Moderna, Inc. (MRNA) Revenue History
Annual and quarterly revenue from 2016 to 2024
Compound Annual Growth Rate (CAGR)
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Revenue Growth Metrics
Revenue Breakdown (FY 2024)
MRNA's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
By Geography
MRNA Revenue Analysis (2016–2024)
As of March 1, 2026, Moderna, Inc. (MRNA) generated trailing twelve-month (TTM) revenue of $2.22 billion, reflecting significant decline in growth of -45.2% year-over-year. The most recent quarter (Q3 2025) recorded $1.02 billion in revenue, up 615.5% sequentially.
Looking at the longer-term picture, MRNA's 5-year compound annual growth rate (CAGR) stands at +121.3%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $18.88 billion in 2022.
Revenue diversification analysis shows MRNA's business is primarily driven by Product Sales (99%), Grant (1%), and Collaboration Arrangement (0%). With over half of revenue concentrated in Product Sales, the company maintains significant focus in this area while developing other growth vectors.
When compared to Healthcare sector peers including BNTX (+3.7% YoY), CDTX (-100.0% YoY), and SCNI (+303.9% YoY), MRNA has underperformed the peer group in terms of revenue growth. Compare MRNA vs BNTX →
Peer Comparison
Compare MRNA's revenue metrics with industry peers
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| MRNACurrent | $2.2B | -45.2% | +121.3% | -123.3% | |
| BNTX | $2.8B | +3.7% | +90.9% | -47.8% | |
| CDTX | $1M | -100.0% | -42.9% | -13811.9% | |
| SCNI | $658,000 | +303.9% | - | -1312.8% | |
| NVAX | $1.1B | +64.7% | +118.8% | 40.3% | |
| VIR | $69M | -7.6% | +0.4% | -682.7% |
Historical Revenue Data
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2024 | $3.20B | -53.3% | $1.74B | 54.2% | $-3,945,000,000 | -123.3% |
| 2023 | $6.85B | -63.7% | $2.15B | 31.5% | $-4,239,000,000 | -61.9% |
| 2022 | $18.88B | +6.4% | $13.46B | 71.3% | $9.42B | 49.9% |
| 2021 | $17.74B | +2107.6% | $15.12B | 85.2% | $13.30B | 75.0% |
| 2020 | $803.4M | +1234.3% | $764.2M | 95.1% | $-763,144,000 | -95.0% |
| 2019 | $60.2M | -55.4% | $29.2M | 48.5% | $-545,720,000 | -906.4% |
| 2018 | $135.1M | -34.4% | $-319,014,000 | -236.2% | $-468,866,000 | -347.1% |
| 2017 | $205.8M | +89.9% | $185.3M | 90.0% | $-269,356,000 | -130.9% |
| 2016 | $108.4M | - | $93.3M | 86.1% | $-223,771,000 | -206.4% |
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Start ComparisonFrequently Asked Questions
Is MRNA's revenue growth accelerating or slowing?
MRNA revenue declined -45.2% year-over-year, contrasting with the 5-year CAGR of +121.3%. TTM revenue fell to $2.2B. This reverses the prior growth trend.
What is MRNA's long-term revenue growth rate?
Moderna, Inc.'s 5-year revenue CAGR of +121.3% reflects the variable expansion pattern. Current YoY growth of -45.2% is below this long-term average.
How is MRNA's revenue distributed by segment?
MRNA reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2016-2024 are available for download. Segment mix reveals concentration and diversification trends.