Moderna (MRNA) FY2022 results: revenue $19.3 billion, up 4.3% on the year

Moderna, Inc. (MRNA) reported revenue of $19.3 billion for fiscal 2022, the year ended 31 December 2022, up 4.3% on the year before. Net income was $8.4 billion, down 31.5%, and diluted earnings per share $20.12. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2023.

Revenue

$19.3 billion

+4.3% on the year

FY2016FY2022

Operating margin

48.9%

72.0% a year earlier

FY2016FY2022

Net income

$8.4 billion

-31.5% on the year

FY2016FY2022

Diluted EPS

$20.12

-28.9% on the year

FY2016FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	19,263	18,471	803	+4.3%
Cost of revenue	5,416	2,617	8.0	+107.0%
Gross profit	13,847	15,854	795	-12.7%
Gross margin	71.9%	85.8%	99.0%
Research and development	3,295	1,991	1,370	+65.5%
Operating income	9,420	13,296	-763	-29.2%
Operating margin	48.9%	72.0%	-95.0%
Pre-tax income	9,575	13,285	-744	-27.9%
Income tax	1,213	1,083	3.0	+12.0%
Effective tax rate	12.7%	8.2%	n/a
Net income	8,362	12,202	-747	-31.5%
Net margin	43.4%	66.1%	-93.0%
Diluted EPS	$20.12	$28.29	-$1.96	-28.9%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	4,981	13,620	2,027	-63.4%
Capital expenditure	400	284	68.0	+40.8%
Free cash flow	4,581	13,336	1,959	-65.6%
Free cash flow margin	23.8%	72.2%	243.8%
Cash from investing	-5,176	-8,523	-1,672
Cash from financing	-3,448	-873	2,033
Depreciation and amortisation	348	232	31.0	+50.0%
Share-based compensation	226	142	93.0	+59.2%
Buybacks	3,329	857	0.0	+288.4%
Diluted shares, weighted	416m	431m	381m	-3.5%
Shares outstanding at period end	385m	403m	399m	-4.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	19,123	14,145	2,561	+35.2%
Debt	0.0	0.0	0.0
Operating lease liabilities	92.0	106	97.0	-13.2%
Finance lease liabilities	912	599	110	+52.3%
Other liabilities	5,731	9,819	4,569	-41.6%
Total liabilities and equity	25,858	24,669	7,337	+4.8%
Goodwill	0.0	n/a	n/a
Intangible assets	0.0	n/a	n/a
Investments	15,015	10,722	2,623	+40.0%
Cash and equivalents	3,205	6,848	2,624	-53.2%
Receivables	1,385	3,175	1,391	-56.4%
Inventory	949	1,441	47.0	-34.1%
Other assets	5,304	2,483	653	+113.6%
Total assets	25,858	24,669	7,337	+4.8%

10-K for the year ended 31 December 2022, filed 24 February 2023: the filing.