Moderna, Inc. (MRNA) 2023 ESG Day Convention (Transcript)

Moderna, Inc. (NASDAQ:MRNA) 2023 ESG Day Convention Name December 7, 2023 8:00 AM ET

Firm Individuals

Lavina Talukdar – Head of Investor Relations

Stéphane Bancel – Chief Government Officer

Kyle Holen – Head of Improvement, Oncology & Therapeutics

Jameka Hill – Senior Director, Medical Trial Well being Fairness

Hamilton Bennett – Senior Director of Vaccine Entry & Partnerships

Deborah Donovan – Senior Vice President and Head Setting, Well being & Security

Tracey Franklin – Chief Human Sources Officer

Katherine O’Malley – Government Director of Communications

Shannon Klinger – Chief Authorized Officer

Convention Name Individuals

Operator

Good morning or good afternoon, everybody and welcome to Moderna’s second ESG Day. Right this moment, you’ll hear from workforce members throughout Moderna about progress we have made since final yr, an vital sustainability initiatives. This morning, we issued a press launch and presentation slides, each of which may be discovered on the Investor part of our web site.

Earlier than we begin, please word that this presentation will embody forward-looking statements made pursuant to the Secure Harbor Provisions of the Securities Litigation Reform Act of 1995. Please refer Slide 2 of our accompanying presentation and our SEC filings for vital danger components that might trigger our precise efficiency or outcomes to vary materially from these expressed or implied in these forward-looking statements.

With that, I am very glad to show it over to Stéphane to begin off the day.

Stéphane Bancel

Thanks a lot, Lavina. Good morning or good afternoon. Thanks for becoming a member of us as we speak. We actually prefer to welcome you to this vital ESG there. Let me begin the place I ought to begin which is a very powerful in what we do with our mission. As you understand, our mission is to ship the best potential influence to folks by mRNA medication. And as you understand, Moderna has been constructed as a platform. Because the starting, we imagine it will be zero drug or lots. Properly, now we all know as a result of, in fact, of approval is that this can be lots the flexibility to construct a platform the place we are able to create a whole lot of medicines for sufferers. That is why we work every single day of the corporate. In that framework, if you concentrate on it, we’ve arrange this ESG framework which is how do you construct the most effective model of Moderna.

And we imagine, in fact, it begins with medicines for sufferers that you just see on the high of this pictogram. However we expect the opposite facets are very vital in respect of the setting, having wonderful staff, being elements and fostering our communities and, in fact, sturdy governance and powerful ethics. We imagine this ecosystem is what we construct the most effective model of Moderna and that is what we’ve been engaged on for a few years now.

If you happen to now double-click on every element shortly at a excessive stage earlier than the workforce we spend time on every matter. In fact, medicines for sufferers begins with the medicines that we wish to carry to sufferers by our pipeline. And as we have shared at R&D Day and provides some replace just lately, we’ve a number of medicines that we’re very excited to launch in 2024 and in ’25, as you may see in blue on the highest left of the desk. However what’s really thrilling was coming proper after. As you may see, Moderna is firing on each cylinder for sufferers. We additionally newest viruses, additionally most cancers and uncommon genetic illness, having very sturdy scientific sign and we imagine these packages could possibly be launched within the ’26, ’27 and ’28 timeframe. However whereas these are actually merchandise we imagine will drive gross sales and money stream for the corporate in order that we are able to spend money on R&D to carry extra innovation for sufferers, there’s one other aspect our concentrate on medication for sufferers which is that this illness X.

As you understand, Moderna imagine that we’ve an important function to play, to arrange for a possible subsequent pandemic. As you understand, the WHO has referred to as this illness X, to be ready for no matter nature might throw at us. And I discussed, we will shortly, is we’ve launched mRNA entry. An entry is an important device in that imaginative and prescient to have the ability to create an ecosystem the place we are able to accomplice with the most effective scientific minds world wide in academia to essentially assist us put together for illness X in order that we’re prepared from a biology standpoint. And in order that if nature throws us is a brand new pathogen, we are able to in a short time develop a vaccine, scale a vaccine and convey vaccines to normally a whole bunch of hundreds of thousands or billions of individuals in a short time and I imagine, even a lot faster than what the workforce was in a position to notice with COVID.

Let’s now speak to the subsequent chapter which is, in fact, the setting. We imagine that any compression on this planet, Moderna has a societal duty to verify we decrease our influence within the setting which is why, as you understand, we set a purpose to be a internet zero carbon emission for Scope 1 and a couple of by 2030 and the workforce will provide you with an replace on that journey. We additionally wish to develop science-based targets for the brief time period and likewise long run for Scope 3. These are extraordinarily vital.

As I prefer to say, actual property, with situation in enterprise faculty is location, location, location, the place I imagine that enterprise is folks, folks, folks. And since we began the corporate, we’ve been obsessed at Moderna to essentially appeal to the most effective folks, to develop the most effective folks and to create an setting the place folks can all change into the most effective model of themselves. Tracey will, in fact, spend time supplying you with some updates there. However as you may see when it comes to recognition, our staff proceed for lots of surveys to acknowledge the work of an organization, however be assured we’re not carried out. We hold innovating. We hold inventing new issues. We actually wish to keep top-of-the-line firms to work for. So we are able to do the most effective science, so we are able to serve the sufferers and be an excellent actor in the neighborhood.

Speaking concerning the group; I might like to inform our staff on the onboarding and welcome new staff after we had been Moderna 1 which is our onboarding program for brand spanking new staff that if all of us to not interact with the group, we must always not count on to dwell in a pleasant group. And which means, in fact, to nation, however donations solely have cash, the nation of time, i.e., volunteering. And so we’ve a whole lot of volunteering efforts of the corporate and Kate will provide you with an replace on that matter when

After which final however not least, as a result of once more, it is an ecosystem, there is no rating of these completely different facets is we wish a powerful governance. And Shannon will provide you with an replace on Board governance, Government Committee governance. And we carry on strengthening this. We’ve got been speaking with a whole lot of traders within the fall and we proceed to wish to have suggestions from traders on how will we proceed to scale and strengthen our governance, so it is very high notch, best-in-class in what is finished world wide, not solely within the U.S. And naturally, the communication round this journey, all of the metrics and different reporting could be very, crucial for us and Shannon will provide you with an replace on that.

So with that form of framing at a excessive stage, let me shortly offer you a way for the agenda. We will go and comply with this framework. So we will have a number of workforce members speaking to you about medicines for sufferers. After which Deborah will come and offer you an replace on the setting. Tracey will discuss staff. Kate will speak concerning the group and the work we’re doing there. After which, in fact, Shannon will discuss governance and ethics. I’ll come again with a fast slide to shut after which the workforce and I can be delighted to take your questions.

With this, let me now flip to Kyle.

Kyle Holen

Thanks, Stéphane. Good morning. Hey. It is actually nice to be right here as we speak. I’ll speak to you as we speak about one among my passions which is discovering therapies for these affected by uncommon ailments. As you heard, my identify is Kyle Holen and I am answerable for the scientific improvement of our uncommon illness and oncology portfolios.

On the subsequent slide, I am going to repeat the message that Stéphane had in his presentation. We’ve got this unbelievable potential with the platform to create many medicines utilizing the identical expertise and manufacturing processes. As proteins are the workhorses for mobile capabilities, we are able to change and manipulate these capabilities by creating proteins by mRNA, both by as evidenced on the high are vaccines, or by secretive proteins or within the final instance, by changing proteins in circumstances the place they both do not exist or aren’t functioning correctly.

On the subsequent slide, you may see a wide range of ways in which we have been in a position to construct our pipeline by the usage of our state-of-the-art expertise. On the high of this slide are our IV vaccine portfolio. After which subsequent, you will see our uncommon illness, oncology, autoimmune and cardiovascular medicines. For as we speak, I might prefer to share with you slightly bit extra about our uncommon illness packages.

Now many individuals do not understand that uncommon ailments are literally not uncommon. As you may see on this slide, there are numerous sufferers who’re affected by uncommon ailments, together with a whole bunch of hundreds of thousands of individuals worldwide. And actually, 1 in 10 folks within the U.S. reside with some kind of uncommon illness, together with uncommon cancers. However there is a problem with these 400 million or so folks which can be affected by uncommon ailments. Every uncommon illness requires a novel remedy. For instance, a therapy for propionic acidemia [ph] will not be going to be efficient for many who reside with GSD1a or different glycogen storage ailments. And thus, we have to carry a drug in manufacturing and expertise platform that can be utilized to create many alternative bespoke remedies for every particular person affected by a uncommon illness. Maybe you may guess what that platform could be.

