Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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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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Profitability Ratios (Summary)
Moderna Inc., profitability ratios (quarterly data)
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).
- Gross Profit Margin
- The gross profit margin exhibits a significant positive shift starting from the first available data point in March 2021 at 96.03%. Following this peak, there is a consistent downward trend through subsequent quarters, reaching the lowest point of 20.22% by December 2023. A notable recovery occurs in the last reported quarter, June 2024, rising sharply to 66.68%. This volatility reflects periods of both strong profitability and substantial margin compression.
- Operating Profit Margin
- The operating profit margin shows extreme variations, beginning with a steep negative value of -381.82% in December 2020, indicative of significant operating losses. Subsequently, it enters a phase of recovery, rising to a high of 75.22% by March 2022, suggesting improved operational efficiency during this period. However, margins then decline sharply again, turning negative from March 2023 onwards and reaching a low of -102.57% in September 2023. The margin shows partial improvement by June 2024, ending at -54.25%, which remains negative and signals ongoing operational challenges.
- Net Profit Margin
- The net profit margin follows a trend similar to the operating profit margin but with slightly less volatility. After a substantial loss of -373.77% in December 2020, profitability improves markedly, peaking at 69.04% in March 2022. From this peak, net margin declines consistently, turning negative again from March 2023 with a trough of -119.71% in September 2024. The margin shows some recovery by June 2024 to -44.80%, yet the negative levels reflect ongoing difficulties in bottom-line profitability during the later periods.
- Return on Equity (ROE)
- The return on equity started with negative values around -43.75% in September 2019, indicative of losses relative to shareholders' equity. Performance improves gradually, crossing into positive territory by March 2021 at 15.59%, and peaks at 86.26% in December 2021. Thereafter, ROE declines steadily, becoming negative again by March 2023, and reaches a low of -50.09% in December 2023. A modest recovery to -18.65% occurs by June 2024, indicating a partial improvement but continued underperformance.
- Return on Assets (ROA)
- The return on assets exhibits a comparable pattern to ROE but with lower absolute values. Beginning with negative returns around -32.34% in September 2019, ROA increases to positive figures by March 2021 at 4.71%, reaching a peak of 53.97% in September 2022. After this high point, ROA declines sharply into negative territory from March 2023, bottoming out at -37.42% in December 2023. By June 2024, there is a partial rebound to -14.07%, though asset utilization remains below break-even levels in the most recent periods.
Return on Sales
Return on Investment
Gross Profit Margin
Moderna Inc., gross profit margin calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Gross profit (loss) | ||||||||||||||||||||||||||||||
| Net product sales | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Gross profit margin1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
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).
1 Q3 2024 Calculation
Gross profit margin = 100
× (Gross profit (loss)Q3 2024
+ Gross profit (loss)Q2 2024
+ Gross profit (loss)Q1 2024
+ Gross profit (loss)Q4 2023)
÷ (Net product salesQ3 2024
+ Net product salesQ2 2024
+ Net product salesQ1 2024
+ Net product salesQ4 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Gross Profit and Net Product Sales Trends
- The gross profit and net product sales experienced a significant uptrend starting from the first quarter of 2021. Gross profit rose from 192 million USD in Q1 2021 to a peak of 5,983 million USD by Q1 2022. Net product sales mirrored this pattern, increasing from 200 million USD in Q1 2021 to a high of 6,935 million USD in Q1 2022. This period marks a substantial expansion in both sales and profitability.
- After reaching these peaks, both gross profit and net product sales began to decline. Gross profit decreased sharply to 2,020 million USD by Q4 2022 and further dropped to negative values in Q1 and Q2 of 2023 (-438 and -484 million USD, respectively). Net product sales followed a similar downward trajectory, falling to 3,120 million USD by Q4 2022 and then plunging to much lower levels in early 2023 (293 million USD in Q1 and 175 million USD in Q2 2023).
