#1moderna First Quarter 2022 Financial Results May 4th, 2022#2Forward-looking statements and Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: anticipated sales under advanced purchase agreements in 2022 and the associated dollar amounts to be received, which should not be construed as expected 2022 revenue; Moderna's ongoing discussions regarding additional advanced purchase agreements; COVID market dynamics and anticipated timing of sales in 2022; the ability of the Moderna COVID-19 Vaccine to provide protection against COVID-19 over time, including against evolving variants of concern; Moderna's receipt of data and ability to go to market with mRNA-1273.214; Moderna's ability to quickly accelerate vaccine candidates into pivotal studies; Moderna's expectations regarding the evolution of SARS-CoV-2 and the timing for a transition into an endemic phase; the estimated market opportunity for endemic COVID booster vaccines; the potential for bi- and multi-valent boosters to provide broad immunity; expected timing of trials of Moderna's flu and combination vaccine candidates; timing of new data on Moderna's development candidates in rare genetic diseases and oncology; capital allocation; Moderna's 2022 financial framework; and Moderna's agreements and ongoing discussions with countries regarding service/subscription contracts, including its committed agreements with Australia and Canada. In some cases, forward-looking statements can be identified by terminology such as "will," "may," "should," "could," "expects," "intends," "plans," "aims," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this presentation are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna's control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading "Risk Factors" in Moderna's most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) and in subsequent filings made by Moderna with the SEC, which are available on the SEC's website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this presentation in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna's current expectations and speak only as of the date of this presentation. Slide 2 moderna#3Today's agenda 1 Business Review - Stéphane Bancel, CEO 2 1Q22 Earnings Call 3 Slide 3 SpikevaxⓇ COVID-19 Vaccine Update - Paul Burton, M.D., Ph.D., CMO Clinical Program Review - Stephen Hoge, M.D., President 4 Financials - David Meline, CFO 5 Looking Forward - Stéphane Bancel, CEO moderna#4Financial highlights First quarter 2022 GAAP financial results • Revenue: $6.1B • Net income: $3.7B • Diluted EPS: $8.58 • Cash and investments: $19.3B (as of 03/31/22) Reduced outstanding shares again in 1 Q22 2022 outlook Reiterating~$21B in signed advanced purchase agreements Slide 4 moderna#5Spikevax'sⓇ market share has increased - and stayed consistent - across key markets Booster market in OECD countries continues to be an mRNA vaccine market 27% +16% 45% SpikevaxⓇ Booster/Third Dose Cumulative Market Share +45% +49% 57% 56% 54% 52% +10% +33% 43% 43% 44% +23% 39% 37% 34% 32% 33% 10% 11% +9% +30% 44% 34% 35% 32% 4% 3% 2% Oct Feb '21 122 Apr Oct Feb Apr Oct Feb Apr Oct Feb Apr Oct 122 '21 122 122 '21 122 122 '21 '22 '22 '21 122 Feb Apr '22 Oct Feb '21 122 Apr Oct Feb Apr 122 '21 122 122 121 Oct Feb Apr '22 122 (+) H Sources: All data shown is until 04/17, except Canada which is ending 04/10; all the historical data might be restated in the future). Includes 4th dose data for Canada and South Korea US: Booster authorized in ages 65+, high-risk individuals on Oct. 20; Booster authorized in ages 18+ on Nov. 19; https://data.cdc.gov/Vaccinations/COVID-19-Vaccinations-in-the-United-States-Juris di/unsk-b7fc (based on 'additional dose' dat a field) CA: Booster authorized in 18+ years old on Nov. 15, 2021: https://health-infobase.canada.ca/covid-19/vaccine-administration/ EU: Booster recommended in ages 18+ on Oct. 25; https://www.ecdc.europa.eu/en/publications-data/data-covid-19-vaccination-eu-eea SK: Moderna vaccine granted EUA on Oct. 26, 2021; https://ncv.kdca.go.kr/vaccineStatus.es?mid=a11710000000 JP: Booster authorized on Nov 11, 2021; https://www.kantei.go.jp/ Slide 5 Methodology: Oct 21 Cumulative Modema share of administered booster/3rd doses 10/3-10/31/21 Feb '22 Cumulative Moderna share of administered booster/3rd doses 10/3/21-2/13/22 Apr 122 Cumulative Moderna share of administered