Maravai LifeSciences (MRVI) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Strategic transformation and business evolution

• Transitioned from pandemic-driven, single-customer focus to a diversified product and customer base, leveraging capital from COVID-19 vaccine participation for M&A and capacity investments.

• Implemented cost reductions and forecasting mechanisms to adapt to a more complex, multi-product environment.

• Positioned with significant capacity for growth over the next 5–10 years, with new facilities now operational.

• Focused on expanding product offerings and capturing opportunities in both research and commercial markets.

mRNA market and CleanCap positioning

• mRNA vaccine success accelerated industry timelines, validating the technology and expanding its use beyond vaccines to programmable medicine.

• CleanCap maintains a 30–35% market share in mRNA pipeline programs, with ongoing innovation to increase share.

• Customer decisions on capping approaches are increasingly value-based, considering purity and total economics.

• High-volume CleanCap demand is stable, with major customers like Daiichi and Pfizer-BioNTech supporting ongoing revenue.

• CleanCap is margin accretive and benefits from a highly automated, scalable production infrastructure.

Nucleic acids and service differentiation

• NAP segment includes high-volume CleanCap, discovery products, GMP mRNA, plasmids, custom oligos, and enzymes.

• Emphasis on early-stage discovery and academic collaborations to drive long-term customer stickiness.

• Unique vertical integration from research-use-only to GMP, with a service model focused on custom product development.

• Customer retention is high due to early engagement and integration throughout the development lifecycle.