Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-16

Moderna, Inc. (MRNA)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$19,932,217
Stéphane Bancel total, FY2025
53rd
CEO pay percentile vs peers
89:1
CEO-to-median pay ratio
65.11%
Say-on-pay support, latest vote
Companies that benchmark against MRNA
12 companies name MRNA as a compensation peer

Each company listed discloses MRNA in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named MRNA in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Stéphane Bancel$1,677,739$0$6,897,455$6,897,425$4,302,360$0$157,238$19,932,217
Chief Executive Officer
Stephen Hoge1,260,00009,196,6064,598,2772,983,500015,75018,054,133
President
James Mock852,19202,452,4041,226,2051,311,210015,7505,857,761
Chief Financial Officer
Shannon Klinger852,19202,145,8381,072,9241,311,210015,7505,397,914
Chief Legal Officer and Corporate Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Stéphane Bancel$19,932,217$19,876,180$17,068,514+56,037
Stephen Hoge18,054,1339,181,4787,339,166+8,872,655
James Mock5,857,76117,212,5824,317,185−11,354,821
Shannon Klinger5,397,91417,368,7014,312,496−11,970,787

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
James MockChief Financial Officer2026-04-02D703$50$35,171CommonForm 4 ↗
Dividend-equivalent accruals2026-04-021,4531 insider, 1 accrual row
James MockChief Financial Officer2026-04-02A1,453CommonForm 4 ↗
Abbas HussainDirector2026-04-30A16,233CommonForm 4 ↗
David RubensteinDirector2026-04-30A8,116CommonForm 4 ↗
Abbas HussainDirector2026-04-30D5,68247264,952CommonForm 4 ↗
Elizabeth TallettDirector2026-04-30D4,05800Derivative, Class A CommonForm 4 ↗
Elizabeth G. NabelDirector2026-04-30A16,233CommonForm 4 ↗
Francois NaderDirector2026-04-30A12,174CommonForm 4 ↗
Abbas HussainDirector2026-04-30D16,23300Derivative, Class A CommonForm 4 ↗
David RubensteinDirector2026-04-30D8,11600Derivative, Class A CommonForm 4 ↗
Sandra HorningDirector2026-04-30A16,233CommonForm 4 ↗
Elizabeth G. NabelDirector2026-04-30D16,23300Derivative, Class A CommonForm 4 ↗
Elizabeth TallettDirector2026-04-30A4,058CommonForm 4 ↗
Sandra HorningDirector2026-04-30D16,23300Derivative, Class A CommonForm 4 ↗
Francois NaderDirector2026-04-30D12,17400Derivative, Class A CommonForm 4 ↗
Sandra HorningDirector2026-05-06A2,09200Derivative, Class A CommonForm 4 ↗
Noubar AfeyanDirector2026-05-06A12,90800Derivative, Class A CommonForm 4 ↗
Sandra HorningDirector2026-05-06A9,68100Derivative, Class A CommonForm 4 ↗
Francois NaderDirector2026-05-06A4,18500Derivative, Class A CommonForm 4 ↗
David RubensteinDirector2026-05-06A9,68100Derivative, Class A CommonForm 4 ↗
David RubensteinDirector2026-05-06A2,09200Derivative, Class A CommonForm 4 ↗
Francois NaderDirector2026-05-06A6,45400Derivative, Class A CommonForm 4 ↗
Elizabeth G. NabelDirector2026-05-06A8,37100Derivative, Class A CommonForm 4 ↗
Abbas HussainDirector2026-05-06A8,37100Derivative, Class A CommonForm 4 ↗
Elizabeth TallettDirector2026-05-06A8,37100Derivative, Class A CommonForm 4 ↗
Stephen HogePresident2026-05-15A16,11019308,507CommonForm 4 ↗
Stephen HogePresident2026-05-15A37,22619712,878CommonForm 4 ↗
Stephen HogePresident2026-05-15D53,336482,581,462CommonForm 4 ↗
Stephen HogePresident2026-05-15D37,22600Derivative, Class A CommonForm 4 ↗
Stephen HogePresident2026-05-15D16,11000Derivative, Class A CommonForm 4 ↗
Noubar AfeyanDirector2026-05-21D9,26347433,879Common, indirectForm 4 ↗
Noubar AfeyanDirector2026-05-21A9,26319177,386Common, indirectForm 4 ↗
Noubar AfeyanDirector2026-05-21D9,26300Derivative, Class A CommonForm 4 ↗
Stephen HogePresident2026-05-27A1,437CommonForm 4 ↗
Stephen HogePresident2026-05-27D2954814,045CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-05-27A773CommonForm 4 ↗
James MockChief Financial Officer2026-05-27A328CommonForm 4 ↗
Dividend-equivalent accruals2026-05-274,2493 insiders, 6 accrual rows
Shannon KlingerChief Legal Officer2026-05-27A328CommonForm 4 ↗
Stephen HogePresident2026-05-27D6954732,686CommonForm 4 ↗
Stephen HogePresident2026-05-27A610CommonForm 4 ↗
James MockChief Financial Officer2026-05-27D3744717,589CommonForm 4 ↗
James MockChief Financial Officer2026-05-27D159487,570CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-05-27D159487,570CommonForm 4 ↗
James MockChief Financial Officer2026-05-27A773CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-05-27D3744717,589CommonForm 4 ↗
James MockChief Financial Officer2026-06-01D1,1974756,486CommonForm 4 ↗
Stephen HogePresident2026-06-01A9,282CommonForm 4 ↗
James MockChief Financial Officer2026-06-01D2,47500Derivative, Class A CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-06-01A2,165CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-06-01D1,0474749,408CommonForm 4 ↗
Stephen HogePresident2026-06-01D4,48847211,789CommonForm 4 ↗
Stephen HogePresident2026-06-01D9,28200Derivative, Class A CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-06-01D2,16500Derivative, Class A CommonForm 4 ↗
James MockChief Financial Officer2026-06-01A2,475CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-06-04D3,47150173,550CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-06-04D5,70552294,321CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-06-04D11,79800Derivative, Class A CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-06-04D3,47100Derivative, Class A CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-06-04A11,798CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-06-04A3,47131107,462CommonForm 4 ↗
