Cash and cash equivalents (USD, millions)

Investments, current (USD, millions)

Accounts receivable, net (USD, millions)

Inventory (USD, millions)

Prepaid expenses and other current assets (USD, millions)

Total current assets (USD, millions)

Investments, non-current (USD, millions)

Property, plant and equipment, net (USD, millions)

Right-of-use assets, operating leases (USD, millions)

Other non-current assets (USD, millions)

Total assets (USD, millions)

Accounts payable (USD, millions)

Accrued liabilities (USD, millions)

Deferred revenue, current (USD, millions)

Other current liabilities (USD, millions)

Total current liabilities (USD, millions)

Deferred revenue, non-current (USD, millions)

Operating lease liabilities, non-current (USD, millions)

Financing lease liabilities, non-current (USD, millions)

Other non-current liabilities (USD, millions)

Total liabilities (USD, millions)

Additional paid-in capital (USD, millions)

Accumulated other comprehensive income (loss) (USD, millions)

Retained earnings (USD, millions)

Total stockholders’ equity (USD, millions)

Total liabilities and stockholders’ equity (USD, millions)

c470fe98d97e0fde740259a834d2b51929e2f2c484d894ae3ba0efc36b511636

Operating cash flow turned positive in Q4 2023 primarily because **improvements in working capital components** helped offset other negative operating factors. In Q4, favorable changes—such as decreases in accounts receivable and inventory (partly due to inventory write‐down adjustments) and changes in deferred revenue—contributed to the positive cash generation. This came alongside a positive net income of **$217 million** in Q4 2023, which further supported the operating cash flow, making it positive at **$622 million** compared to a cash outflow in the previous quarter.  **[0001682852-24-000015_mrna-20231231.htm:175]** **[MRNA_3374538_1]** 

Why was operating cash flow positive in Q4 2023?

In Q1 2024, **depreciation and amortization expenses were recorded at $36 million**, compared to **$78 million in Q1 2023**. However, **the documents do not provide specific reasons** for this steep drop in the expenses.  **[0001682852-24-000027_mrna-20240331.htm:6]** 

What caused the steep drop in Depreciation and amortization in Q1 2024?

There was no actual "plunge" in the operating lease liabilities in Q1 2024. In fact, the non-current operating lease liabilities only **decreased slightly** from **$643 million as of December 31, 2023** to **$637 million as of March 31, 2024**; this change is minimal and does not represent a significant decline.  **[0001682852-24-000023_exhibit9912024q1pressrelea.htm:6]** **[0001682852-24-000027_mrna-20240331.htm:4]** 

Why did Operating lease liabilities plunge in Q1 2024?

The drastic change in **Deferred revenue** in Q1 2024 was primarily driven by revenue recognition adjustments. **Deferred revenue** related to **product sales** fell from **$613 million** at the end of Q4 2023 to **$580 million** in Q1 2024—a deduction of **$47 million** that was partially offset by **$14 million** in new additions. In addition, **collaboration revenue** saw a deduction of **$4 million** (offset by **$3 million** in new additions), while **grant revenue** remained unchanged at **$4 million**. These changes reflect the recognition of revenue from previously deferred customer deposits and collaboration agreements.  **[0001682852-24-000027_mrna-20240331.htm:17]** **[0001682852-24-000027_mrna-20240331.htm:10]** 

What explains the drastic change in Deferred revenue in Q1 2024?

The sharp swing in Accounts payable in Q1 2024 was driven by **lower spending in manufacturing and development** activities combined with the **seasonal nature of operations**. Specifically, as Moderna transitioned its COVID-19 vaccine to a seasonal commercial market and reduced procurement related to its respiratory vaccine business, the company saw a significant drop in its operational expenses, which in turn substantially lowered its accounts payable balance.  **[0001682852-24-000027_mrna-20240331.htm:29]** 

What drove the sharp swing in Accounts payable in Q1 2024?

