Moderna (MRNA) FY2021 results: revenue $18.5 billion, up 2199.1% on the year

Moderna, Inc. (MRNA) reported revenue of $18.5 billion for fiscal 2021, the year ended 31 December 2021, up 2199.1% on the year before. Net income was $12.2 billion, and diluted earnings per share $28.29. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$18.5 billion

+2,199.1% on the year

FY2016FY2021

Operating margin

72.0%

-95.0% a year earlier

FY2016FY2021

Net income

$12.2 billion

FY2016FY2021

Diluted EPS

$28.29

FY2016FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	18,471	803	60.0	+2,199.1%
Cost of revenue	2,617	8.0	0.0	+32,612.5%
Gross profit	15,854	795	60.0	+1,893.2%
Gross margin	85.8%	99.0%	100.0%
Research and development	1,991	1,370	496	+45.3%
Operating income	13,296	-763	-546
Operating margin	72.0%	-95.0%	-909.5%
Pre-tax income	13,285	-744	-515
Income tax	1,083	3.0	-1.0	+36,000.0%
Effective tax rate	8.2%	n/a	n/a
Net income	12,202	-747	-514
Net margin	66.1%	-93.0%	-856.7%
Diluted EPS	$28.29	-$1.96	-$1.55

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	13,620	2,027	-459	+571.9%
Capital expenditure	284	68.0	32.0	+317.6%
Free cash flow	13,336	1,959	-491	+580.8%
Free cash flow margin	72.2%	243.8%	-818.3%
Cash from investing	-8,523	-1,672	-15.0
Cash from financing	-873	2,033	52.0
Depreciation and amortisation	232	31.0	31.0	+648.4%
Share-based compensation	142	93.0	81.1	+52.7%
Buybacks	857	0.0	0.0
Diluted shares, weighted	431m	381m	331m	+13.1%
Shares outstanding at period end	403m	399m	337m	+1.1%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	14,145	2,561	1,175	+452.2%
Debt	0.0	0.0	0.0
Operating lease liabilities	106	97.0	93.7	+9.3%
Finance lease liabilities	599	110	38.7	+445.2%
Other liabilities	9,819	4,569	282	+114.9%
Total liabilities and equity	24,669	7,337	1,589	+236.2%
Investments	10,722	2,623	1,027	+308.8%
Cash and equivalents	6,848	2,624	236	+161.0%
Receivables	3,175	1,391	5.4	+128.3%
Inventory	1,441	47.0	0.0	+2,966.0%
Other assets	2,483	653	321	+280.4%
Total assets	24,669	7,337	1,589	+236.2%

10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.