James MockChief Financial Officer2026-06-05D5,70552294,321CommonForm 4 ↗
James MockChief Financial Officer2026-06-05D11,79800Derivative, Class A CommonForm 4 ↗
James MockChief Financial Officer2026-06-05A11,798CommonForm 4 ↗
Stephen HogePresident2026-06-15D16,11000Derivative, Class A CommonForm 4 ↗
Stephen HogePresident2026-06-15D53,336512,739,870CommonForm 4 ↗
Stephen HogePresident2026-06-15A16,11019308,507CommonForm 4 ↗
Stephen HogePresident2026-06-15A37,22619712,878CommonForm 4 ↗
Stephen HogePresident2026-06-15D37,22600Derivative, Class A CommonForm 4 ↗
James MockChief Financial Officer2026-07-02A1,452CommonForm 4 ↗
Dividend-equivalent accruals2026-07-021,4521 insider, 1 accrual row
James MockChief Financial Officer2026-07-02D7037350,968CommonForm 4 ↗
Soria Ester BanqueChief Commercial Officer2026-07-05A18,65800Derivative, Class A CommonForm 4 ↗
Soria Ester BanqueChief Commercial Officer2026-07-05A38,36400Derivative, Class A CommonForm 4 ↗
Michael R. McDonnellDirector2026-07-08A5,73300Derivative, Class A CommonForm 4 ↗
Michael R. McDonnellDirector2026-07-08A7,41500Derivative, Class A CommonForm 4 ↗
Dividend-equivalent accruals2026-07-081,6181 insider, 1 accrual row
Stephen HogePresident2026-07-15D16,11000Derivative, Class A CommonForm 4 ↗
Stephen HogePresident2026-07-15A16,11019308,507CommonForm 4 ↗
Stephen HogePresident2026-07-15A37,22619712,878CommonForm 4 ↗
Stephen HogePresident2026-07-15D53,336683,605,514CommonForm 4 ↗
Stephen HogePresident2026-07-15D37,22600Derivative, Class A CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 88 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
James MockChief Financial Officer2026-04-02D703$50$35,171CommonForm 4 ↗
James MockChief Financial Officer2026-04-02D1,45300Derivative, Class A CommonForm 4 ↗
James MockChief Financial Officer2026-04-02A1,453CommonForm 4 ↗
Abbas HussainDirector2026-04-30A16,233CommonForm 4 ↗
David RubensteinDirector2026-04-30A8,116CommonForm 4 ↗
Abbas HussainDirector2026-04-30D5,68247264,952CommonForm 4 ↗
Elizabeth TallettDirector2026-04-30D4,05800Derivative, Class A CommonForm 4 ↗
Elizabeth G. NabelDirector2026-04-30A16,233CommonForm 4 ↗
Francois NaderDirector2026-04-30A12,174CommonForm 4 ↗
Abbas HussainDirector2026-04-30D16,23300Derivative, Class A CommonForm 4 ↗
David RubensteinDirector2026-04-30D8,11600Derivative, Class A CommonForm 4 ↗
Sandra HorningDirector2026-04-30A16,233CommonForm 4 ↗
Elizabeth G. NabelDirector2026-04-30D16,23300Derivative, Class A CommonForm 4 ↗
Elizabeth TallettDirector2026-04-30A4,058CommonForm 4 ↗
Sandra HorningDirector2026-04-30D16,23300Derivative, Class A CommonForm 4 ↗
Francois NaderDirector2026-04-30D12,17400Derivative, Class A CommonForm 4 ↗
Sandra HorningDirector2026-05-06A2,09200Derivative, Class A CommonForm 4 ↗
Noubar AfeyanDirector2026-05-06A12,90800Derivative, Class A CommonForm 4 ↗
Sandra HorningDirector2026-05-06A9,68100Derivative, Class A CommonForm 4 ↗
Francois NaderDirector2026-05-06A4,18500Derivative, Class A CommonForm 4 ↗
David RubensteinDirector2026-05-06A9,68100Derivative, Class A CommonForm 4 ↗
David RubensteinDirector2026-05-06A2,09200Derivative, Class A CommonForm 4 ↗
Francois NaderDirector2026-05-06A6,45400Derivative, Class A CommonForm 4 ↗
Elizabeth G. NabelDirector2026-05-06A8,37100Derivative, Class A CommonForm 4 ↗
Abbas HussainDirector2026-05-06A8,37100Derivative, Class A CommonForm 4 ↗
Elizabeth TallettDirector2026-05-06A8,37100Derivative, Class A CommonForm 4 ↗
Stephen HogePresident2026-05-15A16,11019308,507CommonForm 4 ↗
Stephen HogePresident2026-05-15A37,22619712,878CommonForm 4 ↗
Stephen HogePresident2026-05-15D53,336482,581,462CommonForm 4 ↗
Stephen HogePresident2026-05-15D37,22600Derivative, Class A CommonForm 4 ↗
Stephen HogePresident2026-05-15D16,11000Derivative, Class A CommonForm 4 ↗
Noubar AfeyanDirector2026-05-21D9,26347433,879Common, indirectForm 4 ↗
Noubar AfeyanDirector2026-05-21A9,26319177,386Common, indirectForm 4 ↗
Noubar AfeyanDirector2026-05-21D9,26300Derivative, Class A CommonForm 4 ↗
Stephen HogePresident2026-05-27A1,437CommonForm 4 ↗
Stephen HogePresident2026-05-27D2954814,045CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-05-27A773CommonForm 4 ↗
James MockChief Financial Officer2026-05-27A328CommonForm 4 ↗
Stephen HogePresident2026-05-27D1,43700Derivative, Class A CommonForm 4 ↗
James MockChief Financial Officer2026-05-27D32800Derivative, Class A CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-05-27D32800Derivative, Class A CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-05-27A328CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-05-27D77300Derivative, Class A CommonForm 4 ↗
Stephen HogePresident2026-05-27D61000Derivative, Class A CommonForm 4 ↗
Stephen HogePresident2026-05-27D6954732,686CommonForm 4 ↗
Stephen HogePresident2026-05-27A610CommonForm 4 ↗
James MockChief Financial Officer2026-05-27D3744717,589CommonForm 4 ↗
James MockChief Financial Officer2026-05-27D159487,570CommonForm 4 ↗
James MockChief Financial Officer2026-05-27D77300Derivative, Class A CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-05-27D159487,570CommonForm 4 ↗
James MockChief Financial Officer2026-05-27A773CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-05-27D3744717,589CommonForm 4 ↗
James MockChief Financial Officer2026-06-01D1,1974756,486CommonForm 4 ↗