4008d0b5f38ba7ae59647edae4ea5cb0da901161846d377ea50a2a70148f83de

The **low net product sales** in **Q1 2024** are mainly due to a **91% decline** compared to Q1 2023. Several factors contributed to this sharp drop, including the **transition to a seasonal COVID-19 vaccine market**, significantly lower sales volumes outside the U.S. (with Europe’s sales dropping to **$0** and marked decreases in other regions), a **shift to selling primarily to wholesalers and distributors** in the U.S. starting in Q3 2023, the **absence of deferred doses** that benefited Q1 2023, and the implementation of **$55 million in product sales provisions** such as chargebacks, discounts, and returns. These elements collectively led to much lower net product sales in Q1 2024.  **[MRNA_3382108_2]** **[0001682852-24-000023_exhibit9912024q1pressrelea.htm:1]** **[0001682852-24-000027_mrna-20240331.htm:25]** **[0001682852-24-000027_mrna-20240331.htm:26]** **[0001682852-24-000027_mrna-20240331.htm:10]** 

Why are net product sales so low in Q1 2024?

In Q4 2023, **other revenue** was so low primarily because there was a **decrease in grant revenue** under Moderna’s agreement with BARDA for the development of their COVID-19 vaccine, and due to **lower collaboration revenue** after recognizing Merck’s **$250 million participation payment** from the INT collaboration in 2022.  **[0001682852-24-000015_mrna-20231231.htm:147]** **[0001682852-24-000010_exhibit9912023q4pressrelea.htm:6]** **[0001682852-24-000015_mrna-20231231.htm:155]** 

Why was other revenue so low in Q4 2023?

The near break-even operations result in Q4 2023 was driven by a **significant decline in revenue**—with net product sales at **$2.8 billion** reflecting a **43% drop** compared to the previous year—combined with carefully managed costs. Specifically, while the **cost of sales** was **$929 million** (including adjustments for third‐party royalties and contract manufacturing wind-down), operating expenses increased with **R&D expenses rising by 16% to $1.4 billion** and **SG&A expenses up 25% to $470 million**. These elements together meant that total expenses nearly matched the lower revenue, resulting in only a **$6 million loss** and a near break-even operations figure.  **[0001682852-24-000010_exhibit9912023q4pressrelea.htm:2]** 

What drove the near break-even operations loss in Q4 2023?

The FY 2023 net income turned significantly negative due to a combination of factors. **Revenue declined by 64%**, dropping from **$19,263 million in 2022** to **$6,848 million in 2023** because of lower COVID‑19 vaccine sales, which was a major revenue driver.  **[0001682852-24-000015_mrna-20231231.htm:173]** **[0001682852-24-000015_mrna-20231231.htm:155]**  In addition, **costs of sales increased sharply**—rising to **70% of net product sales in 2023** compared to **29% in 2022**—due to inventory write‑downs, unutilized manufacturing capacity, and costs associated with resizing the manufacturing footprint.  **[0001682852-24-000010_exhibit9912023q4pressrelea.htm:3]** **[0001682852-24-000015_mrna-20231231.htm:155]**  The company also experienced increased **R&D expenses** (up by **47%**) and **SG&A expenses** (up by **37%**), adding further pressure.  **[0001682852-24-000010_exhibit9912023q4pressrelea.htm:3]** **[0001682852-24-000015_mrna-20231231.htm:155]**  Furthermore, significant **non‑cash charges of $3.7 billion** had a substantial impact on profitability.  **[0001682852-24-000010_exhibit9912023q4pressrelea.htm:0]** **[MRNA_3374538_3]** **[MRNA_3374538_1]**  Collectively, these elements transformed the previous net income of **$8,362 million in 2022** into a net loss of **$(4,714) million in 2023**.

Why did FY 2023 net income turn significantly negative?

