MRNA - Earnings call transcript Q1 2022

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Operator

Good morning. My name is Kevin, and welcome to Moderna’s First Quarter 2022 Earnings Call. At this time, all participants are in a listen-only-mode.

Following the formal remarks, we will open the call up for questions. Please be advised that this call is being recorded. like of the Investor I’d Lavina over time, Head Talukdar, Relations this to call turn to At at Moderna. proceed. Please

Lavina Talukdar

on Kevin. business and you, for Moderna’s Good everyone, quarter today’s us first and discuss call financial updates. Thank XXXX to thank morning, joining results you

the David issued call of section Officer; You Chief our slides On as today’s the Stephane Officer; our this our well Bancel, Stephen Executive Investors can Burton, President; access we’ll to be the morning Chief Financial and as are our Officer. that our Meline, reviewing press release by going Hoge, Medical Chief website. Paul

of now our results or and performance please in statements. begin, actual factors filings Please of X accompanying those Safe we forward-looking risk provisions to see statements expressed from presentation conference will pursuant important the the note SEC Before Act cause call Harbor forward-looking implied will that our Securities could include Stephane. XXXX. that for this Private of turn to slide the these to call the made materially Reform over Litigation differ and I

Stephane Bancel

ended billion. income of a Thank walks XXXX financial before this David call. of the back on net with I then GAAP conclude you, everyone. the start come will good balance or we programs. will your $X.X evidence, reviews review strong will business And financials. a Spikevax you Paul present and conference share through by cash world $XX.X quick $X.XX. an EPS then quarter clinical of and Today, of real billion our billion, to quarter. before happy results to Lavina. that We of diluted Good the Stephen our Welcome questions. take morning I QX QX afternoon, team $X.X delivered update key then Revenues GAAP I’m to

share to David program, few count For share some we our QX on QX. in continued numbers will we minutes. already retire did in buyback in shares share like a

For are reiterating billion in $XX purchase signed XXXX, advanced we agreements.

in We the highlighted amongst limited when share have or and has still I’m across was supply OECD differentiating seen no share consistent publications real-world previously Spikevax market vaccine. market our with countries to increases happy the OECD shared that increased market countries. longer data share when

While our four candidates focused have X could launches containing use Starting to probability the a on team to subset billion our start four soon another in of CMV fiscal of RSV delivering QX our APAs vaccine is flu team on year X: and flu the candidate, an study Omicron-containing COVID of booster, for bivalent preparing $XX very wave vaccine on launches. Hemisphere, the subset With in mRNA-XXXX, focused in product is next booster signed a an primary Moderna plan years. Phase Phase a will to the vaccine Southern a see vaccine booster, mRNA respiratory the we late-stage could booster, with have trials over three We exact our approved vaccine. these Spikevax, we fall technology peak multibillion-dollar our of mRNA-XXXX.XXX, of And from vaccine, as in candidates each the all have Phase COVID they because series four X next success. same vaccine of two three high believe sales. these annual candidates believe in clinical XXXX bivalent Omicron up the XXXX,

COVID review to The beyond genetic our continue portfolio, programs grow that, later methylmalonic data modalities over therapeutic In rare hand two has of expand of in of cancer acidemia vaccines. proof-of-concept real-world vaccine. late-stage let should members. in continued to organization in the we team year, propionic patients Paul vaccines, addition important the shows the now applications our our Slide personalized X,XXX disease me to to We technology have in Moderna. Paul? and development X have to to acidemia of With booster. We four it evidence this growth the pipeline. mRNA studies and continued our XX

Paul Burton

Thank you, everyone. Stephane, hello, and

some to see the the to But rise would cases pandemic are that in it’s On why and posted the COVID-XX on massive continues highlight time I there vaccine having critical the Omicron today enhanced Omicron X, of was understanding about be been SARS-CoV-X transmissibility. early so is the of by This part world, while through the we COVID-XX While demonstrate capacity we remarkable many XXXX. showing to virus. here due increasing around need studies another understand BA.X data first, the time, slide we to our mRNA important and to on replaced in now States States and strain boosting. in the United at transition over the extinct the booster almost continues new last of dominant to And like BA.X. virus. we that published BA.X.XX.X subvariant vaccines the evolution by of have as was with SARS-CoV-X in is change can observed vaccine, of wave certainly the remarkably evolutionary that and XXXX the that rapidly, caused of version subvariants. United now The weeks this dominant BA.X the with

United it northeast and to under in monitor we slowing While in and our for The booster detected good again The this is for And circulating we balance, case the be the breadth strain we we and variant-adapted States. so could thought who and underpins States. Other BA.X.XX.X when prediction and of booster coming BA.X. will have late as underprotected a United global vaccine means now BA.X. move Health of The for Kingdom Pfizer New that or BA.X Moderna, is to the the new who pathogenicity. soon subvariants, This spring have that against fall. today that BA.X graph Africa, BA.X.XX.X, booster summer South dominant by need vaccine and Agency. of at news seeing we transmissibility from people impacted uptake virus a of United growth disease York received will protects BA.X This are in of today, be would or as see vaccination we will primary carefully been effectiveness on the BA.X counts, trajectories data declining campaign Security for clearly now the seen in symptomatic left. there is is likely into both, when vaccine this very need BA.X, AstraZeneca which infectivity the are look we their vaccinated and evolution also against the seen their individuals looks be at speed clearly increased ensure going dominant a

question infections, setting. highlight effectiveness boosting. on time. population, first the and BA.X, right. either in Omicron A Moderna But want in of vaccine help of a from conducted between dose wanes increased recent again, from those clinical question, a over Moderna This the you measured that COVID-XX? to effectiveness which vaccine effectiveness there BA.X, booster a that over the a booster increases importantly, a both, waning time the study Pfizer looked utility provide symptomatic dose protection booster finding in boosting severe These vaccine vaccine, the vaccine vaccine While on showed results effectiveness analysis. to and effectiveness effectiveness additional even high and But, XX,XXX and combined outcomes vaccines second key showing XX, long-term a will this are second against that this vaccination Ontario following see and can can high-risk living slide exactly of of was this studies You examples with restore vaccine are the high-risk in of against on effectiveness of begs this I effectiveness was and two dose setting, against as people care booster waning indeed together in in vaccines study, Omicron protection, individuals, over there’s see facilities. second and disease, vaccine mRNA against at gradual this a clinical provide several

