Moderna, Inc.
MRNA Healthcare Biotechnology
Moderna, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, down 39.9% from fiscal 2024. In the quarter to June 2026, revenue grew 2.11%, EPS grew 7.51%, free cash flow grew 38.9% and total debt rose 1,765.6%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100.
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Moderna, Inc. (MRNA) Gross margin
Moderna, Inc.'s gross margin over the twelve months to 30 June 2026 was 23.4%, down 32.0 percentage points from fiscal 2025 (55.4%). Over the past ten years it has ranged from 31.5% (fiscal 2023) to 100.0% (fiscal 2019); the current reading is higher than 30% of that period. That is below the Biotechnology industry median of 65.2% and below the Healthcare sector median of 53.5%.
Gross margin, annual
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Annual newest first
| Period | Gross margin | Change (points) |
|---|---|---|
| FY2025 | 55.4% | 0.59 |
| FY2024 | 54.8% | 23.29 |
| FY2023 | 31.5% | (40.41) |
| FY2022 | 71.9% | (13.95) |
| FY2021 | 85.8% | (13.17) |
| FY2020 | 99.0% | (1.00) |
| FY2019 | 100.0% | 0.00 |
| FY2018 | 100.0% | 0.00 |
| FY2017 | 100.0% | 0.00 |
| FY2016 | 100.0% | — |
Quarterly newest first
| Period | Gross margin | Change (points) |
|---|---|---|
| Jun 2026 | 35.9% | 181.36 |
| Mar 2026 | −145.5% | (178.83) |
| Dec 2025 | 33.3% | (46.30) |
| Sep 2025 | 79.6% | 63.43 |
| 30 more quarters | Free account |
Against its own ten years
Gross margin against peers
| Company | Gross margin |
|---|---|
| RPRX Royalty Pharma PLC compare | 100.0% |
| ARGX argenex SE compare | 90.2% |
| ONC BeOne Medicines Ltd. - Sponsored ADR compare | 88.9% |
| VRTX Vertex Pharmaceuticals Incorporated compare | 86.0% |
| REGN Regeneron Pharmaceuticals, Inc. compare | 84.9% |
| ROIV Roivant Sciences Ltd. compare | 81.2% |
| ALNY Alnylam Pharmaceuticals, Inc. compare | 79.7% |
| RVMD Revolution Medicines, Inc. compare | 35.1% |
| MRNA Moderna, Inc. | 23.4% |
| Biotechnology industry median | 65.2% |
| Healthcare sector median | 53.5% |
| Market median | 46.2% |
What Gross margin is
Gross Margin tells an investor how much of each sale a company keeps after paying the direct costs of making or buying what it sells.
Gross Profit ÷ Revenue
More on MRNA
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
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- The full statement