Moderna is a leader in the creation of messenger RNA (mRNA) medicine. The company develops medicines at unprecedented speed and efficiency, including one of the earliest and most effective COVID-19 vaccines. Their mRNA platform has enabled the development of therapeutics and vaccines for infectious diseases, immuno-oncology, rare diseases and autoimmune diseases. The company strives to deliver the greatest possible impact to people through mRNA medicines.

• Employees: 5,600 (as of December 31, 2023)
• Geographic Footprint: 19 countries
• Headquarters: Cambridge, Massachusetts
• Founded: 2010
• Revenue: $6.7 billion (FY2023)
• Key Subsidiaries/Brands: Spikevax (COVID-19 vaccine)

• CEO: Stéphane Bancel
• CFO: James M. Mock
• Board Chair: Noubar B. Afeyan, Ph.D.

• Annual Revenue: $6.7 billion (FY2023)
• Net Income: $(4.7) billion
• Total Assets: $18.4 billion
• Number of Employees: 5,600 (as of December 31, 2023)
• Key Financial Highlights: Net product sales of $6.7 billion, with $6.1 billion of COVID-19 vaccine sales, and recognition of approximately $0.6 billion of deferred revenue related to our efforts with Gavi, The Vaccine Alliance.

Moderna's main product is Spikevax, its COVID-19 vaccine. They are also developing vaccines and therapeutics for:

• Infectious Diseases: Vaccines against respiratory viruses, latent viruses and enteric viruses, as well as bacterial vaccines and public health vaccines.
• Immuno-oncology: Cancer vaccines and therapeutics focused on neoantigens found in tumors.
• Rare Diseases: Intracellular therapeutics for rare genetic diseases.
• Autoimmune Diseases: Systemic secreted and cell surface therapeutics.

Moderna operates as one business segment focused on the discovery, development and commercialization of mRNA medicines.

Moderna aims to deliver an unrivalled respiratory vaccine franchise, advance multiple latent virus and other vaccines, accelerate a large portfolio of late-stage clinical trials in individualized neoantigen therapy (INT), accelerate investment in three rare disease programs and deliver the next-generation pipeline and platform. Key strategic initiatives include:

• Developing vaccines against COVID-19, seasonal flu and RSV individually, while pursuing parallel development of combination vaccines.
• Launching up to 15 new products over the next five years.
• Advancing propionic acidemia (PA) and methylmalonic acidemia (MMA) programs into pivotal studies in 2024.
• Investing in science and platform to expand mRNA applications and advance new programs into clinical studies.

Moderna operates in the biotechnology and pharmaceutical industries, which are characterized by intense competition. Key market trends include the rapid advancement of technologies and a strong emphasis on intellectual property. Major competitors include Pfizer/BioNTech, Novavax, Sanofi, GlaxoSmithKline and CureVac. Moderna achieved 48% market share in the retail market for the 2023 fall season in the United States.

• Market Risks: Evolving dynamics in the market for COVID-19 vaccines, intense competition in the pharmaceutical market.
• Operational Risks: Difficulties in producing or shipping products, reliance on third-party manufacturers and suppliers, and challenges in managing the company's growth.
• Financial Risks: Incurring net losses, dependence on sales of pharmaceutical products, and potential difficulties in securing reimbursement from third-party payors.
• Regulatory Risks: Inability to obtain or delays in obtaining regulatory approvals, and potential changes in healthcare laws and regulations.