Name: Moderna Inc. (NASDAQ:MRNA) | Income Statement
Creator: Stock Analysis on Net

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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Moderna Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net product sales	6,671)	18,435)	17,675)	200)	—)
Cost of sales	(4,693)	(5,416)	(2,617)	(8)	—)
Gross profit	1,978)	13,019)	15,058)	192)	—)
Other revenue	177)	828)	796)	604)	60)
Research and development	(4,845)	(3,295)	(1,991)	(1,370)	(496)
Selling, general and administrative	(1,549)	(1,132)	(567)	(188)	(110)
Income (loss) from operations	(4,239)	9,420)	13,296)	(763)	(546)
Interest income	421)	200)	18)	25)	39)
Gain (loss) on investments	(72)	(20)	1)	1)	—)
Interest expense	(38)	(29)	(18)	(10)	(7)
Other income (expense), net	(14)	4)	(12)	3)	(1)
Other expense, net	(124)	(45)	(29)	(6)	(8)
Income (loss) before income taxes	(3,942)	9,575)	13,285)	(745)	(515)
(Provision for) benefit from income taxes	(772)	(1,213)	(1,083)	(3)	1)
Net income (loss)	(4,714)	8,362)	12,202)	(747)	(514)

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 2019 to 2023 is characterized by extreme volatility in revenue and profitability, contrasted by a consistent and aggressive increase in operational spending.

Revenue and Gross Profit Trends: Net product sales exhibited a dramatic surge, rising from 200 million in 2020 to a peak of 18,435 million in 2022. This growth was followed by a significant contraction in 2023, where sales fell to 6,671 million. Gross profit followed a similar trajectory, peaking at 15,058 million in 2021 before declining to 1,978 million in 2023, indicating a substantial reduction in the primary income stream.
Operational Expenditure Analysis: Operating expenses demonstrated a linear upward trend, decoupled from the volatility of sales. Research and development expenses increased every year, growing from 496 million in 2019 to 4,845 million in 2023. Selling, general and administrative expenses also rose steadily from 110 million in 2019 to 1,549 million in 2023. This suggests a strategic commitment to long-term scaling and pipeline development despite fluctuating top-line results.
Profitability and Operating Margin: The transition from operational losses in 2019 and 2020 to a massive operational surplus in 2021 (13,296 million) and 2022 (9,420 million) reflects a period of exceptional profitability. However, the convergence of declining sales and rising operating costs led to an operational loss of 4,239 million in 2023. Net income mirrored this volatility, moving from a peak profit of 12,202 million in 2021 to a net loss of 4,714 million in 2023.
Non-Operating Financial Indicators: Interest income showed consistent growth, increasing from 39 million in 2019 to 421 million in 2023, which suggests a significant accumulation of cash and cash equivalents. Interest expenses remained minimal and stable relative to the overall scale of operations, rising from 7 million in 2019 to 38 million in 2023.

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