booster/3rd doses 10/3/21-4/17/22 Share is calculated for Third Dose (vast majority is booster; may include 3rd for immuno-compromised); Canada and South Korea also include 4th dose since data is explicitly reported Share is only calculated for doses where manufacturer has been identified in the public data source moderna#6Our Phase 3 pipeline could lead to three respiratory commercial launches over the next two to three years; will share proof-of-concept readouts in therapeutics in 2022 Vaccines in Phase 3: . Omicron-containing bivalent COVID booster ongoing in Phase 2/3 studies; mRNA-1273.214 bivalent booster vaccine (wild-type and Omicron variant) is our lead candidate for Fall 2022 Flu vaccine (mRNA-1010) Phase 3 immunogenicity study expected to start in 2Q 2022 RSV vaccine (mRNA-1345) ongoing in a pivotal Phase 3 study, Conquer RSV . CMV vaccine (mRNA-1647) ongoing in a pivotal Phase 3 study, CMVictory . Proof-of-concept readouts in therapeutic modalities: PA (mRNA-3927) ongoing in Phase 1/2 study (Paramount study). First cohort is fully enrolled and we are enrolling patients into additional cohorts. All five patients eligible for the Open Label Extension (OLE) study have elected to participate MMA (mRNA-3705) ongoing in Phase 1/2 study (Landmark study). First cohort is fully enrolled and we are enrolling patients into additional cohorts. One patient eligible to participate in the OLE study has elected to participate PCV vaccine (mRNA-4157) ongoing in a Phase 2 study (PCV + Keytruda vs. Keytruda alone) Slide 6 moderna#7Moderna as of May 2022 Pipeline Programs in development • Commercial Moderna COVID-19 Vaccine/SpikevaxⓇ Phase 3 Phase 2 COVID boosters, RSV, CMV Flu, Zika, PCV, VEGF-A Respiratory vaccines COVID variant boosters (variant-specific and bivalents) in Phase 2/3 Older adults RSV in Phase 3; Pediatric RSV in Phase 1 Flu in Phase 2; Phase 3 expected to start in 2022 hMPV + PIV3 in Phase 1b age de- escalation study Flu + COVID, Flu + COVID + RSV, RSV + hMPV, Endemic HCoV in preclinical Latent vaccines • . CMV in Phase 3 • EBV, HIV in Phase 1 HSV, VZV in preclinical Public health vaccines Zika in Phase 2 · Nipah in preclinical Foundations Slide 7 • • . 46 development programs mRNA therapeutics 15 medicines in 4 therapeutic areas 5 Immuno-Oncology: PCV in Ph 2; KRAS, Triplet, IL-12 in Ph 1; Checkpoint in preclinical 6 Rare Diseases: PA, MMA in Ph 1/2; GSD1a, PKU, CN-1, CF in preclinical 2 Cardiovascular Diseases: VEGF-A in Phase 2; Relaxin in preclinical 2 Autoimmune Diseases: IL-2 in Ph 1; PD-L1 in preclinical ~3,200 employees Science 2021 TOP EMPLOYER 7th Consecutive year top employer by Science (1) As of March 31, 2022; Cash and investments denotes cash, cash equivalents and investments 11 commercial subsidiaries across North America, Europe and Asia Pacific ~$19.3B of cash and Investments (unaudited)1 moderna#8Today's Agenda 1 Business Review - Stéphane Bancel, CEO 2 1Q22 Earnings Call 3 Slide 8 SpikevaxⓇ COVID-19 Vaccine Update - Paul Burton, M.D., Ph.D., CMO Clinical Program Review - Stephen Hoge, M.D., President 4 Financials - David Meline, CFO 5 Looking Forward - Stéphane Bancel, CEO moderna#9Slide 9 Jan 23, '20 +0 200k 400k Daily Cases 600k 800k 1M 1.2M Daily Trends in Number of COVID-19 Cases in The United States Reported to CDC SARS-COV-2 continues to evolve rapidly Jan 23, '20 Jun 9, '20 Oct 25, '20 Mar 12, '21 Jul 28, '21 Dec 13, '21 Apr 29, '22 Omicron subvariant BA.2 is now the dominant strain in the US, with BA.2.12.1 increasing rapidly, showing enhanced transmissibility Omicron subvariants BA.4 and BA.5 are of concern and spreading in other countries https://covid.cdc.gov/covid-data-tracker/#trends_dailycases; https://covid.cdc.gov/covid-data-tracker/#variant-proportions Apr 29, '22 %0 1/29/22 10% 20% 60% % Viral Lineages Among Infections B.1.1.529 30% 40% 2/5/22 B.1.1.529 2/12/22 B.1.1.529 2/19/22 B.1.1.529 2/26/22 50% B.1.1.529 70% 80% 3/5/22 BA.2 B.1.1.529 3/12/22 BA.2 3/19/22 BA.2 3/26/22 4/2/22 90% 100% BA.1.1 BA.2 4/9/22 BA.2.12.1 4/16/22 BA.2.12.1 moderna 4/23/22 4/30/22 BA.1.1 BA.2.12.1 BA.1.1 BA.2 BA.2.12.1 BA.1.1 BA.2 Omicron subvariants BA.2 BA.1.1 BA.2 BA.1.1 BA.2 BA.1.1#10Data from the UK show that boosters against the wild-type virus protect against Omicron variant BA.2 but waning continues Vaccine effectiveness against symptomatic disease after 2 doses or a booster dose