Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2018
- Analysis of Revenues
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Moderna Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Gross Profit and Cost of Sales
- The gross profit margin exhibited a general declining trend starting from a high of approximately 96% in early 2021, decreasing steadily to a low of negative values around 2023, before partially recovering near 72% by the end of the observed period in 2024. Correspondingly, the cost of sales as a percentage of net product sales increased markedly in the same timeframe, peaking dramatically at values exceeding 249% and 127% during early to mid-2023, indicating periods of significant inefficiency or extraordinary costs before easing somewhat but still remaining elevated compared to earlier periods.
- Operating Expenses
- Research and development expenses showed extreme volatility, with spikes to negative values well beyond 300% of net product sales at various points, notably around 2019 and again in 2023 and 2024, reflecting substantial investment or costs not aligned with revenue generation in those quarters. Selling, general and administrative (SG&A) expenses also followed a generally declining trend in percentage terms after peaking near -39.52% but showed sharp fluctuations including some extreme values exceeding -160% in late 2023 and mid-2024. These trends suggest fluctuating operational efficiency or extraordinary expense incidences during the period under review.
- Revenue and Other Income
- Other revenue was highly variable, with an exceptionally high peak of almost 186% at the start of 2021, followed by a rapid decline to single digits and further fluctuations below 10% in subsequent quarters, indicative of inconsistent ancillary income streams. Interest income remained relatively low but showed a general increase over time, culminating in peaks exceeding 70% in 2023 and 2024, which may reflect improved returns on financial assets or changes in investment strategy.
- Income Measures
- Income from operations transitioned from significant losses around early 2021 (-137.61%) to positive margins near 78%, before sharply deteriorating into negative territory again from 2022 onwards with some recovery attempts yielding results close to zero by 2024. The pattern of income before income taxes largely mirrored this trend. Net income demonstrated a similar trajectory: sizable losses in early periods, improvement to positive margins approaching 70% around 2021, followed by deep losses spanning late 2022 to 2023, and a slight recovery to near break-even levels in 2024. Income tax provisions varied substantially, reflecting the volatility in pre-tax income, at times showing benefits which may correspond to tax credits or deferred tax assets during loss periods.
- Summary of Trends
- Overall, the data indicate a company experiencing significant financial volatility across the observed quarters, with peaks in profitability around 2021 followed by substantial fluctuations, including periods of deep losses and irregular expense trends. The extreme variations in cost of sales, research and development, and SG&A suggest episodic operational challenges or extraordinary gains/losses. The partial recovery in gross profit and net income toward the end of the timeline hints at efforts toward stabilization or improved performance, but lingering volatility remains evident in multiple expense and income components.