Moderna highlights nine programs in late-stage development, including seven in Phase 3 and two rare disease programs expected to enter pivotal studies in 2024. This demonstrates a commitment to expanding beyond COVID-19 vaccines.

Moderna is actively pursuing collaborations with companies like Merck, Vertex, AstraZeneca, Immatics, and others to develop and commercialize new medicines. These collaborations provide access to expertise and resources, but also introduce risks related to partner performance and alignment.

Moderna has agreements with governments in Australia, Canada, and the UK to establish mRNA manufacturing facilities. This demonstrates a strategic focus on global expansion and pandemic preparedness.

Management took decisive action to resize its manufacturing footprint, incurring significant charges, to align with the evolving COVID-19 market dynamics. This demonstrates proactive adaptation to changing market conditions.

Moderna is investing in digital and AI infrastructure to optimize various aspects of its value chain, from drug design to commercial manufacturing. This indicates a forward-looking approach to leveraging technology for improved efficiency and decision-making.

The company emphasizes its commitment to quality through its Quality Management System (QMS), EHS, and supply chain management. This is essential for maintaining regulatory compliance and public trust.

The company acknowledges the evolving dynamics in the market for COVID-19 vaccines are likely to impact financial results, which are likely to result in lower product revenues in 2024 than experienced in recent years.

The company depends on third-party service providers, all of whom have inherent risks in their operations, which could impact the company's ability to operate.

The company acknowledges the pharmaceutical market is intensely competitive, and we may not compete effectively in the market for existing products, new treatment methods and new technologies.

Moderna acknowledges competition from other companies developing mRNA vaccines and therapeutics, as well as other medicines that compete with their products. This highlights the need for continuous innovation and differentiation.

The company's revenue is heavily reliant on COVID-19 vaccine sales, which are subject to market dynamics and competition. This concentration of revenue poses a risk if demand for the vaccine declines.

Moderna is pursuing combination respiratory vaccines to compete in the future, which indicates a strategy to enhance their competitive position by offering more convenient and comprehensive solutions.

The strategic initiative to resize the manufacturing footprint resulted in significant charges, including inventory write-downs and CMO wind-down costs. This demonstrates active management of the cost structure in response to changing market conditions.

Moderna is leveraging digital and AI infrastructure to drive performance across the value chain, from drug design to commercial manufacturing. This indicates a focus on improving operational efficiency through technology.

The company invests significantly in manufacturing process science to impart more potent features to mRNA and LNPs and to invent the technological capabilities necessary to manufacture our mRNA medicines at scales ranging from micrograms to kilograms, as well as achieve pharmaceutical properties such as solubility and shelf life.

The company continues to invest in basic and applied research, seeking to advance both the state of our technology and the state of the scientific community's understanding of mRNA. Examples of advances in mRNA science that combine nucleotide chemistry, sequence engineering and targeting elements are described.

The company's proprietary LNP systems are designed to be highly tolerated and minimize any LNP vehicle-related toxicities with repeat administration in vivo.

The company is a digital-first company, seeking to use the power of digital information to maximize impact on patients.

The company is focused on advancing a broad and diverse pipeline and are focused on execution to deliver for patients.

The company has entered into strategic alliances with a diverse group of collaborators, including pharmaceutical and biotechnology companies, government agencies, academic laboratories, foundations and research institutes with therapeutic area expertise and resources.

On August 1, 2022, our Board of Directors authorized a share repurchase program for our common stock of up to $3.0 billion, with no expiration date.

The company has developed a corporate social responsibility (CSR) program that demonstrates our commitment to patients, employees, the environment and local communities.

We are committed to building a culture of inclusion and belonging for all. In 2023, we continued to act on our commitment to belonging, inclusion and diversity by, among other things.

We have established a global Environment, Health, and Safety (EHS) organization to foster a safe and healthy work environment with a focus on compliance and sustainability.

The company acknowledges the global market is transitioning to an endemic, commercial market for COVID-19 vaccine sales, resulting in different market and production dynamics than during the pandemic.

Healthcare legislative reform discourse and potential or enacted measures may have a material adverse impact on our business and results of operations and legislative or political discussions surrounding the desire for and implementation of pricing reforms may adversely impact our business.

Unfavorable U.S. or global economic conditions, including as a result of disease outbreak, war, conflict or other political instability, or geopolitical risks, could adversely affect our business, financial condition or results of operations.