Stock Analysis on Net

Moderna Inc. (NASDAQ:MRNA)

$22.49

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

Adjustments to Financial Statements

Microsoft Excel

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Adjustments to Current Assets

Moderna Inc., adjusted current assets

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Current assets
Adjustments
Add: Wholesalers chargebacks, discounts and fees
After Adjustment
Adjusted current assets

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 data reveals significant fluctuations in the current assets of the company over the five-year period. Starting at US$1,129 million at the end of 2019, current assets experienced a substantial increase to US$6,298 million by the end of 2020. This upward trend continued markedly in 2021, reaching a peak of US$16,071 million, indicating strong growth in the company's short-term assets during this timeframe.

However, in 2022, current assets declined to US$13,431 million, reflecting a contraction of approximately 16.4% from the prior year’s peak. The downward trend persisted into 2023, with current assets further decreasing to US$10,325 million. Despite this decline, current assets in 2023 remained considerably higher than those recorded in 2019 and 2020, suggesting elevated liquidity levels compared to the earlier years.

The adjusted current assets follow a similar pattern, beginning at US$1,129 million in 2019 and rising to US$6,298 million in 2020, followed by a significant surge to US$16,071 million in 2021. The adjusted figures then show a reduction to US$13,431 million in 2022, but unlike the unadjusted current assets, the adjusted current assets increased slightly to US$11,017 million in 2023. This marginal recovery in adjusted current assets indicates some adjustments that may be related to the quality or liquidity of specific current assets, which could suggest an improvement in asset management or reclassification during the latest period.

Overall, the data shows that while the company experienced a peak in current assets and adjusted current assets in 2021, there has been a notable decline in these figures in the subsequent two years. This pattern may reflect changes in operational activities, working capital management, or market conditions impacting short-term asset holdings.


Adjustments to Total Assets

Moderna Inc., adjusted total assets

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Total assets
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Add: Wholesalers chargebacks, discounts and fees
Less: Deferred tax assets2
After Adjustment
Adjusted total assets

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).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Deferred tax assets. See details »


The analysis of the financial data over the five-year period reveals significant fluctuations in the company's total and adjusted total assets. Both metrics exhibit a marked increase from 2019 to 2021, followed by variations in subsequent years.

Total Assets
The total assets increased substantially from US$1,589 million in 2019 to US$7,337 million in 2020, demonstrating strong asset growth within a single year. This upward trajectory continued sharply into 2021, reaching a peak of US$24,669 million. However, in 2022, total assets plateaued slightly at US$25,858 million, indicating stabilization after the rapid prior growth. In 2023, a noticeable decline occurred, with total assets decreasing to US$18,426 million. This reduction suggests a potential reallocation, divestiture, or depreciation impacting the asset base.
Adjusted Total Assets
Adjusted total assets follow a similar trend to total assets, starting at US$1,589 million in 2019 and rising to US$7,337 million in 2020. They increased further to US$24,343 million in 2021 and marginally to US$24,876 million in 2022. The adjustment appears to slightly reduce the asset base compared to total assets, but both values track closely. In 2023, adjusted total assets declined to US$19,037 million, aligning with the downward trend seen in total assets.

Overall, the data depicts a period of strong asset growth between 2019 and 2021, peaking in 2022, followed by a decline in 2023. The close alignment between total and adjusted total assets suggests consistency between reported and adjusted figures, with minor adjustments not materially altering the asset size trends. The decrease in assets in the most recent period may warrant further investigation to understand underlying causes such as asset sales, impairments, or shifts in business strategy.


Adjustments to Current Liabilities

Moderna Inc., adjusted current liabilities

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Current liabilities
Adjustments
Less: Deferred revenue, current
After Adjustment
Adjusted current liabilities

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 data presented reveals notable volatility in the company's current liabilities over the analyzed five-year period. There is a significant increase from the year ending December 31, 2019, through December 31, 2021, with reported current liabilities rising sharply from 143 million US dollars to a peak of 9,128 million US dollars. This sharp increase suggests a substantial growth in short-term financial obligations during this period.

Following the peak in 2021, current liabilities indicate a marked decline, decreasing to 4,923 million US dollars in 2022 and further to 3,015 million US dollars by the end of 2023. This reduction in current liabilities post-2021 could reflect improved liquidity management or repayment of short-term debts.

Adjusted current liabilities, which likely account for certain exclusions or reclassifications, display a parallel trend but with less pronounced fluctuations. Starting at 80 million US dollars in 2019, there is a consistent increase reaching 2,875 million US dollars in 2021. However, unlike total current liabilities that dropped more sharply, adjusted current liabilities stabilized to roughly 2,885 million US dollars in 2022 and slightly decreased to 2,447 million US dollars in 2023.

The divergence between total current liabilities and adjusted current liabilities, particularly from 2020 onwards, indicates that a portion of liabilities included in the total current liabilities may be undergoing reclassification or exclusion in the adjusted figures, affecting the analysis of short-term financial obligations.

