Financial Data and Key Metrics Changes - In Q2 2025, the company reported revenues of $100 million and a net loss of $800 million, aligning with expectations and reflecting the seasonal nature of its respiratory vaccine business [7] - Cash and investments at the end of the quarter stood at $7.5 billion, down from $8.4 billion at the end of Q1 2025 [18] - The company achieved a 35% reduction in combined cost of sales, R&D, and SG&A compared to 2024, with cash operating expenses reduced by $581 million year-over-year, representing a 40% reduction [8][12] Business Line Data and Key Metrics Changes - Net product sales for the quarter were $114 million, primarily driven by COVID vaccine sales, with the U.S. accounting for approximately 80% of sales [14] - R&D expenses were $700 million, down 43% from the previous year, mainly due to the wind-down of respiratory trials [15] - SG&A expenses were $230 million, reflecting a 14% year-over-year decrease due to broad-based cost reductions [16] Market Data and Key Metrics Changes - The updated 2025 projected revenue range is $1.5 billion to $2.2 billion, reflecting a $300 million reduction at the high end due to a timing shift of UK COVID shipments to 2026 [19] - U.S. product sales are expected to range from $1 billion to $1.5 billion, while international product sales are projected at $400 million to $600 million [21] Company Strategy and Development Direction - The company is focused on three strategic priorities: driving the use of commercial products, advancing its pipeline to drive sales growth, and executing with financial discipline [9][44] - The company aims to achieve a significant reduction in annual GAAP operating expenses from $11 billion in 2023 to $5 billion or less by 2027 [24][25] - The company is leveraging AI to enhance business processes, with 100% of knowledge workers actively using AI tools [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to further streamline operations and achieve cash cost reductions to $4.2 billion by 2027, aiming for cash breakeven by 2028 [45][50] - The company remains cautiously optimistic about the upcoming fall and winter season for COVID vaccines, noting solid spring booster campaign results [78] Other Important Information - The UK Court of Appeal upheld the validity of Moderna's EP949 patent, which is infringed by Pfizer and BioNTech, and the company will continue to enforce its patent rights globally [13] - The company announced a workforce reduction of approximately 10% to align its cost structure with current business conditions [12] Q&A Session Summary Question: Context for changes to CMV and rationale for secondary endpoints - Management explained that the addition of secondary endpoints aims to enhance the study's value and ensure comprehensive data analysis, with a focus on protecting the study's integrity [55][56] Question: Expectations for COVID vaccine pricing in the U.S. - Management indicated that pricing discussions are complete, and they are confident in their revenue range, factoring in competitive pressures and vaccination rates [62][64] Question: Demand for COVID vaccines for the upcoming season - Management noted that while there is uncertainty, early signs from the spring booster campaign are encouraging, and they expect to have a clearer picture by the end of Q3 [78][79]

Financial Data and Key Metrics Changes - In Q2 2025, the company reported revenues of $100 million and a net loss of $800 million, reflecting the seasonal nature of its respiratory vaccine business [6] - Cash and investments at the end of the quarter stood at $7.5 billion, down from $8.4 billion at the end of Q1 2025 [15] - The company achieved a 35% reduction in combined cost of sales, R&D, and SG&A compared to 2024, with cash operating expenses reduced by $581 million year-over-year, representing a 40% reduction [7][10] Business Line Data and Key Metrics Changes - Net product sales for the quarter were $114 million, primarily driven by COVID vaccine sales, with a 38% decline compared to 2024 [12] - R&D expenses were $700 million, down 43% year-over-year, attributed to the wind down of respiratory trials and lower clinical manufacturing costs [13] - SG&A expenses were $230 million, reflecting a 14% year-over-year decrease due to broad-based cost reductions [14] Market Data and Key Metrics Changes - The U.S. accounted for approximately 80% of total sales, with international markets contributing the remainder [12] - The company updated its 2025 projected revenue range to $1.5 billion to $2.2 billion, reflecting a $300 million reduction at the high end due to a timing shift of UK COVID shipments [16][17] Company Strategy and Development Direction - The company is focused on three strategic priorities: driving use of commercial products, advancing its pipeline, and executing with financial discipline [9][41] - The company aims to secure up to 10 product approvals targeting an addressable market exceeding $30 billion [41] - A workforce reduction of approximately 10% was announced to align the cost structure with current business conditions while sustaining investments in the mRNA pipeline [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash breakeven by 2028, supported by ongoing cost reduction initiatives [28][43] - The company is optimistic about the upcoming approvals for seasonal flu and flu plus COVID combination vaccines, as well as the readout of CMV Phase III efficacy data later this year [45][46] Other Important Information - The UK Court of Appeal upheld the validity of Moderna's EP949 patent, which is infringed by Pfizer and BioNTech, reinforcing the company's commitment to enforce its patent rights globally [11] - The company is leveraging AI tools to enhance operational efficiency, with 100% of knowledge workers actively using ChatGPT [43] Q&A Session Summary Question: Context for CMV changes and data cadence for neoantigen therapy - Management explained the rationale for adding secondary endpoints to the CMV study to enhance the analysis and protect the study's integrity, with results expected in the fall [50][51][87] - The cadence of results for the individualized neoantigen therapy is anticipated to be consistent over the next year, with several studies expected to read out [54] Question: Pricing expectations for COVID vaccine - Management indicated that pricing discussions are complete, with a revenue range of $1 billion to $1.5 billion for U.S. product sales, factoring in competitive pressures and vaccination rates [57][60] Question: Balancing R&D investments and cost-cutting - Management emphasized the importance of investing in the late-stage pipeline while also reducing costs, with a focus on diversifying the product portfolio beyond seasonal products [79][83] Question: Employee headcount reduction context - The company clarified that the headcount reduction is part of a broader strategy to enhance efficiency while continuing to invest in key areas [90]

每经AI快讯，8月1日，莫德纳公司股价延续跌势，盘前最新下跌6.5%。 ...

