Moderna (MRNA) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		380,592,588
Amendment Flag	false
Document Fiscal Year Focus	2023
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, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 3,801	$ 3,205
Investments	4,658	6,697
Accounts receivable	232	1,385
Inventory	715	949
Prepaid expenses and other current assets	1,193	1,195
Total current assets	10,599	13,431
Investments, non-current	6,105	8,318
Property, plant and equipment, net	2,280	2,018
Right-of-use assets, operating leases	130	121
Deferred tax assets	1,480	982
Other non-current assets	1,290	988
Total assets	21,884	25,858
Current liabilities:
Accounts payable	310	487
Accrued liabilities	1,490	2,101
Deferred revenue	1,040	2,038
Income taxes payable	47	48
Other current liabilities	236	249
Total current liabilities	3,123	4,923
Deferred revenue, non-current	692	673
Operating lease liabilities, non-current	104	92
Financing lease liabilities, non-current	843	912
Other non-current liabilities	173	135
Total liabilities	4,935	6,735
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, par value $0.0001; 162 shares authorized as of June 30, 2023 and December 31, 2022; no shares issued or outstanding at June 30, 2023 and December 31, 2022	0	0
Common stock, par value $0.0001; 1,600 shares authorized as of June 30, 2023 and December 31, 2022; 381 and 385 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	0	0
Additional paid-in capital	193	1,173
Accumulated other comprehensive loss	(263)	(370)
Retained earnings	17,019	18,320
Total stockholders’ equity	16,949	19,123
Total liabilities and stockholders’ equity	$ 21,884	$ 25,858

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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)	381,000,000	385,000,000
Common stock, shares, outstanding (in shares)	381,000,000	385,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Total revenue	$ 344	$ 4,749	$ 2,206	$ 10,815
Operating expenses:
Cost of sales	731	1,381	1,523	2,398
Research and development	1,148	710	2,279	1,264
Selling, general and administrative	332	211	637	479
Total operating expenses	2,211	2,302	4,439	4,141
(Loss) income from operations	(1,867)	2,447	(2,233)	6,674
Interest income	104	40	213	55
Other income (expense), net	14	(13)	(34)	(26)
(Loss) income before income taxes	(1,749)	2,474	(2,054)	6,703
(Benefit from) provision for income taxes	(369)	277	(753)	849
Net (loss) income	$ (1,380)	$ 2,197	$ (1,301)	$ 5,854
(Loss) earnings per share:
Basic (in usd per share)	$ (3.62)	$ 5.55	$ (3.39)	$ 14.66
Diluted (in usd per share)	$ (3.62)	$ 5.24	$ (3.39)	$ 13.85
Weighted average common shares used in calculation of (loss) earnings per share:
Basic (in shares)	381	396	383	399
Diluted (in shares)	381	419	383	423
Product sales
Revenue:
Total revenue	$ 293	$ 4,531	$ 2,121	$ 10,456
Other revenue
Revenue:
Total revenue	$ 51	$ 218	$ 85	$ 359

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (1,380)	$ 2,197	$ (1,301)	$ 5,854
Available-for-sale securities:
Unrealized (losses) gains on available-for-sale debt securities	(10)	(80)	69	(258)
Less: net realized losses on available-for-sale securities reclassified in net (loss) income	14	8	30	15
Net increase (decrease) from available-for-sale debt securities	4	(72)	99	(243)
Cash flow hedges:
Unrealized gains on derivative instruments	0	46	0	71
Less: net realized (gains) losses on derivative instruments reclassified in net (loss) income	0	(30)	8	(44)
Net increase from derivatives designated as hedging instruments	0	16	8	27
Total other comprehensive income (loss)	4	(56)	107	(216)
Comprehensive (loss) income	$ (1,376)	$ 2,141	$ (1,194)	$ 5,638

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 Loss	Retained Earnings
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 income (loss), net of tax	(216)			(216)
Repurchase of common stock (in shares)		(13)
Repurchase of common stock	(1,921)		(1,921)
Net (loss) 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 income (loss), net of tax	(56)			(56)
Repurchase of common stock (in shares)		(9)
Repurchase of common stock	(1,298)		(1,298)
Net (loss) 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
Balance at beginning of period (in shares) at Dec. 31, 2022	385	385
Balance at beginning of period at Dec. 31, 2022	$ 19,123	$ 0	1,173	(370)	18,320
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss), net of tax	103
Balance at end of period (in shares) at Mar. 31, 2023		384
Balance at end of period at Mar. 31, 2023	$ 18,863	$ 0	731	(267)	18,399
Balance at beginning of period (in shares) at Dec. 31, 2022	385	385
Balance at beginning of period at Dec. 31, 2022	$ 19,123	$ 0	1,173	(370)	18,320
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock units (in shares)		1
Exercise of options to purchase common stock (in shares)		3
Exercise of options to purchase common stock	13		13
Purchase of common stock under employee stock purchase plan	12		12
Stock-based compensation	149		149
Other comprehensive income (loss), net of tax	107			107
Repurchase of common stock (in shares)		(8)
Repurchase of common stock	(1,154)		(1,154)
Net (loss) income	$ (1,301)				(1,301)
Balance at end of period (in shares) at Jun. 30, 2023	381	381
Balance at end of period at Jun. 30, 2023	$ 16,949	$ 0	193	(263)	17,019
Balance at beginning of period (in shares) at Mar. 31, 2023		384
Balance at beginning of period at Mar. 31, 2023	18,863	$ 0	731	(267)	18,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)		1
Exercise of options to purchase common stock	4		4
Purchase of common stock under employee stock purchase plan	12		12
Stock-based compensation	74		74
Other comprehensive income (loss), net of tax	4			4
Repurchase of common stock (in shares)		(4)
Repurchase of common stock	(628)		(628)
Net (loss) income	$ (1,380)				(1,380)
Balance at end of period (in shares) at Jun. 30, 2023	381	381
Balance at end of period at Jun. 30, 2023	$ 16,949	$ 0	$ 193	$ (263)	$ 17,019

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net (loss) income	$ (1,301)	$ 5,854
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Stock-based compensation	149	94
Depreciation and amortization	170	155
Amortization/accretion of investments	(29)	29
Gain on equity investments, net	(17)	0
Deferred income taxes	(530)	(376)
Other non-cash items	(12)	15
Changes in assets and liabilities, net of acquisition of business:
Accounts receivable	1,153	484
Prepaid expenses and other assets	(142)	(324)
Inventory	234	(480)
Right-of-use assets, operating leases	(9)	20
Accounts payable	(187)	(56)
Accrued liabilities	(633)	305
Deferred revenue	(979)	(2,370)
Income taxes payable	(1)	(527)
Operating lease liabilities	12	(19)
Other liabilities	(18)	263
Net cash (used in) provided by operating activities	(2,140)	3,067
Investing activities
Purchases of marketable securities	(1,281)	(8,734)
Proceeds from maturities of marketable securities	3,264	1,409
Proceeds from sales of marketable securities	2,427	2,506
Purchases of property, plant and equipment	(347)	(219)
Acquisition of business, net of cash acquired	(85)	0
Investment in convertible notes and equity securities	(23)	(35)
Net cash provided by (used in) investing activities	3,955	(5,073)
Financing activities
Proceeds from issuance of common stock through equity plans	25	29
Repurchase of common stock	(1,154)	(1,921)
Changes in financing lease liabilities	(81)	(77)
Net cash used in financing activities	(1,210)	(1,969)
Net increase (decrease) in cash, cash equivalents and restricted cash	605	(3,975)
Cash, cash equivalents and restricted cash, beginning of year	3,217	6,860
Cash, cash equivalents and restricted cash, end of period	3,822	2,885
Non-cash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued liabilities	105	49
Right-of-use assets obtained through finance lease modifications and reassessments	50	0
Right-of-use assets obtained in exchange for financing lease liabilities	$ 0	$ 94

Description of the Business

Description of the Business	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	1. 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 a new class of medicines made of messenger RNA (mRNA). mRNA medicines are designed to direct the body’s cells to produce intracellular, membrane or secreted proteins that have a therapeutic or preventive benefit with the potential to address a broad spectrum of diseases. 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 diseases and cardiovascular diseases, independently and with our strategic collaborators. Our COVID-19 vaccine is our first commercial product and is marketed, where approved, under the name Spikevax ® . Our original vaccine, mRNA-1273, targeted the SARS-CoV-2 ancestral strain, and we have leveraged our mRNA platform to rapidly adapt our vaccine to emerging SARS-CoV-2 strains to provide protection as the virus evolves and regulatory guidance is updated. We have a diverse and extensive development pipeline of 45 development candidates across our 47 development programs, of which 39 are in clinical studies currently.