- Following the low points in early 2023, there is evidence of recovery. Gross profit returned to positive figures from Q3 2023 onward, reaching 1,864 million USD in Q3 2023 and showing fluctuations thereafter, with 1,306 million USD reported in Q4 2024. Net product sales also showed a renewed upward trend, increasing from 293 million USD in Q1 2023 to 1,820 million USD by Q4 2024.
- Gross Profit Margin Dynamics
- The gross profit margin was exceptionally high in early 2021, peaking at 96.03% in Q1 2021. However, it generally trended downward over time. By Q4 2022, the margin had decreased to 20.22%, with a notable dip to 29.65% and 34.97% before reaching these lower levels.
- Margins fell to their lowest points in early 2023, hitting 20.22% in Q4 2022 and dropping further to 31.01% and 66.68% in Q1 and Q2 2024 respectively. The decline in margin correlates with the significant decrease in sales and gross profit during the same period.
- Overall Summary
- The data reflect a strong growth phase in sales and profitability from 2021 into early 2022, followed by a marked contraction in both gross profit and net product sales in late 2022 and early 2023. This was accompanied by a significant decrease in gross profit margins. In the latter part of 2023 through 2024, there are signs of gradual recovery in both revenue and profitability, although margins remain below the peaks observed in 2021.
Operating Profit Margin
Moderna Inc., operating profit margin calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Income (loss) from operations | ||||||||||||||||||||||||||||||
| Net product sales | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Operating profit margin1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
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).
1 Q3 2024 Calculation
Operating profit margin = 100
× (Income (loss) from operationsQ3 2024
+ Income (loss) from operationsQ2 2024
+ Income (loss) from operationsQ1 2024
+ Income (loss) from operationsQ4 2023)
÷ (Net product salesQ3 2024
+ Net product salesQ2 2024
+ Net product salesQ1 2024
+ Net product salesQ4 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Income (loss) from operations
- The operating income consistently showed losses from March 2019 through June 2020, with values fluctuating between -142 million and -122 million USD. A significant deterioration occurred in the third and fourth quarters of 2020, with losses deepening to -235 million and -275 million USD respectively. Starting from March 2021, a substantial positive turnaround is observed, with operating income jumping to 1266 million USD and continuing to increase sharply, peaking at 5410 million USD in December 2021. However, this positive trend reversed starting in 2023, with operating income declining sharply into negative territory again, showing losses up to -2012 million USD in September 2023 before a slight improvement by the end of the observed period, where the loss narrows to -70 million USD by September 2024.
- Net product sales
- Product sales started being reported in March 2021, with an initial value of 200 million USD. Sales rapidly increased, peaking at 6935 million USD in March 2022. Following this peak, net product sales display a declining trend throughout 2022 and into 2023, dropping to a low of 293 million USD by June 2023. Subsequently, there is noticeable volatility, with sales recovering moderately by the end of the period, reaching 1820 million USD in September 2024.
- Operating profit margin
- The operating profit margin was negative and extremely low prior to 2021, including an outlier of -381.82% in December 2020. From March 2021 onwards, the margin turned positive and improved considerably, reaching a peak of over 75% in March 2022. After this peak, the margin consistently declined, turning negative again in early 2023 and reaching levels as low as -102.57% in September 2023. The margin partially recovered by mid-2024 but remained deeply negative at -54.25% by September 2024.
- Summary of trends and insights
- Initially, the company experienced sustained operating losses and no reported product sales. A notable shift occurred in early 2021, where both net product sales and operating income surged dramatically, indicating successful commercialization and improved operational performance. This positive financial momentum peaked around early 2022. However, from mid-2022 onward, a decline in product sales corresponded with a deteriorating operating profit margin and increasing operating losses, suggesting challenges such as reduced demand, increased costs, or other operational difficulties. Despite some recovery in sales toward the end of the data period, profitability remained elusive. The high volatility in operating results and margins highlights the company’s cyclical and uncertain performance environment during this period.
