MRNA: Highlights from the RBC Healthcare Conference

Research evidence excerpt

MRNA: Highlights from the RBC Healthcare Conference

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Luca Issi, Ph.D. (Analyst)

Lisa Walter, Ph.D. (Analyst)

Shelby Hill, Ph.D. (Senior Associate)

Cassie Yuan, Ph.D. (Senior Associate)

May 19, 2026

Moderna, Inc.

Highlights from the RBC Healthcare Conference

NASDAQ: MRNA | USD 48.11 | Sector Perform | Price Target USD 38.00

Sentiment: Neutral

We hosted MRNA’s Lavina Talukdar (Head of IR) for a fireside chat. Our top takeaways include: 1) all eyes remain on the Phase III

adjuvant melanoma readout, which is event-driven and could come in 2026; 2) 2026 revenue guidance reiterated at up to 10%

growth (~$2.1b); 3) flu PDUFA is August 5, 2026, though leadership uncertainty at the FDA remains an overhang. Reiterate Sector

Perform.

Phase III Readout For Melanoma Upcoming - We sensed notable excitement from mgmt around the upcoming INT data

presentation at ASCO, which will feature a 5-year follow-up of the ph.II study comparing INT+pembrolizumab vs pembrolizumab

monotherapy in adjuvant melanoma. Mgmt noted that recurrence-free survival (which asks two questions simultaneously: did

the cancer come back, and is the patient alive?) has shown a durable HR that has remained consistent over time, which we think

is a meaningful signal of sustained efficacy. Mgmt reiterated that the ph.III melanoma interim remains on track, with 2026 viewed

as a reasonable estimate for the data readout given the study is event-driven, and melanoma pts recur faster than, for example,

RCC. Mgmt highlighted that the study can either advance to the next analysis or stop for efficacy, but given the strength of ph.II

data, there is no futility analysis at this interim. For RCC, the melanoma study was fully enrolled in Sep 2024 vs RCC in 2Q25, so