at your Lexus dealer.
MARIA: WELCOME BACK.
MODERNA REPORTING BETTER THAN
EXPECTED RESULTS IN THE LAST
HOUR, MODERNA ALSO REPORTING
THAT ITS COVID VACCINE IS 93%
EFFECTIVE THROUGH SIX MONTHS BUT
IT DOES COME AS THE DELTA
VARIANT SPREADS ACROSS THE
GLOBE.
LET’S TALK ABOUT THE QUARTER AND
WHAT IS AHEAD FOR MODERNA WITH
MODERNA CEO, STEPHANE BANCEL AND
STEPHANE, IT IS WONDERFUL TO SEE
YOU AGAIN.
THANKS VERY MUCH FOR BEING HERE.
I SAY IT ALL THE TIME, CONGRATS
AND THANK YOU FROM ALL OF US TO
YOUR TEAM OF LEADERSHIP AND
SCIENTISTS WHO ARE HAVING AN
INCREDIBLE IMPACT ON THIS
COUNTRY AND THIS WORLD.
>> GOOD MORNING, MARIA.
THANK YOU SO MUCH FOR YOUR KIND
WORDS.
MARIA: SO WHAT DROVE THE
QUARTER, STEPHANE?
ALSO, I WANT TO GET YOUR TAKE ON
WHEN YOU WILL GET FULL APPROVAL
FROM THE FDA.
WHAT DROVE THE QUARTER AND WHAT
ARE YOU EXPECTING IN THAT
REGARD?
>> YES, SO WE HAD A VERY STRONG
QUARTER, MARIA.
WE HAD $4.4 BILLION OF SALES,
$2.6 BILLION OF NET INCOME, WE
HAD A VERY STRONG CASH
GENERATION IN THE QUARTER, WE
ARE NOW SITTING ON $12.2 BILLION
CASH WHICH IS WHY BY THE WAY
THIS MORNING WE ANNOUNCED THE
BOARD AUTHORIZED A SHARE BUYBACK
UP TO $1 BILLION.
WE ANNOUNCED THIS MORNING THAT
FOR NEXT YEAR WE HAVE
$12 BILLION OF ADVANCED PURCHASE
AGREEMENTS FOR 2022, PLUS
$8 BILLION OPTION, PLUS ONGOING
FOR THIS YEAR, WE HAVE SIGNED
ADVANCED PURCHASE AGREEMENTS FOR
COUNTRIES AROUND THE WORLD.
THE BUSINESS IS IN GREAT SHAPE
AND THE PRODUCT IS MAKING A LOT
OF PROGRESS.
WE RELEASED THIS MORNING DATA,
FINAL DATA GOING TO BLA FOR FULL
APPROVAL.
WE STARTED WITH THE FDA IN MAY
AND WE’RE EXPECTING TO PUB SUBMI
THE LAST PIECE IN AUGUST.
MARIA: YOU HAVE ANNOUNCED THAT
THE VACCINE BOOSTER PRODUCED
ROBUST IMMUNE RESPONSE AGAINST
THE DELTA VARIANT.
WHAT CAN YOU TELL US ABOUT THAT
IN TERMS OF THE REALLY DANGER
AROUND THE DELTA VARIANT P,
STEPHANE.
WE HAD DR. BEN CARSON ON A WEEK
AGO AND HE SAID, HE YES, WHILE
THE DELTA VARIANT IS VERY
CONTAGIOUS, IT’S NOT AS VIRULENT
AS SOME PEOPLE WORRY ABOUT. WHAT CAN YOU TELL US ABOUT THAT?
WHAT CAN YOU TELL US ABOUT THAT?
>> SO IT’S -- WE HAVE
HOSPITALIZATION GOING UP IN MANY
PLACES IN THE COUNTRY,
ESPECIALLY PLACES THAT ARE
UNVACCINATED.
BUT I CAN TELL YOU, THE DATA
WE’RE SEEING THIS MORNING, YOU
SEE 42 TIMES INCREASE, 42 TIMES
INCREASE IN ANTIBODIES WITH THE
SAME VACCINE AS COMPARED TO THE
SECOND DOSE.
WE THINK WE HAVE A DOSE THAT
COULD HELP, KEEP AMERICANS SAFE
SO WE CAN RUN THE ECONOMY.
