Moderna Add’l Takeaways Post 2Q

Research evidence excerpt

Moderna Add’l Takeaways Post 2Q

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

03 August 2026

Moderna Underweight

MRNA, MRNA US

Add’l Takeaways Post 2Q Price (31 Jul 26):$54.82

Price Target (Dec-26):$40.00

Coming off of Moderna’s 2Q results, we wanted to share our additional takeaways Biotechnology - Large Cap

ACincluding on INT, pushes/pulls on guidance, and the norovirus interim miss (see Jessica Fye

initial take here). (1-212) 622-4165

jessica.m.fye@jpmorgan.com

• When and how can we expect to hear about the INT interim? MRNA Adam Ferrari, Ph.D.

continues to expect the inteirm for INT’s phase III trial in adjuvant melanoma (1-212) 622-1717

this year. Mgmt confirmed we can expect a press release even if the trial is not adam.ferrari@jpmorgan.com

stopped for efficacy at the inteirm. Moderna has not provided details on Abdul Tahlil

baseline characteristics of the patients enrolled nor on the statistical analysis (1-212) 270-9644

plan and there was no additional color on these topics during the conference abdul.tahlil@jpmorgan.com

call. While we model an 85% POS for INT in adjuvant melanoma, we see the Silvia Luo

opportunity in this setting as more than priced in. Where we differ from bulls (1-212) 622-0000

is the degree to which we would read-across from positive ph III data in this silvia.luo@jpmorgan.com

setting to other tumor types. Specifically, we think the hazard ratio will be Jose Lora, Ph.D.

important with a stronger benefit more convincing of potential broad (1-212) 270-4831

jose.n.lora@jpmorgan.com

applicability, in our view, and a narrower benefit leaving more uncertainty J.P. Morgan Securities LLC

around the degree to which one should read across to other settings. For

example, if the trial does stop early for efficacy, we would also be curious about