01—Abstract
Summary
Summary of the 10-K filed February 25, 2022. Cited figures are marked; the original filing is the authoritative source.
Moderna, Inc.'s 2021 10-K filing highlights a transformative year driven by the commercial success of its COVID-19 vaccine, Spikevax.
The company reported significant revenue growth, with product sales reaching $17.7 billiona, primarily from its COVID-19 vaccine. This revenue fueled substantial investments in research and development, manufacturing expansion, and global commercialization efforts.
Moderna's robust pipeline, encompassing seven modalities and 44 programs across various therapeutic areas, continues to be a key focus, alongside its ongoing efforts to combat COVID-19 variants and prepare for future pandemic threats. The company's strong financial position, with over $17 billionb in cash, cash equivalents, and investments, provides a solid foundation for continued innovation and growth.
02—Key points
Key Highlights
- Record Revenue Driven by Spikevax: Moderna achieved $17.7 billion in product sales in 2021, almost entirely from its COVID-19 vaccine, Spikevax, marking a significant shift from pre-vaccine revenue streams.
- Expanding Pipeline and Modalities: The company reported 44 development programs across seven distinct mRNA modalities, indicating a diversified approach beyond infectious diseases, including oncology, rare diseases, and autoimmune conditions.
- Significant R&D Investment: Research and development expenses increased by 45% to $1.99 billion, reflecting continued investment in platform advancement, clinical trials, and manufacturing capabilities for both COVID-19 and pipeline programs.
- Manufacturing Scale-Up and Global Expansion: Moderna significantly scaled its manufacturing capacity for Spikevax and announced plans for new mRNA manufacturing facilities in Africa, Canada, and Australia to enhance global supply and pandemic preparedness.
- Strong Financial Position: The company ended 2021 with approximately $17.6 billion in cash, cash equivalents, and investments, providing substantial resources for future R&D, operations, and strategic initiatives.
- FDA Approval for Spikevax: In January 2022, Spikevax received full Biologics License Application (BLA) approval from the FDA for individuals 18 years and older in the United States, solidifying its commercial standing.
- Share Repurchase Program: The company repurchased $857 million of its common stock in 2021 and authorized a new $3.0 billion repurchase program in February 2022, demonstrating a commitment to returning value to shareholders.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2021, Moderna, Inc. kept $0.66.
- Revenue$18.47B100.0%
- Cost of revenue−$2.62B14.2%
- Gross profit$15.85B85.8%
- Operating costs−$2.56B13.8%
- Operating income$13.30B72.0%
- Interest, other & tax−$1.09B5.9%
- Net income$12.20B66.1%
Where FY2021 revenue went
$18.47B- Net income: $12.20B, 66% of revenue
- Cost of revenue: $2.62B, 14% of revenue
- R&D: $1.99B, 11% of revenue
- Other operating costs: $567.0M, 3.1% of revenue
- Interest, other & tax: $1.09B, 5.9% of revenue
Kept 66% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2021filed February 25, 2022Financial Statements
FY2021 against FY2020
| Line item | FY2021FY2020 | Change |
|---|---|---|
| Revenue | $18.47B$803.00M | +2200.2% |
| Cost of Revenue | $2.62B$8.00M | +32612.5% |
| Gross Profit | $15.85B$795.00M | +1894.2% |
| R&D Expenses | $1.99B$1.37B | +45.3% |
| Operating Expenses | $5.17B$1.57B | +230.5% |
| Operating Income | $13.30B-$763.00M | +1842.6% |
| Net Income | $12.20B-$747.00M | +1733.5% |
| EPS (Basic) | $30.31$-1.96 | +1646.4% |
| EPS (Diluted) | $28.29$-1.96 | +1543.4% |
| Shares Outstanding (Basic) | 403.00M381.00M | +5.8% |
| Shares Outstanding (Diluted) | 431.00M381.00M | +13.1% |
05—Questions
Frequently Asked Questions
What was Moderna's primary revenue driver in 2021?
Moderna's primary revenue driver in 2021 was its COVID-19 vaccine, Spikevax, which generated $17.7 billion in product sales and accounted for almost all of the company's commercial revenue.
How is Moderna diversifying its product pipeline beyond COVID-19?
Moderna is pursuing a diversified pipeline with 44 development programs across seven modalities, including prophylactic vaccines (flu, RSV, latent viruses), cancer vaccines, immuno-oncology, regenerative therapeutics, systemic intracellular therapeutics, and inhaled pulmonary therapeutics.
What is Moderna's strategy for manufacturing and global supply?
Moderna is significantly scaling its manufacturing capabilities for its COVID-19 vaccine and has announced plans for new mRNA manufacturing facilities in Africa, Canada, and Australia. This strategy aims to increase global supply, enhance pandemic preparedness, and provide access to mRNA vaccines for other diseases.
What is Moderna's current financial position and outlook for future investment?
Moderna ended 2021 with a strong financial position, holding approximately $17.6 billion in cash, cash equivalents, and investments. This capital is being used to fund extensive research and development, manufacturing expansion, and global commercialization efforts, with expectations of continued R&D expense increases in 2022.
06—Continue