Moderna (MRNA) 5 Nov 212021 Q3 Earnings call transcript

Good morning and welcome to Moderna's Third Quarter Earnings Call. At this time, all participants are in a listen-only-mode.

Following the formal remarks, we will open the call up for your questions. Please be advised that the call is being recorded. At this time, I would like to turn the call over to Lavina Talukdar, Head of Investor Relations at Moderna. ma'am. ahead, go Please

Good today's and third call and financial operator. joining quarter you us results update. on to business morning, you, thank everyone, for XXXX Thank discuss Moderna's

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

our implied will those been differ Before the the forward-looking X, important Safe factors and around see world. the risk note we Litigations expressed from over Please On accompanying to COVID-XX begin, many that the cause SEC please to now United statements. I which could of that call materially and X provisions safety made this our Reform performance the slide or use Stéphane. filings turn conference to for slide and these countries in call of please for results XXXX. the see include important pursuant for emergency Act vaccine, and in our Private indication statements of States Harbor forward-looking will information authorized has presentation

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slide to XX. turning Now

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a to over my Burton. financial investment committed infrastructure, performance. meaningfully concludes levels. be remarks manufacturing our hence further will to the strongly general are above call of turn and This build-out concerning XXXX in capital predict And Paul company XXXX now I the We and

With to around world. Thank of you, now we having having our good morning, positive people the more vaccine, two million people's to everyone. good afternoon, it David. the be XXX impact doses And are able is lives than on received see worldwide humbled

We people of people globally their million million are reminded X the have fact almost and COVID-XX that with infected lives. have been XXX lost

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have had variant lowest million during the In virus months Approximately Moderna's data demonstrate. summer fact, the CDC with associated the the the use, the breakthrough been data and during government-generated the is vaccine the country Moderna Switzerland. has United And year, I of also you slide, Moderna deaths want vaccine vaccine in in of States. as country that a show next this some doses to extensive infection further in Delta reported surge the even administered had XXX where

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be to of For breakthrough infections, fewer XXX deaths. XX result million every would vaccinated, fewer mRNA-XXXX hospitalizations expected X people and XX use in COVID-XX

from in Next, showed you build slide that two on Switzerland. I other XX, results from just the independent studies our data recent

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recent this And turn mRNA-XXXX and our to analyses now the database. my over review quick global I Stephen. concludes data So, of of of from effectiveness some will call overview data safety

I'll afternoon, Paul. good Today, good vaccines made the everyone. morning progress across review our and And pipeline. therapeutics or we've you, Thank

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Instructions]. [Operator

Goldman first comes from Our Richter of the from question line Sachs. Salveen

dynamics? commented fix doses billion over you to can aspects. then for supply Are X can still guidance future upside and you've what to that there also the walk secondly, supply you time APAs. to guiding to how you the And XXXX, through here? Is you demand And today can speak confident you up signed on frame? these issues that are For

those me Let different take questions.

short-term supply fix term. start can me Let we the really short Yes, those with issues. believe we

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billion In substance, yes, make X up see terms doses to terms in could drug we material. of of

depending with Again, dose which of low-income really vials we In we think add vial. booster vial, into adapted. pandemic side form was even going to billion per setting, you countries, as we But the make was more think launched XX a and and able to number to need now. dose on going we a pandemic per number product now on as other is market doses, the for XX-microgram really was in just be market less relevant time, we need if same to to be endemic endemic moves to to up the decision it. systems in keep be market, around the vials endemic to to to we're X we that As The an healthcare the about serve because, really dose, there that presentation to and could healthcare know, dose. of with need to the go trying confirm we we're challenge at you're And workers basically you as XXXX around world. know, that adding

so substance drug a around have know world as new had still to on a upside of boosting for be not need, Is quite described, APAs variant literally that current then, what where daily people So with mark number potential it vaccines the an We booster. described, a will is happen helpful that following the coming? there There's, vaccines. There in course, non-mRNA the basis. numbers. Is variant issue. a We a there's Stephen still big those as around of terms being new course, of don't have discussed here is, epidemiology. or countries And will we question many of we're epidemiology I world. a all

there is of everybody over a As problem waning immunity time. knows,

in friend time should we not vaccine antibody see people injected have like is had to the most or the date. So, variants an level others. as their mRNA and going we around not forget Delta not of planet our down new But as have potentially that body people

by from real we we Switzerland, vaccines. important as the preventing unnoticed this see death. evidence have the we to showed with go a working products. around differentiation and more see, world need who really so, data hard CDC time we boost there believe more the and get to hospitalization Paul between an doesn't been people the And and mRNA to data are And is including net governments the world And

so, before we'll we us And a keep from should Again, up to manufacturing, environment. has that and scaling can that. it's worked very there assured unpredictable maximize we getting is of people revenue thankfully. will pandemic keep follow can that. government, with None we help so But how you a that the in will be upside through