The **steep decline in EPS in FY 2023** was primarily driven by a combination of **lower revenues**—mainly due to reduced sales of the COVID‑19 vaccine—and **increased costs**. Specifically, there was a significant decline in revenue from **$19.3 billion in FY 2022 to $6.8 billion in FY 2023**, paired with a substantial increase in cost of sales (including inventory write-downs of **$2.2 billion** and additional restructuring costs) which eroded margins. This was further compounded by **higher R&D expenses** (up by **47%** in FY 2023) and **non‑cash charges** totaling **$3.7 billion**, leading to a net loss situation. These factors collectively resulted in the dramatic EPS decline to **$(12.33)** from **$21.26** in the previous year.  **[0001682852-24-000010_exhibit9912023q4pressrelea.htm:3]** **[0001682852-24-000010_exhibit9912023q4pressrelea.htm:6]** 

What contributed to the steep EPS decline in FY 2023?

df625f2f6dea1cf48f862ff3936c0409556061fa956c18584e311aa29af7ab78

Net loss (USD, millions)

Stock-based compensation (USD, millions)

Depreciation and amortization (USD, millions)

Amortization/accretion of investments (USD, millions)

Loss (gain) on equity investments, net (USD, millions)

Other non-cash items (USD, millions)

Net cash used in operating activities (USD, millions)

Purchases of marketable securities (USD, millions)

Proceeds from maturities of marketable securities (USD, millions)

Proceeds from sales of marketable securities (USD, millions)

Purchases of property, plant and equipment (USD, millions)

Net cash provided by investing activities (USD, millions)

Proceeds from issuance of common stock through equity plans (USD, millions)

Changes in financing lease liabilities (USD, millions)

Net cash provided by (used in) financing activities (USD, millions)

Net (decrease) increase in cash, cash equivalents and restricted cash (USD, millions)

Cash, cash equivalents and restricted cash, beginning of year (USD, millions)

Cash, cash equivalents and restricted cash, end of period (USD, millions)

09fe4d9283534f5a0d9afd62e23855f8b2a7cd95e95070b35bea5fe226a9eec7

Revenue: Net product sales (USD, millions)

Revenue: Other revenue (USD, millions)

Revenue: Total revenue (USD, millions)

Operating expenses: Cost of sales (USD, millions)

Operating expenses: Research and development (USD, millions)

Operating expenses: Selling, general and administrative (USD, millions)

Operating expenses: Total operating expenses (USD, millions)

Loss from operations (USD, millions)

Interest income (USD, millions)

Other expense, net (USD, millions)

Income (loss) before income taxes (USD, millions)

Provision for income taxes (USD, millions)

Net income (loss) (USD, millions)

Earnings (loss) per share: Basic (USD)

Earnings (loss) per share: Diluted (USD)

561b1c93c8f6da029bfbc2238b029c53f867af9ef0a299fde99ec1a1dd1e2624

Adjustments for Non-Cash Items (USD, M)

Stock-Based Compensation (USD, M)

Changes in Working Capital (USD, M)

Capital Expenditures (CapEx) (USD, M)

Proceeds from / Repayments of Debt (USD, M)

Share Repurchases (USD, M)

Dividend Payments (USD, M)

Net Change in Cash (USD, M)

6fd8ffe37bd0e79082b8cd6b09dc17a90db71ba038daaa0f40b31459cbc99ace

Total Revenue (USD, millions)

Cost of Goods Sold (COGS) (USD, millions)

Selling, General, and Administrative Expenses (SG&A) (USD, millions)

Research and Development (R&D) (USD, millions)

Depreciation and Amortization (D&A) (USD, millions)

Interest Expense (USD, millions)

Operating Income (EBIT) (USD, millions)

Net Income (USD, millions)

Earnings Per Share (EPS) - Basic (USD)

Earnings Per Share (EPS) - Diluted (USD)

9bd6a4f0811284c91af7c33e705388e1666c91dd06cdc6b3fea548dc450cb093

9d8ecc3dd678a7f111a25fb7e793d54db6f77d418cc6bc435f3a373b824f5fff

Net Product Sales

- COVID-19 Vaccine

- RSV Vaccine

Other Revenue

- Grant Revenue

- Collaboration Revenue

- Licensing and Royalty Revenue

Gross Product Sales

Product Sales Provision

Total Revenue

49a2bdf9f8f50435bbc056e185735adaedb529fe5b8fc12aec3f9f7b540b5999

United States

Europe

Rest of World

cc280ca3f29a4b2dcaa1bbf2cb06bd34ae07ced010c9723df020804e7307e6c8

Moderna (MRNA)

Financials