Moderna Inc. (NASDAQ:MRNA)

Gross Profit Margin

The gross profit margin demonstrated a declining trend from 2019 to 2023. Starting with no data for 2019, the margin was very high at 96.03% in 2020 and decreased to 85.19% in 2021, followed by a further decline to 70.62% in 2022. In 2023, the margin significantly dropped to 29.65%, suggesting increasing costs relative to revenue or pricing pressures in the later years.

Operating Profit Margin

The operating profit margin experienced substantial volatility over the analyzed period. It was deeply negative at -381.82% in 2020, indicating significant operating losses. This figure reversed dramatically in 2021 to a strong positive margin of 75.22% and remained positive at 51.1% in 2022. However, in 2023, the margin deteriorated sharply to -63.54%, reflecting a return to operating losses and possible operational challenges or increased expenses.

Net Profit Margin

Net profit margin exhibited a pattern similar to operating profit margin. Beginning at a large loss rate of -373.77% in 2020, it improved markedly to 69.04% in 2021 and remained robust though slightly lower at 45.36% in 2022. The margin declined drastically to -70.66% in 2023, indicating a return to net losses, potentially driven by higher costs, lower revenues, or other non-operating factors impacting profitability.

Return on Equity (ROE)

Return on equity displayed significant fluctuations. Starting with -43.75% in 2019 and improving to -29.17% in 2020, ROE jumped to a high of 86.26% in 2021. This strong performance moderated to 43.73% in 2022 but reversed to a negative -34.03% in 2023. The swings suggest periods of varying profitability and efficiency in generating shareholder returns, with 2023 indicating a lower return or potential losses relative to equity.

Return on Assets (ROA)

Return on assets followed a trend consistent with profitability metrics. It was negative at -32.34% in 2019 and improved to -10.18% in 2020. A significant recovery occurred in 2021 with ROA reaching 49.46%, which then decreased to 32.34% in 2022. In 2023, ROA turned negative again at -25.58%, reflecting reduced asset profitability or losses impacting asset returns.

Gross Profit

The gross profit experienced a significant increase from 192 million US dollars in 2020 to 15,058 million US dollars in 2021. Following this peak, it decreased to 13,019 million US dollars in 2022 and further declined to 1,978 million US dollars in 2023. This indicates a substantial fluctuation, with the highest profitability occurring in 2021 and a notable downward trend in the subsequent two years.

Net Product Sales

Net product sales showed a sharp rise from 200 million US dollars in 2020 to 17,675 million US dollars in 2021. Sales increased slightly to 18,435 million US dollars in 2022, representing a stabilization at a high level. However, in 2023, net product sales decreased considerably to 6,671 million US dollars. This pattern suggests rapid growth followed by a substantial contraction in the latest period.

Gross Profit Margin

The gross profit margin was very high at 96.03% in 2020, before declining to 85.19% in 2021 and further to 70.62% in 2022. The margin then dropped sharply to 29.65% in 2023. This trend reflects decreasing profitability relative to sales, indicating either increasing costs or pricing pressures impacting the company’s efficiency or product mix.

Overall Analysis

The data reveals a phase of rapid growth in both sales and gross profit during 2020-2021, followed by declining profitability and revenue starting in 2022 and intensifying in 2023. The sharp fall in gross profit margin alongside declining gross profit and sales in 2023 suggests challenges affecting the company’s cost structure or market conditions. The company may be facing significant operational or market headwinds impacting its financial performance in the most recent period.

Income (loss) from operations

The company experienced a significant shift in operational income over the observed period. Initially, the company posted substantial operating losses in 2019 and 2020, with amounts of -546 million and -763 million US dollars, respectively. However, in 2021, there was a remarkable turnaround, yielding an operating income of 13,296 million US dollars. This positive momentum continued in 2022, though at a somewhat reduced level of 9,420 million US dollars. In 2023, the trend reversed again, resulting in an operating loss of -4,239 million US dollars.

Net product sales

Net product sales figures reveal a strong growth phase followed by a declining pattern. Sales were notably absent in 2019 but commenced at 200 million US dollars in 2020. A significant surge occurred in 2021, with net sales reaching 17,675 million US dollars, followed by a modest increase to 18,435 million US dollars in 2022. In 2023, sales declined sharply to 6,671 million US dollars, which represents a considerable reduction compared to the prior two years.

Operating profit margin

The operating profit margin exhibited extreme volatility during the period. Negative margins were recorded in 2020 at -381.82%, reflecting the operating losses and likely high costs relative to sales. A strong recovery took place in 2021 and 2022, with operating margins improving dramatically to 75.22% and 51.1%, respectively. These indicate highly profitable operations during this interval. However, in 2023, the margin fell into a negative territory of -63.54%, indicating operational inefficiencies or increased expenses surpassing revenues once again.

