Net Profit Margin
since 2018
Calculation
Moderna Inc., net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net income (loss)1 | ÷ | Product sales1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | -70.66% | = | 100 | × | (4,714) | ÷ | 6,671) |
| Dec 31, 2022 | 45.36% | = | 100 | × | 8,362) | ÷ | 18,435) |
| Dec 31, 2021 | 69.04% | = | 100 | × | 12,202) | ÷ | 17,675) |
| Dec 31, 2020 | -373.77% | = | 100 | × | (747) | ÷ | 200) |
| Dec 31, 2019 | — | = | 100 | × | (514) | ÷ | —) |
| Dec 31, 2018 | — | = | 100 | × | (385) | ÷ | —) |
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), 10-K (reporting date: 2018-12-31).
1 US$ in millions
The financial trajectory between 2018 and 2023 is characterized by extreme volatility in profitability, shifting from pre-commercialization losses to significant net gains and returning to a deficit position.
- Profitability Transitions
- From 2018 to 2020, consistent net losses were recorded, with the deficit expanding from US$385 million to US$747 million. The year 2020 marked the onset of product sales totaling US$200 million; however, the net profit margin remained deeply negative at -373.77%, reflecting a cost structure that far exceeded early revenue generation.
- Peak Performance Cycle
- A dramatic pivot occurred in 2021, as product sales surged to US$17,675 million, driving net income to US$12,202 million and achieving a peak net profit margin of 69.04%. In 2022, despite a slight increase in product sales to US$18,435 million, net income declined to US$8,362 million, resulting in a margin compression to 45.36%.
- Recent Financial Contraction
- A significant downturn is observed in 2023, with product sales falling sharply to US$6,671 million. This decline coincided with a return to a net loss of US$4,714 million, bringing the net profit margin to -70.66%. This indicates a return to a state where expenditures significantly outweigh sales revenue.
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Comparison to Competitors
Moderna Inc., net profit margin, long-term trends, comparison to competitors
| Moderna Inc. | 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | -70.66% | 8.95% | 24.96% | 17.83% | 19.94% | 15.36% | 21.03% | 41.28% | 0.61% | 3.56% | 30.14% | 13.99% | 36.68% |
| Dec 31, 2022 | 45.36% | 20.39% | 26.42% | 13.71% | 22.91% | 21.88% | 17.02% | 18.90% | 24.49% | 31.01% | 35.64% | 15.47% | 37.20% |
| Dec 31, 2021 | 69.04% | 20.54% | 24.25% | 15.08% | 21.84% | 19.71% | 23.05% | 22.26% | 26.79% | 26.76% | 50.25% | 19.70% | 30.92% |
| Dec 31, 2020 | -373.77% | 10.08% | 29.97% | -21.20% | 16.36% | 25.24% | 0.51% | 17.82% | 14.72% | 22.53% | 41.35% | 19.79% | 43.70% |
| Dec 31, 2019 | — | 23.69% | 35.32% | 13.15% | 16.80% | 37.27% | 24.35% | 18.42% | 21.01% | 31.45% | 26.91% | 14.47% | 28.27% |
| Dec 31, 2018 | — | 17.36% | 37.25% | 21.81% | 13.33% | 13.16% | 25.16% | 18.75% | 14.71% | 20.79% | 36.42% | 12.06% | 68.80% |
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), 10-K (reporting date: 2018-12-31).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
Moderna Inc., net profit margin, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Moderna Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Dec 31, 2023 | -70.66% | 17.95% |
| Dec 31, 2022 | 45.36% | 22.55% |
| Dec 31, 2021 | 69.04% | 23.38% |
| Dec 31, 2020 | -373.77% | 14.07% |
| Dec 31, 2019 | — | 23.22% |
| Dec 31, 2018 | — | 19.82% |
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), 10-K (reporting date: 2018-12-31).
Comparison to Industry (Health Care)
Moderna Inc., net profit margin, long-term trends, comparison to industry (health care)
| Moderna Inc. | Health Care | |
|---|---|---|
| Dec 31, 2023 | -70.66% | 11.49% |
| Dec 31, 2022 | 45.36% | 14.65% |
| Dec 31, 2021 | 69.04% | 15.24% |
| Dec 31, 2020 | -373.77% | 10.27% |
| Dec 31, 2019 | — | 14.56% |
| Dec 31, 2018 | — | 12.61% |
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), 10-K (reporting date: 2018-12-31).