Moderna, Inc. (MRNA) Presents at Barclays 28th Annual Global Healthcare Conference Transcript

SA Transcripts158.9K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call Moderna, Inc. (MRNA) Barclays 28th Annual Global Healthcare Conference March 10, 2026 9:30 AM EDT Company Participants Lavina Talukdar - Senior VP & Head of Investor Relations Conference Call Participants Eliana Merle - Barclays Bank PLC, Research Division Presentation Eliana MerleBarclays Bank PLC, Research Division Hi, guys. Good morning. Welcome to sunny Miami. I'm Ellie Merle, one of the biotech analysts here at Barclays. Very happy to have Lavina Talukdar here with us today, Head of Investor Relations at Moderna. It's been a very eventful year for you. So maybe if you could start with an overview of some of the key highlights from Moderna over '25 and into the first quarter of '26. Lavina TalukdarSenior VP & Head of Investor Relations Sure. Thank you so much for having me, Ellie. This is great to be here. So for 2025, I'd characterize 2025 as a year of execution, and we really executed on all fronts. On the revenue side, we came in at $1.9 billion, which is towards the high end of the revenue range we gave on the third quarter call. And that was really driven by execution from the commercial teams. We were very happy to get mNEXSPIKE, our second COVID vaccine approved in June, and they really executed and made sure that, that was available on the market for the fall season. We also brought down costs. We set out in 2025 to take $1 billion of cost out, and we ended up achieving in excess of $1 billion. So in total, $2 billion of cost that came out in 2025. And that's really a testament to the finance team setting targets and the broader Moderna teams taking cost out of the system. So it really positions us nicely for 2026. It led to a cash balance of $8.1 billion, which also includes $600 million that