Moderna, Inc.

Good morning. My name is Kevin, and welcome to Moderna's third quarter 2023 earnings call. At this time, all participants are in a listen-only mode. Following the formal remarks, we will open the caller for your questions. To ask a question during the session, you need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised, today's call is being recorded. At this time, I'd like to turn the call over to Lavina Tulukdar, head of investor relations at Moderna. Please proceed.

Thank you, Kevin. Good morning, everyone. And thank you for joining us on today's call to discuss Moderna's third quarter 2023 financial results and business updates. You can access the press release issued this morning, as well as the slides that we'll be reviewing by going to the investor section of our website. On today's call are Stephane Boncel, our chief executive officer, Stephen Hogue, our president, Arpa Gray, our chief commercial officer, and Jamie Mock, our chief financial officer. Before we begin, please note that this conference call will include forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Please see slide two of the accompanying presentation and our SEC filings for important risk factors that could cause our actual performance and results to differ materially from those expressed or implied in these forward-looking statements. With that, I'll turn it over to Stephane.

Thank you, Lavina. Good morning, or good afternoon, everyone. Thank you for joining us today. I will start with a quick review of our business for the first quarter. After, we will then give you an update on our commercial progress and plans. Jamie will present our financial results and will explain in detail the one-time charges we announced this morning in our press release. Stephen will then review our clinical programs And I will share our key priorities for 2024 and 2025 to return Moderna to sales growth and profitability. We delivered $1.8 billion in spike back sales of COVID vaccines in the first quarter. Based on trends we are seeing in the U.S., We have been preparing for the 2023 fall COVID launch throughout the year because the U.S. market was pivoting from a pandemic government-punched market to a commercial market. I am very pleased to report that according to Acuvia market data, we have a market share in the U.S. of 45% season-to-date, compared to 36% for 2022. As I will show you, we even achieved a 51% This commercial performance in the U.S. market shows that Moderna can compete commercially with large established players. That will prove important as we launch RSV in 2024 and Combo through COVID in 2025. On the cost side of the company, we informed you at R&D Day that it was important for us to resize our manufacturing footprint as the world has moved from a pandemic to an endemic setting. I am pleased that our manufacturing and finance team were able to move fast and resize our manufacturing so that we can go back to 75-80% gross margin levels. This resizing resulted in a charge of $1.6 billion, which Jamie will explain in detail in this section. Now let me turn to Arpa to walk you through our progress in the U.S. market.