On this subsequent slide, you may see with mRNA, we’ve the flexibility to create many distinctive remedies, all the way down to particular person sufferers which we’re doing for INT, for these with ailments that will solely have an effect on just a few. On this method, I imagine that we are able to carry medicines to all these affected by uncommon ailments, together with the roughly 1,200 completely different inborn areas of metabolism. We’re partaking with world regulators round modern approaches and modern ways in which we are able to leverage the platform knowledge throughout all these completely different uncommon ailments. And on the subsequent slide, I am going to share with you the rationale why we imagine that is potential. Our first 3 uncommon illness packages, packages in propionic acidemia, methylmalonic acidemia and glycogen storage ailments have already demonstrated spectacular enhancements within the lives of sufferers.

We’ve got beforehand launched knowledge from our PA program, the place we noticed a higher than 70% discount in metabolic decompensation occasions. For MMA, we noticed a dose-dependent decline in MMA biomarkers. And for GSD1a sufferers have been in a position to sleep by the evening with out hypoglycemic occasions. So we’re tremendous excited that in all 3 of our first 3 uncommon illness packages, we’ve proof of idea that mRNA may be efficient.

And the rationale why that is vital, as you see on the subsequent slide, is that apart from the MDEs, the biomarkers and the reductions in hypoglycemia that I’ve described, we’ve heard instantly from the sufferers that participated in our scientific trials about how these remedies influence their lives. And one fast story that I might prefer to share with you that it is related for this time of the yr. We heard from one household that informed us that for this previous Christmas, it was the primary time that their youngster might be a part of them for Christmas dinner as a result of he was in a position to eat the meals that he was unable to eat previously. And so it is issues like this that we — that encourage us to work tougher and to carry these remedies to sufferers as shortly as potential.

And apart from the tales of sufferers that we hear every single day who’ve participated in these trials, I wish to share with you that we’re not carried out. We’ve got big ambitions. As I discussed, there are over 1,200 inborn areas of metabolism. And we have began 3 packages and we’ve 1,297 to go. And now I might such as you to listen to instantly from a affected person and her household about what life is like dwelling with a uncommon illness.

[Video being played]

Kyle Holen

Thanks. Actually unbelievable video. And this is the reason we’re right here at Moderna as a result of we care. We care about children like Jordy. Okay. I might like to show over the presentation now to my pal and colleague, Jameka Hill, who’s doing actually unbelievable work, guaranteeing that our scientific research adequately signify the populations which can be affected by these ailments to make.

Jameka Hill

Thanks a lot, Kyle. Good morning, everybody. Good afternoon. As Kyle talked about, my identify is Jameka Hill and I am the Senior Director of Affected person Engagement and Medical Trial Well being Fairness right here at Moderna. And I am actually delighted to debate Moderna’s unwavering dedication and surrounding efforts to advance Well being Fairness by inclusive analysis. At Moderna, we’re working to carry ahead mRNA-based remedies and vaccines which can be equitable and efficient for everybody, all over the place. And our method to develop modern medicines is basically rooted within the variety of our scientific trials.

For us, variety is greater than a compliance requirement. It is a vital factor of esthetic excellence. Recognizing the illness manifests and reply to remedies in a different way throughout varied demographics, we design our scientific trials to reflect the worldwide group, particularly these disproportionately affected by the situations we’re researching. We additionally acknowledge that traditionally, scientific trial participation has been a privilege of circumstance, fairly often excluding underserved communities. So Moderna has set a regular by the place 37% of our individuals in our wholesome volunteer scientific trials are from ethnic teams. At the very least half are feminine and all age teams are appropriately throughout quite a few geographies extending far past the confines of the US and underlining our dedication to fight well being and equalities and embrace variety on a worldwide scale.

Right this moment, I am so proud to share that we’re not simply assembly trade expectations; we’re setting them after which exceeding expectations in each demographic class. Moderna is persistently reaching out to medically underserved communities and underrepresented populations. In truth, Moderna has enrolled over 120,000 scientific trial individuals into our infectious illness trials, guaranteeing these with the best illness burden are included. This dedication to variety and inclusion is key to our mission at Moderna and we take immense pleasure in creating mRNA-based medicines and vaccines that cater to everybody. But, attaining variety will not be a matter of coincidence. It is the results of deliberate and strategic efforts.

We at Moderna maintain the conviction that entry to the scientific trial shouldn’t be a peripheral consideration, however relatively a basic side of care that provides people of all backgrounds the chance to learn from modern remedies. Subsequently, our efforts are anchored in fostering belief and revolve round 3 central pillars: growing consciousness, bringing scientific trials into communities and offering a number of participation choices for people.

So let’s take a deeper have a look at every of those basic parts. Okay. So the predominant impediment to scientific trial participation stays lack of understanding. Subsequently, we imagine it is important to supply people with info that not solely resonates but in addition fosters a way of engagement and belief. To deal with this problem, Moderna prioritizes growing the general public’s visibility and understanding of the worth of analysis, together with Moderna’s scientific trials. We forge lasting partnerships with local people organizations, accomplice carefully with well being care suppliers and make use of modern approaches to extend consciousness and training, significantly amongst teams which have historically been underrepresented in analysis.

Central to our tradition right here at Moderna, we additionally try to make scientific trial participation extra accessible. We acknowledge that logistical boundaries are a quite common problem me, irrespective of their background. To this finish, we implement novel options that carry our scientific trials nearer to the place potential individuals dwell. We shaped strategic partnerships with retail pharmacies, deploy cell items, pop-up clinics and collaborate with quite a few service suppliers. Our strategies are rigorously designed and repeatedly refined to deal with the precise wants of numerous areas and communities, at all times with the purpose of guaranteeing that our initiatives are handy for the individuals and really ship a considerable optimistic influence on the communities we’re devoted to serving.

Lastly, we perceive {that a} one-size-fits-all method doesn’t adequately place scientific trial individuals on the forefront. So we attempt to design our scientific trials with optionality in thoughts and thus guaranteeing {that a} broader vary of individuals can entry our scientific trials as a viable care possibility. In 2023, 80% of Moderna’s scientific trials included flexibility inside their schedule of trial actions. We imagine that each participant must be provided the chance to resolve the place and when their assessments are carried out as long as it is secure, permissible and according to regulatory requirements. We additionally purpose to empower scientific trial individuals with the liberty to decide on appointment instances that higher align with their particular person schedules, thereby minimizing cancellations and bolstering adherence to our scientific trials.

In truth, we’ve discovered that incorporating versatile go to schedules has truly been instrumental in boosting our enrollment and retention charges throughout a number of demographic classes. And to everybody’s pleasure, we have additionally seen a rise in individuals satisfaction. This concentrate on the individuals’ wants is central to our mission and the pillars I’ve outlined play an important function not solely in enrolling individuals in our scientific trials, but in addition in guaranteeing we retain individuals by trial completion. Our primary precedence is to make sure the robustness of our scientific knowledge. And by holding a various and dedicated participant group all through the lifetime of our trials, we are able to all trust that the medicines and vaccines Moderna is creating will, in actual fact, be efficient and related for the various populations that can in the end use our merchandise.

Please know that our dedication to stable scientific proof is on the very coronary heart of our dedication to offering scientific trials which can be modern, inclusive and attuned to the wants of individuals worldwide. Our method to inclusive analysis is complete and we go to nice lengths to make sure our scientific trials encourage confidence, cultivates belief and precisely represents these at biggest danger and most probably to learn from our merchandise, thereby guaranteeing all folks have entry to the potential and may I add very thrilling medicines of tomorrow.

It is now my nice pleasure to introduce Hamilton Bennett, who will focus on Moderna’s strategic imaginative and prescient for pandemic preparedness.

Hamilton Bennett

Good morning. As Jameka stated, my identify is Hamilton Bennett. I am Senior Director of Vaccine Entry and Partnership at Moderna. And this morning, I am going to share with you the steps that we’re taking to proceed to place our prophylactic vaccine platform for pandemic preparedness, outbreak response and in the end, world public well being. You’ve got heard Kyle discuss an mRNA platform that may ship many medicines. And whereas we have seen that play out with unbelievable science throughout our modalities, ours notable achievement thus far stays our COVID-19 vaccine.

Moderna used our platform to quickly reply to the best public well being risk of our time. In lower than 1 yr, we used our deep understanding of mRNA science, supply science and manufacturing to carry our first COVID-19 vaccine to emergency authorization. And with over 1 billion doses of our vaccine administered, we’re proud to say that we’ve achieved this with a concentrate on vaccine fairness and entry.