Your Harrison next Matthew question is Morgan Stanley. from with

me this for morning. Two

you your can the Pfizer, more age think concerned spend first, And to an groups. overlying in question groups age regulator on has So, myocarditis. we is, approved moment this having that the a comment compared I highlight do on it's just But think see continue to attention? and how traditional compared can younger we're a efficacy to we potential then is government's to which younger vaccine think Obviously, in much And given bringing to that distribution why secondly, how Pfizer here you get that vaccines. I results. of flu achieve on going titer related And just you're already results? these with then been vaccine you vaccine to going much that, of can flu your obviously just impact is premise flu, uptake differences your to interpret and on higher

And titers would high think clear to correlation very there is do So efficacy? efficacy? titers demonstrate of you what level in a

Stephen. those and This try I'll questions. take is

more emerging be look, we data. FDA, take last time it's what and that asked that other desired January. for I to review most has the think unlike week might important to say recent transparent was to first, that until And communicated some maximally So, regulators,

that vaccine. happened how your different I is vis-à-vis what question think with is Pfizer the

prior discussion benefit to adolescent risk. a the most think the thing myocarditis about vaccine any a Pfizer as substantial was important is as that recognize I to authorized or

to the in they approach over those In a there's been think there's and VRBPAC what small question one. conservative FDA above come signal ongoing approach was emerging a questions to of made is important appropriately weeks time rate continued that population, and emerged of later I has an the And the of males, last XX prudent whether they continuing those. we've face making was an a sure time. myocarditis background there relatively discussions. was a our in conducted, their vaccines, four for to XX-year-old it's there to fact, out but the a diligent mRNA increased And in review before months continued just I that have there we the have or few see both five – But to filing. over And think

principally, so, the timing, difference think, been data emerging I has concern this that that. other and here there what is prior vaccine to which continued had function And authorized we're a of is seeing around the as been

we characterized, think, benefits win that the have out in will for ultimately Paul have diligence. XX-year-olds. note myocarditis that And We to would of I time, over as fortunately, And to the are vaccine XX substantial seen authorized And we before, that other FDA for here. same internationally. the are of as rate very information our are we regulators. said increased not an to I available population grateful

And work FDA. the continuing we to so, look to with forward

that's best would participating from in of that are vaccinations my tailed we week. think internationally, about So, I the United Obviously, we as see we The all heard adolescent version last we how the have question note. over evolving what off, States, market. time. substantially them In

in sure. so, diminishing a series the it again, there need the market States for United that a ongoing this is vaccine. primary And extent an is is for vaccination, And

that so, people The series endemic will we And then that question that market is of of is this to we booster and are disease. is be. market, perhaps. of adults remarkable world It that older what efficacy, what And Those really market. forward. tried Places risk and where primary respiratory do need targeted hope immunecompromised. at of we those import. be moving differentiated mRNA-XXXX that And higher forward populations at summarize populations an the in that not demonstrating of note going But seroconvert think myocarditis. need have rate and a population any publicly future, believe, our a the increased I really with greatest the And will to date in dimension. that vaccines that's virus on evolution of the that reported encouraging I've to not associated would that booster view a the of is is data tend is, most in

even think, data to we'll develop we there, swings drive favorably XXXX, allow continue to risk this but more behavior. benefit the and ultimately so, And to

to the data. of are do as is titers which question flu, quite the that think a in is The on going by are pointed encouraged most years important with in there previously of performance think been Obviously, we protection you what we have in about to, used vaccine. ahead. vaccine that that last be correlates So we the was HAI population influenza