In in days and second from to vaccination fact, increase seen in an X booster effectiveness over vaccine the effectiveness continued time. increase was at

benefit lead higher perspective There for annual might slide would environmental populations to are or from at to now that to occupational and health, boosting. risk a vaccine many I factors COVID-XX. Turning provide who gain age-related XX. on being risk particular like

at than XX for those rates disease higher severe of people other COVID-XX autoimmune over the over to physiological with health are risk who result people for the disease, factors, immunocompromise of other steeply infected have turning such old are mortality hospitalization age as and either people and increase know age SARS-CoV-X. greater in year HIV risk begin with XX indeed, factors We place age First, with or that that they that if disease, to XX. years. health kidney cancer, patients, And then,

or living could personnel, most annual incarcerated. such it in COVID-XX. factors, workers, students, risk Finally, is first those care college responders, broad in believe benefit housing as such for or environmental health high-density who boosting categories occupational these military as the We people from or conditions

And of And against of With demonstrates through evidence third we believe we’ve compared vaccine development and due people now booster believe a third with SARS-CoV-X of effectiveness mRNA-XXXX the of incremental as so, is additional dose you over occupational to evolving a and concern. mRNA-XXXX a when for and vaccine important when taken anticipate, that high-risk a Stephen? the a variant-adapted risk Real-world new for disease it shows epidemiology progress to together in against to in rapidly We age fall. environmental an in effectiveness population. infection, are evolving turn coming that, we booster to to an globally. multiple summary, severe viral of at infection dose this and keep variants variants or and our And a symptomatic health, I’ll of with to clinical factors. take booster, need dose fourth Stephen continue protection, there recombinant risk pipeline. waning the shot, circulating seen, populations boosting high variants

Stephen Hoge

morning everyone. Thanks, good Paul. Good and afternoon,

strategic But of just Paul booster seasonal Omicron booster to MRNA-XXXX you pivot why think real-world we the our effectiveness the will a for setting. in our against XX, on with be like slide to I’d shared rationale necessary. So,

coronaviruses. neutralizing for and and could or new higher similar like impact the titers Paul of of So, particularly breakthrough endemic first, that we adults of in immunocompromised. increase the will across wane the human risk medical just waning The breakthrough, as titers decline with emergence described, those think broaden hospitalization the of subvariants their the variants infection older risk, that neutralizing BA.X, will population. risk at And .X accelerate concern of to those

will So, that like happen protective that, We’d it neutralizing variants booster will a And season. desired months, beyond durable needed subvariants improves antibodies booster, fall-winter to hard our The retain to boosters. think protection make against the and be Hemisphere to we features to do Hemisphere fall potential i.e., available or we infection against broaden and Northern of ancestral in subvariants six increase its Northern the over with or we’d Delta that Omicron to emergent immunity for might durability the a fall, new strains. against coming believe be working the improvements we’re high full the months. like and winter for protection cross-protective and

to that slide XX, on in So, booster. like summarize improved developing our work I’d

Our into primary bivalents three as developing focus, and has taken a on been bivalent know, you clinical vaccine, trials. we have

XX mRNA-XXXX.XXX the had includes and of bivalent includes on our The mutations original on the X what concern. And Delta. was XX the mutations, of Omicron combination included based Beta and common vaccine from first, emerged variant booster now wild-type on mutations with vaccine of prototype prototype and our The and combination based Beta. wild-type, also mRNA-XXXX.XXX a the mRNA-XXXX.XXX based

in be that The latest superior campaign. Hemisphere bivalent, concern micrograms. demonstrate immunogenicity have maintain compares mutations variants booster ancestral XX against at current of to against objective And for of when lead case of reemerge. remains includes we approved MRNA-XXXX emerged, non-inferiority fall the want Our strains that our mRNA-XXXX.XXX, they candidate XX will that prototype course, booster to Northern it those or our to

even been mRNA-.XXX already a a ongoing you many on Kingdom. in I’ll bivalent a approved the separate in slide has XX, being data of as authorized which of just lead bivalent remind concerns in in demonstrated mRNA-XXXX study dose data X/X variants as remains, that Phase said conducted evaluated being Phase at both and Omicron mRNA-XXXX.XXX, a the Now, of that cover superiority and a fourth and a moment I’ll a of including has the those X States our our candidate But, booster XX United first third I ago, tested, PXXX booster. development work in all for portfolio The clinical markets or summarize two micrograms. Delta, United boosters. is against and moment. across studies, are I’ll Again, that

the bivalent. XX, and from what the is quickly first reactogenicity on data Not the Now, we on have mRNA-XXXX. boosters just we profile .XXX slide of with saw update you surprisingly, to with safety the consistent bivalent

reactions adverse vaccine events between As booster you’ll the are frequency in the group solicited reactions chart, and the both no and frequency on both the consistent of in broadly unsolicited up And and adverse days severity. see after were bivalent adverse with serious local dose. XX groups the also comparable to types events systemic

Moving to slide XX.

of the booster. some from evaluating mRNA-XXXX.XXX an have bivalent our mRNA-XXXX We antibody comparing approved that that again neutralizing and data study, or with authorized

day or the and comparing as neutralizing all ratio, was of we XXX which the was a at or superiority and the or months, of GMTs, and XX the SARS-CoV-X XX% tested, bound months, have was XX% as on neutralizing day at the immediately was the X.X, for X importantly, superiority excluded variants we confidence booster which slide variants was the XXX because improve superiority for mRNA-XXXX for lower Delta important and for X to as the when the durability note met as was the day concern with clinical concern the we this by months, Omicron here demonstrating increasing the goal XX XXX bound And variant, that mean And different X defined The ancestral at pre-booster geometric On protection strong X.XX, were booster. X high of X.XX, again, bivalent day was concern at trend interval the and both in a performance X.X. Omicron GMR, across here. at lower the Beta Omicron, Looking month excluded note, met day titer you’ll time that the day where Beta of endpoint bivalent towards titers. month higher and X and ratio also seen Excitingly, ancestral data. a titers X.XX, points, titers confidence across of X you’ll as for represent all at of and as to at primary GMR superiority is -- for is X. ancestral XX, variants virus, interval XX, the those was bound lower virus

booster. XXX believe already authorizer the reactogenicity booster comparable So, overall profile of on strategy. demonstrated by XX-microgram slide bivalent XX-microgram And safety XX, to .XXX we the that superiority platform the the in the and conclusion, was of bivalent bodes the approved our XXXX in well for

of the day demonstrated containing .XXX, June evolutionary continue the boosters maintain We or antibodies, out mRNA-XXXX.XXX from ensure immunity SARS-CoV-X with in months. I while across durability XXXX. of just bivalent X moment to protection believe and the breadth anticipate a the of uncertainty one-month our ago including, will expanding neutralizing that XX We and data Omicron as to broadest current bivalent,

data is of mRNA-XXXX from X at start our Phase Now, Phase X Day We We study year our mRNA-XXXX. mRNA-XXXX in XX. positive turning quarter our approach. flu immunogenicity pipeline to to our -- event. a trial slide the Vaccines speed-to-market rest on respiratory of with announced later our vaccine and this part efficacy this a of plan second X the Phase year is vaccine,

