Moderna, Inc.

Good day and thank you for standing by. Welcome to the Moderna third quarter 2025 conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will 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 now like to hand the conference over to your speaker today. Livina Tulipdar, please go ahead.

Thank you, Kevin. Good morning, everyone. And thank you for joining us on today's call to discuss Moderna's third quarter 2025 financial results and business updates. You can access the press release issued this morning, as well as the slides that we will be reviewing by going to the investor section of our website. On today's call are Stéphane Bancel, our chief executive officer, Stephen Hogue, our president, 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 will turn the call over to Stephane.

Thank you, Lavina. Hello, everyone. Thank you for joining us today. I will start with a quick review of the portal. Jamie will present our financial results and outlook. Stephen will review our commercial progress and clinical programs. And then I will share our key value drivers as we look ahead before we take your questions. In the third quarter, our revenue were $1 billion, driven by sales of our three approved vaccines, Spikevax, Amnexpact, and MERS-VIA. The net loss for the quarter was $200 million. We ended the quarter with $6.6 billion in cash and investments. We remain highly focused on financial discipline. I'm pleased to announce that continued cost reduction efforts across the company in the third quarter of 2025 led to a 34% reduction of cost of sales, R&D, and SG&A combined, compared to the third quarter of 2024. During the quarter, we made good progress across our three strategic priorities. Our first priority, driving use of our commercial products. For Spivax, our original COVID vaccine, we received approval in 40 countries for the seasonal 2025-2026 strain update. Mnexpac, our new COVID vaccine, was approved this year by the FDA. We also filed and received approval for the 2025-2026 strain update in the U.S., making this the first season that Mnexpac is available in the United States. We also received approval for Mnexpac in Canada. For RSV vaccine, Mresvia, we continue to gain regulatory approval, and Mresvia is now approved in 40 countries. We have strategic partnership with three countries, Canada, the UK, and Australia, where we have established manufacturing facilities and secured multi-year off-take agreements. In each of these countries, we have achieved important milestones. In Canada, we delivered the first made-in-Canada mRNA vaccines to the Canadian government for use this season. And in the UK and Australia, our facilities were granted licenses by their respective regulatory agencies. Second priority, add a single pipeline to drive sales growth. We announced in July positive phase III flu efficacy data, which we believe will advance both our flu vaccine program, mRNA1010, and our flu plus COVID combination program, mRNA1083. For the flu plus COVID combination program, our filing continues to be under review by the European Medicines Agency. In our oncology portfolio, At the European Society of Medical Oncology, ESMO, Congress in October, we presented encouraging Phase 1b data for cancer antigen therapy mRNA-4359. Unfortunately, we also announced recently that despite the progress made by the scientific community in understanding the CMV virus, our CMV program did not meet its primary efficacy endpoint for congenital CMV. We will discontinue the development of our CMV vaccine in this indication. Third priority, executing with financial discipline. The team continues to diligently advance our cost improvement program. Over the last four quarters, Q4 2024 to Q3 2025, we delivered a $2.1 billion improvement in cost across cost of goods, SG&A, and R&D versus the prior four quarters. I want to thank the entire Moderna team for this great achievement, and we'll continue to work on prioritizing our R&D pipeline, growing productivity, including by the use of more digital tools, including a large number of GPTs, but also better pricing with our suppliers across the entire company. Thanks to this good progress and momentum, we've reduced projected 2025 cash costs by approximately $500 million since just the last quarter investor call in August 2025. and by approximately $900 million since the beginning of the year. With this, I will hand over to Jamie.