Moderna (MRNA) 10-Q 3 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-38753
Entity Registrant Name	Moderna, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3467528
Entity Address, Address Line One	200 Technology Square
Entity Address, City or Town	Cambridge,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02139
City Area Code	617
Local Phone Number	714-6500
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	MRNA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		391,199,544
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001682852
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,873	$ 6,848
Investments	5,024	3,879
Accounts receivable	2,691	3,175
Inventory	1,921	1,441
Prepaid expenses and other current assets	1,054	728
Total current assets	13,563	16,071
Investments, non-current	10,162	6,843
Property and equipment, net	1,324	1,241
Right-of-use assets, operating leases	122	142
Restricted cash, non-current	12	12
Deferred tax assets	785	326
Other non-current assets	75	34
Total assets	26,043	24,669
Current liabilities:
Accounts payable	181	302
Accrued liabilities	1,780	1,472
Deferred revenue	4,093	6,253
Income taxes payable	349	876
Other current liabilities	409	225
Total current liabilities	6,812	9,128
Deferred revenue, non-current	405	615
Operating lease liabilities, non-current	87	106
Financing lease liabilities, non-current	641	599
Other non-current liabilities	113	76
Total liabilities	8,058	10,524
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, par value $0.0001; 162 shares authorized as of June 30, 2022 and December 31, 2021; no shares issued or outstanding at June 30, 2022 and December 31, 2021	0	0
Common stock, par value $0.0001; 1,600 shares authorized as of June 30, 2022 and December 31, 2021; 392 and 403 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	0	0
Additional paid-in capital	2,413	4,211
Accumulated other comprehensive loss	(240)	(24)
Retained earnings	15,812	9,958
Total stockholders’ equity	17,985	14,145
Total liabilities and stockholders’ equity	$ 26,043	$ 24,669

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	162,000,000	162,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,600,000,000	1,600,000,000
Common stock, shares, issued (in shares)	392,000,000	403,000,000
Common stock, shares, outstanding (in shares)	392,000,000	403,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue:
Total revenue	$ 4,749	$ 4,354	$ 10,815	$ 6,291
Operating expenses:
Cost of sales	1,381	750	2,398	943
Research and development	710	421	1,264	822
Selling, general and administrative	211	121	479	198
Total operating expenses	2,302	1,292	4,141	1,963
Income from operations	2,447	3,062	6,674	4,328
Interest income	40	3	55	7
Other expense, net	(13)	(2)	(26)	(12)
Income before income taxes	2,474	3,063	6,703	4,323
Provision for income taxes	277	283	849	322
Net income	$ 2,197	$ 2,780	$ 5,854	$ 4,001
Earnings per share:
Basic (in usd per share)	$ 5.55	$ 6.93	$ 14.66	$ 9.98
Diluted (in usd per share)	$ 5.24	$ 6.46	$ 13.85	$ 9.30
Weighted average common shares used in calculation of earnings per share:
Basic (in shares)	396	402	399	401
Diluted (in shares)	419	431	423	430
Product sales
Revenue:
Total revenue	$ 4,531	$ 4,197	$ 10,456	$ 5,930
Grant revenue
Revenue:
Total revenue	183	139	309	333
Collaboration revenue
Revenue:
Total revenue	$ 35	$ 18	$ 50	$ 28

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 2,197	$ 2,780	$ 5,854	$ 4,001
Available-for-sales securities:
Unrealized losses on available-for-sale debt securities	(80)	(5)	(258)	(7)
Less: net realized losses (gains) on available-for-sale securities reclassified in net income	8	(1)	15	(1)
Net decrease from available-for-sale debt securities	(72)	(6)	(243)	(8)
Cash flow hedges:
Unrealized gains on derivative instruments	46	21	71	21
Less: net realized (gains) on derivative instruments reclassified in net income	(30)	0	(44)	0
Net increase from derivatives designated as hedging instruments	16	21	27	21
Total other comprehensive (loss) income	(56)	15	(216)	13
Comprehensive income	$ 2,141	$ 2,795	$ 5,638	$ 4,014

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)
Balance at beginning of period (in shares) at Dec. 31, 2020		399
Balance at beginning of period at Dec. 31, 2020	$ 2,561	$ 0	$ 4,802	$ 3	$ (2,244)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock, (in shares)		4
Exercise of options to purchase common stock	59		59
Purchase of common stock under employee stock purchase plan	5		5
Stock-based compensation	65		65
Other comprehensive (loss) income, net of tax	13			13
Net income	4,001				4,001
Balance at end of period (in shares) at Jun. 30, 2021		403
Balance at end of period at Jun. 30, 2021	6,704	$ 0	4,931	16	1,757
Balance at beginning of period (in shares) at Mar. 31, 2021		401
Balance at beginning of period at Mar. 31, 2021	3,838	$ 0	4,860	1	(1,023)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock, (in shares)		2
Exercise of options to purchase common stock	31		31
Purchase of common stock under employee stock purchase plan	5		5
Stock-based compensation	35		35
Other comprehensive (loss) income, net of tax	15			15
Net income	2,780				2,780
Balance at end of period (in shares) at Jun. 30, 2021		403
Balance at end of period at Jun. 30, 2021	6,704	$ 0	4,931	16	1,757
Balance at beginning of period (in shares) at Dec. 31, 2021		403
Balance at beginning of period at Dec. 31, 2021	14,145	$ 0	4,211	(24)	9,958
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive (loss) income, net of tax	(160)
Balance at end of period (in shares) at Mar. 31, 2022		400
Balance at end of period at Mar. 31, 2022	17,075	$ 0	3,644	(184)	13,615
Balance at beginning of period (in shares) at Dec. 31, 2021		403
Balance at beginning of period at Dec. 31, 2021	14,145	$ 0	4,211	(24)	9,958
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock, (in shares)		2
Exercise of options to purchase common stock	20		20
Purchase of common stock under employee stock purchase plan	9		9
Stock-based compensation	94		94
Other comprehensive (loss) income, net of tax	(216)			(216)
Repurchase of common stock (in shares)		(13)
Repurchase of common stock	(1,921)		(1,921)
Net income	5,854				5,854
Balance at end of period (in shares) at Jun. 30, 2022		392
Balance at end of period at Jun. 30, 2022	17,985	$ 0	2,413	(240)	15,812
Balance at beginning of period (in shares) at Mar. 31, 2022		400
Balance at beginning of period at Mar. 31, 2022	17,075	$ 0	3,644	(184)	13,615
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock, (in shares)		1
Exercise of options to purchase common stock	8		8
Purchase of common stock under employee stock purchase plan	9		9
Stock-based compensation	50		50
Other comprehensive (loss) income, net of tax	(56)			(56)
Repurchase of common stock (in shares)		(9)
Repurchase of common stock	(1,298)		(1,298)
Net income	2,197				2,197
Balance at end of period (in shares) at Jun. 30, 2022		392
Balance at end of period at Jun. 30, 2022	$ 17,985	$ 0	$ 2,413	$ (240)	$ 15,812

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities
Net income	$ 5,854	$ 4,001
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	94	65
Depreciation and amortization	155	84
Amortization/accretion of investments	29	13
Deferred income taxes	(376)	(72)
Other non-cash items	15	0
Changes in assets and liabilities:
Accounts receivable	484	(629)
Prepaid expenses and other assets	(324)	(110)
Inventory	(480)	(596)
Right-of-use assets, operating leases	20	(14)
Accounts payable	(56)	44
Accrued liabilities	305	367
Deferred revenue	(2,370)	3,433
Income taxes payable	(527)	377
Operating lease liabilities	(19)	8
Other liabilities	263	63
Net cash provided by operating activities	3,067	7,034
Investing activities
Purchases of marketable securities	(8,734)	(6,559)
Proceeds from maturities of marketable securities	1,409	860
Proceeds from sales of marketable securities	2,506	1,706
Purchases of property and equipment	(219)	(65)
Investment in convertible notes	(35)	0
Net cash used in investing activities	(5,073)	(4,058)
Financing activities
Proceeds from issuance of common stock through equity plans	29	64
Repurchase of common stock	(1,921)	0
Changes in financing lease liabilities	(77)	(62)
Net cash (used in) provided by financing activities	(1,969)	2
Net (decrease) increase in cash, cash equivalents and restricted cash	(3,975)	2,978
Cash, cash equivalents and restricted cash, beginning of year	6,860	2,636
Cash, cash equivalents and restricted cash, end of period	2,885	5,614
Non-cash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued liabilities	49	45
Right-of-use assets obtained through finance lease modifications and reassessments	0	363
Right-of-use assets obtained in exchange for financing lease liabilities	$ 94	$ 126

Description of the Business

Description of the Business	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business Moderna, Inc. (collectively, with its consolidated subsidiaries, any of Moderna, we, us, our, or the Company) is a biotechnology company pioneering messenger RNA (mRNA) therapeutics and vaccines to create a new generation of transformative medicines to improve the lives of patients. Our platform builds on continuous advances in basic and applied mRNA science, delivery technology, and manufacturing, providing us the capability to pursue in parallel a robust pipeline of new development candidates. We are developing therapeutics and vaccines for infectious diseases, immuno-oncology, rare diseases, autoimmune and cardiovascular diseases, independently and with our strategic collaborators. On December 18, 2020, we received an Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) for the emergency use of the Moderna COVID-19 Vaccine (also referred to as mRNA-1273 and marketed under the brand name Spikevax ® ) as a two-dose, 100 µg primary series in individuals 18 years of age or older. In January 2022, we received full commercial approval for Spikevax as a two-dose, 100 µg primary series to prevent COVID-19 in individuals 18 years of age and older in the United States, and Spikevax is approved or authorized in individuals 18 years and older in more than 80 countries. In addition, we have received authorization from the FDA and global regulators in more than 40 countries for our COVID-19 vaccine as a two-dose, 100 µg primary series in adolescents aged 12-17 years and as a two-dose, 50 µg primary series in children ages 6 through 11 years old. Additionally, a two-dose, 25 µg primary series of our COVID-19 vaccine is authorized in young children aged 6 months to 5 years old in the United States, Canada, Australia, and other jurisdictions. The FDA, European Medicines Agency (EMA), Swissmedic and other health agencies around the world have authorized a booster dose of our COVID-19 vaccine at 50 µg dose level for adults ages 18 years and older. The FDA and other health agencies have also authorized a second booster dose at the 50 µg dose level for adults 50 years and older and adults 18 years of age and older with certain kinds of immunocompromise.