Stephen HogePresident2026-06-01A9,282CommonForm 4 ↗
James MockChief Financial Officer2026-06-01D2,47500Derivative, Class A CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-06-01A2,165CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-06-01D1,0474749,408CommonForm 4 ↗
Stephen HogePresident2026-06-01D4,48847211,789CommonForm 4 ↗
Stephen HogePresident2026-06-01D9,28200Derivative, Class A CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-06-01D2,16500Derivative, Class A CommonForm 4 ↗
James MockChief Financial Officer2026-06-01A2,475CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-06-04D3,47150173,550CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-06-04D5,70552294,321CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-06-04D11,79800Derivative, Class A CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-06-04D3,47100Derivative, Class A CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-06-04A11,798CommonForm 4 ↗
Shannon KlingerChief Legal Officer2026-06-04A3,47131107,462CommonForm 4 ↗
James MockChief Financial Officer2026-06-05D5,70552294,321CommonForm 4 ↗
James MockChief Financial Officer2026-06-05D11,79800Derivative, Class A CommonForm 4 ↗
James MockChief Financial Officer2026-06-05A11,798CommonForm 4 ↗
Stephen HogePresident2026-06-15D16,11000Derivative, Class A CommonForm 4 ↗
Stephen HogePresident2026-06-15D53,336512,739,870CommonForm 4 ↗
Stephen HogePresident2026-06-15A16,11019308,507CommonForm 4 ↗
Stephen HogePresident2026-06-15A37,22619712,878CommonForm 4 ↗
Stephen HogePresident2026-06-15D37,22600Derivative, Class A CommonForm 4 ↗
James MockChief Financial Officer2026-07-02A1,452CommonForm 4 ↗
James MockChief Financial Officer2026-07-02D1,45200Derivative, Class A CommonForm 4 ↗
James MockChief Financial Officer2026-07-02D7037350,968CommonForm 4 ↗
Soria Ester BanqueChief Commercial Officer2026-07-05A18,65800Derivative, Class A CommonForm 4 ↗
Soria Ester BanqueChief Commercial Officer2026-07-05A38,36400Derivative, Class A CommonForm 4 ↗
Michael R. McDonnellDirector2026-07-08A5,73300Derivative, Class A CommonForm 4 ↗
Michael R. McDonnellDirector2026-07-08A7,41500Derivative, Class A CommonForm 4 ↗
Michael R. McDonnellDirector2026-07-08A1,61800Derivative, Class A CommonForm 4 ↗
Stephen HogePresident2026-07-15D16,11000Derivative, Class A CommonForm 4 ↗
Stephen HogePresident2026-07-15A16,11019308,507CommonForm 4 ↗
Stephen HogePresident2026-07-15A37,22619712,878CommonForm 4 ↗
Stephen HogePresident2026-07-15D53,336683,605,514CommonForm 4 ↗
Stephen HogePresident2026-07-15D37,22600Derivative, Class A CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Stephen HogeRSU2025-03-01148,524$4,598,303
Stephen HogePSU2025-03-0174,262148,524148,524297,0484,598,303
Shannon KlingerRSU2025-03-0134,6551,072,919
James MockOPTION2025-03-011,226,205
Stephen HogeOPTION2025-03-014,598,277
James MockRSU2025-03-0139,6061,226,202
Shannon KlingerOPTION2025-03-011,072,924
Shannon KlingerPSU2025-03-0117,32734,65534,65569,3101,072,919
Stéphane BancelPSU2025-03-01111,393222,786222,786445,5726,897,455
Stéphane BancelOPTION2025-03-016,897,425
James MockPSU2025-03-0119,80339,60639,60679,2121,226,202
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Stephen Hoge$4,598,303$4,598,303$4,598,27733.3%
Shannon Klinger1,072,9191,072,9191,072,92433.3%
James Mock1,226,2021,226,2021,226,20533.3%
Stéphane Bancel06,897,4556,897,42550.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
James MockRSU5,811$171,366
Shannon KlingerOption944149.52
Stephen HogeOption24,69196.2
Stephen HogeOption11,631138.81
Stéphane BancelOption9,148149.52
Stéphane BancelOption357,06530.96
Stephen HogeRSU3,05390,033
Shannon KlingerOption55,54330.96
Shannon KlingerRSU141,5714,174,929
James MockRSU6,963205,339
Shannon KlingerRSU12,377364,998
James MockOption10,969125.62
Shannon KlingerOption13,29696.2
Shannon KlingerOption60,21696.2
James MockOption6,263138.81
Shannon KlingerRSU6,963205,339
Shannon KlingerOption6,263138.81
James MockRSU5,260155,117
Shannon KlingerRSU5,260155,117
Shannon KlingerRSU1,64448,482
Stephen HogeRSU65219,227
Stéphane BancelOption40,260138.81
Stéphane BancelOption85,46996.2
James MockOption13,29696.2
Stephen HogeOption2,644149.52
Stéphane BancelRSU222,7866,569,959
James MockRSU141,5714,174,929
Stephen HogeOption238,04330.96
Stéphane BancelRSU79,5712,346,549
James MockOption63,47830.96
Stephen HogeRSU12,931381,335
Shannon KlingerRSU2336,871
James MockOption60,21696.2
James MockRSU1,64448,482
James MockRSU12,377364,998
James MockRSU39,6061,167,981
Stephen HogeRSU148,5244,379,973
Shannon KlingerRSU34,6551,021,976
Stephen HogeRSU22,987677,887
Stéphane BancelRSU22,543664,793
Stephen HogeRSU9,768288,058
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is guided by our overarching philosophy of paying for demonstrable performance and impact.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantPay Governance LLC
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-06169,401,84190,761,924440,05065.11%Passed
20242024-05-06248,175,28425,923,518488,27990.54%Passed
20232023-05-03254,146,33534,946,6121,618,04887.91%Passed
20222022-04-28277,970,06420,992,879442,03692.98%Passed
20212021-04-28222,266,80216,973,0222,483,79091.95%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-0665.11%a
20242024-05-0690.54%b
20232023-05-0387.91%c

a. Approved under the standard stated in the filing — “2, the abstention will have no effect on the results of this vote.”.