Net Profit Margin
Moderna Inc., net profit margin calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net Income (loss) | ||||||||||||||||||||||||||||||
| Net product sales | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Net profit margin1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
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).
1 Q3 2024 Calculation
Net profit margin = 100
× (Net Income (loss)Q3 2024
+ Net Income (loss)Q2 2024
+ Net Income (loss)Q1 2024
+ Net Income (loss)Q4 2023)
÷ (Net product salesQ3 2024
+ Net product salesQ2 2024
+ Net product salesQ1 2024
+ Net product salesQ4 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Net Income (loss)
- The net income figures exhibit a significant shift over the periods analyzed. Initially, from Q1 2019 through Q3 2020, the company reported consistent losses, with values fluctuating between -117 million USD and -272 million USD. Starting Q1 2021, there is a marked improvement with net income turning positive, peaking at 4,868 million USD in Q4 2021. After this peak, net income progressively declines, hitting negative values again in mid-2023, with the lowest point at -3,630 million USD in Q3 2023. The trend shows some recovery by Q4 2023 and subsequent quarters, though remaining volatile and relatively low compared to peak earnings.
- Net Product Sales
- Product sales are absent in the data prior to Q1 2021. Beginning in Q1 2021, sales start at 200 million USD and rise sharply to a peak of 6,935 million USD in Q1 2022. Following this peak, sales decline steadily each quarter through Q4 2022, bottoming at 3,120 million USD. Then, from Q1 2023 onwards, sales show irregular fluctuations, with a significant drop in Q2 2023 (1828 million USD) and a minimum at 293 million USD in Q3 2023. Sales then increase again substantially in late 2023 and through mid-2024, indicating a somewhat erratic but recovering sales pattern after an initial surge and subsequent decline.
- Net Profit Margin
- Profit margin data starts from Q4 2020 with a negative margin of -373.77%, which quickly reverses as the company enters positive territory by Q1 2021. Margins improve dramatically throughout 2021, peaking at 69.04% in Q1 2022, highlighting strong profitability during this period. However, following this peak, margins decline steadily throughout 2022 and into 2023, turning negative again by Q2 2023 (-39.67%) and deteriorating further to reach approximately -119.7% in Q4 2023. The latest data for 2024 shows a partial improvement, with the margin still negative but less severe (-44.8%). This pattern aligns closely with the trends observed in net income and product sales.
- Overall Trends and Insights
- The data reveals a transformational period beginning in early 2021, marked by the introduction and rapid growth of product sales, which corresponded with a substantial turnaround from net losses to significant net income and high profit margins. Peak financial performance occurred around the first half of 2022. Subsequent quarters indicate a tapering of sales and profitability, with widening losses and negative margins in 2023. The volatility observed in late 2023 and early 2024 reflects operational or market challenges affecting sales and profitability, though there are signs of partial recovery toward the middle of 2024.
Return on Equity (ROE)
Moderna Inc., ROE calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net Income (loss) | ||||||||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROE1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
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).
1 Q3 2024 Calculation
ROE = 100
× (Net Income (loss)Q3 2024
+ Net Income (loss)Q2 2024
+ Net Income (loss)Q1 2024
+ Net Income (loss)Q4 2023)
÷ Stockholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income (loss) Trends
- The net income experienced significant fluctuation over the periods analyzed. Initially, there were consistent net losses ranging approximately between -117 and -272 million USD from 2019 through early 2020. Beginning in the first quarter of 2021, a substantial turnaround occurred with net income turning positive and escalating sharply, peaking at 4,868 million USD by the end of 2021. Following this peak, net income declined steadily throughout 2022 and into 2023, with values dropping below zero again in mid-2023 and remaining volatile and negative toward the end of 2023 and the earlier part of 2024. The most recent data shows a marginally positive net income of 13 million USD in the latest quarter.
