Moderna : 3Q 2022 Earnings Call Presentation

Third Quarter 2022 Financial Results

November 3rd, 2022

© 2022 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 2022 and 2023 and

the associated revenue, which may not be realized; expected new contracts for COVID-19 vaccines; the repurchase by Moderna of shares of its common stock under its repurchase programs; the timing of data from Moderna's ongoing studies and trials, including for personalized cancer vaccines, RSV, flu and Moderna's COVID-19 booster vaccines; early signs of potential clinical benefit for PA and GSD1a; anticipated upcoming global product launches; Moderna's collaboration with Merck to jointly develop and commercialize mRNA-4157; COVID market dynamics and Moderna's ability to meet market needs for fall booster season and the timing for deliveries of fall boosters; the applicability of the flu market as a proxy for the COVID market; the medical burden of endemic COVID-19 and the size of the annual COVID booster market;

expectations regarding transitioning to a commercial market for COVID-19 vaccines in the U.S.; potential accelerated approval of mRNA-

1010 (flu); Moderna's preparations for commercial sales in 2023; Moderna's capital allocation priorities; and Moderna's 2022 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, 2021 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, each 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.

2	© 2022 Moderna, Inc. All rights reserved.

3Q22 earnings call agenda

1. Business Review - Stéphane Bancel, CEO
2. R&D/Clinical Programs - Stephen Hoge, M.D., President
3. Commercial Market - Arpa Garay, CCO
4. Financials - Jamey Mock, CFO
5. Looking Forward - Stéphane Bancel, CEO

3	© 2022 Moderna, Inc. All rights reserved.

Financial highlights 3Q22

Third quarter 2022 GAAP financial results

• Revenue: $3.4 billion
• Net income: $1.0 billion
• Cash and investments: $17 billion

2022 outlook

• Revenue from advance purchase agreements for anticipated delivery in 2022 expected to be $18 to $19 billion, following delay of certain deliveries into 2023 due to short term supply constraints

Share repurchase plans

• Repurchased 7.1 million shares for ~$1 billion (average price of $141) in Q3
• Completed $3 billion share repurchase program announced in February early in Q4
• Share repurchase program announced in August for an additional $3 billion is in effect
• Total of 23.6 million shares repurchased since first share repurchase program initially put in place in 2021 (4Q21 to 3Q22)

4	© 2022 Moderna, Inc. All rights reserved.

Pipeline highlights and advances

COVID booster vaccines

• Received authorizations for Spikevax bivalent original/Omicron BA.1 (mRNA-1273.214) in countries around the world, including the EU, UK and Japan
• Received authorizations for Spikevax bivalent original/Omicron BA.4/5 (mRNA-1273.222) in countries around the world, including the U.S., EU, UK and Japan

Flu & RSV vaccines

• Phase 3 flu vaccine immunogenicity trial in southern hemisphere fully enrolled; data expected in 1Q23; started Phase 3 flu vaccine efficacy trial in northern hemisphere
• RSV vaccine efficacy trial ongoing; data could come this winter depending on cases

Personalized cancer vaccine (PCV)

• Merck exercised option to jointly develop and commercialize mRNA-4157; Moderna received $250 million in 4Q and will share costs and profits; expecting Phase 2 data in 4Q

Rare diseases

• Shared interim data from Phase 1/2 studies for both PA and GSD1a; therapies well-tolerated to date, with encouraging early signs of potential for clinical benefit
• Announced a new development candidate, mRNA-3139, for Ornithine transcarbamylase deficiency (OTC), a rare genetic condition

5	© 2022 Moderna, Inc. All rights reserved.