• Moderna average price/book ratio for 2023 was 2.88, a 13.51% decline from 2022.
• Moderna average price/book ratio for 2022 was 3.33, a 73.59% decline from 2021.
• Moderna average price/book ratio for 2021 was 12.61, a 20.79% decline from 2020.

Price/book ratio can be defined as