Moderna (MRNA) Cost of Revenue (2020 - 2026)
Moderna (MRNA) recorded Cost of Revenue of $93 million in Q2 2026, down 21.8% from $119 million a year earlier and down 90.3% from the prior quarter.
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Analysis
Moderna (MRNA) Cost of Revenue (2020 - 2026) Analysis & Trends
On a TTM basis, Moderna's Cost of Revenue came in at $1.71 billion as of Jun 30, 2026, up 16.8% year-over-year; for FY2025, it was $868 million, down 40.7% from FY2024.
- Annual Cost of Revenue has declined for three straight years, though with a five-year compound annual growth rate of 155.3% (FY2020 to FY2025).
- Across earlier years, Cost of Revenue came in at $1.46 billion in FY2024 (-68.8%), $4.69 billion in FY2023 (-13.3%), $5.42 billion in FY2022 (+107.0%) and $2.62 billion in FY2021.
- The Q2 2026 figure is the lowest quarterly Cost of Revenue since Q1 2025.
- On a year-over-year basis, Cost of Revenue rose in two of the last eight quarters, with growth averaging 92.6%.
- Peak year-over-year performance for Cost of Revenue in the last five years was growth of 961.1% in Q1 2026, against a decline of 87.9% in Q1 2024 at the low end.
- Per Business Quant, the preceding three quarters came in at $955 million (Q1 2026), $452 million (Q4 2025) and $207 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Eli Lilly | 1,122.91 Bn | 1,091.50 Bn | 19.71 Bn | 3.27 Bn |
| 2 | Johnson & Johnson | 615.09 Bn | 533.62 Bn | 17.26 Bn | 8.05 Bn |
| 3 | AbbVie | 504.75 Bn | 477.86 Bn | 12.70 Bn | 4.29 Bn |
| 4 | Merck | 360.18 Bn | 314.55 Bn | 12.21 Bn | 4.40 Bn |
| 5 | Novartis Ag | 292.05 Bn | 256.04 Bn | 11.24 Bn | 3.71 Bn |
| 6 | Astrazeneca | 256.09 Bn | 229.78 Bn | 12.86 Bn | 2.52 Bn |
| 7 | Amgen | 233.63 Bn | 189.02 Bn | 7.24 Bn | 2.81 Bn |
| 8 | Gilead Sciences | 194.49 Bn | 168.69 Bn | 6.22 Bn | 1.58 Bn |
| 9 | Pfizer | 168.35 Bn | 114.99 Bn | 10.94 Bn | 4.09 Bn |
| 10 | Moderna | 85.93 Bn | 65.29 Bn | 52.00 Mn | 93.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 93.00 Mn |
| Mar 31, 2026 | 955.00 Mn |
| Dec 31, 2025 | 452.00 Mn |
| Sep 30, 2025 | 207.00 Mn |
| Jun 30, 2025 | 119.00 Mn |
| Mar 31, 2025 | 90.00 Mn |
| Dec 31, 2024 | 739.00 Mn |
| Sep 30, 2024 | 514.00 Mn |
| Jun 30, 2024 | 115.00 Mn |
| Mar 31, 2024 | 96.00 Mn |
| Dec 31, 2023 | 929.00 Mn |
| Sep 30, 2023 | 2.24 Bn |
| Jun 30, 2023 | 731.00 Mn |
| Mar 31, 2023 | 792.00 Mn |
| Dec 31, 2022 | 1.92 Bn |
| Sep 30, 2022 | 1.10 Bn |
| Jun 30, 2022 | 1.38 Bn |
| Mar 31, 2022 | 1.02 Bn |
| Dec 31, 2021 | 952.00 Mn |
| Sep 30, 2021 | 722.00 Mn |
API Access
Moderna Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=MRNA&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "MRNA", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=MRNA&period=max&api_key=YOUR_API_KEY");
const data = await res.json();