Jerh Collins
ModernaAbout Jerh Collins
Jerh Collins, 59, is Moderna’s Chief Technical Operations and Quality Officer, responsible for technical development, quality, and preclinical, clinical, and commercial supply; he joined Moderna in October 2022 and has served in his current role since January 2023 . He holds a B.Sc. and Ph.D. in Chemistry/Organic Chemistry from University College Cork . Context for performance over his tenure: revenues have declined post‑pandemic and the company reported expenses exceeding revenues in 2023 and 2024 with an anticipated net loss in 2025 ; the 2022–2024 PSU program paid out 55% amid a stock price decline from $149.52 to $30.93 over the period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Novartis | Chief Culture Officer | 2022 | Senior executive leadership; organizational culture and change across global pharma operations |
| Novartis | Head of Global Chemical Operations and Anti-Infectives | Various (within 1993–2022) | Led pharmaceutical production/manufacturing for chemical ops and anti‑infectives; global supply reliability |
| Novartis | Head of Global Chemical Operations | Various (within 1993–2022) | Global manufacturing strategy and execution for chemical operations; scale and cost efficiency |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | No public company directorships or external board roles disclosed |
Fixed Compensation
| Component | 2024 Value | Notes |
|---|---|---|
| Base Salary | Not disclosed | Collins was not a Named Executive Officer (NEO) in 2024; Moderna only discloses compensation for NEOs |
| Target Bonus % | Not disclosed | Company maintained target bonuses at 150% (CEO), 100% (President), and 90% (other NEOs) in 2024; Collins’ target not disclosed |
| Actual Bonus Paid | Not disclosed | 2024 corporate performance factor was 102% of target; individual NEO payouts varied 80–130%; Collins’ payout not disclosed |
Performance Compensation
| Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Corporate scorecard (2024) | Aggregate | 100% | 102% funding outcome | Annual cash bonus plan |
| Product sales (COVID/RSV, 2024) | Most heavily weighted | Internal goal | Minimal payout of 3% due to sales shortfall | N/A |
| Operating expense efficiency (2024) | Financial component | Reduce cash operating costs | 27% reduction YoY; met internal targets | N/A |
| Pipeline/filed programs (2024) | Strategic | BLA filings (next‑gen COVID, flu+COVID, RSV high‑risk adults) | Filed three programs; multiple positive Phase 3 readouts | N/A |
| PSU program (2022–2024) | Long‑term | Multi‑year goals (pipeline diversification, combination vaccines, global manufacturing expansion, digital) | 55% payout; vested value 11% of original target given stock decline | 3‑year performance period; PSU vesting post‑period |
Notes tied to Collins’ remit: manufacturing readiness for INT (oncology) and Marlborough factory build‑out advanced in 2024; strategic manufacturing investments and ERP/digital efficiency initiatives were Board‑oversight priorities .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | Not disclosed; Collins not listed among NEOs/directors in beneficial ownership table |
| Stock Ownership Guidelines | Executive Committee “other members” required to hold Moderna stock equal to 3× salary by the later of Dec 31, 2024 or five years from becoming subject; until met, must retain 50% of vested RSUs (if first subject on/after Jan 1, 2021) |
| Hedging/Pledging | Prohibited for executives and directors; no stock option re‑pricing without shareholder approval |
| Trading Plans | Executives are required to use Rule 10b5‑1 trading plans |
| Insider Selling/Option Exercises (2024) | NEOs reported no option exercises in 2024; Collins not an NEO—no data disclosed |
Employment Terms
| Provision | Terms (Company policy) |
|---|---|
| Severance (non‑CoC) | 12 months base salary, 12 months target bonus, up to 12 months health contribution, subject to release |
| Change‑of‑Control (double trigger) | 150% of base salary, 150% of annual target bonus, pro‑rated current‑year bonus; full acceleration of time‑based equity, pro‑rated performance equity (better of target or actual) |
| Clawback | Applies to performance‑based compensation for Executive Committee; expanded in 2023 to require clawback for financial restatements regardless of fault |
| Tax Gross‑ups | No post‑employment tax payment reimbursements; 280G cutback applies if excise tax would reduce net benefit |
| Non‑compete/Non‑solicit | Not disclosed in proxy; no specific durations provided — |
| Company Option Exchange (2025) | One‑time option exchange for non‑Executive Committee employees only; excludes Executive Committee and Board |
Performance & Track Record
- Strategic/operational execution: Advanced Marlborough manufacturing for INT and prioritized late‑stage programs (INT melanoma NSCLC, CMV) with multiple filings/readouts; reduced SG&A 24% YoY and implemented ERP/digital tools for productivity .
- Market context: Revenues declined post‑pandemic with competitive vaccine dynamics; Board reported 3‑year stock price pressure and PSU payout of 55% amid stock falling from $149.52 to $30.93 over 2022–2024 .
- Corporate narrative: Company became multi‑product (mRESVIA) and pursued cost efficiency while targeting up to 10 approvals; expenses exceeded revenues in 2023–2024 with anticipated net loss in 2025 .
Company Financials (context during Collins’ tenure)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues (USD) | $18,435,000,000 | $6,671,000,000 | $3,109,000,000 |
| EBITDA (USD) | $9,768,000,000* | $(3,618,000,000)* | $(3,756,000,000)* |
Values with an asterisk retrieved from S&P Global.
Compensation Committee Analysis
- Governance features: Independent Compensation & Talent Committee; independent advisor (Pay Governance) engaged for program design and peer benchmarking .
- Program design: Heavy weighting to “at‑risk” equity; 2024 mix for CEO 50% options / 50% PSUs; other executives 33% options / 33% RSUs / 33% PSUs .
- Investor feedback: 2024 say‑on‑pay support at 91%; Committee uses investor input on goal‑setting, equity mix, and retention, including special awards for certain NEOs (not Collins) due to stock decline .
Investment Implications
- Alignment: Strong governance features—stock ownership policy (3× salary), mandatory 10b5‑1 plans, clawback, and prohibition of hedging/pledging—support long‑term alignment; however, Collins’ individual ownership and compensation specifics are not disclosed, limiting visibility into personal “skin‑in‑the‑game” .
- Retention risk: Broader equity program pressure from underwater options acknowledged via 2025 option exchange (excluding Executive Committee), suggesting non‑executive retention actions while senior leaders rely on standard programs and severance protections; change‑of‑control double‑trigger terms and pro‑rata PSU acceleration mitigate transition risk for executives .
- Execution signals: 2024 operational milestones (manufacturing readiness, ERP/digital efficiency, pipeline filings) align directly with Collins’ remit; corporate metrics show disciplined cost reduction but sales underperformance—net investor takeaway hinges on commercialization traction of the next wave (INT, CMV, respiratory combo) and manufacturing scale efficiency .
- Trading color: With executives required to use 10b5‑1 plans and pledging prohibited, insider selling pressure is structurally moderated; no 2024 option exercises by NEOs and lack of Collins‑specific Form 4 detail suggests limited near‑term signals from insider activity .
Data gaps: Moderna’s proxy does not disclose Collins’ individual salary, bonus, grant sizes, vesting schedules, or ownership totals; conclusions above rely on company‑wide policies and outcomes applicable to Executive Committee members .