• Moderna average gross margin for 2023 was 48.02%, a 39.63% decline from 2022.
• Moderna average gross margin for 2022 was 79.54%, a 9.43% decline from 2021.
• Moderna average gross margin for 2021 was 87.82%, a 12.18% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.