Moderna Inc. (NASDAQ:MRNA)

Total inventory levels experienced a dramatic expansion between 2020 and 2021, followed by a consistent and sharp contraction through 2023. Total inventory rose from US$ 47 million in 2020 to a peak of US$ 1,441 million in 2021, before declining to US$ 202 million by the end of 2023.

Raw Materials

Raw materials consistently represent the largest component of the inventory portfolio. This category saw the most significant absolute increase, peaking at US$ 870 million in 2021. Subsequently, values decreased to US$ 575 million in 2022 and further dropped to US$ 163 million in 2023, indicating a substantial reduction in stockpiled inputs.

Work in Progress

Work in progress followed a similar trajectory, increasing from US$ 9 million in 2020 to a peak of US$ 338 million in 2021. A steady decline followed, with the balance reaching US$ 15 million by December 31, 2023, effectively returning to near-2020 levels.

Finished Goods

Finished goods inventory exhibited extreme relative growth, rising from US$ 1 million in 2020 to US$ 233 million in 2021. This value decreased to US$ 169 million in 2022 and reached US$ 24 million by the end of 2023.

The overall trend indicates a period of rapid operational scaling and inventory accumulation that peaked in 2021, followed by a systematic drawdown. By 2023, inventory levels across all categories had significantly diminished, suggesting a stabilization or reduction in production requirements relative to the 2021 peak.