Financial Analysis

12. Commitments and Contingencies Legal Proceedings We are a party to various legal proceedings and claims. Accruals are recognized for legal matters when a loss is both probable and reasonably estimable. As of June 30, 2026, no material contingent liabilities have been recognized. If a material loss is reasonably possible and we can estimate the amount or range of the loss, we disclose such information. Unless otherwise noted, either the outcome of these matters is not expected to be material, or the potential loss cannot be reasonably estimated. From time to time, we may be a party to litigation, arbitration, or other legal proceedings in the course of our business. The outcome of such matters is inherently uncertain and often involves significant judgment in assessing risk and estimating potential exposure. While we do not currently expect any pending proceedings to have a material adverse effect on our financial position, results of operations, or cash flows, there can be no assurance that future developments will not have a material impact. On March 3, 2026, we entered into a settlement agreement with Arbutus Biopharma Corporation (Arbutus) and Genevant Sciences GmbH (Genevant, and with Arbutus, Arbutus/Genevant) resolving all litigation worldwide, including between the parties in the U.S. District Court for the District of Delaware. The settlement resolves all worldwide Arbutus/Genevant litigation related to Spikevax and mRESVIA and provides certainty going forward for …

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11. Credit Agreement In November 2025, we entered into a Credit and Guaranty Agreement (the Credit Agreement) with lenders led by Ares Capital Corporation, as administrative agent. The Credit Agreement provides for a senior secured term loan facility with aggregate term loan commitments of $1.5 billion, consisting of a $600 million initial term loan, which was funded at closing, and $900 million of delayed draw term loan commitments. The initial term loan matures on November 24, 2030. The delayed draw term loan commitments consist of (1) a $400 million delayed draw term loan facility (DDTL-1), which is available, subject to customary conditions, through November 24, 2027, and (2) a $500 million delayed draw term loan facility (DDTL-2), which is available, subject to customary conditions and the achievement of specified regulatory approval milestones for certain product candidates, through November 24, 2028. Borrowings under the Credit Agreement bear interest at a variable rate equal to, at our option, (i) Term SOFR plus a margin of 5.50% or (ii) a base rate plus a margin of 4.50%. The base rate is calculated as the highest of (a) the Wall Street Journal prime rate, (b) the federal funds rate plus one half of one percent and (c) Term SOFR plus one percent. We are also required to pay commitment fees on the undrawn portions of DDTL-1 and DDTL-2. The interest rate applicable to the initial term loan was approximately 9.20% and 9.38% as of June 30, 2026 and December 31, 2025, res …

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Net product sales by product type were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 COVID (1) $ 91 $ 114 $ 436 $ 198 RSV 3 10 2 Total $ 94 $ 114 $ 446 $ 200 _______ (1) Includes sales of Spikevax and mNEXSPIKE. The following table summarizes product sales provision adjustments for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Gross product sales $ 122 $ 176 $ 472 $ 281 Product sales provision: Wholesaler chargebacks, discounts and fees (50) (62) (39) (84) Returns, rebates and other fees 22 13 3 Total product sales provision adjustments $ (28) $ (62) $ (26) $ (81) Net product sales $ 94 $ 114 $ 446 $ 200 The following table summarizes other revenue for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Stand-ready manufacturing revenue $ 31 $ 17 $ 63 $ 29 Collaboration revenue ( Note 5 ) 15 4 20 5 Grant revenue 2 5 2 6 Licensing and royalty revenue 3 2 3 10 Total other revenue $ 51 $ 28 $ 88 $ 50 …

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13. Stock-Based Compensation and Share Repurchase Programs Stock-Based Compensation The following table presents the components and classification of stock-based compensation expense for the three and six months ended June 30, 2026 and 2025 as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Options $ 29 $ 41 $ 53 $ 80 Restricted Stock Units (RSUs) 85 85 160 156 Performance Stock Units (PSUs) 4 2 7 3 Employee Stock Purchase Plan (ESPP) 2 2 4 6 Total $ 120 $ 130 $ 224 $ 245 Cost of sales $ 13 $ 7 $ 16 $ 14 Research and development 64 81 128 150 Selling, general and administrative 43 42 80 81 Total $ 120 $ 130 $ 224 $ 245 As of June 30, 2026, there was $831 million of total unrecognized compensation cost related to unvested stock-based compensation with respect to options, RSUs and PSUs granted. That cost is expected to be recognized over a weighted-average period of 2.8 years as of June 30, 2026. Share Repurchase Programs As of June 30, 2026, $1.7 billion of our Board of Directors authorization for repurchases of our common stock (the 2022 Repurchase Programs) remains outstanding, with no expiration date. There were no shares repurchased during the three and six months ended June 30, 2026 or 2025. …

