Gross Margin % is calculated as gross profit divided by its revenue. Moderna's Gross Profit for the
three
months ended in Mar. 2026 was €-490 Mil. Moderna's Revenue for the
three
months ended in Mar. 2026 was €336 Mil. Therefore, Moderna's Gross Margin % for the quarter that ended in Mar. 2026 was -145.50%.
Warning Sign:
Moderna Inc gross margin has been in long-term decline. The average rate of decline per year is -13.5%.
The historical rank and industry rank for Moderna's Gross Margin % or its related term are showing as below:
CHIX:0QFd'
s Gross Margin % Range Over the Past 10 Years
Min: 21.37 Med: 63.08 Max: 97.08
Current: 21.37
During the past 10 years, the highestGross Margin % of Moderna was 97.08%. The lowest was 21.37%. And the median was 63.08%.
CHIX:0QFd's Gross Margin % is ranked worse than 82.5% of 737
companies
in the Biotechnology industry
Industry Median: 60.92
vs CHIX:0QFd: 21.37
Moderna had a gross margin of -145.50% for the quarter that ended in Mar. 2026 => No sustainable competitive advantage
The 5-Year average Growth Rate of Gross Margin for Moderna was -13.50% per year.
Moderna (CHIX:0QFd) Gross Margin % Explanation
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
Moderna had a gross margin of -145.50% for the quarter that ended in Mar. 2026 => No sustainable competitive advantage
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
Moderna Gross Margin % Related Terms
Moderna Gross Margin % Historical Data
* Premium members only.
The historical data trend for Moderna's Gross Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
CHIX:0QFD vs INCY, ROIV, JAZZ: Gross Margin % Comparison
For the Biotechnology subindustry, Moderna's Gross Margin %, along with its competitors' market caps and Gross Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Moderna Gross Margin % vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Moderna's Gross Margin % distribution charts can be found below:
* The bar in red indicates where Moderna's Gross Margin % falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
Moderna (CHIX:0QFD) has a Gross Margin % of -145.50% as of Mar. 2026. Gross margin is the ratio of total gross profit to net sales. View historical data on Moderna and its competitors. Over the past decade, Moderna's Gross Margin % has ranged from 21.37 to 97.08. According to the industry distribution chart, Moderna ranks #608 out of 737 companies in the Biotechnology industry, placing it in the top 82.5%.
Is Moderna's Gross Margin % too high?
Moderna's current Gross Margin % is -145.50%. Over the past 10 years, this metric has ranged from a low of 21.37 to a high of 97.08. Based on the distribution chart, Moderna ranks #608 out of 737 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, Moderna has a GF Score™ of 58/100, reflecting its overall financial health beyond just this single metric.
How does Moderna's Gross Margin % compare to INCY and ROIV?
According to the Biotechnology industry distribution chart, Moderna ranks #608 out of 737 companies for Gross Margin %. This places Moderna in the lower half of its industry. The industry median Gross Margin % is 60.92. Historically, Moderna's own Gross Margin % has ranged from 21.37 to 97.08 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Gross Margin % for a Biotechnology company?
The median Gross Margin % among Biotechnology companies is 60.92, based on 737 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on Moderna and its competitors. For the Biotechnology industry, the median Gross Margin % is 60.92 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Moderna's current Gross Margin % is -145.50%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Moderna stock overvalued right now?
Moderna (CHIX:0QFD) has a current Gross Margin % of -145.50%. The stock's GF Value™ is €14.56, compared to a current price of €42.71 — trading 193.3% above its estimated fair value. The current Gross Margin % is -145.50%. Moderna's overall GF Score™ is 58/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For Moderna (CHIX:0QFD), the current Gross Margin % is -145.50% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Moderna (CHIX:0QFD) Overvalued in 2026?
Based on GuruFocus' analysis, Moderna stock appears to be overvalued.
The current stock price of €42.71 is trading 193.3% above its estimated GF Value™ of €14.56.
Key valuation signals for CHIX:0QFD:
Gross Margin %: -145.50%
GF Value™: €14.56 vs. price of €42.71 (193.3% above fair value)
No single metric tells the full story. See the CHIX:0QFD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018. The firm's mRNA technology was rapidly validated with its covid vaccine, which was authorized in the United States in December 2020. Moderna had 35 mRNA development candidates in clinical studies as of August 2025. Programs span a wide range of therapeutic areas, including infectious disease, oncology, cardiovascular disease, and rare genetic diseases.
58GF Score
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