Moderna, Inc. stock research
FY2024 Q2
Moderna (MRNA) Gross Margin — Quarter Ended Jun 30, 2024
Revenue and gross profit both increased compared to the prior quarter, while cost of revenue rose by a smaller amount, leading to an improved gross margin. Compared to the same quarter one year earlier, revenue was lower, but the prior-year period had a negative gross profit and a deeply negative gross margin, so the current quarter shows a substantial improvement.
Gross margin takeaway
Quarter ended Jun 30, 2024 · FY2024 Q2
Revenue and gross profit both increased compared to the prior quarter, while cost of revenue rose by a smaller amount, leading to an improved gross margin. Compared to the same quarter one year earlier, revenue was lower, but the prior-year period had a negative gross profit and a deeply negative gross margin, so the current quarter shows a substantial improvement.
- The strongest observable margin driver is the relationship between revenue and cost of revenue: revenue grew more than cost of revenue relative to the prior quarter, which directly lifted gross margin. This pattern indicates that revenue growth outpaced cost growth, a favorable mix for margin expansion.
- Compared to the immediately preceding quarter, gross margin improved from a lower level to a higher level. Compared to the same quarter one year earlier, gross margin shifted from a deeply negative level to a positive level, representing a significant year-over-year improvement.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
52.3%
Gross profit
$126.0M
Revenue
$241.0M
Cost of revenue
$115.0M
Quarter-over-quarter change
+9.8 pts
Year-over-year change
+164.8 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 |
|---|---|---|---|---|
| Sep 30, 2023 | $1.8B | -$410.0M | $2.2B | -22.4% |
| Dec 31, 2023 | $2.8B | $1.9B | $929.0M | 67.0% |
| Mar 31, 2024 | $167.0M | $71.0M | $96.0M | 42.5% |
| Jun 30, 2024 | $241.0M | $126.0M | $115.0M | 52.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2024
+9.8 pts
Year-over-year change
Jun 30, 2023
+164.8 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 grew more than cost of revenue relative to the prior quarter, which directly lifted gross margin. This pattern indicates that revenue growth outpaced cost growth, a favorable mix for margin expansion.
Compared to the immediately preceding quarter, gross margin improved from a lower level to a higher level. Compared to the same quarter one year earlier, gross margin shifted from a deeply negative level to a positive level, representing a significant year-over-year improvement.
Monitor whether revenue growth can continue to outpace cost of revenue growth in future quarters, as this dynamic is central to sustaining or further improving gross margin.