across vaccine types 100 80 50 Vaccine effectiveness (%) 40 40 ------------ -O-i 20 HO¬ |---- <2 2-24 25+ <1 1 2-4 Dose 2 0 5-9 10-14 15+ Booster Primary series: BNT162b2, ChAdOx1, mRNA-1273 Booster dose: BNT162b2 or mRNA-1273 Slide 10 BA.2 Time since Vaccine (weeks) UK Health Security Agency, COVID-19 vaccine surveillance report, Week 17 https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1072064/Vaccine-surveillance-report-week-17.pdf OBA.1 moderna#11A fourth dose of Moderna's COVID-19 Vaccine increased vaccine effectiveness against infection, symptomatic infection and severe outcomes in high-risk population . . An Ontario study observed waning of a third dose for individuals who received a booster ≥84 days ago A 100 μg dose of mRNA-1273 is recommended for LTC residents in Ontario for boosters; Almost all LTC residents (97%) who received a fourth dose received mRNA-1273 In 56,806 long-term care residents that were tested, a fourth dose increased VE against all three outcomes compared to residents who received a third dose ≥84 days ago Slide 11 Marginal effectiveness (%) Effectiveness of a fourth dose of mRNA COVID-19 vaccine against Omicron outcomes A. Infection 100- 80- 60- 40. 20- 0 T <7 days ≥7 days Days since fourth dose Marginal effectiveness (%) B. Symptomatic infection 100- 80- 60- 40- 20- 0 <7 days 27 days Days since fourth dose Grewal, Ramandip et al., https://www.medrxiv.org/content/10.1101/2022.04.15.22273846v1 Marginal effectiveness (%) C. Severe outcomes 100- 80- 60- 40- т 20- 0 <7 days ≥7 days Days since fourth dose moderna#12People at high-risk who would benefit from annual boosting Slide 12 • Age over 50 • Health, age-related and environmental/occupation risk factors Age 18+ with other health risk factors, including: - - - Chronic kidney disease, chronic obstructive pulmonary disease, cardiac disease, and diabetes mellitus Receiving active cancer treatment for tumors or cancers of the blood Received an organ transplant and are taking medicine to suppress the immune system Received a stem cell transplant within the last 2 years or are taking medicine to suppress the immune system Moderate or severe primary immunodeficiency (such as DiGeorge syndrome, Wiskott-Aldrich syndrome) - Advanced or untreated HIV infection - Active treatment with high-dose corticosteroids or other drugs that may suppress their immune response Environmental/occupational risk factors: Healthcare workers - Police/fire department - High-density housing or living conditions (e.g. college students, military personnel, incarcerated individuals) https://www.cdc.gov/media/releases/2022/s0328-covid-19-boosters.html?s_cid=11706:covid%20vaccine%20booster:sem.ga:p:RG:GM:gen:PTN:FY22 https://www.cdc.gov/coronavirus/2019-ncov/covid-data/investigations-discovery/hospitalization-death-by age.html#:~:text=Sample%20interpretation%3A%20Compared%20with%2018,year%2 Dold%20age%20category.) moderna#13Summary . SARS-COV-2 continues to evolve rapidly with multiple new variants and recombinants. circulating globally Real world data demonstrate the effectiveness of a booster shot (third dose) of mRNA- 1273 against evolving variants of concern. A fourth dose of mRNA-1273 shows good marginal effectiveness when compared to a third dose against infection, symptomatic infection and severe disease in a high-risk population We believe people at high-risk would benefit from annual boosting Slide 13 moderna#14Today's Agenda 1 Business Review - Stéphane Bancel, CEO 2 1Q22 Earnings Call 3 Slide 14 SpikevaxⓇ COVID-19 Vaccine Update - Paul Burton, M.D., Ph.D., CMO Clinical Program Review - Stephen Hoge, M.D., President 4 Financials - David Meline, CFO 5 Looking Forward - Stéphane Bancel, CEO moderna#15COVID booster development for endemic phase Strategic rationale for seasonal booster Desired features for the northern hemisphere (NH) Fall/Winter '22-23 booster Slide 15 . • • Neutralizing titers (NT) will wane, similar to endemic HCOV Decline in NT will increase risk of breakthrough hospitalization for those at higher risk (e.g., older adults, immune compromised) Emergence of new variants of concern (VOC) could accelerate the impact of waning and broaden risk of breakthrough Improve durability of protective neutralizing antibodies against Omicron to 6+ months (i.e., the full NH fall-winter infection season) Retain high and durable protection against Delta