MARIA: THE WORLD HEALTH
ORGANIZATION AS YOU KNOW,
STEPHANE, IS CALLING FOR A HALT
TO THE COVID-19 BOOSTER SHOTS
THROUGH AT LEAST NEXT MONTH IN
AN ATTEMPT TO GET MORE PEOPLE
FROM POORER COUNTRIES
VACCINATED.
WHAT’S YOUR TAKE ON THE BOOSTER
SHOT AT MODERNA?
WHEN MIGHT WE EXPECT THAT?
AND I KNOW THAT YOU’RE IN, WHAT,
PHASE 2 TRIALS THERE.
TELL ME WHAT TO EXPECT ON THE
BOOSTER.
>> YES, SO THE BOOSTER WE ARE
WAITING FOR A BIT MORE DATA
BECAUSE THE DATA I SHARED WITH YOU IS FOR THE BOOSTER FROM THE
YOU IS FOR THE BOOSTER FROM THE
EXISTING VACCINE.
WE’VE YOU ANNOUNCED THIS MORNING
THAT WE’RE WORKING ON THE DELTA
BOOSTER AND SO THAT DATA IS
GOING TO COME TOGETHER IN THE
COMING MONTHS AND WHEN WE SEE
DATA, WE’LL TAKE THE BEST
BOOSTER.
COUNTRIES MIGHT START ALREADY,
IN GERMANY, FRANCE, THE U.K. AND
ISRAEL, THEY SAY THEY’RE GOING
TO START BOOSTING THE ELDERLY
PEOPLE, WHO GOT THE VACCINE IN
THE FIRST WAVE, TO GET THE
BOOSTER AS SOON AS SEPTEMBER.
THEY’RE RESPIRATORY VIRUSES.
THEY’RE WORSE IN THE WINTER AS
WE KNOW TOO WELL.
PEOPLE WHO WERE VACCINATED A
LONG TIME AGO, ESPECIALLY WITH
VACCINES WITH LOWER --
MARIA: I MEAN, LOOK, I KNOW
THAT WE TALKED ABOUT THE COVID
DISASTER A LOT AND WE CONTINUE
TO SEE THIS AS SORT OF THE
CENTRAL PORTION OF YOUR
INCREDIBLE TECHNOLOGY, THE MRNA
TECHNOLOGY.
I WANT TO GET TO WHAT ELSE IS --
YOU’RE LOOKING AT IN TERMS OF
MRNA.
LET ME STAY ON COVID FOR A
SECOND.
YOU SHIPPED 102 MILLION HE DOSES
IN THE FIRST QUARTER.
HOW MANY DID YOU SHIP IN THE
SECOND QUARTER?
AND WHAT ARE YOU EXPECTING IN
TERMS OF THOSE SHIPMENTS REST OF
THE YEAR, STEPHANE?
>> YEAH, MARIA, WE SHIPPED
200 MILLION DOSES IN IN THE
SECOND QUARTER.
WE ARE ON TRACK TO DELIVER
BECAUSE OF A RAMP THAT WE’RE
SEEING WITH THE OUTPUT BETWEEN
THE FIRST QUARTER AND SECOND
QUARTER, WE ARE ON TRACK TO
DELIVER BETWEEN 800 MILLION AND
A BILLION DOSES HERE.
NEXT YEAR, DEPENDING ON THE DOSE
OF THE BOOSTER WHICH WE DON’T
KNOW YET, WE NEED TO WAIT FOR
CLINICAL DATA, IT WILL BE
BETWEEN 2 TO 3 MILLION DOSE NEXT
YEAR.
WE SHOULD BE ABLE TO DOUBLE THE
OUTPUT NEXT YEAR, MAYBE EVEN
TRIPLE IT.
MARIA: THIS IS JUST
EXTRAORDINARY, STEPHANE.
YOU HAVE TO BE SITTING HERE JUST
GRATEFUL FOR YOUR TEAM OF
SCIENTISTS AND THE PEOPLE THAT
YOU HAVE DOING ALL OF THIS.
YOU ARE IN A VERY DIFFERENT
POSITION TODAY THAN JUST A FEW
YEARS AGO, STEPHANE.
TELL ME ABOUT THE INNOVATION
GOING ON AT MODERNA.
I KNOW THAT YOU’RE LOOKING AT
THIS MRNA TECHNOLOGY AS USES
BEYOND COVID AND LOOKING AT THE
FLU, ZICA, HIV, EVEN CANCER.
