Moderna (MRNA) 23 Feb 232022 Q4 Earnings call transcript

Good morning. My name is Kevin and welcome to Moderna’s Fourth Quarter 2022 Earnings Call. [Operator Instructions] Please be advised this call is being recorded. At this time, I’d like to turn the call over to Lavina Talukdar, Head of Investor Relations at Moderna. Please proceed.

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

this can morning that You will by of Investors reviewing to be press our the release website. we as as the access well slides the section going issued

Chief On are Stephane Officer; Stephen Arpa President; our Chief today’s Bancel, Commercial Officer; call Garay, Jamey and Financial our Mock, Hoge, our Chief Officer. our Executive

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

the to will With over Stephane. call I now that, turn

to programs or business Thank XXXX review you, quick we will review present some financial morning Stephen before Today, Good commercial of and a conference on update to our results Lavina. back will everyone. are XXXX. good will our will with call. then QX I start clinical Welcome where then heading. I come posts our plans. and on Arpa share an progress gives Jamey our afternoon

earnings and balances the diluted billion year investment XXXX, fiscal billion GAAP at for share GAAP cash to $XX.X of the pleased end of are income $X.X revenues year. $XX.X We billion, today report of of net of and per $XX.XX,

for of investments capital $XXX to SG&A we new invested billion $X.X in first policy, ever. Metagenomi our a XXXX, yesterday, we and We disciplined gene access manufacturing investments investments. and CytomX $X.X highest In collaboration to announced our invested Japan R&D, continued the just We allocation made enzymes shares. streamline processes. in was $X.X in of company. reinvesting capital buyback continue billion We million through billion R&D our to in of We level in in announced investment returned with and XX LifeEdit. in an OriCiro And Carisma oncology. million shareholders editing acquisition in the to our

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moment take additional touch Committee. published Finally, we and how first ESG want on we transition in this Moderna our business. to providing ESG a I Day our the to morning our report, Executive had conduct first transparency

big early today the X trial a first of the Digital his Officer digital before we a to Marcello and contribution decided ability for our grateful testament am Marcello after more late clinical we during his years to with in announced as Moderna retire resources. to years As of XXXX, company. are Chief than Damiani Moderna. joined digital-first Marcello I scale company, as

me I scales manufacturing them. wealth led played want retire of the fully-integrated organization Quality will he end role Technology, served a tremendous historic several development did has technology in Andres, global Moderna solution I Novartis, decision manufacturing Expansion XXXX in company. excited in platform team and an to led Juan launch clinical with to to early-stage company as biotechnology experience since into job for instrumental and am to Juan be during commercial enterprise have President Moderna’s that of May. Chief currently scale also you has where to Moderna company. a all top of Brad believe he early a Moderna brings worked Juan retiring Operations share for pandemic. and of a at be will from the and from and I our with his since Juan commercial where Enterprise joining XXXX Brad Partnership companies. the with a XXXX Strategic already his informed Miller of This as January. Officer

that Juan of Hoge, PCV manufacturing On functions, less I gratitude. for across entire him of since deeply transition leaders globe Jerh to Juan thankful in him for of vaccine. who Juan manufacturing from personalized few joined very years smooth every Jerh, his wife, our more of then. his more received the team, for all and efforts Marina, responsibility course, helping partner manufacturing of to XX than many Stephen would Juan have Xs, friend fall such thank since pipeline, XXXX am of been President behalf leading his the want end leadership have for an It has Juan and commercial years XXX,XXX very to more our our of and for thankful COVID-XX I having Juan’s XXX million believe step who multiple than way. the pandemic. producing to We the best used and and Upon building growing has Moderna am so the he I hundreds led millions integrate all and achievement. who leading the leading focused owe Novartis, support PCV out of to a as retirement across the for the in vaccine Moderna a retirement. Jerh to at than as wish May, with doses Moderna’s is the getting team cancer has counted in organization led a ensured unbelievable transition, Phase us our during at has early doses made of recently, a literally mentor. a I work on people entire importantly, XXXX, Moderna, of at will well-deserved Most portfolio, continued for and across to Moderna, ready.

will miss him. We

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to Stephen. that, me With ask let on

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This back my remarks call to our concerning I the financial will Stephane. and over concludes turn performance,

Thank Arpa Stephen. you, and Jamey,

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questions. I your team take to free the that, Operator? now and are With

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

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for Good strains questions. abominating the taking morning, the to you miss are you given the flu, thank the my [indiscernible]? B strategy if Could speak interim prevalence efficacy the confident analysis, into immunogenicity? you for And for on regulatory given of

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you. Thank Great.

question Our comes Gena with Instructions] next from Barclays. Wang [Operator

open. is line Your

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can the I question. Yes, take Sure. second

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Thank you.

