Analysis of Revenues

Revenues as Reported

Revenues as Reported

Moderna Inc., income statement, revenues

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
United States	1,720)	4,405)	5,393)	194)	—)
Europe	1,353)	6,732)	6,834)	—)	—)
Rest of world	3,598)	7,298)	5,448)	6)	—)
Product sales	6,671)	18,435)	17,675)	200)	—)
BARDA	88)	372)	713)	522)	8)
Other grant revenue	6)	16)	22)	7)	5)
Grant revenue	94)	388)	735)	529)	12)
Vertex	82)	48)	26)	16)	6)
Merck	—)	309)	23)	26)	37)
AstraZeneca	—)	80)	7)	33)	5)
Other	1)	3)	5)	—)	—)
Collaboration revenue	83)	440)	61)	75)	48)
Revenue	6,848)	19,263)	18,471)	803)	60)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

The revenue data reveals significant growth in total revenue from 2019 through 2022, followed by a notable decline in 2023. Total revenue increased from $60 million in 2019 to a peak of $19.3 billion in 2022, before dropping to approximately $6.8 billion in 2023. This substantial rise was primarily driven by a sharp escalation in product sales over the same period, with product sales climbing from $200 million in 2020 to $18.4 billion in 2022. However, product sales also experienced a pronounced decrease to $6.7 billion in 2023.

Geographical Segments: United States revenues showed rapid growth from 2019, reaching $5.4 billion in 2021, followed by a slight decline to $4.4 billion in 2022 and a more pronounced contraction to $1.7 billion in 2023.; Europe demonstrated a later start in revenue recording, with $6.8 billion in 2021, stable revenues in 2022 around $6.7 billion, then a sharp decrease to $1.35 billion in 2023.; Rest of world exhibited substantial growth from minimal figures to $5.4 billion in 2021 and peaked at $7.3 billion in 2022, before dropping to $3.6 billion in 2023.
Grant Revenue: Grant revenue, including BARDA and other grants, peaked in 2020 and 2021 with $529 million and $735 million respectively, but saw a steady decline thereafter, reaching below $100 million in 2023. BARDA specifically contributed the largest share of grant revenue, peaking in 2020 at $522 million and diminishing significantly to $88 million by 2023.
Collaboration Revenue: Collaboration revenue fluctuated without a clear upward trend, with minor numbers in early years, a spike to $440 million in 2022, and then a decrease to $83 million in 2023. Specific partnerships show varied patterns; Merck revenue surged to $309 million in 2022 before ceasing to record revenue in 2023, while Vertex and AstraZeneca revenues have generally increased, though AstraZeneca’s data is incomplete for recent years.
Summary of Trends: The company's revenue trajectory was characterized by rapid growth from 2019 through 2022, largely propelled by high product sales and expanding geographic sales, especially in 2021 and 2022. However, 2023 marks a significant decline across all major revenue streams, including product sales and geographical markets. Grant revenue and collaboration revenue, while contributing meaningfully in early years, represent a smaller portion of total revenue during peak years and also declined sharply in 2023. The overall pattern suggests a cycle of rapid expansion followed by contraction, likely linked to external market or product lifecycle factors.

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Moderna Inc. (NASDAQ:MRNA)

Analysis of Revenues

Revenues as Reported