On this page of StockholderLetter.com we present the 2/27/2023 shareholder letter from Moderna, Inc. — ticker symbol MRNA. Reading current and past MRNA letters to shareholders can bring important insights into the investment thesis.
20 22 a n n u a l r e p o r t
Moderna by the numbers 2010 founding year 3,900+ team members worldwide 50% 41% 8 women in our workforce of executives are women years in a row as a Science top employer (up from 39% last year) (up from 2,700 last year) Cambridge, MA headquarters 5 Medical areas of focus Infectious Diseases Cardiovascular Diseases Immuno-Oncology Autoimmune Diseases Rare Diseases Development programs in active clinical trials Development programs 44 36 48 25 25 13 All gures as of December 31, 2022. 2020 2021 2022 2020 2021 2022
17 locations across North America, Europe and Asia Paci c where Moderna employees live and work United States s nd la er th Ne Canada United Kingdom France Spain en ed Sw Poland Germany Switzerland South Korea Italy Japan Hong Kong Taiwan Singapore Australia Table of contents 05 A letter from our CEO 27 18 Pipeline 30 Leadership 24 Accelerating our progress 31 Awards and recognition 25 Building our team 32 Financials Responsibility moderna 2022 annual report | 03
An update from our CEO February 27, 2023 Since I shared my annual letter on January 3, the Moderna team has continued to make signi cant progress at speed. As we work to advance our new mission, I am pleased to provide a few updates: Progressing our RSV vaccine program On January 17, we announced that our investigational mRNA vaccine targeting respiratory syncytial virus (RSV) met primary efficacy endpoints in our ConquerRSV Phase 3 trial. mRNA-1345 demonstrated vaccine efficacy of 83.7 percent against RSV lower respiratory tract disease, as de ned by two or more symptoms in older adults. The data are encouraging, and we look forward to publishing the full data set and sharing the results at an upcoming infectious disease medical conference. Further, mRNA-1345 was granted Breakthrough Therapy Designation by the U.S. Food and Drug Administration in late January. This designation for mRNA-1345 further emphasizes the signi cant health impact of RSV in older adults and the high unmet need. We look forward to productive conversations with the FDA in the hopes of bringing our RSV vaccine candidate for older adults to the market safely and quickly. Moderna's mRNA platform has now demonstrated two positive Phase 3 infectious disease trial results. We continue to advance a portfolio of respiratory mRNA vaccines targeting the most serious diseases. Investing in our platform With our infectious disease franchise continuing to accelerate, and recent breakthroughs in the development of our personalized cancer vaccine, which was recently granted Breakthrough Therapy Designation by the U.S. FDA, as well as our rapid advancement in rare diseases and promising cardiology programs, the Moderna platform is delivering across several modalities. Our progress is meeting the high expectations we set out a few years ago, and we are accelerating our investments to deliver 04 | moderna 2022 annual report the greatest possible impact to people through mRNA medicines. Our board has approved a signi cant increase to our R&D investments, with a budget for 2023 of around $4.5 billion, which is approximately 10x that of 2019. I cannot wait to see our pipeline two to three years from now. Acquiring OriCiro In January, Moderna acquired Japan-based OriCiro Genomics for $85 million. With this acquisition, we obtain best-in-class tools for cell-free synthesis and ampli cation of plasmid DNA, a key building block in mRNA manufacturing. OriCiro's technology strategically complements our manufacturing expertise and further accelerates our research and development engine. We look forward to welcoming the OriCiro team to Moderna. Building our team Since we started the new year, the Moderna team has grown to more than 4,000 people across 17 locations worldwide. We are rapidly expanding and investing in people and resources to scale our company, and we recently announced our intention to hire approximately 2,000 more team members by the end of 2023. By building out our technical development, manufacturing operations and digital teams in Massachusetts and beyond, we can produce more mRNA medicines quickly and at the highest quality to make an even bigger impact on human health. 2023 will continue to be a very exciting year for Moderna, and most importantly, for patients. I encourage you to read through the pages that follow and look forward to our continued journey together. Cheers,
A letter from our CEO January 3, 2023 Cambridge, Mass., USA Today, we have the technology, the resources, and the team to change medicine forever. St phane Bancel, Chief Executive Officer Dear fellow shareholders, When the world was disrupted by a global pandemic, a new technology played a critical role in protecting and restoring human health. Bringing hope during a time of suffering. Bringing relief during a time of anxiety. patients. And we delivered at speed with our That technology was mRNA. and the team to change medicine forever. mRNA is a very special molecule in the body. It exists there, hundreds of thousands of mRNA molecules in each one of your cells. It can help prevent and ght disease. With 48 mRNA programs in our pipeline and While others are just recognizing the potential of injecting mRNA as a medicine, as the pioneers, we ve been at this for more than a decade. Although it may be new to much of the world, the technology is already several generations into its existence to us. Since the beginning, it has been our mission to deliver on the promise of mRNA technology for mRNA vaccine against COVID-19. As our rst approved product, it has impacted hundreds of millions of lives around the world. Today, we have the technology, the resources, 35 development candidates in active clinical trials, I believe this is just the beginning. 2022 was a Pivotal Year In 2022, we matured to a company with multiple products on the market, and an extensive research pipeline across multiple modalities. Indeed, after 12 years of hard work on the science, we reached the most important pivot point in our company s history. moderna 2022 annual report | 05
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MRNA 2/27/2023 Shareholder/Stockholder Letter Transcript:

