Moderna (MRNA) 10-Q1 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	325 Binney Street
Entity Address, City or Town	Cambridge,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
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		384,396,030
Amendment Flag	false
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,478	$ 2,907
Investments	6,010	5,697
Accounts receivable, net	163	892
Inventory	399	202
Prepaid expenses and other current assets	611	627
Total current assets	9,661	10,325
Investments, non-current	2,326	4,677
Property, plant and equipment, net	2,196	1,945
Right-of-use assets, operating leases	775	713
Deferred tax assets	81	81
Other non-current assets	641	685
Total assets	15,680	18,426
Current liabilities:
Accounts payable	279	520
Accrued liabilities	1,333	1,798
Deferred revenue	702	568
Income taxes payable	7	63
Other current liabilities	42	66
Total current liabilities	2,363	3,015
Deferred revenue, non-current	95	83
Operating lease liabilities, non-current	668	643
Financing lease liabilities, non-current	576	575
Other non-current liabilities	266	256
Total liabilities	3,968	4,572
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, par value $0.0001; 162 shares authorized as of June 30, 2024 and December 31, 2023; no shares issued or outstanding at June 30, 2024 and December 31, 2023	0	0
Common stock, par value $0.0001; 1,600 shares authorized as of June 30, 2024 and December 31, 2023; 384 and 382 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	631	371
Accumulated other comprehensive loss	(71)	(123)
Retained earnings	11,152	13,606
Total stockholders’ equity	11,712	13,854
Total liabilities and stockholders’ equity	$ 15,680	$ 18,426

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	384,000,000	382,000,000
Common stock, shares, outstanding (in shares)	384,000,000	382,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Total revenue	$ 241	$ 344	$ 408	$ 2,206
Operating expenses:
Cost of sales	115	731	211	1,523
Research and development	1,221	1,148	2,284	2,279
Selling, general and administrative	268	332	542	637
Total operating expenses	1,604	2,211	3,037	4,439
Loss from operations	(1,363)	(1,867)	(2,629)	(2,233)
Interest income	111	104	231	213
Other (expense) income, net	(27)	14	(46)	(34)
Loss before income taxes	(1,279)	(1,749)	(2,444)	(2,054)
Provision for (benefit from) income taxes	0	(369)	10	(753)
Net loss	$ (1,279)	$ (1,380)	$ (2,454)	$ (1,301)
Net loss per share:
Basic (in usd per share)	$ (3.33)	$ (3.62)	$ (6.41)	$ (3.39)
Diluted (in usd per share)	$ (3.33)	$ (3.62)	$ (6.41)	$ (3.39)
Weighted average common shares used in calculation of net loss per share:
Basic (in shares)	384	381	383	383
Diluted (in shares)	384	381	383	383
Net product sales
Revenue:
Total revenue	$ 184	$ 293	$ 351	$ 2,121
Other revenue
Revenue:
Total revenue	$ 57	$ 51	$ 57	$ 85

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (1,279)	$ (1,380)	$ (2,454)	$ (1,301)
Available-for-sale securities:
Unrealized gains (losses) on available-for-sale debt securities	29	(10)	49	69
Less: net realized losses on available-for-sale securities reclassified in net loss	1	14	3	30
Net increase from available-for-sale debt securities	30	4	52	99
Cash flow hedges:
Less: net realized losses on derivative instruments reclassified in net loss	0	0	0	8
Net increase from derivatives designated as hedging instruments	0	0	0	8
Total other comprehensive income	30	4	52	107
Comprehensive loss	$ (1,249)	$ (1,376)	$ (2,402)	$ (1,194)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ 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, 2022		385,000,000
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 (in shares)		1,000,000
Exercise of options to purchase common stock (in shares)		3,000,000
Exercise of options to purchase common stock	13		13
Issuance of common stock under employee stock purchase plan	12		12
Stock-based compensation	149		149
Other comprehensive income (loss), net of tax	107			107
Stock repurchased during period (in shares)		(8,000,000)
Repurchase of common stock	(1,154)		(1,154)
Net loss	(1,301)				(1,301)
Balance at end of period (in shares) at Jun. 30, 2023		381,000,000
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		384,000,000
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)		1,000,000
Exercise of options to purchase common stock	4		4
Issuance of common stock under employee stock purchase plan	12		12
Stock-based compensation	74		74
Other comprehensive income (loss), net of tax	4			4
Stock repurchased during period (in shares)		(4,000,000)
Repurchase of common stock	(628)		(628)
Net loss	(1,380)				(1,380)
Balance at end of period (in shares) at Jun. 30, 2023		381,000,000
Balance at end of period at Jun. 30, 2023	$ 16,949	$ 0	193	(263)	17,019
Balance at beginning of period (in shares) at Dec. 31, 2023	382,000,000	382,000,000
Balance at beginning of period at Dec. 31, 2023	$ 13,854	$ 0	371	(123)	13,606
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss), net of tax	22
Balance at end of period (in shares) at Mar. 31, 2024		383,000,000
Balance at end of period at Mar. 31, 2024	$ 12,817	$ 0	487	(101)	12,431
Balance at beginning of period (in shares) at Dec. 31, 2023	382,000,000	382,000,000
Balance at beginning of period at Dec. 31, 2023	$ 13,854	$ 0	371	(123)	13,606
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock (in shares)		1,000,000
Exercise of options to purchase common stock (in shares)		1,000,000
Exercise of options to purchase common stock	37		37
Issuance of common stock under employee stock purchase plan	10		10
Stock-based compensation	213		213
Other comprehensive income (loss), net of tax	$ 52			52
Stock repurchased during period (in shares)	0
Net loss	$ (2,454)				(2,454)
Balance at end of period (in shares) at Jun. 30, 2024	384,000,000	384,000,000
Balance at end of period at Jun. 30, 2024	$ 11,712	$ 0	631	(71)	11,152
Balance at beginning of period (in shares) at Mar. 31, 2024		383,000,000
Balance at beginning of period at Mar. 31, 2024	12,817	$ 0	487	(101)	12,431
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)		1,000,000
Exercise of options to purchase common stock	22		22
Issuance of common stock under employee stock purchase plan	10		10
Stock-based compensation	112		112
Other comprehensive income (loss), net of tax	$ 30			30
Stock repurchased during period (in shares)	0
Net loss	$ (1,279)				(1,279)
Balance at end of period (in shares) at Jun. 30, 2024	384,000,000	384,000,000
Balance at end of period at Jun. 30, 2024	$ 11,712	$ 0	$ 631	$ (71)	$ 11,152

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net loss	$ (2,454)	$ (1,301)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	213	149
Depreciation and amortization	77	170
Amortization/accretion of investments	(55)	(29)
Loss (gain) on equity investments, net	35	(17)
Deferred income taxes	0	(530)
Other non-cash items	7	(12)
Changes in assets and liabilities, net of acquisition of business:
Accounts receivable, net	729	1,153
Prepaid expenses and other assets	3	(142)
Inventory	(197)	234
Right-of-use assets, operating leases	(62)	(9)
Accounts payable	(199)	(187)
Accrued liabilities	(464)	(633)
Deferred revenue	146	(979)
Income taxes payable	(56)	(1)
Operating lease liabilities	25	12
Other liabilities	(11)	(18)
Net cash used in operating activities	(2,263)	(2,140)
Investing activities
Purchases of marketable securities	(3,390)	(1,281)
Proceeds from maturities of marketable securities	3,536	3,264
Proceeds from sales of marketable securities	1,999	2,427
Purchases of property, plant and equipment	(378)	(347)
Acquisition of business, net of cash acquired	0	(85)
Investment in convertible notes and equity securities	0	(23)
Net cash provided by investing activities	1,767	3,955
Financing activities
Proceeds from issuance of common stock through equity plans	47	25
Repurchase of common stock, including excise tax	0	(1,154)
Changes in financing lease liabilities	1	(81)
Net cash provided by (used in) financing activities	48	(1,210)
Net (decrease) increase in cash, cash equivalents and restricted cash	(448)	605
Cash, cash equivalents and restricted cash, beginning of year	2,928	3,217
Cash, cash equivalents and restricted cash, end of period	2,480	3,822
Non-cash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued liabilities	86	105
Right-of-use assets obtained through finance lease modifications and reassessments	$ 0	$ 50

Description of the Business

Description of the Business	6 Months Ended
Description of the Business	Jun. 30, 2024
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 advancing 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 and autoimmune 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. In May 2024, the U.S. Food and Drug Administration (FDA) approved mRESVIA ® (mRNA-1345), our mRNA respiratory syncytial virus (RSV) vaccine, to protect adults aged 60 years and older from lower respiratory tract disease caused by RSV infection. The approval was granted under a breakthrough therapy designation and marks the second approved mRNA product from Moderna. We have a diverse and extensive development pipeline of 40 development candidates across our 47 development programs, of which 43 are in clinical studies currently.