Summary of Basis of Presentatio

Summary of Basis of Presentation and Recent Accounting Standards	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Basis of Presentation and Recent Accounting Standards	2. 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, 2022 (2022 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 2022 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, 2023 are consistent with those described in our 2022 Form 10-K. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the operating results to be expected for the full fiscal year or future operating periods. Other revenue in the condensed consolidated statements of operations comprises grant revenue and collaboration revenue that were previously presented as separate line items in our consolidated statements of operations in our 2022 Form 10-K. The associated prior period amounts in the condensed consolidated financial statements, as well as in the notes thereto, have been reclassified to conform to the current presentation. 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 of deferred tax assets, inventory valuation, firm purchase commitment liabilities, pre-launch inventory, leases, fair value of financial instruments, derivative financial instruments, useful lives of property and equipment, research and development expenses, stock-based compensation, intangible assets and goodwill. The actual results that we experience may differ materially from our estimates. Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and other comprehensive income/loss for the period. Other comprehensive income/loss consists of unrealized gains/losses on our investments and derivatives designated as hedging instruments. Total comprehensive income (loss) for all periods presented has been disclosed in the condensed consolidated statements of comprehensive income (loss). The components of accumulated other comprehensive loss for the three and six months ended June 30, 2023 were as follows (in millions): Unrealized Gains on Available-for-Sale Debt Securities Net Unrealized Gains on Derivatives Designated As Hedging Instruments Total Accumulated other comprehensive loss, balance at December 31, 2022 $ (362) $ (8) $ (370) Other comprehensive income 95 8 103 Accumulated other comprehensive loss, balance at March 31, 2023 (267) — (267) Other comprehensive income 4 — 4 Accumulated other comprehensive loss, balance at June 30, 2023 $ (263) $ — $ (263) 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, 2023 2022 Cash and cash equivalents $ 3,801 $ 2,873 Restricted cash, non-current (1) 21 12 Total cash, cash equivalents and restricted cash shown in the condensed consolidated $ 3,822 $ 2,885 _______ (1) Included in other non-current assets in the condensed consolidated balance sheets. 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, 2023
Revenue from Contract with Customer [Abstract]
Product Sales	3. Product Sales Product sales are primarily associated with our COVID-19 vaccine supply agreements with the U.S. Government, other international governments and organizations. Product sales by customer geographic location were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 United States $ 2 $ 1,450 $ 3 $ 2,395 Europe 60 1,390 636 3,466 Rest of world 231 1,691 1,482 4,595 Total $ 293 $ 4,531 $ 2,121 $ 10,456 As of June 30, 2023, our COVID-19 vaccine was our only commercial product authorized for use. As of June 30, 2023 and December 31, 2022, we had deferred revenue of $1.7 billion and $2.6 billion, respectively, related to customer deposits. We expect $1.0 billion of our deferred revenue related to customer deposits as of June 30, 2023 to be realized in less than one year. Timing of product delivery, manufacturing, and receipt of marketing approval for our latest variant-targeted COVID-19 vaccine will determine the period in which product sales are recognized. 4. Other Revenue The following table summarizes other revenue for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Grant revenue $ 28 $ 183 $ 52 $ 309 Collaboration revenue 23 35 33 50 Total other revenue $ 51 $ 218 $ 85 $ 359 Grant Revenue 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 vaccines and therapeutics. As of June 30, 2023, we had earned the committed funding of $32 million. An additional $24 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. The agreement was amended subsequently in 2020, 2021 and 2022 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, adolescent clinical trials and pharmacovigilance studies. 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, 2023, the remaining available funding, net of revenue earned was $93 million. In January 2016, we entered a global health project framework agreement with the Bill & Melinda Gates Foundation (Gates Foundation) to advance mRNA development projects for various infectious diseases, including human immunodeficiency virus (HIV). As of June 30, 2023, the available funding, net of revenue earned was $4 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, 2023 2022 2023 2022 BARDA $ 24 $ 179 $ 44 $ 301 Other grant revenue 4 4 8 8 Total grant revenue $ 28 $ 183 $ 52 $ 309 Collaboration Revenue 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, 2023 and December 31, 2022, we had collaboration agreements with Merck & Co., Inc (Merck), Vertex Pharmaceuticals Incorporated and Vertex Pharmaceuticals (Europe) Limited (together, Vertex), AstraZeneca plc (AstraZeneca) and others. Please refer to our 2022 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 collaboration 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: 2023 2022 2023 2022 Vertex $ 22 $ 25 $ 32 $ 29 Merck — 5 — 15 AstraZeneca — 4 — 4 Other 1 1 1 2 Total collaboration revenue $ 23 $ 35 $ 33 $ 50

Other Revenue

Other Revenue	6 Months Ended
	Jun. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Other Revenue	3. Product Sales Product sales are primarily associated with our COVID-19 vaccine supply agreements with the U.S. Government, other international governments and organizations. Product sales by customer geographic location were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 United States $ 2 $ 1,450 $ 3 $ 2,395 Europe 60 1,390 636 3,466 Rest of world 231 1,691 1,482 4,595 Total $ 293 $ 4,531 $ 2,121 $ 10,456 As of June 30, 2023, our COVID-19 vaccine was our only commercial product authorized for use. As of June 30, 2023 and December 31, 2022, we had deferred revenue of $1.7 billion and $2.6 billion, respectively, related to customer deposits. We expect $1.0 billion of our deferred revenue related to customer deposits as of June 30, 2023 to be realized in less than one year. Timing of product delivery, manufacturing, and receipt of marketing approval for our latest variant-targeted COVID-19 vaccine will determine the period in which product sales are recognized. 4. Other Revenue The following table summarizes other revenue for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Grant revenue $ 28 $ 183 $ 52 $ 309 Collaboration revenue 23 35 33 50 Total other revenue $ 51 $ 218 $ 85 $ 359 Grant Revenue 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 vaccines and therapeutics. As of June 30, 2023, we had earned the committed funding of $32 million. An additional $24 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. The agreement was amended subsequently in 2020, 2021 and 2022 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, adolescent clinical trials and pharmacovigilance studies. 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, 2023, the remaining available funding, net of revenue earned was $93 million. In January 2016, we entered a global health project framework agreement with the Bill & Melinda Gates Foundation (Gates Foundation) to advance mRNA development projects for various infectious diseases, including human immunodeficiency virus (HIV). As of June 30, 2023, the available funding, net of revenue earned was $4 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, 2023 2022 2023 2022 BARDA $ 24 $ 179 $ 44 $ 301 Other grant revenue 4 4 8 8 Total grant revenue $ 28 $ 183 $ 52 $ 309 Collaboration Revenue 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, 2023 and December 31, 2022, we had collaboration agreements with Merck & Co., Inc (Merck), Vertex Pharmaceuticals Incorporated and Vertex Pharmaceuticals (Europe) Limited (together, Vertex), AstraZeneca plc (AstraZeneca) and others. Please refer to our 2022 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 collaboration 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: 2023 2022 2023 2022 Vertex $ 22 $ 25 $ 32 $ 29 Merck — 5 — 15 AstraZeneca — 4 — 4 Other 1 1 1 2 Total collaboration revenue $ 23 $ 35 $ 33 $ 50

Collaboration Agreements

Collaboration Agreements	6 Months Ended
	Jun. 30, 2023
Research and Development [Abstract]
Collaboration Agreements	5. Collaboration Agreements Generation Bio Co. In March 2023, we entered into a strategic collaboration and license agreement with Generation Bio Co. (GBIO). The collaboration aims to expand the application of each company’s platform by developing novel nucleic acid therapeutics, including those capable of reaching immune cells, to accelerate our respective pipelines of non-viral genetic medicines. Under the agreement, we have the option to license GBIO’s proprietary cell-targeted lipid nanoparticle (ctLNP) and closed-ended DNA (ceDNA) technology for two immune cell programs and two liver programs, with an additional option for either a third immune cell or liver program. We made an upfront payment to GBIO of $40 million, a prepayment of research funding of $8 million, plus a $36 million equity investment. We will fund all research and development activities under the research plans. We expensed, as research and development expense, the upfront payment of $40 million and the equity premium of $13 million, representing the difference between the equity investment of $36 million paid to GBIO and the fair value of the equity instrument acquired in the first quarter of 2023. Additionally, we recorded an equity investment of $23 million, representing the fair value at the closing date, as other non-current assets in our condensed consolidated balance sheet as of March 31, 2023. The equity investment in GBIO is subsequently remeasured and recorded at the quoted market price of GIBO common stock at the end of each reporting period. In addition to the GIBO collaboration agreement, 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 have occurred. In addition, we may be required to pay significant royalties on future sales if products related to these arrangements are commercialized.