Overall, the data reflects a period of rapid escalation in liabilities through 2021, followed by a corrective phase with diminishing levels in subsequent years. The existence of adjusted figures provides a more refined view, suggesting that some volatility in gross liabilities may be due to accounting treatments rather than purely operational factors.


Adjustments to Total Liabilities

Moderna Inc., adjusted total liabilities

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Total liabilities
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1
Less: Deferred tax liabilities2
Less: Deferred revenue
After Adjustment
Adjusted total liabilities

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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred tax liabilities. See details »


Total liabilities
The total liabilities experienced a significant increase from 415 million US dollars at the end of 2019 to a peak of 10,524 million US dollars by the end of 2021. This sharp rise indicates substantial liability accumulation over those two years, possibly reflecting increased borrowing or obligations. Following this peak, total liabilities declined notably to 6,735 million US dollars at the end of 2022 and further to 4,572 million US dollars by the end of 2023, suggesting a strategic reduction in overall liabilities.
Adjusted total liabilities
Adjusted total liabilities followed a somewhat different pattern, with a rise from 212 million US dollars in 2019 to 731 million in 2020 and a steeper increase to 3,656 million by the end of 2021. Unlike total liabilities, adjusted liabilities continued to rise slightly to 4,024 million in 2022, before a marginal decrease to 3,906 million in 2023. This indicates that while some components of liabilities were reduced after 2021, adjusted liabilities—potentially excluding certain short-term or non-core obligations—remained relatively elevated, suggesting more stable underlying financial commitments.
Overall insights
The divergent trends between total and adjusted liabilities post-2021 highlight a possible shift in the composition or classification of liabilities. The sharp increase in liabilities from 2019 to 2021 could reflect an expansion phase, requiring financing. The subsequent reductions, particularly in total liabilities, may indicate repayment, restructuring, or reclassification efforts. The adjusted total liabilities remaining high suggest sustained operational or financing obligations that were not subject to reduction during this period.

Adjustments to Stockholders’ Equity

Moderna Inc., adjusted stockholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Stockholders’ equity
Adjustments
Less: Net deferred tax assets (liabilities)1
Add: Wholesalers chargebacks, discounts and fees
Add: Deferred revenue
After Adjustment
Adjusted stockholders’ equity

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).

1 Net deferred tax assets (liabilities). See details »


Stockholders’ Equity
The stockholders' equity exhibited a significant upward trend from 2019 through 2022, increasing from approximately $1.175 billion to $19.123 billion. This represents a substantial growth over the three-year period. However, there was a notable decline in 2023, where equity decreased to about $13.854 billion, indicating a reversal in the preceding growth trend.
Adjusted Stockholders’ Equity
The adjusted stockholders' equity follows a similar pattern but with higher absolute values throughout the periods. Starting at roughly $1.377 billion in 2019, it surged considerably in 2020 to $6.606 billion, then further to over $20.6 billion in 2021. The value stabilized around $20.85 billion in 2022 before decreasing to approximately $15.131 billion in 2023. The decline in the final year is consistent with the trend observed in the unadjusted stockholders' equity, suggesting a potential contraction in net assets or changes affecting equity adjustments.
Overall Trends and Insights
The data reveals a strong growth phase in equity values from 2019 to 2022, implying robust capital accumulation or profitability over those years. The peak around 2021-2022 suggests a period of maximum financial strength. The subsequent decrease in 2023 may indicate challenges such as asset devaluation, increased liabilities, or distributions to shareholders impacting the company’s equity base. The discrepancy between the adjusted and unadjusted equity values, with adjusted figures consistently higher, reflects the inclusion of additional adjustments that may impact the book value, but the overall directional movement remains aligned across both measures.

Adjustments to Capitalization Table

Moderna Inc., adjusted capitalization table

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Financing lease liabilities, current
Financing lease liabilities, non-current
Total reported debt
Stockholders’ equity
Total reported capital
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1
Add: Operating lease liabilities, current2
Add: Operating lease liabilities, non-current3
Adjusted total debt
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4
Add: Wholesalers chargebacks, discounts and fees
Add: Deferred revenue
Adjusted stockholders’ equity
After Adjustment
Adjusted total capital

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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Operating lease liabilities, current. See details »

