Moderna Emerging Pipeline Coming Into Focus on the Horizon

Research evidence excerpt

Moderna Emerging Pipeline Coming Into Focus on the Horizon

J P M O R G A N North America Equity Research

25 June 2026

Moderna Underweight

MRNA, MRNA US

Emerging Pipeline Coming Into Focus on the Horizon Price (25 Jun 26):$59.75

Biotechnology - Large Cap

Coming away from Moderna’s Science Day, we see an early/mid-stage pipeline Jessica Fye AC

behind INT heavily focused on oncology with antigen therapies and mRNA-based (1-212) 622-4165

t-cell engagers but also with auto-immune candidates including a phase II product jessica.m.fye@jpmorgan.com

for multiple sclerosis and a preclinical in vivo CAR-T product for lupus called Adam Ferrari, Ph.D.

mRNA-6007. While these assets showcase the breadth of potential applications for (1-212) 622-1717

mRNA, in the near-term we see a lot riding on the phase III readout for INT in adam.ferrari@jpmorgan.com

adjuvant melanoma. Based on the strong phase II hazard ratio, we see a high Abdul Tahlil

probability of success for that trial, and after the stock’s recent re-rating (+107% (1-212) 270-9644

abdul.tahlil@jpmorgan.com

YTD vs SPX/NBI +8%/+12%) see this priced in (and then some) with what is now

Silvia Luo

a ~$24bn mkt cap and our expectation for YE net cash of ~$4.7bn. (1-212) 622-0000

• Moderna is broadening its Horizons with the early/mid-stage silvia.luo@jpmorgan.com Jose Lora, Ph.D. pipeline. Mgmt’s Horizon 1/2/3 construct usefully separates established

(1-212) 270-4831

modalities in Horizon 1 (approved/late-stage areas like infectious disease, INT jose.n.lora@jpmorgan.com

and rare disease) from clinical-stage emerging modalities and pre-clinical J.P. Morgan Securities LLC

future modalities targeting first-in-human (FIH) trials by the end of 2027. With

a breadth of pre-proof of concept products, we see the pipeline described at