Moderna, Inc. stock research
FY2023 Q2
Moderna (MRNA) Gross Margin — Quarter Ended Jun 30, 2023
Revenue declined sharply from the prior quarter and was substantially lower than the same quarter last year. Gross profit turned deeply negative as cost of revenue exceeded revenue, resulting in a severely weakened gross margin.
Gross margin takeaway
Quarter ended Jun 30, 2023 · FY2023 Q2
Revenue declined sharply from the prior quarter and was substantially lower than the same quarter last year. Gross profit turned deeply negative as cost of revenue exceeded revenue, resulting in a severely weakened gross margin.
- The most observable driver is the relationship between revenue and cost of revenue: revenue fell dramatically while cost of revenue remained relatively high, causing gross profit to become negative. This shift is the primary factor behind the gross margin decline.
- Compared to the immediately preceding quarter, revenue was lower, gross profit turned from positive to negative, and gross margin weakened from positive to deeply negative. Versus the same quarter one year earlier, revenue was substantially lower, gross profit declined from positive to negative, and gross margin weakened significantly.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
-112.5%
Gross profit
-$387.0M
Revenue
$344.0M
Cost of revenue
$731.0M
Quarter-over-quarter change
-170.0 pts
Year-over-year change
-183.4 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $1.9B | $1.1B | $792.0M | 57.5% |
| Jun 30, 2023 | $344.0M | -$387.0M | $731.0M | -112.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2023
-170.0 pts
Year-over-year change
Jun 30, 2022
-183.4 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most observable driver is the relationship between revenue and cost of revenue: revenue fell dramatically while cost of revenue remained relatively high, causing gross profit to become negative. This shift is the primary factor behind the gross margin decline.
Compared to the immediately preceding quarter, revenue was lower, gross profit turned from positive to negative, and gross margin weakened from positive to deeply negative. Versus the same quarter one year earlier, revenue was substantially lower, gross profit declined from positive to negative, and gross margin weakened significantly.
Monitor the trajectory of revenue relative to cost of revenue in upcoming quarters to assess whether gross margin can stabilize.