Moderna : 2Q 2023 Earnings Call Presentation

Second Quarter 2023 Financial Results

August 3, 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: Moderna's submissions to regulators globally for the approval or authorization of mRNA-1273.815; Moderna's ability to supply mRNA-1273.815 in time for the fall 2023 season; anticipated 2023 COVID-19 sales, including the timing of sales, from existing advance purchase agreements and additional sales for delivery in the second half of 2023, which may not be realized; Moderna's expectations regarding the commercial COVID-19 market, including the U.S. fall 2023 market size, and its ability to effectively compete in such a market; the potential best-in-class profile of Moderna's RSV vaccine, including its efficacy, safety and tolerability profile; the Phase 3 study of Moderna's individualized neoantigen therapy (INT) in adjuvant melanoma; plans to expand INT to additional tumor types; timing for an update from the P303 Phase 3 study; the potential for the P303 study to enable licensure of mRNA-1010 through accelerated approval; timing for completed

enrollment of the Phase 3 clinical trial of Moderna's CMV vaccine; Moderna's capital allocation priorities, including anticipated spending on

R&D for 2023; Moderna's plans to launch a number of new products in 2024 through 2026, including its RSV vaccine in 2024; and Moderna's 2023 financial framework, including with respect to cost of sales. 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, June 30, 2023, and June 30, 2022, are unaudited.

2	© 2023 Moderna, Inc. All rights reserved.

2Q23 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.

2Q 2023 Update| Business Review

2Q23 financial highlights

2Q23 GAAP financial results

Revenue:	Net income (loss):	Earnings per	Cash and
$0.3 billion	$(1.4) billion	share (loss):	investments:
		$(3.62)	$14.6 billion

Capital allocation highlights

Reinvest in	External investment	Return capital
the business	opportunities (licenses	to shareholders
• $1.1 billion R&D	and/or M&A)	Repurchased 4.4 million
• $0.3 billion SG&A	2023: OriCiro (renamed	shares for $0.6 billion in 2Q23
Moderna Enzymatics),
• $0.2 billion capital
CytomX, Life Edit,
expenditures
Generation Bio

4	© 2023 Moderna, Inc. All rights reserved.

Update| Business Review

2Q23 commercial and late-stage clinical updates

2Q 2023

2023 COVID-19 market

• Submitted updated COVID-19 vaccine to regulators globally for approval/authorization
• Expecting full year
  2023 COVID-19 sales of $6-8 billion

	RSV regulatory	Individualized Neoantigen
	pre-launch activity		Therapy (INT)
•	Rolling submission started in	•	Initiated Phase 3 study in
	the United States		adjuvant melanoma;
•	Additional regulatory		enrolling patients
	applications submitted in	•	Scaling manufacturing to
	Europe, Switzerland, Australia		support clinical development
	and United Kingdom		and commercial markets

• Started to manufacture mRNA-1345 (presentation in pre-filled syringes)

5	© 2023 Moderna, Inc. All rights reserved.