Summary of Basis of Presentatio

Summary of Basis of Presentation and Recent Accounting Standards	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Basis of Presentation and Recent Accounting Standards	Summary of Basis of Presentation and Recent Accounting Standards Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements that accompany these notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting, consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Form 10-K). Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standard Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). This report should be read in conjunction with the audited consolidated financial statements in our 2021 Form 10-K. The condensed consolidated financial statements include Moderna, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2022 are consistent with those described in our 2021 Form 10-K. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the operating results to be expected for the full fiscal year or future operating periods. Use of Estimates We have made estimates and judgments affecting the amounts reported in our condensed consolidated financial statements and the accompanying notes. We base our estimates on historical experience and various relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods that are not readily apparent from other sources. Significant estimates relied upon in preparing these financial statements include, but are not limited to, critical accounting policies or estimates related to revenue recognition, income taxes, valuation allowance on deferred tax assets, leases, fair value of financial instruments, derivative financial instruments, inventory, firm purchase commitment liabilities, useful lives of property and equipment, research and development expenses, and stock-based compensation. The actual results that we experience may differ materially from our estimates. Comprehensive Income Comprehensive income includes net income and other comprehensive income/loss for the period. Other comprehensive loss consists of unrealized gains/losses on our investments and derivatives designated as hedging instruments. Total comprehensive income for all periods presented has been disclosed in the condensed consolidated statements of comprehensive income. The components of accumulated other comprehensive loss for the three and six months ended June 30, 2022 were as follows (in millions): Unrealized Loss on Available-for-Sale Debt Securities Net Unrealized Gains on Derivatives Designated As Hedging Instruments Total Accumulated other comprehensive loss, balance at December 31, 2021 $ (40) $ 16 $ (24) Other comprehensive loss (171) 11 (160) Accumulated other comprehensive loss, balance at March 31, 2022 (211) 27 (184) Other comprehensive loss (72) 16 (56) Accumulated other comprehensive loss, balance at June 30, 2022 $ (283) $ 43 $ (240) Restricted Cash We include our restricted cash balance in the cash, cash equivalents and restricted cash reconciliation of operating, investing and financing activities in the condensed consolidated statements of cash flows. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows (in millions): June 30, 2022 2021 Cash and cash equivalents $ 2,873 $ 5,603 Restricted cash, non-current 12 11 Total cash, cash equivalents and restricted cash shown in the condensed consolidated $ 2,885 $ 5,614 Recently Issued Accounting Standards Not Yet Adopted From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our condensed consolidated financial statements and disclosures.

Product Sales

Product Sales	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Product Sales	Product SalesProduct sales are primarily associated with our COVID-19 vaccine supply agreements with the U.S. Government, other international governments and Gavi (on behalf of the COVAX Facility). Product sales by customer geographic location were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 United States $ 1,450 $ 2,093 $ 2,395 $ 3,451 Europe 1,390 1,056 3,466 1,340 Rest of world (1) 1,691 1,048 4,595 1,139 Total $ 4,531 $ 4,197 $ 10,456 $ 5,930 _______ (1) Includes product sales recognized under the agreement with Gavi, which facilitates the allocation and distribution of our COVID-19 vaccine around the world, particularly for low- and middle-income countries. As of June 30, 2022, our COVID-19 vaccine (marketed under the brand name Spikevax) was our only commercial product authorized for use. As of June 30, 2022 and December 31, 2021, we had deferred revenue of $4.3 billion and $6.7 billion, respectively, related to customer deposits. We expect $4.0 billion of our deferred revenue related to customer deposits as of June 30, 2022 to be realized in less than one year. Timing of product manufacturing, delivery, and receipt of marketing approval will determine the period in which product sales are recognized. In September 2020, we entered into an agreement with the Defense Advanced Research Projects Agency (DARPA) for an award of up to $56 million to fund development of a mobile manufacturing prototype leveraging our existing manufacturing technology that is capable of rapidly producing therapeutics and vaccines. As of June 30, 2022, the committed funding, net of revenue earned was $7 million. An additional $30 million of funding will be available if DARPA exercises additional contract options. In April 2020, we entered into an agreement with the Biomedical Advanced Research and Development Authority (BARDA), a division of the Office of the Assistant Secretary for Preparedness and Response within the U.S. Department of Health and Human Services (HHS), for an award of up to $483 million to accelerate development of mRNA-1273, our vaccine candidate against COVID-19. The agreement was amended in both 2020 and 2021 to provide for additional commitments to support various late-stage clinical development efforts of mRNA-1273, including a 30,000 participant Phase 3 study, pediatric clinical trials and pharmacovigilance studies. In March 2022, we entered into a further amendment to the BARDA agreement, increasing the amount of potential reimbursements by $308 million, in connection with costs associated with the clinical development for the adolescent and pediatric studies and the Phase 3 pivotal study. The maximum award from BARDA, inclusive of the 2020, 2021 and 2022 amendments, was approximately $1.7 billion. All contract options have been exercised. As of June 30, 2022, the remaining available funding, net of revenue earned wa s $203 million . In September 2016, we received from BARDA an award of up to $126 million, subsequently adjusted to $117 million in 2021, to help fund our Zika vaccine program. Three of the four contract options have been exercised. As of June 30, 2022, the remaining available funding, net of revenue earned was $42 million, with an additional $8 million available if the final contract option is exercised. The performance period of the grant will expire on September 30, 2022 and any remaining funding at expiry will be forfeited. In January 2016, we entered a global health project framework agreement with the Bill and Melinda Gates Foundation (Gates Foundation) to advance mRNA-based development projects for various infectious diseases, including human immunodeficiency virus (HIV). As of June 30, 2022, the available funding, net of revenue earned was $7 million, with up to an additional $80 million available if additional follow-on projects are approved. The following table summarizes grant revenue for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 BARDA $ 179 $ 134 $ 301 $ 326 Other grant revenue 4 5 8 7 Total grant revenue $ 183 $ 139 $ 309 $ 333

Grant Revenue

Grant Revenue	6 Months Ended
	Jun. 30, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Grant Revenue	Product SalesProduct sales are primarily associated with our COVID-19 vaccine supply agreements with the U.S. Government, other international governments and Gavi (on behalf of the COVAX Facility). Product sales by customer geographic location were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 United States $ 1,450 $ 2,093 $ 2,395 $ 3,451 Europe 1,390 1,056 3,466 1,340 Rest of world (1) 1,691 1,048 4,595 1,139 Total $ 4,531 $ 4,197 $ 10,456 $ 5,930 _______ (1) Includes product sales recognized under the agreement with Gavi, which facilitates the allocation and distribution of our COVID-19 vaccine around the world, particularly for low- and middle-income countries. As of June 30, 2022, our COVID-19 vaccine (marketed under the brand name Spikevax) was our only commercial product authorized for use. As of June 30, 2022 and December 31, 2021, we had deferred revenue of $4.3 billion and $6.7 billion, respectively, related to customer deposits. We expect $4.0 billion of our deferred revenue related to customer deposits as of June 30, 2022 to be realized in less than one year. Timing of product manufacturing, delivery, and receipt of marketing approval will determine the period in which product sales are recognized. In September 2020, we entered into an agreement with the Defense Advanced Research Projects Agency (DARPA) for an award of up to $56 million to fund development of a mobile manufacturing prototype leveraging our existing manufacturing technology that is capable of rapidly producing therapeutics and vaccines. As of June 30, 2022, the committed funding, net of revenue earned was $7 million. An additional $30 million of funding will be available if DARPA exercises additional contract options. In April 2020, we entered into an agreement with the Biomedical Advanced Research and Development Authority (BARDA), a division of the Office of the Assistant Secretary for Preparedness and Response within the U.S. Department of Health and Human Services (HHS), for an award of up to $483 million to accelerate development of mRNA-1273, our vaccine candidate against COVID-19. The agreement was amended in both 2020 and 2021 to provide for additional commitments to support various late-stage clinical development efforts of mRNA-1273, including a 30,000 participant Phase 3 study, pediatric clinical trials and pharmacovigilance studies. In March 2022, we entered into a further amendment to the BARDA agreement, increasing the amount of potential reimbursements by $308 million, in connection with costs associated with the clinical development for the adolescent and pediatric studies and the Phase 3 pivotal study. The maximum award from BARDA, inclusive of the 2020, 2021 and 2022 amendments, was approximately $1.7 billion. All contract options have been exercised. As of June 30, 2022, the remaining available funding, net of revenue earned wa s $203 million . In September 2016, we received from BARDA an award of up to $126 million, subsequently adjusted to $117 million in 2021, to help fund our Zika vaccine program. Three of the four contract options have been exercised. As of June 30, 2022, the remaining available funding, net of revenue earned was $42 million, with an additional $8 million available if the final contract option is exercised. The performance period of the grant will expire on September 30, 2022 and any remaining funding at expiry will be forfeited. In January 2016, we entered a global health project framework agreement with the Bill and Melinda Gates Foundation (Gates Foundation) to advance mRNA-based development projects for various infectious diseases, including human immunodeficiency virus (HIV). As of June 30, 2022, the available funding, net of revenue earned was $7 million, with up to an additional $80 million available if additional follow-on projects are approved. The following table summarizes grant revenue for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 BARDA $ 179 $ 134 $ 301 $ 326 Other grant revenue 4 5 8 7 Total grant revenue $ 183 $ 139 $ 309 $ 333

