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

Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Net product sales	1,820)	184)	167)	2,793)	1,757)	293)	1,828)	4,859)	3,120)	4,531)	5,925)	6,935)	4,810)	4,197)	1,733)	200)	—)	—)	—)	—)	—)	—)	—)
Cost of sales	(514)	(115)	(96)	(929)	(2,241)	(731)	(792)	(1,918)	(1,100)	(1,381)	(1,017)	(952)	(722)	(750)	(193)	(8)	—)	—)	—)	—)	—)	—)	—)
Gross profit (loss)	1,306)	69)	71)	1,864)	(484)	(438)	1,036)	2,941)	2,020)	3,150)	4,908)	5,983)	4,088)	3,447)	1,540)	192)	—)	—)	—)	—)	—)	—)	—)
Other revenue	42)	57)	—)	18)	74)	51)	34)	225)	244)	218)	141)	276)	159)	157)	204)	371)	158)	66)	8)	14)	17)	13)	16)
Research and development	(1,137)	(1,221)	(1,063)	(1,406)	(1,160)	(1,148)	(1,131)	(1,211)	(820)	(710)	(554)	(648)	(521)	(421)	(401)	(759)	(344)	(152)	(115)	(118)	(120)	(128)	(130)
Selling, general and administrative	(281)	(268)	(274)	(470)	(442)	(332)	(305)	(375)	(278)	(211)	(268)	(201)	(168)	(121)	(77)	(79)	(49)	(37)	(24)	(26)	(28)	(28)	(27)
Income (loss) from operations	(70)	(1,363)	(1,266)	6)	(2,012)	(1,867)	(366)	1,580)	1,166)	2,447)	4,227)	5,410)	3,558)	3,062)	1,266)	(275)	(235)	(122)	(131)	(130)	(131)	(144)	(142)
Interest income	103)	111)	120)	103)	105)	104)	109)	87)	58)	40)	15)	7)	4)	3)	4)	4)	6)	7)	8)	8)	9)	10)	11)
Other income (expense), net	(12)	(27)	(19)	(39)	(51)	14)	(48)	(12)	(7)	(13)	(13)	(7)	(10)	(2)	(10)	—)	(3)	(2)	(1)	(2)	(2)	(2)	(2)
Income (loss) before income taxes	21)	(1,279)	(1,165)	70)	(1,958)	(1,749)	(305)	1,655)	1,217)	2,474)	4,229)	5,410)	3,552)	3,063)	1,260)	(271)	(233)	(117)	(124)	(123)	(123)	(135)	(133)
(Provision for) benefit from income taxes	(8)	—)	(10)	147)	(1,672)	369)	384)	(190)	(174)	(277)	(572)	(542)	(219)	(283)	(39)	(1)	(1)	—)	—)	—)	—)	—)	—)
Net Income (loss)	13)	(1,279)	(1,175)	217)	(3,630)	(1,380)	79)	1,465)	1,043)	2,197)	3,657)	4,868)	3,333)	2,780)	1,221)	(272)	(234)	(117)	(124)	(123)	(123)	(135)	(133)

The financial trajectory is characterized by a transition from a pre-revenue research phase to a period of explosive commercial growth, followed by a phase of significant volatility and corrective adjustments. The revenue cycle peaked in late 2021, with net product sales reaching a high of 6,935 million USD in the quarter ending December 31, 2021, before entering a period of inconsistent performance.

Revenue and Gross Margin Trends: Net product sales remained negligible until the fourth quarter of 2020. Following the initial surge, a downward trend was observed throughout 2022 and 2023, marked by extreme quarterly fluctuations. Notably, the period between March 31, 2023, and June 30, 2023, saw sales drop to levels as low as 293 million USD. Gross profit margins exhibited severe volatility, transitioning from high profitability in 2021 to negative margins in the second and third quarters of 2023, where cost of sales exceeded net product sales. A recovery in gross profitability returned in the quarter ending September 30, 2024, with gross profit rising to 1,306 million USD.
Operational Expenditure Analysis: Research and development (R&D) expenses have demonstrated a consistent and aggressive upward trajectory. Spending increased from approximately 130 million USD per quarter in 2019 to a peak of 1,406 million USD by December 31, 2023. This indicates a sustained investment in the product pipeline despite fluctuating commercial revenues. Selling, general, and administrative (SG&A) expenses also grew significantly, rising from under 30 million USD per quarter in 2019 to a peak of 470 million USD in September 2023, before moderating to approximately 281 million USD by September 30, 2024.
Operating and Net Income Performance: The company transitioned from consistent operating losses in 2019 and 2020 to substantial operating profits throughout 2021, peaking at 5,410 million USD in the quarter ending December 31, 2021. However, this trend reversed starting in 2023, with significant operating losses recorded in the first three quarters of that year. The most severe net loss occurred on September 30, 2023, totaling 3,630 million USD. By September 30, 2024, the operating loss narrowed to 70 million USD, suggesting a stabilization of the cost structure relative to revenue.
Non-Operating Income and Tax Impact: Interest income has shown a steady increase, growing from roughly 10 million USD per quarter in 2019 to consistently exceeding 100 million USD per quarter from 2023 through 2024. This trend suggests a significant accumulation of cash reserves. Net income has been further influenced by large tax provisions and benefits, most notably a 1,672 million USD tax benefit in the quarter ending September 30, 2023, which partially offset the operating losses of that period.

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Moderna Inc. (NASDAQ:MRNA)

Income StatementQuarterly Data

Income Statement
Quarterly Data