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition	6. Acquisition On January 31, 2023, we acquired all outstanding shares of OriCiro Genomics K.K., a Japan-based, privately held biotech company primarily focused on cell-free DNA synthesis and amplification technologies, for $86 million in cash. With this acquisition, we obtained tools for cell-free synthesis and amplification of plasmid DNA, a key building block in mRNA manufacturing. OriCiro ’ s technology strategically complements our manufacturing process and further accelerates our research and development efforts. The acquisition was accounted for as a business combination requiring all assets acquired and liabilities assumed to be recognized at their fair value as of the acquisition date. Following the acquisition, OriCiro was renamed as Moderna Enzymatics. The following table summarizes the estimated fair values of assets acquired and liabilities assumed as of the acquisition date (in millions): January 31, 2023 Finite-lived intangible asset Developed technology $ 48 Deferred tax liabilities (15) Other assets and liabilities, net 1 Total identifiable net assets 34 Goodwill 52 Total consideration $ 86 The developed technology of $48 million represents the estimated fair value of the cell-free DNA synthesis and amplification technologies, as of the acquisition date. The fair value was determined by applying the cost saving method under the income approach, which is a valuation technique that provides an estimate of the fair value of an asset based on market participant expectations of the cash flows an asset would generate over its remaining useful life. To estimate the expected cash flows attributable to the development technology, it requires the use of Level 3 fair value measurements and inputs, including estimated expense savings and a discount rate that is based on the estimated weighted-average cost of capital for companies with profiles similar to ours and represents the estimated rate that market participants would use to value this intangible asset. The developed technology is being amortized on a straight-line basis over an estimated useful life of 12 years. The excess of the consideration over the fair values assigned to the assets acquired and the liabilities assumed of $52 million was recorded as goodwill, which is not deductible for tax purposes. The goodwill is primarily attributable to the expected synergies from the acquired technologies combining with our existing platform technologies and manufacturing capabilities. Our accounting for this acquisition is preliminary and will be finalized upon completion of our analysis to determine the acquisition date fair values of certain assets acquired, liabilities assumed and tax-related items as we obtain additional information during the measurement period of up to one year from the acquisition date.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Financial Instruments	7. Financial Instruments Cash and Cash Equivalents and Investments The following tables summarize our cash and available-for-sale securities by significant investment category as of June 30, 2023 and December 31, 2022 (in millions): June 30, 2023 Amortized Unrealized Unrealized Estimated Fair Value Cash and Current Non- Cash and cash equivalents $ 3,801 $ — $ — $ 3,801 $ 3,801 $ — $ — Available-for-sale: Certificates of deposit 11 — — 11 — 11 — U.S. treasury bills 196 — — 196 — 196 — U.S. treasury notes 5,786 — (157) 5,629 — 3,157 2,472 Corporate debt securities 4,949 — (170) 4,779 — 1,257 3,522 Government debt securities 156 — (8) 148 — 37 111 Total $ 14,899 $ — $ (335) $ 14,564 $ 3,801 $ 4,658 $ 6,105 December 31, 2022 Amortized Unrealized Unrealized Estimated Fair Value Cash and Current Non- Cash and cash equivalents $ 3,205 $ — $ — $ 3,205 $ 3,205 $ — $ — Available-for-sale: Certificates of deposit 188 — — 188 — 188 — U.S. treasury bills 767 — — 767 — 767 — U.S. treasury notes 7,781 — (229) 7,552 — 4,182 3,370 Corporate debt securities 6,595 — (226) 6,369 — 1,560 4,809 Government debt securities 148 — (9) 139 — — 139 Total $ 18,684 $ — $ (464) $ 18,220 $ 3,205 $ 6,697 $ 8,318 The amortized cost and estimated fair value of available-for-sale securities by contractual maturity as of June 30, 2023 and December 31, 2022 were as follows (in millions): June 30, 2023 Amortized Estimated Due in one year or less $ 4,751 $ 4,658 Due after one year through five years 6,347 6,105 Total $ 11,098 $ 10,763 December 31, 2022 Amortized Estimated Due in one year or less $ 6,792 $ 6,697 Due after one year through five years 8,687 8,318 Total $ 15,479 $ 15,015 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, 2023 and 2022. We did not record any credit-related allowance to available-for-sale securities as of June 30, 2023 and December 31, 2022. 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 as of June 30, 2023 and December 31, 2022 (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, 2023: U.S. treasury bills $ — $ 117 $ — $ — $ — $ 117 U.S. treasury notes (28) 1,358 (129) 4,272 (157) 5,630 Corporate debt securities (17) 874 (153) 3,779 (170) 4,653 Government debt securities (1) 46 (7) 102 (8) 148 Total $ (46) $ 2,395 $ (289) $ 8,153 $ (335) $ 10,548 As of December 31, 2022: U.S. treasury bills $ — $ 128 $ — $ — $ — $ 128 U.S. treasury notes (101) 3,956 (128) 3,541 (229) 7,497 Corporate debt securities (138) 3,505 (88) 1,890 (226) 5,395 Government debt securities (2) 46 (7) 93 (9) 139 Total $ (241) $ 7,635 $ (223) $ 5,524 $ (464) $ 13,159 As of June 30, 2023 and December 31, 2022, we held 467 and 582 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, 2023 and December 31, 2022 (in millions): Fair value at June 30, 2023 Fair Value Measurement Using Level 1 Level 2 Assets: Money market funds $ 2,767 $ 2,767 $ — Certificates of deposit 11 — 11 U.S. treasury bills 641 — 641 U.S. treasury notes 5,629 — 5,629 Corporate debt securities 5,200 — 5,200 Government debt securities 148 — 148 Equity investments (1) 77 77 — Derivative instruments ( Note 8 ) 6 — 6 Total $ 14,479 $ 2,844 $ 11,635 Liabilities: Derivative instruments ( Note 8 ) $ 1 $ — $ 1 Fair value at December 31, 2022 Fair Value Measurement Using Level 1 Level 2 Assets: Money market funds $ 1,079 $ 1,079 $ — Certificates of deposit 188 — 188 U.S. treasury bills 767 — 767 U.S. treasury notes 7,552 — 7,552 Corporate debt securities 6,369 — 6,369 Government debt securities 139 — 139 Derivative instruments ( Note 8 ) 6 — 6 Total $ 16,100 $ 1,079 $ 15,021 Liabilities: Derivative instruments ( Note 8 ) $ 32 $ — $ 32 _______ (1) Investments in publicly traded equity securities with readily determinable fair values are recorded at quoted market prices for identical securities, with changes in fair value recorded in other income (expense), net, in our condensed consolidated statements of operations. For the three and six months ended June 30, 2023, we recognized a net gain of $36 million and $17 million, respectively, on equity investments from changes in fair value of the securities. We did not have equity investments in publicly traded securities with readily determinable fair values during 2022. As of June 30, 2023 and December 31, 2022, 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.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	8. Derivative Financial Instruments We 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 and Japanese Yen 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 income (expense), net in our condensed consolidated statements of operations . We evaluate hedge effectiveness at the inception of the hedge prospectively, and on an ongoing 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 income (expense), net in our condensed consolidated statements of operations . As of June 30, 2023, we had no deferred gains or losses 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 cash, 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 income (expense), net in our condensed consolidated statements of operations. 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 income (expense), net in our condensed consolidated statements of operations. Total gross notional amount and fair value of our foreign currency derivatives were as follows (in millions): June 30, 2023 Notional Amount Fair Value Asset (1) Liability (2) Derivatives not designated as hedging instruments: Foreign currency forward contracts $ 691 $ 6 $ 1 Total derivatives $ 691 $ 6 $ 1 December 31, 2022 Notional Amount Fair Value Asset (1) Liability (2) Derivatives designated as cash flow hedging instruments: Foreign currency forward contracts $ 120 $ — $ 11 Derivatives not designated as hedging instruments: Foreign currency forward contracts 1,368 6 21 Total derivatives $ 1,488 $ 6 $ 32 _________ (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 (loss) for the three and six months ended June 30, 2023 and 2022 were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Derivatives in cash flow hedging relationships: Foreign currency forward contracts $ — $ 46 $ — $ 71 The effect of our foreign currency derivatives in our condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, Statement of Income Classification 2023 2022 2023 2022 Derivatives in cash flow hedging relationships: Foreign currency forward contracts Net gain (loss) reclassified from AOCI into income Product sales $ — $ 30 $ (8) $ 44 Derivatives not designated as hedging instruments: Foreign currency forward contracts Net realized and unrealized gain Other expense, net $ 33 $ 41 $ 49 $ 69

Inventory

Inventory	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventory	Inventory as of June 30, 2023 and December 31, 2022 consisted of the following (in millions): June 30, December 31, 2023 2022 Raw materials $ 507 $ 575 Work in progress 196 205 Finished goods 12 169 Total inventory $ 715 $ 949 Inventory, non-current (1) $ 723 $ 910 _______ (1) Consisted of raw materials with an anticipated consumption beyond one year. Inventory, non-current is included in other non-current assets in the condensed consolidated balance sheets. 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 operations. For the three and six months ended June 30, 2023, inventory write-downs were $464 million and $612 million, respectively. For the three and six months ended June 30, 2022, inventory write-downs were $499 million and $689 million, respectively. For the three and six months ended June 30, 2023, losses on firm purchase commitments were $75 million and $141 million, respectively. For the three and six months ended June 30, 2022, losses on firm purchase commitments were $184 million and $342 million, respectively. Inventory write-downs were mainly related to obsolete inventory due to shelf-life expiration and inventory in excess of expected demand. Losses on firm purchase commitments were primarily related to excess raw material purchase commitments that will expire before the anticipated consumption of those raw materials. These charges in 2023 were primarily driven by a continued shift in product demand to the latest variant-targeted COVID-19 vaccines and a decline in customer demand as the COVID-19 vaccine market continues to shift to an endemic seasonal market in 2023. As of June 30, 2023 and December 31, 2022, the accrued liability for losses on firm future purchase commitments in our condensed consolidated balance sheets was $220 million and $268 million, respectively. As of June 30, 2023 and December 31, 2022, we had inventory on hand of $1.4 billion and $1.9 billion, respectively. Our raw materials and work-in-progress inventory had variable shelf lives and were expected to be consumed over the next three years. The shelf life of our COVID-19 vaccine product is nine months. Pre-launch Inventory

Property, Plant and Equipment,

Property, Plant and Equipment, Net	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	10. Property, Plant and Equipment, Net Property, plant and equipment, net, as of June 30, 2023 and December 31, 2022 consisted of the following (in millions): June 30, December 31, 2023 2022 Land $ 32 $ 11 Manufacturing and laboratory equipment 307 284 Leasehold improvements 488 460 Furniture, fixtures and other 22 21 Computer equipment and software 46 38 Construction in progress 580 281 Right-of-use asset, financing ( Note 12 ) 1,631 1,581 Total 3,106 2,676 Less: Accumulated depreciation (826) (658) Property, plant and equipment, net $ 2,280 $ 2,018