Phase a part We and parallel contain flu we that antigens vaccine mRNA-XXXX and NA antigens. also vaccine month. of HA X/X started are As candidates last strategy, both mRNA-XXXX in of advancing our trial

mRNA-XXXX, ongoing, RSV are participants a older vaccine, adults Our in is worldwide. trial we enrolling and Phase X

flu start this trial we plus ongoing COVID plan a RSV our have flu COVID year. both, RSV for and Phase also vaccines trial combination, well. We pediatric as In X enrolling an to our

fully is endemic combo trial now also the RSV hMPV our our And coronavirus preclinical. enrolled. and and Our combination hMPV/PIVX are vaccine in human combo for vaccine X Phase

Before a moving on over years. back vaccines, two from reflect step past progress take respiratory incredible and I to the want the

made This have pivotal our possible candidates speed our Phase can our We has flu RSV opened. derisked studies move pivotal progressed now and have quickly vaccine is IND mRNA into of And believe or year into COVID being X platform. an and pipeline, our studies. we we success will by vaccine one X within

endpoints, in believe and we or readouts are to us and flu, to Importantly, -- towards immunogenicity progress seasonal be looking its at which can allow faster Phase commercialization. through ultimately RSV we can X endpoints

to of the Now, turning rest our pipeline.

Phase ongoing our study and an mRNA-XXXX, participants CMV for globally. have X is vaccine, We well enrolling now enrolling which is

prevent in multiple Our studies. as EBV vaccine sclerosis mononucleosis long-term prevent Phase infectious sequelae to EBV vaccine and to is our in preclinical such is X,

Our HIV trial Phase Zika forward the to And we X. clinical health enroll was vaccines in our public to with Phase are we vaccine Within look that and are our that IND to HSV vaccines Nipah VZV announced preclinical trials with update vaccines, and in soon opened, recently in vaccine starting And partners. studies. are our virus partner. pleased continues X our

our ongoing our oncology, plus Phase to Phase cancer versus the our is vaccine Within XX. of therapeutic personalized which KEYTRUDA the look moving and And vaccine a from expect first Now, this in study. quarter X fourth Phase we X pipeline study, on study a alone, year. at personalized KEYTRUDA the slide cancer in X evaluating data is

ongoing across trials within Phase will PA I short, four each X/X In in more autoimmune, oncology. we the is area candidates rare cardiovascular Phase in candidates preclinical program X or slide, on have have or diseases, clinical which in the We give stage. propionic a in And or next two our for in and acidemia detail other stages preclinical program, study.

participants in Phase GSDXa in the And look to that study. an our forward we and study. IND first or is also the MMA X/X program program open has Our enrolling patient ongoing

in preclinical disease three rare We as other well. and have candidates

on acidemia. propionic provide slide wanted it off in Phase X/X hand study on to bit more David, XX, I a I color before our Now, to

is that rare PA of carboxylase, called reminder, characterized a the metabolic proteins a amino of in of deficiency building several the by of that’s enzyme propionyl-CoA a involved blocks As is an disorder breakdown acids.

As a recurrent levels harmful intermediate enzyme, the can can metabolic health result in events. deficiency serious life-threatening problems, lead including body. This to build episodes toxic in of that compounds up of to decompensation

therapy Phase for has is mRNA deficient encodes trial proteins that two each form drug. enzyme, and of the Kingdom for weeks United for PCCB, an adaptive one United The PA doses design, X participants PCCA every age received study and those Our X/X the study. in XX than Canada. to up for of of X in in greater enrolling that or years mRNA-XXXX one X Participants States, the every and dose

The first in are now completed and the of dosing the in eligible now we doses in the patients been A XX the elected all the OLE. cohort across continuing is patients total of of those X/X fully now administered study. enrolled, OLE have course open-label cohorts. initial five the enrolling Five XX-dose became patients study and additional And extension. for have to participate have Phase and

evaluating the over focused study And we biomarkers our that, the financial We looking of and I’d are the at more also important, including Now, evaluating with and in most review. It And David? look to this the study. year. metabolic I potential course, is sharing on PK/PD. And forward decompensation are clinical turn to also previously. to patients mentioned that this events, like safety data events those enrolling is

David Meline

Okay. Stephen. Thank you,

start results, and going performance with I’m Overall, had the to key along very performance. and a with XXXX, We’re of quarter providing of operational drivers of first pleased XXXX our view commercial forward. analysis a financial actual good today we

of first billion of were In QX to slide driven by international of of to The in XXXX. outside and quarter geographic explains sales we sales starting of first last This This the Total of were of fact billion. billion, $X.X government. of manufacturing now U.S. manufacturing that our compares quarter in the with sales $X.X our is first QX majority the performance. to in quarter in The U.S. our manufacturing earlier also product sales total growth stage U.S.-based year sales with lines $X were in government sales three of XXXX, roughly our the sales XXXX U.S. the product to were an $X.X the billion. were the Turning overview an XX, sales ahead the year months of different mix. last capabilities. ramp-up

in and our and expenses of and purchase driven services expenses $XXX was $XXX spend to COVID-XX in development XXXX Research compared in were period maturing same development processes, Selling, offset driven growth of compared million clinical QX by to for the into Total XX% was Turning COVID-XX in or XXXX. slide last company to by and more of inventory increase the our continues and million year. our $X of were in billion to sales same increasing sale accelerated driven the detail of product the period quarter manufacturing results. investments for with billion higher revenue compared to first The administrative to was XX in revenue billion in expanding support total Company’s of The the our of expensed the costs, first QX period obsolescent outside XXXX. personnel of last a in general an $XX reported for commitments. the sales from QX year related $X.X of commercialization driven excess we expenses by sales from our The QX was Cost scale-up was basis million go first be quarter mix, of the $X.X a in XXXX vaccine. to quarter customer quarter. $XXX in portfolio. favorable to which selling percent in for globally impacts vaccine price, of benefiting sales of this inventory year in of Cost XX% adjusted Compared the of XX% adjusted the by R&D XXXX in XXXX. trial were build-out. expense on increased and the write-downs partially future average prelaunch and for continued by spending current million XX%, are prior