Summary of Basis of Presentatio

Summary of Basis of Presentation and Recent Accounting Standards	6 Months Ended
	Jun. 30, 2024
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, 2023 (2023 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 2023 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 the preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2024 are consistent with those described in our 2023 Form 10-K. The only exception pertains to the policy related to research and development funding. We entered into a research and development funding arrangement in the first quarter of 2024. Please refer to Note 5 for further details regarding this policy. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the operating results to be expected for the full fiscal year or future operating periods. We anticipate seasonal fluctuations in demand for our COVID-19 and recently approved RSV vaccines, with higher sales expected during the fall and winter seasons. 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. Changes in our estimates are recorded in the financial results of the period in which the new information becomes available. 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, derivatives designated as hedging instruments, and pension and postretirement obligation adjustments. Total comprehensive income (loss) for all periods presented has been disclosed in the condensed consolidated statements of comprehensive loss. The components of accumulated other comprehensive loss for the three and six months ended June 30, 2024 were as follows (in millions): Unrealized Gains on Available-for-Sale Debt Securities Pension and Postretirement Benefits Total Accumulated other comprehensive loss, balance at December 31, 2023 $ (114) $ (9) $ (123) Other comprehensive income 22 — 22 Accumulated other comprehensive loss, balance at March 31, 2024 (92) (9) (101) Other comprehensive income 30 — 30 Accumulated other comprehensive loss, balance at June 30, 2024 $ (62) $ (9) $ (71) 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, 2024 2023 Cash and cash equivalents $ 2,478 $ 3,801 Restricted cash, non-current (1) 2 21 Total cash, cash equivalents and restricted cash shown in the condensed consolidated $ 2,480 $ 3,822 _______ (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. Except as noted below, 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. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU broadens the disclosure requirements by requiring disclosures of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss. The standard also requires entities to disclose, on an interim and annual basis, the amount and description, including the nature and type, of the other segment items. Additionally, entities are required to disclose the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. These enhanced disclosure obligations apply to entities that operate with one reportable segment as well. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. We are currently assessing the impact that this new accounting standard will have on our consolidated financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The standard requires entities to disclose federal, state, and foreign income taxes in their rate reconciliation tables and elaborate on reconciling items that exceed a quantitative threshold. Additionally, it requires an annual disclosure of income taxes paid, net of refunds, categorized by jurisdiction based on a quantitative threshold. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted. We are currently assessing the impact that this new accounting standard will have on our consolidated financial statement disclosures.

Net Product Sales

Net Product Sales	6 Months Ended
Net Product Sales	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Net Product Sales	3. Net Product Sales Net product sales by customer geographic location were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States $ 162 $ 2 $ 262 $ 3 Europe — 60 — 636 Rest of world 22 231 89 1,482 Total $ 184 $ 293 $ 351 $ 2,121 As of June 30, 2024, we have two commercial products authorized for use, our COVID-19 vaccine and our RSV vaccine. The RSV vaccine was approved by the FDA in May 2024 for adults aged 60 years and older. As of June 30, 2024, we had not commenced sales of our RSV vaccine. Prior to the third quarter of 2023, we sold our COVID-19 vaccine to the U.S. Government, foreign governments and international organizations. The agreements and related amendments with these entities generally do not include variable consideration, such as discounts, rebates or returns. Certain of these agreements entitle us to upfront deposits for our COVID-19 vaccine supply, initially recorded as deferred revenue. As of June 30, 2024 and December 31, 2023, we had deferred revenue of $740 million and $613 million, respectively, related to customer deposits for our COVID-19 vaccine. We expect $645 million of our deferred revenue related to customer deposits as of June 30, 2024 to be realized in less than one year. Timing of product delivery and manufacturing, and receipt of marketing approval for the applicable COVID-19 vaccine will determine the period in which product sales are recognized. In the third quarter of 2023, we commenced sales of our latest COVID-19 vaccine to the U.S. commercial market, in addition to continuing sales to foreign governments and international organizations. In the U.S., our COVID-19 vaccine is sold primarily to wholesalers and distributors, and to a lesser extent, directly to retailers and healthcare providers. Wholesalers and distributors typically do not make upfront payments to us. Net product sales are recognized net of estimated wholesaler chargebacks, invoice discounts for prompt payments and pre-orders, provisions for sales returns, and other related deductions. The following table summarizes product sales provision for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Gross product sales $ 191 $ 293 $ 413 $ 2,121 Product sales provision: Wholesaler chargebacks, discounts and fees 22 — — — Returns and other fees (29) — (62) — Total product sales provision $ (7) $ — $ (62) $ — Net product sales $ 184 $ 293 $ 351 $ 2,121 The following table summarizes the activities related to product sales provision recorded as accrued liabilities for the six months ended June 30, 2024 (in millions): Returns and other fees Balance at December 31, 2023 $ (556) Provision related to sales made in 2024 (62) Payments and returns related to sales made in current period 13 Payments and returns related to sales made in prior year 51 Balance at June 30, 2024 $ (554) 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, 2024 2023 2024 2023 Grant revenue $ 20 $ 28 $ 20 $ 52 Collaboration revenue 7 23 7 33 Licensing and royalty revenue 30 — 30 — Total other revenue $ 57 $ 51 $ 57 $ 85 Grant Revenue In April 2020, we entered into an agreement with the Biomedical Advanced Research and Development Authority (BARDA), a division of the Administration for Strategic Preparedness and Response (ASPR) 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 has been subsequently amended to provide for additional commitments to support various late-stage clinical development efforts of our original COVID-19 vaccine, 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 all amendments, was approximately $1.8 billion. All contract options have been exercised. As of June 30, 2024, the remaining available funding, net of revenue earned was $77 million. In June 2024, we were awarded up to $176 million through the Rapid Response Partnership Vehicle (RRPV), funded by BARDA, to accelerate the development of mRNA-based pandemic influenza vaccines. The project award will support the late-stage development of an mRNA-based vaccine to enable the licensure of a pre-pandemic vaccine against the H5 influenza virus. This subtype of the influenza virus causes a highly infectious and severe disease in birds known as avian influenza and poses a risk of spillover into the human population. The agreement also includes additional options to prepare for and accelerate responses to future public health threats. We had not recognized any revenue under this agreement as of June 30, 2024. Licensing and Royalty Revenue In April 2024, we entered a non-exclusive out-licensing agreement with a pharmaceutical company based in Japan for mRNA COVID-19-related intellectual property for the territory of Japan. Under the terms of the agreement, we received an upfront payment of $50 million, which included a $20 million prepayment creditable against future royalties. Additionally, we are entitled to receive low double-digit royalties on the net sales of the company’s COVID-19 product.