Other Balance Sheet Components

Other Balance Sheet Components	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Balance Sheet Components	11. Other Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets, as of June 30, 2023 and December 31, 2022 consisted of the following (in millions): June 30, December 31, 2023 2022 Prepaid services $ 332 $ 216 Income tax receivable 288 10 Prepaid income taxes 214 187 Down payments to manufacturing vendors 77 229 Interest receivable 62 61 Down payments for materials and supplies 61 219 Tenant improvement allowance receivable 42 42 Collaboration receivable 41 11 Value added tax receivable 23 140 Convertible note receivable — 36 Other current assets 53 44 Prepaid expenses and other current assets $ 1,193 $ 1,195 Other Non-Current Assets Other non-current assets, as of June 30, 2023 and December 31, 2022 consisted of the following (in millions): June 30, December 31, 2023 2022 Inventory, non-current (1) $ 723 $ 910 Downpayments and prepayments, non-current 303 — Equity investments 119 42 Goodwill ( Note 6 ) 52 — Finite-lived intangible asset ( Note 6 ) 46 — Restricted cash 21 12 Other 26 24 Other non-current assets $ 1,290 $ 988 _______ (1) Consisted of raw materials with an anticipated consumption beyond one year. Accrued Liabilities Accrued liabilities, as of June 30, 2023 and December 31, 2022 consisted of the following (in millions): June 30, December 31, 2023 2022 Manufacturing $ 385 $ 400 Clinical trials 290 319 Loss on future firm purchase commitments (1) 220 268 Development operations 142 88 Other external goods and services 136 264 Compensation-related 126 190 Property, plant and equipment 70 5 Raw materials 62 316 Royalties 12 203 Other 47 48 Accrued liabilities $ 1,490 $ 2,101 ______ (1) Related to losses that are expected to arise from firm, non-cancellable, commitments for future raw material purchases ( Note 9 ). Other Current Liabilities Other current liabilities, as of June 30, 2023 and December 31, 2022 consisted of the following (in millions): June 30, December 31, 2023 2022 Lease liabilities - financing ( Note 12 ) $ 187 $ 161 Lease liabilities - operating ( Note 12 ) 34 35 Other 15 53 Other current liabilities $ 236 $ 249 Deferred Revenue The following table summarizes the activities in deferred revenue for the six months ended June 30, 2023 (in millions): December 31, 2022 Additions Deductions June 30, 2023 Product sales $ 2,626 $ 127 $ (1,085) $ 1,668 Grant revenue 4 — (2) 2 Collaboration revenue 81 13 (32) 62 Total deferred revenue $ 2,711 $ 140 $ (1,119) $ 1,732

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	12. Leases We 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 main 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. 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 292,000 square feet. Our Cambridge campus leases have expiry ranges from 2024 to 2029. All our Cambridge leases are classified as operating leases. We are also investing in a new Moderna Science Center (MSC) in Cambridge, Massachusetts to create a purpose-built space to support our next chapter of discovery (see Note 13 ). As of June 30, 2023 , we did not gain control of the underlying leased asset at the MSC, and therefore, we did not recognize the related right-of-use asset and lease liability on our condensed consolidated balance sheets. 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 December 2023. We have not elected to exercise this option. Moderna Technology Center Our MTC is comprised of three buildings, MTC South, MTC North and MTC East, totaling approximately 686,000 square feet. Our MTC leases expire in 2042 and we have the option to extend the term for three extension periods of five years each. All of our MTC leases are classified as finance leases. 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 2023 through 2026. As of June 30, 2023 and December 31, 2022, we had lease liabilities of $456 million and $440 million, respectively, related to the embedded leases. As of June 30, 2023 and December 31, 2022, we had right-of-use assets of $633 million and $639 million, respectively, related to the embedded leases. All our embedded leases are classified as finance leases. Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2023 and December 31, 2022 were as follows (in millions): June 30, December 31, 2023 2022 Assets: Right-of-use assets, operating, net (1) (2) $ 130 $ 121 Right-of-use assets, financing, net (3) (4) 1,076 1,150 Total $ 1,206 $ 1,271 Liabilities: Current: Operating lease liabilities (5) $ 34 $ 35 Financing lease liabilities (5) 187 161 Total current lease liabilities 221 196 Non-current: Operating lease liabilities, non-current 104 92 Financing lease liabilities, non-current 843 912 Total non-current lease liabilities 947 1,004 Total $ 1,168 $ 1,200 _______ (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, 2023, were as follows (in millions): Fiscal Year Operating Leases Financing Leases (1) 2023 (remainder of the year) $ 20 $ 126 2024 47 198 2025 20 130 2026 18 109 2027 19 23 Thereafter 48 1,097 Total minimum lease payments 172 1,683 Less amounts representing interest or imputed interest (34) (653) Present value of lease liabilities $ 138 $ 1,030 ______ (1) Includes certain optional lease term extensions, predominantly related to the MTC leases, which represent a total of $668 million of undiscounted future lease payments.
Leases	12. Leases We 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 main 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. 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 292,000 square feet. Our Cambridge campus leases have expiry ranges from 2024 to 2029. All our Cambridge leases are classified as operating leases. We are also investing in a new Moderna Science Center (MSC) in Cambridge, Massachusetts to create a purpose-built space to support our next chapter of discovery (see Note 13 ). As of June 30, 2023 , we did not gain control of the underlying leased asset at the MSC, and therefore, we did not recognize the related right-of-use asset and lease liability on our condensed consolidated balance sheets. 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 December 2023. We have not elected to exercise this option. Moderna Technology Center Our MTC is comprised of three buildings, MTC South, MTC North and MTC East, totaling approximately 686,000 square feet. Our MTC leases expire in 2042 and we have the option to extend the term for three extension periods of five years each. All of our MTC leases are classified as finance leases. 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 2023 through 2026. As of June 30, 2023 and December 31, 2022, we had lease liabilities of $456 million and $440 million, respectively, related to the embedded leases. As of June 30, 2023 and December 31, 2022, we had right-of-use assets of $633 million and $639 million, respectively, related to the embedded leases. All our embedded leases are classified as finance leases. Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2023 and December 31, 2022 were as follows (in millions): June 30, December 31, 2023 2022 Assets: Right-of-use assets, operating, net (1) (2) $ 130 $ 121 Right-of-use assets, financing, net (3) (4) 1,076 1,150 Total $ 1,206 $ 1,271 Liabilities: Current: Operating lease liabilities (5) $ 34 $ 35 Financing lease liabilities (5) 187 161 Total current lease liabilities 221 196 Non-current: Operating lease liabilities, non-current 104 92 Financing lease liabilities, non-current 843 912 Total non-current lease liabilities 947 1,004 Total $ 1,168 $ 1,200 _______ (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, 2023, were as follows (in millions): Fiscal Year Operating Leases Financing Leases (1) 2023 (remainder of the year) $ 20 $ 126 2024 47 198 2025 20 130 2026 18 109 2027 19 23 Thereafter 48 1,097 Total minimum lease payments 172 1,683 Less amounts representing interest or imputed interest (34) (653) Present value of lease liabilities $ 138 $ 1,030 ______ (1) Includes certain optional lease term extensions, predominantly related to the MTC leases, which represent a total of $668 million of undiscounted future lease payments.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. 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, 2023 and the year ended December 31, 2022, 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, 2023, we had $3.4 billion of non-cancelable purchase commitments related to raw materials and manufacturing agreements, which are expected to be paid through 2029. As of June 30, 2023, $220 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, 2023, we had $347 million o f non-c ancelable purchase commitments related to clinical services and other goods and services which are expected to be paid through 2039. 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. As of June 30, 2023, we had cancelable open purchase orders of $2.9 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 as of June 30, 2023, 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. In 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. In December 2022, we entered into a non-exclusive patent license agreement with the National Institute of Allergy and Infectious Diseases, an Institute or Center of the National Institutes of Health to license certain patent rights concerning stabilizing prefusion coronavirus spike proteins and the resulting stabilized proteins for use in COVID-19 vaccine products. Pursuant to the agreement, we have agreed to pay low single-digit royalties on future net sales, a minimum annual royalty payment, and certain contingent development, regulatory and commercial milestone payments on a licensed product-by-licensed product basis. For the three and six months ended June 30, 2023, we recognized $12 million and $98 million, respectively, of royalty expenses associated with our product sales. 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. These royalty expenses were recorded to cost of sales in our condensed consolidated statements of operations. 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 have not yet occurred as of June 30, 2023. Moderna Science Center In September 2021, we announced an investment in the development of the MSC in Cambridge, Massachusetts. The MSC is expected to integrate scientific and non-scientific spaces, including our principal executive offices, and is 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 are currently undergoing an approximately two-year building project. Following completion of 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 $1.0 billion non-cancellable rent payments for the initial lease term. We expect to begin a phased move-in process in the fourth quarter of 2023.