in $XXX million income Our Moderna QX newly of million the first in compared period. XXXX XXXX results $XX year for Provision foundation. was the the also million endowment prior $XX include upfront to taxes for quarter the established of initial

first was the effective tax for rate Our XX%. quarter

Let carryforward billion billion of after-tax me billion nonrecurring of net in income we of earnings in XXXX, reported resulted fact remind operating $X.X which rate net in share the $X.X prior you of year. last year. that loss tax Diluted in $X.XX. end per the a benefit had QX recorded the XXXX compared We to QX at the a $X.X to were

As a beyond, and do the commercial the R&D have activities on Russia. activities Ukraine final point we or quarter not currently in any or

cash and reduction commercial of is The of the $X future We balance deposits activities. by cash QX for billion by the to deposits. slide compared supply $XX.X at to billion of The billion ended The cash on is customer XX. product against $X.X end of deliveries Turning driven XXXX our compared at XXXX. deposits with investments increase cash end XXXX. and billion $XX.X product driven to was quarter-over-quarter

turning Now, slide XX. to

capital remain unchanged. priorities Our allocation

Our top business to base investment priority across has been areas. and be multiple will in continue the reinvesting

accelerate pipeline, in forecast the $X of For $X.X programs. for in R&D, order our advance billion to and to billion spend new to both range to continue we and existing

Our second priority to seek and investment reach external further technology and of opportunities the collaboration is expand attractive to investment capabilities. Moderna’s

attractive take potential outside evaluating a enable disciplined complement We are and platform considering approach and in our that investments. opportunities

new of of opportunities. share buyback billion and our additional active initial regarding program buyback assess share announced We’re in a we evaluating We $X external in shows uses collaboration then opportunities, our external program the investment completed for share in January After Across during multiple discussions additional and repurchase cash. internal next a million first authorizations, of we count our of these billion $X.X repurchased total shares billion we program. two slide X.X quarter. progression February. a share initiated since $X The

in initial began Board in billion August for XXXX. we As share $X of fourth repurchasing shares a approval the and quarter reminder, repurchase our XXXX program received

declined September basic the XXX to million issued shares over compensation X period. shares, of quarter-end this outstanding March the XXXX in end more equity at shares repurchased million Our from XXXX. million million offsetting than common at XXX X with stock connection We of end of

XXXX, also a XXX weighted declined the in quarter diluted XXXX shares from third million result outstanding to the Our activity. repurchase in as of the of XXX of average share first quarter million primarily

XX. financial Now, on let’s page turn XXXX framework to

in if to fall volume seasonal in In have of a calendar of an the There’s billion. virus the We contracts expected to number confirm evolve demand agreements market. an timing believe COVAX dose, including a booster deliveries pattern. for will in this to their downside from delivery for potential XXXX, additional year. There signed amount potential the phase into upside from the aligned is this XXXX XXXX more number U.S. that contracted advanced unable approximately to COVAX purchase we is for sales endemic also SARS-CoV-X the $XX with

result, a in As larger half. the the we of in be sales of expect than to continue first timing the half to second XXXX

the royalties includes sales logistics of of manufactured, cost total goods cost Our third-party as as well costs. and warehousing

last to compared due sales both year-on-year and a cost. share is delivery of this by selling as to increase selling product forecast year The increase compared a decrease to driven higher year. of continue to our average decrease expect for price APAs percent prior sales manufacturing cost average year, to in We price COVAX a of the in in

the the costs we supply forecast driven by commitments. As endemic an phase, infrastructure, our future a move increase. to chain production to pandemic cost including evolves dose and smaller manufacturing unit our purchase into is COVID-XX for presentations This adjusting and

geographic efficiency. impacted will customer and pricing beyond as of effects sales cost to Spikevax year the the calendar of by our the cost The optimize the which low We mix, as to in XXXX it for be sales further continue reported of private well we’ve develops, incorporates market XXXX to for XXXX improve year. adjustments as identified that all range, expect expected initiatives our full mid-XX%

our a foreign-derived deduction. expenses rate continue driven driven business result of as mix by in XXXX and we be tax benefits the Based intangible international our SG&A, global development expect of to stock-based to the from and current approximately to on mid-teens, the the full company. R&D compensation billion, For to tax laws, continue scale-up expect we maturing $X and be income, the by portfolio year our

continue globally. and our to plan the to range out for further general we as expenditures, Finally, regarding $X.X company expenditures we infrastructure $X.X build billion of billion manufacturing capital in capital

of As global medical this as of concerning confidence development. the Gomez, in is and the to to my remaining like company the its taming next like Moderna, of also recognize colleagues many I the pandemic. I This to remarks over Moderna me I back last call to ramping contributing Company’s in earnings vast I the the Jorge stage concludes technology against up my needs. opportunity unmet take would welcome Stephane. would realize for like fully the in a for performance, CFO call have to own its turn and qualified the would commercial team to the well my potential success to to great lead ability financial and mRNA platform who’s

Stephane Bancel

you, words. that of and review for quarter Thank the those of David, kind

scale would company. out come to speed am More retirement to in commercial, agreeing I us. the to importantly, of of I you a an company very like come thank to spring U.S.-centric global you development agreeing out grateful at us Moderna help retirement of for help for XXXX an early-stage unprecedented to from to

us point get Your work to crucial. to was this

to team strong stand to successor. and consultant also we a Thank your as as for robust you agreeing transition You a business built processes.

wife want well life. so, and phase your next your wish And I the you to in of

Arpa would to Arpa Moderna. international in very David with the rapidly as organizations, these to the the also of Executive a Officer, and Motor as same you where Dentsply with of Head addition joining and having high-quality both of He leaders from which welcome this to capacity a of CFO experiences month has Merck she finance Health. was set marketing. to General served recently CFO publicly-traded as join has Monday, Merck many Chief Jorge I us most finance like broad who of a care sales global of next a partnering Jorge and Garay alumni. health effective multiple has kind Committee I international May is as Jorge for continue our in background Cardinal forward of Officer. at been Chief experiences scale are to companies. of that Gomez end as two in Xth. Marketing. announced will also She us member training look experience him As Commercial know, we Financial brings