Collaboration Agreements

Collaboration Agreements	6 Months Ended
	Jun. 30, 2022
Research and Development [Abstract]
Collaboration Agreements	Collaboration Agreements We have entered into collaboration agreements with strategic collaborators to accelerate the discovery and advancement of potential mRNA medicines across therapeutic areas. As of June 30, 2022 and December 31, 2021, we had collaboration agreements with AstraZeneca plc (AstraZeneca), Merck & Co., Inc (Merck), Vertex Pharmaceuticals Incorporated and Vertex Pharmaceuticals (Europe) Limited (together, Vertex), and others. Please refer to our 2021 Form 10-K under the heading “Third-Party Strategic Alliances” and Note 5 to our consolidated financial statements for further description of these collaboration agreements. The following table summarizes our total consolidated revenue from our strategic collaborators for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, Collaboration Revenue by Strategic Collaborator: 2022 2021 2022 2021 AstraZeneca $ 4 $ 4 $ 4 $ 4 Merck 5 4 15 4 Vertex 25 9 29 18 Other 1 1 2 2 Total collaboration revenue $ 35 $ 18 $ 50 $ 28 The following table presents changes in the balances of our receivables and contract liabilities related to our strategic collaboration agreements during the six months ended June 30, 2022 (in millions): December 31, 2021 Additions Deductions June 30, 2022 Contract Assets: Accounts receivable $ 9 $ 13 $ (11) $ 11 Contract Liabilities: Deferred revenue $ 204 $ 6 $ (43) $ 167 As of June 30, 2022, the aggregated amount of the transaction price allocated to performance obligations under our collaboration agreements that are unsatisfied or partially unsatisfied was $236 million. In addition to the collaboration agreements mentioned above, we have other collaborative and licensing arrangements that we do not consider to be individually significant to our business at this time. Pursuant to these agreements, we may be required to make upfront payments and payments upon achievement of various development, regulatory and commercial milestones, which in the aggregate could be significant. Future milestone payments, if any, will be reflected in our consolidated financial statements when the corresponding events become probable. In addition, we may be required to pay significant royalties on future sales if products related to these arrangements are commercialized.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Financial Instruments	Financial Instruments Cash and Cash Equivalents and Investments The following tables summarize our cash and available-for-sale securities by significant investment category at June 30, 2022 and December 31, 2021 (in millions): June 30, 2022 Amortized Unrealized Unrealized Estimated Fair Value Cash and Current Non- Cash and cash equivalents $ 2,873 $ — $ — $ 2,873 $ 2,873 $ — $ — Available-for-sale: Certificates of deposit 348 — — 348 — 348 — U.S. treasury bills 259 — (2) 257 — 257 — U.S. treasury notes 8,231 — (189) 8,042 — 3,054 4,988 Corporate debt securities 6,597 — (181) 6,416 — 1,352 5,064 Government debt securities 129 — (6) 123 — 13 110 Total $ 18,437 $ — $ (378) $ 18,059 $ 2,873 $ 5,024 $ 10,162 December 31, 2021 Amortized Unrealized Unrealized Estimated Fair Value Cash and Current Non- Cash and cash equivalents $ 6,848 $ — $ — $ 6,848 $ 6,848 $ — $ — Available-for-sale: Certificates of deposit 80 — — 80 — 80 — U.S. treasury bills 479 — — 479 — 479 — U.S. treasury notes 6,595 — (31) 6,564 — 1,984 4,580 Corporate debt securities 3,508 — (20) 3,488 — 1,323 2,165 Government debt securities 112 — (1) 111 — 13 98 Total $ 17,622 $ — $ (52) $ 17,570 $ 6,848 $ 3,879 $ 6,843 The amortized cost and estimated fair value of available-for-sale securities by contractual maturity at June 30, 2022 and December 31, 2021 were as follows (in millions): June 30, 2022 Amortized Estimated Due in one year or less $ 5,079 $ 5,024 Due after one year through five years 10,485 10,162 Total $ 15,564 $ 15,186 December 31, 2021 Amortized Estimated Due in one year or less $ 3,882 $ 3,879 Due after one year through five years 6,892 6,843 Total $ 10,774 $ 10,722 In accordance with our investment policy, we place investments in investment grade securities with high credit quality issuers, and generally limit the amount of credit exposure to any one issuer. We evaluate securities for impairment at the end of each reporting period. Impairment is evaluated considering numerous factors, and their relative significance varies depending on the situation. Factors considered include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the issuer, and our intent and ability to hold the investment to allow for an anticipated recovery in fair value. Any impairment that is not credit related is recognized in other comprehensive loss, net of applicable taxes. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. We did not recognize any impairment charges related to available-for-sale securities for the three and six months ended June 30, 2022 and 2021. We did not record any credit-related allowance to available-for-sale securities as of June 30, 2022 and December 31, 2021. The following table summarizes the amount of gross unrealized losses and the estimated fair value for our available-for-sale securities in an unrealized loss position by the length of time the securities have been in an unrealized loss position at June 30, 2022 and December 31, 2021 (in millions): Less than 12 Months 12 Months or More Total Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value As of June 30, 2022: U.S. treasury bills $ (2) $ 256 $ — $ — $ (2) $ 256 U.S. treasury notes (185) 7,873 (4) 132 (189) 8,005 Corporate debt securities (164) 5,388 (17) 385 (181) 5,773 Government debt securities (6) 123 — — (6) 123 Total $ (357) $ 13,640 $ (21) $ 517 $ (378) $ 14,157 As of December 31, 2021: U.S. treasury bills $ — $ 329 $ — $ — $ — $ 329 U.S. treasury notes (31) 6,332 — — (31) 6,332 Corporate debt securities (20) 2,573 — 1 (20) 2,574 Government debt securities (1) 112 — — (1) 112 Total $ (52) $ 9,346 $ — $ 1 $ (52) $ 9,347 At June 30, 2022 and December 31, 2021, we held 634 and 384 available-for-sale securities, respectively, out of our total investment portfolio that were in a continuous unrealized loss position. We neither intend to sell these investments, nor do we believe that we are more-likely-than-not to conclude we will have to sell them before recovery of their carrying values. We also believe that we will be able to collect both principal and interest amounts due to us at maturity. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used to value the assets and liabilities: • Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or • Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 (in millions): Fair value at June 30, 2022 Fair Value Measurement Using Level 1 Level 2 Assets: Money market funds $ 1,242 $ 1,242 $ — Certificates of deposit 348 — 348 U.S. treasury bills 257 — 257 U.S. treasury notes 8,042 — 8,042 Corporate debt securities 6,416 — 6,416 Government debt securities 123 — 123 Derivative instruments ( Note 7 ) 58 — 58 Total $ 16,486 $ 1,242 $ 15,244 Liabilities: Derivative instruments ( Note 7 ) $ 2 $ — $ 2 Fair value at December 31, 2021 Fair Value Measurement Using Level 1 Level 2 Assets: Money market funds $ 2,329 $ 2,329 $ — Certificates of deposit 80 — 80 U.S. treasury bills 479 — 479 U.S. treasury notes 6,564 — 6,564 Corporate debt securities 3,488 — 3,488 Government debt securities 111 — 111 Derivative instruments ( Note 7 ) 21 — 21 Total $ 13,072 $ 2,329 $ 10,743 Liabilities: Derivative instruments ( Note 7 ) $ 7 $ — $ 7 As of June 30, 2022 and December 31, 2021, we did not have non-financial assets or liabilities measured at fair value on a recurring basis and did not have any Level 3 financial assets or financial liabilities. In addition, as of June 30, 2022, we had $30 million in equity investments without readily determinable fair values, which are recorded within other non-current assets in our condensed consolidated balance sheets and excluded from the fair value measurement tables above. We did not have equity investments as of December 31, 2021.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial InstrumentsWe transact business in various foreign currencies and have international sales and expenses denominated in foreign currencies. Therefore, we are exposed to certain risks arising from both our business operations and economic conditions. Our risk management strategy includes the use of derivative financial instruments to hedge: (1) forecasted product sales that are denominated in foreign currencies and (2) foreign currency exchange rate fluctuations on monetary assets or liabilities denominated in foreign currencies. We do not enter into derivative financial contracts for speculative or trading purposes. We do not believe that we are exposed to more than a nominal amount of credit risk in our foreign currency hedges, as counterparties are large, global and well-capitalized financial institutions. We classify cash flows from our derivative transactions as cash flows from operating activities in our condensed consolidated statements of cash flows. Cash Flow Hedges We mitigate the foreign exchange risk arising from the fluctuations in foreign currency denominated product sales in Euro through a foreign currency cash flow hedging program, using forward contracts and foreign currency options that do not exceed 15 months in duration. We hedge these cash flow exposures to reduce the risk that our earnings and cash flows will be adversely affected by changes in exchange rates. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge, and the hedges must be highly effective in offsetting changes to future cash flows on hedged transactions. The derivative assets or liabilities associated with our hedging activities are recorded at fair value in other current assets or other current liabilities, respectively, in our condensed consolidated balance sheets . The gains or losses resulting from changes in the fair value of these hedges are initially recorded as a component of accumulated other comprehensive income (loss) (AOCI) in stockholders’ equity and subsequently reclassified to product sales in the period during which the hedged transaction affects earnings. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, within the defined hedge period, we reclassify the gains or losses on the related cash flow hedge from AOCI to other expense, net in our condensed consolidated statements of income . We evaluate hedge effectiveness at the inception of the hedge prospectively, and on an on-going basis both retrospectively and prospectively. If we do not elect hedge accounting, or the contract does not qualify for hedge accounting treatment, the changes in fair value from period to period are recorded as a component of other expense, net in our condensed consolidated statements of income . As of June 30, 2022, we had net deferred gains of $55 million on our foreign currency forward contracts included in AOCI that are expected to be recognized into product sales within the next 12 months. Balance Sheet Hedges We enter into foreign currency forward contracts to hedge fluctuations associated with foreign currency denominated monetary assets and liabilities, primarily accounts receivable, accounts payable and lease liabilities in Euro, Japanese Yen and Swiss Franc, that are not designated for hedge accounting treatment. Therefore, these forward contracts are accounted for as derivatives whereby the fair value of the contracts are reported as other current assets or other current liabilities in our condensed consolidated balance sheets, and gains and losses resulting from changes in the fair value are recorded as a component of other expense, net in our condensed consolidated statements of income. The gains and losses on these foreign currency forward contracts generally offset the gains and losses in the underlying foreign currency denominated assets and liabilities, which are also recorded to other expense, net, in our condensed consolidated statements of income. Total gross notional amount and fair value of our foreign currency derivatives were as follows (in millions): June 30, 2022 Notional Amount Fair Value Asset (1) Liability (2) Derivatives designated as cash flow hedging instruments: Foreign currency forward contracts $ 1,153 $ 37 $ — Derivatives not designated as hedging instruments: Foreign currency forward contracts 957 21 2 Total derivatives $ 2,110 $ 58 $ 2 December 31, 2021 Notional Amount Fair Value Asset (1) Liability (2) Derivatives designated as cash flow hedging instruments: Foreign currency forward contracts $ 565 $ 20 $ — Derivatives not designated as hedging instruments: Foreign currency forward contracts $ 1,370 $ 1 $ 7 Total derivatives $ 1,935 $ 21 $ 7 _________ (1) As presented in the condensed consolidated balance sheets within prepaid expenses and other current assets. (2) As presented in the condensed consolidated balance sheets within other current liabilities. Gains on our foreign currency derivatives, net of tax, recognized in our condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2022 and 2021 were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Derivatives in cash flow hedging relationships: Foreign currency forward contracts $ 46 $ 21 $ 71 $ 21 The effect of our foreign currency derivatives in our condensed consolidated statements of income for the three and six months ended June 30, 2022 and 2021 was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, Statement of Income Classification 2022 2021 2022 2021 Derivatives in cash flow hedging relationships: Foreign currency forward contracts Net gain reclassified from AOCI into income Product sales $ 30 $ — $ 44 $ — Derivatives not designated as hedging instruments: Foreign currency forward contracts Net realized and unrealized gain (loss) Other expense, net $ 41 $ (54) $ 69 $ (19) We had immaterial gains reclassified from AOCI to product sales during the three and six months ended June 30, 2021. There were no cash flow hedging activities for the three and six months ended June 30, 2021.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory as of June 30, 2022 and December 31, 2021 consisted of the following (in millions): June 30, December 31, 2022 2021 Raw materials $ 1,400 $ 870 Work in progress 379 338 Finished goods 142 233 Total inventory $ 1,921 $ 1,441 Inventory is recorded at the lower of cost or net realizable value. On a quarterly basis, we evaluate the composition of inventory to identify excess, obsolete, slow-moving or otherwise unsaleable items. We also assess whether we have any excess firm, non-cancelable, purchase commitment liabilities, resulting from our supply agreements with third-party vendors on a quarterly basis. The determination of net realizable value of inventory and firm purchase commitment liabilities requires judgment, including consideration of many factors, such as estimates of future product demand, current and future market conditions, potential product obsolescence, expiration and utilization of raw materials under firm purchase commitments and contractual minimums, among others. Inventory write-downs as a result of excess, obsolescence, scrap or other reasons, and losses on firm purchase commitments are recorded as a component of cost of sales in our condensed consolidated statements of income . For the three and six months ended June 30, 2022, inventory write-downs were $499 million and $689 million, respectively. Inventory write-downs were immaterial for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2022, losses on firm purchase commitments were $184 million and $342 million, respectively. As of June 30, 2022, the accrued liability for losses on firm future purchase commitments in our condensed consolidated balance sheets was $342 million. There were no such charges in 2021 or accrued liabilities at December 31, 2021. Pre-launch Inventory Costs relating to raw materials and production of inventory in preparation for product launch prior to regulatory approval are capitalized when future commercialization is considered probable, the future economic benefit is expected to be realized, and we believe that material uncertainties related to the ultimate regulatory approval have been significantly reduced. For pre-launch inventory that is capitalized, we consider a number of factors based on the information available at the time, including the product candidate’s current status in the drug development and regulatory approval process, results from the related clinical trials, results from meetings with relevant regulatory agencies prior to the filing of regulatory applications, potential impediments to the approval process such as product safety or efficacy, historical experience, viability of commercialization and market trends.