Stock-Based Compensation and Sh

Stock-Based Compensation and Share Repurchase Programs	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation and Share Repurchase Programs	14. Stock-Based Compensation and Share Repurchase Programs 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, 2023 and 2022 as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Options $ 34 $ 27 $ 70 $ 52 Restricted Common Stock (RSUs) and Performance Stock Units (PSUs) 37 22 74 39 Employee Stock Purchase Plan (ESPP) 3 1 5 3 Total $ 74 $ 50 $ 149 $ 94 Cost of sales $ 16 $ 13 $ 21 $ 21 Research and development 33 19 75 39 Selling, general and administrative 25 18 53 34 Total $ 74 $ 50 $ 149 $ 94 As of June 30, 2023, there was $743 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 3.0 years as of June 30, 2023. Share Repurchase Programs As of June 30, 2023, $1.7 billion of our Board of Directors’ authorization for repurchases of our common stock remains outstanding (the 2022 Repurchase Programs), with no expiration date. The timing and actual number of shares repurchased under the 2022 Repurchase Programs 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. The following table summarizes activity related to our share repurchase programs for the six months ended June 30, 2023 (in millions, except per share data): Six Months Ended June 30, 2023 Number of shares repurchased 8 Average price per share (1) $ 143.39 Aggregate purchase price $ 1,154 Remaining authorization at end of period $ 1,667 _______ (1) Average price paid per share includes related expenses and excise tax.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	15. 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, 2023 2022 2023 2022 (Loss) income before income taxes $ (1,749) $ 2,474 $ (2,054) $ 6,703 (Benefit from) provision for income taxes $ (369) $ 277 $ (753) $ 849 Effective tax rate 21.1 % 11.2 % 36.7 % 12.7 % The effective tax rate for the three months ended June 30, 2023 was consistent to the U.S. statutory tax rate. The effective tax rate for the six months ended June 30, 2023 was higher than the U.S. statutory rate, primarily due to international provisions of the Tax Cuts and Jobs Act and research and development credits. The effective tax rates for the three and six months ended June 30, 2023 also include a discrete benefit from stock-based compensation, a state deferred tax rate change and a valuation allowance release on a portion of its state tax attributes. The decreases in income tax expense for the three and six months ended June 30, 2023 were primarily due to decreases in pre-tax income. 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. On a periodic basis, we reassess any valuation allowances that we maintain on our deferred tax assets, and weigh positive and negative evidence to assess the recoverability of the deferred tax assets. As of the year ended December 31, 2022, we maintained a state valuation allowance of $155 million. For the three and six months ended June 30, 2023, we reassessed the state valuation allowance noting the increase in positive evidence, including investments in research and development and future profitability with increased market expansions in the United States. After assessing both the positive evidence and negative evidence, we determined it was more likely than not that we will realize a portion of the state tax attributes and released $50 million in 2023. We will continue to maintain a valuation allowance on certain state tax attributes that we expect to expire prior to utilization.

(Loss) Earnings per Share

(Loss) Earnings per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
(Loss) Earnings per Share	16. (Loss) Earnings per Share The computation of basic (loss) 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, 2023 and 2022 were calculated as follows (in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net (loss) income $ (1,380) $ 2,197 $ (1,301) $ 5,854 Denominator: Basic weighted-average common shares outstanding 381 396 383 399 Effect of dilutive securities — 23 — 24 Diluted weighted-average common shares outstanding 381 419 383 423 Basic EPS $ (3.62) $ 5.55 $ (3.39) $ 14.66 Diluted EPS $ (3.62) $ 5.24 $ (3.39) $ 13.85 Anti-dilutive potential common shares excluded from the EPS computation above 28 4 28 3

Summary of Basis of Presentat_2

Summary of Basis of Presentation and Recent Accounting Standards (Policies)	6 Months Ended
	Jun. 30, 2023
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, 2022 (2022 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 2022 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 of deferred tax assets, inventory valuation, firm purchase commitment liabilities, pre-launch inventory, leases, fair value of financial instruments, derivative financial instruments, useful lives of property and equipment, research and development expenses, stock-based compensation, intangible assets and goodwill. The actual results that we experience may differ materially from our estimates.
Comprehensive Income (Loss)	Comprehensive income (loss) includes net income (loss) and other comprehensive income/loss for the period. Other comprehensive income/loss consists of unrealized gains/losses on our investments and derivatives designated as hedging instruments. Total comprehensive income (loss) for all periods presented has been disclosed in the condensed consolidated statements of comprehensive income (loss).
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, 2023
Accounting Policies [Abstract]
Schedule of Components of Accumulated Other Comprehensive (Loss) Income	The components of accumulated other comprehensive loss for the three and six months ended June 30, 2023 were as follows (in millions): Unrealized Gains on Available-for-Sale Debt Securities Net Unrealized Gains on Derivatives Designated As Hedging Instruments Total Accumulated other comprehensive loss, balance at December 31, 2022 $ (362) $ (8) $ (370) Other comprehensive income 95 8 103 Accumulated other comprehensive loss, balance at March 31, 2023 (267) — (267) Other comprehensive income 4 — 4 Accumulated other comprehensive loss, balance at June 30, 2023 $ (263) $ — $ (263)
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, 2023 2022 Cash and cash equivalents $ 3,801 $ 2,873 Restricted cash, non-current (1) 21 12 Total cash, cash equivalents and restricted cash shown in the condensed consolidated $ 3,822 $ 2,885 _______ (1) Included in other non-current assets in the condensed consolidated balance sheets.
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, 2023 2022 Cash and cash equivalents $ 3,801 $ 2,873 Restricted cash, non-current (1) 21 12 Total cash, cash equivalents and restricted cash shown in the condensed consolidated $ 3,822 $ 2,885 _______ (1) Included in other non-current assets in the condensed consolidated balance sheets.

Product Sales (Tables)

Product Sales (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 2022 2023 2022 United States $ 2 $ 1,450 $ 3 $ 2,395 Europe 60 1,390 636 3,466 Rest of world 231 1,691 1,482 4,595 Total $ 293 $ 4,531 $ 2,121 $ 10,456

Other Revenue (Tables)

Other Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Schedule of Disaggregation of Revenue	The following table summarizes other revenue for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Grant revenue $ 28 $ 183 $ 52 $ 309 Collaboration revenue 23 35 33 50 Total other revenue $ 51 $ 218 $ 85 $ 359 The following table summarizes grant revenue for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 BARDA $ 24 $ 179 $ 44 $ 301 Other grant revenue 4 4 8 8 Total grant revenue $ 28 $ 183 $ 52 $ 309 The following table summarizes our total collaboration 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: 2023 2022 2023 2022 Vertex $ 22 $ 25 $ 32 $ 29 Merck — 5 — 15 AstraZeneca — 4 — 4 Other 1 1 1 2 Total collaboration revenue $ 23 $ 35 $ 33 $ 50

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the estimated fair values of assets acquired and liabilities assumed as of the acquisition date (in millions): January 31, 2023 Finite-lived intangible asset Developed technology $ 48 Deferred tax liabilities (15) Other assets and liabilities, net 1 Total identifiable net assets 34 Goodwill 52 Total consideration $ 86

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
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 as of June 30, 2023 and December 31, 2022 (in millions): June 30, 2023 Amortized Unrealized Unrealized Estimated Fair Value Cash and Current Non- Cash and cash equivalents $ 3,801 $ — $ — $ 3,801 $ 3,801 $ — $ — Available-for-sale: Certificates of deposit 11 — — 11 — 11 — U.S. treasury bills 196 — — 196 — 196 — U.S. treasury notes 5,786 — (157) 5,629 — 3,157 2,472 Corporate debt securities 4,949 — (170) 4,779 — 1,257 3,522 Government debt securities 156 — (8) 148 — 37 111 Total $ 14,899 $ — $ (335) $ 14,564 $ 3,801 $ 4,658 $ 6,105 December 31, 2022 Amortized Unrealized Unrealized Estimated Fair Value Cash and Current Non- Cash and cash equivalents $ 3,205 $ — $ — $ 3,205 $ 3,205 $ — $ — Available-for-sale: Certificates of deposit 188 — — 188 — 188 — U.S. treasury bills 767 — — 767 — 767 — U.S. treasury notes 7,781 — (229) 7,552 — 4,182 3,370 Corporate debt securities 6,595 — (226) 6,369 — 1,560 4,809 Government debt securities 148 — (9) 139 — — 139 Total $ 18,684 $ — $ (464) $ 18,220 $ 3,205 $ 6,697 $ 8,318
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 as of June 30, 2023 and December 31, 2022 were as follows (in millions): June 30, 2023 Amortized Estimated Due in one year or less $ 4,751 $ 4,658 Due after one year through five years 6,347 6,105 Total $ 11,098 $ 10,763 December 31, 2022 Amortized Estimated Due in one year or less $ 6,792 $ 6,697 Due after one year through five years 8,687 8,318 Total $ 15,479 $ 15,015
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 as of June 30, 2023 and December 31, 2022 (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, 2023: U.S. treasury bills $ — $ 117 $ — $ — $ — $ 117 U.S. treasury notes (28) 1,358 (129) 4,272 (157) 5,630 Corporate debt securities (17) 874 (153) 3,779 (170) 4,653 Government debt securities (1) 46 (7) 102 (8) 148 Total $ (46) $ 2,395 $ (289) $ 8,153 $ (335) $ 10,548 As of December 31, 2022: U.S. treasury bills $ — $ 128 $ — $ — $ — $ 128 U.S. treasury notes (101) 3,956 (128) 3,541 (229) 7,497 Corporate debt securities (138) 3,505 (88) 1,890 (226) 5,395 Government debt securities (2) 46 (7) 93 (9) 139 Total $ (241) $ 7,635 $ (223) $ 5,524 $ (464) $ 13,159
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, 2023 and December 31, 2022 (in millions): Fair value at June 30, 2023 Fair Value Measurement Using Level 1 Level 2 Assets: Money market funds $ 2,767 $ 2,767 $ — Certificates of deposit 11 — 11 U.S. treasury bills 641 — 641 U.S. treasury notes 5,629 — 5,629 Corporate debt securities 5,200 — 5,200 Government debt securities 148 — 148 Equity investments (1) 77 77 — Derivative instruments ( Note 8 ) 6 — 6 Total $ 14,479 $ 2,844 $ 11,635 Liabilities: Derivative instruments ( Note 8 ) $ 1 $ — $ 1 Fair value at December 31, 2022 Fair Value Measurement Using Level 1 Level 2 Assets: Money market funds $ 1,079 $ 1,079 $ — Certificates of deposit 188 — 188 U.S. treasury bills 767 — 767 U.S. treasury notes 7,552 — 7,552 Corporate debt securities 6,369 — 6,369 Government debt securities 139 — 139 Derivative instruments ( Note 8 ) 6 — 6 Total $ 16,100 $ 1,079 $ 15,021 Liabilities: Derivative instruments ( Note 8 ) $ 32 $ — $ 32 _______

