• Moderna average operating margin for 2023 was -13.56%, a 121.63% increase from 2022.
• Moderna average operating margin for 2022 was 62.7%, a 17.24% decline from 2021.
• Moderna average operating margin for 2021 was 53.48%, a 111.49% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.