Undivided mRNA Flu AdCom Vote Lends Confidence Ahead Of Aug 5 PDUFA

Research evidence excerpt

Undivided mRNA Flu AdCom Vote Lends Confidence Ahead Of Aug 5 PDUFA

Biotechnology

Moderna

TD SECURITIES (USA) LLC QUICK TAKE: COMPANY UPDATE

June 22, 2026

Price: $63.96 (06/18/2026) Undivided mRNA Flu AdCom Vote Lends

Price Target: $40.00 Confidence Ahead Of Aug 5 PDUFA

HOLD (2)

ESG SCORE: 54/100

Tyler Van Buren THE TD COWEN INSIGHT

646 562 1343

Unanimous (9-0) AdCom support across both the 50-64 and 65+ age groups reinforces

tyler.vanburen@tdsecurities.com

confidence ahead of the Aug 5 PDUFA, with data demonstrating competitive efficacy,

Greg W. Torres, Ph.D. strong immunogenicity, and predictable mRNA safety. With Phase IV designed to resolve ≥65

646 562 1351 uncertainties and no 2026 revenue assumed, mFLUSIVA presents incremental upside as a

gregory.wiessner@tdsecurities.com

next-gen platform entrant poised to reshape flu vaccination.

Nicholas Lorusso

646 562 1390 The VRPBAC Committee Voted Unanimously In Favor Of mFLUSIVA's Benefit-Risk Profile In

nick.lorusso@tdsecurities.com Older Adults

Sam Rollenhagen During the June 18 VRBPAC (i.e., AdCom) meeting on mFLUSIVA (mRNA-1010), the committee

212 468 7785

voted 9-0, with no abstentions, on both voting questions:

samuel.rollenhagen@tdsecurities.com

1 Whether the benefits of mFLUSIVA outweigh its risks for the prevention of influenza disease

Ikenna Okafor, Ph.D. in adults ages 50 through 64 years old, and

646 562 1395

ikenna.okafor@tdsecurities.com 2 Whether the benefits of mFLUSIVA outweigh its risks for the prevention of influenza disease

in adults 65 years of age and older.

Key Data

Symbol NASDAQ: MRNA

This outcome was consistent with the positive tone of the briefing materials released ahead of

Market Cap $25.4B

the meeting. In our view, it also reflects Moderna's commendable foresight in having revised