Moderna, Inc. MRNA
Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of our technology platform, we are reimagining how medicines are made to transform how we treat and prevent diseases. Since our founding, our mRNA platform has enabled the development of vaccine and therapeutic candidates across infectious disease, oncology, rare disease and more.
With a global team and a unique culture, driven by our values and mindsets, our mission is to deliver the greatest possible impact to people through mRNA medicines.
We currently have three commercial products—Spikevax and mNEXSPIKE (our COVID vaccines) and mRESVIA (our vaccine against respiratory syncytial virus (RSV)). mNEXSPIKE, which we launched commercially in the third quarter of 2025, is now our leading product in the U.S. retail channel. In 2025, we achieved total revenue of $1.9 billion, largely from sales of our COVID vaccines.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.94B | $3.24B | $6.85B | $19.26B | $18.47B | $803.0M | $60.0M | $135.1M | $205.8M | $108.4M |
| Cost of revenue | $868.0M | $1.46B | $4.69B | $5.42B | $2.62B | $8.0M | $0 | $0 | — | — |
| Gross profit | $1.08B | $1.77B | $2.15B | $13.85B | $15.85B | $795.0M | $60.0M | $135.1M | — | — |
| R&D | $3.13B | $4.54B | $4.84B | $3.29B | $1.99B | $1.37B | $496.0M | $454.1M | $410.5M | $274.7M |
| SG&A | $1.02B | $1.17B | $1.55B | $1.13B | $567.0M | $188.0M | $110.0M | $94.3M | $64.7M | $57.5M |
| Total operating expenses | $5.02B | $7.18B | $11.09B | $9.84B | $5.17B | $1.57B | $606.0M | $548.3M | $475.2M | $332.2M |
| Operating income | -$3.07B | -$3.94B | -$4.24B | $9.42B | $13.30B | -$763.0M | -$546.0M | -$413.3M | -$269.4M | -$223.8M |
| Pre-tax income | -$2.77B | -$3.61B | -$3.94B | $9.57B | $13.29B | -$744.0M | -$515.0M | -$384.4M | -$256.0M | -$215.2M |
| Income tax | $54.0M | $46.0M | $772.0M | $1.21B | $1.08B | $3.0M | $1.0M | $326.0K | $80.0K | $1.0M |
| Net income | -$2.82B | -$3.56B | -$4.71B | $8.36B | $12.20B | -$747.0M | -$514.0M | -$384.7M | -$255.9M | -$216.2M |
| EPS, basic | -7.26 | -9.28 | -12.33 | 21.26 | 30.31 | -1.96 | -1.55 | — | — | — |
| EPS, diluted | -7.26 | -9.28 | -12.33 | 20.12 | 28.29 | -1.96 | -1.55 | -4.95 | -4.18 | -3.79 |
| Shares, diluted (wtd. avg.) | 389.0M | 384.0M | 382.0M | 416.0M | 431.0M | 381.0M | 331.0M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.60B | $1.93B | $2.91B | $3.22B | $6.86B | $2.64B | $248.0M | $670.0M | $147.6M | $61.6M |
| Short-term investments | $3.20B | $5.10B | $5.70B | $6.70B | $3.88B | $1.98B | $867.1M | $863.1M | $621.2M | — |
| Receivables | $184.0M | $358.0M | $892.0M | $1.39B | $3.17B | $1.39B | $5.4M | $11.7M | $11.9M | — |
| Inventory | $153.0M | $117.0M | $202.0M | $949.0M | $1.44B | $47.0M | $0 | — | — | — |
| Total current assets | $6.54B | $8.10B | $10.32B | $13.43B | $16.07B | $6.30B | $1.13B | $1.56B | $783.2M | — |
| Property, plant and equipment | — | — | — | — | — | — | — | $212.0M | $139.0M | — |
| Goodwill | $52.0M | $52.0M | $52.0M | $0 | — | — | — | — | — | — |
| Other intangibles | $45.0M | $40.0M | $44.0M | $0 | — | — | — | — | — | — |
| Total assets | $12.34B | $14.14B | $18.43B | $25.86B | $24.67B | $7.34B | $1.59B | $1.96B | $1.08B | — |
| Accounts payable | $317.0M | $405.0M | $520.0M | $487.0M | $302.0M | $18.0M | $7.1M | $31.2M | $20.7M | — |
| Total current liabilities | $1.99B | $2.21B | $3.02B | $4.92B | $9.13B | $4.39B | $143.1M | $222.8M | $191.5M | — |
| Long-term debt | $590.0M | $0 | — | — | — | — | — | — | — | — |
| Total liabilities | $3.69B | $3.24B | $4.57B | $6.74B | $10.52B | $4.78B | $414.6M | $431.9M | $459.2M | — |
| Retained earnings | $7.22B | $10.04B | $13.61B | $18.32B | $9.96B | -$2.24B | -$1.50B | -$1.01B | -$621.9M | — |
| Total equity | $8.65B | $10.90B | $13.85B | $19.12B | $14.14B | $2.56B | $1.18B | $1.53B | -$551.4M | -$334.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1.87B | -$3.00B | -$3.12B | $4.98B | $13.62B | $2.03B | -$459.0M | -$330.9M | -$331.5M | $66.7M |
| Depreciation and amortisation | $211.0M | $185.0M | $617.0M | $348.0M | $232.0M | $31.0M | $31.0M | $24.9M | $20.5M | $15.1M |
| Stock-based compensation | $483.0M | $429.0M | $305.0M | $226.0M | $142.0M | $93.0M | $81.0M | $72.6M | $40.1M | $39.4M |
| Capital expenditure | $192.0M | $1.05B | $707.0M | $400.0M | $284.0M | $68.0M | $32.0M | $105.8M | $58.4M | $33.1M |
| Investing cash flow | $1.95B | $1.95B | $4.21B | -$5.18B | -$8.52B | -$1.67B | -$15.0M | -$373.1M | $417.4M | -$648.6M |
| Financing cash flow | $593.0M | $56.0M | -$1.38B | -$3.45B | -$873.0M | $2.03B | $52.0M | $1.23B | $168.0K | $472.9M |
| Buybacks | $2.0M | $0 | $1.15B | $3.33B | $857.0M | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001682852-26-000033.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $108.4M | $205.8M | $135.1M | $60.0M | $803.0M | $18.47B | $19.26B | $6.85B | $3.24B | $1.94B |
| Gross profit | — | — | $135.1M | $60.0M | $795.0M | $15.85B | $13.85B | $2.15B | $1.77B | $1.08B |
| Net income | -$216.2M | -$255.9M | -$384.7M | -$514.0M | -$747.0M | $12.20B | $8.36B | -$4.71B | -$3.56B | -$2.82B |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Material agreement signed Item 1.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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