Moderna, Inc.

Good day and thank you for standing by. Welcome to the Moderna fourth quarter 2024 conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll 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 like to hand the conference over to your speaker today. Livina Tulukdar, please go ahead.

Thank you, Kevin. Good morning, everyone, and thank you for joining today's call to discuss Moderna's fourth quarter and full year 2024 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 Stéphane Boncel, Chief Executive Officer, Jamie Mock, Chief Financial Officer, and Stephen Hogue, 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 Stephane.

Thank you, Lavina. Good morning or good afternoon, everyone. Thank you for joining us. I will start with a review of 2024. Jamie will present our financial results and outlook. Stephen will review our clinical programs. I will then come back and share our key priorities for 2025 before we take your questions. In 2024, we recorded revenue of $3.2 billion. The team has worked hard to generate cost savings of $2.6 billion, or 27% down from 2023. We reported a loss of $3.6 billion. While we anticipated to end the year with $9 billion in cash, thanks to the team's work on OPEX, CAPEX, and also working capital, we ended the year with $9.5 billion of cash and investments at the end. In September 2024, we announced our focus on 10 high-value programs for which we expect potential approvals for the next three years, driving sales growth and diversification from our top line from COVID. These programs include, in respiratory vaccine, next-gen COVID, combination flu plus COVID, RG18 to 59 at high-risk adults, seasonal flu. In latent and novel, CMV and norovirus. in rare diseases, PA, and MMA, and in oncology, IMC, for adjuvant melanoma. In addition to growing sales growth, the prioritization of these programs will allow us to reduce our R&D expenses in this time frame. From a pipeline standpoint, it was a year of strong progress. In 2024, we became a multi-product company. We are proud of MRSBR. Along with Pyrax, we now have two commercial products on the market. We reported positive phase-free results in four of our respiratory vaccine programs, and we filed for FDA approval of National COVID, of combination flu plus COVID, and the RRT vaccine for RRT 18-59. And our seasonal flu vaccine is currently in a phase-free efficacy trial. We also reported additional progress across other programs, both in phase 1 and 2, from vaccine against norovirus, EBV, and BDV. In oncology, we presented data at major medical meetings in 2024. For INC program in June, we reported positive three-year data in adjuvant melanoma for the phase 2 trial. In addition, for checkpoint program vaccine, among the 43-59, we presented positive phase 1 data in September. In rare diseases, we showed positive early safety and clinical data from PMMA. With that, I will hand over to Jamie.