Moderna, Inc（MRNA）の決算・業績分析
Moderna, Incの2025年有価証券報告書をAI分析。売上高$1.9B(-39.9%)。営業利益-$3.1B。Health Care。
目次
Moderna, Incの2025年度 業績サマリー
Moderna, Inc（証券コード: MRNA）の2025年度決算・業績分析。売上高は$1.9B（前年比-39.9%）。営業利益は-$3.1B（前年比+22.1%）。純利益は-$2.8B（前年比+20.8%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
Moderna, Incの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue grew 4.3% YoY to $19.3B (XBRL), but operating income fell 29.2% YoY to $9.4B (XBRL) due to declining vaccine demand.
- Net margin remained robust at 43.4% (XBRL), with $3.3B in share repurchases (XBRL) and $4.6B in free cash flow (XBRL).
- 5-year revenue CAGR of 119.3% (XBRL) highlights long-term growth, though FY2024 product sales dropped to $3.1B (10-K) from $6.7B in 2023.
Moderna, Incの売上高変化の要因
- •Total revenue reached $19.3B (XBRL), up 4.3% YoY. Product sales declined from $6.7B in 2023 (10-K) to $3.1B in 2024 (10-K), reflecting reduced demand for vaccines. Non-vaccine segments (oncology, rare diseases) likely offset some of this decline. The 5-year revenue CAGR of 119.3% (XBRL) underscores long-term growth potential despite short-term volatility.
Moderna, Incの営業利益変化の要因
- •Operating margin held at 48.9% (XBRL), while net margin remained strong at 43.4% (XBRL). Operating income fell 29.2% YoY to $9.4B (XBRL), driven by lower vaccine sales. EBITDA increased 50.7% to $9.8B (XBRL), reflecting cost efficiency. Net income dropped 31.5% YoY to $8.4B (XBRL), primarily due to declining vaccine demand.
Moderna, Incの事業リスクと対応
Uncertainty in future vaccine revenue due to fluctuating demand and public health policies (10-K).
Commercial challenges, including declining market share and lower-than-expected sales for vaccines (10-K).
Intense competition from larger pharmaceutical companies affecting pricing and market share (10-K).
U.S. private market practices (discounts, rebates) reducing revenues below list prices (10-K).
Difficulty entering established markets (e.g., RSV vaccines) with existing competitors (10-K).
Geopolitical risks from U.S. Presidential election impacting industry policies (10-K).
Regulatory risks including exclusion from European markets and CDC advisory challenges (10-K).
Moderna, Incの事業内容
Moderna develops and sells mRNA-based medicines, primarily vaccines and therapeutics (10-K). Key products include Spikevax (COVID vaccine) and mRESVIA (RSV vaccine), which contributed $3.1B in net product sales in 2024 (10-K). The company operates in four segments: respiratory virus vaccines, latent/other virus vaccines, oncology therapeutics, and rare disease therapeutics (10-K). Its core competitive advantage is a proprietary mRNA platform enabling rapid drug development (10-K).
Moderna, IncのAI業績分析レポート（2024年度）
Moderna, Inc. (MRNA) FY2024 Annual Report Analysis
Highlights
Business Overview
Moderna develops and sells mRNA-based medicines, primarily vaccines and therapeutics (10-K). Key products include Spikevax (COVID vaccine) and mRESVIA (RSV vaccine), which contributed $3.1B in net product sales in 2024 (10-K). The company operates in four segments: respiratory virus vaccines, latent/other virus vaccines, oncology therapeutics, and rare disease therapeutics (10-K). Its core competitive advantage is a proprietary mRNA platform enabling rapid drug development (10-K).
Revenue Analysis
Total revenue reached $19.3B (XBRL), up 4.3% YoY. Product sales declined from $6.7B in 2023 (10-K) to $3.1B in 2024 (10-K), reflecting reduced demand for vaccines. Non-vaccine segments (oncology, rare diseases) likely offset some of this decline. The 5-year revenue CAGR of 119.3% (XBRL) underscores long-term growth potential despite short-term volatility.
Profitability Analysis
Operating margin held at 48.9% (XBRL), while net margin remained strong at 43.4% (XBRL). Operating income fell 29.2% YoY to $9.4B (XBRL), driven by lower vaccine sales. EBITDA increased 50.7% to $9.8B (XBRL), reflecting cost efficiency. Net income dropped 31.5% YoY to $8.4B (XBRL), primarily due to declining vaccine demand.
Balance Sheet Analysis
Equity ratio rose to 76.8% (XBRL), with total equity reaching $14.1B (XBRL). Debt-to-equity ratio was 0.32x (XBRL), indicating low leverage. Current ratio of 3.42x (XBRL) and $3.2B in cash (XBRL) highlight strong liquidity. ROE of 59.1% (XBRL) and ROA of 45.4% (XBRL) reflect efficient capital use.
Cash Flow Analysis
Operating cash flow was $5.0B (XBRL), with $4.6B in free cash flow (XBRL) after $400M in CapEx (XBRL). Investing cash flow was -$5.2B (XBRL), likely due to R&D and infrastructure investments. Financing cash flow was -$3.4B (XBRL), driven by $3.3B in share repurchases (XBRL).
Working Capital Analysis
Cash conversion cycle (CCC) was -4 days (XBRL), indicating efficient working capital management. Receivables days: 17, inventory days: 14, payables days: 35 (XBRL).
Risks
Outlook
N/A (no forward-looking guidance provided in 10-K).
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 135M | 60M | 803M | 18.5B | 19.3B | 6.8B |
| Operating Income | -413M | -546M | -763M | 13.3B | 9.4B | -4.2B |
| Net Income | -385M | -514M | -747M | 12.2B | 8.4B | -4.7B |
| Total Assets | 1.6B | 7.3B | 24.7B | 25.9B | 18.4B | 14.1B |
| Total Equity | -551M | 1.5B | 1.2B | 2.6B | 14.1B | 19.1B |
| Operating Cash Flow | -331M | -459M | 2.0B | 13.6B | 5.0B | -3.1B |
Health Careの企業一覧
Moderna, Incと同じ「Health Care」セクターの企業