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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- 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 (quarterly data)
US$ in millions
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).
- Net Product Sales
- Net product sales were absent prior to 2021 but showed a sharp increase starting in the first quarter of 2021, peaking at $6,935 million in Q1 2022, followed by a general downward trend through 2023. There was some recovery in sales in the early quarters of 2024, although the figures remained well below the 2021 and early 2022 highs.
- Cost of Sales
- Cost of sales figures became available from Q4 2019, initially showing small amounts but rising significantly from 2021 onwards in line with increased sales, peaking at $2,241 million in Q3 2023. Costs then decreased post-Q3 2023 but remained elevated relative to the pre-2021 period.
- Gross Profit (Loss)
- The gross profit mirrored the sales trend, with early positive results in late 2019, a substantial increase during 2021 peaking in Q1 2022 at $5,983 million, and subsequent declines through 2023. Negative gross profit appeared in mid to late 2023 quarters but improved again in 2024.
- Other Revenue
- Other revenue showed variability with relatively low and inconsistent values before 2020, a notable increase in 2020 through 2021, followed by fluctuations in 2022 and 2023, and low to moderate amounts in 2024. There is no clear upward or downward trend visible.
- Research and Development
- Research and development expenses consistently increased over time, rising from roughly $130 million per quarter in 2019 to over $1,200 million in the latter part of 2022 and early 2023. Although fluctuating somewhat, R&D expenses remained elevated into 2024, indicating sustained investment.
- Selling, General, and Administrative Expenses
- These expenses rose steadily from around $27 million in early 2019 to a peak of approximately $470 million in Q4 2023. While there was some decline in the latest reported quarters in 2024, the trend reflects considerable growth in operating expenses.
- Income (Loss) from Operations
- Operational income was negative through 2020 but turned strongly positive starting in early 2021, peaking at $5,410 million in Q4 2021. This was followed by a sharp decline, with net losses occurring in the second half of 2022 and most of 2023, before modest positive income reappeared in 2024.
- Interest Income
- Interest income remained relatively low and stable across the entire period, ranging between $3 million and $120 million, with a gradual increase over time but no significant fluctuations.
- Other Income (Expense), Net
- Other income and expenses fluctuated without a clear trend, mostly minor amounts with occasional negative spikes. These values do not appear to significantly impact overall profitability trends.
- Income (Loss) Before Income Taxes
- This metric followed the pattern of operational income closely, shifting from losses before 2021 to substantial pre-tax income during 2021 and early 2022, then returning to losses in the latter part of 2022 and most of 2023, with a mild recovery in 2024.
- Provision for Income Taxes
- Tax provision was essentially zero or minimal during the loss periods pre-2021, then increased significantly during profitable quarters in 2021 and early 2022. Negative tax provisions (benefits) were recorded during loss periods in mid to late 2023, indicating tax relief during net loss quarters.
- Net Income (Loss)
- Net income was negative through 2020, transitioned to strong profitability starting in Q1 2021 with a peak net income of $4,868 million in Q4 2021, and followed a downward trend into losses throughout much of 2023. Positive net income returned modestly in early 2024.