# Moderna Inc. (MRNA) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MRNA/thesis · /stocks/MRNA/memo

## Financial Snapshot

---
source: coverage-next-full
ticker: MRNA
step: "04"
title: Financial Snapshot — 3-Year P&L Summary, Key Ratios, Profitability Trajectory
created: 2026-05-29
---

### Step 04 — Financial Snapshot

#### Income Statement Summary (FY2021–FY2023)

| Metric | FY2021 | FY2022 | FY2023 |
|--------|--------|--------|--------|
| **Revenue** | $18,471M | $18,453M | $6,849M |
| Cost of Sales | $3,280M | $5,257M | $3,741M |
| **Gross Profit** | $15,191M | $13,196M | $3,108M |
| **Gross Margin %** | 82.2% | 71.5% | 45.4% |
| Research & Development | $2,971M | $3,604M | $4,767M |
| Selling, General & Admin | $663M | $1,043M | $945M |
| **Operating Income (Loss)** | $11,416M | $8,307M | ($6,857M) |
| **Operating Margin %** | 61.8% | 45.0% | (100.1%) |
| Interest Income / (Expense) | $205M | $541M | $590M |
| Other Income | $30M | $(3M) | $(180M) |
| **Pre-Tax Income (Loss)** | $11,651M | $8,845M | ($6,447M) |
| Income Tax (Expense) / Benefit | $(760M) | $(483M) | $(309M) |
| **Net Income (Loss)** | $12,202M | $8,362M | ($6,756M) |
| **Net Margin %** | 66.1% | 45.3% | (98.6%) |

*Note: FY2021 net income includes $761M tax benefit; FY2023 loss includes ~$1.4B inventory write-down in COGS.*

#### Earnings Per Share

| Metric | FY2021 | FY2022 | FY2023 |
|--------|--------|--------|--------|
| Diluted EPS | $28.33 | $21.00 | ($17.45) |
| Diluted Shares (M) | 430.7 | 394.1 | 387.0 |
| Basic EPS | $29.89 | $21.41 | ($17.45) |

*Note: EPS decline from FY2021→FY2022 despite similar revenue reflects margin compression (higher COGS mix, royalties) and reduced diluted share count from buybacks.*

#### Revenue and Gross Profit Trajectory

```
Revenue ($M):
FY2021: $18,471  [██████████████████████████████████]
FY2022: $18,453  [██████████████████████████████████]
FY2023:  $6,849  [████████████ ]
FY2024E: ~$3,250 [██████       ]

Gross Margin (%):
FY2021: 82.2%  → Peak (no competition, no royalties baked in, favorable product mix)
FY2022: 71.5%  → Compression from supply chain, COVAX pricing, inventory provisions
FY2023: 45.4%  → Inventory write-downs + underabsorption of fixed manufacturing costs
FY2024E: ~30-35% → Expected further compression; mRESVIA launch costs
```

#### EBITDA and Cash Flow Summary

| Metric | FY2021 | FY2022 | FY2023 |
|--------|--------|--------|--------|
| EBITDA | ~$11,700M | ~$8,900M | ~($6,200M) |
| Depreciation & Amortization | ~$285M | ~$590M | ~$670M |
| Stock-Based Compensation | ~$553M | ~$768M | ~$818M |
| Adjusted EBITDA (excl. SBC) | ~$12,538M | ~$10,238M | ~($5,382M) |

#### Working Capital & Key Balance Sheet Items (FY2023 Year-End)

| Item | FY2022 | FY2023 |
|------|--------|--------|
| Cash & Cash Equivalents | $3,160M | $3,165M |
| Short-term Investments | $5,137M | $4,519M |
| Long-term Investments | $2,899M | $2,541M |
| **Total Cash & Investments** | **$11,196M** | **$10,225M** |
| Accounts Receivable | $1,782M | $444M |
| Inventories | $2,960M | $763M |
| Total Current Assets | $14,427M | $10,115M |
| PP&E, Net | $2,247M | $2,235M |
| Total Assets | $19,222M | $15,288M |
| Accounts Payable | $793M | $380M |
| Deferred Revenue (current) | $1,199M | $247M |
| Total Current Liabilities | $4,165M | $1,606M |
| Long-term Debt | $0 | $0 |
| **Total Equity** | **$13,462M** | **$12,218M** |

**Key insight**: Zero long-term debt; ~$10.2B cash/investments at FY2023 year-end. But burning ~$3–4B/year at FY2024 run-rate.