We I'm what will everybody there at just optimal not out to will would of continue other responses as immune think I well in sure view our going as the expectations look we I of put success we have like. be identify as a our as try and the to platform. system dose. for view high I'm say looking will, that, very that

older in COVID with adults, with believe those I the our incredibly does well of also in platform Now recently respiratory study vaccine, risk viral including more at in Phase booster but that the we do these that highest diseases. RSV performance our demonstrates

optimistic And I those so, we will we're populations. continue show specific in today. to hopefully give that performance number a strongest you strong performance, won't But titer

just heard convenience an strategy, for believe and Stephen's every protection. COVID We as is most to on tremendous dose value not shot from which flu and will that's do the our the allergy is terms of should Maybe people think forget workers, company's strategy. want in our the think consumers. combining has a of that believe and critical part We healthcare for of single the shot shot it value tremendous It payer that adding and compliance, combination. has a value add I fall. the in product. a point, we And not Matthew, and allergy boosters flu we to COVID the to then central I

a we So believe really factor. is critical the combination success

Tenthoff Sandler. Next with question is Piper from Ted

the I've I making pipeline. progress with orphan important technology emerging to My really do suits patients. in by there the has been impressed that And just ideally are the disease you mRNA these here. And think guys question

see of like? the a over years. can of forward disease in little you think us look of of maybe And What could the pipeline be couple in will you orphan a do next what sense as you where bit. So, sort setting years. the this of plans give couple us Moderna a just Kind take

too. that take I'll

about think patients dosing start. are I already either very about we're first, in the or already programs excited space, So, that clinical to the

in thing next of the looking And to forward that concept is of important rare modality. disease so, proof the I demonstration, we think most year, would hope,

acidemia. As folks know, methylmalonic dosing quite in you we've large been a and of are in number propionic we acidemia dosing

a there. GSDXa be With of the hope we'd short to order opening the following IND,

wide the of young of this to correct all a are GSDXa a errors the there's in potentials I'll proof disease metabolism the years So, some as be that populations. down demonstrate quite to to going in some range used real organic in and of program. of older those acidemias three for also two that adults us can of the these of inborne as technology note age also

Najjar going said. as that in still PKU to presents be when opportunity for proof-of-concept demonstrating forward, lot a the as Crigler we're another those but I moves quite as program well that there. So, are preclinical,

disorders, are question could metabolic predictor which probably from will a broadly do diseases. into of very What even that moving groups, the acidemias, could through of of vaccines what number large be metabolic one And us you've very, other of cycle more in urea respiratory many is So mRNA proof-of-concept is, best we large that all therapy. to diseases We the generally in do how do those any off seen that. there organic programs. in so and deliver of or we as know, the you vaccines list the is respond, on addressed present beyond back

us systemic cause modality So, to would is of that would a modality, we dramatically what couple do ago. that core define did we vaccines intracellular therapeutic years that we And would with a as like pipeline. expand just

we're we've until the Now in we research and on on at moving looking them preclinical perform. them programs now, back can you held have our right putting those modalities pipeline into but I assure seen development

threshold me, So we then, is that year, when over orphan course do expand for that coming of space important rare and disease ultimately, cross that dramatically when probably thing is at the and the looking we programs. the do the of most pipeline

seeing the I really disease pulmonary areas. appreciate new

Yee question from Michael Jefferies. a have We from

clarify trying to Two just guidance. questions. is One

some I think confusion guidance. around there's

I would understand clarification. So love to some

then but think, that that billion, You $X a billion. contracts and I'm because versus XXXX by trying to as And lowered as you've two. is deliveries? how little you of firm a XXXX APAs I those raised how by shift And option talked much XXXX about think flu. commitments acceptances Is bit, much $X are commitments. on just about just about to timing how of think understand

at of times Following looking increases XX% looking and people question, think rates labels to I the what looking because those Are that I you us up help numbers numbers? and that's trying be on are seroconversion could flu Are XX four and at we Maybe to and fold seroconversion just at people accurate those rates. should qualify to? comparing are think to seven do.

take the and I'll it through Stephen. first to one give

think I some already of drivers. the highlighted you So, other

think So on things XXXX, is so two I there's that driving.

price. volume. is, the First of second course, one And lower the is

you the side US with countries high-income have they like low-income several to Christmas. we know, very bought products this As send hard to are for countries that governments working of

just about the low decided price. quarter. is delivery going When US the US the African see think publicly. we That the QX to partnership, you when so, December tier Union African at And delay we US, our the volume of Union announced to to a that

an have by right turnover just the same doing math on lower impact price the volume on there. the So, a you of

of volume are January things. supply that some orders And moving to the side on December from