and ancestral strains Broaden cross-protective immunity to increase potential for protection against a new (emergent) VOC mid-year moderna#16The objective of our lead bivalent candidate (.214) is to demonstrate superior immunogenicity against variants of concern Three bivalents have been evaluated to date (containing an equal mass ratio) Primary focus has been on the bivalent approach - - mRNA-1273.211 (9 mutations, based on wild-type and Beta) mRNA-1273.213 (11 mutations, based on Beta and Delta) - mRNA-1273.214 (32 mutations, based on wild-type and Omicron) Our latest bivalent (.214) remains our lead candidate for fall 2022 NH booster · Objective of modified boosters is to demonstrate superior immunogenicity against VOC when compared to approved booster (1273 at 50 µg), while maintaining non-inferior protection against ancestral strains Slide 16 moderna#17Overview of bivalent candidates in clinical development All subjects received mRNA-1273 primary series (100 µg) Slide 17 Trial Booster Dose Subjects(n) Phase mRNA- 2 50 μα 171 • 1273 P201 . Phase 2/3 P2051 .211 (9 mutations; 50 μα 300 100 μα 595 wild-type and Beta) .213 50 μα 330 (11 mutations; 100 με 584 Beta and Delta) • .214 (32 mutations; 50 μα 425 Phase 3 wild-type and Omicron) .214 50 μα (32 mutations; wild-type and Omicron) 1500 mRNA-1273 has been authorized/ approved for a third or fourth booster Data for the first bivalent (.211) has demonstrated superiority against all VOCs tested (including Omicron and Delta); also shows durability improvement for Ancestral, Beta and Omicron² Our lead candidate for Fall 2022 booster season is mRNA-1273.214, combining wild-type and Omicron P3051 (1) Only showing bivalent arms for the Phase 2/3 and Phase 3 study (2) GMR at 6 months, nominal alpha of 0.05 moderna#18Safety and reactogenicity are similar between .211 and 1273 boosters Solicited reactogenicity (through day 7) 100 Solicited local adverse reactions Solicited systemic adverse reactions 100- 75- 50- 25- Any Local Pain 50 μg mRNA-1273 50 μg mRNA-1273.211 50 µg mRNA-1273 50 μg mRNA-1273.211 Erythema 50 μg mRNA-1273 50 μg mRNA-1273.211 Swelling Grade 1 50 μg mRNA-1273 50 μg mRNA-1273.211 50 μg mRNA-1273 50 μg mRNA-1273.211 Lymphadenopathy Slide 18 75- 50- 25- 0 Any Systemic Grade 2 50 μg mRNA-1273 50 μg mRNA-1273.211 Fever 50 μg mRNA-1273 50 μg mRNA-1273.211 Headache 50 µg mRNA-1273 50 μg mRNA-1273.211 Fatigue 50 μg mRNA-1273 50 μg mRNA-1273.211 Myalgia Grade 3 50 μg mRNA-1273 50 μg mRNA-1273.211 Arthralgia 50 μg mRNA-1273 50 μg mRNA-1273.211 Nausea/ vomiting 50 μg mRNA-1273 50 μg mRNA-1273.211 Chills 50 μg mRNA-1273 50 μg mRNA-1273.211 Safety summary The reactogenicity profile was similar between the two booster vaccines (.211 n=298, 1273 n=167) The frequency and types of unsolicited adverse events were also comparable, with no serious events in the .211 group up to 28 days after the booster dose (.211 N=300, 1273 N=171) moderna#19Neutralizing antibody responses against ancestral SARS-CoV-2, Beta, Delta and Omicron after booster dose of .211 were higher than after booster dose of 1273 Spike-pseudotyped lentivirus neutralization assay ID 50 Neutralizing antibody GMT (95% CI) Slide 19 10,000- Ancestral SARS-CoV-2 with D614G mRNA-1273 50 μg mRNA-1273.211 1,000- 100- 10 150 H 1952 673 H Day 181 Pre-booster Day 29 Ha 103 Beta Delta mRNA-1273 50 μg mRNA-1273.211 50 μα mRNA-1273 50 μg mRNA-1273.211 50 μg 10,000- 50 μg 10,000- 10,000 2172 1006 Pre-booster Day 29 Day 181 1,000 100 38 10 H 921 1032 H 139 H 26 828 1,000- 397 326 H Pre-booster Day 29 Day 181 Pre-booster Day 29 Day 181 Chalkias, Spyros et al. https://www.researchsquare.com/article/rs-1555201/v1 100 47 10 53 H 1507 Omicron mRNA-1273 50 μα 1,000- 629 499 | Day 181 Pre-booster Day 29 Day 181 Pre-booster Day 29 100- 38 10 H 146 mRNA-1273.211 39 50 μg 1408 317 Day 181 Pre-booster Day 29 Day 181 Pre-booster Day 29 moderna#20In comparing .211 booster to 1273 at Day 29, superiority was met for ancestral SARS-CoV-2 and all variants of concern Geometric Mean Ratio 0 Ancestral Iwith D614G Beta Delta Omicron 2.74 1.28 T 1.68 1.75 1.33 Day 29 Day 181 Day 29 Day 181 Day 29 1.20 Day 181 Day 29 2.20 2.15 Day 181 • • The clinical endpoint to demonstrate superiority was based on the neutralizing antibody geometric mean titer ratio (GMR); superiority was considered met if the lower bound of 95% CI of the GMR was >1 The GMR