Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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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., consolidated income statement
US$ in millions
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 company performance over the analyzed period, with notable peaks and declines in key metrics.
- Net Product Sales
- There was a substantial increase from 200 million USD in 2020 to a peak of 18,435 million USD in 2022, reflecting rapid sales growth. However, sales declined sharply to 6,671 million USD in 2023, indicating a considerable reduction in revenue generation.
- Cost of Sales
- Costs rose significantly in line with sales, growing from 8 million USD in 2020 to 5,416 million USD in 2022. In 2023, the cost reduced slightly to 4,693 million USD, consistent with the lower sales volume.
- Gross Profit
- Gross profit followed the sales trend, increasing dramatically from 192 million USD in 2020 to 15,058 million USD in 2021, and then slightly declining to 13,019 million USD in 2022. In 2023, gross profit dropped sharply to 1,978 million USD, reflecting decreased profitability.
- Other Revenue
- Other revenue increased steadily from 60 million USD in 2019 to 828 million USD in 2022 before falling to 177 million USD in 2023, indicating variable but generally moderate contributions relative to main sales.
- Research and Development (R&D) Expenses
- R&D expenses grew consistently over the period, rising from 496 million USD in 2019 to 4,845 million USD in 2023. This indicates a continuing and increasing investment in innovation or product development.
- Selling, General and Administrative (SG&A) Expenses
- SG&A expenses showed a steady upward trend, increasing from 110 million USD in 2019 to 1,549 million USD in 2023. This growth suggests expanding operational overhead and administrative costs.
- Income (Loss) from Operations
- The company moved from operating losses in 2019 and 2020 to a strong operating income peak of 13,296 million USD in 2021 and 9,420 million USD in 2022. However, 2023 saw a return to operating losses amounting to 4,239 million USD, reflecting operational challenges amid declining sales.
- Interest Income and Expense
- Interest income fluctuated, increasing to 421 million USD in 2023 from 39 million USD in 2019, showing improved returns on investments or cash holdings. Interest expense increased gradually from 7 million USD in 2019 to 38 million USD in 2023, indicating rising borrowing costs or debt levels.
- Gain (Loss) on Investments
- Investment gains were negligible early on but turned into losses of 20 million USD in 2022 and 72 million USD in 2023, pointing to unfavorable investment results in recent years.
- Other Income/Expense, Net
- These figures fluctuated, with relatively small magnitudes compared to other items, showing occasional gains and losses without a clear trend.
- Income (Loss) Before Income Taxes
- Operating income gains translated into positive income before taxes of 13,285 million USD in 2021 and 9,575 million USD in 2022. The figure turned negative to a loss of 3,942 million USD in 2023, consistent with operating losses and investment losses.
- Provision for Income Taxes
- The provision for taxes increased notably in the profitable years 2021 and 2022, with amounts exceeding one billion USD each year. In 2023, the tax provision decreased to 772 million USD amid the negative income environment.
- Net Income (Loss)
- Net income showed a dramatic turnaround from losses of approximately 514-747 million USD in 2019-2020 to strong profitability of 12,202 million USD in 2021 and 8,362 million USD in 2022. The trend reversed sharply in 2023 with a loss of 4,714 million USD, reflecting declining sales, increased expenses, and investment losses.