3 Operating lease liabilities, non-current. See details »

4 Net deferred tax assets (liabilities). See details »


Total Reported Debt
The total reported debt demonstrated a substantial increase from 39 million US dollars at the end of 2019 to a peak of 1,073 million US dollars in 2022. However, in 2023, the debt decreased notably to 575 million US dollars. This indicates that the company significantly increased its leverage over the first four years but then undertook debt reduction actions in the most recent year.
Stockholders’ Equity
Stockholders’ equity showed consistent growth from 1,175 million US dollars in 2019 to a high of 19,123 million US dollars in 2022. In 2023, equity declined to 13,854 million US dollars, which, while lower than the previous year, remains substantially above the initial 2019 level. This trend suggests considerable value creation over the period with some contraction in the latest year.
Total Reported Capital
Total reported capital, defined as the sum of reported debt and equity, mirrored the patterns observed in its components. It increased markedly from 1,213 million US dollars in 2019 to 20,196 million US dollars in 2022 before declining to 14,429 million US dollars in 2023. This reflects the combined effect of debt fluctuations and equity changes over the analyzed period.
Adjusted Total Debt
The adjusted total debt figures are higher than the reported debt across all years, indicating possible adjustments made to reflect a more comprehensive debt picture. The adjusted debt rose steadily from 136 million US dollars in 2019 to 1,200 million US dollars in 2022 and continued to increase slightly to 1,243 million US dollars in 2023. Unlike the reported debt, the adjusted debt did not show a decline in the final year, suggesting that the adjustments account for additional liabilities not captured in the reported debt.
Adjusted Stockholders’ Equity
Adjusted equity values show strong growth, more pronounced than reported equity, rising from 1,377 million US dollars in 2019 to 20,852 million US dollars in 2022 before decreasing to 15,131 million US dollars in 2023. The pattern is similar to that of reported equity but on a larger scale, possibly reflecting fair value adjustments or other equity-related considerations.
Adjusted Total Capital
Adjusted total capital followed a consistent upward trend from 1,513 million US dollars in 2019 to a peak of 22,052 million US dollars in 2022, then dropped to 16,374 million US dollars in 2023. This overall trend aligns with the increase in adjusted debt and equity, with the dip in 2023 driven by reductions primarily in adjusted equity components.

In summary, the company experienced robust growth in both capital and equity from 2019 through 2022, accompanied by increasing leverage. The year 2023 marks a period of deleveraging in reported debt and a contraction in equity levels, resulting in a decrease in total capital. Adjusted figures consistently show higher debt and equity amounts than reported values, reflecting greater financial complexity or valuation adjustments. The data suggests strategic capital management to balance growth and financial structure, with caution indicated by the reduced capital base in the most recent year.


Adjustments to Revenues

Moderna Inc., adjusted net product sales

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Net product sales
Adjustment
Add: Increase (decrease) in deferred revenue
After Adjustment
Adjusted net product sales

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 data shows significant fluctuations in both net product sales and adjusted net product sales over the five-year period.

Net product sales

The value begins without an entry in 2019, then registers at 200 million USD in 2020, followed by a substantial increase to 17,675 million USD in 2021 and a slight further increase to 18,435 million USD in 2022. However, in 2023, there is a notable decline to 6,671 million USD. This indicates a rapid growth phase peaking in 2022, followed by more than a 60% decrease in sales in the most recent year.

Adjusted net product sales

Starting from a negative figure of -72 million USD in 2019, adjusted net product sales rise sharply to 4,042 million USD in 2020 and peak at 20,499 million USD in 2021. Subsequently, these sales decrease to 14,278 million USD in 2022 and decline further to 4,611 million USD in 2023. The adjusted net product sales follow a similar pattern to net product sales with rapid growth culminating in 2021, followed by a pronounced downward trend over the next two years.

The overall trend suggests that the company experienced a strong expansion in product sales starting in 2020 through 2022, with both net and adjusted figures reaching their highest points between 2021 and 2022. The decline observed in 2023 is significant and may indicate changes in market demand, competitive pressures, or internal adjustments impacting sales performance. The difference between net and adjusted sales in the earlier years, and the similarity in trend thereafter, also suggests the adjustment factors had a larger impact before 2021 and became relatively less significant as absolute sales volumes increased.


Adjustments to Reported Income

Moderna Inc., adjusted net income (loss)

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Net income (loss)
Adjustments
Add: Deferred income tax expense (benefit)1
Add: Increase (decrease) in wholesalers chargebacks, discounts and fees
Add: Increase (decrease) in deferred revenue
Add: Other comprehensive income (loss), net of tax
After Adjustment
Adjusted net income (loss)

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).

1 Deferred income tax expense (benefit). See details »


The financial data exhibits significant fluctuations in net income and adjusted net income over the five-year period under review.

Net Income (Loss)
The net income displayed a negative value in 2019 and 2020, with losses amounting to $514 million and $747 million, respectively. A substantial turnaround occurred in 2021, with a net income of $12,202 million, representing a dramatic increase. This positive trend continued in 2022, albeit at a reduced level, with net income of $8,362 million. However, 2023 showed a significant reversal as net income declined sharply to a loss of $4,714 million.
Adjusted Net Income (Loss)
Adjusted net income followed a somewhat similar pattern but with notable differences. In 2019, the company reported an adjusted loss of $584 million. There was a remarkable improvement in 2020, turning to an adjusted profit of $3,096 million. The upward trajectory peaked in 2021 with adjusted net income reaching $14,703 million, the highest in the data set. In 2022, adjusted net income dropped substantially to $3,281 million. The trend reversed again in 2023 with an adjusted loss of $4,934 million, marking a significant negative swing.

Overall, the data reveals a volatile earnings profile with a remarkable surge in profitability starting in 2021, followed by a notable decline in both net income and adjusted net income in 2023. The adjusted figures consistently show higher profitability during the peak years but also reflect a similar trend of worsening performance in the most recent period. This volatility could be indicative of external market factors, changes in operational efficiency, or other one-time influences impacting the financial results.