And as on increase moved new have numbers. the last is January, when from where you're to I said, some XXXX to options December you We've that been signed volume exercised. have the APAs since one. So, of

option One of so end was and is of a of exercised counted and some full That that them because now prepayments at COVAX APA the was the firm a as QX. commitment on.

mix an happening. team team, Paul match that an In match, daily We are shared, are at be the now what places. market, that the course, few is longer read also a show because know data research, people allowed today, just been if US. the is that. on most The time the The time, duration sure we as that the in we starting summer and understand opportunity of allowing us are go, to the and the And consumer can consumers lot they those a to so, for know we spend the includes moment. informed that nurses, decision And directly. to an US important mix is the you the vaccine so will they've the is listening this that think, commercial papers efficacy on that will dynamics let's and, critical. think as we just But and and in a understand that we US match. market make important, that healthcare XXXX for And between some believe a market. data That to focusing in call is pharmacies, that believe that is the have the now the the on on countries, of evidence, fall there and very going of People doctors, workers, people time. because you include that's facts, real-world say, long make next basis, a few look is mix believe

that's we're fall an why, And is Stephen, of time XXXX, so, everybody be we we opportunities to options and to our for spending to lot – that this piece the is a go to believe on of disclosed think, toward starting sharpen XXXX important our we if was XXXX, flu? APAs APAs, numbers, another working vector not of the back as of you previous commercial sales. only going is the pencils, fall

I I'll on Phase and rates. is a It that answer clarify try study. seroconversion

data. got not we range I of access to so And a and looking have the are at doses

want specific So, don't the I presuppose to yet. answer

interpretation provide our have we we of thorough as data, soon will As the it.

point achieve and most And the seroconversion important that of above fourfold across of looking rise our than in be a with defined the as at titers, people of XX don't you often generally as some absolute adults in type defined the immunogenicity, we've older as achieved in accepted. platform as be you our percentage well done that There at other the looking percentage particular, And me, of is ages. we where However, are other will who've out, that terms from titers will. but level seroprotection we'll that baseline, again greater believe studies. In of to we endpoints seroconversion. is consistency of same

success goes I don't right for guide how again declare will the be study. now that can We look because specific of range reassuring. we're agents ready on high that think that that we'll looking than fourfold a in studying target the at other seroconversion also measuring across rise will that to But we be

from from is Wang question Barclays. Gena Next

line open. Your is

million on safety put vaccine. we you quarter the And have US of US, delivery first the XXX action is, my hesitance as of due did total completed any XXX-microgram you We do used see doses Moderna supply given if the then doses XX XXXX I doses exercised a in first a And XXX restraints, second in math, XXXX. and and million concerns? question cautionary do doses. question million COVID for the is, also, the doses XXX-microgram countries And two being regarding see to the few then vaccine.

flow the much how through next XXXX year. million doses wondering just XXX remaining So, in of XQ will

try take as can the first well. I invite although question, and Paul

of some not -- recent public the for emphasis there's literally documents, vaccine it think those only Nordics of some strong very that benefit you provide from the in I elsewhere. to very instance, reference the terms and reference fact, efficacy in And vaccine. that COVID-XX that referenced happened the why more still as Moderna include those in greater officials, often for the the country to communications, jurisdictions, same of of is I communications fact in communications those include note protection terms for risk. many Nordic of looks be but to So, that potentially in health ultimately would same favorable the fact recommended

believe And those that? the really you to at continue state communications and to important. substantial anything think contemplated looking we any and benefit And that. quantifying that we clearly we, is that risks than that larger picture again, would here add is which benefit, Paul, look whole so, to

of the difference said think for these. they updated have about these the WHO analysis We And doing need the gave are primary data. sometimes, in clear differently in the mRNA-XXXX. recently, I account the biases that to used that endorse Stephen, vaccines they I sets, looking guidance behind think standing in may data that to that occur general and practice, know at as last continuing schedule, think potential But the vaccines vaccination think week, Only, their I are timing.

are into comment, risk very markets Just as I appropriate. just have population of in would providing closing entered the are a which we in them and reference, some that a we interesting of we as to is these lower phase pandemic, vaccination the

we're looking dramatically. obviously the we and thinking seasonal at highest of increasingly particularly, as I that, we do ways, about risk, protecting changes year look benefit/risk those forward we cautious pretty in boosting, But to market as appropriate. So, that's start calculus that next and are that think and

high because is think I ultimately risk the at looking in that again, is time of that I are greatest so, from transient looking are we time we are, period populations. concern a period lowest think XXXX. populations risk And forward it where And of