SO WE’LL GET INTO THAT.
BUT FIRST, ASSESS THE COMPANY
FOR US BECAUSE YOU’RE IN A VERY
DIFFERENT PLACE TODAY THAN YOU
WERE JUST A FEW YEARS AGO AFTER
SO MANY YEARS, A DECADE OR MORE
OF WORKING ON THESE VACCINES.
>> EXACTLY, MARIA.
I MEAN, THE MOST IMPORTANT THING
FOR PEOPLE TO THINK ABOUT IS IT
IS A PLATFORM COMPANY.
TRADITIONALLY IN BIOTECH AND
PHARMACEUTICALS, EVERYTHING IS
DIFFERENT.
THAT’S WHY MOST DRUGS FAIL.
IT TAKES SO LONG TO DEVELOP NEW
MEDICINES, IT’S SO EXPENSIVE FOR
NEW MEDICINES.
WE THINK THIS IS A TOTALLY NEW
WAY TO DO MEDICINES, FOR THE
LAST 100 YEARS IT WAS A -- IT’S
MOVING INTO THE 21st CENTURY,
WE CODE EVERY PRODUCT.
SO WE ARE VERY -- WE HAVE
VACCINES IN IN THE PIPELINE.
YOU MENTIONED SEASONAL FLU, OUR
VISION IS TO COMBINE ALL THOSE
PRODUCTS.
WHAT WE’RE TRYING TO DO AT
MODERNA IS TO GET TO A SINGLE
ONE DOSE PER YEAR THAT YOU GET
LATE SUMMER AND FALL WHERE YOU
GET SEASONAL FLU, COVID VARIANT
OF THE TIME TAKE WILL BE
CIRCULATING IN THE COUNTRY AND
YOU NEED A SINGLE DOSE.
THERE’S NO VACCINE AGAINST RSV.
WE HAVE CLOSE TO 200,000 OPTLY
SAYSES -- HOSPITALIZATIONS.
SEASONAL FLU, WE HAVE 60%
EFFICACY.
WE THINK WE CAN GREATER VACCINE
WITH GOOD DURATION LIKE WE
SHOWED WITH COVID VACCINE THIS
MORNING AND WITH COMBINATIONS
AGAINST MANY VIRUSES.
WE’RE WORKING AGAINST MANY, MANY
VIRUSES LIKE HIV AND ZICA AND
OTHERS.
MODERNA IS WORKING ON
THERAPEUTICS, WE’RE WOKING WOK W
ON CANCER.
WE’RE WORKING ON AUTOIMMUNE
DISEASE, CARDIAC DISEASE AND WE
HAVE 23 DRUGS IN R&D DEVELOPMENT
AND MANY MORE THAT OUR
SCIENTISTS IN THE LABS ARE
WORKING ON.
WE KNOW THE SCIENCE WORKS.
BEFORE WE BELIEVED AND IT WAS IN
THE WORKS.
NOW EVERYBODY KNOWS MRNA
PROVIDES EFFICACIOUS PRODUCTS.
NOW WE’RE CASH HE FLOW POSITIVE.
THE LAST 10 YEARS WE WERE
CONSTRAINED WITH CASH.
WE HAVE SO MUCH EXCESS CASH THAT
WE ARE BUYING BACK SHARES.
WE ANNOUNCED OUR FIRST SHARE
BUYBACK PLAN FOR UP TO
$1 BILLION.
WE’RE GOING TO DO ACQUISITIONS
NOT OF OLD TECHNOLOGY BUT NEW
TECHNOLOGIES, GENE THERAPY, GENE
EDITING.
THEY WILL COMPLEMENT AND EXPAND
THE PLATFORM EVEN FURTHER.
MARIA: YEAH, I MEAN, THAT GETS
LOST SOMETIMES IN ALL OF THE
HEADLINES, THE FACT THAT YOU’VE
GOT 43 OTHER DRUGS IN
DEVELOPMENT.
STEPHANE, YOU JUST RECEIVED THE FDA FAST TRACK DESIGNATION FOR
FDA FAST TRACK DESIGNATION FOR
RSV, THIS IS THE RESPIRATORY
SINCATILE VIRUS.
DID I SAY THAT CORRECTLY.
DID TELL ME ABOUT THE DATA AND
WHAT THAT SHOWED WITH REGARD TO
THE RSV VACCINE.
>> YES.
