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- **Revenue Resilience**: U.S. COVID vaccine sales down 20%-40% YoY, but mNEXSPIKE captures 55% of volume. International partnerships (Canada, U.K., Australia) to drive future growth.
- **Cost Efficiency**: $900 million in 2025 cash savings, targeting $4.6 billion in cash costs. Year-end cash projected at $6.5 billion-$7 billion.
- **Pipeline Momentum**: mRNA 1010 flu vaccine and mRNA 1083 combo filings expected by Jan 2026. IntiSPOTRAN oncology program advancing with Merck. Rare disease programs (PA, MMA) nearing registration.
- **Strategic Focus**: Postponing large phase 3 trials until 2028 cash break-even. Focusing on high ROI oncology and rare disease investments.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue of $1 billion, driven by mNEXSPIKE (55% of COVID vaccine volume) and Spikevax. U.S. revenue guidance narrowed to $1 billion-$1.3 billion (down 20%-40% YoY). International revenue expected at $600 million-$700 million for the year.
- **Strategic Partnerships**: Canada, U.K., and Australia manufacturing facilities to begin shipments in Q4 2025 and Q1 2026. Cost reductions of $900 million in 2025 vs. prior guidance, targeting $5.3 billion in GAAP operating expenses.
- **Pipeline Progress**: mRNA 1010 (flu vaccine) and mRNA 1083 (flu + COVID combo) regulatory submissions expected by Jan 2026. CMV program discontinued due to missed efficacy endpoint.

**【CFO Financial Commentary】**
- **Financial Results**: Q3 net loss of $200 million ($0.51 EPS). Cash and investments of $6.6 billion. 2025 revenue narrowed to $1.6 billion-$2 billion (prev $1.5 billion-$2.2 billion). Cost of sales reduced 60% YoY to $207 million. R&D expenses down 30% YoY to $801 million. SG&A down 5% YoY to $268 million.
- **Cost Efficiency**: $900 million in cash cost savings vs. 2024. Targeting $4.6 billion in 2025 cash costs (down from $5.5 billion). Year-end cash projected at $6.5 billion-$7 billion.

**【President’s Pipeline Update】**
- **COVID Vaccines**: mNEXSPIKE approved in 40 countries; Spikevax updated for 2025-26 strain. Arazvia (RSV) approved in 40 countries. U.S. flu vaccine (mRNA 1010) expected to file by Jan 2026.
- **Oncology**: IntiSPOTRAN (partnered with Merck) phase 3 adjuvant melanoma trial enrolling. mRNA 4359 (cancer antigen therapy) phase 1b data positive; phase 2 trials underway.
- **Rare Diseases**: Propionic acidemia (PA) program fully enrolled; methylmalonic acidemia (MMA) trial expected to start in 2026.

**【Q&A Highlights】**
- **Expense Management**: R&D and cost of sales reductions driven by trial efficiency, manufacturing optimization, and supplier pricing. 2028 cash break-even target remains, with focus on high ROI oncology and rare disease programs.
- **CMV Program**: Discontinued due to lack of efficacy in preventing congenital CMV. Ongoing phase 2 trial in bone marrow transplant patients continues.
- **Norovirus Vaccine**: Phase 3 trial delayed due to slow case accrual; may require second season for interim analysis.
- **Strategic Deals**: Exploring partnerships for latent virus vaccines (e.g., EBV) and oncology programs post-2028 break-even.

Moderna, Inc. (MRNA) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MRNA

MRNA fundamentals

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