And the Maybe those said, to I of about people care or that clear bit ministers a I've very Stephen week having about vaccine, And exploding above just risk ministers know were XX chance winter it's above, just XX. the the XX mentioned. the and many the is the countries by health with only They where last that vaccine male manageable, where they a have as with is the two. seems other to in about. to data Switzerland US driven of to profile back just a speak they Paul or had be a add of think vaccine care risk from providing that's mentioned, the XX longest protection that and what efficacy, the clear a this again. are or XXXX Paul color. world that health hospitals they don't the and couple as across and low, to going it's in the very And

and very do data. very the facts out, just are They're to hospitals looking And in so, running, of focused keep out population. at how economies getting practical at I a they think people are figure that way, trying and high people educated look the and the they how on the keep

in in don't boosters sick younger really are so the whereas know, promoted many you approved As not advertised and they population, being get this hospitalized population, people older the are boosted and and the in countries, winter. get that

the On shift QX US contract don't government on private volume. Gena, US from year, a But some comment indeed, next both QX there and government. to we QX. the is to are government,

Kasimov Cory from with is J.P. question Next Morgan.

me as Two well. for

amount your we on towards think the on pandemic. the phase as second of XXXX APAs then, evolution the So, half of commitments embedded $XX firm in first or have the question you about existing do depending weighted terms all, to into that by And endemic constructed the outlined, given in call comments first countries as take wherein the half about year? the revenue the – my necessarily is, them contracts next full worth billion of of the moving XXXX the countries optionality being have are second should of don't of have contracts potentially year, the

Thank you, Cory.

the me APAs orders, and a options. we that as capacity. upfront today, do $X people components our very are APAs options, to a to we The those of let that as total apart. and we upfront you through have It's have orders $XX job of take upfront are not conducting have did to way options one receiving the So are say all reserving people this value contracts. when payments. those APAs, our cash of meaning want walking we characterize The true When are David firm committed We nice a for are be business. signed of material up they the deal sign. those of billion billion

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did we and to so, do the help thing And right planet. that to COVAX help the to

vaccine We an if do do. to you COVAX and contract have we right say, don't want pay to We you but so. to when we know, the the have thought sign thing you you with it a do options. upfront, As was

that we want – expect, end exercise the so, sorry, options QX, they QX, will in And exercise options if of [indiscernible]. they volume, their the they QX

in and this volume or way stage On second will be think terms the pricing. the another to half of at over year, one half [indiscernible] endemic assume I and of it sales the also dangerous and first of because

the get and and David deals African the pricing. we [indiscernible] lower the As have tiered mentioned that, sense, you prices COVAX, Union

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And than to bit be so, too we a QX would early. lower have people QX stocking inject need assuming I ahead is of that in cautioned when be they can pharmacies.

Meacham Bank Next from is of Geoff question America. from

was on just like I'm titration de-risk one to the with selecting side I things. regimen I the to titers. increase more program, even need the flu though, factors highly COVID maybe address for Stephen. combo of dose you the had for things in you'll XXXX, an population just likely just, more to the for guess, or need booster study? do urgent determine I by thinking that And It's that to trying how antibody see other what study, optimize by

to to. pointed actually in looking the you What the we're be that things are combinations at just going

do term recommendations you most Very to XX-plus want respiratory of believe XX-plus depending as the vaccination direction it. the think well. the boosting COVID And And and adults, certainly particular, how the near RSV at so, we value we in older to for – flu that upon in look will in population, population be of similar or the moves globally.

intend it risk that look things booster those we we to are ratio first profile. think, what of at every tolerability towards mostly to comes need, populations that that selecting to obviously, a the do higher dose, the And and looking of combination the that When going be optimize part going question, we're ratio so, really to in in year. do immunogenicity it immunogenicity, respiratory – it's doing be the as the where is we to in

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Stringer from Joseph Needham. question We from have a

us. from Two

and Just XXXX help curious based that individuals a of Phase just US X guidance could relative the CMV, for would when – us get variance your on on then, you relative of give trial Is sort guidance individuals booster what the into that could billion initial fall for handicap sort assumptions internal market. the the vaccinated fully trying a you for for can booster would percentage to around of And or be III that? built number? we are around us a for that data Can from see that what sense the of the that expectations understand that. enrollment timelines –

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population. sure And so, we study. the And case-driven this get want to matters right we a is that make that because

on number analyses the ultimately will time cases the with in for ahead. familiar those that it's that interim dictate of COVID-XX, kind of based looking we're As achieve we're that we

population. try it sense at-risk so, And makes enrich to the and for

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Deutsche Next question Emmanuel Papadakis Bank. is from from

can We to go next the question, operator.