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net, as of June 30, 2022 and December 31, 2021 consisted of the following (in millions): June 30, December 31, 2022 2021 Manufacturing and laboratory equipment $ 201 $ 175 Leasehold improvements 365 313 Furniture, fixtures and other 17 11 Computer equipment and software 17 16 Internally developed software 8 9 Right-of-use asset, financing ( Note 11 ) 898 857 Construction in progress 284 212 Total 1,790 1,593 Less: Accumulated depreciation (466) (352) Property and equipment, net $ 1,324 $ 1,241 Depreciation and amortization expense for the three and six months ended June 30, 2022 was $76 million and $155 million, respectively. Depreciation and amortization expense for the three and six months ended June 30, 2021 was $69 million and $84 million, respectively.

Other Balance Sheet Components

Other Balance Sheet Components	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Balance Sheet Components	Other Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets, as of June 30, 2022 and December 31, 2021 consisted of the following (in millions): June 30, December 31, 2022 2021 Down payments for materials and supplies $ 474 $ 287 Down payments to manufacturing vendors 183 118 Prepaid services 110 126 Value added tax receivable 45 70 Tenant improvement allowance receivable 51 51 Interest receivable 57 27 Derivative assets 58 21 Other current assets 76 28 Prepaid expenses and other current assets $ 1,054 $ 728 Accrued Liabilities Accrued liabilities, as of June 30, 2022 and December 31, 2021 consisted of the following (in millions): June 30, December 31, 2022 2021 Clinical trials $ 324 $ 283 Raw materials 317 260 Royalties 158 241 Development operations 65 137 Manufacturing 244 227 Other external goods and services 100 79 Loss on future firm purchase commitments (1) 342 — Compensation-related 128 126 Other 102 119 Accrued liabilities $ 1,780 $ 1,472 ______ (1) Related to losses that are expected to arise from firm, non-cancellable, commitments for future raw material purchases ( Note 8 ). Other Current Liabilities Other current liabilities, as of June 30, 2022 and December 31, 2021 consisted of the following (in millions): June 30, December 31, 2022 2021 Lease liabilities - financing ( Note 11 ) $ 121 $ 165 Lease liabilities - operating ( Note 11 ) 38 46 Other 250 14 Other current liabilities $ 409 $ 225 Deferred Revenue The following table summarizes the activities in deferred revenue for the six months ended June 30, 2022 (in millions): December 31, 2021 Additions Deductions June 30, 2022 Product sales $ 6,658 $ 1,834 $ (4,166) $ 4,326 Grant revenue 6 — (1) 5 Collaboration revenue 204 6 (43) 167 Total deferred revenue $ 6,868 $ 1,840 $ (4,210) $ 4,498

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	LeasesWe have entered into various long-term non-cancelable lease arrangements for our facilities and equipment expiring at various times through 2042. Certain of these arrangements have free rent periods or escalating rent payment provisions. We recognize lease cost under such arrangements on a straight-line basis over the life of the lease. We have two campuses in Massachusetts, our Cambridge campus and our Moderna Technology Center (MTC), an industrial technology center located in Norwood. We also lease other office and lab spaces globally for our business operations. Operating Leases Cambridge Campus We occupy a multi-building campus in Technology Square in Cambridge, Massachusetts with a mix of offices and research laboratory space totaling approximately 261,000 square feet. Our Cambridge campus leases have expiry ranges from 2024 to 2029. In addition, we are investing in a new Moderna Science Center (MSC) in Cambridge, to create a purpose-built space to support our next chapter of discovery (see Note 12 ). In connection with our MSC investment, in September 2021, we entered into amendments to our lease agreements to allow for an option for early termination of the leases, either in part or full. Notification of the intent to exercise the option must be provided by August 2023. We have not elected to exercise this option. Finance Leases Moderna Technology Center Our MTC comprises three main buildings: MTC South, MTC North and MTC East. Each of MTC South and MTC North is approximately 200,000 square feet and provides office, laboratory and light manufacturing space, directly supporting improvement in our manufacturing capabilities. MTC East is approximately 240,000 square feet for commercial and clinical activities. The MTC campus is leased through 2042 and we have the option to extend the term for three extension periods of five years. Embedded Leases We have entered into multiple contract manufacturing service agreements with third parties which contain embedded leases within the scope of ASC 842. These leases expire from 2022 through 2023. As of June 30, 2022 and December 31, 2021, we had lease liabilities of $129 million and $166 million, respectively, related to the embedded leases. As of June 30, 2022 and December 31, 2021, we had right-of-use assets of $101 million and $173 million, respectively, related to the embedded leases. Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2022 and December 31, 2021 were as follows (in millions): June 30, December 31, 2022 2021 Assets: Right-of-use assets, operating, net (1) (2) $ 122 $ 142 Right-of-use assets, financing, net (3) (4) 619 665 Total $ 741 $ 807 Liabilities: Current: Operating lease liabilities (5) $ 38 $ 46 Financing lease liabilities (5) 121 165 Total current lease liabilities 159 211 Non-current: Operating lease liabilities, non-current 87 106 Financing lease liabilities, non-current 641 599 Total non-current lease liabilities $ 728 $ 705 Total $ 887 $ 916 _______ (1) These assets are real estate related assets, which include land, office, and laboratory spaces. (2) Net of accumulated amortization. (3) These assets are real estate assets related to the MTC leases as well as assets related to contract manufacturing service agreements. (4) Included in property and equipment in the condensed consolidated balance sheets, net of accumulated depreciation. (5) Included in other current liabilities in the condensed consolidated balance sheets. Future minimum lease payments under our non-cancelable lease agreements as of June 30, 2022, were as follows (in millions): Fiscal Year Operating Leases Financing Leases (1) 2022 (remainder of the year) $ 23 $ 121 2023 39 38 2024 15 21 2025 16 22 2026 16 22 Thereafter 51 1,111 Total minimum lease payments 160 1,335 Less amounts representing interest or imputed interest (35) (573) Present value of lease liabilities $ 125 $ 762 ______ (1) Includes certain optional lease term extensions, predominantly related to the MTC leases, which represent a total of $662 million of undiscounted future lease payments.
Leases	LeasesWe have entered into various long-term non-cancelable lease arrangements for our facilities and equipment expiring at various times through 2042. Certain of these arrangements have free rent periods or escalating rent payment provisions. We recognize lease cost under such arrangements on a straight-line basis over the life of the lease. We have two campuses in Massachusetts, our Cambridge campus and our Moderna Technology Center (MTC), an industrial technology center located in Norwood. We also lease other office and lab spaces globally for our business operations. Operating Leases Cambridge Campus We occupy a multi-building campus in Technology Square in Cambridge, Massachusetts with a mix of offices and research laboratory space totaling approximately 261,000 square feet. Our Cambridge campus leases have expiry ranges from 2024 to 2029. In addition, we are investing in a new Moderna Science Center (MSC) in Cambridge, to create a purpose-built space to support our next chapter of discovery (see Note 12 ). In connection with our MSC investment, in September 2021, we entered into amendments to our lease agreements to allow for an option for early termination of the leases, either in part or full. Notification of the intent to exercise the option must be provided by August 2023. We have not elected to exercise this option. Finance Leases Moderna Technology Center Our MTC comprises three main buildings: MTC South, MTC North and MTC East. Each of MTC South and MTC North is approximately 200,000 square feet and provides office, laboratory and light manufacturing space, directly supporting improvement in our manufacturing capabilities. MTC East is approximately 240,000 square feet for commercial and clinical activities. The MTC campus is leased through 2042 and we have the option to extend the term for three extension periods of five years. Embedded Leases We have entered into multiple contract manufacturing service agreements with third parties which contain embedded leases within the scope of ASC 842. These leases expire from 2022 through 2023. As of June 30, 2022 and December 31, 2021, we had lease liabilities of $129 million and $166 million, respectively, related to the embedded leases. As of June 30, 2022 and December 31, 2021, we had right-of-use assets of $101 million and $173 million, respectively, related to the embedded leases. Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2022 and December 31, 2021 were as follows (in millions): June 30, December 31, 2022 2021 Assets: Right-of-use assets, operating, net (1) (2) $ 122 $ 142 Right-of-use assets, financing, net (3) (4) 619 665 Total $ 741 $ 807 Liabilities: Current: Operating lease liabilities (5) $ 38 $ 46 Financing lease liabilities (5) 121 165 Total current lease liabilities 159 211 Non-current: Operating lease liabilities, non-current 87 106 Financing lease liabilities, non-current 641 599 Total non-current lease liabilities $ 728 $ 705 Total $ 887 $ 916 _______ (1) These assets are real estate related assets, which include land, office, and laboratory spaces. (2) Net of accumulated amortization. (3) These assets are real estate assets related to the MTC leases as well as assets related to contract manufacturing service agreements. (4) Included in property and equipment in the condensed consolidated balance sheets, net of accumulated depreciation. (5) Included in other current liabilities in the condensed consolidated balance sheets. Future minimum lease payments under our non-cancelable lease agreements as of June 30, 2022, were as follows (in millions): Fiscal Year Operating Leases Financing Leases (1) 2022 (remainder of the year) $ 23 $ 121 2023 39 38 2024 15 21 2025 16 22 2026 16 22 Thereafter 51 1,111 Total minimum lease payments 160 1,335 Less amounts representing interest or imputed interest (35) (573) Present value of lease liabilities $ 125 $ 762 ______ (1) Includes certain optional lease term extensions, predominantly related to the MTC leases, which represent a total of $662 million of undiscounted future lease payments.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings We are involved in various claims and legal proceedings of a nature considered ordinary course in our business. The outcome of any such proceedings, regardless of the merits, is inherently uncertain; therefore, assessing the likelihood of loss and any estimated damages is difficult and subject to considerable judgment. We are not currently a party to any legal proceedings for which a material loss is probable, or for which a loss is reasonably estimable at this time. Indemnification Obligations As permitted under Delaware law, we indemnify our officers, directors, and employees for certain events, occurrences while the officer, or director is, or was, serving at our request in such capacity. The term of the indemnification is for the officer’s or director’s lifetime. We have standard indemnification arrangements in our leases for laboratory and office space that require us to indemnify the landlord against any liability for injury, loss, accident, or damage from any claims, actions, proceedings, or costs resulting from certain acts, breaches, violations, or non-performance under our leases. We enter into indemnification provisions under our agreements with counterparties in the ordinary course of business, typically with business partners, contractors, clinical sites and customers. Under these provisions, we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities. These indemnification provisions generally survive termination of the underlying agreement. The maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited. Through the three and six months ended June 30, 2022 and the year ended December 31, 2021, we had not experienced any material losses related to these indemnification obligations, and no material claims were outstanding. We do not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established. Purchase Commitments and Purchase Orders We enter into agreements in the normal course of business with vendors and contract manufacturing organizations for raw materials and manufacturing services and with vendors for preclinical research studies, clinical trials and other goods or services. As of June 30, 2022, we h ad $3.4 billion of non-cancelable purchase commitments related to raw materials and manufacturing agreements, which are expected to be paid through 2025. As of June 30, 2022, $342 million of the purchase commitments related to raw materials was recorded as an accrued liability for loss on future firm purchase commitments. As of June 30, 2022, we had $179 million o f non-c ancelable purchase commitments related to clinical services and other goods and services which are expected to be paid through 2026. These amounts represent our minimum contractual obligations, including termination fees. In addition to purchase commitments, we have agreements with third parties for various goods and services, including services related to clinical operations and support and contract manufacturing, for which we are not contractually able to terminate for convenience and avoid any and all future obligations to the vendors. Certain agreements provide for termination rights subject to termination fees or wind down costs. Under such agreements, we are contractually obligated to make certain payments to vendors, mainly, to reimburse them for their unrecoverable outlays incurred prior to cancellation. At June 30, 2022, we had cancelable open purchase orders of $2.5 billion in total under such agreements for our significant clinical operations and support and contract manufacturing. These amounts represent only our estimate of those items for which we had a contractual commitment to pay at June 30, 2022, assuming we would not cancel these agreements. The actual amounts we pay in the future to the vendors under such agreements may differ from the purchase order amounts. On June 26, 2017, we entered into sublicense agreements with Cellscript, LLC and its affiliate, mRNA RiboTherapeutics, Inc., to sublicense certain patent rights. Pursuant to each agreement, we are required to pay certain license fees, annual maintenance fees, minimum royalties on future net sales and milestone payments contingent on achievement of certain development, regulatory and commercial milestones for specified products, on a product-by-product basis. Commercial milestone payments and royalties based on annual net sales of licensed products for therapeutic and prophylactic products are accounted for as additional expense of the related product sales in the period in which the corresponding sales occur. For the three and six months ended June 30, 2022, we recognized $157 million and $364 million, respectively, of royalty expenses associated with our product sales, which was recorded to cost of sales in our condensed consolidated statements of income. For the three and six months ended June 30, 2021, we recognized $148 million and $232 million, respectively, of royalty expenses associated with our product sales, which was recorded to cost of sales in our condensed consolidated statements of income. Additionally, we have other in-license agreements with third parties which require us to make future development, regulatory and commercial milestone payments and sales-based royalties for specified products associated with the agreements. The achievement of these milestones was not deemed probable as of June 30, 2022. Moderna Science Center In September 2021, we announced an investment in the MSC in Cambridge, Massachusetts. The MSC is expected to integrate scientific and non-scientific spaces, including our principal executive offices, and will be built to support our growth as we continue to advance our pipeline of mRNA medicines. In relation to the investment, we entered into a lease agreement for approximately 462,000 square feet and will undergo an approximately two-year building project. Following the building project, the lease term is 15 years, subject to our right to extend the lease for up to two additional seven-year terms. Pursuant to this lease agreement, we are committed to approximately $1.1 billion non-cancellable rent payments for the initial lease term. We expect to begin the move-in process in 2023.

