Analysis of Geographic Areas
Moderna Inc. operates in 3 regions: United States; Europe; and Rest of world.
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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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Area Asset Turnover
Moderna Inc., asset turnover by geographic area
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe | |||||
| Rest of world |
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).
- United States
- The asset turnover ratio in the United States experienced a significant increase from 0.27 in 2019 to 2.57 in 2020, followed by a substantial rise to 5.88 in 2021. After peaking in 2021, the ratio declined to 4.06 in 2022 and further decreased to 1.21 in 2023. This indicates strong growth in asset utilization efficiency initially, with a notable reduction in the most recent years.
- Europe
- Data for Europe started from 2021, showing a very high asset turnover ratio of 37.82. This value sharply decreased to 9.54 in 2022 and then showed a mild increase to 10.75 in 2023. The pattern suggests a peak in asset turnover in 2021, followed by a decline but maintaining relatively high turnover levels compared to earlier years or other regions.
- Rest of world
- The asset turnover ratio outside the United States and Europe was extremely high at 544.8 in 2021, followed by a significant decrease to 197.24 in 2022, and a further pronounced decline to 13.89 in 2023. While the ratio decreased substantially over the years, it remained higher than the United States by 2023 but much closer in scale than the previous years. This indicates an initially very high utilization of assets in this region, which has since normalized to a lower, though still relatively elevated, level.
Area Asset Turnover: United States
Moderna Inc.; United States; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Property, plant and equipment, including financing right-of-use assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2023 Calculation
Area asset turnover = Revenue ÷ Property, plant and equipment, including financing right-of-use assets
= ÷ =
The data illustrates significant fluctuations in key financial metrics over the five-year period ending December 31, 2023. The focus is on revenue, property and plant assets including financing right-of-use assets, and area asset turnover ratio within the United States geographic area.
- Revenue
- Revenue exhibited substantial growth from 2019 through 2021, increasing dramatically from 55 million US dollars to a peak of 6,177 million US dollars in 2021. This was followed by a decline in subsequent years, with revenue falling to 5,150 million US dollars in 2022 and further down to 1,895 million US dollars by the end of 2023. The initial surge indicates a strong expansion phase or successful product launch, while the declining trend post-2021 suggests reduced sales or market saturation.
- Property, Plant and Equipment (including financing right-of-use assets)
- Investment in property, plant, and equipment increased consistently throughout the period. Starting at 201 million US dollars in 2019, the value more than doubled by 2020 (297 million US dollars), then saw a substantial increase in 2021 to 1,050 million US dollars. This upward trend continued in 2022 and 2023, reaching 1,267 million and 1,560 million US dollars, respectively. The continuous growth in fixed assets suggests ongoing capacity expansion, infrastructure development, or capital expenditure to support operational growth and future production capabilities.
- Area Asset Turnover
- The area asset turnover ratio, which measures revenue generated per unit of property and plant assets, demonstrated a marked increase from 0.27 in 2019 to a peak of 5.88 in 2021. This peak aligns with the highest revenue recorded, indicating efficient utilization of assets to generate sales during this period. However, the ratio decreased significantly in the following years to 4.06 in 2022 and further to 1.21 in 2023. This decline suggests that despite increased investment in assets, revenue generation efficiency per asset unit diminished substantially, potentially implying under-utilization of assets or a reduction in productivity linked to declining sales.
In summary, the financial metrics reveal a phase of robust growth and asset investment through 2021, followed by notable decreases in revenue and asset turnover efficiency despite continuous capital expansion. This pattern indicates a strategic build-out of capacity that may not have been fully realized in revenue terms post-2021, highlighting potential challenges in maintaining sales momentum or market demand after initial growth.
Area Asset Turnover: Europe
Moderna Inc.; Europe; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Property, plant and equipment, including financing right-of-use assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2023 Calculation
Area asset turnover = Revenue ÷ Property, plant and equipment, including financing right-of-use assets
= ÷ =
- Revenue
- The revenue exhibited a significant increase from 5 million US dollars in 2019 to 6,846 million US dollars in 2021, indicating a substantial growth during this period. In 2022, the revenue remained relatively stable at 6,815 million US dollars. However, in 2023, there was a notable decline in revenue, decreasing to 1,355 million US dollars.
- Property, Plant and Equipment (including financing right-of-use assets)
- Data for this item started in 2021 with a value of 181 million US dollars. It increased sharply in 2022 to 714 million US dollars, followed by a decrease to 126 million US dollars in 2023. This suggests considerable investment in fixed assets in 2022, with a notable reduction or revaluation in the subsequent year.
- Area Asset Turnover
- The area asset turnover ratio was reported starting in 2021 at a high level of 37.82. It then decreased markedly to 9.54 in 2022, before a slight increase to 10.75 in 2023. This indicates a decline in efficiency in generating revenue from property, plant, and equipment over the observed period, with a modest recovery in 2023.