In 2021, 25% of our COVID-19 vaccine was delivered to low and center revenue international locations. When product was offered to Gavi-eligible international locations, it was offered on the lowest tier pricing. And we’ve maintained a dedication to not imposing our COVID-19 patents when they’re utilized in and for [indiscernible]. We’re extremely pleased with what we have been in a position to obtain by our vaccine. And with annual updates to our COVID-19 vaccine sequence, we have demonstrated a capability to reply quickly to new variants of concern. In 2022, we had been in a position to carry ahead a variant-containing vaccine in 63 days; the time from pressure choice to FDA approval for the up to date vaccine. This yr, we made that up to date 87 days. This reinforces that not solely is our expertise able to fast response, however we’ve the folks, the processes and the know-how to deploy the expertise time and again to deal with continued public well being threats.

So what would it not appear to be to deploy our platform to different respiratory threats like pandemic influenza. Influenza pandemics happen when a novel re-assorted virus is launched to the inhabitants. There have been 4 influenza pandemics for the reason that early 1900s. In 1918, the most important influenza pandemic on report resulted in additional than 50 million deaths worldwide. Over the following many years, in 1957, 1968 and most just lately in 2009, novel strains of the virus had been launched and precipitated between 0.5 million and 1.5 million deaths every. The chances are good that we’ll every see a number of influenza pandemics in our lifetime. However pandemic response begins with pandemic preparedness.

So this summer season, Moderna started to construct a pandemic response file for pandemic influenza. The mRNA-1018 program at present in Section I/II scientific testing will take a look at vaccines designed to stop influenza illness attributable to avian influenza viruses of the H5 and H7 subtype. The purpose will not be merely to reply to these particular viruses, however to create the aptitude to reply to future threats and to take action shortly. The mRNA-1018 program will pull conventional influenza response into the age of mRNA. Right here, I am going to use the latest pandemic influenza occasion to focus on the potential of mRNA.

On this determine, I am exhibiting the epidemic curve of lab confirmed circumstances of pandemic H1N1 influenza leading to hospital admissions in gentle blue, admissions to ICU within the blue and deaths in darkish blue. This knowledge comes from Public Well being Canada and it is consultant of the waves that occurred throughout the Northern Hemisphere in 2009. The WHO declared a public well being emergency of worldwide concern on April 25. This mobilized the vaccine response group and trade was in a position to have an authorised pandemic vaccine accessible on September 15. However when you think about the 4-week to 6-week delay that may happen between vaccine approval, to distribution and in the end, administration, it is obvious that regardless of these unbelievable efforts, vaccine was not accessible quick sufficient to stop the second wave of influenza that all of us expertise at fall. However what if we might obtain COVID-19 like time strains with pandemic influenza.

In 2021, the G7 led by the U.Ok. authorities and in collaboration with CEPI, the Coalition for Epidemic Preparedness Innovation, set the target of responding to a public well being emergency inside 100 days. I already shared with you that our COVID-19 program has responded in lower than this within the final 2 years. However take into consideration the general public well being influence that we might have had in 2009 if a vaccine was accessible 6 weeks earlier. That is the way forward for pandemic influenza within the age of mRNA. However in the end, the threats to public well being lengthen past COVID-19 and past influenza; they lengthen to illness X.

As you heard Stéphane say, illness X represents the information {that a} critical worldwide epidemic may be attributable to a pathogen at present unknown to trigger human illness. And whereas the potential sources of illness X could appear huge, by centered R&D on precedence pathogens and collaborative exploration by way of our mRNA entry program, we’re constructing the pipeline to allow future response. Shortly, you’ll hear from one among our collaborators on this house. However first, I am going to take just a few further minutes to speak by our world well being portfolio extra broadly. On the subsequent slide, I am going to share with you our precedence packaging portfolio.

In 2022, we formally launched our world public well being portfolio, the present standing of that portfolio is displayed right here. The unique checklist of pathogens was created in response to the WHO, R&D blueprint precedence pathogens and precedence pathogens. Our goal stays to create a portfolio of vaccines which can be in a position to leverage our scaled manufacture and the rising security database to extra quickly reply to outbreaks sooner or later. We’ve got superior scientific candidate vaccines towards COVID-19, Zika, Chikungunya, HIV. And this yr, as I discussed beforehand, we launched our Section I/II scientific examine for pandemic influenza, now proven right here along with the worldwide — authentic world public well being portfolio. And this summer season, we started our Section I/II scientific examine of the MPOX vaccine, a program that we launched in response to current outbreaks attributable to vaccine scarcity and inequitable entry.

You might also discover that various these packages are progressing by way of public-private partnerships. We imagine that collaborations are completely vital to creating public well being vaccines that can have an effect. And we interact numerous stakeholders as a key pillar of our world public well being technique.

And as I am going to focus on on our subsequent slide, our mRNA entry program is turning into shortly the car by which we deploy our platform and proceed to replicate the priorities of our analysis group. The mRNA entry program opens our preclinical manufacturing capabilities to tutorial establishments world wide to decentralize analysis and improvement of mRNA vaccines. Our main mission is to create novel life-saving medicines towards rising and uncared for infectious ailments. The worth in mRNA entry is that the exploratory analysis that our tutorial collaborators are conducting is happening on a platform and a platform that’s constructed an early improvement engine, an engine that may speed up merchandise not solely into the clinic however to licensure. It is this sort of collaborative mannequin for modern analysis and the kind of daring method that Moderna is prepared to soak up our mission to advance the best influence on public well being.

Within the final yr, we have almost doubled the scale of our mRNA entry community, now 16 establishments sturdy. Via this system, our expertise is positioned within the fingers of world-leading specialists, permitting them to conduct cutting-edge analysis. And I am excited to introduce you to at least one such researcher, Professor Teresa Lam of the College of Oxford. Professor Lam, Head of Vaccine Immunology on the College of Oxford Pandemic Sciences Institute, an Oxford Vaccine Group, one of many main establishments on this planet devoted to vaccine analysis. She’s made a big contribution to the sector of immunology with a specific concentrate on designing and creating vaccines for infectious ailments of outbreak concern.

Professor Lam was instrumental within the improvement of the Oxford AstraZeneca COVID-19 vaccine and performed a key function in each its early design and scientific improvement. In 2021, she was appointed as an honorary officer of the British Empire for her providers to public well being. All through her profession, she has demonstrated a dedication to scientific excellence and has extensively been acknowledged for her contributions to world well being. Not too long ago, she was awarded a CEPI grant to develop AI knowledgeable vaccines towards novel pathogens with programmable applied sciences, like mRNA and the viral vector platform generally known as Chanox [ph].

I am going to now flip the ground over to Teresa Lam [ph] to talk a bit extra about her work in world well being and the paradigm shift that we’ll collectively allow in direction of higher pandemic preparedness and response.

Unidentified Firm Consultant

Thanks a lot for inviting me right here as we speak to discuss vaccine platform improvement for pandemic preparedness. I am Professor Teresa Lam [ph] and I am from the College of Oxford. In order a lot of you’ll know, there was an Ebola virus outbreak in Western Africa that began in direction of the top of 2013 and was culminated in 2016. It’s sought that roughly 11,000 people misplaced their life throughout this outbreak, a quantity that’s regarded as an enormous underestimate of what truly occurred on the bottom.

Regardless, the WHO and authorities our bodies generated successful checklist of these pathogens that they thought may trigger the subsequent pandemic or the subsequent outbreak of concern. And lots of of those viruses can be recognized to the viewers. So probably you’ve got heard of Zika virus and you’ve got heard of ebola virus, however you could not have heard of fever or Crimean-Congo hemorrhagic fever. These are all viruses that we on the College of Oxford have tried to make vaccines towards. And I have been concerned in all, if not — in most, if not all, of those packages. And there are completely different phases of improvement. We have used our viral vector platform to make vaccines towards these pathogens. We’re not the one ones to have carried out so. There have been many individuals and plenty of organizations. It has been a worldwide effort.

And actually, after we had been trying on the improvement course of and time line to make a vaccine, it sometimes takes 5 to 10 years to get a vaccine from idea all the best way to licensure. And that is as a result of usually, every of those steps are carried out sequentially. And that was definitely the state of affairs that we had been taking a look at after we began to design a candidate vaccine towards Center Jap Respiratory Syndrome, MERS is a coronavirus and it is a vaccine that we have designed, examined in our preclinical research, demonstrated efficacy in animal research, went on to do a Section 1 GMP producer after which demonstrated in our Section I scientific trials that the vaccine was immunogenic and secure. So these had been knowledge that we had previous to SARS-CoV-2 outbreak taking place in 2019, 2020.

And when that outbreak occurred, we seemed on the typical improvement course of and time line and we realized that we could not do every of those steps sequentially as a result of too many individuals would die. And this was a worldwide realization. It was not a eureka second for the College of Oxford alone. And what many producers did to allow vaccines to get to licensure quickly was to stack these research. So we did not skip something. We delivered all the pieces that you’d usually do in a 5- to 10-year program, however we took a danger and the danger that we took was a monetary danger. So earlier than we knew that we had a vaccine that was efficient or efficacious, we would already scaled up our producer in order that we might go on to license. And with out the assist of the U.Ok. authorities Serum Institute and AstraZeneca, we might haven’t have taken that danger. And that underpins a number of the classes that I’ve realized by this improvement course of and spotlight throughout the COVID pandemic.