Stock-Based Compensation and Sh

Stock-Based Compensation and Share Repurchase Program	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation and Share Repurchase Program	Stock-Based Compensation and Share Repurchase Program Stock-Based Compensation The following table presents the components and classification of stock-based compensation expense for the three and six months ended June 30, 2022 and 2021 as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Options $ 27 $ 24 $ 52 $ 46 Restricted Common Stock (RSUs) and Performance Stock Units (PSUs) 22 10 39 17 Employee Stock Purchase Plan (ESPP) 1 1 3 2 Total $ 50 $ 35 $ 94 $ 65 Cost of sales $ 13 $ 8 $ 21 $ 12 Research and development 19 15 39 29 Selling, general and administrative 18 12 34 24 Total $ 50 $ 35 $ 94 $ 65 As of June 30, 2022, there was $575 million of total unrecognized compensation cost related to unvested stock-based compensation with respect to options, RSUs and PSUs granted. That cost is expected to be recognized over a weighted-average period of 3.2 years at June 30, 2022. Share Repurchase Programs On August 2, 2021, our Board of Directors authorized a Share Repurchase Program (2021 Repurchase Program) of our common stock. Pursuant to the 2021 Repurchase Program, we were authorized to repurchase up to $1.0 billion of our outstanding common stock, with an expiration date no later than August 2, 2023. By the end of January 2022, we had repurchased the entire $1.0 billion of common stock that was authorized under the 2021 Repurchase Program. On February 22, 2022, our Board of Directors authorized a new Share Repurchase Program (2022 Repurchase Program) of our common stock, with no expiration date. Pursuant to the 2022 Repurchase Program, we may repurchase up to $3.0 billion of our outstanding common stock. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and other investment opportunities, and shares may be repurchased through open market purchases through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table summarizes our income tax expense for the periods presented (in millions, except for percentages): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Income before income taxes $ 2,474 $ 3,063 $ 6,703 $ 4,323 Provision for income taxes $ 277 $ 283 $ 849 $ 322 Effective tax rate 11.2 % 9.2 % 12.7 % 7.5 % The effective tax rate for the three and six months ended June 30, 2022 was lower than the U.S. statutory tax rate, primarily due to the benefit of the foreign derived intangible income deduction (FDII) and a discrete item for excess tax benefits related to stock-based compensation. The increased effective tax rate for the three and six months ended June 30, 2022 was mainly due to the tax benefit recorded in 2021 related to the release of the valuation allowance on the majority of our deferred tax assets, as well as a decrease in excess windfall benefits from stock-based compensation, partially offset by an increase in the FDII benefit in 2022. We file U.S. federal income tax returns and income tax returns in various state, local and foreign jurisdictions. We are not currently subject to any tax assessment from an income tax examination in the United States or any other major taxing jurisdiction.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The computation of basic earnings per share (EPS) is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and potential dilutive common shares during the period as determined by using the treasury stock method. Basic and diluted EPS for the three and six months ended June 30, 2022 and 2021 were calculated as follows (in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net income $ 2,197 $ 2,780 $ 5,854 $ 4,001 Denominator: Basic weighted-average common shares outstanding 396 402 399 401 Effect of dilutive securities 23 29 24 29 Diluted weighted-average common shares outstanding 419 431 423 430 Basic EPS $ 5.55 $ 6.93 $ 14.66 $ 9.98 Diluted EPS $ 5.24 $ 6.46 $ 13.85 $ 9.30 Anti-dilutive potential common shares excluded from the EPS computation above 4 1 3 1

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 28, 2022, we entered into a supply agreement with the U.S. government for an initial 66 million doses of our COVID-19 bivalent booster vaccine candidate (mRNA-1273.222) with options for the U.S. government to purchase up to an additional 234 million doses. On August 1, 2022, the U.S. government exercised an option to purchase 4 million pediatric doses of our COVID-19 bivalent booster vaccine candidate, bringing the total to 70 million doses purchased, with options to purchase an additional 230 million doses. On August 1, 2022, our Board of Directors authorized a new Share Repurchase Program (2022 Second Repurchase Program) of our common stock, with no expiration date. Pursuant to the 2022 Second Repurchase Program, we may repurchase up to $3.0 billion of our outstanding common stock. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and other investment opportunities, and shares may be repurchased through open market purchases through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934 (the Exchange Act).

Summary of Basis of Presentat_2

Summary of Basis of Presentation and Recent Accounting Standards (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements that accompany these notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting, consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Form 10-K). Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standard Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). This report should be read in conjunction with the audited consolidated financial statements in our 2021 Form 10-K.
Principles of Consolidation	The condensed consolidated financial statements include Moderna, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	We have made estimates and judgments affecting the amounts reported in our condensed consolidated financial statements and the accompanying notes. We base our estimates on historical experience and various relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods that are not readily apparent from other sources. Significant estimates relied upon in preparing these financial statements include, but are not limited to, critical accounting policies or estimates related to revenue recognition, income taxes, valuation allowance on deferred tax assets, leases, fair value of financial instruments, derivative financial instruments, inventory, firm purchase commitment liabilities, useful lives of property and equipment, research and development expenses, and stock-based compensation. The actual results that we experience may differ materially from our estimates.
Comprehensive Income	Comprehensive income includes net income and other comprehensive income/loss for the period. Other comprehensive loss consists of unrealized gains/losses on our investments and derivatives designated as hedging instruments. Total comprehensive income for all periods presented has been disclosed in the condensed consolidated statements of comprehensive income.
Restricted Cash	We include our restricted cash balance in the cash, cash equivalents and restricted cash reconciliation of operating, investing and financing activities in the condensed consolidated statements of cash flows.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our condensed consolidated financial statements and disclosures.

Summary of Basis of Presentat_3

Summary of Basis of Presentation and Recent Accounting Standards (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Schedule of Components of Accumulated Other Comprehensive Income	The components of accumulated other comprehensive loss for the three and six months ended June 30, 2022 were as follows (in millions): Unrealized Loss on Available-for-Sale Debt Securities Net Unrealized Gains on Derivatives Designated As Hedging Instruments Total Accumulated other comprehensive loss, balance at December 31, 2021 $ (40) $ 16 $ (24) Other comprehensive loss (171) 11 (160) Accumulated other comprehensive loss, balance at March 31, 2022 (211) 27 (184) Other comprehensive loss (72) 16 (56) Accumulated other comprehensive loss, balance at June 30, 2022 $ (283) $ 43 $ (240)
Schedule of Reconciliation of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash in the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows (in millions): June 30, 2022 2021 Cash and cash equivalents $ 2,873 $ 5,603 Restricted cash, non-current 12 11 Total cash, cash equivalents and restricted cash shown in the condensed consolidated $ 2,885 $ 5,614
Schedule of Reconciliation of Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash in the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows (in millions): June 30, 2022 2021 Cash and cash equivalents $ 2,873 $ 5,603 Restricted cash, non-current 12 11 Total cash, cash equivalents and restricted cash shown in the condensed consolidated $ 2,885 $ 5,614

Product Sales (Tables)

Product Sales (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Revenue from External Customers by Geographic Areas	Product sales by customer geographic location were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 United States $ 1,450 $ 2,093 $ 2,395 $ 3,451 Europe 1,390 1,056 3,466 1,340 Rest of world (1) 1,691 1,048 4,595 1,139 Total $ 4,531 $ 4,197 $ 10,456 $ 5,930 _______ (1) Includes product sales recognized under the agreement with Gavi, which facilitates the allocation and distribution of our COVID-19 vaccine around the world, particularly for low- and middle-income countries.