Financial Performance - Total revenue for Q2 2025 was $142 million, a decrease of 41% compared to $241 million in Q2 2024[12] - Net product sales decreased by 38%, from $184 million in Q2 2024 to $114 million in Q2 2025[12] - Net loss was $825 million in Q2 2025, a 35% improvement compared to a net loss of $1279 million in Q2 2024[12] - Operating expenses decreased by 35%, a reduction of $555 million, from $1604 million in Q2 2024 to $1049 million in Q2 2025[8, 12] - Cash, cash equivalents, and investments decreased by 11%, from $84 billion as of March 31, 2025, to $75 billion as of June 30, 2025[8, 14] Pipeline and Approvals - The company received three new U S FDA approvals, expanding the commercial portfolio[9] - Positive Phase 3 data for mRNA-1010, the flu vaccine, showed superior relative vaccine efficacy compared to a licensed standard-dose seasonal influenza vaccine in adults aged 50 years and older[9, 35] Financial Outlook and Cost Reduction - The company updated its 2025 GAAP financial framework, lowering the high end of the total revenue range from $25 billion to $15 - $22 billion, primarily due to the timing of UK COVID shipments moving from 2H25 to 1Q26[15] - The company is reducing 2025 GAAP operating expenses by approximately $04 billion and progressing toward intermediate-term cost reduction goals[16] - The company continues to target cash breakeven in 2028[55]

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莫德纳盘前跌幅扩大至6.5%。 ...

Moderna’s second-quarter loss was narrower than Wall Street expected as the struggling biotech company cuts costs to offset waning sales of its Covid shot https://t.co/xDgt1BCeZy ...

Core Viewpoint - Moderna has lowered its 2025 revenue outlook due to delays in vaccine shipments to the U.K., while still beating Wall Street expectations for the second quarter as it implements cost-cutting measures [1][2]. Revenue Outlook - The company now expects full-year revenue to be between $1.5 billion and $2.2 billion, a decrease of $300 million at the top end of the range [2]. - The delay in shipping spring Covid boosters to the U.K. has shifted deliveries to the first quarter of 2026, but the overall contract value remains unchanged [3]. Second Quarter Performance - Moderna reported second-quarter sales of $142 million, a 41% decline from the same period last year, primarily due to decreasing Covid vaccine sales [4]. - The revenue from the Covid vaccine accounted for $114 million of the total, surpassing analysts' expectations of $89 million [5][7]. - The company's vaccine for respiratory syncytial virus had negligible sales, falling short of the expected $5.9 million [5]. Financial Losses - Moderna posted a net loss of $825 million, or $2.13 per share, for the second quarter, an improvement from a net loss of $1.3 billion, or $3.33 per share, in the same quarter last year [5][6]. - The loss per share was better than the expected loss of $2.97 [7]. Cost Management - The company's efforts to cut costs resulted in a 27% reduction in second-quarter operating expenses, which fell to $1.1 billion from $1.6 billion year-over-year [6].

Exhibit 99.1 Moderna Reports Second Quarter 2025 Financial Results and Provides Business Updates Reports second quarter revenues of $0.1 billion, GAAP net loss of $(0.8) billion and GAAP EPS of $(2.13) Updates 2025 projected revenue range to $1.5 to $2.2 billion, reflecting a $300 million reduction at the high end, primarily driven by timing of deliveries for contracted revenue into the first quarter of 2026 Improves 2025 expected GAAP operating expenses by approximately $400 million to a range of $5.9 to $ ...

Group 1 - The core viewpoint of the article indicates skepticism from the capital market regarding Moderna's business strategy, particularly concerning the rebound in sales of COVID-19 and RSV vaccines [1][2] - Moderna announced a global workforce reduction of 10%, cutting nearly 1,000 employees to approximately 5,000 by the end of the year due to declining sales of COVID-19 vaccines, leading to an over 8% drop in stock price after hours on July 31 [1] - The company's financial crisis has worsened, with its stock price falling over 75% in the past year, and its market capitalization plummeting from nearly $200 billion at the peak of the pandemic to about $11 billion currently [1] Group 2 - In contrast to Moderna, BioNTech has successfully adjusted its strategy post-pandemic, resulting in a nearly 25% increase in stock price over the past year and a market capitalization exceeding $25 billion, more than double that of Moderna [2][3] - BioNTech has focused on diversifying its portfolio and entering new markets, such as the emerging ADC (antibody-drug conjugate) field, while also securing a potential $11 billion deal with Bristol-Myers Squibb for developing dual antibody drugs [3] - A biopharmaceutical investor noted that Moderna missed the opportunity to diversify its product offerings using the substantial revenue generated from COVID-19 vaccines, suggesting that more product licensing could have led to a more favorable perception in the capital market [3]