So the primary lesson that I’ve realized is that it is advisable to plan for the long run and it is advisable to discover cash steps forward. You will have plan A, B, C, D, E. And by the point you go to F or G, you may need one thing carried out as tenable, you may need one thing that’s deliverable. I completely imagine that it is advisable to accomplice with pharma early. Lecturers are at blue skies, pondering the higher, pivoting the nice at altering the path of hassle at velocity, however what we’re not nice at is having the manpower or girls energy to get a product throughout to licensure. I do not assume that is applicable for a college. And we actually must align with pharma early in order that we’re each pulling in the identical path.

As I’ve stated, one of many largest classes I’ve realized is it is advisable to work in danger. It goes with out saying you by no means put the protection of your volunteers in danger.

And the final lesson that I’ve realized is that collaboration is totally key. Distinctive collaboration throughout authorities, regulatory authorities, worldwide our bodies, lecturers, charities and authorities our bodies and pharma, in fact, to have the ability to develop and ship a vaccine in lower than a yr. And that is what underpinned that profitable journey that we on the College of Oxford and AstraZeneca, Moderna and others have had throughout the final yr. We had been in a position to develop — and design, develop checks and ship a vaccine towards our SAR-COV2 in lower than a yr. We’ve got various different packages ongoing.

Presently in the meanwhile, I’ve a vaccine towards Sudan ebola virus, together with Congo hemorrhagic fever and virus, filovirus in Section I scientific improvement or near Section I. And the issue with these packages is that we have used the outdated improvement course of and time line. And actually what I feel we have to do now, we’re at a novel level the place we are able to take the teachings that we’ve realized from COVID and actually use these classes to hurry up the event of these kind of vaccines and all of these different vaccines that we want towards rising and outbreak pathogens.

So how will we do this? How will we allow these classes that we’ve realized to permit us to ship vaccines towards a variety of pathogens that might trigger a pandemic. So for me, the success components for a proactive method in direction of vaccine design. The best pillar was a very powerful is folks, locations and processes. You completely want a longtime alignment of worldwide collaborators. And actually, with out this pillar, you will not be capable to ship the opposite 3. You want an open enabling dialogue throughout authorities, regs, trade, academia and charities to attain what we have carried out throughout the final couple of years and to proceed to have the ability to ship in that method. I firmly imagine that you just want long-term funding that’s sustainable and joined all. And that funding must be in these international locations the place these pandemics occur most often.

Additionally, you will want fast entry or surge funding when that subsequent pandemic occurs. However truly, if we allow these 4 pillars, we’re going to have the ability to create a bedrock of impactful scientific analysis and well being outcomes. So when you’ve got these kind of eureka moments, it is not atypical so that you can notice that different folks have gone by an analogous expertise additionally very related classes. And in my case, they often put it much more eloquently.

So in 2021, the G7 leaders welcomed the 100 days mission. And this was a report that was altered by scientific, authorities and industrial specialists. And there’s a variety of suggestions inside this report, to allow readiness for diagnostics, therapeutics and vaccines for the subsequent pandemic. And a kind of suggestions that I’ll concentrate on within the final couple of slides, is to provide libraries of prototype vaccines. Why ought to we do this? Why is that vital? Properly, it should permit a paradigm shift?

So actually, what we’re speaking about is earlier than a public well being emergency of worldwide concern or a pandemic is asserted by the WHO, we even have this enabling science already accomplished, that we’ve generated vaccines towards potential pandemic threats in order that when that pandemic comes, hopefully, we can have a wealth of data across the kinds of antigens we want, the suitable vaccine platforms and different enabling analysis to implement extra readily, extra quickly these kind of scientific trials in order that we are able to have a vaccine extra quickly than a yr.

Do I feel 100 days is achievable? I feel 100 days is each inspirational and aspirational. Do I feel it is going to be powerful? Completely, however many of the good issues in life are powerful and it does not make me shrink back from the problem. It is not the one factor we have to concentrate on. We completely must concentrate on strengthening world surveillance. We want enhancements to scientific trial capability. We additionally want enhancements to reg processes. We completely want regionalized, diagnostic therapeutic and vaccine manufacturing as a result of with out this, what is going to occur throughout COVID will occur once more. LMICs can be behind and we can’t permit that to occur. LMICs referred to low and center revenue international locations.

We want sustainable pandemic financing, as I’ve already alluded to. We will consider this as nearly a security blanket, an insurance coverage coverage. And if we make investments slightly now, it means we cannot lose all these trillions that we’ve misplaced throughout the final handful of years, not to mention the human life. We have to spend money on a rigorous world well being governance system as nicely. So these are all of the kinds of enabling processes, applied sciences and ecosystem that we want to verify we’ve in order that we are able to have a very 100-day mission compliance system. However as I am a vaccinologist and an immunologist, I’ll concentrate on why I feel the libraries of prototype vaccines are vital.

So has just lately revealed a protracted checklist of viral households recognized to contaminate folks. And the U.Ok. vaccine community has additionally generated a listing of these pathogens they assume might trigger the subsequent pandemic or outbreak of worldwide concern. And the checklist from the WHO is anticipated early subsequent yr. So what ought to we do with this info? What ought to we do subsequent? I firmly imagine that we must always collaborate in direction of illness X readiness. And it is a imaginative and prescient that’s shared throughout the sector and definitely a imaginative and prescient that’s shared inside Moderna. So I imagine that it is advisable to plan for the long run and plan cash steps forward, as I’ve already stated. I feel it is advisable to generate preclinical and scientific knowledge throughout an inter-pandemic interval. You have to accomplice with pharma early. And our partnership combining tutorial rigor with scaled programmable platforms is vital.

On the mRNA entry program that Moderna have enabled has been a sport changer. It has been completely transformational, for my part. You do must work in danger. You are not going to know which one among these viral households could trigger the subsequent pandemic. And certainly, it could be a micro organism and/or different pathogen. So it is advisable to spend money on creating prototype vaccines towards various viral households figuring out that not all of them are those that you will want for the subsequent pandemic. However utilizing the information that you’ve got amassed to assist prepared for the subsequent pandemic, too, so to make the ecosystem, the folks and the processes in the most effective form for the subsequent outbreak and/or pandemic.

And once more, as I’ve already alluded to, collaboration is vital. Oxford and Moderna have a really profitable relationship ongoing that, in the meanwhile, is centered across the RNA entry facility and a model that has just lately been awarded that I’ll speak to you within the subsequent slide. And collectively, we’re collaborating to advance outbreak analysis with a validated scalable platform and to prioritize well being outcomes. And that is why that partnership for me is so vital. We’re working along with the identical ethos to develop and ship higher well being outcomes which can be scalable for the world.

So there’s been a current struggle to Oxford and Moderna and various different collaborations have been made by; we’re engaged on a vaccine library towards arenaviruses. Area viruses are viruses which have been recognized as having a pandemic potential. We’re going to use AI with our companions to hurry up vaccine improvement to assist determine novel antigens that we are able to stick into our vaccine platform applied sciences. We will use the RNA expertise for Moderna and the viral vector expertise from the College of Oxford and AstraZeneca. And what we will do is take a look at these applied sciences throughout to Section I. And in that method, we can have amassed each information and knowledge that can assist us if the subsequent outbreak had been to be an arenavirus. And this, I see as a stepping stone in direction of higher preparedness. And it’ll assist us if there’s an outbreak throughout a big selection of various viruses. There are a variety of various modern steps which can be concerned on this software that can have wide-reaching penalties throughout pandemic preparedness.

So it simply stays for me to thank everyone concerned on this wonderful quantity of labor throughout the years. I do not identify anyone as a result of I at all times neglect any individual in trigger offense. However what I wish to do is finish on a photograph of the great those who I work with on a day-to-day foundation. These are people who find themselves devoted to serving to enhance human well being and this was a go to that we had from the IPPS Committee. So I hope you’ve got the remainder of your day is great and thanks very a lot for listening to me.

Hamilton Bennett

Nice. I hope you may admire why we’re so thrilled to name for Professor Lam, a collaborator. She’s really enabling transformational work. I wish to depart you with 1 slide that I feel captures the progress that we have our platform. Earlier than you is a map tailored from CEPI that plots various rising and re-emerging infectious ailments. You may word that every one corners of the world are prone to rising and re-emerging infectious ailments. And in addition that a few of these pathogens are present in a number of areas. I hope this helps reinforce the significance of worldwide collaboration in direction of world well being safety. And once more, an idea that informs our method to public well being and Moderna collaboration.