Instructions] [Operator Morgan with Stanley. comes Matthew question Next from Harrison

open. Your line is

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Thank Piper Tenthoff you. Edward comes with from next [Operator Our question Instructions] Sandler.

Your open. is line

you today. and question, see that’s the both into the expectation then to just call detail data the ultimately pentavalent And here? timing Great. of with in then at the also including I And much. for should Thank fixed think offering candidates how for your our thanks evolving? respect product go Thanks. times hemagglutinin the kind flu you do what My that minute to neuraminidase, one of follow-on all be to and neuraminidase, very flu a for seasonal and the I had on candidates, hemagglutinin back

Thanks for question, Ed. the

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much. very you Thank Great.

[Operator from Instructions] next The Michael Yee question Jefferies. comes with

Your open. line is

first guess morning. how is the melanoma clarify were us with either there understand to for metastatic to reading follow-up on a Good for excited the strains about should wanted PCV. the on metastatic There for if vaccines not what competitor in B second this these what and strain, just all, show? Stephen. infection data. and going flu through ramifications do think ramifications Obviously, flu non-inferior of compare walk I for we and the and I you hypothesis but Thank for combinations? Thanks. so summer, then that you. you mean of would that, on A might to what Hi. So are what’s also – are study, question could competitors the out could contrast couple question adjuvant my why how vaccine, also is flu you for PCV and a a we the around this about vaccine? and have that And clarify also

you, Thank for Michael both questions.

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active The first is comparator studies. these are

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them will. launching obviously we everyone as So, will we else to those are looking results, forward and

Thank Next comes from Van question Cowen. you. [Operator with Tyler Instructions] Buren

is line open. Your

guys. Hey the morning. Good question. Thanks much for taking very

others tolerability you RSV, do presented when compared to believe from X-player, do few including For now, market that the the how based X-player years it you a X-player a to expect full a J&J? morning? profile And data perhaps on this be or

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Thank from you. JPMorgan. [Operator Instructions] next with comes Fye Our question Jessica

is open. line Your

taking Good Thanks question. Great. for morning. the

be expectation envision value clear, the vaccine? comment think benchmarking Northern age vaccines And And do for that adults? if mRNA-XXXX, on being your Thank the and just the you you B the on for non-inferiority frequency strains? vaccine, only you do non-inferiority very RSV, maybe potential how efficacy about off would that you Following of on approval group? up of RSV other the be in can And on in pricing for dosing to older that, mRNA-XXXX missing approvable to for on you. that on think hit you of related would spite or flu study, Hemisphere

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head-to-head efficacy study. standard the full a again, approval So of is

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vaccine, For potential benchmarking off how value about for RSV, that you other that and what frequency are you age do pricing thinking vaccines think of for of and maybe group? dosing

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I Yes. question take the pricing. can Sure. on

philosophy to overall, reflects Moderna is pricing that value from committed the So perspective, of vaccines. a our pricing

to access systems, patients the In terms their societies to regardless while to pay. full ability they of deliver for also what healthcare patients, ensuring and of

Stephen and their might frequency, I be value come what recommendations mentioned, share we am will the on the and not both and fall on our what details pricing So, overall around at pricing with full recommendations things, filing out additional of around that value the at sort pricing with range able provided that will could it based any look of we consistent based ACIP broader dosing access. to back as will that is full into, as get be philosophy. ACIP pricing, principle to be that looking be the on but

comes [Operator UBS. Merle Instructions] next from Our you. Thank question with Ellie

is open. Your line

Thanks for the so taking much question. guys. Hey

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look will we at So, that data.

strategy. will our develop We

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the Great. color. Thanks for

with Joseph Needham. Instructions] Our Stringer from [Operator next question comes

line is Your open.

the on taking Thanks morning. combo program. Good from XXXX-KEYTRUDA questions. Two first one Hi. us, for my

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And impetus. so have we double

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clinical. Now, space, rare of moving out and programs pre-clinical in the disease

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the of that guided specifically haven’t We timing yet. on

Many thanks for taking our questions.

the back question-and-answer like Ladies and for this does over gentlemen, remarks. portion Stephane turn to any the conclude would today’s of call. closing call I to

April We course virtual. the you great for you Vaccine us live for questions. you. a will very Boston, those hosting in day. you us, for be can XX. join many look of and Thank forward to of Thank thoughtful joining who and everybody on Have much It Day also for

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

disconnect and wonderful now may day. a You have