Loading…
Moderna, Inc., a biotechnology company, provides messenger RNA medicines in the United States, Europe, and internationally. The company's respiratory vaccines include spikevax, mNEXSPIKE, mRESVIA, COVID, RSV, seasonal influenza, combination, and pandemic influenza vaccine; latent vaccines comprise cytomegalovirus, epstein-barr virus, and human immunodeficiency virus vaccines; enteric viruses include norovirus; public health vaccines consist of Zika, Nipah, and Mpox vaccines; and bacterial diseases vaccines, such as lyme vaccines. It also provides oncology therapeutics, such as intismeran autogene, cancer antigen therapy, t-cell engager, and cell therapy enhancer; and rare disease products, including propionic and methylmalonic acidemia, and cystic fibrosis. It has strategic alliances and collaborations with Merck & Co., Inc; Vertex Pharmaceuticals Incorporated; Vertex Pharmaceuticals (Europe) Limited; immatics N.V.; Defense Advanced Research Projects Agency; Biomedical Advanced Research and Development Authority; Institute for Life Changing Medicines; The Bill & Melinda Gates Foundation; and OpenAI. The company was formerly known as Moderna Therapeutics, Inc. and changed its name to Moderna, Inc. in August 2018. Moderna, Inc. was founded in 2010 and is headquartered in Cambridge, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.9B | $-2.5B | $-2.8B | $-2.1B | -32.6% | -39.9% | -20.8% |
| 2024 | $3.2B | $-3.4B | $-3.6B | $-4.1B | -32.7% | -52.6% | -24.5% |
| 2023 | $6.8B | $-3.6B | $-4.7B | $-3.8B | -34.0% | -64.2% | -156.4% |
| 2022 | $18.9B | $9.8B | $8.4B | $4.6B | 43.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 18,875 | 6,754 | 3,199 | 1,922 |
| Operating Revenue | - | 18,435 | 8,203 | 4,517 | 3,304 |
| Cost Of Revenue | - | 5,416 | 4,693 | 1,464 | 868 |
| Gross Profit | - | 13,459 | 2,061 | 1,735 | 1,054 |
| Operating Expense | - | 4,039 | 6,300 | 5,680 | 4,128 |
| Research And Development | - | 3,295 | 4,845 | 4,543 | 3,132 |
| Selling General And Administration | - | 1,132 | 1,549 | 1,174 | 1,018 |
| Total Expenses | - | 9,455 | 10,993 | 7,144 | 4,996 |
| Operating Income | - | 9,420 | -4,239 | -3,945 | -3,074 |
| Total Operating Income As Reported | - | 9,420 | -4,239 | -3,945 | -3,074 |
| EBITDA | - | 9,768 | -3,618 | -3,394 | -2,543 |
| Normalized EBITDA | - | 9,768 | -3,618 | -3,338 | -2,538 |
| EBIT | - | 9,420 | -4,239 | -3,583 | -2,758 |
| Interest Income | - | 200 | 421 | 425 | 314 |
| Interest Expense | - | 29 | 38 | 24 | 10 |
| Net Interest Income | - | 200 | 421 | 401 | 304 |
| Other Non Operating Income Expenses | - | -45 | -124 | -7 | 7 |
| Other Income Expense | - | -45 | -124 | -63 | 2 |
| Interest Income Non Operating | - | 200 | 421 | 425 | 314 |
| Interest Expense Non Operating | - | 29 | 38 | 24 | 10 |
| Net Non Operating Interest Income Expense | - | 200 | 421 | 401 | 304 |
| Pretax Income | - | 9,575 | -3,942 | -3,607 | -2,768 |
| Tax Provision | - | 1,213 | 772 | -46 | 54 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | -0.71 | -1.05 |
| Net Income Continuous Operations | - | 8,362 | -4,714 | -3,561 | -2,822 |
| Net Income From Continuing And Discontinued Operation | - | 8,362 | -4,714 | -3,561 | -2,822 |
| Net Income From Continuing Operation Net Minority Interest | - | 8,362 | -4,714 | -3,561 | -2,822 |
| Net Income | - | 8,362 | -4,714 | -3,561 | -2,822 |
| Net Income Common Stockholders | - | 8,362 | -4,714 | -3,561 | -2,822 |
| Net Income Including Noncontrolling Interests | - | 8,362 | -4,714 | -3,561 | -2,822 |
| Normalized Income | - | 8,362 | -4,714 | -3,505.71 | -2,818.05 |
| Diluted NI Availto Com Stockholders | - | 8,362 | -4,714 | -3,561 | -2,822 |
| Basic Average Shares | 403 | 394 | 382 | 384 | - |
| Diluted Average Shares | 431 | 416 | 382 | 384 | - |
| Reconciled Depreciation | - | 348 | 621 | 189 | 215 |
| Reconciled Cost Of Revenue | - | 5,416 | 4,693 | 1,464 | 868 |
| Total Unusual Items | - | -20 | -72 | -56 | -5 |
| Total Unusual Items Excluding Goodwill | - | -20 | -72 | -56 | -5 |
| Gain On Sale Of Security | - | -20 | -72 | -56 | -5 |
| Other Operating Expenses | - | -388 | -94 | -37 | -22 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Moderna, Inc.this co. | MRNA | $20.5B | -7.25 | 2.37 | -32.6% | -7.54 |
| Mettler-Toledo International Inc. | MTD | $23.9B | 27.44 | - | -3676.8% | 20.87 |
| Insmed Incorporated | INSM | $22.7B | -17.81 | 30.77 | -172.8% | - |
| West Pharmaceutical Services, Inc. | WST | $22.4B | 45.41 | 7.06 | 15.5% | 28.40 |
| Quest Diagnostics Incorporated | DGX | $21.7B |
| - |
| - |
| - |
| - |
| - |
| 21.88 |
| 3.03 |
| 13.8% |
| 12.88 |
| Labcorp Holdings Inc. | LH | $21.4B | 24.41 | 2.48 | 10.2% | 13.61 |
| STERIS plc | STE | $20.7B | 26.48 | 2.88 | 10.9% | 14.02 |
| Incyte Corporation | INCY | $20.2B | 15.72 | 3.91 | 24.9% | 9.75 |
| Viatris Inc. | VTRS | $18.5B | - | 1.26 | -23.9% | - |
| Peer Median | - | 24.41 | 3.03 | 10.5% | 13.82 | |