If we click on ahead, now in crimson, I am exhibiting pathogens the place we’ve constructed or are constructing preclinical and scientific knowledge units that can permit us to carry novel vaccines and therapeutics ahead shortly utilizing our mRNA expertise. It is really exceptional progress for public well being and we look ahead to persevering with to broaden our effort by strategic collaborations within the years to come back. I am going to now hand it over to my colleague, Debbie, to speak about Moderna’s dedication to the setting and sustainability. Thanks.

Deborah Donovan

Thanks a lot, Hamilton. I am Debbie Donovan. I lead the setting, well being and security perform right here at Moderna. And I am excited to present you an replace on our environmental sustainability actions. In line with the Copernicus Local weather Change service, 2023 is on observe to be the warmest yr since we started holding data. In 2023, what you see within the photograph is a number of the devastating wildfires in Canada, smog affecting East, flooding, extreme droughts and consensus of scientists that examine local weather change are that these world occasions are the results of human actions.

Local weather change and air air pollution can have a big influence on human well being and the price of local weather change on human well being is estimated to develop to between $2 billion and $4 billion a yr by 2030. And we assist the scientific group’s consensus that local weather change is exacerbated by human exercise and we really feel it is our duty as a well being care firm to guard planetary well being and, subsequently, human well being.

For a few years, the scientific group has offered info on local weather change, that worldwide organizations, NGOs and a few governments have used to create voluntary frameworks and necessities for firms to implement. However extra just lately, world warming developments indicated that rather more motion is required and that motion is required extra shortly. And in consequence, there was a rise in new and proposed rules that can then require firms to take formal actions corresponding to to reveal on their actions and dangers associated to local weather change. This shift is most obvious within the current European Union Company Sustainability Reporting directive, CSRD and the proposed guidelines from the US Securities and Alternate Fee on Local weather-related disclosures. Presently, the SEC rule is barely proposed but when it had been adopted as is, it will formalize disclosure necessities for giant accelerated filers like Moderna, the place monitoring, reporting and in the end decreasing carbon emissions has gone from voluntary in direction of the obligatory.

As a younger firm, we’re in a really distinctive place to local weather motion as we develop and broaden across the globe. Our sustainability technique is predicated on 3 key pillars: sustainability by design, useful resource — pure useful resource conservation and decarbonizing our price chain. And these 3 pillars are constructed on a basis of data assortment, metrics and reporting, monitoring and continuous enchancment.

Earlier than I converse to a number of the actions we have achieved in 2023 on these strategic pillars, I wished to focus on some actions associated to the general sustainability program. In June of this yr, we initiated a local weather and danger state of affairs undertaking with the purpose of enhancing our understanding of climate-related dangers and alternatives and creating initiatives to mitigate these high dangers. This work will proceed into 2024.

Info on our Scope 3 emissions, these are emissions in our price chain, water use and waste era for each ’21 and ’22 at the moment are accessible to the general public on our web site. And that is along with the beforehand reported info on vitality consumption and our Scope 1 and a couple of greenhouse gasoline emissions. In July of this yr, I am additionally excited to report that we did our first CDP local weather change survey and we have shared with the CDP group, our climate-related governance, technique, danger administration and metrics and targets packages. And we have additionally elevated our knowledge assurance stage for environmental sustainability knowledge from restricted to affordable in preparation of stakeholder expectations on the robustness of knowledge verification.

Now, I might like to debate the primary of our 3 strategic sustainability pillars, what we name sustainability by design. This permits us to keep away from emissions earlier than they happen. And what we have carried out is we have integrated sustainability parts into facility design critiques. So at every gate within the design course of, sustainability questions are raised and addressed. And this helps be sure that sustainability initiatives are constructed into the power earlier than it is truly constructed. A main instance of that’s the inclusion of warmth pump applied sciences to scale back thermal vitality — sorry, to provide thermal vitality which can cut back our reliance on fossil gasoline. We have additionally integrated lead requirements in new amenities and lead incorporates vitality and water effectivity to keep away from and cut back vitality and water consumption.

On the right-hand aspect of the slide, you will see 5 new development initiatives which can be underway. The primary one scheduled for completion, subsequent yr is our new company headquarters at 325 Binney Avenue right here in Cambridge, Massachusetts. Along with our accomplice, Alexandria Actual Property, Moderna has designed our new company headquarters to be probably the most energy-efficient constructing at present constructed in Cambridge. This new facility incorporates various modern applied sciences from warmth pumps to on-site photo voltaic to rainwater harvesting.

As well as, our 4 new manufacturing amenities will even incorporate warmth pump for thermal vitality with one caveat being our facility in Laval, Canada which can use an electrical boiler. And that is thrilling as a result of the electrical energy in that native grid is predominantly from hydroelectric energy and is close to greenhouse gas-free. Our new facility in Marlboro, Massachusetts, will even make the most of warmth pumps, however it should have a backup pure gasoline boiler for when climate situations are beneath optimum temperatures for warmth pump operations. So though the power does embody a pure gasoline boiler, we anticipate these emissions to be a minor supply and it is for enterprise resilience at this new facility. So whereas vital efforts have been directed at incorporating sustainability in new initiatives as we’re increasing across the globe, we wish to keep away from greenhouse gasoline emissions in our present operations as nicely.

And in 2023, we have carried out various issues on the Norwood manufacturing facility in an effort to assess our vitality and water use, to determine alternatives to scale back vitality consumption and transition away from fossil fuels. We have additionally initiated my inexperienced lab assessments to grasp consciousness, behaviors and vitality consumption inside our laboratory areas. And MindGreenLabs is a globally acknowledged group that help many firms in bettering laboratory sustainability efficiency. And as well as, we have additionally accomplished a waste evaluation in Norwood to grasp waste era and mapping to determine enhancements each within the assortment and the disposal strategies for the waste that we generate.

And as with a lot of our friends, a good portion of our greenhouse gasoline emissions fall inside our Scope 3 class and are related to our upstream and downstream worth chains. Now accessible on fashionable.com are these Scope 3 emissions for ’21 and ’22. And understanding this info permits us to determine hotspots for greenhouse gasoline emissions in order that we are able to goal key suppliers to interact with and accomplice on reductions of their Scope 1 and a couple of emissions which can in the end profit our Scope 3 emission discount efforts.

And in addition, as talked about final yr, we proceed to supply sponsored inexperienced transportation to nearly all of our staff to allow them to make greener decisions and cut back greenhouse gasoline emissions related to worker group. So I am proud to say we have made vital efforts and enhancements to our sustainability program and we’ll proceed these efforts in 2024. We’ll incorporate the learnings from the local weather danger state of affairs evaluation into our total danger administration program. We’ll submit our greenhouse gasoline discount street map for official validation by the science-based goal initiative. And we’ll proceed to advance our vitality and greenhouse gasoline packages.

Additionally as a member of the World Financial Discussion board’s Alliance for Clear Air, we’ll be working to boost our disclosure of air pollution that are along with our disclosure on greenhouse gasoline emissions. We’ll additionally formalize our U.Ok. Carbon Discount Plan and the online zero problem in Canada. And lastly, we’ll progress our water and waste packages to boost our understanding alternatives for discount and effectivity enhancements.

And with that, I thanks and I might like to show this system over to Tracey Franklin.

Tracey Franklin

Thanks, Debbie. Hello, everybody. I am Tracey. I lead Human Sources for Moderna. I am glad to be right here once more this yr to speak about our worker efforts and the sustained exercise we have made on this house. You’ve got heard from and met a few of our unbelievable staff already. However I assumed I’d begin with a video simply to carry a number of the spirit of our staff to life for you all.

[Video being played]

Tracey Franklin

So, thanks. So we’re extremely dedicated to constructing an setting the place our folks thrive, a sponsor at first, our individuals are all the pieces for us. And so what I love to do is actually have a look at knowledge. And so we do inner surveys the place we extremely concentrate on engagement, tradition belonging, we imagine these are 3 vital substances for folks to really feel engaged and do their greatest work. Along with that, although, I learn by each single OpenText remark to get the context behind what folks thrive, what kind of an setting, what can we do higher? So we use our inner survey in addition to Stéphane talked about, we take part in a whole lot of exterior surveys. Sure, it is good to get the popularity, however extra importantly, we realized. We realized a lot about our workforce, about our staff and what we are able to do higher. So glad to proceed to focus on this space from an setting perspective.

So final yr, we launched one of many key substances that actually unites our folks is our mission, our values, our mindsets. And we use this from a belonging variety and inclusion perspective in addition to when it comes to how we scale our tradition. It is actually that underpinning to what it feels prefer to thrive in our firm.