SVB Leerink. And from Mani with next Foroohar is

timing and quarterly a next that that see little XQ that us give might to deliveries of Is year? early low middle a bit that start and of income you budgetary that contract talked mentioned. see, Can ones. something impact the countries increase we'd to we in shift Stéphane sort quick Is of pricing the of of if Stéphane about. any, couple A a when of of terms phenomenon to sense more

$X.X piggy contracts apply jack – Secondarily, in presumably small APAs XXXX does on deposits, billion numbers. for slide for delivery XXXX. of the for that for XXXX? to question the or for few On some that APAs a I have all XX, Or

an you substantive And can EU, large potentially Pfizer/BioNTech contracts savings? that than two the revenues you you there and the to on potentially Thirdly, Is for for in at Q. on to mentioned on guys perspective to that relevant the have of a just to us on the pretty more for year market market, in for million took get via finally, were? compete Is an JV. opportunity us the as then discussion is quarter your point. share the your contracting update was Can $XX EU? contract questions. [indiscernible] talked China taking million you And next to barrage capturing little it lower in finally, status into CapEx last, give compete with going you the absolute of guidance you Sorry next that, more start give And about to existing years? we and going JV last of not How a $XXX little access questions, is where thanks there of BionTech/Fosun? on that Or are question. volume share guys of some the you out pushed much essentially of a last for locked that that this access ability competitor

would be few you David, a great. and, that take take if financials, I'll can the

already actually as the year, in So, picked African into And in be press it's Union And ramp COVAX product. the obviously. December, on we next be a to communicated release. QX, going big will we

terms European your one was questions. share, of In which of

look few So at there's if things. you a it,

you and we had Europe, in slow no launch we if a in because manufacturing had in capacity First, Europe. remember, Europe late

when you we we recall, were pandemic, allowed US had converted the we market. had not that to and Norwood export the we outside If

bit than get until had facility get in So online and came nothing the a just Lonza to because summer ready. we sometime the they later Norwood machines Lonza in started

have US, so Switzerland than saw we the in Europe, we for a except, in lesser And for indeed, earlier. example, you share like have

mRNA used And through my That's mostly of the mRNA COVAX. are not are more more other superior, vaccines understanding. first really that so, other than as anymore. given They're and gets country the an vaccines understanding

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because of big level XXXX. into the this data country a look then that's European we the is as to are the again, organized the vaccine when was on that's we make needs have And guesses stay pandemic. have, meet and we XXXX by done to they buying in might of agreed question do with other because the country better profiles at And contracts The other using discussing of contract when we already and have be Moderna Europe, going versus benefit to there themselves set so, XXXX vaccine. by is countries different be up for XXXX, Europe because with agreements start going out question and as to which one. the the they understand not today, by And the that supply of are also Europe the they that the

not had one our Also no in think see that to in Moderna the And Europe. going it's as be share opportunity so, in interesting I teams, remember, to we zero, quite build you we commercial. Europe, we infrastructure have employee

the in in Spain, have France, in We teams several team in Europe, in in speak. the Italian as UK, now building Germany, we countries

David, I that do data. financial that get the to So evidence get to able message you help the capital because real think take we world on of be want the to a feet will also questions? – ground

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as next Secondly, notable the But answer reduction I our in this next expect, moving yes, year. quarter at first in CapEx of you I terms the investment generally, it's to year, cases, below things or requirements. estimated we're said terms see running, into – increase some also of can we're the of combination of in the in think going is CapEx, and year a a

a it's So of two. combination those

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Yes.

China. announce but to [indiscernible] today, in So nothing

I would now like no further There Stéphane to this Bancel. Mr. to time. at are the turn back questions conference

joining us. thank know And have reach to everybody, questions, team. where further a the you Lavina Bye. you great Well, if for Have much, and very you any day.

joining. This for concludes today's conference Thank call. you

disconnect. now may You