Moderna, Inc. (MRNA.US) Q3 2025 Earnings Conference Call
Live time: Nov 6, 2025 13:00 UTC
Moderna, Inc. (MRNA.US) Q3 2025 Earnings Conference Call
Live time: 11/06/2025 13:00:00 UTC
Moderna Inc (MRNA.US) 2025 年第三季度业绩电话会
Summary
00:01
Opening Remarks by Kevin
Kevin welcomes participants to Moderna's Q3 2025 earnings call, noting that all participants are in listen-only mode and the call is being recorded.
00:28
Opening Remarks by Lavena Tulubdar
Lavena Tulubdar, Head of Investor Relations, welcomes participants and introduces the agenda, including financial results and business updates for Q3 2025. She mentions the presence of CEO Stephane Bancel, President Stephen Hogue, and CFO Jamie Mach.
01:30
CEO Stephane Bancel Q3 Business Overview
CEO Stephane Bancel provides a brief overview of Q3, reporting $1 billion in revenue primarily from vaccine sales, a net loss of $200 million, and $6.6 billion in cash and investments. He highlights a 34% reduction in combined costs compared to 2024.
05:55
CFO Jamie Mach Financial Results
CFO Jamie Mach details Q3 financial performance, with total revenue of $1 billion, net product sales of $973 million, and a net loss of $200 million. He discusses cost reductions and updates the 2025 financial outlook.
16:25
President Stephen Hogue Business and Pipeline Update
President Stephen Hogue reviews Moderna's current commercial positioning in the US and progress in the product pipeline, including updates on COVID, RSV, and flu vaccines, as well as oncology and rare disease projects.
24:25
CEO Stephane Bancel Future Outlook
CEO Stephane Bancel discusses future value drivers, including strategic partnerships and potential approvals for the flu and COVID combination vaccine. He emphasizes the company's focus on financial discipline and cost structure improvements.
27:23
Cost Management and IP Strategy — Analyst: Salveen Richter (Goldman Sachs)
CEO Stephane Bancel explains the cost management strategies and the company's approach to IP dynamics, emphasizing efficiency improvements and strategic prioritization in R&D.
30:31
US COVID Revenue and CMV Vaccine — Analyst: Gena Wang (Barclays)
CEO Stephane Bancel discusses the tracking of US COVID vaccine sales and the challenges faced in the CMV vaccine trial, noting the need for further data to understand the lack of clinical benefit.
34:58
Norovirus Project and Commercial Opportunity — Analyst: Corey Haczmov (Evercore)
President Stephen Hogue addresses the slow case accumulation in the norovirus project, explaining the expected epidemiological challenges and the potential commercial opportunity for a highly effective vaccine.
37:10
2028 Cash Breakeven Guidance — Analyst: Luca Ise (RBC)
CFO Jamie Mach reaffirms confidence in achieving cash breakeven by 2028, highlighting the combination of revenue growth and cost reductions. President Stephen Hogue comments on potential large-scale deals and business development strategies.
39:42
COVID Vaccine Distribution and Feedback — Analyst: Tyler Van Buren (TD Cowen)
President Stephen Hogue discusses the distribution and market reception of the Mxpect COVID vaccine, noting its strong acceptance and the strategic positioning of the Spikevac pediatric product.
42:15
US and International COVID Vaccine Tracking — Analyst: Jessica Fye (J.P. Morgan)
CFO Jamie Mach provides an update on US and international COVID vaccine sales, highlighting the revised revenue guidance and the strategic partnerships in Canada, Australia, and the UK.
44:53
Cost Reduction and Rare Disease Platform — Analyst: Geoff Meacham (Citi)
CEO Stephane Bancel discusses the evolution of the pipeline evaluation process to maximize ROI and the potential for expanding the rare disease platform, emphasizing disciplined investment.
48:36
R&D Cost Reductions — Analyst: Courtney Breen (Bernstein)
CFO Jamie Mach addresses the potential for further R&D cost reductions, focusing on the completion of priority investments and the continued efficiency improvements in early-stage projects.
50:27
CMV Vaccine Trial Insights — Analyst: Myles Mentor (William Blair)
CEO Stephane Bancel discusses the unique challenges of the CMV vaccine trial, emphasizing the high standard of preventing infection and the potential for the vaccine to control reactivation in bone marrow transplant patients.
52:40
Closing Remarks by Stephane Bancel
CEO Stephane Bancel thanks participants for joining the call and looks forward to further discussions at the upcoming Analyst Day on November 20.
Related Notices
Moderna | (10-Q) Basic quarterly filing
Nov 6, 2025 16:05Revenue: As of FY2025 Q3, the actual value is USD 1.016 B, beating the estimate of USD 869.89 M. EPS: As of FY2025 Q3, the actual value is USD -0.51, beating the estimate of USD -2.1792. EBIT: As of FY2025 Q3, the actual value is USD -333 M.
Moderna | (8-K) Current Report
Nov 6, 2025 07:03Revenue: As of FY2025 Q3, the actual value is USD 1.016 B, beating the estimate of USD 869.89 M. EPS: As of FY2025 Q3, the actual value is USD -0.51, beating the estimate of USD -2.1792. EBIT: As of FY2025 Q3, the actual value is USD -333 M.
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