So I am going to first concentrate on our workforce demographics. In order you may see from a gender perspective, we’re 49% all employee-based females in addition to 39% from a feminine government perspective. That dropped barely. We’ll proceed to watch that, however total, pretty pleased with these numbers. We make progress when it comes to race and ethnicity. And one of many issues that we have been centered on is actually the early expertise pipeline. So how will we proceed to rent and develop and embed this yr, we had our first MBA program that was extremely numerous, extremely feminine. And so how will we make it possible for we’re persevering with to construct these pipelines to develop in the environment.

The factor I proceed to be most pleased with is our pay fairness, so we offer equal pay for equal work. That is the second yr in a row and we’re dedicated to monitoring that transferring ahead. After which once I take into consideration scaling our tradition, we have launched this idea of a folks platform. So I confirmed our mission values and our mindsets within the earlier slide. However this idea is actually how do I have a look at our HR packages, our techniques that underlie these packages in addition to the information and the way do I make it possible for after we scale the corporate, it doesn’t matter what stage you might be, the place you might be on this planet, you are primarily having the identical worker expertise and that our tradition is actually embedded all through that worker life cycle journey.

So, we — earlier than you even joined the corporate, we’re speaking about our mindsets and what it is prefer to work in our firm. We carry our staff collectively for onboarding, a number of day onboarding, the place we actually do a mindsets immersion throughout that course.

After which, the very last thing I am going to contact on on this slide is studying and improvement. So we’ve a Moderna College and a couple of of the universities that I am going to spotlight. One is the faculty of management and tradition, the place we do a whole lot of case research, we have written inner case research for workers to essentially perceive what makes us thrive in addition to our digital school. So we’ve a whole lot of funding in actually ensuring our staff have probably the most fashionable up-to-date abilities when it comes to AI and expertise and what they want. So once more, persevering with to work on the underlying system for the way we scale the environment and our tradition.

After which along with that, we focus extremely on the person. So we’ve the system which I talked about when it comes to the packages, however then what does it truly really feel like when it comes to individuality in our firm. And so my technique for variety and inclusion begins with belonging. And why will we do this? One, I can rent numerous, I can embody you on the desk. However for those who do not feel such as you belong, you are not going to thrive in the environment. You are not going to have the ability to be your genuine self and be capable to innovate for thus many sufferers that want our medication. And in order that sense of belonging is one thing that we actually concentrate on within the firm. And our mindsets are actually united round that.

And the second factor is nicely being. We care deeply about our staff and acknowledge although that our staff are all completely different and what they want at completely different factors of their life, whether or not it is a monetary, whether or not it is from a psychological well being or household assist, all of it adjustments, as you all know, our lives are fairly dynamic and alter lots. And so we offer packages that may actually meet you the place you might be from an worker perspective. And so earlier than I flip it over to Kate, I simply wished to point out a fast video highlighting a number of the advantages that our staff admire most.

[Video being played]

Tracey Franklin

So I centered lots on the inner worker. Kate, is my pricey accomplice who focuses on exterior which staff love as nicely. So it is that internal-external communication that actually drives engagement. So I am going to go it over to Kate.

Katherine O’Malley

Thanks, Tracey and hiya, everybody. I am Kate O’Malley, Government Director of Communications at Moderna. I am happy to be right here as we speak to share a bit extra about our dedication to giving again in our communities. As Stéphane talked about in his introduction, we consistently try to increase our influence on society. And our dedication to our communities is only one instance of how we do that. We proceed to diversify and add extra packages to our giving technique and have achieved vital milestones in the previous few years.

On this slide, you may see our 4 present areas of focus. First, our company volunteering program. As we converse, our groups world wide are nonetheless celebrating all that was achieved throughout our fifth annual volunteer week. We proceed to advertise charity work all year long and our staff profit from depart for volunteering. The second program in our giving technique is worker gift-matching. Newly launched in 2022, our worker matching reward program and {dollars} for doers program, match financial donations and time volunteered again to the non-profit group. Each of those new packages are funded by the Moderna Charitable Basis. As Stéphane additionally shared in his introduction, we’re immensely proud to assist so many impactful non-profits world wide.

The third program is philanthropic giving. In April 2022, we launched the Moderna Charitable Basis to additional assist philanthropic giving at Moderna. Lower than a yr after turning into a industrial group, our Board of Administrators authorised an preliminary upfront endowment of $50 million to assist the muse and its mission. The fourth program in our giving technique is humanitarian reduction. One instance of that is the $1 million donation that our basis made to the Worldwide Medical Corps to assist medical and psychological well being providers in addition to the supply of important provides to these affected by the tragic earthquakes in Turkey and Syria.

Only a few moments in the past, my colleague, Debbie mentioned the impacts of local weather change on folks and the environment. This yr, we’ve witnessed an elevated must assist communities being affected by pure disasters, together with fires and flooding. Our basis has engaged in reduction efforts to assist these communities and we’re grateful to our staff who generously lend each their voices and sources throughout these instances of humanitarian want. These 4 basic pillars of our giving technique have additional engaged our workforce, prolonged our assist to communities and grown our partnerships with NGOs and organizations serving to underserved populations.

For the rest of my time as we speak, I am going to share further highlights from 2 of those pillars, company volunteering and philanthropic giving. As we work to maximise our optimistic influence on sufferers and society, we acknowledge that a number of the most susceptible communities proceed to be disproportionately affected by inequalities that stop them from accessing high quality and important well being care providers. Outlined by the World Well being Group, social determinants of well being are the nonmedical components that affect well being outcomes. There are situations during which individuals are born, develop, work dwell and age and the broader set of forces and techniques, shaping the situations of every day life.

Analysis reveals that these social determinants may be extra vital than well being care or way of life decisions in influencing well being. For instance, quite a few research recommend that social determinants of well being account for between 30% and 55% of well being outcomes. We additionally know that the repercussions of the COVID-19 pandemic can be felt for generations to come back. And on this slide, you may see a number of the insights from the WHO concerning the affect of the pandemic on the social determinants of well being.

As we at Moderna execute our giving technique to deal with a few of these points, our dedication to serve communities the place we dwell and work stays stronger than ever. It is a continuation of our journey and core to our mission to ship the best influence potential.

Via company volunteering, we’re not solely partaking and responding to the wants of our communities, but in addition enabling our staff to present again to their communities in assist of our mission. As Tracey alluded to in her feedback just a few moments in the past, our workforce members are the driving drive behind our scientific progress and our tradition. We’re proud to draw purpose-driven staff who imagine in Moderna’s mission. Their dedication to extending our influence by giving again to our communities was solely strengthened through the pandemic and our charitable initiatives have developed to fulfill their wants, together with extra world volunteer alternatives in addition to the matching presents program I discussed a second in the past.

Moderna is lucky to work with dozens of group companions that welcome our staff to contribute to their causes and the causes that matter most to them. This yr, we have seen a big enhance within the variety of Moderna areas internet hosting volunteer occasions, permitting us to achieve much more folks as we scale. As you understand, we imagine that mRNA can remodel medication and we’re captivated with our science. We really feel accountable to share our mission, promote training, an vital social determinant of well being in addition to innovation and curiosity which is 1 of our core values. Sparking curiosity in science from a younger age means investing in future scientists, simply as 1 instance of the place we’re focusing our volunteer efforts.

The photographs you may see on the slide illustrates the eagerness and the gratitude for which our staff volunteer in assist of various causes world wide.

Now, turning to philanthropic giving. The Moderna Charitable Basis was established in 2022 to assist organizations that promote public well being, additional entry to high quality well being care, superior scientific training and innovation and advocate for variety and inclusion, significantly in underserved populations. We’re so proud that in 2022, the muse supported organizations world wide with $7.8 million in grants, $4 million of which had been centered on bettering well being techniques and well being care in sub-Saharan Africa. Though we’re a younger basis, we really feel extraordinarily privileged to have already established partnerships with organizations which can be having a profound influence in native and world communities. I am going to spend the subsequent couple of minutes strolling you thru a few of their tales.

We’re enthusiastic about our investments in STEM and companions like Science Membership for ladies in Boston which has a imaginative and prescient of a completely inclusive and modern STEM ecosystem populated by numerous and proficient people. Training, in fact, is a crucial social determinant of well being and an vital funding within the scientists of the long run. We additionally imagine within the significance of utilizing digital channels to teach society and enhance well being literacy, particularly in communities that will lack the chance to find out about their well being in a significant and enduring method. The unbiased science podcast is an modern means to achieve communities on their well being in a method that is digestible and that meets their wants. We imagine that is vital for folks to make knowledgeable selections about their well being.