20
22
a n n u a l
r e p o r t

Moderna by the numbers
2010
founding year
3,900+
team members
worldwide
50% 41% 8
women in
our workforce
of executives
are women
years in a row
as a Science
top employer
(up from 39%
last year)
(up from 2,700 last year)
Cambridge, MA
headquarters
5
Medical areas
of focus
    Infectious Diseases
    Cardiovascular Diseases
    Immuno-Oncology
    Autoimmune Diseases
    Rare Diseases
Development programs
in active clinical trials
Development
programs
44
36
48
25
25
13
All    gures as of December 31, 2022.
2020
2021
2022
2020
2021
2022

17 locations across North America, Europe and Asia Paci   c where Moderna employees
live and work
United States
s
nd
la
er
th
Ne
Canada
United
Kingdom
France
Spain
en
ed
Sw
Poland
Germany
Switzerland
South Korea
Italy
Japan
Hong Kong
Taiwan
Singapore
Australia
Table of contents
05 A letter from our CEO
27
18
Pipeline
30 Leadership
24
Accelerating our progress
31
Awards and recognition
25
Building our team
32
Financials
Responsibility
moderna 2022 annual report | 03

An update from our CEO
February 27, 2023
Since I shared my annual letter on January 3, the Moderna
team has continued to make signi   cant progress at
speed. As we work to advance our new mission, I am
pleased to provide a few updates:
Progressing our RSV vaccine program
On January 17, we announced that our investigational
mRNA vaccine targeting respiratory syncytial virus (RSV)
met primary efficacy endpoints in our ConquerRSV Phase
3 trial. mRNA-1345 demonstrated vaccine efficacy of 83.7
percent against RSV lower respiratory tract disease, as
de   ned by two or more symptoms in older adults. The
data are encouraging, and we look forward to publishing
the full data set and sharing the results at an upcoming
infectious disease medical conference.
Further, mRNA-1345 was granted Breakthrough Therapy
Designation by the U.S. Food and Drug Administration
in late January. This designation for mRNA-1345 further
emphasizes the signi   cant health impact of RSV in older
adults and the high unmet need. We look forward to
productive conversations with the FDA in the hopes of
bringing our RSV vaccine candidate for older adults to the
market safely and quickly.
Moderna's mRNA platform has now demonstrated two
positive Phase 3 infectious disease trial results. We
continue to advance a portfolio of respiratory mRNA
vaccines targeting the most serious diseases.
Investing in our platform
With our infectious disease franchise continuing to
accelerate, and recent breakthroughs in the development
of our personalized cancer vaccine, which was recently
granted Breakthrough Therapy Designation by the U.S.
FDA, as well as our rapid advancement in rare diseases
and promising cardiology programs, the Moderna platform
is delivering across several modalities. Our progress is
meeting the high expectations we set out a few years
ago, and we are accelerating our investments to deliver
04 | moderna 2022 annual report
the greatest possible impact to people through mRNA
medicines. Our board has approved a signi   cant increase
to our R&D investments, with a budget for 2023 of around
$4.5 billion, which is approximately 10x that of 2019. I cannot
wait to see our pipeline two to three years from now.
Acquiring OriCiro
In January, Moderna acquired Japan-based OriCiro
Genomics for $85 million. With this acquisition, we
obtain best-in-class tools for cell-free synthesis and
ampli   cation of plasmid DNA, a key building block in
mRNA manufacturing. OriCiro's technology strategically
complements our manufacturing expertise and further
accelerates our research and development engine. We
look forward to welcoming the OriCiro team to Moderna.
Building our team
Since we started the new year, the Moderna team has
grown to more than 4,000 people across 17 locations
worldwide. We are rapidly expanding and investing in
people and resources to scale our company, and we
recently announced our intention to hire approximately
2,000 more team members by the end of 2023. By
building out our technical development, manufacturing
operations and digital teams in Massachusetts and
beyond, we can produce more mRNA medicines quickly
and at the highest quality to make an even bigger impact
on human health.
2023 will continue to be a very exciting year for Moderna,
and most importantly, for patients. I encourage you to
read through the pages that follow and look forward to
our continued journey together.
Cheers,

A letter from our CEO
January 3, 2023
Cambridge, Mass., USA

Today, we have the technology,
the resources, and the team
to change medicine forever.   
St  phane Bancel, Chief Executive Officer
Dear fellow shareholders,
When the world was disrupted by a global
pandemic, a new technology played a critical
role in protecting and restoring human health.
Bringing hope during a time of suffering.
Bringing relief during a time of anxiety.
patients. And we delivered at speed with our
That technology was mRNA.
and the team to change medicine forever.
mRNA is a very special molecule in the body.
It exists there, hundreds of thousands of mRNA
molecules in each one of your cells. It can help
prevent and    ght disease.
With 48 mRNA programs in our pipeline and
While others are just recognizing the potential
of injecting mRNA as a medicine, as the
pioneers, we   ve been at this for more than a
decade. Although it may be new to much of
the world, the technology is already several
generations into its existence to us.
Since the beginning, it has been our mission to
deliver on the promise of mRNA technology for
mRNA vaccine against COVID-19. As our    rst
approved product, it has impacted hundreds
of millions of lives around the world.
Today, we have the technology, the resources,
35 development candidates in active clinical
trials, I believe this is just the beginning.
2022 was a Pivotal Year
In 2022, we matured to a company with multiple
products on the market, and an extensive
research pipeline across multiple modalities.
Indeed, after 12 years of hard work on the
science, we reached the most important pivot
point in our company   s history.
moderna 2022 annual report | 05



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