b. Voting standard not stated in the filing.

c. Approved under the standard stated in the filing — “2, the abstention will have no effect on the results of this vote.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)89 : 1
CEO total compensation$19,932,217
Median employee compensation$225,053
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Noubar Afeyan, Ph.DNot independent · Board Chair$130,000$463,281$0$65,142$658,423
François Nader, M.DIndependent · Compensation and Talent (Chair) · Nominating and Corporate Governance (Chair)120,000347,446115,8210583,267
Sandra Horning, M.DIndependent · Product and Technology (Chair) · Nominating and Corporate Governance100,000463,2900563,290
Elizabeth TallettIndependent · Audit (Chair) · Compensation and Talent100,000115,816347,4610563,277
Abbas HussainIndependent · Audit · Product and Technology80,000463,2900543,290
Elizabeth Nabel, M.DIndependent · Compensation and Talent · Product and Technology80,000463,2900543,290
Paul SaganIndependent · Audit · Nominating and Corporate Governance · Not standing for re-election80,000463,2810543,281
David RubensteinIndependent · Audit80,000231,631231,6410543,272
Stéphane BancelEmployee director · Board Chair · Executive (Chair)00000
09

Board fee structure and ownership guideline

Annual cash retainer$80,000
Annual equity retainer$425,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline6x annual cash retainer ($480,000)
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$770,000
Equity awards (grant-date value)$2,084,763
All other compensation$65,142
Total cost of the board$2,919,905

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Moderna, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Moderna, Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Exelixis2025Michael Morrissey$1,306,040$30,539,552$0$1,382,591$33,239,183
2Incyte Corporation2025William Meury647,26027,509,6572,573,9981,300,00032,085,952
3Biogen2025Christopher Viehbacher1,727,88518,368,87503,190,87523,646,004
4PTC Therapeutics2025Matthew Klein958,50016,593,8004,399,7601,294,00023,266,326
5BioMarin Pharmaceutical2025Alexander Hardy1,130,76916,833,6291,909,3101,644,50021,927,563
6Bristol-Myers Squibb2025Christopher Boerner1,586,34616,061,39903,754,68421,879,919
7Vertex Pharmaceuticals2025Reshma Kewalramani1,600,00015,002,27004,118,64021,144,261
8Merck2025Robert Davis1,645,30212,102,8383,380,0042,326,50020,797,845
9Moderna, Inc.2025Stéphane Bancel1,677,7396,897,4556,897,4254,302,36019,932,217
10Jazz Pharmaceuticals2025Renee Gala1,003,26916,138,43301,980,00019,151,558
11United Therapeutics2025Martine Rothblatt1,545,0056,067,9906,075,8044,281,87518,038,972
12BeOne Medicines2025John Oyler1,133,00011,249,6153,749,9671,676,84017,943,521
13Alnylam Pharmaceuticals2025Yvonne Greenstreet1,404,2005,512,5004,363,3803,562,50014,867,600
14Neurocrine Biosciences2025Kyle Gano920,0005,750,0235,750,006013,448,935
15Ionis Pharmaceuticals2025Brett Monia1,051,7768,444,8381,438,105013,350,777
16Ultragenyx Pharmaceutical2025Emil Kakkis861,1008,364,9381,847,356299,66311,405,535
17Sarepta Therapeutics2025Douglas Ingram1,171,4256,000,0050649,0007,840,666
18Regeneron Pharmaceuticals2025Leonard Schleifer1,979,922003,682,6557,280,549

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Moderna, Inc.170%PSU 50 · Options 50NoPay Governance LLC
Alnylam Pharmaceuticals200%PSU 50 · RSU 25 · Options 25NoPay Governance
BeOne Medicines148%PSU 50 · Options 25 · RSU 25NoPay Governance
Biogen127%PSU 60 · RSU 40YesPay Governance
BioMarin Pharmaceutical130%PSU 66 · RSU 21 · Options 13Yes — Relative TSRAon Human Capital Solutions
Bristol-Myers Squibb157.66%PSU 60 · MSU 40Yes — 3-Year Relative TSR CAGRFarient Advisors LLC
Exelixis105%PSU 50 · RSU 50Yes — 2025 Relative TSR GoalAon
Incyte Corporation138.6%PSU 60 · Options 20 · RSU 20Yes — relative total shareholder return (TSR)Aon
Ionis Pharmaceuticals228%RSU 67 · PSU 33Yes — Relative TSRAon Human Capital Solutions
Jazz Pharmaceuticals150%PSU 50 · RSU 50Yes — Relative TSRAon
Merck94%PSU 60 · RSU 20 · Options 20Yes — Relative Total Shareholder Return (R-TSR)FW Cook
Neurocrine Biosciences105%Options 50 · PSU 30 · RSU 20NoFrederic W. Cook & Co., Inc.
