Moderna, Inc. (NASDAQ:MRNA) Q3 2023 Earnings Conference Call November 2, 2023 8:00 AM ET

Company Participants

Lavina Talukdar - Head of Investor Relations

Stéphane Bancel - Chief Executive Officer

Arpa Garay - Chief Commercial Officer

Jamey Mock - Chief Financial Officer

Stephen Hoge - President

Conference Call Participants

Gena Wang - Barclays

Salveen Richter - Goldman Sachs

Terence Flynn - Morgan Stanley

Jessica Fye - JPMorgan

Luca Issi - RBC Capital

Hartaj Singh - Oppenheimer

Evan Wang - Guggenheim Securities

Operator

Good morning. My name is Kevin. And welcome to Moderna's Third Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. Following the formal remarks, we'll open the call up for your questions. [Operator Instructions] Please be advised, today's call is being recorded.

At this time, I'd like to turn the call over to Lavina Talukdar, Head of Investor Relations at Moderna. Please proceed.

Lavina Talukdar

Thank you, Kevin. Good morning, everyone, and thank you for joining us on today's call to discuss Moderna's third quarter 2023 financial results and business updates.

You can access the press release issued this morning as well as the slides that we'll be reviewing by going to the Investors section of our website.

On today's call are Stéphane Bancel, our Chief Executive Officer; Stephen Hoge, our President; Arpa Garay, our Chief Commercial Officer; and Jamey Mock, our Chief Financial Officer.

Before we begin, please note that this conference call will include forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Please see Slide 2 of the accompanying presentation and our SEC filings for important risk factors that could cause our actual performance and results to differ materially from those expressed or implied in these forward-looking statements.

With that, I'll turn it over to Stéphane.

Stéphane Bancel

Thank you, Lavina. Good morning or good afternoon, everyone. Thank you for joining us today.

I will start with a quick review of our business for third quarter. Arpa will then give you an update of our commercial progress and plans. Jamey will present our financial results and will explain in detail the one-time charges we announced this morning in our press release. Stephen will then review our clinical programs. And I will share our key priorities for 2024 and 2025 to return Moderna to sales growth and profitability.

We delivered $1.8 billion in Spikevax sales of COVID vaccine in the third quarter. Based on trend we are seeing in the U.S. COVID market in recent weeks, we expect our sales for 2023 to be at least $6 billion. We have been preparing for the 2023 fall COVID launch throughout the year, because the U.S. market was pivoting from a pandemic government purchase market to a commercial market.