Overall Trends and Insights

The data demonstrates a highly cyclical pattern in operating performance. The years 2019 and 2020 were characterized by operational losses and minimal to no product sales. A substantial operational and sales boost occurred in 2021 and 2022, signaling optimal market performance and profitability. The decline in 2023, with both falling sales and negative operating profit margin, suggests either market challenges, increased costs, or other operational headwinds impacting profitability. This volatility underlines the importance of closely monitoring cost structures, sales strategies, and market conditions going forward.

Net Income (Loss)

The net income exhibited substantial volatility over the analyzed periods. Initially, there was a significant loss of $514 million in 2019, which deepened to a loss of $747 million in 2020. This trend reversed sharply in 2021 with a remarkable net income of $12.2 billion, followed by a decrease to $8.4 billion in 2022. The year 2023 showed a return to a net loss of $4.7 billion. This pattern suggests a period of considerable financial fluctuation, with exceptional profitability in the middle years succeeded by a downturn.

Net Product Sales

Net product sales demonstrated a strong growth trajectory between 2020 and 2022, beginning with $200 million in 2020 and soaring to $17.7 billion in 2021, then slightly increasing to $18.4 billion in 2022. However, sales dropped sharply to $6.7 billion in 2023, indicating a significant contraction after two years of high sales volume. The data for 2019 is not available, which limits insight into earlier trends.

Net Profit Margin

The net profit margin mirrored the volatility seen in net income. The company experienced a deeply negative margin of -373.77% in 2020, improving dramatically to a strong positive margin of 69.04% in 2021, and a still robust 45.36% in 2022. The margin then declined sharply to -70.66% in 2023, reflecting the net loss and lower sales in that year. The absence of data for 2019 prevents assessment of margin trends prior to 2020.

The financial data over the five-year period reflects significant fluctuations in the company's profitability, equity base, and return on equity (ROE).

Net Income (Loss)

The company experienced losses in 2019 and 2020 with net losses of $514 million and $747 million respectively. In 2021, there was a substantial turnaround, yielding a significant net income of $12,202 million. This positive trend, however, reversed in subsequent years with net income declining to $8,362 million in 2022 and turning negative again in 2023 with a loss of $4,714 million.

Stockholders’ Equity

Stockholders’ equity increased steadily from $1,175 million in 2019 to $2,561 million in 2020, then surged dramatically to $14,145 million in 2021. The growth continued, reaching its peak at $19,123 million in 2022 before declining to $13,854 million in 2023. This pattern indicates a period of strong capital accumulation followed by a contraction.

Return on Equity (ROE)

ROE trends mirror the net income performance. Negative ROE of -43.75% and -29.17% were reported in 2019 and 2020 respectively, indicating net losses relative to shareholders’ equity. The company achieved an exceptionally high ROE of 86.26% in 2021, reflecting strong profitability relative to equity. This profitability decreased but remained positive at 43.73% in 2022, before declining sharply to -34.03% in 2023, indicating a loss relative to the equity base.

Overall, the data reveal pronounced volatility, with profitability surging in the middle of the period followed by a reversal back to losses. The equity base followed a similar pattern, expanding substantially before contracting. The ROE figures confirm that profitability relative to equity was initially negative, improved greatly in 2021, then deteriorated again in 2023. These trends suggest significant shifts in operational performance and capital structure across the examined years.

Net Income (Loss)

The net income displayed significant volatility over the observed period. It started with a substantial loss of $514 million in 2019, which deepened to a loss of $747 million in 2020. In 2021, there was a remarkable turnaround, with net income reaching $12,202 million, followed by a decline to $8,362 million in 2022. However, in 2023, the company reverted to a loss of $4,714 million, indicating considerable fluctuations in profitability.

Total Assets

Total assets increased markedly from $1,589 million at the end of 2019 to $7,337 million in 2020, reflecting significant asset growth. This upward trend continued with a peak at $24,669 million in 2021 and stabilization around $25,858 million in 2022. In 2023, total assets decreased to $18,426 million, suggesting a contraction from previous highs but remaining substantially above early-period levels.

Return on Assets (ROA)

The ROA trend mirrors the net income fluctuations, evidencing initial negative returns of -32.34% in 2019 and -10.18% in 2020. A strong positive reversal occurred in 2021 with ROA at 49.46%, followed by a decrease to 32.34% in 2022. In 2023, ROA turned negative again at -25.58%, emphasizing the volatility in asset profitability over time.