SO WHAT WE SHOWED IN HUMANS IS
THAT WE CAN BOOST 11 TIMES THE
LEVEL OF ANTIBODY IN THE ELDERLY
AND THAT’S THE POPULATION -- AS
WE SPEAK, IT’S PLANNING FOR
PHASE 2-3 FOR THIS PROGRAM TO
GET INTO THE MARKET AS FAST AS
WE CAN AND FDA FAST TRACK IS
GOING TO HELP US AND I WANT TO
ADD, MARIA, WE HAVE 23 NEW DRUG
PROGRAMS.
MARIA: 23 NEW.
THANK YOU FOR THAT.
LET ME ASK YOU ABOUT CANCER
BECAUSE THIS MRNA TECHNOLOGY IS
EXPANDING THE POSSIBILITIES OF
COURSE AND YOU MENTIONED IN IT A
MOMENT AGO.
HOW WILL MRNA AND THIS
TECHNOLOGY BE APPLIED TO CANCER?
WE ARE ON THE CUSP OF SOMETHING
ENORMOUS HERE IN TERMS OF CANCER
TREATMENT AND FINALLY ADDRESSING
CANCER, SOME CANCERS THAT CAN BE
TREATED.
IT IS NOT A KILLER.
WHAT CAN YOU TELL THE US WITH
REGARD TO CANCER AND MRNA?
>> YES, SO WE HAVE FOUR DRUGS
THAT ARE IN CLINICAL TRIAL IN
CANCER FOR WHAT WE CALL SOLID
TUMORS, SKIN CANCER, BREAST
CANCER AND SO ON.
AND SO WHAT WE ARE DOING IN ONE
OF OUR MOST EXCITING PROGRAMS IS
WE’RE DESIGNING A PRODUCT JUST
FOR YOU, IN 60 DAYS.
WE TAKE BIOPSY OF YOUR TUMOR IN
THEY THE HOSPITAL.
WE SEQUENCE IT, WE READ ALL THE
LETTERS OF YOUR DNA, OF YOUR
CANCER CELL.
WE DO THE SAME FOR HEALTHY CELLS
OF YOUR BODY.
WE SEND BOTH TO AMAZON AWS TO
COMPARE LETTER BY LETTER OVER 3
GIGABYTES OF INFORMATION TO SEE
WHERE HAS YOUR CANCER CELL
MUTATED.
THE COVID VIRUS IS MUTATING.
CANCER CELLS ARE A MUTATION OF
YOUR HEALTHY CELLS.
ONCE WE KNOW THAT, THE
INFORMATION COMES BACK INTO OUR
FACTORY AND WE MAKE A PRODUCT
JUST FOR YOU, FOR YOUR GENETIC
SIGNATURE.
WE DO THAT IN 60 DAYS.
IT’S A PRODUCT INJECTED IN YOUR
ARM.
THE STUDY IS ONGOING. IT’S A PHASE 2 STUDIES IN MEL
IT’S A PHASE 2 STUDIES IN MEL
KNOWKNOWMA, -- MELANOMA, IN SKIN
WE’RE LOOKING FORWARD TO GETTING
THE DATA.
MARIA: WHAT DO YOU WANT TO SAY
TO PEOPLE BECAUSE THEY’RE
WORRIED, THEY HEAR OF PEOPLE WHO
GOT A VACCINE AND GOT COVID
ANYWAY.
ANYTHING YOU CAN EDUCATE US ON
IN THAT REGARD?
>> SURE.
I MEAN, NO VACCINE IS 100%
EFFICACIOUS FOREVER.
THE GOOD NEWS I WILL TELL THOSE
PEOPLE WHO GET SICK IS YOU GET
LESS SICK BECAUSE YOU GOT
VACCINATED VERSUS IF YOU HAVEN’T
BEEN VACCINATED SO IT’S A GREAT
DECISION TO GET VACCINATED.
IT’S LIKE THE FLU, SOMETIMES YOU
GET THE FLU SHOT AND YOU GET
INFECTED BY THE FLU.
THE GOOD NEWS IS, YOU ARE LESS
SICK.
THE VACCINES STILL PREVENT
HOSPITALIZATIONS AND DEATHS AND
THAT’S WHAT REALLY MATTERS.
IF YOU GET THE DISEASE, WHEN YOU
ARE DOWN FOR A COUPLE DAYS BUT
YOU DON’T GO TO THE HOSPITAL.
