Financials Moderna, Inc.

Equities

MRNA

US60770K1079

Pharmaceuticals

Market Closed - Nasdaq Other stock markets 04:00:00 2025-12-05 pm EST			After hours 07:55:16 pm
27.70 ^USD	+8.67%		27.58	-0.45%

Dec. 04	AI's rise stirs excitement, sparks job worries	RE
Dec. 02	Moderna, Inc. Presents at Piper Sandler 37th Annual Healthcare Conference, Dec-02-2025 11:00 AM

Projected Income Statement: Moderna, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	803.4	18,471	19,263	6,848	3,236	1,900	1,914	2,321
Change	-	2,199.12%	4.29%	-64.45%	-52.75%	-41.3%	0.76%	21.28%
EBITDA ¹	-731.9	13,528	9,768	-3,618	-3,756	-3,241	-2,682	-1,747
Change	-	1,948.36%	-27.79%	-137.04%	-3.81%	13.72%	17.22%	34.87%
EBIT ¹	-763.1	13,296	9,420	-4,239	-3,945	-3,413	-2,957	-2,017
Change	-	1,842.27%	-29.15%	-145%	6.94%	13.48%	13.38%	31.77%
Interest Paid ¹	24.72	18	-45	297	338	-72.4	-76	-77.6
Earnings before Tax (EBT) ¹	-744.5	13,285	9,575	-3,942	-3,607	-3,134	-2,881	-1,997
Change	-	1,884.39%	-27.93%	-141.17%	8.5%	13.1%	8.07%	30.7%
Net income ¹	-747.1	12,202	8,362	-4,714	-3,561	-3,147	-2,828	-1,926
Change	-	1,733.33%	-31.47%	-156.37%	24.46%	11.63%	10.14%	31.87%
Announcement Date	2/25/21	2/24/22	2/23/23	2/22/24	2/14/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	570.7	1,937	4,354	4,969	7,211	6,066	4,749	3,364	5,084	1,862	344	1,831	2,811	167	241	1,862	966	108	142	1,016	626.4	188	118.3	929.2	711.3
Change	-	239.38%	124.78%	14.12%	45.12%	-15.88%	-21.71%	-29.16%	51.13%	-63.38%	-81.53%	432.27%	53.52%	-94.06%	44.31%	672.61%	-48.12%	-88.82%	31.48%	615.49%	-38.35%	-69.99%	-37.07%	685.41%	-23.45%
EBITDA ¹	-	-	-	-	5,488	-	-	-	-	-	-	-	208	-	-1,322	-18	-	-1,011	-850	-208	-1,060	-697.7	-654.8	-151.9	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	98.64%	-	-	15.92%	75.53%	-409.78%	34.2%	6.14%	76.8%	-
EBIT ¹	-275	1,266	3,062	3,558	5,410	4,227	2,447	1,166	1,580	-366	-1,867	-2,012	6	-1,266	-1,363	-70	-1,246	-1,050	-907	-260	-1,140	-967.8	-933	-405.4	-769.5
Change	-	560.3%	141.86%	16.2%	52.05%	-21.87%	-42.11%	-52.35%	35.51%	-123.16%	-410.11%	-7.77%	100.3%	-21,200%	-7.66%	94.86%	-1,680%	15.73%	13.62%	71.33%	-338.31%	15.08%	3.59%	56.55%	-89.83%
Charge d'intérêts	4.2	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	62	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-271	1,260	3,063	3,552	5,410	4,229	2,474	1,217	1,655	-305	-1,749	-1,958	70	-1,165	-1,279	21	-1,184	-964	-818	-187	-1,083	-984	-958.2	-428.6	-570.2
Change	-	564.92%	143.1%	15.96%	52.31%	-21.83%	-41.5%	-50.81%	35.99%	-118.43%	-473.44%	-11.95%	103.58%	-1,764.29%	-9.79%	101.64%	-5,738.1%	18.58%	15.15%	77.14%	-479.26%	9.16%	2.62%	55.27%	-33.03%
Net income ¹	-272.5	1,221	2,780	3,333	4,868	3,657	2,197	1,043	1,465	79	-1,380	-3,630	217	-1,175	-1,279	13	-1,120	-971	-825	-200	-1,084	-986.3	-960.9	-432.9	-574.2