Other Revenue

Other Revenue	6 Months Ended
Other Revenue	Jun. 30, 2024
Revenue Recognition and Deferred Revenue [Abstract]
Other Revenue	3. Net Product Sales Net product sales by customer geographic location were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States $ 162 $ 2 $ 262 $ 3 Europe — 60 — 636 Rest of world 22 231 89 1,482 Total $ 184 $ 293 $ 351 $ 2,121 As of June 30, 2024, we have two commercial products authorized for use, our COVID-19 vaccine and our RSV vaccine. The RSV vaccine was approved by the FDA in May 2024 for adults aged 60 years and older. As of June 30, 2024, we had not commenced sales of our RSV vaccine. Prior to the third quarter of 2023, we sold our COVID-19 vaccine to the U.S. Government, foreign governments and international organizations. The agreements and related amendments with these entities generally do not include variable consideration, such as discounts, rebates or returns. Certain of these agreements entitle us to upfront deposits for our COVID-19 vaccine supply, initially recorded as deferred revenue. As of June 30, 2024 and December 31, 2023, we had deferred revenue of $740 million and $613 million, respectively, related to customer deposits for our COVID-19 vaccine. We expect $645 million of our deferred revenue related to customer deposits as of June 30, 2024 to be realized in less than one year. Timing of product delivery and manufacturing, and receipt of marketing approval for the applicable COVID-19 vaccine will determine the period in which product sales are recognized. In the third quarter of 2023, we commenced sales of our latest COVID-19 vaccine to the U.S. commercial market, in addition to continuing sales to foreign governments and international organizations. In the U.S., our COVID-19 vaccine is sold primarily to wholesalers and distributors, and to a lesser extent, directly to retailers and healthcare providers. Wholesalers and distributors typically do not make upfront payments to us. Net product sales are recognized net of estimated wholesaler chargebacks, invoice discounts for prompt payments and pre-orders, provisions for sales returns, and other related deductions. The following table summarizes product sales provision for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Gross product sales $ 191 $ 293 $ 413 $ 2,121 Product sales provision: Wholesaler chargebacks, discounts and fees 22 — — — Returns and other fees (29) — (62) — Total product sales provision $ (7) $ — $ (62) $ — Net product sales $ 184 $ 293 $ 351 $ 2,121 The following table summarizes the activities related to product sales provision recorded as accrued liabilities for the six months ended June 30, 2024 (in millions): Returns and other fees Balance at December 31, 2023 $ (556) Provision related to sales made in 2024 (62) Payments and returns related to sales made in current period 13 Payments and returns related to sales made in prior year 51 Balance at June 30, 2024 $ (554) 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, 2024 2023 2024 2023 Grant revenue $ 20 $ 28 $ 20 $ 52 Collaboration revenue 7 23 7 33 Licensing and royalty revenue 30 — 30 — Total other revenue $ 57 $ 51 $ 57 $ 85 Grant Revenue In April 2020, we entered into an agreement with the Biomedical Advanced Research and Development Authority (BARDA), a division of the Administration for Strategic Preparedness and Response (ASPR) 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 has been subsequently amended to provide for additional commitments to support various late-stage clinical development efforts of our original COVID-19 vaccine, 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 all amendments, was approximately $1.8 billion. All contract options have been exercised. As of June 30, 2024, the remaining available funding, net of revenue earned was $77 million. In June 2024, we were awarded up to $176 million through the Rapid Response Partnership Vehicle (RRPV), funded by BARDA, to accelerate the development of mRNA-based pandemic influenza vaccines. The project award will support the late-stage development of an mRNA-based vaccine to enable the licensure of a pre-pandemic vaccine against the H5 influenza virus. This subtype of the influenza virus causes a highly infectious and severe disease in birds known as avian influenza and poses a risk of spillover into the human population. The agreement also includes additional options to prepare for and accelerate responses to future public health threats. We had not recognized any revenue under this agreement as of June 30, 2024. Licensing and Royalty Revenue In April 2024, we entered a non-exclusive out-licensing agreement with a pharmaceutical company based in Japan for mRNA COVID-19-related intellectual property for the territory of Japan. Under the terms of the agreement, we received an upfront payment of $50 million, which included a $20 million prepayment creditable against future royalties. Additionally, we are entitled to receive low double-digit royalties on the net sales of the company’s COVID-19 product.

Collaboration Agreements and Re

Collaboration Agreements and Research and Development Funding Arrangement	6 Months Ended
	Jun. 30, 2024
Research and Development [Abstract]
Collaboration Agreements and Research and Development Funding Arrangement	5. Collaboration Agreements and Research and Development Funding Arrangement Merck In June 2016, we entered into a Collaboration and License Agreement for the development and commercialization of personalized mRNA cancer vaccines (also known as individualized neoantigen therapy, or INT) with Merck. This agreement was subsequently amended and restated in 2018. Our role in this strategic alliance involves identifying genetic mutations in a particular patient’s tumor cells, synthesizing mRNA for these mutations, encapsulating the mRNA in one of our proprietary lipid nanoparticles (LNPs), and administering a unique mRNA INT to each patient. Each INT is designed to specifically activate the patient’s immune system against her or his own cancer cells. In September 2022, Merck exercised its option for INT, including mRNA-4157, pursuant to the terms of the agreement and in October 2022 paid us an option exercise fee of $250 million. Following this exercise, the Merck Participation Term commenced. Pursuant to the agreement, we and Merck have agreed to collaborate on further development and commercialization of INT, with costs and any profits or losses to be shared equally on a worldwide basis. For the three and six months ended June 30, 2024 , we recognized expenses, net of Merck's reimbursements, of $95 million and $171 million , respectively, related to the INT collaboration under the Merck Participation Term . For the three and six months ended June 30, 2023 , these expenses were $50 million and $69 million , respectively . Additionally, for the three and six months ended June 30, 2024 , the net cost recovery for capital expenditures was $33 million and $57 million , respectively. For the three and six months ended June 30, 2023 , the net cost recovery for capital expenditures was $12 million and $18 million , respectively. These amounts were applied to reduce the capitalized cost of the assets. 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. Development and Commercialization Funding Arrangement with Blackstone Life Sciences (Blackstone) In March 2024, we entered into a development and commercialization funding arrangement with Blackstone, under which Blackstone has committed to providing up to $750 million in funding to us. This funding supports the development of our investigational mRNA-based influenza vaccine. Contingent upon regulatory approval in the U.S. and only if the approval is dependent on data from the funded activities, Blackstone will be entitled to receive low single-digit percentage royalties and up to $750 million in sales milestone payments. These payments are based on net sales of our future influenza and combination vaccines, with sales milestone payments contingent upon achieving specified cumulative net sales targets.

Financial Instruments

Financial Instruments	6 Months Ended
Financial Instruments	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Financial Instruments	6. Financial Instruments Cash and Cash Equivalents and Investments The following tables summarize our cash, cash equivalents, and available-for-sale securities by significant investment category as of June 30, 2024 and December 31, 2023 (in millions): June 30, 2024 Amortized Unrealized Unrealized Estimated Fair Value Cash and Current Non- Cash and cash equivalents $ 2,478 $ — $ — $ 2,478 $ 2,478 $ — $ — Available-for-sale: Certificates of deposit 29 — — 29 — 29 — U.S. treasury bills 588 — — 588 — 588 — U.S. treasury notes 3,593 — (45) 3,548 — 2,642 906 Corporate debt securities 4,023 1 (47) 3,977 — 2,594 1,383 Government debt securities 196 — (2) 194 — 157 37 Total $ 10,907 $ 1 $ (94) $ 10,814 $ 2,478 $ 6,010 $ 2,326 December 31, 2023 Amortized Unrealized Unrealized Estimated Fair Value Cash and Current Non- Cash and cash equivalents $ 2,907 $ — $ — $ 2,907 $ 2,907 $ — $ — Available-for-sale: Certificates of deposit 27 — — 27 — 27 — U.S. treasury bills 807 — — 807 — 807 — U.S. treasury notes 4,407 3 (67) 4,343 — 2,664 1,679 Corporate debt securities 5,067 3 (81) 4,989 — 2,082 2,907 Government debt securities 211 — (3) 208 — 117 91 Total $ 13,426 $ 6 $ (151) $ 13,281 $ 2,907 $ 5,697 $ 4,677 The amortized cost and estimated fair value of available-for-sale securities by contractual maturity as of June 30, 2024 and December 31, 2023 were as follows (in millions): June 30, 2024 Amortized Estimated Due in one year or less $ 6,067 $ 6,010 Due after one year through five years 2,362 2,326 Total $ 8,429 $ 8,336 December 31, 2023 Amortized Estimated Due in one year or less $ 5,751 $ 5,697 Due after one year through five years 4,768 4,677 Total $ 10,519 $ 10,374 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 income (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, 2024 and 2023. We did not record any credit-related allowance for available-for-sale securities as of June 30, 2024 and December 31, 2023. 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, 2024 and December 31, 2023 (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, 2024: U.S. treasury bills $ — $ 1,282 $ — $ — $ — $ 1,282 U.S. treasury notes (5) 1,175 (38) 2,164 (43) 3,339 Corporate debt securities (4) 945 (45) 2,523 (49) 3,468 Government debt securities — 52 (2) 116 (2) 168 Total $ (9) $ 3,454 $ (85) $ 4,803 $ (94) $ 8,257 As of December 31, 2023: U.S. treasury bills $ — $ 25 $ — $ — $ — $ 25 U.S. treasury notes (3) 774 (64) 2,983 (67) 3,757 Corporate debt securities (1) 562 (79) 3,518 (80) 4,080 Government debt securities — 8 (4) 143 (4) 151 Total $ (4) $ 1,369 $ (147) $ 6,644 $ (151) $ 8,013 As of June 30, 2024 and December 31, 2023, we held 341 and 392 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, 2024 and December 31, 2023 (in millions): Fair value at June 30, 2024 Fair Value Measurement Using Level 1 Level 2 Assets: Money market funds $ 647 $ 647 $ — Certificates of deposit 29 — 29 U.S. treasury bills 1,972 — 1,972 U.S. treasury notes 3,548 — 3,548 Corporate debt securities 4,286 — 4,286 Government debt securities 194 — 194 Equity investments (1) 31 31 — Derivative instruments 2 — 2 Total $ 10,709 $ 678 $ 10,031 Liabilities: Derivative instruments $ 2 $ — $ 2 Fair value at December 31, 2023 Fair Value Measurement Using Level 1 Level 2 Assets: Money market funds $ 1,572 $ 1,572 $ — Certificates of deposit 27 — 27 U.S. treasury bills 1,246 — 1,246 U.S. treasury notes 4,343 — 4,343 Corporate debt securities 5,480 — 5,480 Government debt securities 208 — 208 Equity Investments (1) 24 24 — Derivative instruments 4 — 4 Total $ 12,904 $ 1,596 $ 11,308 Liabilities: Derivative instruments $ 9 $ — $ 9 _______ (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. As of June 30, 2024 and December 31, 2023, 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. For the three and six months ended June 30, 2024, we recognized net losses of $22 million and $35 million, respectively, on equity investments from changes in fair value of the securities. For the three and six months ended June 30, 2023, we recognized net gains of $36 million and $17 million, respectively, on equity investments from changes in fair value of the securities. In addition, as of December 31, 2023, we had $42 million in equity investments without readily determinable fair values, which were recorded within other non-current assets in our consolidated balance sheets and excluded from the fair value measurement tables above. These investments became publicly traded during the first quarter of 2024 and were recorded at their quoted market price in our condensed consolidated balance sheets as of June 30, 2024.