COVID Science to mRNA number PA, programs. readouts number and priority last bring with more host Priority platform, continue Day Before Day on a $XX moving of events ESG billion priorities. XXXX patients year, development. one, XXXX to Priority signed Priority APAs May which infectious to our execute four, respiratory third, to increase also four vaccine would this to years. in Phase first over execute X booster, our on commercial November. booster, three over flu bivalent you series forward least, not annual mRNA but I R&D to expand including number and into And of prepare Q&A, therapeutics September, five, people Day vaccine beyond two MMA time. possibility typical Omicron-containing two our and booster our launches to to to in fall could the our weeks remind and disease in just three continues review I an the proof-of-concept on expand of successful our booster for impact to mRNA to XXth. CMV two, PCV candidates clinical programs, to and into season. We’ll vaccine, so for lead to next primary upcoming like to wanted share also number Priority number the RSV

impact protect is help While we’ll just we be even two now. people This ahead that thank to the what we take we treat profound We’ll our for your of you is hundreds to continue Operator, humanity have beginning. last is mission, on a over of happy had and on and questions exciting. us the support. to believe of execute years, more millions

Operator

question first Goldman [Operator Salveen Instructions] Our Sachs. from comes Richter with

Salveen Richter

as as how to entering to just and you most look stage what’s confidence you Good XXXX about M&A you boosting you. morning. BD then do you for Two on COVID, later questions Thanks for David, based candidate now, sheet beyond? taking working the pleasure the bolster as annual the And questions. endemic to revenue given what -- kind it’s an and is phase of your in And you thinking with are think for me. right dosing line? and balance for been known have look secondly, One my a here, on regimen about

Stephen Hoge

Salveen, you, Thank it’s Stephen.

today, data So we collaborating first, to as obviously COVID perceive regulators. and subject what and on of with booster the

We about platform are, the variant now as dominant are vaccine and bivalent infecting our said, as Omicron I that most excited including and of subvariants family today. people

when think months cover Hemisphere, Our to And protection the that. the a because the today, people of data from that what subside. booster from perspective. to very early Northern we a that this get to is part I least Meaning similar October will well seasonal be spring will of flu objective, just presented be like you bivalent .XXX horizon time provide used transmission vaccine, with our will will six are that boosted in in you at through

actually we the And that able seasonal with already we’ve duration .XXX, as so, that bivalent as to booster fall booster that are protection Omicron think for for provided of it would year. year. we the said, a this I the provide containing think the that means in that we demonstrated will people be annual And cover

For XXXX continue strains then of concern. plus, dominant to to reflect then expect would the we variant the at-risk bivalent the or circulating of update platform to

be may again Omicron this year, Omicron new. maybe it So, next year, may it it or something be

Stephane Bancel

Stephane. Stephen. Thanks, It’s Salveen. Good morning,

is biotech an platform to have invest you We priority that So, have allocation, as pharma ability unique companies different this typical from of business. in or capital we know, our where companies really very term the in is one quickly. number believe scale to we very

discussed. launch of programs as pivotal we four As we the studies actively Phase in and preparing X, we discussed the are today,

our Phase platform and the we starting opening all XX to a an there’s months go Stephen built in XX showed As of vaccine that for you there’s our Phase ability have I know, in around to has And we development from X. vaccines IND you in digital X. team, a around we in the programs lot believe think great investment today. in today And and have

the pipeline XX we’ve be is COVID-XX as around therapeutics. will in where months, very We seeing months question So, said this is obvious always and exciting. from really exciting our remarks, there’s now, around where it’s And reasons. But be therapeutics. for to get year then, that going a XX

we We it as genetic are this recruiting, data have are that in share eager assuming described, with And disease. we more to which is rare well have you. do genetic two when rare positive, disease programs Stephen for we will

As more as confirmation the we get in infectious vaccines that rare as the you more same acceleration Vertex, we genetic recently, we data was working the we a a recall, the if application, have, know, And capital, the plan got more of been you’ll in and our Company personalized and infectious disease human, said, following positive you’ve also for with vaccine. exciting a programs, few quite and Well, with partner, started autoimmune more programs as technology into diseases and do long because had to unprecedented our vaccines. very time, candidate cancer Stephen mRNA clinical getting we clinic. to toward following CF cancer work we

They tell of never area, teams can have opportunities M&A, been across as busy. our are world, therapeutic terms across technologies. at a In also lot I but you, the of literally looking

terms approved to platform, technology shy we be to product, in that’s where or of the not invest will expand M&A. have are really and approved we so, And

is share to to get capital know, the buyback. bucket in as And priorities So, signed. of more terms of shareholders come you third our when finalized and via returning things balance sheet

the David Board dialogue do attractive focused we’ll as current if Thank you. share we’ll plan. after And now, a the to continue with needed. said, And the But we back continue what so should plan, executing as to we’re prices. on at to current this, buy have

Operator

Our question with Matthew Harrison comes Morgan from next Stanley.

Matthew Harrison

for I me. guess, two

downside this in not levers COVID more or what the be features discussions? efficacy allow understand flu, would that So just of yet should like to secondly, And looking revenues a approval. bit first, David, on on year? be in give we could you comments whether accept or to for little And to then, full what clear comment maybe it’s you’re study that? some are for the to going particular, could regulatory would deliveries, where COVAX not just need you you not the out upside sounds terms a on updated It and

And Thanks. you’ll think just where so, be and when for ready I’m flu the the those wondering you a what give outlook people is are picture on clearer to discussions program.