at Day 29 against: - Ancestral SARS-COV-2 was 1.28 (1.08, 1.51) - Beta was 1.33 (1.09, 1.61) - Delta was 1.75 (1.47, 2.10) - Omicron was 2.20 (1.74, 2.79) . At Day 181, superiority was met for ancestral SARS-CoV-2, Beta and Omicron variants; non-inferiority met for Delta variant Chalkias, Spyros et al. https://www.researchsquare.com/article/rs-1555201/v1 GMR, estimated by the ratio of the geometric least squares mean (GLSM) and the corresponding 2-sided 95% CI were used to assess the treatment difference. The GLSM and Slide 20 corresponding 2-sided 95% CI for the antibody titers for each treatment group were estimated using a mixed effect model for repeated measures, adjusting for age groups and pre- moderna booster titers. The GLSM, and the corresponding 95% CI results in log-transformed scale estimated from the model were back-transformed to obtain estimates in the original scale#21Conclusion and next steps • . • The safety and reactogenicity profile of the 50 µg mRNA-1273.211 booster dose was comparable to the 50 µg mRNA-1273 booster vaccine We believe that the superiority shown by .211 confirms the potential of bivalent platform We continue to believe that bivalent booster will ensure the broadest immunity in face of evolutionary uncertainty for SARS-COV-2, maintaining current protection while expanding breadth and durability of neutralizing antibodies We anticipate 1 month (Day 29) data from Omicron-containing bivalent .214 booster in June 2022 Slide 21 moderna#22Primary series and booster update in adolescent and pediatric populations • Slide 22 SpikevaxⓇ/Moderna COVID-19 Vaccine in ages <18 In adolescents aged 12-17 years: - - Primary series (2 dose, 100 µg) authorized/approved in more than 40 countries Submitted EUA for boosters globally Submitted longer term safety follow ups to US FDA In children aged 6-11 years: - Primary series (2 dose series, 50 µg) authorized/approved in more than 35 countries Evaluating a booster dose In children aged 6 months to 5 years: - - Announced in March that the primary series (2 dose series, 25 μg) met primary endpoint EUA request submitted to US FDA: filed variations in the EU, Canada and to additional global regulatory authorities Evaluating a booster dose whonjour. Modems vous invite a fare la connassan (vaccin contre la COVID-19) since de fokevar spikevax por modera Moderna invite mello Hallo. Moderna stelt vor Spieva(COVD-19-impo Bevak (COVID-19 Hola! Modeme le nts a conocer spevacuna contra is COVD-19) pikevax by mod spikevax von modoma Sspikevax de modema moderna#23Moderna's respiratory vaccines: Flu vaccine (mRNA-1010) expected to start Phase 3 in 2Q22 Pipeline Highlights COVID-19 variant boosters and next generation mRNA-1283 in development Flu (mRNA-1010) Phase 2 positive data announced in March; expected to start Phase 3 safety & immunogenicity trial in 2Q22 to support potential accelerated approval and preparing for Phase 3 efficacy study in Fall 2022 (if needed); Flu (mRNA-1020/-30) started Phase 1/2 trial in April Older adults RSV Phase 3, known as ConquerRSV, is ongoing; Pediatric RSV in Phase 1 Combination COVID + flu (mRNA-1073) and combination COVID + flu + RSV (mRNA-1230) in preclinical, expected to start Phase 1 trials in 2022; Endemic HCoV in preclinical Pediatric hMPV + PIV3 Phase 1b fully enrolled; Pediatric RSV + hMPV in preclinical Adults Preclinical development Delta variant Beta variant + wild-type Beta Delta variant Modality Program ID # Phase 1 Phase 2 Phase 3 Commercial Moderna rights mRNA-1273/Spikevax® Worldwide mRNA-1273.351 mRNA-1273.617 mRNA-1273.211 Beta variant Worldwide Worldwide Worldwide COMID-19 vaccine mRNA-1273.213 mRNA-1273.529 mRNA-1273.214 Worldwide mRNA-1283 Omicron variant Omicron variant + wild-type Next generation (2-5 °C) Worldwide Worldwide Worldwide mRNA-1010 Phase 3 prep Worldwide mRNA-1011 Worldwide mRNA-1012 Worldwide mRNA-1020 Worldwide mRNA-1030 Worldwide Older adults RSV vaccine COVID + Flu vaccine mRNA-1345 Worldwide mRNA-1073 Worldwide COVID + Fu+ RSV vaccine Endemic HCOV vaccine mRNA-12:30 Worldwide mRNA-1287 Worldwide COVID-19 vaccine (adolescents) mRNA-1273 Teen COVE Worldwide mRNA-1273 Worldwide mRNA-1345 Worldwide Pediatric hMPV + PIV3 vaccine Pediatric RSV + hMPV vaccine mRNA-1653 Worldwide mRNA-1365 Worldwide Flu vaccine Adolescents COVID-19 vaccine (pediatrics) Pediatric RSV vaccine & Pediatrics KidCOVE