Inventory

Inventory	6 Months Ended
Inventory	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventory	7. Inventory Inventory as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): June 30, December 31, 2024 2023 Raw materials $ 199 $ 163 Work in progress 166 15 Finished goods 34 24 Total inventory $ 399 $ 202 Inventory, non-current (1) $ 161 $ 170 _______ (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, 2024, inventory write-downs were $14 million and $44 million, respectively. 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, 2024, there were no losses on firm purchase commitments. For the three and six months ended June 30, 2023, losses on firm purchase commitments were $75 million and $141 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. As of June 30, 2024 and December 31, 2023, the accrued liability for losses on firm future purchase commitments in our condensed consolidated balance sheets was $1 million and $79 million, respectively. In May 2024, the FDA approved our RSV vaccine for adults aged 60 years and older, and we began to capitalize RSV vaccine inventory. As of June 30, 2024 and December 31, 2023, we had inventory on hand of $560 million and $372 million, respectively, inclusive of inventory for our COVID-19 and RSV vaccines. Our raw materials and work-in-progress inventory have variable shelf lives. We expect that the majority of this inventory will be consumed over the next three years. The shelf life of our COVID-19 vaccine product ranges from nine to twelve months. The shelf life of our RSV vaccine is 18 months. Pre-launch Inventory Consistent with guidance from regulators, we have updated our COVID-19 vaccine to target the KP.2 and JN.1 strains of the SARS-CoV-2 virus, and are prepared to meet the anticipated 2024-2025 season demand. We anticipate supplying our vaccine targeting the KP.2 strain to the U.S. and Canadian markets, consistent with guidance from U.S. and Canadian regulators, respectively. Our vaccine targeting the JN.1 strain will be available to support other markets where regulators are targeting JN.1, subject to regulatory approvals. We have submitted data to regulators worldwide to support registration and supply of the Spikevax 2024-2025 formula in time for the upcoming vaccination season, which will commence in the third quarter. We commenced manufacturing and capitalizing pre-launch inventory costs related to both KP.2 and JN.1 strains in the first half of 2024, prior to regulatory approval. As of June 30, 2024, we had capitalized pre-launch COVID-19 vaccine inventory of $165 million in our condensed consolidated balance sheets.

Property, Plant and Equipment,

Property, Plant and Equipment, Net	6 Months Ended
Property, Plant and Equipment, Net	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	8. Property, Plant and Equipment, Net Property, plant and equipment, net, as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): June 30, December 31, 2024 2023 Land and land improvements $ 22 $ 22 Manufacturing and laboratory equipment 355 345 Leasehold improvements 664 522 Furniture, fixtures and other 33 26 Computer equipment and software 136 74 Construction in progress 961 860 Right-of-use assets, financing ( Note 10 ) 529 529 Total 2,700 2,378 Less: Accumulated depreciation (504) (433) Property, plant and equipment, net $ 2,196 $ 1,945 Depreciation and amortization expense for three and six months ended June 30, 2024 was $40 million and $75 million, respectively. Depreciation and amortization expense for the three and six months ended June 30, 2023 was $90 million and $168 million, respectively.

Other Balance Sheet Components

Other Balance Sheet Components	6 Months Ended
Other Balance Sheet Components	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Balance Sheet Components	9. Other Balance Sheet Components Accounts Receivable, net Accounts receivable, net, as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): June 30, December 31, 2024 2023 Accounts receivable $ 492 $ 1,584 Less: Wholesalers chargebacks, discounts and fees (329) (692) Accounts receivable, net $ 163 $ 892 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets, as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): June 30, December 31, 2024 2023 Prepaid services $ 184 $ 182 Down payments and prepayments related to manufacturing and materials 111 168 Income tax receivable 105 19 Collaboration receivable 73 61 Interest receivable 56 59 Value added tax receivable 26 50 Prepaid income tax 25 — Other current assets 31 88 Prepaid expenses and other current assets $ 611 $ 627 Other Non-Current Assets Other non-current assets, as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): June 30, December 31, 2024 2023 Down payments and prepayments, non-current $ 321 $ 342 Inventory, non-current (1) 161 170 Goodwill 52 52 Finite-lived intangible asset 42 44 Equity investments 31 66 Other 34 11 Other non-current assets $ 641 $ 685 _______ (1) Consisted of raw materials with an anticipated consumption beyond one year. Accrued Liabilities Accrued liabilities, as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): June 30, December 31, 2024 2023 Provisions related to product sales ( Note 3 ) $ 554 $ 556 Compensation-related 187 245 Manufacturing 119 167 Other external goods and services 109 137 Clinical trials 96 175 Property, plant and equipment 93 94 Development operations 90 140 Raw materials 42 27 Commercial 32 56 Royalties 10 122 Loss on future firm purchase commitments (1) 1 79 Accrued liabilities $ 1,333 $ 1,798 ______ (1) Related to losses that are expected to arise from firm, non-cancellable, commitments for future raw material purchases ( Note 7 ). Other Current Liabilities Other current liabilities, as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): June 30, December 31, 2024 2023 Lease liabilities - operating ( Note 10 ) $ 25 $ 25 Other 17 41 Other current liabilities $ 42 $ 66 Deferred Revenue The following table summarizes the activities in deferred revenue for the six months ended June 30, 2024 (in millions ): December 31, 2023 Additions Deductions June 30, 2024 Product sales $ 613 $ 196 $ (69) $ 740 Grant revenue 4 — — 4 Collaboration revenue 34 6 (7) 33 Licensing and royalty revenue — 20 — 20 Total deferred revenue $ 651 $ 222 $ (76) $ 797

