• Moderna average gross margin for 2023 was 26.36%, a 65.16% increase from 2022.
• Moderna average gross margin for 2022 was 75.66%, a 13.38% decline from 2021.
• Moderna average gross margin for 2021 was 87.35%, a 12.65% 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.