As talked about earlier than, probably the most susceptible communities are nonetheless affected by inequalities that had been vastly exacerbated by the pandemic. And in consequence, entry to psychological well being assist could also be extra vital than ever. We’re proud to assist an award-winning evidence-based marketing campaign designed and led collaboratively by the Facilities for Illness Management and Prevention and the CDC Basis within the U.S. The marketing campaign supplies tailor-made psychological well being sources, instruments and assist to advertise and strengthen the emotional well-being and resilience of Ok-12 academics and faculty employees, who expertise persistent stress, grief and loss through the pandemic and shifting geographies.

We’re additionally supporting an ongoing undertaking from Imperial Faculty London and their companions to achieve kids who’re orphaned after dropping a guardian or caregiver through the pandemic. The pilot program being carried out in Colombia, goals to determine efficient policy-driven instruments for serving to kids with a purpose of setting these insights and increasing to different international locations.

And for our closing accomplice spotlight, final yr, we started an incredible partnership with Amref Well being Africa, a company working to remodel the well being outcomes by investing in well-being and lives of ladies and youngsters as brokers of change in African communities. The Moderna Basis supported a undertaking throughout 4 counties in Kenya that use modern approaches to interact communities on the uptake of COVID-19 vaccination. Additionally to extend entry to COVID-19 vaccines by cell vaccination clinics and outreach occasions and to combine noncommunicable illness training and screening with COVID vaccination. The spectacular milestones achieved by Amref throughout our partnership this yr converse for themselves and we’re grateful for his or her vital work and the optimistic influence on communities in Kenya.

Let’s watch a brief video of workforce in motion.

[Video being played]

Katherine O’Malley

We imagine that working to deal with vaccine hesitancy and investing in resilient, equitable and built-in main care providers is important to responding to illness outbreaks. We’re grateful for our partnership with Amref and all that we’ve achieved collectively so far. With that, I am glad at hand the presentation to Shannon Klinger, our Chief Authorized Officer, who will stroll us by our governance and ethics part. Thanks.

Shannon Klinger

Thanks, Kate. My identify is Shannon Klinger and I am the Chief Authorized Officer for Moderna in addition to the President of the Moderna Charitable Basis. If you concentrate on governance, we begin with our Board of Administrators and we imagine that sound governance practices and insurance policies present the muse for establishing Moderna as a accountable company citizen, sustaining the belief of our stakeholders and guaranteeing the success of our firm. We’ve got 9 people with deep expertise in our trade and in groundbreaking innovation that allow us to do what we do every single day.

I might like to focus on only a few traits of our Board. If we have a look at our Board of Administrators, of the 9 administrators, 3 are girls. And all 3 girls on our Board chair 1 of our standing committees of which there are 5. The Board and our committees meet recurrently all year long. And we’ve an extremely engaged Board with a excessive stage of attendance and engagement that enables us as a administration workforce to leverage their X piece. For instance, deep expertise in info safety which is vital as we take into consideration issues like cybersecurity. Deep expertise within the well being care trade. Deep worldwide expertise as we proceed to broaden our footprint world wide. And naturally, manufacturing and provide chain experience to verify we ship our merchandise to the individuals who want them.

ESG oversight begins with our Board and committees for Moderna. And a real dedication requires engagement at each stage of our group. The Board’s nominating and company governance committee has principal oversight for ESG practices, our metrics, the ESG report that we talked about earlier that you’ve got been in a position to see and even the content material and the gadgets that we discuss as we speak. As well as, that committee is answerable for Board succession, figuring out new Board candidates as we proceed to make sure the proper Board for Moderna as we transfer ahead. However there are a variety of different committees who even have duty for vital ESG For instance, the Audit Committee has oversight duty for our enterprise danger administration program in addition to for cybersecurity.

And our Compensation and Expertise Committee focuses on human capital administration and oversees the nice work you heard about that Tracey talked about as we speak round belonging, inclusion, variety. Our Product Improvement Committee focuses on overseeing issues associated to product security, scientific trial design and the work that Jameka talked to us about round scientific trial variety. And eventually, our Science and Know-how Committee oversees our IP technique.

As an government committee, we’ve ESG accountability broadly dispersed amongst all of us as you see this slide. Jared Collins, our Chief Technical and Operations Officer, leads our carbon discount efforts. Albert leads our entry initiatives from a industrial perspective. Tracey, as we talked about, leads our human capital initiatives. And Stephen Hoge has oversight for scientific trials, together with the range in scientific trials.

In terms of incentives, our annual bonus packages have ESG metrics in them associated to human capital. And we wish how we imagine ESG is our price to be mirrored additionally on how we as a workforce are rewarded and incentivized. We go to the subsequent slide, as we proceed our ESG journey, it is vital that we repeatedly interact with our stakeholders and validate our understanding of these subjects which can be most vital for Moderna. With this goal in thoughts, earlier this yr, we launched a materiality evaluation which included an evaluation of our double materiality. Double materiality takes into consideration each monetary and nonfinancial materials impacts of an organization’s ESG components.

Our evaluation is being carried out throughout 2 dimensions and outdoors in evaluation which seems at how ESG components influence our monetary efficiency and worth creation in addition to an inside out which seems at how Moderna’s actions, services and products influence society and the setting. You heard us point out a number of instances as we speak that we’re centered on delivering the best influence to folks with our mRNA medicines. We imagine that conducting this double materiality evaluation is a crucial step in our journey to grasp how ESG components are interconnected and drive our influence as an organization and likewise to raised perceive how we are able to improve our communication and engagement with our stakeholders, like all of you who’re listening as we speak, along with complying with new regulatory necessities and reporting requirements.

So this yr, we launched a double materiality evaluation with sure traits which we expect will greatest assist Moderna achieve insights which can be related to us. First, we have chosen a strategy and a platform that enables us to research an enormous quantity of knowledge and we leverage AI entry info and the potential materials subjects for Moderna. A few of this info contains, for instance, the newest trade developments, new rules, information and media in addition to details about our friends.

Second, we’re compiling the information with a stakeholder survey, the place we have engaged key teams. With this info, we’ll be capable to full our double materiality evaluation which can inform our subsequent report. It has been tremendous thrilling to see that throughout every of our stakeholder teams on the surface that we have engaged, the response fee has exceeded what we perceive to be an trade benchmark. And we thank all of you who participated this yr and look ahead to your persevering with contributions going ahead. Lastly, one of many key traits of the method that we’re constructing is that we will repeatedly monitor materials adjustments to our evaluation and interact meaningfully with our stakeholders in actual time about these ESG subjects which can be each most related to you and most related to Moderna.

In terms of our ethics and compliance program, we’re persevering with to evolve that program to be — to evolve as Moderna itself is evolving. And you’ll see the important thing parts of that program on One instance is transferring to principal-based insurance policies that may information our staff of their selections. Additionally, we proceed to construct a risk-based due diligence and monitoring processes and embed a patient-centered tradition in all of our trainings and communications; and we do all of this with a digital-first mindset.

When it comes to our provide chain, we’re persevering with to boost sustainability throughout our third events as nicely. Since our name final yr, we’ve launched our sustainable and accountable procurement program in addition to our third-party code of conduct. We proceed to interact with our companions and suppliers to construct a provide chain that displays Moderna’s values. We’re integrating our expectations of third events all through our procurement course of and just lately launched an evaluation of our suppliers by spend on the varied subjects that you just see on the backside of the slide to make it possible for their efficiency in every of those areas mirrors Moderna’s dedication and values in every of these areas. And we’re additionally partaking with our friends in PSCI to be taught and align on greatest practices that may maximize the influence collectively we are able to have on our trade, on the environment and our communities. And we’re persevering with to work in a very powerful varieties to be a part of that shared resolution going ahead.

Lastly, we stay dedicated to transparency about our ESG efforts. We have mirrored this in our second annual ESG report that was issued earlier this yr. I invite all of you to check out it in case you have not had an opportunity to take action in addition to the ESG occasion that we’re having as we speak. And we’re persevering with to concentrate on enhancing our disclosures throughout our web site in order that in actual time, you can also see the place are we, how are we measuring ourselves, how are we holding ourselves and watch us proceed to enhance as we transfer by our journey.

An vital spotlight this yr was already shared by Debbie. We revealed our environmental 2021 and 2022 knowledge that had third-party assurance for instance of how we’re accelerating our journey and getting ready to adjust to new regulatory and disclosure necessities round our environmental efforts. We all know that we can’t create probably the most impactful model of Moderna in isolation. Your steady enter into our goal is vital for us and helps us anticipate your wants to make sure we create long-term worth. We’re excited concerning the alternative to proceed our dialogue and show Moderna’s accountability to our total ESG technique. We look ahead to partaking in our Q&A as we speak and after this occasion.

And with that, I hand it over to Stéphane for closing.