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2024
Leases [Abstract]
Leases	10. 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 costs 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 various parcels of land, and office and lab spaces across the globe for our business operations. Cambridge Campus Our Cambridge campus consists of multiple leased properties, including office and research laboratory spaces totaling approximately 667,000 square feet, including the Moderna Science Center. Moderna Science Center In September 2021, we entered into a lease agreement for a building in Cambridge, Massachusetts, comprising approximately 462,000 square feet. This facility, which includes our principal executive offices along with additional office and laboratory spaces, is referred to as the Moderna Science Center (MSC). After an approximately two-year building project, the lease term is 15 years, with options for two additional seven-year extensions. During the third quarter of 2023, we commenced the lease and recognized the related right-of-use asset and lease liability on our condensed consolidated balance sheets. Following the commencement of the MSC lease, we amended the expiration dates of our existing leases at Technology Square in the fourth quarter of 2023. Originally scheduled to expire ranging from 2024 to 2029, these leases have been adjusted to conclude by early 2025. All our Cambridge leases are classified as operating leases. Moderna Technology Center Our Moderna Technology Center is composed 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. Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2024 and December 31, 2023 were as follows (in millions): June 30, December 31, 2024 2023 Assets: Right-of-use assets, operating, net (1) (2) $ 775 $ 713 Right-of-use assets, financing, net (3) (4) 430 436 Total $ 1,205 $ 1,149 Liabilities: Current: Operating lease liabilities (5) $ 25 $ 25 Total current lease liabilities 25 25 Non-current: Operating lease liabilities, non-current 668 643 Financing lease liabilities, non-current 576 575 Total non-current lease liabilities 1,244 1,218 Total $ 1,269 $ 1,243 _______ (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. (4) Included in property, plant 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, 2024, were as follows (in millions): Fiscal Year Operating Leases Financing Leases (1) 2024 (remainder of the year) $ 38 $ 9 2025 69 22 2026 70 22 2027 75 23 2028 76 23 Thereafter 833 1,074 Total minimum lease payments 1,161 1,173 Less amounts representing interest or imputed interest (468) (597) Present value of lease liabilities $ 693 $ 576 ______ (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	10. 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 costs 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 various parcels of land, and office and lab spaces across the globe for our business operations. Cambridge Campus Our Cambridge campus consists of multiple leased properties, including office and research laboratory spaces totaling approximately 667,000 square feet, including the Moderna Science Center. Moderna Science Center In September 2021, we entered into a lease agreement for a building in Cambridge, Massachusetts, comprising approximately 462,000 square feet. This facility, which includes our principal executive offices along with additional office and laboratory spaces, is referred to as the Moderna Science Center (MSC). After an approximately two-year building project, the lease term is 15 years, with options for two additional seven-year extensions. During the third quarter of 2023, we commenced the lease and recognized the related right-of-use asset and lease liability on our condensed consolidated balance sheets. Following the commencement of the MSC lease, we amended the expiration dates of our existing leases at Technology Square in the fourth quarter of 2023. Originally scheduled to expire ranging from 2024 to 2029, these leases have been adjusted to conclude by early 2025. All our Cambridge leases are classified as operating leases. Moderna Technology Center Our Moderna Technology Center is composed 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. Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2024 and December 31, 2023 were as follows (in millions): June 30, December 31, 2024 2023 Assets: Right-of-use assets, operating, net (1) (2) $ 775 $ 713 Right-of-use assets, financing, net (3) (4) 430 436 Total $ 1,205 $ 1,149 Liabilities: Current: Operating lease liabilities (5) $ 25 $ 25 Total current lease liabilities 25 25 Non-current: Operating lease liabilities, non-current 668 643 Financing lease liabilities, non-current 576 575 Total non-current lease liabilities 1,244 1,218 Total $ 1,269 $ 1,243 _______ (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. (4) Included in property, plant 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, 2024, were as follows (in millions): Fiscal Year Operating Leases Financing Leases (1) 2024 (remainder of the year) $ 38 $ 9 2025 69 22 2026 70 22 2027 75 23 2028 76 23 Thereafter 833 1,074 Total minimum lease payments 1,161 1,173 Less amounts representing interest or imputed interest (468) (597) Present value of lease liabilities $ 693 $ 576 ______ (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
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. 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, 2024 and the year ended December 31, 2023, 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, 2024, we had $1.5 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, 2024, we had $157 million o f non-c ancelable purchase commitments related to clinical services and other goods and services which are expected to be paid through 2030. 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 winddown 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, 2024, we had cancelable open purchase orders of $3.1 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, 2024, 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. We have patent license agreements with Cellscript, LLC and its affiliate, mRNA RiboTherapeutics, Inc., and the National Institute of Allergy and Infectious Diseases. Under these agreements, we are required to pay royalties and certain milestone payments. For further information on our licensing and royalty payments, please refer to our 2023 Form 10-K under the heading “Business—Intellectual Property—In-licensed intellectual property” and Note 11 to our consolidated financial statements contained therein. For the three and six months ended June 30, 2024, we recognized $10 million and $18 million, respectively, of royalty expenses associated with our product sales. 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. 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, 2024.

Stock-Based Compensation and Sh

Stock-Based Compensation and Share Repurchase Programs	6 Months Ended
Stock-Based Compensation and Share Repurchase Programs	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation and Share Repurchase Programs	12. 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, 2024 and 2023 as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Options $ 40 $ 34 $ 80 $ 70 Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) 70 37 128 74 Employee Stock Purchase Plan (ESPP) 2 3 5 5 Total $ 112 $ 74 $ 213 $ 149 Cost of sales $ 6 $ 16 $ 13 $ 21 Research and development 67 33 127 75 Selling, general and administrative 39 25 73 53 Total $ 112 $ 74 $ 213 $ 149 As of June 30, 2024, there was $1.0 billion 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 2.8 years as of June 30, 2024. Share Repurchase Programs As of June 30, 2024, $1.7 billion of our Board of Directors’ authorization for repurchases of our common stock (the 2022 Repurchase Programs) remains outstanding, 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.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	13. 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, 2024 2023 2024 2023 Loss before income taxes $ (1,279) $ (1,749) $ (2,444) $ (2,054) Provision for (benefit from) income taxes $ — $ (369) $ 10 $ (753) Effective tax rate — % 21.1 % (0.4) % 36.7 % The effective tax rate for the three and six months ended June 30, 2024 was higher than the statutory rate, due to certain of our foreign subsidiaries that have taxable income, while we incurred a net loss before income taxes on a consolidated basis. We cannot recognize tax benefits from the loss due to our global valuation allowance, which we continue to maintain against the majority of our global deferred tax assets. The changes in our effective tax rate, compared to the same periods in 2023, primarily result from the continued application of our valuation allowance and adjustments of our valuation allowance, which was initially established in the third quarter of 2023. For additional details regarding our deferred tax assets and the policies governing our valuation allowance, please refer to Note 13 to our consolidated financial statements in our 2023 Form 10-K. We periodically reassess the need for valuation allowances on our deferred tax assets, considering both positive and negative evidence to evaluate whether it is more likely than not that all or a portion of such assets will not be realized. Significant management judgment is required in assessing the realizability of our deferred tax assets. In the event that actual results differ from our estimates, we adjust our estimates in future periods and we may need to modify our valuation allowance, which could materially impact our financial position and results of operations. 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 U.S. or any other major taxing jurisdiction.

Net Loss per Share

Net Loss per Share	6 Months Ended
Net Loss per Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Loss per Share	14. Net Loss per Share The computation of basic net loss 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, 2024 and 2023 were calculated as follows (in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net loss $ (1,279) $ (1,380) $ (2,454) $ (1,301) Denominator: Basic and diluted weighted-average common shares outstanding 384 381 383 383 Basic and Diluted EPS $ (3.33) $ (3.62) $ (6.41) $ (3.39) Common stock equivalents excluded from the EPS computation above because their inclusion would have been anti-dilutive 34 28 34 28

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (1,279)	$ (1,380)	$ (2,454)	$ (1,301)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Stephane Bancel [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 10, 2024, Stephane Bancel, our Chief Executive Officer, adopted a trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) (the Bancel 10b5-1 Plan). Between September 25, 2024 and February 27, 2025, the Bancel 10b5-1 Plan provides for the potential sale of up to 150,000 shares of the Company’s common stock. The Bancel 10b5-1 Plan expires on February 27, 2025, or upon the earlier completion of all authorized transactions under the Bancel 10b5-1 Plan.
Name	Stephane Bancel
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 10, 2024
Expiration Date	February 27, 2025
Arrangement Duration	135 days
Aggregate Available	150,000	150,000
Shannon Klinger [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 10, 2024, Shannon Klinger, our Chief Legal Officer, adopted a trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) (the Klinger 10b5-1 Plan). Between September 12, 2024 and August 15, 2025, the Klinger 10b5-1 Plan provides for the potential exercise of vested stock options and the associated sale of up to 73,086 shares of the Company’s common stock. The Klinger 10b5-1 Plan expires on August 15, 2025, or upon the earlier completion of all authorized transactions under the Klinger 10b5-1 Plan.
Name	Shannon Klinger
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 10, 2024
Expiration Date	August 15, 2025
Arrangement Duration	337 days
Aggregate Available	73,086	73,086

