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Stock Analysis on Net

Moderna Inc. (NASDAQ:MRNA)

This company has been moved to the archive! The financial data has not been updated since November 7, 2024.

Common-Size Income Statement

Moderna Inc., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net product sales 100.00 100.00 100.00 100.00 0.00
Cost of sales -70.35 -29.38 -14.81 -3.97 0.00
Gross profit 29.65% 70.62% 85.19% 96.03% —
Other revenue 2.65 4.49 4.50 301.95 0.00
Research and development -72.63 -17.87 -11.26 -685.61 0.00
Selling, general and administrative -23.22 -6.14 -3.21 -94.19 0.00
Income (loss) from operations -63.54% 51.10% 75.22% -381.82% —
Interest income 6.31 1.08 0.10 12.37 0.00
Gain (loss) on investments -1.08 -0.11 0.01 0.65 0.00
Interest expense -0.57 -0.16 -0.10 -4.95 0.00
Other income (expense), net -0.21 0.02 -0.07 1.25 0.00
Other expense, net -1.86% -0.24% -0.16% -3.04% —
Income (loss) before income taxes -59.09% 51.94% 75.16% -372.49% —
(Provision for) benefit from income taxes -11.57 -6.58 -6.13 -1.28 0.00
Net income (loss) -70.66% 45.36% 69.04% -373.77% —

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 financial performance from 2020 through 2023 exhibits a volatile cycle characterized by an initial phase of extreme investment, a period of high commercial profitability, and a subsequent transition toward significant margin compression and net losses.

Gross Profitability and Cost Structure
A substantial decline in gross profit margins is observed over the five-year period. Gross profit as a percentage of net product sales decreased from a peak of 96.03% in 2020 to 29.65% by 2023. This erosion is directly attributable to the sharp increase in the cost of sales, which rose from -3.97% of net product sales in 2020 to -70.35% in 2023, indicating a significant increase in the direct costs associated with product delivery relative to revenue generated.
Operational Expenditure Volatility
Research and development (R&D) and selling, general and administrative (SG&A) expenses show extreme fluctuations. In 2020, R&D expenses were disproportionately high at -685.61% of net product sales, and SG&A was -94.19%, reflecting a pre-commercial or early-commercial stage where spending far exceeded product revenue. These ratios normalized significantly in 2021 and 2022, with R&D reaching a low of -11.26% in 2021. However, by 2023, a sharp reversal occurred, with R&D climbing to -72.63% and SG&A increasing to -23.22% of net product sales.
Other Revenue and Non-Operating Items
Other revenue represented a massive anomaly in 2020, contributing 301.95% of the value of net product sales, before plummeting to 2.65% by 2023. Interest income remained a marginal contributor, though it peaked at 6.31% of net product sales in 2023. Non-operating expenses and investment losses remained relatively small in comparison to the primary operating swings.
Overall Profitability Trajectory
The company experienced a dramatic swing in bottom-line results. Net income transitioned from a severe loss of -373.77% of net product sales in 2020 to strong profitability in 2021 (69.04%) and 2022 (45.36%). This trend reversed in 2023, resulting in a net loss of -70.66% of net product sales. This pattern suggests a transition from an investment-heavy startup phase to a high-growth commercial peak, followed by a period of diminishing returns or increased reinvestment amid falling relative sales.

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