Name: Moderna Inc. (NASDAQ:MRNA) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

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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).

Total revenue exhibited a period of exponential growth between 2019 and 2022, peaking at $19,263 million before experiencing a significant contraction to $6,848 million in 2023. This trajectory indicates a sharp surge in commercial activity followed by a substantial correction in the most recent fiscal year.

Product Sales and Regional Performance: Product sales served as the primary driver of revenue growth, rising from $200 million in 2020 to a peak of $18,435 million in 2022. Geographic distribution reveals that the Rest of World segment became the largest contributor by 2022, reaching $7,298 million. However, a systemic decline is evident across all regions in 2023, with European sales dropping most precipitously from $6,732 million in 2022 to $1,353 million in 2023, and U.S. sales decreasing to $1,720 million in the same period.
Grant Revenue Trends: Grant revenue, heavily dominated by BARDA funding, peaked in 2021 at $735 million. A consistent downward trend followed, with total grant revenue falling to $94 million by 2023. This suggests a diminishing reliance on government subsidies as the business model transitioned toward commercial product sales.
Collaboration Revenue Dynamics: Collaboration revenue remained relatively low for several years before spiking to $440 million in 2022, driven largely by contributions from Merck ($309 million) and AstraZeneca ($80 million). Following this peak, collaboration revenue regressed to $83 million in 2023. Notably, the partnership with Vertex is the only collaboration showing steady, incremental growth, increasing from $6 million in 2019 to $82 million in 2023.

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