Slide 23 moderna#24By the end of 2Q22, we will have started three pivotal, Phase 3 trials within approximately one year of an IND being opened COVID- 19 vaccine RSV vaccine IND opened Ph 3 started Efficacy readout 5 months March '20 July '20 Nov '20 Older adults added to Ph 1 Jan '21 Ph 3 started Seasonal efficacy endpoint 13 months Feb '22 IND opened Ph 3 expected to start Immunogenicity endpoint Flu vaccine ~12 months June '21 2Q '22 Slide 24 1. Research Synthesis: Time and Success Rates of Pharmaceutical R&D, https://www.knowledgeportalia.org/r-d-time-success mRNA vaccine technology is de-risked; pursuing parallel clinical development that is significantly faster than industry standard¹ Moderna's mRNA vaccines Use the same mRNA chemistry, same LNP and same manufacturing platform moderna#25Moderna's latent & public health vaccines Pipeline Highlights CMV vaccine pivotal Phase 3 study, known as CMVictory, is ongoing EBV vaccine (to prevent infectious mononucleosis) Phase 1 is ongoing; EBV vaccine (to prevent EBV sequelae) in preclinical HIV vaccines Phase 1 trials are ongoing HSV and VZV vaccines in preclinical Zika vaccine ongoing in a Phase 2 study Nipah vaccine open IND Slide 25 Modality Program ID # Preclinical development Phase 1 Phase 2 Phase 3 Commercial CMV vaccine mRNA-1647 EBV vaccine (to prevent mRNA-1189 Latent vaccines infectious mononucleosis) EBV vaccine (to prevent EBV sequelae) mRNA-1195 HSV vaccine mRNA-1608 VZV vaccine mRNA-1468 mRNA-1644 HIV vaccines mRNA-1574 Zika vaccine mRNA-1893 Public health vaccines Nipah vaccine mRNA-1215 Open IND Moderna rights Worldwide Worldwide Worldwide Worldwide Worldwide Worldwide IAVI/others funded Worldwide BMGF/NIAID/ others funded Worldwide BARDA funded Worldwide NIH funded moderna#26Moderna's therapeutics Pipeline Highlights Immuno-oncology • PCV Phase 1 ongoing; Phase 2 fully enrolled, data expected in 4Q 2022 KRAS Phase 1 ongoing; evaluating next steps • for the program • Triplet, IL-12 ongoing in Phase 1 • Modality Systemic Checkpoint vaccine in preclinical Cardiovascular ⚫ VEGF moving to Phase 2b (AstraZeneca) . Relaxin in preclinical Autoimmune • IL-2 Phase 1 ongoing . PD-L1 in preclinical Rare diseases . PA Phase 1 cohort fully enrolled; enrolling 1000 ID # Preclinical development Phase 1 Phase 2 Phase 3 Commercial Moderna rights Worldwide Program IL-2 Autoimmune disorders mRNA-6231 secreted & cell Relaxin surface Heart failure mRNA-0184 therapeutics PD-L1 Autoimmune hepatitis mRNA-6981 Personalized cancer vaccine (PCV) mRNA-4157 Cancer vaccines KRAS vaccine mRNA-4671 Checkpoint vaccine mRNA-4359 Intratumoral Immuno- oncology OX40L/IL-23/IL-36y (Triplet) mRNA-2752 Solid tumors/lymphoma IL-12 MEDI1191 Solid tumors Localized VEGF-A Regenerative Myocardial ischemia AZD8601 Therapeutics Propionic acidemia (PA) mRNA-3927 Methylmalonic acidemia (MMA) mRNA-3705 Systemic Intracellular Therapeutics Glycogen storage disease type la (GSD1a) mRNA-3745 Open IND Phenylketonuria (PKU) mRNA-3283 Crigler-Najjar syndrome type 1 (CN-1) mRNA-3351 Cystic fibrosis (CF) VXC-522 additional cohorts MMA Phase 1 cohort fully enrolled; enrolling additional cohorts GSD1a open IND Inhaled Pulmonary Therapeutics • PKU, CN-1 and CF in preclinical Slide 26 Worldwide Worldwide 50-50 global profit sharing with Merck Worldwide Worldwide Worldwide 50-50 U.S. profit sharing: AZ to pay royalties on ex- U.S. sales AZ to pay milestones and royalties Worldwide Worldwide Worldwide Worldwide Provided to ILCM free of charge Vertex to pay milestones and royalties moderna#27Propionic acidemia (PA) ongoing in Phase 1/2 study paramount mRNA-3927 Phase 1/2 study Propionic Acidemia (PA) is a rare metabolic disorder • • PA is characterized by a deficiency of propionyl-CoA carboxylase (PCC), an enzyme involved in the breakdown (catabolism) of several chemical "building blocks" (amino acids) of proteins As a result, harmful compounds can build up to toxic. levels in the body Leads to serious health problems, including recurrent episodes of life-threatening metabolic decompensation events (MDES) Moderna's mRNA therapy for PA (mRNA-3927) encodes for two protein subunits (PCCA and PCCB) that form the deficient enzyme (PCC) Slide 27 · Adaptive trial design; enrolling participants >1 years old with PA in the US, UK and Canada • Patients receive 1 dose of mRNA-3927 every 2 or 3 weeks for 10 doses . • • First