On this page of StockholderLetter.com we present the latest annual shareholder letter from Moderna, Inc. — ticker symbol MRNA. Reading current and past MRNA letters to shareholders can bring important insights into the investment thesis.
annual report 2024
Moderna by the Numbers* Delivering commercial impact 2 $3.1B 3 approved products net product sales biologics license applications filed Advancing our pipeline $9.5B 4 41 cash, cash equivalents and investments therapeutic areas programs in clinical trials Celebrating our culture 10 3rd No. 1 Digitizing everywhere years as a Science consecutive year Top Employer of equal pay for equal work study showing no statistically significant differences in pay ranked large company in BioSpace Best Places to Work 4,500 1,600 1 million monthly active ChatGPT Enterprise users custom GPTs in use messages a month with ChatGPT Enterprise *as of December 31, 2024 2024 Annual Report Moderna 1
Table of Contents 3 A Letter from Our CEO 10 Respiratory Franchise 12 Pipeline 18 Manufacturing 20 Digitizing Everywhere 21 People and Culture 23 Responsibility 25 Leadership 26 Awards and Recognition Highlights 27 2 Moderna 2024 Annual Report Financials
A Letter from Our CEO January 6, 2025 Dear fellow shareholders, As we reflect on 2024, it is clear that the past year brought formidable challenges for Moderna along with significant advances, particularly for our development pipeline. It was a year of navigating a dynamic global landscape and evolving commercial realities, demanding resilience, innovation and adaptability. The shifting dynamics of the COVID and RSV vaccine markets tested our commercial strategies and required us to reassess our financial framework. These challenges underscored the complexities of operating in a post-pandemic world and highlighted the need to remain agile within a rapidly evolving healthcare ecosystem. Additionally, the impending transition within the U.S. government has introduced uncertainty regarding policies and priorities shaping our industry. Yet, amidst these challenges, our unwavering commitment to our Mission to deliver the greatest possible impact to people through mRNA medicines has served as our guiding force. As you know, Moderna was established with the goal of using mRNA, an information molecule, to treat and prevent disease for people around the world. In a relatively short time, we have developed a large number of innovative medicines, advancing our Mission and growing our portfolio to two approved medicines, seven candidates in Phase 3 trials and a total of 45 programs in our development pipeline. Our unwavering commitment to our Mission to deliver the greatest possible impact to people through mRNA medicines has served as our guiding force. 2024 Annual Report Moderna 3
A Letter from Our CEO Our success in research and development is a testament to our platform. With a demonstrated probability of success for our mid- and late-stage pipeline standing at approximately 69 percent compared to the historical industry average of approximately 19 percent, we are redefining what is possible in biopharmaceutical innovation. As we demonstrate the higher success rates of our development candidates, we believe the value ascribed to our broader pipeline based on higher expected probabilities of success may increase correspondingly. Despite the challenges in 2024, we became a multi-product company with the approval of mRESVIA , our RSV vaccine for older adults. With the launch of our updated COVID-19 and RSV vaccines, Moderna is now the only company with more than one approved mRNA product. We also achieved four positive Phase 3 data readouts across our respiratory portfolio, further demonstrating our platform s potential to address significant unmet medical needs and advance public health. Beyond our respiratory portfolio, we prioritized the advancement of five non-respiratory programs, with milestones including the initiation of a Phase 3 study of our norovirus vaccine, a positive readout of three-year data from the Phase 2b trial of our individualized neoantigen therapy (INT), as well as the start of our third Phase 3 trial for INT in partnership with Merck. We also took steps to move two of our rare disease therapeutic programs toward registrational trials. While we are encouraged by this progress, we recognize opportunities for improvement. With a continuous learning mindset, we analyzed these outcomes and adapted our business strategy based on our successes and challenges. We are confident that with our industry-leading mRNA platform, technology, resources and team, we are well-positioned to execute this strategy and continue building a future where Moderna leads in healthcare innovation, delivering on our Mission for patients in 2025 and beyond. Moderna s rate of success with our platform technology is higher than industry standard 83% 83% 69% 62% 35% 27% Moderna Industry POS Phase 1 Moderna Industry POS Phase 2 Moderna Industry POS Phase 3 Statistics for Moderna based upon internal data and are based upon: 26 Phase 1 trials, 12 Phase 2 trials, and 6 Phase 3 trials. Only concluded trials for unique molecular entities are included in data; strain updates for a program are not counted separately. Early trials establishing platfom technology not intended for commercialization are excluded from Phase 1 trial counts. Data reported as of December 31, 2024. Industry statistics derived from Wong et al., Biostatistics (2019) 20, 2, pp 273-286. 4 Moderna 2024 Annual Report
 • shareholder letter icon 3/11/2025 Letter Continued (Full PDF)
 • stockholder letter icon 2/27/2023 MRNA Stockholder Letter
 • stockholder letter icon 3/15/2024 MRNA Stockholder Letter
 • stockholder letter icon More "Biotechnology" Category Stockholder Letters
 • Benford's Law Stocks icon MRNA Benford's Law Stock Score = 79