David Meline

Sure.

chose on for to had is XXXX, point not first the I terms sales option for doses they XXXX, of COVAX exercise. in think in additional an So, in outlook the the one, important most which

in what in up. We taken for some COVAX. actually the there taken continue billion, we as the plans could been is reporting they exercise. be table countries. are from consolidator of impacted formally the the that’s So were That’s that And see outlook. be $XX didn’t the demand our volume options to They off

the what through. notwithstanding from confirmed confirmed and each still to is So, that do a go have having Company. they need to process get country they there’s And that the order requirements to becomes then contracts,

the their approval and the we And want discussions a that booster before, through said to to offerings fall and the on in uncertainty the forward associated have, reflecting we’re as process. the some we’ve world making number the timing negotiations season that there’s APAs. are way other of countries forward look look around demand then, flag So, going that as why with of of of level that’s we with to course, we variant

the not So, likewise, in that for count presents presently for some year. additional APA potential are this sales that

Stephen Hoge

Thanks. Stephen, This is Matthew.

with where might So, on of path the consulting the flu you globally, for we agencies have are, our and forward imagine, as question around mRNA-XXXX we been regulatory program.

to to immunogenicity least our of a path and back an towards to have obligation as some forward with with talking we which accelerated day, move the with the end we program move and data still path approval, in open, But that from will some back X issued the efficacy that, still that on will markets Phase starting do we using accelerated quarter are study follow-on we have day, there guidance if QX generate starting that conversations approval, there’s approval. if of previously under end that believe study data of discussed. forward. a point regulators the At that review, of even safety we’ll at a to that as potential we’re has accelerated accelerated full a As demonstrate is even the accelerated that the around we’re and about be on mRNA-XXXX forward this -- endpoint in the the do an are been approval study even at approval at Matt, a have move

Northern And winter, X we’re Phase will Hemisphere be conducted announced point, efficacy we at of perhaps to some we need a this in the study, And so, certain the also plans are approval planning because accelerated start a for which both, that also being rapidly And would to fall. then on is, find that forward also but result. move we of that for approval what that a able the the we path to full hope, do would that. back efficacy coming

studies. the some all approval we the reason, timing in approval go not or markets, markets for is directly to given some full would very Now two latency, accelerated of available those with instead short a

Operator

comes Wang question with Gena next from Our Barclays.

Gena Wang

of and the $X where ex-U.S. is prices is the this year? breakdown also the higher world? on Since for this Should the the quarter, half. EU miss delivered already see third between expect half first for the David, the than Congrats I $X.X quarter And you What world. revenues. will question do questions. prices then, than that the a remaining for regarding XXXX? you of for is the and U.S., the Thank quarter, my of mentioned year will regarding EU billion taking less billion first $X.X regarding billion And we the you. and you we and second the David, we these my XXXX rest strong the second revenues. revenue. few question And rest change questions second have be

David Meline

Okay. Good.

to And them try it. if I’ll back miss to all. So, come I one, cover

that -- continued of And see had contracts end XXXX. in we last the terms the at in the maybe first year. start pricing all, I’ll that we what of previously We disclosed ranges pricing. has as is of for pricing So, you contracted on

the impacted, lowest So, price have prices. of net prices where customers. sales at various have really very mix we It’s developed our the we higher as no other the I the the by price whereas the varying being really COVAX countries, across countries, customers on mentioned, change offer

continue. those So,

in commented XXXX. see I on beyond moves in to you for for when typically, as market driving the acquired the addressing markets a think product market you’re that fair private prices to the based on certainly, We to context. of this opposed the haven’t pandemic assume higher needs it’s that to market, extent But pricing the government

So, that’s one.

I terms Secondly, right. in of got the it XXXX outlook, think you

us all, signed pandemic. So $XX of and mistake you the the will to variability see think second we see billion it then that this quarter, math But would quarter we’ll demand this quarter of would pointed out, APAs, we same being quarter-by-quarter I half. for And the think the move $XX be we throughout lowest given likely it’s correctly be to of the mentioned first basically, point a that accounting where sales what first into as the year. we of see the billion with this somewhat higher half second than last

So, that on I your thinking right. is think,

third the sorry, point was? And

Gena Wang

helpful. Third point very That’s -- much. very thank you

ex-U.S. revenue, is is third world? The the billion of the question between rest and $X the Europe breakdown what

David Meline

Yes.

a pretty look demand specific first it you a -- world by broad spread. quantities I But across the the country had top-of-mind broad region. have was was don’t if So, quarter. we the a of spread or pretty it in

Stephane Bancel

on Stephane, it’s Yes. And the maybe just to Gena add, pricing.

as health we done with of as move as as starts And of to already for for fiscal pharmaceutical of reimbursement into has saying, aware, year the payers CMS been endemic, $XX. we’ll products As COVID-XX to which XXXX, and for in communicated have that kind economics be the every going XXXX, October be discuss value David is you in part said, as especially U.S. we’ve might product, it’s vaccine

Operator

Michael comes Our Yee from question next Jefferies. with

Michael Yee

sure, on David the and us COVAX? to There that’s to question in are last back to press. billion, USA pipeline. then help before maybe talking Stephen back guess question I partly potential commentary an this you to the orders you of not come that ask exposure to what go have then in article of question that but going around quantify offset the $XX could I Can the APA the the part a I’m out your by gets recently year. later that was for today that’s guidance. about I’m some And I is. saying the think he

maybe about five at about So, rightsize question lowest bit? patients the just for could it’s definitely And because a your expectations talk Can you then that dynamic propionic dose. just but again, acidemia. a you is, excited Stephen

bit dose, just biomarker that. changes? a that would expect is So, you Thank to little Maybe you. a about see talk therapeutic

David Meline

Sure.

wanted COVAX, and then, we we’ve confirmed the place. countries said of flag what said, in markets absorb have through those of business we demand lowest the I likely, ability quite again, outlook is believe and that the wanted the sure that that yes, of have work a they don’t, we any a for to the to And receiving. a world to of in the timing So, exactly dialogue it but the balance our that is as quite priced they’re boosters consolidator continue they which what in to the I’m now, And the terms is be I billion, of to of we think case with result are, underlying have the $XX included in we of so countries which And right business, in U.S. the as the active. That’s also we customers certainly color additional year. is before, portfolio, the contracts of clear and as there recognition too the as to need much U.S. contracts product other around for not those there’s true and demand. in add developing the in Certainly, picture is regions.

flag we to be I terms this you to give of trying range put would terms you frankly, concern wanted it But, the of big modest. to if sense an So, total we’re this of as me, I some outlook, that. of in the issue tell outcomes Quite quite should ask information. as would in

Stephen Hoge

Michael. you, Thank

And small said, X a we’re enroll. thing as disease. higher looking to So, doses including look, appropriate the our dose at patients. where range of X. a to I Cohort expect, doses, X/X, and we you levels, you continuing of which say, to now point as would Phase rare doing potentially finding X is a I’ll lowest a Cohort dose that in we most are explore and Phase And is this It’s Cohort and important continue will number remains we’re for X study in a enroll

body said, that we will Now, a have data of building.

