Stock Analysis on Net
Stock Analysis on Net

Moderna Inc. (NASDAQ:MRNA)

Analysis of Income Taxes

Microsoft Excel

Income Tax Expense (Benefit)

Moderna Inc., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Federal (225) 1,687 1,304 — —
State 72 47 35 — 1
Foreign 24 57 40 3 —
Current (129) 1,791 1,379 3 1
Federal 888 (569) (288) — (1)
State 8 (7) (6) — —
Foreign 5 (2) (2) — —
Deferred 901 (578) (296) — (1)
Provision for (benefit from) income taxes 772 1,213 1,083 3 (1)

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).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Moderna Inc. current increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Deferred Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Moderna Inc. deferred decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Provision for (benefit from) income taxes Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Moderna Inc. provision for (benefit from) income taxes increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Effective Income Tax Rate (EITR)

Moderna Inc., effective income tax rate (EITR) reconciliation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Federal statutory tax rate 21.00% 21.00% 21.00% 21.00% 21.00%
Change in valuation allowance -52.60% 0.00% -5.40% -47.40% -33.00%
Foreign-derived intangible income 0.20% -7.40% -4.80% 0.00% -0.20%
Stock-based compensation windfall 2.40% -1.60% -2.60% 19.80% 0.00%
Federal research and development credits 4.60% -0.50% -0.70% 3.80% 2.50%
State taxes, net of federal benefits 5.70% 0.40% 0.50% 3.60% 7.90%
Non-deductible items -0.40% 0.00% 0.00% -0.80% 1.60%
Other -0.50% 0.80% 0.10% -0.30% 0.20%
Effective tax rate -19.60% 12.70% 8.10% -0.30% 0.00%

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).

Item Description The company
Effective tax rate Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Moderna Inc. effective tax rate increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Components of Deferred Tax Assets and Liabilities

Moderna Inc., components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net operating loss carryforwards 90 59 69 587 268
Stock-based compensation 111 68 44 33 44
Capitalized licenses, research and development and start-up costs 1,449 704 204 14 20
Tax credit carryforwards 140 97 80 99 77
Operating lease liabilities 154 26 32 22 27
Financing lease liabilities 139 135 136 24 11
Other comprehensive income 34 106 — — —
Inventory reserve and capitalization 250 86 — — —
Wholesaler chargebacks, discounts and fees 92 — — — —
Returns and other fees 129 — — — —
Other 90 85 110 95 61
Deferred tax assets, gross 2,678 1,366 675 874 507
Valuation allowance (2,224) (155) (149) (823) (471)
Deferred tax assets, net of valuation allowance 454 1,211 526 51 37
Right-of-use assets, financing (106) (117) (119) (12) (3)
Right-of-use assets, operating (160) (26) (31) (20) (25)
Property, plant and equipment (107) (85) (49) (18) (9)
Other (15) (1) (1) (1) —
Deferred tax liabilities (388) (229) (200) (51) (37)
Net deferred tax assets (liabilities) 66 982 326 — —

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).

Item Description The company
Deferred tax assets, gross Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Moderna Inc. deferred tax assets, gross increased from 2021 to 2022 and from 2022 to 2023.
Deferred tax assets, net of valuation allowance Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Moderna Inc. deferred tax assets, net of valuation allowance increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Net deferred tax assets (liabilities) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Moderna Inc. net deferred tax assets (liabilities) increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Deferred Tax Assets and Liabilities, Classification

Moderna Inc., deferred tax assets and liabilities, classification

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Deferred tax assets 81 982 326 — —
Deferred tax liabilities 15 — — — —

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).

Item Description The company
Deferred tax assets Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Moderna Inc. deferred tax assets increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Deferred tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.

Adjustments to Financial Statements: Removal of Deferred Taxes

Moderna Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported) 18,426 25,858 24,669 7,337 1,589
Less: Noncurrent deferred tax assets, net 81 982 326 — —
Total assets (adjusted) 18,345 24,876 24,343 7,337 1,589
Adjustment to Total Liabilities
Total liabilities (as reported) 4,572 6,735 10,524 4,775 415
Less: Noncurrent deferred tax liabilities, net 15 — — — —
Total liabilities (adjusted) 4,557 6,735 10,524 4,775 415
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported) 13,854 19,123 14,145 2,561 1,175
Less: Net deferred tax assets (liabilities) 66 982 326 — —
Stockholders’ equity (adjusted) 13,788 18,141 13,819 2,561 1,175
Adjustment to Net Income (loss)
Net income (loss) (as reported) (4,714) 8,362 12,202 (747) (514)
Add: Deferred income tax expense (benefit) 901 (578) (296) — (1)
Net income (loss) (adjusted) (3,813) 7,784 11,906 (747) (515)

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).