PTC Therapeutics167%Options 50 · RSU 50Yes — TSR relative to Nasdaq Biotechnology IndexFW Cook
Regeneron Pharmaceuticals155%Options 60 · RSA 40not disclosedPay Governance LLC
Sarepta Therapeutics100%RSU 50 · PSU 50NoFW Cook
Ultragenyx Pharmaceutical44%PSU 60 · RSU 20 · Options 20Yes — Relative TSRAon's Human Capital Solutions Practice
United Therapeutics221%Options 50 · PSU 50NoAon Human Capital Solutions
Vertex Pharmaceuticalsnot disclosedPSU 55 · RSU 45Nonot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at Moderna, Inc. in fiscal 2025?
The highest-paid executive at Moderna, Inc. in fiscal 2025 was Stéphane Bancel, Chief Executive Officer, with total compensation of $19,932,217.
How does Moderna, Inc.'s chief executive pay compare to its disclosed peer group?
As disclosed, the CEO pay percentile of disclosed peers was the 53rd percentile.
What is Moderna, Inc.'s CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio was 89:1.
How did shareholders vote on Moderna, Inc.'s executive compensation?
Shareholders voted 65.11% in support of the latest executive compensation proposal.
How much does Moderna, Inc. spend in total on board compensation for fiscal 2025?
Total board compensation for fiscal 2025 was $2,919,905.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Stéphane BancelDEF 14A2026-03-160001308179-26-000081Section “2025 Summary Compensation Table”. As printed: 19,932,217. Filing ↗machine: span 1132888–1132898
2Section 01, Stephen HogeDEF 14A2026-03-160001308179-26-000081Section “2025 Summary Compensation Table”. As printed: 18,054,133. Filing ↗machine: r8 · c45 · span 1153380–1153390
3Section 01, James MockDEF 14A2026-03-160001308179-26-000081Section “2025 Summary Compensation Table”. As printed: 5,857,761. Filing ↗machine: r5 · c45 · span 1143143–1143152
4Section 01, Shannon KlingerDEF 14A2026-03-160001308179-26-000081Section “2025 Summary Compensation Table”. As printed: 5,397,914. Filing ↗machine: r11 · c45 · span 1164089–1164098
5Section 03, Stephen Hoge RSUDEF 14A0001308179-26-000081Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
6Section 03, Stephen Hoge PSUDEF 14A0001308179-26-000081Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
7Section 03, Shannon Klinger RSUDEF 14A0001308179-26-000081Section “M.D.” · grants of plan-based awards table. Filing ↗machine: t165 · r14 · c6 · span 1426279–1426285
8Section 03, James Mock OPTIONDEF 14A2026-03-160001308179-26-000081Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t161 · r5 · c14 · span 1208180–1208189
9Section 03, Stephen Hoge OPTIONDEF 14A2026-03-160001308179-26-000081Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t157 · r8 · c15 · span 1152529–1152538
10Section 03, James Mock RSUDEF 14A0001308179-26-000081Section “FASB ASC T” · grants of plan-based awards table. Filing ↗machine: t163 · r29 · c6 · span 1319943–1319949
11Section 03, Shannon Klinger OPTIONDEF 14A2026-03-160001308179-26-000081Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t161 · r11 · c14 · span 1221767–1221776
12Section 03, Shannon Klinger PSUDEF 14A0001308179-26-000081Section “M.D.” · grants of plan-based awards table. Filing ↗machine: t165 · r14 · c6 · span 1426279–1426285
13Section 03, Stéphane Bancel PSUDEF 14A2026-03-160001308179-26-000081Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t163 · r15 · c6 · span 1279780–1279787
14Section 03, Stéphane Bancel OPTIONDEF 14A2026-03-160001308179-26-000081Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t161 · r3 · c16 · span 1203288–1203297
15Section 03, James Mock PSUDEF 14A0001308179-26-000081Section “FASB ASC T” · grants of plan-based awards table. Filing ↗machine: t163 · r29 · c6 · span 1319943–1319949
16Section 07, pay ratioDEF 14A2026-03-160001308179-26-000081Section “CEO Pay Ratio”. As printed: 89 : 1. Filing ↗machine: span 1528497–1528504
17Section 08, Noubar Afeyan, Ph.DDEF 14A2026-03-160001308179-26-000081Section “Director Compensation”. As printed: 658,423. Filing ↗machine: t95 · r2 · c16 · span 617356–617363
18Section 08, François Nader, M.DDEF 14A2026-03-160001308179-26-000081Section “Director Compensation”. As printed: 583,267. Filing ↗machine: t95 · r6 · c13 · span 627526–627533
19Section 08, Sandra Horning, M.DDEF 14A2026-03-160001308179-26-000081Section “Director Compensation”. As printed: 563,290. Filing ↗machine: t95 · r3 · c13 · span 619900–619907
20Section 08, Elizabeth TallettDEF 14A2026-03-160001308179-26-000081Section “Director Compensation”. As printed: 563,277. Filing ↗machine: t95 · r9 · c13 · span 635627–635634
21Section 08, Abbas HussainDEF 14A2026-03-160001308179-26-000081Section “Director Compensation”. As printed: 543,290. Filing ↗machine: t95 · r4 · c13 · span 622435–622442
22Section 08, Elizabeth Nabel, M.DDEF 14A2026-03-160001308179-26-000081Section “Director Compensation”. As printed: 543,290. Filing ↗machine: t95 · r5 · c13 · span 624978–624985
23Section 08, Paul SaganDEF 14A2026-03-160001308179-26-000081Section “Director Compensation”. As printed: 543,281. Filing ↗machine: t95 · r8 · c13 · span 632596–632603
24Section 08, David RubensteinDEF 14A2026-03-160001308179-26-000081Section “Director Compensation”. As printed: 543,272. Filing ↗machine: t95 · r7 · c13 · span 630064–630071
25Section 08, Stéphane BancelDEF 14A2026-03-160001308179-26-000081Section “Director Compensation”. As printed: 0. Filing ↗