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 Notional Amount Fair Value Asset (1) Liability (2) Derivatives not designated as hedging instruments: Foreign currency forward contracts $ 691 $ 6 $ 1 Total derivatives $ 691 $ 6 $ 1 December 31, 2022 Notional Amount Fair Value Asset (1) Liability (2) Derivatives designated as cash flow hedging instruments: Foreign currency forward contracts $ 120 $ — $ 11 Derivatives not designated as hedging instruments: Foreign currency forward contracts 1,368 6 21 Total derivatives $ 1,488 $ 6 $ 32 _________ (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 (loss) for the three and six months ended June 30, 2023 and 2022 were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Derivatives in cash flow hedging relationships: Foreign currency forward contracts $ — $ 46 $ — $ 71 The effect of our foreign currency derivatives in our condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, Statement of Income Classification 2023 2022 2023 2022 Derivatives in cash flow hedging relationships: Foreign currency forward contracts Net gain (loss) reclassified from AOCI into income Product sales $ — $ 30 $ (8) $ 44 Derivatives not designated as hedging instruments: Foreign currency forward contracts Net realized and unrealized gain Other expense, net $ 33 $ 41 $ 49 $ 69

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventory as of June 30, 2023 and December 31, 2022 consisted of the following (in millions): June 30, December 31, 2023 2022 Raw materials $ 507 $ 575 Work in progress 196 205 Finished goods 12 169 Total inventory $ 715 $ 949 Inventory, non-current (1) $ 723 $ 910 _______ (1) Consisted of raw materials with an anticipated consumption beyond one year. Inventory, non-current is included in other non-current assets in the condensed consolidated balance sheets.

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property, plant and equipment, net, as of June 30, 2023 and December 31, 2022 consisted of the following (in millions): June 30, December 31, 2023 2022 Land $ 32 $ 11 Manufacturing and laboratory equipment 307 284 Leasehold improvements 488 460 Furniture, fixtures and other 22 21 Computer equipment and software 46 38 Construction in progress 580 281 Right-of-use asset, financing ( Note 12 ) 1,631 1,581 Total 3,106 2,676 Less: Accumulated depreciation (826) (658) Property, plant and equipment, net $ 2,280 $ 2,018

Other Balance Sheet Components

Other Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 and December 31, 2022 consisted of the following (in millions): June 30, December 31, 2023 2022 Prepaid services $ 332 $ 216 Income tax receivable 288 10 Prepaid income taxes 214 187 Down payments to manufacturing vendors 77 229 Interest receivable 62 61 Down payments for materials and supplies 61 219 Tenant improvement allowance receivable 42 42 Collaboration receivable 41 11 Value added tax receivable 23 140 Convertible note receivable — 36 Other current assets 53 44 Prepaid expenses and other current assets $ 1,193 $ 1,195
Schedule of Other Non-Current Assets	Other Non-Current Assets Other non-current assets, as of June 30, 2023 and December 31, 2022 consisted of the following (in millions): June 30, December 31, 2023 2022 Inventory, non-current (1) $ 723 $ 910 Downpayments and prepayments, non-current 303 — Equity investments 119 42 Goodwill ( Note 6 ) 52 — Finite-lived intangible asset ( Note 6 ) 46 — Restricted cash 21 12 Other 26 24 Other non-current assets $ 1,290 $ 988 _______
Schedule of Accrued Liabilities	Accrued liabilities, as of June 30, 2023 and December 31, 2022 consisted of the following (in millions): June 30, December 31, 2023 2022 Manufacturing $ 385 $ 400 Clinical trials 290 319 Loss on future firm purchase commitments (1) 220 268 Development operations 142 88 Other external goods and services 136 264 Compensation-related 126 190 Property, plant and equipment 70 5 Raw materials 62 316 Royalties 12 203 Other 47 48 Accrued liabilities $ 1,490 $ 2,101 ______ (1) Related to losses that are expected to arise from firm, non-cancellable, commitments for future raw material purchases ( Note 9 ).
Schedule of Other Current Liabilities	Other current liabilities, as of June 30, 2023 and December 31, 2022 consisted of the following (in millions): June 30, December 31, 2023 2022 Lease liabilities - financing ( Note 12 ) $ 187 $ 161 Lease liabilities - operating ( Note 12 ) 34 35 Other 15 53 Other current liabilities $ 236 $ 249
Schedule of Deferred Revenue	The following table summarizes the activities in deferred revenue for the six months ended June 30, 2023 (in millions): December 31, 2022 Additions Deductions June 30, 2023 Product sales $ 2,626 $ 127 $ (1,085) $ 1,668 Grant revenue 4 — (2) 2 Collaboration revenue 81 13 (32) 62 Total deferred revenue $ 2,711 $ 140 $ (1,119) $ 1,732

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Assets and Liabilities, Lessee	Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2023 and December 31, 2022 were as follows (in millions): June 30, December 31, 2023 2022 Assets: Right-of-use assets, operating, net (1) (2) $ 130 $ 121 Right-of-use assets, financing, net (3) (4) 1,076 1,150 Total $ 1,206 $ 1,271 Liabilities: Current: Operating lease liabilities (5) $ 34 $ 35 Financing lease liabilities (5) 187 161 Total current lease liabilities 221 196 Non-current: Operating lease liabilities, non-current 104 92 Financing lease liabilities, non-current 843 912 Total non-current lease liabilities 947 1,004 Total $ 1,168 $ 1,200 _______ (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, 2023, were as follows (in millions): Fiscal Year Operating Leases Financing Leases (1) 2023 (remainder of the year) $ 20 $ 126 2024 47 198 2025 20 130 2026 18 109 2027 19 23 Thereafter 48 1,097 Total minimum lease payments 172 1,683 Less amounts representing interest or imputed interest (34) (653) Present value of lease liabilities $ 138 $ 1,030 ______ (1) Includes certain optional lease term extensions, predominantly related to the MTC leases, which represent a total of $668 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, 2023, were as follows (in millions): Fiscal Year Operating Leases Financing Leases (1) 2023 (remainder of the year) $ 20 $ 126 2024 47 198 2025 20 130 2026 18 109 2027 19 23 Thereafter 48 1,097 Total minimum lease payments 172 1,683 Less amounts representing interest or imputed interest (34) (653) Present value of lease liabilities $ 138 $ 1,030 ______ (1) Includes certain optional lease term extensions, predominantly related to the MTC leases, which represent a total of $668 million of undiscounted future lease payments.

Stock-Based Compensation and _2

Stock-Based Compensation and Share Repurchase Programs (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 and 2022 as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Options $ 34 $ 27 $ 70 $ 52 Restricted Common Stock (RSUs) and Performance Stock Units (PSUs) 37 22 74 39 Employee Stock Purchase Plan (ESPP) 3 1 5 3 Total $ 74 $ 50 $ 149 $ 94 Cost of sales $ 16 $ 13 $ 21 $ 21 Research and development 33 19 75 39 Selling, general and administrative 25 18 53 34 Total $ 74 $ 50 $ 149 $ 94
Summary of Share Repurchase Program	The following table summarizes activity related to our share repurchase programs for the six months ended June 30, 2023 (in millions, except per share data): Six Months Ended June 30, 2023 Number of shares repurchased 8 Average price per share (1) $ 143.39 Aggregate purchase price $ 1,154 Remaining authorization at end of period $ 1,667 _______ (1) Average price paid per share includes related expenses and excise tax.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 2022 2023 2022 (Loss) income before income taxes $ (1,749) $ 2,474 $ (2,054) $ 6,703 (Benefit from) provision for income taxes $ (369) $ 277 $ (753) $ 849 Effective tax rate 21.1 % 11.2 % 36.7 % 12.7 %

(Loss) Earnings per Share (Tabl

(Loss) Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net (Loss) Earnings per Share Attributable to Common Stockholders	Basic and diluted EPS for the three and six months ended June 30, 2023 and 2022 were calculated as follows (in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net (loss) income $ (1,380) $ 2,197 $ (1,301) $ 5,854 Denominator: Basic weighted-average common shares outstanding 381 396 383 399 Effect of dilutive securities — 23 — 24 Diluted weighted-average common shares outstanding 381 419 383 423 Basic EPS $ (3.62) $ 5.55 $ (3.39) $ 14.66 Diluted EPS $ (3.62) $ 5.24 $ (3.39) $ 13.85 Anti-dilutive potential common shares excluded from the EPS computation above 28 4 28 3

Description of Business (Detail

Description of Business (Details)	Jun. 30, 2023 candidate developmentProgram
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of development candidates | candidate	45
Number of development programs	47
Number of development programs under clinical studies	39