Summary of Basis of Presentat_2

Summary of Basis of Presentation and Recent Accounting Standards (Policies)	6 Months Ended
	Jun. 30, 2024
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, 2023 (2023 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 2023 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. Changes in our estimates are recorded in the financial results of the period in which the new information becomes available. 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, derivatives designated as hedging instruments, and pension and postretirement obligation adjustments. Total comprehensive income (loss) for all periods presented has been disclosed in the condensed consolidated statements of comprehensive 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. Except as noted below, 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. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU broadens the disclosure requirements by requiring disclosures of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss. The standard also requires entities to disclose, on an interim and annual basis, the amount and description, including the nature and type, of the other segment items. Additionally, entities are required to disclose the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. These enhanced disclosure obligations apply to entities that operate with one reportable segment as well. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. We are currently assessing the impact that this new accounting standard will have on our consolidated financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The standard requires entities to disclose federal, state, and foreign income taxes in their rate reconciliation tables and elaborate on reconciling items that exceed a quantitative threshold. Additionally, it requires an annual disclosure of income taxes paid, net of refunds, categorized by jurisdiction based on a quantitative threshold. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted. We are currently assessing the impact that this new accounting standard will have on our consolidated financial statement disclosures.

Summary of Basis of Presentat_3

Summary of Basis of Presentation and Recent Accounting Standards (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Components of Accumulated Other Comprehensive Income (Loss)	The components of accumulated other comprehensive loss for the three and six months ended June 30, 2024 were as follows (in millions): Unrealized Gains on Available-for-Sale Debt Securities Pension and Postretirement Benefits Total Accumulated other comprehensive loss, balance at December 31, 2023 $ (114) $ (9) $ (123) Other comprehensive income 22 — 22 Accumulated other comprehensive loss, balance at March 31, 2024 (92) (9) (101) Other comprehensive income 30 — 30 Accumulated other comprehensive loss, balance at June 30, 2024 $ (62) $ (9) $ (71)
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, 2024 2023 Cash and cash equivalents $ 2,478 $ 3,801 Restricted cash, non-current (1) 2 21 Total cash, cash equivalents and restricted cash shown in the condensed consolidated $ 2,480 $ 3,822 _______ (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, 2024 2023 Cash and cash equivalents $ 2,478 $ 3,801 Restricted cash, non-current (1) 2 21 Total cash, cash equivalents and restricted cash shown in the condensed consolidated $ 2,480 $ 3,822 _______ (1) Included in other non-current assets in the condensed consolidated balance sheets.

Net Product Sales (Tables)

Net Product Sales (Tables)	6 Months Ended
Net Product Sales (Tables)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue from External Customers by Geographic Areas	Net product sales by customer geographic location were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States $ 162 $ 2 $ 262 $ 3 Europe — 60 — 636 Rest of world 22 231 89 1,482 Total $ 184 $ 293 $ 351 $ 2,121
Schedule of Disaggregation of Revenue	The following table summarizes product sales provision for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Gross product sales $ 191 $ 293 $ 413 $ 2,121 Product sales provision: Wholesaler chargebacks, discounts and fees 22 — — — Returns and other fees (29) — (62) — Total product sales provision $ (7) $ — $ (62) $ — Net product sales $ 184 $ 293 $ 351 $ 2,121 The following table summarizes other revenue for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Grant revenue $ 20 $ 28 $ 20 $ 52 Collaboration revenue 7 23 7 33 Licensing and royalty revenue 30 — 30 — Total other revenue $ 57 $ 51 $ 57 $ 85
Schedule of Changes in Balances of Receivables and Contract Liabilities	The following table summarizes the activities related to product sales provision recorded as accrued liabilities for the six months ended June 30, 2024 (in millions): Returns and other fees Balance at December 31, 2023 $ (556) Provision related to sales made in 2024 (62) Payments and returns related to sales made in current period 13 Payments and returns related to sales made in prior year 51 Balance at June 30, 2024 $ (554) The following table summarizes the activities in deferred revenue for the six months ended June 30, 2024 (in millions ): December 31, 2023 Additions Deductions June 30, 2024 Product sales $ 613 $ 196 $ (69) $ 740 Grant revenue 4 — — 4 Collaboration revenue 34 6 (7) 33 Licensing and royalty revenue — 20 — 20 Total deferred revenue $ 651 $ 222 $ (76) $ 797

Other Revenue (Tables)

Other Revenue (Tables)	6 Months Ended
Other Revenue (Tables)	Jun. 30, 2024
Revenue Recognition and Deferred Revenue [Abstract]
Schedule of Disaggregation of Revenue	The following table summarizes product sales provision for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Gross product sales $ 191 $ 293 $ 413 $ 2,121 Product sales provision: Wholesaler chargebacks, discounts and fees 22 — — — Returns and other fees (29) — (62) — Total product sales provision $ (7) $ — $ (62) $ — Net product sales $ 184 $ 293 $ 351 $ 2,121 The following table summarizes other revenue for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Grant revenue $ 20 $ 28 $ 20 $ 52 Collaboration revenue 7 23 7 33 Licensing and royalty revenue 30 — 30 — Total other revenue $ 57 $ 51 $ 57 $ 85

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
Financial Instruments (Tables)	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Cash and Available-for-Sale Securities by Significant Investment Category	The following tables summarize our cash, cash equivalents, and available-for-sale securities by significant investment category as of June 30, 2024 and December 31, 2023 (in millions): June 30, 2024 Amortized Unrealized Unrealized Estimated Fair Value Cash and Current Non- Cash and cash equivalents $ 2,478 $ — $ — $ 2,478 $ 2,478 $ — $ — Available-for-sale: Certificates of deposit 29 — — 29 — 29 — U.S. treasury bills 588 — — 588 — 588 — U.S. treasury notes 3,593 — (45) 3,548 — 2,642 906 Corporate debt securities 4,023 1 (47) 3,977 — 2,594 1,383 Government debt securities 196 — (2) 194 — 157 37 Total $ 10,907 $ 1 $ (94) $ 10,814 $ 2,478 $ 6,010 $ 2,326 December 31, 2023 Amortized Unrealized Unrealized Estimated Fair Value Cash and Current Non- Cash and cash equivalents $ 2,907 $ — $ — $ 2,907 $ 2,907 $ — $ — Available-for-sale: Certificates of deposit 27 — — 27 — 27 — U.S. treasury bills 807 — — 807 — 807 — U.S. treasury notes 4,407 3 (67) 4,343 — 2,664 1,679 Corporate debt securities 5,067 3 (81) 4,989 — 2,082 2,907 Government debt securities 211 — (3) 208 — 117 91 Total $ 13,426 $ 6 $ (151) $ 13,281 $ 2,907 $ 5,697 $ 4,677
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, 2024 and December 31, 2023 were as follows (in millions): June 30, 2024 Amortized Estimated Due in one year or less $ 6,067 $ 6,010 Due after one year through five years 2,362 2,326 Total $ 8,429 $ 8,336 December 31, 2023 Amortized Estimated Due in one year or less $ 5,751 $ 5,697 Due after one year through five years 4,768 4,677 Total $ 10,519 $ 10,374
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, 2024 and December 31, 2023 (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, 2024: U.S. treasury bills $ — $ 1,282 $ — $ — $ — $ 1,282 U.S. treasury notes (5) 1,175 (38) 2,164 (43) 3,339 Corporate debt securities (4) 945 (45) 2,523 (49) 3,468 Government debt securities — 52 (2) 116 (2) 168 Total $ (9) $ 3,454 $ (85) $ 4,803 $ (94) $ 8,257 As of December 31, 2023: U.S. treasury bills $ — $ 25 $ — $ — $ — $ 25 U.S. treasury notes (3) 774 (64) 2,983 (67) 3,757 Corporate debt securities (1) 562 (79) 3,518 (80) 4,080 Government debt securities — 8 (4) 143 (4) 151 Total $ (4) $ 1,369 $ (147) $ 6,644 $ (151) $ 8,013
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, 2024 and December 31, 2023 (in millions): Fair value at June 30, 2024 Fair Value Measurement Using Level 1 Level 2 Assets: Money market funds $ 647 $ 647 $ — Certificates of deposit 29 — 29 U.S. treasury bills 1,972 — 1,972 U.S. treasury notes 3,548 — 3,548 Corporate debt securities 4,286 — 4,286 Government debt securities 194 — 194 Equity investments (1) 31 31 — Derivative instruments 2 — 2 Total $ 10,709 $ 678 $ 10,031 Liabilities: Derivative instruments $ 2 $ — $ 2 Fair value at December 31, 2023 Fair Value Measurement Using Level 1 Level 2 Assets: Money market funds $ 1,572 $ 1,572 $ — Certificates of deposit 27 — 27 U.S. treasury bills 1,246 — 1,246 U.S. treasury notes 4,343 — 4,343 Corporate debt securities 5,480 — 5,480 Government debt securities 208 — 208 Equity Investments (1) 24 24 — Derivative instruments 4 — 4 Total $ 12,904 $ 1,596 $ 11,308 Liabilities: Derivative instruments $ 9 $ — $ 9 _______ (1)