26Section 02, James Mock 2026-04-02Form 42026-04-060001682852-26-000053Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, James Mock 2026-04-02Form 42026-04-060001682852-26-000053Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, James Mock 2026-04-02Form 42026-04-060001682852-26-000053Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Abbas Hussain 2026-04-30Form 42026-05-040001682852-26-000070Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, David Rubenstein 2026-04-30Form 42026-05-040001682852-26-000073Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Abbas Hussain 2026-04-30Form 42026-05-040001682852-26-000070Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Elizabeth Tallett 2026-04-30Form 42026-05-040001682852-26-000062Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Elizabeth G. Nabel 2026-04-30Form 42026-05-040001682852-26-000066Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Francois Nader 2026-04-30Form 42026-05-040001682852-26-000064Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Abbas Hussain 2026-04-30Form 42026-05-040001682852-26-000070Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, David Rubenstein 2026-04-30Form 42026-05-040001682852-26-000073Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Sandra Horning 2026-04-30Form 42026-05-040001682852-26-000075Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Elizabeth G. Nabel 2026-04-30Form 42026-05-040001682852-26-000066Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Elizabeth Tallett 2026-04-30Form 42026-05-040001682852-26-000062Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Sandra Horning 2026-04-30Form 42026-05-040001682852-26-000075Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Francois Nader 2026-04-30Form 42026-05-040001682852-26-000064Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Sandra Horning 2026-05-06Form 42026-05-080001682852-26-000093Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Noubar Afeyan 2026-05-06Form 42026-05-080001682852-26-000084Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Sandra Horning 2026-05-06Form 42026-05-080001682852-26-000093Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Francois Nader 2026-05-06Form 42026-05-080001682852-26-000088Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, David Rubenstein 2026-05-06Form 42026-05-080001682852-26-000097Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, David Rubenstein 2026-05-06Form 42026-05-080001682852-26-000097Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Francois Nader 2026-05-06Form 42026-05-080001682852-26-000088Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Elizabeth G. Nabel 2026-05-06Form 42026-05-080001682852-26-000091Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Abbas Hussain 2026-05-06Form 42026-05-080001682852-26-000095Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Elizabeth Tallett 2026-05-06Form 42026-05-080001682852-26-000086Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Stephen Hoge 2026-05-15Form 42026-05-180001682852-26-000103Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Stephen Hoge 2026-05-15Form 42026-05-180001682852-26-000103Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Stephen Hoge 2026-05-15Form 42026-05-180001682852-26-000103Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Stephen Hoge 2026-05-15Form 42026-05-180001682852-26-000103Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Stephen Hoge 2026-05-15Form 42026-05-180001682852-26-000103Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Noubar Afeyan 2026-05-21Form 42026-05-220001193125-26-237309Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Noubar Afeyan 2026-05-21Form 42026-05-220001193125-26-237309Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Noubar Afeyan 2026-05-21Form 42026-05-220001193125-26-237309Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Stephen Hoge 2026-05-27Form 42026-05-290001682852-26-000105Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Stephen Hoge 2026-05-27Form 42026-05-290001682852-26-000105Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Shannon Klinger 2026-05-27Form 42026-05-290001682852-26-000107Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, James Mock 2026-05-27Form 42026-05-290001682852-26-000109Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Stephen Hoge 2026-05-27Form 42026-05-290001682852-26-000105Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, James Mock 2026-05-27Form 42026-05-290001682852-26-000109Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, Shannon Klinger 2026-05-27Form 42026-05-290001682852-26-000107Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, Shannon Klinger 2026-05-27Form 42026-05-290001682852-26-000107Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, Shannon Klinger 2026-05-27Form 42026-05-290001682852-26-000107Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Stephen Hoge 2026-05-27Form 42026-05-290001682852-26-000105Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, Stephen Hoge 2026-05-27Form 42026-05-290001682852-26-000105Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, Stephen Hoge 2026-05-27Form 42026-05-290001682852-26-000105Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, James Mock 2026-05-27Form 42026-05-290001682852-26-000109Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, James Mock 2026-05-27Form 42026-05-290001682852-26-000109Insider equity transaction reported since the proxy statement. Filing ↗
74Section 02, James Mock 2026-05-27Form 42026-05-290001682852-26-000109Insider equity transaction reported since the proxy statement. Filing ↗
75Section 02, Shannon Klinger 2026-05-27Form 42026-05-290001682852-26-000107Insider equity transaction reported since the proxy statement. Filing ↗
76Section 02, James Mock 2026-05-27Form 42026-05-290001682852-26-000109Insider equity transaction reported since the proxy statement. Filing ↗
77Section 02, Shannon Klinger 2026-05-27Form 42026-05-290001682852-26-000107Insider equity transaction reported since the proxy statement. Filing ↗
78Section 02, James Mock 2026-06-01Form 42026-06-030001682852-26-000115Insider equity transaction reported since the proxy statement. Filing ↗
79Section 02, Stephen Hoge 2026-06-01Form 42026-06-030001682852-26-000111Insider equity transaction reported since the proxy statement. Filing ↗
80Section 02, James Mock 2026-06-01Form 42026-06-030001682852-26-000115Insider equity transaction reported since the proxy statement. Filing ↗
81Section 02, Shannon Klinger 2026-06-01Form 42026-06-030001682852-26-000113Insider equity transaction reported since the proxy statement. Filing ↗