cohort is fully enrolled and we are enrolling patients into additional cohorts All five patients eligible for the Open Label Extension (OLE) study have elected to participate Total of 75 doses have been administered across the Phase 1/2 study and OLE study Study is evaluating safety, PK/PD, clinical events (incl. MDES) and biomarkers moderna#28Today's Agenda 1 Business Review - Stéphane Bancel, CEO 2 1Q22 Earnings Call 3 Slide 28 SpikevaxⓇ COVID-19 Vaccine Update - Paul Burton, M.D., Ph.D., CMO Clinical Program Review - Stephen Hoge, M.D., President 4 Financials - David Meline, CFO 5 Looking Forward - Stéphane Bancel, CEO moderna#29First quarter 2022 Product Sales of $5.9 billion Slide 29 In USD Billions Product Sales by Quarter 2021-2022 $6.9 US Rest of World $0.7 $5.9 $0.9 $4.8 $4.2 $1.2 $2.1 $6.2 $5.0 $1.7 $3.6 $1.4 $2.1 $0.4 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1 2022 Product Sales: $5.9B ■ $5.OB Rest of World ■ $0.9B US moderna#30First quarter 2022 GAAP financial results QoQ Change In $ millions, except per share amounts (unaudited) Q1 2022 Q1 2021 (Q1'22 vs. Q1'21) Product sales $ 5,925 $ 1,733 $ 4,192 242 % Grant revenue Collaboration revenue 126 194 (68) (35) % 15 10 5 50 % Total revenue 6,066 1,937 4,129 213 % Cost of sales Research and development Selling, general and administrative Total operating expenses Income from operations Other income (expense) Provision for income taxes Net income Earnings per share - Diluted Weighted average shares - Diluted Effective tax rate 1,017 193 824 427 % 554 401 153 38 % 268 77 191 248 % 1,839 671 1,168 174 % 4,227 1,266 2,961 234 % 2 (6) 8 133 % 572 39 533 1,367 % St A $ 3,657 $ 1,221 $ 2,436 200 % $ 8.58 2.84 5.74 426 430 (4) 202 % (1)% 14 % 3% Slide 30 moderna#31Cash/investments and cash deposits Slide 31 In USD Billions Cash, Cash equivalents and Investments $5.2 12/31/2020 Cash Investments $17.6 $19.3 $8.2 3/31/2021 Balance of Cash deposits for future Product Supply $5.6 12/31/2021 3/31/2022 $6.0 $5.3 $2.8 12/31/2020 3/31/2021 12/31/2021 3/31/2022 Cash and investments increased, driven by commercial activities ■ Cash, Cash equivalents and Investments as of March 31, 2022 at $19.3B, up from $17.6B as of December 31, 2021 ■ Balance of Cash deposits for future Product Supply as of March 31, 2022 at $5.3B, below prior quarter driven by product deliveries against customer deposits moderna#32Moderna's capital allocation priorities 1 2 Reinvest in the business & accelerate investment in R&D, manufacturing infrastructure and company buildout Seek attractive external investment opportunities (licenses and/or M&A) to further expand the reach of Moderna's technology ■ 3 Return capital to shareholders Slide 32 ☐ R&D Expense (in $B) Capital Expenditure (in $B) ~$2.5-$3 $2.0 $1.4 ~$0.6-$0.8 $0.5 $0.4 <$0.1 2019 2020 2021 2022E $0.1 2019 2020 2021 2022E METAGENOMI carisma THERAPEUTICS Completed original $1 billion share buyback program in January 2022 Announced new $3 billion share buyback program in February 2022; Approximately $2.5 billion remaining capacity from the $3 billion authorization, as of the end of March Repurchased 3.8M shares for $0.6 billion in Q1 2022 moderna#33Impact of share repurchase program on share count (in shares M) Basic Shares Quarter End (-5 405 403 400 Q3/2021 Q4/2021 Q1/2022 -7 434 431 426 Basic & Diluted 30 26 Weighted Average Shares 404 405 24 402 Dilutive Balances Q3/2021 Q4/2021 Q1/2022 Weighted Average Basic Shares Slide 33 Quarter ending basic shares declined 5M from the end of Q3 2021 to Q1 2022, due to 7M of share repurchase activity, partially offset by 2M of employee equity compensation Weighted average diluted shares declined 7M from Q3 2021 to Q1 2022, primarily due to share repurchase activity and fewer dilutive shares, based. on our average stock price during the period, partially offset by new equity awards moderna#342022 financial framework Sales Cost of sales For expected delivery in FY 2022: Advance Purchase Agreements (APAs) currently signed for product sales of ~$21 billion We continue to expect sales to be larger in the second half of 2022 than in the first half as SARS-CoV-2 becomes endemic We continue to expectfull year 2022 reported cost of sales in the low-to-mid 20s percentage range R&D and SG&A Expenses We continue to expectfull year R&D and SG&A expenses of approximately $4 billion Tax rate We continue