Area Asset Turnover: Rest of world
Moderna Inc.; Rest of world; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Property, plant and equipment, including financing right-of-use assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2023 Calculation
Area asset turnover = Revenue ÷ Property, plant and equipment, including financing right-of-use assets
= ÷ =
- Revenue
- Revenue from the "Rest of world" geographic area exhibited a substantial increase from 6 million US dollars in 2020 to 5,448 million US dollars in 2021, representing significant growth. This upward trend continued into 2022, reaching 7,298 million US dollars. However, in 2023, revenue declined sharply to 3,598 million US dollars, indicating a noticeable contraction compared to the previous year.
- Property, Plant and Equipment, Including Financing Right-of-Use Assets
- Investment in property, plant, and equipment within this geographic region started at 10 million US dollars in 2021, followed by a moderate increase to 37 million US dollars in 2022. Thereafter, a considerable escalation occurred in 2023, with the value reaching 259 million US dollars, suggesting accelerated capital expenditure or asset acquisition during the latest period.
- Area Asset Turnover Ratio
- The area asset turnover ratio, which measures efficiency in using assets to generate revenue, was exceptionally high at 544.8 in 2021. It decreased markedly to 197.24 in 2022 and further diminished to 13.89 in 2023. This declining trend indicates a reduction in asset utilization efficiency over the years, particularly sharp in the most recent period.
Revenue
Moderna Inc., revenue by geographic area
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe | |||||
| Rest of world | |||||
| Total |
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 revenue data over the specified periods reveals distinct trends across geographic regions, highlighting shifting contributions and fluctuations in total revenues.
- United States
- The United States demonstrated substantial growth from 2019 to 2020, with revenues increasing from 55 million to 764 million US dollars. This growth peaked sharply at 6,177 million in 2021, followed by a decline to 5,150 million in 2022, and a more pronounced decrease to 1,895 million in 2023. The trend indicates an initial rapid expansion succeeded by a considerable contraction in recent years.
- Europe
- Europe's revenue also experienced significant growth from 5 million in 2019 to 33 million in 2020. The upward trend accelerated markedly in 2021 and 2022, reaching 6,846 million and 6,815 million respectively, which indicates a period of stability at high revenue levels. However, in 2023, revenue dropped sharply to 1,355 million, reflecting a notable decline similar to the pattern observed in the United States.
- Rest of World
- Revenue from the Rest of World was minimal or unreported in 2019, with only 6 million in 2020. Significant growth followed in 2021 and 2022, with revenues of 5,448 million and 7,298 million respectively, reaching its peak among the regions in 2022. In 2023, the revenue decreased to 3,598 million, which though a decline, remained higher compared to the initial years.
- Total Revenue
- Total revenue aligns with the combined regional trends, escalating sharply from 60 million in 2019 to 803 million in 2020, followed by an exponential increase to 18,471 million in 2021 and a further rise to 19,263 million in 2022. In 2023, total revenue declined significantly to 6,848 million, marking a reversal after the two years of peak performance.
Overall, the data reveals a pattern of rapid revenue growth between 2019 and 2022 across all geographic areas, with especially pronounced surges in 2021 and 2022. However, 2023 exhibits a considerable downturn in revenues across all regions while remaining higher than 2019 figures. This pattern suggests a peak period followed by a contraction phase, possibly linked to market or operational factors affecting all geographic segments.
Property, plant and equipment, including financing right-of-use assets
Moderna Inc., property, plant and equipment, including financing right-of-use assets by geographic area
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe | |||||
| Rest of world | |||||
| Total |
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).
- United States
- The property, plant, and equipment values in the United States show a consistent upward trend from 2019 through 2023. Starting at $201 million in 2019, the figure increased to $297 million in 2020, followed by a significant jump to $1,050 million in 2021. Growth continued through 2022 and 2023, reaching $1,267 million and $1,560 million respectively. This indicates a steady and substantial investment in assets within the United States over the five-year period.
- Europe
- The European segment shows a different pattern, with no data available for 2019 and 2020. Beginning in 2021, the value recognized was $181 million, which then saw a strong increase to $714 million in 2022. However, in 2023, there was a substantial decline to $126 million. This suggests an expansion phase in 2021-2022 followed by a significant reduction or possible asset reallocation in 2023.
- Rest of World
- Data for the rest of the world is only available from 2021 onwards. The values started modestly at $10 million in 2021, increased to $37 million in 2022, and then surged to $259 million in 2023. The rapid increase in 2023 indicates growing investment or acquisition of assets outside the United States and Europe during the most recent year.
- Total
- The total property, plant, and equipment values reflect the combined trends of all geographic areas. Starting from $201 million in 2019, total assets grew steadily to $297 million in 2020. A sharp increase occurred in 2021, reaching $1,241 million, followed by a further rise to $2,018 million in 2022. In 2023, the total slightly decreased to $1,945 million. The overall trajectory shows substantial growth driven primarily by the United States and European segments, with the slight decline in the latest year attributable to the drop in European assets offset somewhat by growth in the rest of the world.