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, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 18,863	$ 19,123	$ 17,075	$ 19,123	$ 14,145
Other comprehensive income	4	103	(56)	107	(216)
Balance at end of period	16,949	18,863	17,985	16,949	17,985
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(267)	(370)	(184)	(370)	(24)
Other comprehensive income	4		(56)	107	(216)
Balance at end of period	(263)	(267)	$ (240)	(263)	$ (240)
Unrealized Gains on Available-for-Sale Debt Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(267)	(362)		(362)
Other comprehensive income	4	95
Balance at end of period	(263)	(267)		(263)
Net Unrealized Gains on Derivatives Designated As Hedging Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	0	(8)		(8)
Other comprehensive income	0	8
Balance at end of period	$ 0	$ 0		$ 0

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, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 3,801	$ 3,205	$ 2,873
Restricted cash, non-current	21		12
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 3,822	$ 3,217	$ 2,885	$ 6,860

Product Sales (Details)

Product Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 344	$ 4,749	$ 2,206	$ 10,815
Deferred revenue	1,732		1,732		$ 2,711
Product sales
Disaggregation of Revenue [Line Items]
Total revenue	293	4,531	2,121	10,456
Deferred revenue	1,668		1,668		$ 2,626
Remaining performance obligations	1,000		1,000
United States | Product sales
Disaggregation of Revenue [Line Items]
Total revenue	2	1,450	3	2,395
Europe | Product sales
Disaggregation of Revenue [Line Items]
Total revenue	60	1,390	636	3,466
Rest of world | Product sales
Disaggregation of Revenue [Line Items]
Total revenue	$ 231	$ 1,691	$ 1,482	$ 4,595

Other Revenue - Schedule of Dis

Other Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 344	$ 4,749	$ 2,206	$ 10,815
Grant revenue
Disaggregation of Revenue [Line Items]
Total revenue	28	183	52	309
Grant revenue | BARDA
Disaggregation of Revenue [Line Items]
Total revenue	24	179	44	301
Grant revenue | Other grant revenue
Disaggregation of Revenue [Line Items]
Total revenue	4	4	8	8
Collaboration revenue
Disaggregation of Revenue [Line Items]
Total revenue	23	35	33	50
Collaboration revenue | Vertex
Disaggregation of Revenue [Line Items]
Total revenue	22	25	32	29
Collaboration revenue | Merck
Disaggregation of Revenue [Line Items]
Total revenue	0	5	0	15
Collaboration revenue | AstraZeneca
Disaggregation of Revenue [Line Items]
Total revenue	0	4	0	4
Collaboration revenue | Other
Disaggregation of Revenue [Line Items]
Total revenue	1	1	1	2
Total other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 51	$ 218	$ 85	$ 359

Other Revenue - Narrative (Deta

Other Revenue - Narrative (Details) $ in Millions	1 Months Ended		39 Months Ended
	Sep. 30, 2020 USD ($)	Apr. 30, 2020 USD ($) participant	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Number of participants | participant		30,000
Contract option exercised			$ 1,732	$ 2,711
DARPA
Disaggregation of Revenue [Line Items]
Award amount	$ 56
DARPA | Contract options
Disaggregation of Revenue [Line Items]
Amount committed for funding			32
Available funding			24
BARDA
Disaggregation of Revenue [Line Items]
Award amount		$ 483	1,700
Amount committed for funding			93
The Bill & Melinda Gates Foundation | Initial project
Disaggregation of Revenue [Line Items]
Available funding			4
Contract option exercised			$ 80

Collaboration Agreements (Detai

Collaboration Agreements (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Equity method investments		$ 119	$ 42
GBIO | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Upfront payment	$ 40
Prepayment research funding	8
Equity method investments	36
Difference between carrying amount and equity	13
Equity method investments, fair value disclosure	$ 23

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - OriCiro Genomics KK $ in Millions	Jan. 31, 2023 USD ($)
Business Acquisition [Line Items]
Payment to acquire business	$ 86
Goodwill expected tax deductible amount	52
Developed technology
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 48
Finite-lived intangible asset, useful life	12 years

Acquisition - Schedule of Estim

Acquisition - Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jan. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 52		$ 0
OriCiro Genomics KK
Business Acquisition [Line Items]
Deferred tax liabilities		$ (15)
Other assets and liabilities, net		1
Total identifiable net assets		34
Goodwill		52
Total consideration		86
OriCiro Genomics KK | Developed technology
Business Acquisition [Line Items]
Finite-lived intangible asset		$ 48

Financial Instruments - Summary

Financial Instruments - Summary of Cash and Available-for-Sale Securities by Significant Investment Category (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 11,098	$ 15,479
Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,899	18,684
Unrealized Gains	0	0
Unrealized Losses	(335)	(464)
Estimated Fair Value	14,564	18,220
Cash and cash equivalents | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	3,801	3,205
Current Marketable Securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	4,658	6,697
Non- Current Marketable Securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	6,105	8,318
Cash and cash equivalents | Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,801	3,205
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	3,801	3,205
Cash and cash equivalents | Cash and cash equivalents | Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	3,801	3,205
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	11	188
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	11	188
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	11	188
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	196	767
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	196	767
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	196	767
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	5,786	7,781
Unrealized Gains	0	0
Unrealized Losses	(157)	(229)
Estimated Fair Value	5,629	7,552
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	3,157	4,182
U.S. treasury notes | Non- Current Marketable Securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	2,472	3,370
Corporate debt securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,949	6,595
Unrealized Gains	0	0
Unrealized Losses	(170)	(226)
Estimated Fair Value	4,779	6,369
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	1,257	1,560
Corporate debt securities | Non- Current Marketable Securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	3,522	4,809
Government debt securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	156	148
Unrealized Gains	0	0
Unrealized Losses	(8)	(9)
Estimated Fair Value	148	139
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	37	0
Government debt securities | Non- Current Marketable Securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 111	$ 139

Financial Instruments - Amortiz

Financial Instruments - Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less	$ 4,751	$ 6,792
Due after one year through five years	6,347	8,687
Amortized Cost	11,098	15,479
Estimated Fair Value
Due in one year or less	4,658	6,697
Due after one year through five years	6,105	8,318
Total	$ 10,763	$ 15,015

Financial Instruments - Narrati

Financial Instruments - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) security	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) security	Jun. 30, 2022 USD ($)	Dec. 31, 2022 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	467		467		582
Net gain on equity investments	$ 36,000,000		$ 17,000,000
Equity securities without readily determinable fair value, amount	$ 42,000,000		$ 42,000,000		$ 42,000,000

Financial Instruments - Unreali

Financial Instruments - Unrealized Loss Position (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	$ (46)	$ (241)
Estimate fair value, less than 12 months	2,395	7,635
Gross unrealized losses, 12 months or more	(289)	(223)
Estimated fair value, 12 months or more	8,153	5,524
Gross unrealized losses, total	(335)	(464)
Estimated fair value, total	10,548	13,159
U.S. treasury bills
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	0	0
Estimate fair value, less than 12 months	117	128
Gross unrealized losses, 12 months or more	0	0
Estimated fair value, 12 months or more	0	0
Gross unrealized losses, total	0	0
Estimated fair value, total	117	128
U.S. treasury notes
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	(28)	(101)
Estimate fair value, less than 12 months	1,358	3,956
Gross unrealized losses, 12 months or more	(129)	(128)
Estimated fair value, 12 months or more	4,272	3,541
Gross unrealized losses, total	(157)	(229)
Estimated fair value, total	5,630	7,497
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	(17)	(138)
Estimate fair value, less than 12 months	874	3,505
Gross unrealized losses, 12 months or more	(153)	(88)
Estimated fair value, 12 months or more	3,779	1,890
Gross unrealized losses, total	(170)	(226)
Estimated fair value, total	4,653	5,395
Government debt securities
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	(1)	(2)
Estimate fair value, less than 12 months	46	46
Gross unrealized losses, 12 months or more	(7)	(7)
Estimated fair value, 12 months or more	102	93
Gross unrealized losses, total	(8)	(9)
Estimated fair value, total	$ 148	$ 139

Financial Instruments - Financi

Financial Instruments - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Derivative instruments (Note 8)	$ 6	$ 6
Derivative instruments (Note 8)	1	32
Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	14,564	18,220
Certificates of deposit | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	11	188
U.S. treasury bills | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	196	767
U.S. treasury notes | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	5,629	7,552
Corporate debt securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	4,779	6,369
Government debt securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	148	139
Fair Value, Recurring
Debt Securities, Available-for-sale [Line Items]
Derivative instruments (Note 8)	6	6
Total	14,479	16,100
Derivative instruments (Note 8)	1	32
Fair Value, Recurring | Level 1
Debt Securities, Available-for-sale [Line Items]
Derivative instruments (Note 8)	0	0
Total	2,844	1,079
Derivative instruments (Note 8)	0	0
Fair Value, Recurring | Level 2
Debt Securities, Available-for-sale [Line Items]
Derivative instruments (Note 8)	6	6
Total	11,635	15,021
Derivative instruments (Note 8)	1	32
Fair Value, Recurring | Money market funds
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	2,767	1,079
Fair Value, Recurring | Money market funds | Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	2,767	1,079
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	11	188
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	11	188
Fair Value, Recurring | U.S. treasury bills
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	641	767
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	641	767
Fair Value, Recurring | U.S. treasury notes
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	5,629	7,552
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	5,629	7,552
Fair Value, Recurring | Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	5,200	6,369
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	5,200	6,369
Fair Value, Recurring | Government debt securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	148	139
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	148	$ 139
Fair Value, Recurring | Equity investments
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	77
Fair Value, Recurring | Equity investments | Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	77
Fair Value, Recurring | Equity investments | Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 0