82Section 02, Shannon Klinger 2026-06-01Form 42026-06-030001682852-26-000113Insider equity transaction reported since the proxy statement. Filing ↗
83Section 02, Stephen Hoge 2026-06-01Form 42026-06-030001682852-26-000111Insider equity transaction reported since the proxy statement. Filing ↗
84Section 02, Stephen Hoge 2026-06-01Form 42026-06-030001682852-26-000111Insider equity transaction reported since the proxy statement. Filing ↗
85Section 02, Shannon Klinger 2026-06-01Form 42026-06-030001682852-26-000113Insider equity transaction reported since the proxy statement. Filing ↗
86Section 02, James Mock 2026-06-01Form 42026-06-030001682852-26-000115Insider equity transaction reported since the proxy statement. Filing ↗
87Section 02, Shannon Klinger 2026-06-04Form 42026-06-080001682852-26-000119Insider equity transaction reported since the proxy statement. Filing ↗
88Section 02, Shannon Klinger 2026-06-04Form 42026-06-080001682852-26-000119Insider equity transaction reported since the proxy statement. Filing ↗
89Section 02, Shannon Klinger 2026-06-04Form 42026-06-080001682852-26-000119Insider equity transaction reported since the proxy statement. Filing ↗
90Section 02, Shannon Klinger 2026-06-04Form 42026-06-080001682852-26-000119Insider equity transaction reported since the proxy statement. Filing ↗
91Section 02, Shannon Klinger 2026-06-04Form 42026-06-080001682852-26-000119Insider equity transaction reported since the proxy statement. Filing ↗
92Section 02, Shannon Klinger 2026-06-04Form 42026-06-080001682852-26-000119Insider equity transaction reported since the proxy statement. Filing ↗
93Section 02, James Mock 2026-06-05Form 42026-06-080001682852-26-000117Insider equity transaction reported since the proxy statement. Filing ↗
94Section 02, James Mock 2026-06-05Form 42026-06-080001682852-26-000117Insider equity transaction reported since the proxy statement. Filing ↗
95Section 02, James Mock 2026-06-05Form 42026-06-080001682852-26-000117Insider equity transaction reported since the proxy statement. Filing ↗
96Section 02, Stephen Hoge 2026-06-15Form 42026-06-170001682852-26-000121Insider equity transaction reported since the proxy statement. Filing ↗
97Section 02, Stephen Hoge 2026-06-15Form 42026-06-170001682852-26-000121Insider equity transaction reported since the proxy statement. Filing ↗
98Section 02, Stephen Hoge 2026-06-15Form 42026-06-170001682852-26-000121Insider equity transaction reported since the proxy statement. Filing ↗
99Section 02, Stephen Hoge 2026-06-15Form 42026-06-170001682852-26-000121Insider equity transaction reported since the proxy statement. Filing ↗
100Section 02, Stephen Hoge 2026-06-15Form 42026-06-170001682852-26-000121Insider equity transaction reported since the proxy statement. Filing ↗
101Section 02, James Mock 2026-07-02Form 42026-07-060001682852-26-000129Insider equity transaction reported since the proxy statement. Filing ↗
102Section 02, James Mock 2026-07-02Form 42026-07-060001682852-26-000129Insider equity transaction reported since the proxy statement. Filing ↗
103Section 02, James Mock 2026-07-02Form 42026-07-060001682852-26-000129Insider equity transaction reported since the proxy statement. Filing ↗
104Section 02, Soria Ester Banque 2026-07-05Form 42026-07-070001682852-26-000131Insider equity transaction reported since the proxy statement. Filing ↗
105Section 02, Soria Ester Banque 2026-07-05Form 42026-07-070001682852-26-000131Insider equity transaction reported since the proxy statement. Filing ↗
106Section 02, Michael R. McDonnell 2026-07-08Form 42026-07-100001682852-26-000139Insider equity transaction reported since the proxy statement. Filing ↗
107Section 02, Michael R. McDonnell 2026-07-08Form 42026-07-100001682852-26-000139Insider equity transaction reported since the proxy statement. Filing ↗
108Section 02, Michael R. McDonnell 2026-07-08Form 42026-07-100001682852-26-000139Insider equity transaction reported since the proxy statement. Filing ↗
109Section 02, Stephen Hoge 2026-07-15Form 42026-07-160001682852-26-000141Insider equity transaction reported since the proxy statement. Filing ↗
110Section 02, Stephen Hoge 2026-07-15Form 42026-07-160001682852-26-000141Insider equity transaction reported since the proxy statement. Filing ↗
111Section 02, Stephen Hoge 2026-07-15Form 42026-07-160001682852-26-000141Insider equity transaction reported since the proxy statement. Filing ↗
112Section 02, Stephen Hoge 2026-07-15Form 42026-07-160001682852-26-000141Insider equity transaction reported since the proxy statement. Filing ↗
113Section 02, Stephen Hoge 2026-07-15Form 42026-07-160001682852-26-000141Insider equity transaction reported since the proxy statement. Filing ↗
114Section 06, 2026 voteForm 8-K2026-05-110001682852-26-000101Item 5.07 · say-on-pay result. As reported: 65.11% (votes for as printed: 169,401,841). Filing ↗
115Section 06, 2024 voteForm 8-K2024-05-090001682852-24-000031Item 5.07 · say-on-pay result. As reported: 90.54% (votes for as printed: 248,175,284). Filing ↗
116Section 06, 2023 voteForm 8-K2023-05-050001193125-23-137079Item 5.07 · say-on-pay result. As reported: 87.91% (votes for as printed: 254,146,335). Filing ↗
117Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
118Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
119Section 09b board cost (computed)ComputedcomputedCash 770,000 + equity 2,084,763 + all other 65,142 = 2,919,905, summed across the director compensation table rows.machine: formula: Σ = 2,919,905
120Exelixis, Section 10b CEO totalDEF 14A2026-04-150000939767-26-000046CEO total compensation as printed in Exelixis's own proxy. As printed: 33,239,183. Filing ↗machine: r2 · c10 · span 2655516–2655526
121Incyte Corporation, Section 10b CEO totalDEF 14A2026-04-280000879169-26-000031CEO total compensation as printed in Incyte Corporation's own proxy. As printed: 32,085,952. Filing ↗machine: t91 · r2 · c16 · span 637817–637827
122Biogen, Section 10b CEO totalDEF 14A2026-04-280001193125-26-187303CEO total compensation as printed in Biogen's own proxy. As printed: 23,646,004. Filing ↗machine: r2 · c16 · span 1174380–1174391
