Moderna, Inc. stock research
FY2025 Q1
Moderna (MRNA) Gross Margin — Quarter Ended Mar 31, 2025
Revenue and gross profit both decreased compared to the prior quarter and the same quarter last year, while cost of revenue declined less proportionally. Gross margin weakened from both comparison periods, reflecting a lower share of revenue retained as gross profit.
Gross margin takeaway
Quarter ended Mar 31, 2025 · FY2025 Q1
Revenue and gross profit both decreased compared to the prior quarter and the same quarter last year, while cost of revenue declined less proportionally. Gross margin weakened from both comparison periods, reflecting a lower share of revenue retained as gross profit.
- The relationship between revenue and cost of revenue drove the margin change: revenue fell sharply while cost of revenue declined by a smaller amount, compressing gross profit. This pattern was consistent in both sequential and year-over-year comparisons.
- Compared to the immediately preceding quarter, revenue and gross profit were lower, and gross margin weakened. Versus the same quarter one year earlier, revenue was lower, gross profit was lower, and gross margin also weakened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
16.7%
Gross profit
$18.0M
Revenue
$108.0M
Cost of revenue
$90.0M
Quarter-over-quarter change
-6.8 pts
Year-over-year change
-25.8 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 |
|---|---|---|---|---|
| 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% |
| Mar 31, 2025 | $108.0M | $18.0M | $90.0M | 16.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2024
-6.8 pts
Year-over-year change
Mar 31, 2024
-25.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The relationship between revenue and cost of revenue drove the margin change: revenue fell sharply while cost of revenue declined by a smaller amount, compressing gross profit. This pattern was consistent in both sequential and year-over-year comparisons.
Compared to the immediately preceding quarter, revenue and gross profit were lower, and gross margin weakened. Versus the same quarter one year earlier, revenue was lower, gross profit was lower, and gross margin also weakened.
Monitor the trajectory of cost of revenue relative to revenue, as its slower decline has been the primary factor in margin compression.