Grant Revenue (Tables)

Grant Revenue (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Schedule of Disaggregation of Revenue	The following table summarizes grant revenue for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 BARDA $ 179 $ 134 $ 301 $ 326 Other grant revenue 4 5 8 7 Total grant revenue $ 183 $ 139 $ 309 $ 333 The following table summarizes our total consolidated revenue from our strategic collaborators for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, Collaboration Revenue by Strategic Collaborator: 2022 2021 2022 2021 AstraZeneca $ 4 $ 4 $ 4 $ 4 Merck 5 4 15 4 Vertex 25 9 29 18 Other 1 1 2 2 Total collaboration revenue $ 35 $ 18 $ 50 $ 28

Collaboration Agreements (Table

Collaboration Agreements (Tables)	6 Months Ended
	Jun. 30, 2022
Research and Development [Abstract]
Schedule of Disaggregation of Revenue	The following table summarizes grant revenue for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 BARDA $ 179 $ 134 $ 301 $ 326 Other grant revenue 4 5 8 7 Total grant revenue $ 183 $ 139 $ 309 $ 333 The following table summarizes our total consolidated revenue from our strategic collaborators for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, Collaboration Revenue by Strategic Collaborator: 2022 2021 2022 2021 AstraZeneca $ 4 $ 4 $ 4 $ 4 Merck 5 4 15 4 Vertex 25 9 29 18 Other 1 1 2 2 Total collaboration revenue $ 35 $ 18 $ 50 $ 28
Schedule of Changes in Balances of Receivables and Contract Liabilities	The following table presents changes in the balances of our receivables and contract liabilities related to our strategic collaboration agreements during the six months ended June 30, 2022 (in millions): December 31, 2021 Additions Deductions June 30, 2022 Contract Assets: Accounts receivable $ 9 $ 13 $ (11) $ 11 Contract Liabilities: Deferred revenue $ 204 $ 6 $ (43) $ 167 The following table summarizes the activities in deferred revenue for the six months ended June 30, 2022 (in millions): December 31, 2021 Additions Deductions June 30, 2022 Product sales $ 6,658 $ 1,834 $ (4,166) $ 4,326 Grant revenue 6 — (1) 5 Collaboration revenue 204 6 (43) 167 Total deferred revenue $ 6,868 $ 1,840 $ (4,210) $ 4,498

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Cash and Available-for-Sale Securities by Significant Investment Category	The following tables summarize our cash and available-for-sale securities by significant investment category at June 30, 2022 and December 31, 2021 (in millions): June 30, 2022 Amortized Unrealized Unrealized Estimated Fair Value Cash and Current Non- Cash and cash equivalents $ 2,873 $ — $ — $ 2,873 $ 2,873 $ — $ — Available-for-sale: Certificates of deposit 348 — — 348 — 348 — U.S. treasury bills 259 — (2) 257 — 257 — U.S. treasury notes 8,231 — (189) 8,042 — 3,054 4,988 Corporate debt securities 6,597 — (181) 6,416 — 1,352 5,064 Government debt securities 129 — (6) 123 — 13 110 Total $ 18,437 $ — $ (378) $ 18,059 $ 2,873 $ 5,024 $ 10,162 December 31, 2021 Amortized Unrealized Unrealized Estimated Fair Value Cash and Current Non- Cash and cash equivalents $ 6,848 $ — $ — $ 6,848 $ 6,848 $ — $ — Available-for-sale: Certificates of deposit 80 — — 80 — 80 — U.S. treasury bills 479 — — 479 — 479 — U.S. treasury notes 6,595 — (31) 6,564 — 1,984 4,580 Corporate debt securities 3,508 — (20) 3,488 — 1,323 2,165 Government debt securities 112 — (1) 111 — 13 98 Total $ 17,622 $ — $ (52) $ 17,570 $ 6,848 $ 3,879 $ 6,843
Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity	The amortized cost and estimated fair value of available-for-sale securities by contractual maturity at June 30, 2022 and December 31, 2021 were as follows (in millions): June 30, 2022 Amortized Estimated Due in one year or less $ 5,079 $ 5,024 Due after one year through five years 10,485 10,162 Total $ 15,564 $ 15,186 December 31, 2021 Amortized Estimated Due in one year or less $ 3,882 $ 3,879 Due after one year through five years 6,892 6,843 Total $ 10,774 $ 10,722
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value	The following table summarizes the amount of gross unrealized losses and the estimated fair value for our available-for-sale securities in an unrealized loss position by the length of time the securities have been in an unrealized loss position at June 30, 2022 and December 31, 2021 (in millions): Less than 12 Months 12 Months or More Total Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value As of June 30, 2022: U.S. treasury bills $ (2) $ 256 $ — $ — $ (2) $ 256 U.S. treasury notes (185) 7,873 (4) 132 (189) 8,005 Corporate debt securities (164) 5,388 (17) 385 (181) 5,773 Government debt securities (6) 123 — — (6) 123 Total $ (357) $ 13,640 $ (21) $ 517 $ (378) $ 14,157 As of December 31, 2021: U.S. treasury bills $ — $ 329 $ — $ — $ — $ 329 U.S. treasury notes (31) 6,332 — — (31) 6,332 Corporate debt securities (20) 2,573 — 1 (20) 2,574 Government debt securities (1) 112 — — (1) 112 Total $ (52) $ 9,346 $ — $ 1 $ (52) $ 9,347
Schedule of Financial Assets Measured at Fair Value on Recurring Basis	The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 (in millions): Fair value at June 30, 2022 Fair Value Measurement Using Level 1 Level 2 Assets: Money market funds $ 1,242 $ 1,242 $ — Certificates of deposit 348 — 348 U.S. treasury bills 257 — 257 U.S. treasury notes 8,042 — 8,042 Corporate debt securities 6,416 — 6,416 Government debt securities 123 — 123 Derivative instruments ( Note 7 ) 58 — 58 Total $ 16,486 $ 1,242 $ 15,244 Liabilities: Derivative instruments ( Note 7 ) $ 2 $ — $ 2 Fair value at December 31, 2021 Fair Value Measurement Using Level 1 Level 2 Assets: Money market funds $ 2,329 $ 2,329 $ — Certificates of deposit 80 — 80 U.S. treasury bills 479 — 479 U.S. treasury notes 6,564 — 6,564 Corporate debt securities 3,488 — 3,488 Government debt securities 111 — 111 Derivative instruments ( Note 7 ) 21 — 21 Total $ 13,072 $ 2,329 $ 10,743 Liabilities: Derivative instruments ( Note 7 ) $ 7 $ — $ 7

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule Of Foreign Currency Derivatives	Total gross notional amount and fair value of our foreign currency derivatives were as follows (in millions): June 30, 2022 Notional Amount Fair Value Asset (1) Liability (2) Derivatives designated as cash flow hedging instruments: Foreign currency forward contracts $ 1,153 $ 37 $ — Derivatives not designated as hedging instruments: Foreign currency forward contracts 957 21 2 Total derivatives $ 2,110 $ 58 $ 2 December 31, 2021 Notional Amount Fair Value Asset (1) Liability (2) Derivatives designated as cash flow hedging instruments: Foreign currency forward contracts $ 565 $ 20 $ — Derivatives not designated as hedging instruments: Foreign currency forward contracts $ 1,370 $ 1 $ 7 Total derivatives $ 1,935 $ 21 $ 7 _________ (1) As presented in the condensed consolidated balance sheets within prepaid expenses and other current assets. (2) As presented in the condensed consolidated balance sheets within other current liabilities. Gains on our foreign currency derivatives, net of tax, recognized in our condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2022 and 2021 were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Derivatives in cash flow hedging relationships: Foreign currency forward contracts $ 46 $ 21 $ 71 $ 21 The effect of our foreign currency derivatives in our condensed consolidated statements of income for the three and six months ended June 30, 2022 and 2021 was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, Statement of Income Classification 2022 2021 2022 2021 Derivatives in cash flow hedging relationships: Foreign currency forward contracts Net gain reclassified from AOCI into income Product sales $ 30 $ — $ 44 $ — Derivatives not designated as hedging instruments: Foreign currency forward contracts Net realized and unrealized gain (loss) Other expense, net $ 41 $ (54) $ 69 $ (19)

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventory as of June 30, 2022 and December 31, 2021 consisted of the following (in millions): June 30, December 31, 2022 2021 Raw materials $ 1,400 $ 870 Work in progress 379 338 Finished goods 142 233 Total inventory $ 1,921 $ 1,441

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net, as of June 30, 2022 and December 31, 2021 consisted of the following (in millions): June 30, December 31, 2022 2021 Manufacturing and laboratory equipment $ 201 $ 175 Leasehold improvements 365 313 Furniture, fixtures and other 17 11 Computer equipment and software 17 16 Internally developed software 8 9 Right-of-use asset, financing ( Note 11 ) 898 857 Construction in progress 284 212 Total 1,790 1,593 Less: Accumulated depreciation (466) (352) Property and equipment, net $ 1,324 $ 1,241

Other Balance Sheet Components

Other Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets, as of June 30, 2022 and December 31, 2021 consisted of the following (in millions): June 30, December 31, 2022 2021 Down payments for materials and supplies $ 474 $ 287 Down payments to manufacturing vendors 183 118 Prepaid services 110 126 Value added tax receivable 45 70 Tenant improvement allowance receivable 51 51 Interest receivable 57 27 Derivative assets 58 21 Other current assets 76 28 Prepaid expenses and other current assets $ 1,054 $ 728
Schedule of Accrued Liabilities	Accrued liabilities, as of June 30, 2022 and December 31, 2021 consisted of the following (in millions): June 30, December 31, 2022 2021 Clinical trials $ 324 $ 283 Raw materials 317 260 Royalties 158 241 Development operations 65 137 Manufacturing 244 227 Other external goods and services 100 79 Loss on future firm purchase commitments (1) 342 — Compensation-related 128 126 Other 102 119 Accrued liabilities $ 1,780 $ 1,472 ______ (1) Related to losses that are expected to arise from firm, non-cancellable, commitments for future raw material purchases ( Note 8
Schedule of Other Current Liabilities	Other current liabilities, as of June 30, 2022 and December 31, 2021 consisted of the following (in millions): June 30, December 31, 2022 2021 Lease liabilities - financing ( Note 11 ) $ 121 $ 165 Lease liabilities - operating ( Note 11 ) 38 46 Other 250 14 Other current liabilities $ 409 $ 225
Schedule of Deferred Revenue	The following table presents changes in the balances of our receivables and contract liabilities related to our strategic collaboration agreements during the six months ended June 30, 2022 (in millions): December 31, 2021 Additions Deductions June 30, 2022 Contract Assets: Accounts receivable $ 9 $ 13 $ (11) $ 11 Contract Liabilities: Deferred revenue $ 204 $ 6 $ (43) $ 167 The following table summarizes the activities in deferred revenue for the six months ended June 30, 2022 (in millions): December 31, 2021 Additions Deductions June 30, 2022 Product sales $ 6,658 $ 1,834 $ (4,166) $ 4,326 Grant revenue 6 — (1) 5 Collaboration revenue 204 6 (43) 167 Total deferred revenue $ 6,868 $ 1,840 $ (4,210) $ 4,498

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Assets And Liabilities, Lessee	Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2022 and December 31, 2021 were as follows (in millions): June 30, December 31, 2022 2021 Assets: Right-of-use assets, operating, net (1) (2) $ 122 $ 142 Right-of-use assets, financing, net (3) (4) 619 665 Total $ 741 $ 807 Liabilities: Current: Operating lease liabilities (5) $ 38 $ 46 Financing lease liabilities (5) 121 165 Total current lease liabilities 159 211 Non-current: Operating lease liabilities, non-current 87 106 Financing lease liabilities, non-current 641 599 Total non-current lease liabilities $ 728 $ 705 Total $ 887 $ 916 _______ (1) These assets are real estate related assets, which include land, office, and laboratory spaces. (2) Net of accumulated amortization. (3) These assets are real estate assets related to the MTC leases as well as assets related to contract manufacturing service agreements. (4) Included in property and equipment in the condensed consolidated balance sheets, net of accumulated depreciation. (5) Included in other current liabilities in the condensed consolidated balance sheets.
Schedule of Finance Lease Maturity	Future minimum lease payments under our non-cancelable lease agreements as of June 30, 2022, were as follows (in millions): Fiscal Year Operating Leases Financing Leases (1) 2022 (remainder of the year) $ 23 $ 121 2023 39 38 2024 15 21 2025 16 22 2026 16 22 Thereafter 51 1,111 Total minimum lease payments 160 1,335 Less amounts representing interest or imputed interest (35) (573) Present value of lease liabilities $ 125 $ 762 ______ (1) Includes certain optional lease term extensions, predominantly related to the MTC leases, which represent a total of $662 million of undiscounted future lease payments.
Schedule of Operating Lease Maturity	Future minimum lease payments under our non-cancelable lease agreements as of June 30, 2022, were as follows (in millions): Fiscal Year Operating Leases Financing Leases (1) 2022 (remainder of the year) $ 23 $ 121 2023 39 38 2024 15 21 2025 16 22 2026 16 22 Thereafter 51 1,111 Total minimum lease payments 160 1,335 Less amounts representing interest or imputed interest (35) (573) Present value of lease liabilities $ 125 $ 762 ______ (1) Includes certain optional lease term extensions, predominantly related to the MTC leases, which represent a total of $662 million of undiscounted future lease payments.

