Co-movers

daily closes · 501dMethod

Moved together

MRNAwithNVAX

×0.19co-movement · NVAX on MRNA · 501d

r 0.37scale to r 0.75

Shared co-movers1with MRNAwith NVAX

RVTYRevvity, Inc.r 0.38r 0.34

MRNA, solidNVAX, hatched× = co-movement · βr = correlationBar = r to r 0.75Order: weaker of A and BSource: daily closes

MRNAModerna, Inc.

225.61+1.75%

Mkt cap$88.5BRevenue$145MQ2 FY26Revenue$1.9BFY25

NVAXNovavax Inc

9.69−3.92%

Regular sessionNov 2 '26

Mkt cap$1.7BRevenue$57MQ2 FY26Revenue$1.1BFY25

vs

Compare

Regular sessionNov 2 '26

MRNAModerna, Inc.

vs

NVAXNovavax Inc

225.61+1.75%

Price

9.69−3.92%

$88.5B

Mkt cap

$1.7B

Q2 FY26$145M

Revenue

$57MQ2 FY26

FY25$1.9B

Revenue

$1.1BFY25

MRNA compared with NVAX: revenue, margins and what each company keeps, and the suppliers and customers both name