- Stockholders’ Equity Development
- Stockholders’ equity demonstrated a general growth trajectory over the full timeline. Starting from 1,446 million USD in early 2019, equity slightly decreased during 2019 but then experienced a strong increase from early 2020 onward. The rise was particularly notable between 2020 and 2022, reaching a peak of approximately 19,123 million USD by the end of 2022. However, a decline is observable throughout 2023 and into mid-2024, where equity decreased to roughly 11,927 million USD. Despite this recent decline, equity remains significantly higher than the levels observed before 2020.
- Return on Equity (ROE) Analysis
- ROE exhibited a highly volatile pattern over the course examined. Early records show negative ROE values, notably in 2019 and early 2020, reflecting losses and weak profitability. Starting in March 2021, ROE surged dramatically, reaching elevated values above 80%, indicating exceptionally strong profitability relative to equity. This high ROE persisted through most of 2021 and early 2022 but steadily tapered off during the latter part of 2022 and into 2023. From mid-2023 onward, ROE turned negative again, reaching lows below -50%, which correlates with the periods of negative net income and decline in equity observed concurrently.
- Overall Financial Pattern
- The data indicates a period of considerable financial improvement beginning around early 2021, characterized by a sharp turnaround from losses to strong profits and rapid growth in shareholders' equity. This peak period was followed by a gradual weakening in financial performance starting mid-2022, continuing into 2023 and early 2024, with falling net income, declining equity, and a return to negative ROE values. The trend suggests the company faced significant challenges post-2022 that impacted profitability and equity, with recent quarters showing continued instability but slight signs of recovery in net income.
Return on Assets (ROA)
Moderna Inc., ROA calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net Income (loss) | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROA1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
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).
1 Q3 2024 Calculation
ROA = 100
× (Net Income (loss)Q3 2024
+ Net Income (loss)Q2 2024
+ Net Income (loss)Q1 2024
+ Net Income (loss)Q4 2023)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct patterns in profitability, asset growth, and return on assets (ROA) over the observed periods.
- Net Income (Loss)
- The company experienced consistent net losses from early 2019 through late 2020, with values generally declining and reaching a peak loss of -272 million US dollars in December 2020. Beginning in the first quarter of 2021, net income turned positive, showing a significant improvement and peaking at 4,868 million US dollars in December 2021. This upward trend was followed by a reduction in net income throughout 2022, with a notable decline observed at the start of 2023. Thereafter, net income values fluctuated, with losses deepening dramatically mid-2023, before approaching breakeven in the third quarter of 2024.
- Total Assets
- Total assets exhibited a steady increase over the period from 2019 through 2022, rising from approximately 1,806 million US dollars in March 2019 to a peak of 27,609 million US dollars in March 2022. Following this peak, assets slightly decreased but remained elevated relative to the early years, stabilizing around the 15,000 to 16,000 million US dollar range by the third quarter of 2024. This pattern suggests significant asset accumulation up to early 2022, with a consolidation or slight reduction phase afterwards.
- Return on Assets (ROA)
- The ROA showed highly negative values throughout 2019 and 2020, underscoring the company’s losses in these years. The indicator improved markedly in 2021 and early 2022, reaching a peak ROA of over 53% in the first quarter of 2022, reflecting strong profitability relative to asset base during this period. However, after this peak, the ROA steadily declined, turning negative by mid-2023 and worsening through late 2024, signaling deteriorating efficiency or profitability as compared to asset levels in the most recent periods.
In summary, the financial data indicate an initial phase of losses and modest asset size, followed by a period of substantial growth in income and assets culminating in strong profitability metrics in 2021 and early 2022. More recently, the financial performance weakened significantly as net income contracted and ROA fell back into negative territory, despite assets remaining relatively stable at a high level. These trends may reflect changing operational dynamics, market conditions, or strategic shifts affecting profitability and asset utilization.