Moderna, Inc.

Good day and thank you for standing by. Welcome to the Moderna Second Quarter 2024 conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. 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 conference is being recorded. I would now like to hand the conference over to your speaker today. Lavina Tulukdar, please go ahead.

Thank you, Kevin. Good morning, everyone, and thank you for joining us on today's call to discuss Moderna's second quarter 2024 financial results and business updates. You can access the press release issued this morning as well as the slides that you will be reviewing by going to the investor section of our website. On today's call are Stephane Bancel, our chief executive officer, Jamie Mock, our chief financial officer, and Stephen Hogue, our president. 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. I will now turn the call over to Sifan.

Thank you, Lavina. Good morning, or good afternoon, everyone. Thank you for joining us today. I will start with a review of our business. Jamie will present our financial results for the quarter, and thank you for our dated financial framework. Sarah will then review our clinical progress. I will then close by sharing our commercial progress and our outlook for major upcoming milestones. In the second quarter of 2024, our respiratory franchise has shown remarkable progress and is poised to positively impact millions of lives globally each year. This is why we started Moderna, to impact patients, and that is why the Moderna team is so focused on execution because of that profound impact on so many lives. Our mRNA-1273 vaccine, Spikevax, continues to play a critical role in combating COVID. Based on CDC data for the season just ending, October 23 to June 24, COVID continues to result in higher hospitalization than other respiratory viruses. We are pleased that the RZ vaccine, whose brand name is Emrezia, our second respiratory product, has launched in the U.S. and has now shipped to U.S. customers. It is poised to impact public health in the U.S. this year and soon in many other countries for many years to come. Our flu vaccine candidate, mRNA-1010, has demonstrated positive phase 3 results, meeting all immunogenicity endpoints in adults 18 and older. Our flu plus COVID combo vaccine candidate, mRNA-1083, has also shown positive results in phase 3, underscoring our ability to innovate and tackle multiple respiratory illnesses effectively. These achievements highlight the strength of our mRNA platform and our commitment to public health. We are now five out of five vaccines with positive phase three data, COVID, RSV, flu, next-gen COVID, mRNA-1283, and our flu plus COVID combo. We are very excited about these achievements and are very thankful for our teams. We believe our technology has the potential to significantly reduce the burden of these respiratory illnesses globally and save millions of hospitalizations around the world and thus impacting millions of families. Moving to business highlights for Q2. We manufactured the 24-25 season COVID vaccine targeting both the KP2 and Gn1 strains of the virus. We are ready to meet the demand for the 24-25 respiratory season. In addition to RSV approval in the US, we are pleased that MReslia received a positive opinion from Europe Regulatory Agency, EMA, with CHMP. We are waiting for regulatory approvals in additional countries around the world. For pandemic flu, we recently announced a partnership in the US with BARDA to address H5 influenza virus and future public health spreads. The agreement awarded Moderna $176 million in funding to accelerate the development of mRNA-based pandemic flu vaccines. Lastly, our Japanese partnership with Mitsubishi Tanabe Pharma Corporation is an important collaboration. With this joint agreement, we will co-promote Moderna respiratory vaccines in Japan expanding our reach and impact in the Japanese market. In Q2, our revenues were $241 million, which continues to reflect the highly seasonal nature of our respiratory vaccine business. The net loss was $1.3 billion. We ended the quarter with $10.8 billion, maintaining a strong cash and investment position. This robust financial foundation allows us to continue investing in our key programs and initiatives. Additionally, we continue to make considerable progress in reducing our operating expenses. Compared to Q2 2023, we have decreased our operating expenses by more than $600 million in Q2 2024. This reduction highlights our commitment to operational efficiency and financial discipline. Before I hand over to Jamie, I want to touch on an announcement we made last week. We are very pleased and proud to welcome David Rubinstein, the co-founder and co-chairman of the Carlyle Group to the Moneta board starting next week. David has decades of experience investing and growing businesses across a number of industries. He is also one of the most respected voices globally on matters related to international affairs and public policy. We are very excited to have him join us to help us build Moderna to reach the next level. With David joining the board, Stephen Berenson is stepping down from the board, and I would like to personally thank him for his many contributions during his tenure, including through the pandemic. We also announced that Bob Langer has informed the board of the intention to retire from the board. As one of our co-founders, Bob has made incredible contributions to Moderna and would not be the company we are today without his vision and insights. I am personally very grateful to Bob for his coaching and mentoring, especially during the early years of Moderna, where his startup experience was so valuable to me. With that, let me turn to Jamie.