extension. participants doses. into we As has drug, of moved X total approaching we’ve who’ve open-label a a XX One has the -- got at year already said, already one least on been approximately

you as body -- that sense, look data, at, think potentially in be looking early I on. things that look so, the focused we’ll at will of provide start think an will And you personally that to it signal. I And I be as

It the patients, endpoints endpoints. clinical that to it’s is foremost, obviously. and most First clinical these matter

the developing are try We the disease. medicine to prevent and sequelae

something And disease. of obviously, only I’ll you decompensation measure hospitalization, importantly, events, second. rare metabolic other so signs that’s interventions, to in And really things includes a get which like that to opposed as a biomarker, over other progressions, time

need looks that really about You to what see time. over like

have of a for number will of Now, this will reasonably the that on we small where be of we time these year large patients benefit drug. amount is

discover looking we’ll biomarkers. benefit this at that do of at. measure and guaranteed are it’s endpoints it so, And But range in an be no validated potential to we’ll of we clinical When in intensely evidence a not pharmacology that’s biomarkers, as will obviously, helpful there on. something that important It’s again, a we for even biomarkers note be that disease. focused it and try It’s small we’re comes to biomarker in validated disease. be the looking this and those. But that

that we of at of We’ve will that have. range be associated And a other described with that are so, biomarkers. many And disease. we’re the ones looking the data will

couple we’ve dose clinical these a for we cohorts have this correct together the the pull the is work needed and to we more As story biomarker forward dose optimal tell the or population. whether together move them. decide to found help to data endpoints more us find And whether balance will and patient first cogent around of of

a we have today, that And know that encouraging on there thing is, been period do of I that drug as stand quite long think is longitudinal the for are we patients time. to obviously hopefully, experience endpoints good where to allows us on be also safety, clinical at some look going and is for move we’re which us us essential forward. indication, to gives

Operator

with comes Our Tyler next Van from Buren question Cowen.

Tyler Van Buren

the provides dose populations the Ontario And that beneficial. interesting the some So, get fourth fourth you mentioned the evidence study that dose. is initial should

U.S. just and make if year-end sure big not the average dose CMS do I groups aggregate for Did from will global at due population is per in ASP, percent So, questions this the in selling price comprise? follow-up And was sell you in per orders? these patient to say that population these a U.S. believe What just ‘XX at doses dose especially announcement? the I’m how on could And XXXX that offset total? account prior clear. second COVAX price $XX price the Spikevax of that be than orders? per question portion does decline of a you a to lower And increased this you in future that potential mentioned sizable

Stephane Bancel

Good…

David Meline

Go Yes. ahead.

Stephane Bancel

David. ahead, Go

first the... the take You I’ll comment one, on and then

David Meline

Yes. Yes, sure.

pricing, So, if of in terms that, that’s I track correct.

year-over-year had in the when being average customer we’ll price and last versus year, we have of we that have on year product the we We had sold to look of for decline confirmed previously have COVAX in indicated at the we key that based decline year contributor And the last to a mix this the continue APAs APAs fact, of in $XX discussing. the year’s compared that the volume were actual. is, billion to inclusion

were the So, in COVAX, that change favorable that XXXX the that impact example, we were average sale from to the if Will volume decline. calculation. the outlook? beyond XXXX indicated, price. average including fall That product on price to then to volume in season, have extent additional it for presumably ‘XX of then, ‘XX, of And improve for were of that an to for defer that extent price average private an contributes for change sales your sale average a market, it have into would there which the in price expectation Yes, some can would on develop. we’ve should including likewise, potentially

So, that clear. is hopefully

Stephane Bancel

And on individuals to comment change -- as risk. see it of high of seen think epidemiology Clearly, the the we who are just at number vaccine with we the can we’ve population think earlier. somewhere of range about our the earlier, that we just people is But Stephen Vaccines Day going billion high-risk virus, back that X.X as to the in worldwide. commented

Tyler Van Buren

again, on Okay. retirement. David, second Congratulations your

Operator

Our comes next from question Cory with Kasimov Morgan. JP

Unidentified Analyst

This on Cory. is Tiffany for

hasn’t continue fall the So, walk us this government and implications place a procured budget U.S. as what to they that for or potentially potentially You orders, mentioned anything prices, market research you’re how about that but from demand higher means Company boosters you privatization can it? how might thinking the of is through about discounts, and et the if change of thinking cetera? not suggest some

Stephane Bancel

Stephane. this Tiffany, is Sure.

we appropriate. assume, the discussion government, in while indeed, would are you as is So, U.S. with

make we vaccines. We there’s that American sure many assuming protect toward to no order for on working or Americans as -- also want government order can We’re as vaccine. can we

vaccine U.S. our in make team. so you to quite number diligently, self need spent commercial with world that working traditional quite pieces we and last I team, And we weeks be sure of experienced able the executives our David months that the and and in on U.S. the vaccine. in some contracts are sense the all And and have the to the have a commercial of all be time we’re have to in very wholesaler

zero number allow people, U.S. in past, hope place maximum an to the like done world, the ready that vaccinated, just the is in will to we private if a the they’ve the U.S. ready order people for happens. from like be in case decide government, the day getting order, while to so, Company that. countries XXX% assuming in get uninsured the fully that the This we’re fall other market including will And and government,

Unidentified Analyst

second great. And a then, one. just Okay,

expenses something else? a pipeline Will away dependent or Thank big moving should how you. think from and about operating COVID be potentially there? forward steering we as it So, driver

David Meline

see if a as presuming continued built increase commercial in that about. the good business. SG&A in you’ll good continue very of as you of a then, question. -- would and as terms for substantially success, surprising if shouldn’t in We’ve now, tried the investments terms to progresses the enterprise. expands. of see out look the investment in And area, global of the XXXX that which we’re And in cost, business that other move and in the give be we’ve pipeline very we’ve about, What you you feeling a indication it It’s talked Company, considerations across to Yes. say, at a expect significant the R&D if trends expenses I would is past I you terms

yet, in the precisely I we’re at think of of we’re there there not if -- you largely the business structure So, look terms while globally. perhaps

that consider of So, be state. to might a you more I think steady

So, that would be my that. initial comments on the on thinking

Operator

next Meacham comes with from Bank of Geoff Our America. question

Alec Stranahan

for Geoff Meacham. on Stranahan Alec is This

your readout? how a BD, And how I you lines RSV acquisitions? be consider? large the color if you then, you Thank much. versus thoughts And so may, the you any partnerships deal to for on would on provide landscape? willing of do can And about think competitive time on So,

