Moderna (MRNA) Gross Margin (2020 - 2026)
Moderna (MRNA) posted quarterly Gross Margin of 35.86% for Q2 2026, up 1966.0% year-over-year from 1.74% in Q2 2025, and up 124.65% on a QoQ basis from 145.5% in Q1 2026.
Moderna (MRNA) Gross Margin (2020 - 2026) Analysis & Trends
Moderna has reported Gross Margin for 7 years, with the latest figure at 35.86% in Q2 2026.
- Gross Margin for Q2 2026 came in at 35.86%, up 1966.0% year-over-year; the trailing twelve-month figure through Jun 2026 was 23.38% (down 2912.0% YoY), and the FY2025 annual result was 55.35%, up 59.0% from the prior year.
- Gross Margin improved to 35.86% in Q2 2026, from 145.5% in the prior quarter.
- Over five years, Gross Margin peaked at 92.13% in Q4 2022 and troughed at 145.5% in Q1 2026.
- A 5-year average of 29.44% and a median of 47.4% in 2024 frame the typical range for Gross Margin.
- The widest annual swing landed in 2023, when Gross Margin plunged 18342 bps; it then surged 16478 bps in 2024.
- A 5-year view of Gross Margin shows it stood at 92.13% in 2022, then fell by 27 bps to 66.95% in 2023, then sank by 65 bps to 23.5% in 2024, then surged by 42 bps to 33.33% in 2025, then rose by 8 bps to 35.86% in 2026.
- Per Business Quant data, the three most recent Gross Margin figures were 35.86% in Q2 2026, 145.5% in Q1 2026, and 33.33% in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertex Pharmaceuticals | 137.11 Bn | 129.26 Bn | 2.84 Bn | 85.33% |
| 2 | Regeneron Pharmaceuticals | 84.98 Bn | 76.99 Bn | 3.93 Bn | 91.59% |
| 3 | Argenx Se | 64.52 Bn | 59.33 Bn | 1.37 Bn | 90.43% |
| 4 | Moderna | 53.23 Bn | 48.09 Bn | 52.00 Mn | 35.86% |
| 5 | BeOne Medicines | 41.23 Bn | 36.14 Bn | 1.53 Bn | 89.76% |
| 6 | Alnylam Pharmaceuticals | 30.65 Bn | 27.34 Bn | 992.69 Mn | 76.90% |
| 7 | Insmed | 27.15 Bn | 25.99 Bn | 358.27 Mn | 84.20% |
| 8 | Royalty Pharma | 26.98 Bn | 26.14 Bn | - | - |
| 9 | BioNTech SE | 26.78 Bn | 8.39 Bn | 668.28 Mn | 63.27% |
| 10 | Roivant Sciences | 26.52 Bn | 26.52 Bn | 1.16 Mn | 80.31% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 35.86% |
| Mar 31, 2026 | -145.50% |
| Dec 31, 2025 | 33.33% |
| Sep 30, 2025 | 79.63% |
| Jun 30, 2025 | 16.20% |
| Mar 31, 2025 | 16.67% |
| Dec 31, 2024 | 23.50% |
| Sep 30, 2024 | 72.40% |
| Jun 30, 2024 | 52.28% |
| Mar 31, 2024 | 42.51% |
| Dec 31, 2023 | 66.95% |
| Sep 30, 2023 | -22.39% |
| Jun 30, 2023 | -112.50% |
| Mar 31, 2023 | 57.47% |
| Dec 31, 2022 | 92.13% |
| Sep 30, 2022 | 67.30% |
| Jun 30, 2022 | 70.92% |
| Mar 31, 2022 | 83.23% |
| Dec 31, 2021 | 86.80% |
| Sep 30, 2021 | 85.47% |