#### Profitability Ratios

| Metric | FY2021 | FY2022 | FY2023 |
|--------|--------|--------|--------|
| Gross Margin | 82.2% | 71.5% | 45.4% |
| R&D as % of Revenue | 16.1% | 19.5% | 69.6% |
| SG&A as % of Revenue | 3.6% | 5.7% | 13.8% |
| Operating Margin | 61.8% | 45.0% | (100.1%) |
| Net Margin | 66.1% | 45.3% | (98.6%) |
| ROIC | ~82% | ~47% | N.M. (negative) |
| ROE | ~95% | ~59% | N.M. (negative) |

#### Cost Structure Analysis

##### COGS Components
- **Royalties**: Moderna pays royalties on Spikevax related to third-party IP (including settlement payments with Arbutus and cross-licensing with Alnylam); estimated 5-8% of product revenue
- **Manufacturing costs**: Fixed-base manufacturing (Norwood, Marlborough) + CDMO fees (Lonza, Catalent, Samsung); significant underutilization impact as volumes decline
- **Inventory write-downs**: FY2023 included ~$1.4B in inventory write-downs as COVID demand fell below contracted commitments
- **Distribution and fulfillment**: Logistics for multi-country delivery; declining with volume

##### R&D Investment Profile
R&D spending has increased every year despite revenue collapse — a deliberate strategy to maintain pipeline velocity:

| Year | R&D Spend | R&D as % Rev |
|------|-----------|-------------|
| FY2020 | $1,435M | N.M. (pre-commercial) |
| FY2021 | $2,971M | 16.1% |
| FY2022 | $3,604M | 19.5% |
| FY2023 | $4,767M | 69.6% |
| FY2024E | ~$4,500–5,000M | ~140-155% |

This R&D-to-revenue ratio is unsustainable at current revenue levels — it is explicitly a bridge strategy funded by the COVID windfall cash reserve.

#### Cash Burn Rate Analysis

With ~$10B cash at FY2023 year-end and ~$3.5–4.5B annual operating cash burn at current trajectory:

| Year | Projected Cash Balance (Est.) | Assumption |
|------|------------------------------|-----------|
| FY2023 YE | $10,225M | Actual |
| FY2024E YE | ~$7,500–8,000M | COVID revenue $3.2B, burn ~$2.5B |
| FY2025E YE | ~$5,000–6,500M | RSV/next-gen COVID partial ramp |
| FY2026E YE | ~$3,000–5,000M | Pipeline execution dependent |
| FY2027E YE | Breakeven potential if pipeline hits | Highly dependent on flu/CMV approval |

**The critical date**: Moderna has guided for "breakeven operating cash flow by 2026" if pipeline milestones are met. If pipeline slips, a capital raise becomes likely by 2026-2027.

#### FY2024 Quarterly Revenue Context (through Q3 2024)

| Quarter | Revenue | Net Income (Loss) |
|---------|---------|-----------------|
| Q1 2024 | $167M | (~$1.1B) |
| Q2 2024 | $241M | (~$1.3B) |
| Q3 2024 | $1,857M | (~$500M) |
| Q4 2024E | ~$1,000M | (~$500M) |
| **FY2024E Total** | **~$3,265M** | **(~$3,400M)** |

*Q3 2024 seasonal pick-up reflects COVID booster season + early mRESVIA shipments. Full-year loss estimate per consensus.*

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MRNA/fundamental

## Navigation

- Overview: /stocks/MRNA
- Financials (this page): /stocks/MRNA/financials
- Thesis: /stocks/MRNA/thesis
- Investment Memo: /stocks/MRNA/memo
- Coverage universe: /stocks