Moderna Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Moderna Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net Profit Margin
Reported net profit margin -70.66% 45.36% 69.04% -373.77% —
Adjusted net profit margin -57.16% 42.22% 67.36% -373.77% —
Total Asset Turnover
Reported total asset turnover 0.36 0.71 0.72 0.03 0.00
Adjusted total asset turnover 0.36 0.74 0.73 0.03 0.00
Financial Leverage
Reported financial leverage 1.33 1.35 1.74 2.86 1.35
Adjusted financial leverage 1.33 1.37 1.76 2.86 1.35
Return on Equity (ROE)
Reported ROE -34.03% 43.73% 86.26% -29.17% -43.75%
Adjusted ROE -27.65% 42.91% 86.16% -29.17% -43.86%
Return on Assets (ROA)
Reported ROA -25.58% 32.34% 49.46% -10.18% -32.34%
Adjusted ROA -20.78% 31.29% 48.91% -10.18% -32.42%

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).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Moderna Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Moderna Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Moderna Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Moderna Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Moderna Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Moderna Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) (4,714) 8,362 12,202 (747) (514)
Net product sales 6,671 18,435 17,675 200 —
Profitability Ratio
Net profit margin1 -70.66% 45.36% 69.04% -373.77% —
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) (3,813) 7,784 11,906 (747) (515)
Net product sales 6,671 18,435 17,675 200 —
Profitability Ratio
Adjusted net profit margin2 -57.16% 42.22% 67.36% -373.77% —

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).

2023 Calculations

1 Net profit margin = 100 × Net income (loss) ÷ Net product sales
= 100 × -4,714 ÷ 6,671 = -70.66%

2 Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Net product sales
= 100 × -3,813 ÷ 6,671 = -57.16%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Moderna Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net product sales 6,671 18,435 17,675 200 —
Total assets 18,426 25,858 24,669 7,337 1,589
Activity Ratio
Total asset turnover1 0.36 0.71 0.72 0.03 0.00
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net product sales 6,671 18,435 17,675 200 —
Adjusted total assets 18,345 24,876 24,343 7,337 1,589
Activity Ratio
Adjusted total asset turnover2 0.36 0.74 0.73 0.03 0.00

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).

2023 Calculations

1 Total asset turnover = Net product sales ÷ Total assets
= 6,671 ÷ 18,426 = 0.36

2 Adjusted total asset turnover = Net product sales ÷ Adjusted total assets
= 6,671 ÷ 18,345 = 0.36

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Moderna Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets 18,426 25,858 24,669 7,337 1,589
Stockholders’ equity 13,854 19,123 14,145 2,561 1,175
Solvency Ratio
Financial leverage1 1.33 1.35 1.74 2.86 1.35
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets 18,345 24,876 24,343 7,337 1,589
Adjusted stockholders’ equity 13,788 18,141 13,819 2,561 1,175
Solvency Ratio
Adjusted financial leverage2 1.33 1.37 1.76 2.86 1.35

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).

2023 Calculations

1 Financial leverage = Total assets ÷ Stockholders’ equity
= 18,426 ÷ 13,854 = 1.33

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 18,345 ÷ 13,788 = 1.33

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Moderna Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) (4,714) 8,362 12,202 (747) (514)
Stockholders’ equity 13,854 19,123 14,145 2,561 1,175
Profitability Ratio
ROE1 -34.03% 43.73% 86.26% -29.17% -43.75%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) (3,813) 7,784 11,906 (747) (515)
Adjusted stockholders’ equity 13,788 18,141 13,819 2,561 1,175
Profitability Ratio
Adjusted ROE2 -27.65% 42.91% 86.16% -29.17% -43.86%

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).

2023 Calculations

1 ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × -4,714 ÷ 13,854 = -34.03%

2 Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted stockholders’ equity
= 100 × -3,813 ÷ 13,788 = -27.65%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Moderna Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) (4,714) 8,362 12,202 (747) (514)
Total assets 18,426 25,858 24,669 7,337 1,589
Profitability Ratio
ROA1 -25.58% 32.34% 49.46% -10.18% -32.34%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) (3,813) 7,784 11,906 (747) (515)
Adjusted total assets 18,345 24,876 24,343 7,337 1,589
Profitability Ratio
Adjusted ROA2 -20.78% 31.29% 48.91% -10.18% -32.42%

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).

2023 Calculations

1 ROA = 100 × Net income (loss) ÷ Total assets
= 100 × -4,714 ÷ 18,426 = -25.58%

2 Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × -3,813 ÷ 18,345 = -20.78%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Moderna Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.