Stephane Bancel

Yes.

is of sell two and risk tango. then to willingness sellers Partnership be I really So, question of to Stephane. needs think versus M&A, it’s because this a it

effort met are Metagenomi in for at gene partnership thought the we We we And licensing so, science is and this the about of at terms with time we’ve the team we what do we excited done of very diligence. the from very as because and editing stage a risk-adjusted Metagenomi, technology over discovered company in basis. commercial the to the the believe of value to terms to Moderna we that that basis thing acquire buy M&A, company, us be it really for would And we company. will do right best happy not to from that of a on was drive

But are we’re size, lot terms deal at things. again, of In a very-disciplined. we looking staying of different

doing things. to do We not things value, the are sake just create for to of here

creating As value. Company, are you know, share a lot already the of we a focused on own and us significant in

So, long said, have they a been as the I most time. busy in BD is team,

cool world with things, science country. is We’re a a science always this There’s because of literally, lot the best looking lot other a of around we there’s planet. amazing but lot the think people infrastructure scale you RSV? the the in of that and at Moderna’s of smart teams this take around country, sheet not not and potentially And in scale science, patient want maximize that have do right a infrastructure up and where could actually technology necessarily balance to but there’s to capital lot Stephen, impact. we to commercial has

Stephen Hoge

Sure.

and the we antibody we competitors. program, our the relative we’ve RSV, also strong look, really are the think titers, optimistic titers, on COVID first, approaches. against the quite so neutralizing on responses strong XXXX, respiratory viruses. feel GMTs, mRNA pandemic, seen, we positive history we where think, generating our has in And data So, traditional more demonstrated, And performance to pretty remarkable about the of relative through T-cell platform, to of particular,

to demonstrate that a benefit. ultimately studies, design. speed optimistic. case-driven That clinical potential respiratory We in And need X X virus that And in study so, the and Phase going full is at. Phase combination we’re other us don’t now like efficacy a our has trial go that’s a study,

to us to to help that subjects working the number more of now of RSV all close enrolled population. in because they same ground think case opportunity that increase older try people, perhaps enroll make sure the geographies trying enough from interim And final analyses. That we’re And we we’re cases day, competitive so demonstrate been modifying rapidly something to RSV expect is and and there in accrual. the pivotal surges. of we have the perspective because accrue their some of to adult make anticipate that vaccinate provides we’re rate potential even end where them yet In to of ways, and that hit we to and have sure others recent haven’t vaccines at enrolling an conduct landscape their then studies we the reports studies a the

we But sure control So, obviously, accrued. it’s those as that make as beyond our when will cases working to we’ll have hard exactly to enriched we’re be know possible.

the we these only we’re vaccine, studying it’s adults, only competitive these combos. virus than Because Now GMTs at about T-cell I -- to optimistic the the the also are perspective, of older which platform, from populations. an the vaccine response end the in as are RSV freestanding day, the said, not overall other quite affecting not virus

for a I’ll common on, of remind year, be all are RSV, a we’ve important impacting I’ll you young believe, which a COVID enrolled older children. pathogens said, combination, morbidity ago, to going which study to viruses are a fully human we this population, pediatric population of lead respiratory where most we RSV flu combo, moment the those clinical that that both of start I And can in And our as combination another the adults. and remind that’s have which three you, would RSV so, metapneumovirus we in

we so, best part any in ability we’re that we’re is of will as patient different And individual is reflect platform care just the that younger of epidemiology, population against older health And of but the over real providing to virus, think so in value potential not our making adults. deliver do our demonstrate intervention, to patients underlying than systems down kids the are the we the those the health it strategy to we quickly combinations continuing that that sure one we pathogen, strategy. is time, and addressing potential combination the includes

Lavina Talukdar

time have for we Kevin, more one question.

Operator

Okay.

Needham with comes from question last & Our Stringer Joseph Company.

Joseph Stringer

sort area would headwinds then or of the readouts basis, focus the to one more of disease of had into influenced more the more on it Has related the been PA have Would PA. Is you some to that on you. that I MMA of sort in be that initial COVID to And readout programs an is a readout? Thank pandemic? be of or initial and been waiting been rare more rare you it on the color fold, clinic? additional challenges the by development PA has helpful. bringing of of of for Any an programs these just pipeline? and programs. the additional in proof-of-concept indication-specific much into hurdles and curious, the disease sort derisking in COVID potentially have How it bring clinical on here, the expanding terms

Stephen Hoge

of question. And you to is all for going Great. be factors the Thank the you listed. of it a mix

about and that me platform. as So readout a first, let for us means talk PA what

from associated that LNP sense, will targeted diseases. advanced MMA and it from that mRNA PA, into for And the So, disease quickly quite there metabolic to would that expand is us, in most an same risk diseases rare provide that that derisk could technology strategy those And our are we go a both, addressed. perspective, cause that with perspective platform a of validation number the use with technology.

for We have that readout. waiting been

is open our in before, slightly hands third We an with haven’t on in as said program, lipid that sat we IND different GSDXa a nanoparticle a a that -- system. although we’ve though, have

conducting to So, we’ll help. look at whether on other strong those. benefit we’ve from be that if obviously, have can very programs continue look signal gating could improvements continued will of But at a And to other we diseases. we are, PA, to remind out relatively studies, Ill derisked you challenges and just often be these PA the program. would unfortunately, these then the that very from it rare studies in children I’ll When the technology of that comes these

phase therefore, that ill, the others us that of a that that now to them the have be to of an our there that throughout people and the become in taken children pickup lot and and it that We institutions will can’t to behind a we was into really the sick people, bringing obviously continue years is SARS-CoV-X, yes, to execute investigators have surge. actually we we as experimental because exposing -- to more They for has endemic staff to And difficult study. faced see SARS-CoV-X. an decision during context with an that so, enrolling several in been in move in. And Omicron two we bring been ability pandemic have risks have and active times as these disruption not around connect also families, hospitals obviously Lots are will hope studies. even recently last the

made progress the we’re the of year. proud we’ve last So, in

Stephane Bancel

very Boston joining in in for today. of Thanks. the Day person when Have you now. us two look Well, forward day. We we R&D meeting a from much you lot thank to weeks a do great

Operator

and this conclude Ladies presentation. today’s gentlemen, does

wonderful a now have disconnect, and may day. You

Moderna (MRNA) 4 May 222022 Q1 Earnings call transcript