Operating Profit Margin
since 2018
Calculation
Moderna Inc., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Income (loss) from operations1 | ÷ | Product sales1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | -63.54% | = | 100 | × | (4,239) | ÷ | 6,671) |
| Dec 31, 2022 | 51.10% | = | 100 | × | 9,420) | ÷ | 18,435) |
| Dec 31, 2021 | 75.22% | = | 100 | × | 13,296) | ÷ | 17,675) |
| Dec 31, 2020 | -381.82% | = | 100 | × | (763) | ÷ | 200) |
| Dec 31, 2019 | — | = | 100 | × | (546) | ÷ | —) |
| Dec 31, 2018 | — | = | 100 | × | (413) | ÷ | —) |
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), 10-K (reporting date: 2018-12-31).
1 US$ in millions
The operational performance demonstrates extreme volatility over the analyzed six-year period, characterized by an initial phase of expanding losses, a period of exceptional profitability, and a subsequent return to negative operating margins.
- Operational Loss and Early Commercialization (2018–2020)
- A consistent downward trend in operating income is observed from 2018 through 2020, with losses widening from US$413 million to US$763 million. The introduction of product sales in 2020, totaling US$200 million, resulted in an operating profit margin of -381.82%, indicating that operational expenses heavily outweighed early revenue streams.
- Peak Profitability and Margin Expansion (2021–2022)
- A significant pivot occurred in 2021, with product sales surging to US$17,675 million. This led to a substantial operating profit of US$13,296 million and a peak operating profit margin of 75.22%. While product sales increased further in 2022 to US$18,435 million, operating income declined to US$9,420 million, causing the operating profit margin to compress to 51.10%.
- Recent Operational Contraction (2023)
- A sharp reversal in performance is evident in 2023, as product sales fell to US$6,671 million. This contraction coincided with a return to an operating loss of US$4,239 million, bringing the operating profit margin back into negative territory at -63.54%.
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Comparison to Competitors
Moderna Inc., operating profit margin, long-term trends, comparison to competitors
| Moderna Inc. | AbbVie Inc. | Amgen Inc. | Danaher Corp. | Gilead Sciences Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | |
|---|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | -63.54% | 23.49% | 29.35% | 21.77% | 28.24% | 30.85% | 16.00% | 38.83% |
| Dec 31, 2022 | 51.10% | 31.21% | 38.57% | 27.61% | 27.17% | 38.93% | 18.69% | 48.23% |
| Dec 31, 2021 | 75.22% | 31.89% | 31.44% | 25.35% | 36.72% | 55.67% | 25.57% | 36.73% |
| Dec 31, 2020 | -381.82% | 24.81% | 37.70% | 18.99% | 16.72% | 42.09% | 24.19% | 46.03% |
| Dec 31, 2019 | — | 39.03% | 43.57% | 18.25% | 19.38% | 28.10% | 17.99% | 28.77% |
| Dec 31, 2018 | — | 19.49% | 45.55% | 17.11% | 37.83% | 37.77% | 15.53% | 20.84% |
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), 10-K (reporting date: 2018-12-31).