Change	-	548.1%	127.68%	19.89%	46.05%	-24.88%	-39.92%	-52.53%	40.46%	-94.61%	-1,846.84%	-163.04%	105.98%	-641.47%	-8.85%	101.02%	-8,715.38%	13.3%	15.04%	75.76%	-441.83%	8.98%	2.58%	54.94%	-32.62%
Announcement Date	2/25/21	5/6/21	8/5/21	11/4/21	2/24/22	5/4/22	8/3/22	11/3/22	2/23/23	5/4/23	8/3/23	11/2/23	2/22/24	5/2/24	8/1/24	11/7/24	2/14/25	5/1/25	8/1/25	11/6/25	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Moderna, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-4,498	-10,128	-9,902	-8,604	-7,025	-5,534	-3,696	-2,241
Change	-	-125.17%	2.23%	13.11%	18.35%	21.22%	33.21%	39.37%
Announcement Date	2/25/21	2/24/22	2/23/23	2/22/24	2/14/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Moderna, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	67.45	284	400	707	1,051	290.7	257.2	220.5
Change	-	321.07%	40.85%	76.75%	48.66%	-72.34%	-11.51%	-14.29%
Free Cash Flow (FCF) ¹	1,960	13,336	4,581	-3,825	-4,055	-2,697	-2,614	-1,720
Change	-	580.57%	-65.65%	-183.5%	-6.01%	33.5%	3.07%	34.2%
Announcement Date	2/25/21	2/24/22	2/23/23	2/22/24	2/14/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Moderna, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-91.1%	73.24%	50.71%	-52.83%	-116.07%	-170.59%	-140.15%	-75.26%
EBIT Margin (%)	-94.99%	71.98%	48.9%	-61.9%	-121.91%	-179.67%	-154.47%	-86.9%
EBT Margin (%)	-92.67%	71.92%	49.71%	-57.56%	-111.46%	-165%	-150.54%	-86.02%
Net margin (%)	-92.99%	66.06%	43.41%	-68.84%	-110.04%	-165.65%	-147.73%	-82.99%
FCF margin (%)	243.91%	72.2%	23.78%	-55.86%	-125.31%	-141.96%	-136.56%	-74.09%
FCF / Net Income (%)	-262.3%	109.29%	54.78%	81.14%	113.87%	85.7%	92.44%	89.28%
Profitability
ROA	-16.74%	76.25%	33.1%	-21.29%	-21.87%	-27.53%	-29.75%	-19.4%
ROE	-39.99%	146.08%	50.27%	-28.59%	-28.77%	-33.39%	-43.26%	-39.67%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	8.4%	1.54%	2.08%	10.32%	32.48%	15.3%	13.44%	9.5%
CAPEX / EBITDA (%)	-9.22%	2.1%	4.1%	-19.54%	-27.98%	-8.97%	-9.59%	-12.62%
CAPEX / FCF (%)	3.44%	2.13%	8.73%	-18.48%	-25.92%	-10.78%	-9.84%	-12.82%
Items per share
Cash flow per share ¹	5.316	31.6	11.97	-8.162	-7.823	-6.189	-5.384	-2.675
Change	-	494.51%	-62.12%	-168.19%	4.16%	20.88%	13.01%	50.32%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	6.423	35.1	48.54	36.27	28.39	21.63	14.45	9.261
Change	-	446.47%	38.28%	-25.28%	-21.72%	-23.81%	-33.2%	-35.9%
EPS ¹	-1.96	28.29	20.12	-12.33	-9.28	-8.187	-7.161	-4.808
Change	-	1,543.37%	-28.88%	-161.28%	24.74%	11.78%	12.53%	32.86%
Nbr of stocks (in thousands)	395,710	405,450	384,180	381,284	384,818	390,734	390,734	390,734
Announcement Date	2/25/21	2/24/22	2/23/23	2/22/24	2/14/25	-	-	-