up to 10% revenue growth this year and also remain committed to improving our operational efficiency and achieving our new lowered cash cost guidance of approximately $4 billion.

we have been establishing the manufacturing in Massachusetts and a dedicated facility that will be able to support launch. […] we'd be ready to go next year if all went perfectly to plan.

we see that about 29% of our neoantigens that go into our cassettes in general, are immunogenic. And the data that we showed is that for the patients that we showed, there were between 1 to 18 neoantigens that were reactive in each patient. So the good news is you only need 1 neoantigen reactive T cell in order for there to be activity.

We have been able to enroll the trial, which I think was your question in the cohorts. But the epidemiology of the primary endpoint cases has been a little bit slower coming. […] We ultimately did though power the study for a final analysis, a full number of cases.

Europe, as you know, we have not been able to participate in the EU market because of an exclusive partnership that the EU has set up during the pandemic, but this partnership expires, as we've said before in 2026. So we really see Europe as a very important growth driver for us.

if you look at our first half, we are up almost $300 million versus the prior year. So if we are flat in the second half, that would actually be above 10% growth for the year.

it's around 20 patients were enrolled and the primary endpoint, which is metabolic decompensation events on treatment relative to pretreatment so each patient serves as their own control is based on a 12-month follow-up. And so that should happen sometime in fourth quarter.

So we will be issuing a press release on that data, Jess for the interim.