123PTC Therapeutics, Section 10b CEO totalDEF 14A2026-04-200001104659-26-045528CEO total compensation as printed in PTC Therapeutics's own proxy. As printed: 23,266,326. Filing ↗machine: t148 · r6 · c16 · span 769400–769410
124BioMarin Pharmaceutical, Section 10b CEO totalDEF 14A2026-04-210001628280-26-026290CEO total compensation as printed in BioMarin Pharmaceutical's own proxy. As printed: 21,927,563. Filing ↗machine: span 1384905–1384915
125Bristol-Myers Squibb, Section 10b CEO totalDEF 14A2026-03-250000014272-26-000006CEO total compensation as printed in Bristol-Myers Squibb's own proxy. As printed: 21,879,919. Filing ↗machine: t168 · r3 · c15 · span 1302160–1302170
126Vertex Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-020000875320-26-000153CEO total compensation as printed in Vertex Pharmaceuticals's own proxy. As printed: 21,144,261. Filing ↗machine: r2 · c13 · span 2942799–2942809
127Merck, Section 10b CEO totalDEF 14A2026-04-080001193125-26-147704CEO total compensation as printed in Merck's own proxy. As printed: 20,797,845. Filing ↗machine: span 1371012–1371022
128Moderna, Inc. (subject), Section 10b CEO totalDEF 14A2026-03-160001308179-26-000081CEO total compensation as printed in Moderna, Inc.'s own proxy. As printed: 19,932,217. Filing ↗machine: span 1132888–1132898
129Jazz Pharmaceuticals, Section 10b CEO totalDEF 14A2026-06-080001232524-26-000029CEO total compensation as printed in Jazz Pharmaceuticals's own proxy. As printed: 19,151,558. Filing ↗machine: r3 · c27 · span 1437369–1437379
130United Therapeutics, Section 10b CEO totalDEF 14A2026-04-290001082554-26-000009CEO total compensation as printed in United Therapeutics's own proxy. As printed: 18,038,972. Filing ↗machine: span 1993726–1993736
131BeOne Medicines, Section 10b CEO totalDEF 14A2026-04-280001104659-26-049655CEO total compensation as printed in BeOne Medicines's own proxy. As printed: 17,943,521. Filing ↗machine: t180 · r2 · c22 · span 1909011–1909021
132Alnylam Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-060001628280-26-023923CEO total compensation as printed in Alnylam Pharmaceuticals's own proxy. As printed: 14,867,600. Filing ↗machine: span 1294691–1294701
133Neurocrine Biosciences, Section 10b CEO totalDEF 14A2026-04-150000914475-26-000015CEO total compensation as printed in Neurocrine Biosciences's own proxy. As printed: 13,448,935. Filing ↗machine: t50 · r4 · c7 · span 847947–847957
134Ionis Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-230001140361-26-016388CEO total compensation as printed in Ionis Pharmaceuticals's own proxy. As printed: 13,350,777. Filing ↗machine: t325 · r3 · c25 · span 1543650–1543661
135Ultragenyx Pharmaceutical, Section 10b CEO totalDEF 14A2026-03-270001308179-26-000174CEO total compensation as printed in Ultragenyx Pharmaceutical's own proxy. As printed: 11,405,535. Filing ↗machine: span 668997–669007
136Sarepta Therapeutics, Section 10b CEO totalDEF 14A2026-04-240001193125-26-177247CEO total compensation as printed in Sarepta Therapeutics's own proxy. As printed: 7,840,666. Filing ↗machine: t34 · r2 · c25 · span 1454395–1454404
137Regeneron Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-240001308179-26-000340CEO total compensation as printed in Regeneron Pharmaceuticals's own proxy. As printed: 7,280,549. Filing ↗machine: r3 · c10 · span 3335980–3335989
138Section 10a, Jazz Pharmaceuticals reciprocityDEF 14A0001232524-26-000029Jazz Pharmaceuticals names Moderna, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
139Section 10a, Sarepta Therapeutics reciprocityDEF 14A0001193125-26-177247Sarepta Therapeutics's most recent proxy was read; its disclosed peer group does not include Moderna, Inc.. Filing ↗
140Section 10a, PTC Therapeutics reciprocityDEF 14A0001104659-26-045528PTC Therapeutics's most recent proxy was read; its disclosed peer group does not include Moderna, Inc.. Filing ↗
141Section 10a, Ultragenyx Pharmaceutical reciprocityDEF 14A0001308179-26-000174Ultragenyx Pharmaceutical's most recent proxy was read; its disclosed peer group does not include Moderna, Inc.. Filing ↗
142Section 10a, Ionis Pharmaceuticals reciprocityDEF 14A0001140361-26-016388Ionis Pharmaceuticals's most recent proxy was read; its disclosed peer group does not include Moderna, Inc.. Filing ↗
143Section 10a, Bristol-Myers Squibb reciprocityDEF 14A0000014272-26-000006Bristol-Myers Squibb's most recent proxy was read; its disclosed peer group does not include Moderna, Inc.. Filing ↗
144Section 10a, United Therapeutics reciprocityDEF 14A0001082554-26-000009United Therapeutics names Moderna, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
145Section 10a, BeOne Medicines reciprocityDEF 14A0001104659-26-049655BeOne Medicines names Moderna, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
146Section 10a, Exelixis reciprocityDEF 14A0000939767-26-000046Exelixis's most recent proxy was read; its disclosed peer group does not include Moderna, Inc.. Filing ↗
147Section 10a, Alnylam Pharmaceuticals reciprocityDEF 14A0001628280-26-023923Alnylam Pharmaceuticals names Moderna, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
148Section 10a, Merck reciprocityDEF 14A0001193125-26-147704Merck's most recent proxy was read; its disclosed peer group does not include Moderna, Inc.. Filing ↗
149Section 10a, BioMarin Pharmaceutical reciprocityDEF 14A0001628280-26-026290BioMarin Pharmaceutical's most recent proxy was read; its disclosed peer group does not include Moderna, Inc.. Filing ↗
150Section 10a, Neurocrine Biosciences reciprocityDEF 14A0000914475-26-000015Neurocrine Biosciences names Moderna, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
151Section 10a, Regeneron Pharmaceuticals reciprocityDEF 14A0001308179-26-000340Regeneron Pharmaceuticals's most recent proxy was read; its disclosed peer group does not include Moderna, Inc.. Filing ↗
152Section 10a, Vertex Pharmaceuticals reciprocityDEF 14A0000875320-26-000153Vertex Pharmaceuticals names Moderna, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