Stéphane Bancel

Properly, Shannon and workforce, thanks a lot for these thrilling shows. I hope everyone understands that this framework that I described in my introduction is actually key to how we take into consideration constructing the corporate. We’re not taking a short-term view on this firm. We have at all times thought in 5-, 10-year increments. And the way will we construct the most effective model of Moderna that influence probably the most variety of folks. That’s actually the driving drive behind all the pieces we do. I hope you’ve got seen as we speak what the workforce has proven you when it comes to progress but in addition by each completely different individuals, the dedication. And we did not choose the one folks Moderna which can be very dedicated to all these ESG matter; that is of the workforce. And what’s thrilling is it’s kind of of a snowball impact which is extra we engaged folks, the extra folks can interact with the corporate within the completely different subjects that they’re captivated with.

Everyone is by various things and we’re making an attempt to essentially discover the most effective match. So that actually all expertise is ready to take the corporate to the subsequent stage to problem all of us, together with the administration workforce, together with the Board that we construct the most effective model of Moderna. There isn’t a different goal that we’ve however to carry the best potential influence to folks to mRNA medication. We imagine in wonderful platform and we wish to make it possible for we maximize its influence. So with this, I wish to name Vertib to affix me please, for our Q&A session. Operator, let’s get into Q&A. Thanks.

Query-and-Reply Session

A – Lavina Talukdar

Thanks, everybody, for all these nice shows. [Operator Instructions] Okay. I do see some questions coming in which have already been submitted. So let me kick it off with these. The primary one is a broad query on ESG and I am going to ask Stéphane to reply this one, please. Please touch upon the way you view the intersection of ESG and its function in Moderna’s enterprise technique. Stéphane?

Stéphane Bancel

Sure. Thanks, Lavina. I feel it goes again to what I shared in my introduction which is we at all times begin with the top sport which is we’ve this wonderful information-powered molecule platform. And the query is how will we maximize the influence on sufferers for those who take a 5-year, 10-year, 20-year view on the corporate? And that has at all times been our mindset since we began 12, 13 years in the past. And every single day, we ask for a similar query which is how will we maximize influence on sufferers. It is the mission that I offered twice as we speak is definitely painted in each convention room of the corporate. And I can let you know, we level to it a number of assembly and that is actually our true north. And so the ESG framework for us is only a method to consider the influence and the way will we construct a sustainable enterprise that’s the greatest model of Moderna. That’s accountable concerning the setting.

However in fact, it is deeply caring concerning the staff who construct the enterprise and run the enterprise every single day. With out them, there’s nothing. And the way the completely different stakeholders of the corporate are concerned within the design of this greatest model of Moderna, that is what we care about which is why as Shannon stated, we’re more than happy by all of the investor suggestions we received through the fall and we wish to proceed to have that suggestions coming in in order that we are able to work out what’s the most effective path, however that is actually why we expect it is so vital for Moderna.

Lavina Talukdar

Nice. There are a number of questions within the queue about our dedication to creating rising pathogens. By 2025, are you able to elaborate — this query can be for Hamilton on the number of viruses to develop vaccines towards and might analysis from mRNA entry contribute to the choice course of. Hamilton?

Hamilton Bennett

Sure. Thanks very a lot for the query. As I discussed through the presentation, our preliminary checklist was shaped by info that we had been amassing from world stakeholders, the WHO, SEPI, NIH. And that shaped the preliminary prioritization of the pathogens that we name form of the 15 25 pathogens. However we’re additionally trying to mRNA entry and continued engagement with these exterior stakeholders to inform us what the subsequent wave of program must be, the place can we use our expertise to have the best public well being influence, the place will we see promise for mRNA science and the place can we actually deploy our expertise uniquely to have a optimistic influence on public well being. So it is a portfolio of packages that we proceed to judge, proceed to reprioritize and we do this by ongoing dialogue with our exterior stakeholders and exterior scientists.

Lavina Talukdar

Nice. Thanks, Hamilton. A technical query for Deborah Donovan, please. What are the subsequent steps with SBTI?

Deborah Donovan

Thanks for the query. The following steps for us are to submit our short-term and long-term objectives together with our street map for SBTI to judge. And what they do at SBTI is that they have a look at these objectives and the speed of decarbonization to verify it is according to the Paris Local weather Accord which was primarily based on the worldwide panel on local weather change, scientists, the 1.5-degree state of affairs, they name it, to make it possible for we hold warming beneath 1.5 levels C. So the science-based goal initiatives make it possible for our targets at Moderna are aggressive sufficient and that they’re according to the newest local weather science. And we’ll submit that in early subsequent yr and get validation of these targets, hopefully by midyear.

Lavina Talukdar

Nice. Yet another for Debbie. Might you present us a time horizon by which you should have completed the auditing strategy of Scope 3 emissions?

Deborah Donovan

So in Scope 3 emissions, we — I would not name it auditing course of, however the best way we have calculated Scope 3 emissions is we have engaged exterior assist. We use the STEM-based technique in addition to a number of the modeling that is accessible that will get to the main points of the completely different classes of upstream and downstream emissions. And we’ve a third-party verifier that assures each the method and the information. So I am undecided if that is what the query was referring to when it comes to the audit, however we’ve a third-party verification of that knowledge and of our course of. And if there are any enchancment alternatives within the course of, we get that from the verifier after which we clearly repeatedly enhance our inner mechanisms.

Lavina Talukdar

Nice. Thanks. A query on tradition for Tracey. Tracey, are you able to please spotlight measurement metrics and that you just use internally, whether or not they’re of off-the-shelf measurement testing processes or if they’re customized made for Moderna?

Tracey Franklin

Thanks. We do a mix of each. And so like I stated within the presentation, knowledge is our pal and it is one thing that we search. So there are mechanisms and surveys that we use internally that we’ve the flexibility to customise, however we additionally have a look at greatest practices and mixtures of issues that we must always ask. After which the exterior recognition and surveys that we take part in additionally give us knowledge again so we are able to have a look at benchmarks and monitor these as nicely. And along with onerous knowledge, we’ve worker useful resource teams. We’ve got the voice of the worker and so they present us ongoing subjective suggestions. After which one different one we do complete rewards optimization surveys. So such as you noticed have the customization when it comes to how we take into consideration advantages, we actually do a whole lot of analysis round what could be useful for people and what they really need earlier than we implement them. Thanks for the query.

Lavina Talukdar

Nice. Thanks, Tracey. A query on governance for Shannon. Are you able to converse to the Board’s talent set and expertise and the way it contributes to ESG oversight?

Tracey Franklin

I feel we talked about that additionally through the presentation when it comes to having a Board with a various background who labored everywhere in the world with deep expertise in areas like info safety after we take into consideration cybersecurity as a danger from an ESG perspective. After we take into consideration dwelling and dealing globally and serving to be sure that we’ve the proper entry packages as we proceed our ambition to launch 15 packages over the subsequent 5 years. If we take into consideration the expertise that they’ve operating different firms, oversee issues like environmental, social and governance packages to assist us be the most effective model of ourselves. And so for us, we expect we’ve the proper oversight, beginning with the Nomination and Governance Committee. However actually, as we talked about this presentation, each single committee on our Board performs a job in guaranteeing that we execute on our ESG technique to be the most effective model of the Moderna.

Lavina Talukdar

Nice. And — it is a broader query that I am going to open it as much as the panel, as a result of I am positive every of you should have one thing that you just wish to focus on. What’s an thrilling space of Moderna’s ESG efforts that you just assume traders do not ask sufficient about? What’s lacking from the conversations you’ve got and that you just want traders might even be of assistance on within the strategy of your — on the method of your vital ESG work. So let’s kick that off with Stéphane first.

Stéphane Bancel

So how lengthy do you’ve got, Lavina. No, severely, I feel it is round all of the chapters for me as a result of ESG will not be one magic bullet, the setting or folks or tradition of a group. It is actually about how will we construct the corporate and talking about all of the stakeholders and is elevating the bar every single day, every single day, every single day. This obsession about studying that we’ve as a part of our mindset is important, not solely the work we do in science, however simply how we run the enterprise. We talked about it the usage of AI in our current digital there. And it is one thing round ESG which is — it is at all times a part of the dialogue which is how will we increase the bar on these subjects which is why after we meet with traders, there’s a lot to speak about with product and financials and science that a whole lot of time, there’s not sufficient time to speak about ESG.

And so, I actually welcome alternatives to be taught from different firms. We do a whole lot of benchmark ourselves, attempt to evaluate ourselves to the most effective throughout industries, in fact, not biopharma throughout industries. However I feel that to how will we hold elevating the band, how will we prioritize the street maps to make it possible for we hold turning into the most effective model of Moderna.

Lavina Talukdar

Nice. And because it appears we’re at time, there are not any further questions submitted by the portal. However as everybody is aware of, please do contact the IR workforce. We’re glad to take all your questions. And with that, I want everybody an ideal day and thanks to all of our presenters and the viewers as nicely.