MRNA Shareholder/Stockholder Letter Transcript:

annual report
2024

Moderna by the Numbers*
Delivering
commercial
impact
2
$3.1B
3
approved
products
net product
sales
biologics license
applications filed
Advancing
our pipeline
$9.5B
4
41
cash, cash
equivalents and
investments
therapeutic
areas
programs in
clinical trials
Celebrating
our culture
10
3rd
No. 1
Digitizing
everywhere
years as a Science consecutive year
Top Employer
of equal pay
for equal work
study showing
no statistically
significant
differences
in pay
ranked large
company in
BioSpace Best
Places to Work
4,500
1,600
1 million
monthly active
ChatGPT
Enterprise users
custom GPTs
in use
messages a
month with
ChatGPT
Enterprise
*as of December 31, 2024
2024 Annual Report Moderna
1

Table of
Contents
3
A Letter from Our CEO
10
Respiratory Franchise
12
Pipeline
18
Manufacturing
20
Digitizing Everywhere
21
People and Culture
23
Responsibility
25
Leadership
26  
Awards and Recognition Highlights
27
2
Moderna 2024 Annual Report
Financials

A Letter
from
Our CEO
January 6, 2025
Dear fellow shareholders,
As we reflect on 2024, it is clear that the past
year brought formidable challenges for Moderna
along with significant advances, particularly for our
development pipeline. It was a year of navigating a
dynamic global landscape and evolving commercial
realities, demanding resilience, innovation
and adaptability.
The shifting dynamics of the COVID and RSV
vaccine markets tested our commercial strategies
and required us to reassess our financial framework.
These challenges underscored the complexities of
operating in a post-pandemic world and highlighted
the need to remain agile within a rapidly evolving
healthcare ecosystem.
Additionally, the impending transition within the U.S.
government has introduced uncertainty regarding
policies and priorities shaping our industry.
Yet, amidst these challenges, our unwavering
commitment to our Mission to deliver the greatest
possible impact to people through mRNA medicines
has served as our guiding force.
As you know, Moderna was established with the
goal of using mRNA, an information molecule,
to treat and prevent disease for people around
the world. In a relatively short time, we have
developed a large number of innovative medicines,
advancing our Mission and growing our portfolio
to two approved medicines, seven candidates in
Phase 3 trials and a total of 45 programs in our
development pipeline.
Our unwavering commitment
to our Mission to deliver the
greatest possible impact
to people through mRNA
medicines has served as our
guiding force.   
2024 Annual Report Moderna
3

A Letter from Our CEO
Our success in research and development is a
testament to our platform. With a demonstrated
probability of success for our mid- and late-stage
pipeline standing at approximately 69 percent
compared to the historical industry average of
approximately 19 percent, we are redefining what
is possible in biopharmaceutical innovation. As
we demonstrate the higher success rates of our
development candidates, we believe the value
ascribed to our broader pipeline based on higher
expected probabilities of success may increase
correspondingly.
Despite the challenges in 2024, we became a
multi-product company with the approval of
mRESVIA  , our RSV vaccine for older adults. With
the launch of our updated COVID-19 and RSV
vaccines, Moderna is now the only company
with more than one approved mRNA product.
We also achieved four positive Phase 3 data
readouts across our respiratory portfolio, further
demonstrating our platform   s potential to address
significant unmet medical needs and advance
public health.
Beyond our respiratory portfolio, we prioritized the
advancement of five non-respiratory programs,
with milestones including the initiation of a Phase
3 study of our norovirus vaccine, a positive readout
of three-year data from the Phase 2b trial of our
individualized neoantigen therapy (INT), as well
as the start of our third Phase 3 trial for INT in
partnership with Merck. We also took steps to
move two of our rare disease therapeutic programs
toward registrational trials.
While we are encouraged by this progress, we
recognize opportunities for improvement. With a
continuous learning mindset, we analyzed these
outcomes and adapted our business strategy
based on our successes and challenges. We are
confident that with our industry-leading mRNA
platform, technology, resources and team, we
are well-positioned to execute this strategy and
continue building a future where Moderna leads in
healthcare innovation, delivering on our Mission for
patients in 2025 and beyond.
Moderna   s rate of success with our platform technology is higher than industry standard
83%
83%
69%
62%
35%
27%
Moderna
Industry
POS Phase 1
Moderna
Industry
POS Phase 2
Moderna
Industry
POS Phase 3
Statistics for Moderna based upon internal data and are based upon: 26 Phase 1 trials, 12 Phase 2 trials, and 6 Phase 3 trials. Only concluded trials for unique molecular
entities are included in data; strain updates for a program are not counted separately. Early trials establishing platfom technology not intended for commercialization are
excluded from Phase 1 trial counts. Data reported as of December 31, 2024. Industry statistics derived from Wong et al., Biostatistics (2019) 20, 2, pp 273-286.
4
Moderna 2024 Annual Report



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