Financials Moderna, Inc.

Equities

MRNA

US60770K1079

Pharmaceuticals

Market Closed - Nasdaq Other stock markets 02:30:00 05/03/2026 am IST			Pre-market 05:20:23 pm
57.80 ^USD	+15.99%		57.26	-0.94%

05:15pm	Berenberg Raises Price Target on Moderna to $45 From $32, Keeps Hold Rating	MT
05:32am	US stocks close up on Iran diplomacy hopes; tech leads rebound	RE

Projected Income Statement: Moderna, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	18,471	19,263	6,848	3,236	1,944	2,064	2,519	3,199
Change	-	4.29%	-64.45%	-52.75%	-39.93%	6.2%	22%	27.03%
EBITDA ¹	13,528	9,768	-3,618	-3,756	-2,859	-2,567	-1,797	-941.1
Change	-	-27.79%	-137.04%	-3.81%	23.88%	10.21%	30.01%	47.62%
EBIT ¹	13,296	9,420	-4,239	-3,945	-3,074	-2,805	-1,983	-1,216
Change	-	-29.15%	-145%	6.94%	22.08%	8.74%	29.33%	38.66%
Interest Paid ¹	18	-45	297	338	306	-71.3	-73.6	-53.45
Earnings before Tax (EBT) ¹	13,285	9,575	-3,942	-3,607	-2,768	-2,619	-1,841	-1,033
Change	-	-27.93%	-141.17%	8.5%	23.26%	5.37%	29.71%	43.9%
Net income ¹	12,202	8,362	-4,714	-3,561	-2,822	-2,622	-1,830	-1,182
Change	-	-31.47%	-156.37%	24.46%	20.75%	7.1%	30.21%	35.39%
Announcement Date	24/02/22	23/02/23	22/02/24	14/02/25	13/02/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	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	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	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	678	239.7	125.6	974.4	712.2	173.5	172.3	1,344	1,130
Change	-	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%	-33.27%	-64.65%	-47.58%	675.49%	-26.91%	-75.64%	-0.64%	679.95%	-15.9%
EBITDA ¹	-	-	-	5,488	-	-	-	-	-	-	-	208	-	-1,322	-18	-	-1,011	-850	-208	-790	-831.1	-898.5	-470.3	-533.7	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	98.64%	-	-	15.92%	75.53%	-279.81%	-5.2%	-8.11%	47.66%	-13.48%	-	-	-	-
EBIT ¹	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	-857	-870.8	-889.4	-425.6	-642	-832.8	-857.8	87.61	-232.2
Change	-	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%	-229.62%	-1.61%	-2.13%	52.15%	-50.85%	-29.71%	-3%	110.21%	-365%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	62	-	-	-	-	-	-	-	-6	-	-	-	-
Earnings before Tax (EBT) ¹	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	-799	-833.5	-839.2	-356	-537.5	-793.8	-829.6	116.1	-207.2
Change	-	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%	-327.27%	-4.32%	-0.68%	57.58%	-50.98%	-47.69%	-4.51%	113.99%	-278.5%
Net income ¹	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	-826	-826.5	-831	-354.9	-572	-797.8	-834.6	106.1	-214.7
Change	-	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%	-313%	-0.06%	-0.54%	57.29%	-61.15%	-39.48%	-4.61%	112.71%	-302.4%
Announcement Date	06/05/21	05/08/21	04/11/21	24/02/22	04/05/22	03/08/22	03/11/22	23/02/23	04/05/23	03/08/23	02/11/23	22/02/24	02/05/24	01/08/24	07/11/24	14/02/25	01/05/25	01/08/25	06/11/25	13/02/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Moderna, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-10,128	-9,902	-8,604	-7,025	-5,799	-3,781	-2,302	-2,309
Change	-	2.23%	13.11%	18.35%	17.45%	34.8%	39.12%	-0.3%
Announcement Date	24/02/22	23/02/23	22/02/24	14/02/25	13/02/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Moderna, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	284	400	707	1,051	192	268.7	255.3	260.4
Change	-	40.85%	76.75%	48.66%	-81.73%	39.96%	-5%	2.01%
Free Cash Flow (FCF) ¹	13,336	4,581	-3,825	-4,055	-2,065	-2,395	-1,754	-1,346
Change	-	-65.65%	-183.5%	-6.01%	49.08%	-15.96%	26.75%	23.27%
Announcement Date	24/02/22	23/02/23	22/02/24	14/02/25	13/02/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Moderna, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	73.24%	50.71%	-52.83%	-116.07%	-147.07%	-124.34%	-71.34%	-29.42%
EBIT Margin (%)	71.98%	48.9%	-61.9%	-121.91%	-158.13%	-135.88%	-78.72%	-38.01%
EBT Margin (%)	71.92%	49.71%	-57.56%	-111.46%	-142.39%	-126.87%	-73.1%	-32.29%
Net margin (%)	66.06%	43.41%	-68.84%	-110.04%	-145.16%	-126.99%	-72.65%	-36.95%
FCF margin (%)	72.2%	23.78%	-55.86%	-125.31%	-106.22%	-115.99%	-69.65%	-42.07%
FCF / Net Income (%)	109.29%	54.78%	81.14%	113.87%	73.18%	91.34%	95.88%	113.87%
Profitability
ROA	76.25%	33.1%	-21.29%	-21.87%	-21.31%	-26.14%	-18.27%	-8.97%
ROE	146.08%	50.27%	-28.59%	-28.77%	-28.87%	-33.72%	-30.2%	-17.45%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.54%	2.08%	10.32%	32.48%	9.88%	13.02%	10.14%	8.14%
CAPEX / EBITDA (%)	2.1%	4.1%	-19.54%	-27.98%	-6.72%	-10.47%	-14.21%	-27.67%
CAPEX / FCF (%)	2.13%	8.73%	-18.48%	-25.92%	-9.3%	-11.22%	-14.55%	-19.35%
Items per share
Cash flow per share ¹	31.6	11.97	-8.162	-7.823	-4.815	-5.703	-2.88	-0.2315
Change	-	-62.12%	-168.19%	4.16%	38.45%	-18.44%	49.49%	91.96%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	35.1	48.54	36.27	28.39	22.24	17.53	12.96	9.676
Change	-	38.28%	-25.28%	-21.72%	-21.67%	-21.15%	-26.07%	-25.35%
EPS ¹	28.29	20.12	-12.33	-9.28	-7.26	-6.675	-4.596	-2.929
Change	-	-28.88%	-161.28%	24.74%	21.77%	8.05%	31.15%	36.27%
Nbr of stocks (in thousands)	4,05,450	3,84,180	3,81,284	3,84,818	3,90,734	3,94,939	3,94,939	3,94,939
Announcement Date	24/02/22	23/02/23	22/02/24	14/02/25	13/02/26	-	-	-