Inventory (Tables)

Inventory (Tables)	6 Months Ended
Inventory (Tables)	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventory as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): June 30, December 31, 2024 2023 Raw materials $ 199 $ 163 Work in progress 166 15 Finished goods 34 24 Total inventory $ 399 $ 202 Inventory, non-current (1) $ 161 $ 170 _______ (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
Property, Plant and Equipment, Net (Tables)	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property, plant and equipment, net, as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): June 30, December 31, 2024 2023 Land and land improvements $ 22 $ 22 Manufacturing and laboratory equipment 355 345 Leasehold improvements 664 522 Furniture, fixtures and other 33 26 Computer equipment and software 136 74 Construction in progress 961 860 Right-of-use assets, financing ( Note 10 ) 529 529 Total 2,700 2,378 Less: Accumulated depreciation (504) (433) Property, plant and equipment, net $ 2,196 $ 1,945

Other Balance Sheet Components

Other Balance Sheet Components (Tables)	6 Months Ended
Other Balance Sheet Components (Tables)	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Accounts receivable, net, as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): June 30, December 31, 2024 2023 Accounts receivable $ 492 $ 1,584 Less: Wholesalers chargebacks, discounts and fees (329) (692) Accounts receivable, net $ 163 $ 892
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets, as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): June 30, December 31, 2024 2023 Prepaid services $ 184 $ 182 Down payments and prepayments related to manufacturing and materials 111 168 Income tax receivable 105 19 Collaboration receivable 73 61 Interest receivable 56 59 Value added tax receivable 26 50 Prepaid income tax 25 — Other current assets 31 88 Prepaid expenses and other current assets $ 611 $ 627
Schedule of Other Non-Current Assets	Other non-current assets, as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): June 30, December 31, 2024 2023 Down payments and prepayments, non-current $ 321 $ 342 Inventory, non-current (1) 161 170 Goodwill 52 52 Finite-lived intangible asset 42 44 Equity investments 31 66 Other 34 11 Other non-current assets $ 641 $ 685 _______ (1)
Schedule of Accrued Liabilities	Accrued liabilities, as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): June 30, December 31, 2024 2023 Provisions related to product sales ( Note 3 ) $ 554 $ 556 Compensation-related 187 245 Manufacturing 119 167 Other external goods and services 109 137 Clinical trials 96 175 Property, plant and equipment 93 94 Development operations 90 140 Raw materials 42 27 Commercial 32 56 Royalties 10 122 Loss on future firm purchase commitments (1) 1 79 Accrued liabilities $ 1,333 $ 1,798 ______ (1) Related to losses that are expected to arise from firm, non-cancellable, commitments for future raw material purchases ( Note 7 ).
Schedule of Other Current Liabilities	Other current liabilities, as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): June 30, December 31, 2024 2023 Lease liabilities - operating ( Note 10 ) $ 25 $ 25 Other 17 41 Other current liabilities $ 42 $ 66
Schedule of Deferred Revenue	The following table summarizes the activities related to product sales provision recorded as accrued liabilities for the six months ended June 30, 2024 (in millions): Returns and other fees Balance at December 31, 2023 $ (556) Provision related to sales made in 2024 (62) Payments and returns related to sales made in current period 13 Payments and returns related to sales made in prior year 51 Balance at June 30, 2024 $ (554) The following table summarizes the activities in deferred revenue for the six months ended June 30, 2024 (in millions ): December 31, 2023 Additions Deductions June 30, 2024 Product sales $ 613 $ 196 $ (69) $ 740 Grant revenue 4 — — 4 Collaboration revenue 34 6 (7) 33 Licensing and royalty revenue — 20 — 20 Total deferred revenue $ 651 $ 222 $ (76) $ 797

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2024
Leases [Abstract]
Schedule of Assets and Liabilities, Lessee	Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2024 and December 31, 2023 were as follows (in millions): June 30, December 31, 2024 2023 Assets: Right-of-use assets, operating, net (1) (2) $ 775 $ 713 Right-of-use assets, financing, net (3) (4) 430 436 Total $ 1,205 $ 1,149 Liabilities: Current: Operating lease liabilities (5) $ 25 $ 25 Total current lease liabilities 25 25 Non-current: Operating lease liabilities, non-current 668 643 Financing lease liabilities, non-current 576 575 Total non-current lease liabilities 1,244 1,218 Total $ 1,269 $ 1,243 _______ (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. (4) Included in property, plant 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, 2024, were as follows (in millions): Fiscal Year Operating Leases Financing Leases (1) 2024 (remainder of the year) $ 38 $ 9 2025 69 22 2026 70 22 2027 75 23 2028 76 23 Thereafter 833 1,074 Total minimum lease payments 1,161 1,173 Less amounts representing interest or imputed interest (468) (597) Present value of lease liabilities $ 693 $ 576 ______ (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, 2024, were as follows (in millions): Fiscal Year Operating Leases Financing Leases (1) 2024 (remainder of the year) $ 38 $ 9 2025 69 22 2026 70 22 2027 75 23 2028 76 23 Thereafter 833 1,074 Total minimum lease payments 1,161 1,173 Less amounts representing interest or imputed interest (468) (597) Present value of lease liabilities $ 693 $ 576 ______ (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, 2024
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, 2024 and 2023 as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Options $ 40 $ 34 $ 80 $ 70 Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) 70 37 128 74 Employee Stock Purchase Plan (ESPP) 2 3 5 5 Total $ 112 $ 74 $ 213 $ 149 Cost of sales $ 6 $ 16 $ 13 $ 21 Research and development 67 33 127 75 Selling, general and administrative 39 25 73 53 Total $ 112 $ 74 $ 213 $ 149

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Jun. 30, 2024
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, 2024 2023 2024 2023 Loss before income taxes $ (1,279) $ (1,749) $ (2,444) $ (2,054) Provision for (benefit from) income taxes $ — $ (369) $ 10 $ (753) Effective tax rate — % 21.1 % (0.4) % 36.7 %

Net Loss per Share (Tables)

Net Loss per Share (Tables)	6 Months Ended
Net Loss per Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss per Share Attributable to Common Stockholders	Basic and diluted EPS for the three and six months ended June 30, 2024 and 2023 were calculated as follows (in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net loss $ (1,279) $ (1,380) $ (2,454) $ (1,301) Denominator: Basic and diluted weighted-average common shares outstanding 384 381 383 383 Basic and Diluted EPS $ (3.33) $ (3.62) $ (6.41) $ (3.39) Common stock equivalents excluded from the EPS computation above because their inclusion would have been anti-dilutive 34 28 34 28

Description of Business (Detail

Description of Business (Details)	Jun. 30, 2024 developmentProgram candidate
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of development candidates \| candidate	40
Number of development programs	47
Number of development programs under clinical studies	43

Summary of Basis of Presentat_4

Summary of Basis of Presentation and Recent Accounting Standards - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 12,817	$ 13,854	$ 18,863	$ 13,854	$ 19,123
Other comprehensive income	30	22	4	52	107
Balance at end of period	11,712	12,817	16,949	11,712	16,949
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(101)	(123)	(267)	(123)	(370)
Other comprehensive income	30		4	52	107
Balance at end of period	(71)	(101)	$ (263)	(71)	$ (263)
Unrealized Gains on Available-for-Sale Debt Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(92)	(114)		(114)
Other comprehensive income	30	22
Balance at end of period	(62)	(92)		(62)
Pension and Postretirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(9)	(9)		(9)
Other comprehensive income	0	0
Balance at end of period	$ (9)	$ (9)		$ (9)

