+29%
Back in the black — but read the fine print
Net income of $162M vs a $200M loss a year ago. The swing came from two directions at once: revenue up 29% and R&D down 27%. Either alone wouldn't have done it.
Moderna swung back to a profit on 29% revenue growth, but the profit is thin and the cost cuts did as much work as the sales rebound — and the fat cash balance came from a $3 billion convertible-note raise, not from operations.
Follow the money, left → right. Hover or tap any block or band to trace where that money comes from and where it goes. Tap a block to pin it and read what it means below. Tap the background to reset.
Charts in billions are hard to feel. Here is the same quarter, shrunk down: for every $100 Moderna took in, this is where it went.
The striking thing: R&D eats $44 of every $100 — more than four times the operating profit it leaves behind. Moderna is still a research company that happens to sell vaccines, not a vaccine company with a research arm.
If you only remember three numbers from this quarter, make it these.
Net income of $162M vs a $200M loss a year ago. The swing came from two directions at once: revenue up 29% and R&D down 27%. Either alone wouldn't have done it.
Full-year revenue growth 15–25% (was up to 10%), R&D cut to ~$2.7B, year-end cash $8.1–8.3B (was $4.7–5.2B). Management is signaling the turnaround is real, not one good quarter.
Positive Phase 3 data for intismeran (Moderna's personalized cancer vaccine with Merck's Keytruda: 42% lower risk of melanoma recurrence or death) plus FDA approval of mFLUSIVA, a seasonal flu vaccine — Moderna's fifth approved product. The next chapter is oncology, not COVID.
Things that make this quarter look different from a normal one — so you don't mistake them for the trend.