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14. Income Taxes The following table summarizes our income tax expense for the periods presented (in millions, except for percentages): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Loss before income taxes $ (767) $ (818) $ (2,101) $ (1,782) Provision for income taxes $ 15 $ 7 $ 24 $ 14 Effective tax rate (1.9) % (0.9) % (1.1) % (0.8) % The effective tax rate for the three and six months ended June 30, 2026 was higher than the statutory rate, primarily due to our global valuation allowance, which limits our ability to recognize tax benefits from the loss. The higher effective tax rate was also impacted by certain of our foreign subsidiaries that have taxable income, while we incurred a net loss before income taxes in other jurisdictions. The effective tax rate for the three months ended June 30, 2026 was consistent with the same period in 2025, primarily due to the continued maintenance of global valuation allowance. For additional details regarding our deferred tax assets and the policies governing our valuation allowance, please refer to Note 14 to our consolidated financial statements in our 2025 Form 10-K. We periodically reassess the need for valuation allowances on our deferred tax assets, considering both positive and negative evidence to evaluate whether it is more likely than not that all or a portion of such assets will not be realized. Significant management judgment is required in assessing the realizability of our deferred tax assets. …

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10. Leases We have entered into various long-term, non-cancelable lease arrangements for our facilities and equipment, expiring at various times through 2039. Certain of these arrangements have free rent periods or escalating rent payment provisions. We recognize lease costs under such arrangements on a straight-line basis over the life of the lease. We lease various parcels of land, office, lab, and manufacturing spaces across the globe for our business operations. Our primary leased campus is our Moderna Science Center (MSC), located in Cambridge, which serves as our headquarters. The MSC, comprising approximately 462,000 square feet, includes our principal executive office and additional office and laboratory spaces. The MSC lease commenced in the third quarter of 2023 and has a term of 15 years, with options for two additional seven-year extensions. Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2026 and December 31, 2025 were as follows (in millions): June 30, December 31, 2026 2025 Assets: Right-of-use assets, operating, net (1) (2) $ 697 $ 719 Right-of-use assets, financing, net (3) (4) 30 42 Total $ 727 $ 761 Liabilities: Current: Operating lease liabilities (5) $ 21 $ 17 Financing lease liabilities (5) 31 25 Total current lease liabilities 52 42 Non-current: Operating lease liabilities, non-current 638 653 Financing lease liabilities, non-current 6 20 Total non-current lease liabilities 644 673 Total $ 696 $ 715 _______ (1) The …

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From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of the specified effective date. Except as noted below, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our condensed consolidated financial statements and disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires entities to disclose, on an annual and interim basis, disaggregated information in the footnotes related to certain expense categories included in income statement line items. Specifically, entities are expected to provide tabular disclosures for prescribed categories such as inventory purchases, employee compensation, depreciation, and intangible asset amortization for each relevant expense caption. The standard also requires disclosure of total selling expenses and a definition of those expenses in annual filings. Any remaining amounts not quantitatively disclosed are expected to be described qualitatively. This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption permitted, and the standard may be applied on a prospective or retrospective basis. We are currently assessing the impact that this new accounting standard wil …

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3. Net Product Sales Net product sales by customer geographic location were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 United States $ 70 $ 88 $ 143 $ 119 Europe 16 255 Rest of world 8 26 48 81 Total $ 94 $ 114 $ 446 $ 200 Net product sales by product type were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 COVID (1) $ 91 $ 114 $ 436 $ 198 RSV 3 10 2 Total $ 94 $ 114 $ 446 $ 200 _______ (1) Includes sales of Spikevax and mNEXSPIKE. As of June 30, 2026, we have four approved products, our COVID vaccines, Spikevax and mNEXSPIKE, our RSV vaccine, mRESVIA, and our flu plus COVID combination vaccine, mCOMBRIAX. mRESVIA was approved by the FDA in May 2024 for adults aged 60 years and older, and in June 2025, the approved use was expanded to include adults aged 18 through 59 years who are at increased risk for lower respiratory tract disease caused by RSV. In May 2025, mNEXSPIKE was approved for use in adults aged 65 years and older, as well as individuals aged 12 through 64 years with at least one underlying risk factor. We launched commercial sales of mNEXSPIKE in the third quarter of 2025. In April 2026, mCOMBRIAX was approved by the European Commission for the prevention of influenza disease and COVID-19 in adults 50 years of age and older. As of June 30, 2026, mCOMBRIAX had not been commercialized. We sell our COVID and RSV vaccines to the commercial market as well as t …

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2. Summary of Basis of Presentation and Recent Accounting Standards Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements that accompany these notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting, consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K). Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). This report should be read in conjunction with the audited consolidated financial statements in our 2025 Form 10-K. The condensed consolidated financial statements include Moderna, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The significant accounting policies used in the preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2026 are consistent with those described in our 2025 Form 10-K. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the oper …

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