Moderna, Inc. stock research
FY2024 Q4
Moderna (MRNA) Gross Margin — Quarter Ended Dec 31, 2024
Revenue and gross profit both decreased compared to the immediately preceding quarter and the same quarter one year earlier, while cost of revenue increased relative to the prior quarter but decreased year-over-year. Gross margin weakened substantially from both comparison periods, reflecting a larger share of revenue consumed by cost of revenue.
Gross margin takeaway
Quarter ended Dec 31, 2024 · FY2024 Q4
Revenue and gross profit both decreased compared to the immediately preceding quarter and the same quarter one year earlier, while cost of revenue increased relative to the prior quarter but decreased year-over-year. Gross margin weakened substantially from both comparison periods, reflecting a larger share of revenue consumed by cost of revenue.
- The most observable driver of gross margin change is the shift in the relationship between revenue and cost of revenue: revenue declined more sharply than cost of revenue from the prior quarter, compressing margin. From the year-ago quarter, both revenue and cost of revenue fell, but cost of revenue fell proportionally less, also reducing margin.
- Compared to the immediately preceding quarter, revenue was lower, gross profit was lower, cost of revenue was higher, and gross margin weakened. Compared to the same quarter one year earlier, revenue was lower, gross profit was lower, cost of revenue was lower, and gross margin weakened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
23.5%
Gross profit
$227.0M
Revenue
$966.0M
Cost of revenue
$739.0M
Quarter-over-quarter change
-48.9 pts
Year-over-year change
-43.5 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, 2024 | $167.0M | $71.0M | $96.0M | 42.5% |
| Jun 30, 2024 | $241.0M | $126.0M | $115.0M | 52.3% |
| Sep 30, 2024 | $1.9B | $1.3B | $514.0M | 72.4% |
| Dec 31, 2024 | $966.0M | $227.0M | $739.0M | 23.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2024
-48.9 pts
Year-over-year change
Dec 31, 2023
-43.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most observable driver of gross margin change is the shift in the relationship between revenue and cost of revenue: revenue declined more sharply than cost of revenue from the prior quarter, compressing margin. From the year-ago quarter, both revenue and cost of revenue fell, but cost of revenue fell proportionally less, also reducing margin.
Compared to the immediately preceding quarter, revenue was lower, gross profit was lower, cost of revenue was higher, and gross margin weakened. Compared to the same quarter one year earlier, revenue was lower, gross profit was lower, cost of revenue was lower, and gross margin weakened.
Monitor the trajectory of cost of revenue relative to revenue in upcoming quarters, as its proportion increased notably this quarter.