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We do face headwinds in some of our legacy products and legacy channels that are reducing our consolidated growth rate.
We took advantage of the flexibility embedded in our global supply chain to activate changes in source supply in response to announced or anticipated tariff activity.
the newly introduced global tariffs...have not had a significant direct impact on Moderna.
we've got the trade and tariff situation
At the outset of the quarter in January, the U.S. threatened to impose a 10% tariff on Canadian energy products.
I'll note that we do not expect a material impact related to tariffs. We purchased the vast majority of our material domestically.
Importantly, I want to highlight our solid cash position of $233 million. We believe our cash on hand provides ample runway to achieve our strategic objectives without the need to raise additional capital in the current market environment.
Tariffs are clearly top of mind for everyone.
We estimate the impact of tariffs on our cost of goods sold to be in the low single-digit millions of dollars.
While everybody is exposed to tariffs, the impact to us, we feel very confident we can offset.