Moderna, Inc. stock research
FY2023 Q4
Moderna (MRNA) Gross Margin — Quarter Ended Dec 31, 2023
Revenue and gross profit both increased compared to the prior quarter, while cost of revenue declined, resulting in a gross margin that improved from negative to positive. Compared to the same quarter one year earlier, revenue and gross profit were lower, cost of revenue was also lower, and gross margin was higher.
Gross margin takeaway
Quarter ended Dec 31, 2023 · FY2023 Q4
Revenue and gross profit both increased compared to the prior quarter, while cost of revenue declined, resulting in a gross margin that improved from negative to positive. Compared to the same quarter one year earlier, revenue and gross profit were lower, cost of revenue was also lower, and gross margin was higher.
- The strongest observable margin driver is the relationship between revenue and cost of revenue: revenue increased while cost of revenue decreased sequentially, which directly lifted gross profit and gross margin.
- Compared to the immediately preceding quarter, gross margin improved sharply from negative to positive, driven by higher revenue and lower cost of revenue. Compared to the same quarter one year earlier, gross margin was higher despite lower revenue, as cost of revenue declined proportionally more.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
67.0%
Gross profit
$1.9B
Revenue
$2.8B
Cost of revenue
$929.0M
Quarter-over-quarter change
+89.3 pts
Year-over-year change
+4.7 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% |
| Sep 30, 2023 | $1.8B | -$410.0M | $2.2B | -22.4% |
| Dec 31, 2023 | $2.8B | $1.9B | $929.0M | 67.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2023
+89.3 pts
Year-over-year change
Dec 31, 2022
+4.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the relationship between revenue and cost of revenue: revenue increased while cost of revenue decreased sequentially, which directly lifted gross profit and gross margin.
Compared to the immediately preceding quarter, gross margin improved sharply from negative to positive, driven by higher revenue and lower cost of revenue. Compared to the same quarter one year earlier, gross margin was higher despite lower revenue, as cost of revenue declined proportionally more.
Monitor the trajectory of cost of revenue relative to revenue, as its decline was a key factor in the margin improvement this quarter.