to expect an effective tax rate for the full year in the mid-teen percentage range Capital Expenditures We continue to expect capital expenditures in the range of $0.6-$0.8 billion Slide 34 moderna#35Today's Agenda 1 Business Review - Stéphane Bancel, CEO 2 1Q22 Earnings Call 3 Slide 35 SpikevaxⓇ COVID-19 Vaccine Update - Paul Burton, M.D., Ph.D., CMO Clinical Program Review – Stephen Hoge, M.D., President 4 Financials - David Meline, CFO 5 Looking Forward - Stéphane Bancel, CEO moderna#36New additions to executive committee Slide 36 Jorge Gomez Chief Financial Officer Previously CFO of Dentsply Sirona and Cardinal Health Arpa Garay Chief Commercial Officer Previously Chief Marketing Officer for Merck's Human Health business moderna#37Moderna's 2022 priorities 1 Execute on $21B signed APAs and prepare for Fall booster 2 3 4 Execute on four Phase 3 vaccine programs, which could lead to three respiratory commercial launches over the next two to three years Advance therapeutic programs and share proof-of-concept readouts for our PA, MMA and PCV programs Bring forward more mRNA candidates into development 5 Expand our mRNA platform Slide 37 moderna#38Slide 38 > Science Day May 17th Save the Date Events in 2022 > R&D Day September 8th > ESG Day November 10th moderna#39Slide 39 Our mission To deliver on the promise of mRNA science to create a new generation of transformative medicines for patients. moderna#40Moderna's Respiratory Vaccines (Pipeline 1/3) Modality Program mRNA-1273.351 COVID-19 vaccine Adults mRNA-1273.213 mRNA-1273.529 ID # mRNA-1273/SpikevaxⓇ mRNA-1273.617 mRNA-1273.211 Beta variant Delta variant Beta variant + wild-type Beta+Delta variant Preclinical development Phase 1 Phase 2 Phase 3 Commercial Moderna rights Worldwide Worldwide Worldwide Worldwide Worldwide Omicron variant Worldwide mRNA-1273.214 Omicron variant + wild-type Worldwide mRNA-1283 Next generation (2-5 °C) Worldwide mRNA-1010 Phase 3 prep Worldwide mRNA-1011 Worldwide Flu vaccine mRNA-1012 Worldwide mRNA-1020 Worldwide mRNA-1030 Worldwide Older adults RSV vaccine mRNA-1345 Worldwide COVID+ Flu vaccine mRNA-1073 Worldwide Adolescents & Pediatrics COVID + Flu + RSV vaccine Endemic HCOV vaccine COVID-19 vaccine (adolescents) COVID-19 vaccine (pediatrics) Pediatric RSV vaccine mRNA-1230 Worldwide mRNA-1287 Worldwide mRNA-1273 TeenCOVE Worldwide mRNA-1273 KidCOVE Worldwide mRNA-1345 Worldwide Pediatric hMPV + PIV3 vaccine mRNA-1653 Worldwide Pediatric RSV + hM PV vaccine mRNA-1365 Worldwide Slide 40 moderna#41Moderna's Latent & Public Health Vaccines (Pipeline 2/3) ID # Preclinical development Phase 1 Phase 2 Phase 3 Commercial Moderna rights mRNA-1647 Worldwide Modality Program CMV vaccine EBV vaccine (to prevent mRNA-1189 Latent infectious mononucleosis) vaccines EBV vaccine (to prevent EBV sequelae) mRNA-1195 HSV vaccine mRNA-1608 VZV vaccine mRNA-1468 mRNA-1644 HIV vaccines mRNA-1574 Zika vaccine mRNA-1893 Public health vaccines Nipah vaccine mRNA-1215 Open IND Slide 41 Worldwide Worldwide Worldwide Worldwide Worldwide IAVI/others funded Worldwide BMGF/NIAID/ others funded Worldwide BARDA funded Worldwide NIH funded moderna#42Moderna's Therapeutics (Pipeline 3/3) ID # Preclinical development Phase 1 Phase 2 Phase 3 Commercial Moderna rights Modality Program IL-2 mRNA-6231 Systemic Autoimmune disorders secreted & cell Relaxin mRNA-0184 surface Heart failure therapeutics PD-L1 mRNA-6981 Autoimmune hepatitis Personalized cancer vaccine mRNA-4157 (PCV) Cancer →0000 vaccines KRAS vaccine mRNA-4671 Checkpoint vaccine mRNA-4359 Intratumoral OX40L/IL-23/IL-36y (Triplet) Immuno- mRNA-2752 Solid tumors/lymphoma oncology IL-12 MEDI1191 Solid tumors Localized VEGF-A Regenerative AZD8601 Myocardial ischemia Therapeutics Propionic acidemia (PA) mRNA-3927 Slide 42 Methylmalonic acidemia (MMA) mRNA-3705 Systemic Intracellular Glycogen storage disease type la (GSD1a) mRNA-3745 Open IND Therapeutics Phenylketonuria (PKU) mRNA-3283 Crigler-Najjar syndrome type 1 Inhaled mRNA-3351 (CN-1) Pulmonary Therapeutics Cystic fibrosis (CF) VXC-522 Worldwide Worldwide Worldwide 50-50 global profit sharing with Merck Worldwide Worldwide Worldwide 50-50 U.S. profit sharing; AZ to pay royalties on ex- U.S. sales AZ to pay milestones and royalties Worldwide Worldwide Worldwide Worldwide Provided to ILCM free of charge Vertex to pay milestones and royalties moderna