Derivative Financial Instrume_3

Derivative Financial Instruments - Cash Flow Hedges (Details)	6 Months Ended
	Jun. 30, 2023 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	$ 0

Derivative Financial Instrume_4

Derivative Financial Instruments - Balance Sheet Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 691		$ 691		$ 1,488
Derivative assets	6		6		6
Derivative liability	$ 1		$ 1		$ 32
Derivative asset, statement of financial position [extensible enumeration]	Prepaid expenses and other current assets		Prepaid expenses and other current assets		Prepaid expenses and other current assets
Unrealized gains on derivative instruments	$ 0	$ 46	$ 0	$ 71
Net gain (loss) reclassified from AOCI into income	0	30	(8)	44
Foreign currency forward contracts | Product sales
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net gain (loss) reclassified from AOCI into income	0	30	(8)	44
Foreign currency forward contracts | Other expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net realized and unrealized gain	33	$ 41	49	$ 69
Foreign currency forward contracts | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount					$ 120
Derivative assets					0
Derivative liability					11
Foreign currency forward contracts | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	691		691		1,368
Derivative assets	6		6		6
Derivative liability	$ 1		$ 1		$ 21

Inventory - Schedule of Invento

Inventory - Schedule of Inventory, Current (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 507	$ 575
Work in progress	196	205
Finished goods	12	169
Total inventory	715	949
Inventory, non-current	$ 723	$ 910

Inventory - Narrative (Details)

Inventory - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventory write-down	$ 464	$ 499	$ 612	$ 689
Inventory, firm purchase commitment, loss	75	$ 184	141	$ 342
Loss on future firm purchase commitments	220		220		$ 268
Inventory, gross	1,400		1,400		$ 1,900
Other inventory, capitalized costs	$ 183		$ 183

Property, Plant and Equipment_3

Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,106		$ 3,106	$ 2,676
Less: Accumulated depreciation	(826)		(826)	(658)
Property, plant and equipment, net	2,280		2,280	2,018
Depreciation and amortization	90	$ 76	168
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	32		32	11
Manufacturing and laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	307		307	284
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	488		488	460
Furniture, fixtures and other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	22		22	21
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	46		46	38
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	580		580	281
Right of use of asset, financing
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,631		$ 1,631	$ 1,581

Other Balance Sheet Component_2

Other Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid services	$ 332	$ 216
Income tax receivable	288	10
Prepaid income taxes	214	187
Down payments to manufacturing vendors	77	229
Interest receivable	62	61
Down payments for materials and supplies	61	219
Tenant improvement allowance receivable	42	42
Collaboration receivable	41	11
Value added tax receivable	23	140
Convertible note receivable	0	36
Other current assets	53	44
Prepaid expenses and other current assets	$ 1,193	$ 1,195

Other Balance Sheet Component_3

Other Balance Sheet Components - Other Non-Current Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Inventory, non-current	$ 723	$ 910
Downpayments and prepayments, non-current	303	0
Equity method investments	119	42
Goodwill (Note 6)	52	0
Finite-lived intangible asset (Note 6)	46	0
Restricted cash	21	12
Other	26	24
Other non-current assets	$ 1,290	$ 988

Other Balance Sheet Component_4

Other Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Manufacturing	$ 385	$ 400
Clinical trials	290	319
Loss on future firm purchase commitments	220	268
Development operations	142	88
Other external goods and services	136	264
Compensation-related	126	190
Property, plant and equipment	70	5
Raw materials	62	316
Royalties	12	203
Other	47	48
Accrued liabilities	$ 1,490	$ 2,101

Other Balance Sheet Component_5

Other Balance Sheet Components - Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Lease liabilities - financing	$ 187	$ 161
Lease liabilities - operating	34	35
Other	15	53
Other current liabilities	$ 236	$ 249

Other Balance Sheet Component_6

Other Balance Sheet Components - Deferred Revenue (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	$ 2,711
Additions	140
Deductions	(1,119)
Ending balance	1,732
Product sales
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	2,626
Additions	127
Deductions	(1,085)
Ending balance	1,668
Grant revenue
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	4
Additions	0
Deductions	(2)
Ending balance	2
Collaboration revenue
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	81
Additions	13
Deductions	(32)
Ending balance	$ 62

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands, $ in Millions	Jun. 30, 2023 USD ($) ft² numberOfBuilding numberOfExtensionPeriod campus	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Number of campuses | campus	2
Present value of lease liabilities	$ 138
Right-of-use assets, operating leases	130	$ 121
Embedded Leases
Lessee, Lease, Description [Line Items]
Present value of lease liabilities	456	440
Right-of-use assets, operating leases	$ 633	$ 639
MTC South, MTC North and MTC East
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) | ft²	686
Finance lease, number of properties | numberOfBuilding	3
Number of extension | numberOfExtensionPeriod	3
Extension term	5 years
Cambridge leases
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) | ft²	292

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Right-of-use assets, operating, net	$ 130	$ 121
Right-of-use assets, financing, net	1,076	1,150
Total	1,206	1,271
Operating lease liabilities, current	34	35
Financing lease liabilities, current	187	161
Total current lease liabilities	221	196
Operating lease liabilities, non-current	104	92
Financing lease liabilities, non-current	843	912
Total non-current lease liabilities	947	1,004
Total	$ 1,168	$ 1,200
Finance lease, right-of-use asset, statement of financial position [extensible list]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
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, 2023 USD ($)
Operating Leases
2023 (remainder of the year)	$ 20
2024	47
2025	20
2026	18
2027	19
Thereafter	48
Total minimum lease payments	172
Less amounts representing interest or imputed interest	(34)
Present value of lease liabilities	138
Financing Leases
2023 (remainder of the year)	126
2024	198
2025	130
2026	109
2027	23
Thereafter	1,097
Total minimum lease payments	1,683
Less amounts representing interest or imputed interest	(653)
Present value of lease liabilities	1,030
Lessee, Lease, Description [Line Items]
Undiscounted future lease payments	34
MTC South, MTC North and MTC East | Norwood leases
Operating Leases
Less amounts representing interest or imputed interest	(668)
Lessee, Lease, Description [Line Items]
Undiscounted future lease payments	$ 668

Commitments and Contingencies -

Commitments and Contingencies - Indemnification Obligations (Details) - Indemnification	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) claim	Jun. 30, 2023 USD ($) claim	Dec. 31, 2022 USD ($) claim
Loss Contingencies [Line Items]
Losses related to indemnification obligations	$ 0	$ 0	$ 0
Number of claims outstanding | claim	0	0	0
Reserves established	$ 0	$ 0	$ 0

Commitments and Contingencies_2

Commitments and Contingencies - Purchase Commitments and Purchase Orders (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Loss on future firm purchase commitments	$ 220	$ 268
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	347
Clinical operations and support commitment
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitments	$ 2,900

Commitments and Contingencies_3

Commitments and Contingencies - Licenses to Patented Technology (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Consideration paid	$ 12	$ 157	$ 98	$ 364

Commitments and Contingencies_4

Commitments and Contingencies - Moderna Science Centre (Details) ft² in Thousands, $ in Millions	1 Months Ended
	Sep. 30, 2021 USD ($) ft² numberOfOption	Jun. 30, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Additional payment		$ 172
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	$ 1,000

Stock-Based Compensation and _3

Stock-Based Compensation and Share Repurchase Programs - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 74	$ 50	$ 149	$ 94
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	16	13	21	21
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	33	19	75	39
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	25	18	53	34
Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	34	27	70	52
Restricted Common Stock (RSUs) and Performance Stock Units (PSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	37	22	74	39
Employee Stock Purchase Plan (ESPP)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3	$ 1	$ 5	$ 3

Stock-Based Compensation and _4

Stock-Based Compensation and Share Repurchase Programs - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to non-vested stock-based compensation	$ 743
Weighted-average period of cost expected to be recognized	3 years
2022 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount for share repurchase program	$ 1,700

Stock-Based Compensation and _5

Stock-Based Compensation and Share Repurchase Programs - Share Repurchase Program (Details) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of shares repurchased (in shares) | shares	8
Average price per share (in usd per share) | $ / shares	$ 143.39
Aggregate purchase price	$ 1,154
Remaining authorized at end of period	$ 1,667

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
(Loss) income before income taxes	$ (1,749)	$ 2,474	$ (2,054)	$ 6,703
(Benefit from) provision for income taxes	$ (369)	$ 277	$ (753)	$ 849
Effective tax rate	21.10%	11.20%	36.70%	12.70%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - State - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Valuation allowance on deferred tax assets		$ 155
Decrease in valuation allowance	$ 50

(Loss) Earnings per Share - Bas

(Loss) 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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net (loss) income	$ (1,380)	$ 2,197	$ (1,301)	$ 5,854
Denominator:
Basic weighted-average common shares outstanding (in shares)	381	396	383	399
Effect of dilutive securities (in shares)	0	23	0	24
Diluted weighted-average common shares outstanding (in shares)	381	419	383	423
Basic EPS (in usd per share)	$ (3.62)	$ 5.55	$ (3.39)	$ 14.66
Diluted EPS (in usd per share)	$ (3.62)	$ 5.24	$ (3.39)	$ 13.85
Anti-dilutive potential common shares excluded from the EPS computation above (in shares)	28	4	28	3