Stock-Based Compensation and _2

Stock-Based Compensation and Share Repurchase Program (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	The following table presents the components and classification of stock-based compensation expense for the three and six months ended June 30, 2022 and 2021 as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Options $ 27 $ 24 $ 52 $ 46 Restricted Common Stock (RSUs) and Performance Stock Units (PSUs) 22 10 39 17 Employee Stock Purchase Plan (ESPP) 1 1 3 2 Total $ 50 $ 35 $ 94 $ 65 Cost of sales $ 13 $ 8 $ 21 $ 12 Research and development 19 15 39 29 Selling, general and administrative 18 12 34 24 Total $ 50 $ 35 $ 94 $ 65

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The following table summarizes our income tax expense for the periods presented (in millions, except for percentages): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Income before income taxes $ 2,474 $ 3,063 $ 6,703 $ 4,323 Provision for income taxes $ 277 $ 283 $ 849 $ 322 Effective tax rate 11.2 % 9.2 % 12.7 % 7.5 %

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss per Share Attributable to Common Stockholders	Basic and diluted EPS for the three and six months ended June 30, 2022 and 2021 were calculated as follows (in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net income $ 2,197 $ 2,780 $ 5,854 $ 4,001 Denominator: Basic weighted-average common shares outstanding 396 402 399 401 Effect of dilutive securities 23 29 24 29 Diluted weighted-average common shares outstanding 419 431 423 430 Basic EPS $ 5.55 $ 6.93 $ 14.66 $ 9.98 Diluted EPS $ 5.24 $ 6.46 $ 13.85 $ 9.30 Anti-dilutive potential common shares excluded from the EPS computation above 4 1 3 1

Summary of Basis of Presentat_4

Summary of Basis of Presentation and Recent Accounting Standards - Components of Accumulated Other Comprehensive (loss) Income (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 17,075	$ 14,145	$ 3,838	$ 14,145	$ 2,561
Other comprehensive loss	(56)	(160)	15	(216)	13
Balance at end of period	17,985	17,075	6,704	17,985	6,704
Unrealized Loss on Available-for-Sale Debt Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(211)	(40)		(40)
Other comprehensive loss	(72)	(171)
Balance at end of period	(283)	(211)		(283)
Net Unrealized Gains on Derivatives Designated As Hedging Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	27	16		16
Other comprehensive loss	16	11
Balance at end of period	43	27		43
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(184)	(24)	1	(24)	3
Other comprehensive loss	(56)		15	(216)	13
Balance at end of period	$ (240)	$ (184)	$ 16	$ (240)	$ 16

Summary of Basis of Presentat_5

Summary of Basis of Presentation and Recent Accounting Standards - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 2,873	$ 6,848	$ 5,603
Restricted cash, non-current	12	12	11
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 2,885	$ 6,860	$ 5,614	$ 2,636

Product Sales (Details)

Product Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 4,749	$ 4,354	$ 10,815	$ 6,291
Deferred revenue	4,498		4,498		$ 6,868
Product sales
Disaggregation of Revenue [Line Items]
Total revenue	4,531	4,197	10,456	5,930
Deferred revenue	4,326		4,326		$ 6,658
Remaining performance obligations	4,000		4,000
United States | Product sales
Disaggregation of Revenue [Line Items]
Total revenue	1,450	2,093	2,395	3,451
Europe | Product sales
Disaggregation of Revenue [Line Items]
Total revenue	1,390	1,056	3,466	1,340
Rest of world | Product sales
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,691	$ 1,048	$ 4,595	$ 1,139

Grant Revenue (Details)

Grant Revenue (Details) $ in Millions	1 Months Ended				12 Months Ended	27 Months Ended
	Mar. 31, 2022 USD ($)	Sep. 30, 2020 USD ($)	Apr. 30, 2020 USD ($)	Sep. 30, 2016 USD ($) numberOfOption	Dec. 31, 2021 USD ($) participant	Jun. 30, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Number of participants | participant					30,000
Contract option exercised					$ 6,868	$ 4,498
DARPA
Disaggregation of Revenue [Line Items]
Award amount		$ 56
DARPA | Contract options
Disaggregation of Revenue [Line Items]
Amount committed for funding						7
Available funding						30
BARDA
Disaggregation of Revenue [Line Items]
Award amount			$ 483	$ 126	$ 117	1,700
Amount committed for funding						203
Potential reimbursements	$ 308
Number of contract options | numberOfOption				3
Number of contract options exercised | numberOfOption				4
BARDA | Contract options
Disaggregation of Revenue [Line Items]
Amount committed for funding						42
Available funding						8
The Bill & Melinda Gates Foundation | Initial project
Disaggregation of Revenue [Line Items]
Available funding						7
Contract option exercised						$ 80

Grant Revenue- Schedule of Disa

Grant Revenue- Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 4,749	$ 4,354	$ 10,815	$ 6,291
Grant revenue
Disaggregation of Revenue [Line Items]
Total revenue	183	139	309	333
BARDA | Grant revenue
Disaggregation of Revenue [Line Items]
Total revenue	179	134	301	326
Other grant revenue | Grant revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 4	$ 5	$ 8	$ 7

Collaboration Agreements - Summ

Collaboration Agreements - Summary of Total Consolidated Net Revenues from Strategic Collaborators (Details) - Collaboration Revenue by Strategic Collaborator: - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total collaboration revenue	$ 35	$ 18	$ 50	$ 28
AstraZeneca
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total collaboration revenue	4	4	4	4
Merck
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total collaboration revenue	5	4	15	4
Vertex
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total collaboration revenue	25	9	29	18
Other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total collaboration revenue	$ 1	$ 1	$ 2	$ 2

Collaboration Agreements - Chan

Collaboration Agreements - Changes in Balances of Receivables and Contract Liabilities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Contract Liabilities:
Beginning balance	$ 6,868
Additions	1,840
Deductions	(4,210)
Ending balance	4,498
Collaboration Revenue by Strategic Collaborator:
Contract Assets:
Beginning balance	9
Additions	13
Deductions	(11)
Ending balance	11
Contract Liabilities:
Beginning balance	204
Additions	6
Deductions	(43)
Ending balance	167
Remaining performance obligations	$ 236

Financial Instruments - Summary

Financial Instruments - Summary of Cash and Available-for-Sale Securities by Significant Investment Category (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 15,564	$ 10,774
Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18,437	17,622
Unrealized Gains	0	0
Unrealized Losses	(378)	(52)
Estimated Fair Value	18,059	17,570
Cash and cash equivalents | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	2,873	6,848
Current Marketable Securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	5,024	3,879
Non- Current Marketable Securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	10,162	6,843
Cash and cash equivalents | Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,873	6,848
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	2,873	6,848
Cash and cash equivalents | Cash and cash equivalents | Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	2,873	6,848
Cash and cash equivalents | Current Marketable Securities | Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Cash and cash equivalents | Non- Current Marketable Securities | Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Certificates of deposit | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	348	80
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	348	80
Certificates of deposit | Cash and cash equivalents | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Certificates of deposit | Current Marketable Securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	348	80
Certificates of deposit | Non- Current Marketable Securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
U.S. treasury bills | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	259	479
Unrealized Gains	0	0
Unrealized Losses	(2)	0
Estimated Fair Value	257	479
U.S. treasury bills | Cash and cash equivalents | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
U.S. treasury bills | Current Marketable Securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	257	479
U.S. treasury bills | Non- Current Marketable Securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
U.S. treasury notes | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,231	6,595
Unrealized Gains	0	0
Unrealized Losses	(189)	(31)
Estimated Fair Value	8,042	6,564
U.S. treasury notes | Cash and cash equivalents | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
U.S. treasury notes | Current Marketable Securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	3,054	1,984
U.S. treasury notes | Non- Current Marketable Securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	4,988	4,580
Corporate debt securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,597	3,508
Unrealized Gains	0	0
Unrealized Losses	(181)	(20)
Estimated Fair Value	6,416	3,488
Corporate debt securities | Cash and cash equivalents | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Corporate debt securities | Current Marketable Securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,352	1,323
Corporate debt securities | Non- Current Marketable Securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	5,064	2,165
Government debt securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	129	112
Unrealized Gains	0	0
Unrealized Losses	(6)	(1)
Estimated Fair Value	123	111
Government debt securities | Cash and cash equivalents | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Government debt securities | Current Marketable Securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	13	13
Government debt securities | Non- Current Marketable Securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 110	$ 98

Financial Instruments - Amortiz

Financial Instruments - Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Amortized Cost
Due in one year or less	$ 5,079	$ 3,882
Due after one year through five years	10,485	6,892
Amortized Cost	15,564	10,774
Estimated Fair Value
Due in one year or less	5,024	3,879
Due after one year through five years	10,162	6,843
Total	$ 15,186	$ 10,722

Financial Instruments - Narrati

Financial Instruments - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) security	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) security	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) security
Investments, All Other Investments [Abstract]
Impairment charges	$ 0	$ 0	$ 0	$ 0
Credit losses related allowance	$ 0		$ 0		$ 0
Number of AFS securities in loss positions | security	634		634		384
Equity securities without readily determinable fair value, amount	$ 30,000,000		$ 30,000,000		$ 0

Financial Instruments- Unrealiz

Financial Instruments- Unrealized Loss Position (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	$ (357)	$ (52)
Estimate fair value, less than 12 months	13,640	9,346
Gross unrealized losses, 12 months or more	(21)	0
Estimated fair value, 12 months or more	517	1
Gross unrealized losses, total	(378)	(52)
Estimated fair value, total	14,157	9,347
U.S. treasury bills
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	(2)	0
Estimate fair value, less than 12 months	256	329
Gross unrealized losses, 12 months or more	0	0
Estimated fair value, 12 months or more	0	0
Gross unrealized losses, total	(2)	0
Estimated fair value, total	256	329
U.S. treasury notes
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	(185)	(31)
Estimate fair value, less than 12 months	7,873	6,332
Gross unrealized losses, 12 months or more	(4)	0
Estimated fair value, 12 months or more	132	0
Gross unrealized losses, total	(189)	(31)
Estimated fair value, total	8,005	6,332
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	(164)	(20)
Estimate fair value, less than 12 months	5,388	2,573
Gross unrealized losses, 12 months or more	(17)	0
Estimated fair value, 12 months or more	385	1
Gross unrealized losses, total	(181)	(20)
Estimated fair value, total	5,773	2,574
Government debt securities
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	(6)	(1)
Estimate fair value, less than 12 months	123	112
Gross unrealized losses, 12 months or more	0	0
Estimated fair value, 12 months or more	0	0
Gross unrealized losses, total	(6)	(1)
Estimated fair value, total	$ 123	$ 112