THAT’S HOW WE STABILIZE AND KEEP
THE ECONOMY OPEN.
MARIA: STEPHANE, DO YOU BELIEVE
WE’RE GOING TO GO THROUGH WITH
THIS PLAN OF GIVING AWAY THE
INTELLECTUAL PROPERTY OF THE
COVID VACCINES DESPITE ALL OF
THE YEARS AND WORK AND ENERGY
AND TIME AND MONEY THAT YOU AND
YOUR COLLEAGUES IN THE INDUSTRY HAVE PUT INTO THIS?
HAVE PUT INTO THIS?
>> SO SOME COMPANIES LIKE THE U.
ARE SUPPORTING THE WAIVER, SOME
COUNTRIES THANKFULLY LIKE
GERMANY AND JAPAN ARE NOT.
I THINK IT’S VERY IMPORTANT, IF
WE WERE TO WAIVE THE IP, IT WILL
NOT ADD ONE DOSE OF VACCINES TO
THE WORLD IN 2021 OR 2022
BECAUSE THERE IS NO FACTORY
SITTING IDLE WITH NEW
TECHNOLOGY.
MRNA VACCINES HAVE THE BEST
EFFICACY.
PEOPLE AROUND THE WORLD WANT THE
BEST PRODUCT.
SO IT DOESN’T HELP.
AS YOU SAY, IT CAN DO A LOT OF
DAMAGE.
THINK ABOUT THIS.
IF TEN YEARS AGO THERE HAD BEEN
AN IP WAIVER, DO YOU THINK WE
WOULD HAVE BEEN ABLE TO RAISE
$5 BILLION IN THE LAST TEN YEARS
TO INVEST IN THE SCIENCE IF THEY
WOULD HAVE KNOWN, I DON’T THINK
SO.
THIS IS NOT A PFIZER PRODUCT.
THIS IS A TECHNOLOGY COMING FROM
BIONTECH, ANOTHER START-UP.
THINK ABOUT WHERE THE WORLD
WOULD BE WITH THIS PANDEMIC IF
WE HAD BIONTECH AND MODERNA NOT
EXISTING.
MARIA: THAT’S EXACTLY RIGHT.
AND THAT’S WHY I SAID WITH ALL
OF THE TIME AND MONEY AND ENERGY
SPENT GOING INTO THIS, TO JUST
GIVE IT AWAY, I HAVE REAL ISSUES
WITH THIS.
OKAY, AS WE END HERE, STEPHANE,
LET ME JUST ASK YOU YOUR
THOUGHTS ON HOW MANY NEW MARKETS
YOU THINK ARE BEING OPENED FOR
MODERNA, GIVEN ALL OF THIS WORK.
I MEAN, YOU’RE TALKING ABOUT
BEING VERY WELL POSITIONED WITH
REGARD TO COVID.
BUT THEN YOU’VE GOT ALL OF THESE
OTHER AREAS YOU’RE ENROLLING
STAWSTUDIES IN ONCOLOGY, CARDIOL
RARE DISEASES WHICH ARE
CERTAINLY CREATING NEW AND
SIGNIFICANT MARKETS.
HOW MANY NEW AND SIGNIFICANT
MARKETS, STEPHANE?
>> SO IT DEPENDS ON WHAT
TIMEFRAME YOU THINK ABOUT.
WE HAVE 23 DRUGS TODAY.
COULD I SEE A WORLD WHERE IN A
-- [ INDISCERNIBLE ].
130 DEVELOPMENTS.
I THINK SO.
I THINK THE THING PEOPLE WILL BE
MOST SURPRISED ABOUT AS WE SCALE
THE COMPANY AS HOW WE WILL HAVE
HIGH SUCCESS RATE OF THE DRUGS. THE TECHNOLOGY OF PHARMA, YOU
THE TECHNOLOGY OF PHARMA, YOU
SEE 90% OF PRODUCTS, I BELIEVE
THAT THE DRUGS IN THE CLINIC
WILL GET TO MARKET IS A
GAME-CHANGER.
MARIA: A GAME CHANGER,
STEPHANE, IT’S GREAT TO HAVE
YOU.
THANK YOU AND CONGRATULATIONS ON
THOSE 23 DRUGS IN THE PIPELINE
RIGHT NOW.
GOOD TO SEE YOU THIS MORNING,
SIR.
HAVE A WONDERFUL DAY AND THANK