Financial Instruments - Financi

Financial Instruments - Financial Assets Measured At Fair Value On a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Derivative instruments	$ 58	$ 21
Derivative instruments, liability	2	7
Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	18,059	17,570
Certificates of deposit | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	348	80
U.S. treasury bills | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	257	479
U.S. treasury notes | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	8,042	6,564
Corporate debt securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	6,416	3,488
Government debt securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	123	111
Fair Value, Recurring
Debt Securities, Available-for-sale [Line Items]
Derivative instruments	58	21
Assets, fair value disclosure	16,486	13,072
Derivative instruments, liability	2	7
Fair Value, Recurring | Level 1
Debt Securities, Available-for-sale [Line Items]
Derivative instruments	0	0
Assets, fair value disclosure	1,242	2,329
Derivative instruments, liability	0	0
Fair Value, Recurring | Level 2
Debt Securities, Available-for-sale [Line Items]
Derivative instruments	58	21
Assets, fair value disclosure	15,244	10,743
Derivative instruments, liability	2	7
Fair Value, Recurring | Money market funds
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,242	2,329
Fair Value, Recurring | Money market funds | Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,242	2,329
Fair Value, Recurring | Money market funds | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring | Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	348	80
Fair Value, Recurring | Certificates of deposit | Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring | Certificates of deposit | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	348	80
Fair Value, Recurring | U.S. treasury bills
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	257	479
Fair Value, Recurring | U.S. treasury bills | Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring | U.S. treasury bills | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	257	479
Fair Value, Recurring | U.S. treasury notes
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	8,042	6,564
Fair Value, Recurring | U.S. treasury notes | Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring | U.S. treasury notes | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	8,042	6,564
Fair Value, Recurring | Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	6,416	3,488
Fair Value, Recurring | Corporate debt securities | Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring | Corporate debt securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	6,416	3,488
Fair Value, Recurring | Government debt securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	123	111
Fair Value, Recurring | Government debt securities | Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring | Government debt securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 123	$ 111

Derivative Financial Instrume_3

Derivative Financial Instruments - Cash Flow Hedges (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Maturity of foreign currency derivatives	15 months
Foreign currency hedges expected to be recognized within the next 12 months	$ 55

Derivative Financial Instrume_4

Derivative Financial Instruments - Balance Sheet Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 2,110		$ 2,110		$ 1,935
Derivative assets	58		58		21
Derivative liability	2		2		7
Unrealized gains on derivative instruments	46	$ 21	71	$ 21
Net gain reclassified from AOCI into income	30	0	44	0
Foreign currency forward contracts | Product sales
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net gain reclassified from AOCI into income	30	0	44	0
Foreign currency forward contracts | Other expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net realized and unrealized gain (loss)	41	$ (54)	69	$ (19)
Foreign currency forward contracts | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	1,153		1,153		565
Derivative assets	37		37		20
Derivative liability	0		0		0
Foreign currency forward contracts | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	957		957		1,370
Derivative assets	21		21		1
Derivative liability	$ 2		$ 2		$ 7

Inventory - Schedule of Invento

Inventory - Schedule of Inventory, Current (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 1,400	$ 870
Work in progress	379	338
Finished goods	142	233
Total inventory	$ 1,921	$ 1,441

Inventory - Narrative (Details)

Inventory - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventory write-down	$ 499,000,000	$ 0	$ 689,000,000	$ 0
Inventory, firm purchase commitment, loss	184,000,000	$ 0	342,000,000	$ 0
Loss on future firm purchase commitments	342,000,000		342,000,000		$ 0
Other inventory, capitalized costs	$ 155,000,000		$ 155,000,000

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,790		$ 1,790		$ 1,593
Less: Accumulated depreciation	(466)		(466)		(352)
Property and equipment, net	1,324		1,324		1,241
Depreciation and amortization	76	$ 69	155	$ 84
Manufacturing and laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	201		201		175
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	365		365		313
Furniture, fixtures and other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17		17		11
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17		17		16
Internally developed software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8		8		9
Right of use of asset, financing
Property, Plant and Equipment [Line Items]
Property and equipment, gross	898		898		857
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 284		$ 284		$ 212

Other Balance Sheet Component_2

Other Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Down payments for materials and supplies	$ 474	$ 287
Down payments to manufacturing vendors	183	118
Prepaid services	110	126
Value added tax receivable	45	70
Tenant improvement allowance receivable	51	51
Interest receivable	57	27
Derivative assets	58	21
Other current assets	76	28
Prepaid expenses and other current assets	$ 1,054	$ 728

Other Balance Sheet Component_3

Other Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Clinical trials	$ 324	$ 283
Raw materials	317	260
Royalties	158	241
Development operations	65	137
Manufacturing	244	227
Other external goods and services	100	79
Loss on future firm purchase commitments	342	0
Compensation-related	128	126
Other	102	119
Accrued liabilities	$ 1,780	$ 1,472

Other Balance Sheet Component_4

Other Balance Sheet Components - Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Lease liabilities - financing (Note 11)	$ 121	$ 165
Lease liabilities - operating (Note 11)	38	46
Other	250	14
Other current liabilities	$ 409	$ 225

Other Balance Sheet Component_5

Other Balance Sheet Components - Deferred Revenue (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	$ 6,868
Additions	1,840
Deductions	(4,210)
Ending balance	4,498
Product sales
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	6,658
Additions	1,834
Deductions	(4,166)
Ending balance	4,326
Grant revenue
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	6
Additions	0
Deductions	(1)
Ending balance	5
Collaboration revenue
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	204
Additions	6
Deductions	(43)
Ending balance	$ 167

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands, $ in Millions	Jun. 30, 2022 USD ($) ft² numberOfExtensionPeriod campus numberOfBuilding	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Number of campuses | campus	2
Present value of lease liabilities | $	$ 125
Right-of-use assets, operating leases | $	122	$ 142
Embedded Leases
Lessee, Lease, Description [Line Items]
Present value of lease liabilities | $	129	166
Right-of-use assets, operating leases | $	$ 101	$ 173
MTC South, MTC North and MTC East
Lessee, Lease, Description [Line Items]
Number of extension | numberOfExtensionPeriod	3
Extension term	5 years
Cambridge leases
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) | ft²	261
Norwood leases | MTC South, MTC North and MTC East
Lessee, Lease, Description [Line Items]
Number of buildings | numberOfBuilding	3
Norwood leases | MTC South
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) | ft²	200
Norwood leases | MTC North
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) | ft²	200
Norwood leases | MTC East
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) | ft²	240

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Right-of-use assets, operating, net	$ 122	$ 142
Right-of-use assets, financing, net	619	665
Total	741	807
Operating lease liabilities, current	38	46
Financing lease liabilities, current	121	165
Total current lease liabilities	159	211
Operating lease liabilities, non-current	87	106
Financing lease liabilities, non-current	641	599
Total non-current lease liabilities	728	705
Total	$ 887	$ 916
Operating lease, liability, current, statement of financial position [Extensible List]	Other current liabilities	Other current liabilities
Finance lease, liability, current, statement of financial position [Extensible List]	Other current liabilities	Other current liabilities

Leases - Minimum Lease Payments

Leases - Minimum Lease Payments (Details) $ in Millions	Jun. 30, 2022 USD ($)
Operating Leases
2022 remainder of the year	$ 23
2023	39
2024	15
2025	16
2026	16
Thereafter	51
Total minimum lease payments	160
Less amounts representing interest or imputed interest	(35)
Present value of lease liabilities	125
Financing Leases
2022 remainder of the year	121
2023	38
2024	21
2025	22
2026	22
Thereafter	1,111
Total minimum lease payments	1,335
Less amounts representing interest or imputed interest	(573)
Present value of lease liabilities	762
Lessee, Lease, Description [Line Items]
Less amounts representing interest or imputed interest	35
MTC South, MTC North and MTC East | Norwood leases
Operating Leases
Less amounts representing interest or imputed interest	(662)
Lessee, Lease, Description [Line Items]
Less amounts representing interest or imputed interest	$ 662

Commitments and Contingencies -

Commitments and Contingencies - Purchase Commitments and Purchase Orders (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Loss on future firm purchase commitments	$ 342	$ 0
Supply and manufacturing agreements
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitments	3,400
Clinical Services
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitments	179
Clinical operations and support commitment
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitments	$ 2,500

Commitments and Contingencies_2

Commitments and Contingencies - Licenses to Patented Technology (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Consideration paid	$ 157	$ 148	$ 364	$ 232

Commitments and Contingencies_3

Commitments and Contingencies - Moderna Science Centre (Details) ft² in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) ft² numberOfOption
Lessee, Lease, Description [Line Items]
Additional payment	$ 160
Moderna Science Centre
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) | ft²	462
Lease agreement for building project	2 years
Lease term	15 years
Number of extension periods | numberOfOption	2
Extension term	7 years
Additional payment	$ 1,100

Stock-Based Compensation and _3

Stock-Based Compensation and Share Repurchase Program - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 50	$ 35	$ 94	$ 65
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	13	8	21	12
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	19	15	39	29
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	18	12	34	24
Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	27	24	52	46
Restricted Common Stock (RSUs) and Performance Stock Units (PSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	22	10	39	17
Employee Stock Purchase Plan (ESPP)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1	$ 1	$ 3	$ 2

Stock-Based Compensation and _4

Stock-Based Compensation and Share Repurchase Program- Narrative (Details) - USD ($) shares in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Feb. 22, 2022	Aug. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to non-vested stock-based compensation	$ 575,000,000	$ 575,000,000
Weighted-average period of cost expected to be recognized		3 years 2 months 12 days
Repurchase of common stock	1,298,000,000	$ 1,921,000,000
2021 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount for share repurchase program				$ 1,000,000,000
Stock repurchased during period (in shares)		13
Repurchase of common stock		$ 1,900,000,000
2022 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount for share repurchase program			$ 3,000,000,000
Stock repurchased during period (in shares)		13
Repurchase of common stock		$ 1,900,000,000
Amount remaining for repurchase	$ 1,200,000,000	$ 1,200,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income before income taxes	$ 2,474	$ 3,063	$ 6,703	$ 4,323
Provision for income taxes	$ 277	$ 283	$ 849	$ 322
Effective tax rate	11.20%	9.20%	12.70%	7.50%

Earnings per Share - Basic and

Earnings per Share - Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income	$ 2,197	$ 2,780	$ 5,854	$ 4,001
Denominator:
Basic weighted-average common shares outstanding (in shares)	396	402	399	401
Effect of dilutive securities (in shares)	23	29	24	29
Diluted weighted-average common shares outstanding (in shares)	419	431	423	430
Basic EPS (in usd per share)	$ 5.55	$ 6.93	$ 14.66	$ 9.98
Diluted EPS (in usd per share)	$ 5.24	$ 6.46	$ 13.85	$ 9.30
Anti-dilutive potential common shares excluded from the EPS computation above (in shares)	4	1	3	1

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent event	Aug. 01, 2022 USD ($) dose	Jul. 28, 2022 dose
Subsequent Event [Line Items]
Number of doses of vaccine candidate	70,000,000	66,000,000
Number Of Pediatric Doses Vaccine Candidate	4,000,000
Additional number of doses of vaccine candidate	230,000,000	234,000,000
2022 Second Repurchase Program
Subsequent Event [Line Items]
Authorized amount for share repurchase program | $	$ 3,000,000,000