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, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 2,478	$ 2,907	$ 3,801
Restricted cash, non-current	2		21
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 2,480	$ 2,928	$ 3,822	$ 3,217

Net Product Sales - Net Product

Net Product Sales - Net Product Sales by Customer Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 241	$ 344	$ 408	$ 2,206
Net product sales
Disaggregation of Revenue [Line Items]
Total revenue	184	293	351	2,121
United States \| Net product sales
Disaggregation of Revenue [Line Items]
Total revenue	162	2	262	3
Europe \| Net product sales
Disaggregation of Revenue [Line Items]
Total revenue	0	60	0	636
Rest of world \| Net product sales
Disaggregation of Revenue [Line Items]
Total revenue	$ 22	$ 231	$ 89	$ 1,482

Net Product Sales - Narrative (

Net Product Sales - Narrative (Details) $ in Millions	6 Months Ended
Net Product Sales - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($) product	Dec. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Contract with customer, liability	$ 797	$ 651
Net product sales
Disaggregation of Revenue [Line Items]
Number of commercial products \| product	2
Contract with customer, liability	$ 740	$ 613
Remaining performance obligations	$ 645

Net Product Sales - Product Sal

Net Product Sales - Product Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 241	$ 344	$ 408	$ 2,206
Net product sales
Disaggregation of Revenue [Line Items]
Gross product sales	191	293	413	2,121
Wholesaler chargebacks, discounts and fees	22	0	0	0
Returns and other fees	(29)	0	(62)	0
Total product sales provision	(7)	0	(62)	0
Total revenue	$ 184	$ 293	$ 351	$ 2,121

Net Product Sales - Product S_2

Net Product Sales - Product Sales Provision Recorded as Accrued Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Change in Contract with Customer, Liability Refund [Roll Forward]
Balance at December 31, 2023			$ (556)
Balance at June 30, 2024	$ (554)		(554)
Net product sales
Change in Contract with Customer, Liability Refund [Roll Forward]
Balance at December 31, 2023			(556)
Provision related to sales made in 2024	(7)	$ 0	(62)	$ 0
Payments and returns related to sales made in current period			13
Payments and returns related to sales made in prior year			51
Balance at June 30, 2024	$ (554)		$ (554)

Other Revenue - Schedule of Dis

Other Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 241	$ 344	$ 408	$ 2,206
Grant revenue
Disaggregation of Revenue [Line Items]
Total revenue	20	28	20	52
Collaboration revenue
Disaggregation of Revenue [Line Items]
Total revenue	7	23	7	33
Licensing and royalty revenue
Disaggregation of Revenue [Line Items]
Total revenue	30	0	30	0
Total other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 57	$ 51	$ 57	$ 85

Other Revenue - Narrative (Deta

Other Revenue - Narrative (Details) $ in Millions	1 Months Ended			3 Months Ended		6 Months Ended		51 Months Ended
Other Revenue - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)	Apr. 30, 2024 USD ($)	Apr. 30, 2020 USD ($) participant	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Number of participants \| participant			30,000
Total revenue				$ 241	$ 344	$ 408	$ 2,206
Upfront payment						222
Contract with customer, liability	$ 797			797		797		$ 797	$ 651
Grant revenue
Disaggregation of Revenue [Line Items]
Total revenue				20	28	20	52
Upfront payment						0
Contract with customer, liability	4			4		4		4	4
Licensing and royalty revenue
Disaggregation of Revenue [Line Items]
Total revenue				30	0	30	0
Upfront payment						20
Contract with customer, liability	20			20		20		20	$ 0
Other revenue
Disaggregation of Revenue [Line Items]
Total revenue				57	$ 51	57	$ 85
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Licensing and royalty revenue
Disaggregation of Revenue [Line Items]
Upfront payment		$ 50
Contract with customer, liability		$ 20
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Other revenue
Disaggregation of Revenue [Line Items]
Total revenue						30
Contract with customer, liability	20			20		20		20
Biomedical Advanced Research And Development Authority
Disaggregation of Revenue [Line Items]
Award amount			$ 483					1,800
Amount committed for funding	77			$ 77		$ 77		$ 77
Biomedical Advanced Research And Development Authority \| Grant revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 176

Collaboration Agreements and _2

Collaboration Agreements and Research and Development Funding Arrangement (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Oct. 31, 2022
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development	$ 1,221	$ 1,148	$ 2,284	$ 2,279
Merck \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Cash proceeds						$ 250
Research and development	95	50	171	69
Recovery of costs	$ 33	$ 12	$ 57	$ 18
Blackstone Life Sciences (Blackstone) \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Funding amount					$ 750
Milestone payments					$ 750

Financial Instruments - Summary

Financial Instruments - Summary of Cash and Available-for-Sale Securities by Significant Investment Category (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 8,429	$ 10,519
Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,907	13,426
Unrealized Gains	1	6
Unrealized Losses	(94)	(151)
Estimated Fair Value	10,814	13,281
Cash and cash equivalents \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	2,478	2,907
Current Marketable Securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	6,010	5,697
Non- Current Marketable Securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	2,326	4,677
Cash and cash equivalents \| Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,478	2,907
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	2,478	2,907
Cash and cash equivalents \| Cash and cash equivalents \| Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	2,478	2,907
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	29	27
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	29	27
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	29	27
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	588	807
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	588	807
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	588	807
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	3,593	4,407
Unrealized Gains	0	3
Unrealized Losses	(45)	(67)
Estimated Fair Value	3,548	4,343
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	2,642	2,664
U.S. treasury notes \| Non- Current Marketable Securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	906	1,679
Corporate debt securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,023	5,067
Unrealized Gains	1	3
Unrealized Losses	(47)	(81)
Estimated Fair Value	3,977	4,989
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	2,594	2,082
Corporate debt securities \| Non- Current Marketable Securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,383	2,907
Government debt securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	196	211
Unrealized Gains	0	0
Unrealized Losses	(2)	(3)
Estimated Fair Value	194	208
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	157	117
Government debt securities \| Non- Current Marketable Securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 37	$ 91

Financial Instruments - Amortiz

Financial Instruments - Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less	$ 6,067	$ 5,751
Due after one year through five years	2,362	4,768
Amortized Cost	8,429	10,519
Estimated Fair Value
Due in one year or less	6,010	5,697
Due after one year through five years	2,326	4,677
Total	$ 8,336	$ 10,374

Financial Instruments - Narrati

Financial Instruments - Narrative (Details)	3 Months Ended		6 Months Ended
Financial Instruments - Narrative (Details)	Jun. 30, 2024 USD ($) security	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) security	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) security
Investments, Debt and Equity Securities [Abstract]
Impairment charges	$ 0	$ 0	$ 0	$ 0
Credit losses related allowance	$ 0		$ 0		$ 0
Number of AFS securities in loss positions \| security	341		341		392
Net gains (losses) on equity investments	$ (22,000,000)	$ 36,000,000	$ (35,000,000)	$ 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, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	$ (9)	$ (4)
Estimate fair value, less than 12 months	3,454	1,369
Gross unrealized losses, 12 months or more	(85)	(147)
Estimated fair value, 12 months or more	4,803	6,644
Gross unrealized losses, total	(94)	(151)
Estimated fair value, total	8,257	8,013
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	1,282	25
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	1,282	25
U.S. treasury notes
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	(5)	(3)
Estimate fair value, less than 12 months	1,175	774
Gross unrealized losses, 12 months or more	(38)	(64)
Estimated fair value, 12 months or more	2,164	2,983
Gross unrealized losses, total	(43)	(67)
Estimated fair value, total	3,339	3,757
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	(4)	(1)
Estimate fair value, less than 12 months	945	562
Gross unrealized losses, 12 months or more	(45)	(79)
Estimated fair value, 12 months or more	2,523	3,518
Gross unrealized losses, total	(49)	(80)
Estimated fair value, total	3,468	4,080
Government debt securities
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	0	0
Estimate fair value, less than 12 months	52	8
Gross unrealized losses, 12 months or more	(2)	(4)
Estimated fair value, 12 months or more	116	143
Gross unrealized losses, total	(2)	(4)
Estimated fair value, total	$ 168	$ 151

Financial Instruments - Financi

Financial Instruments - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 10,814	$ 13,281
Certificates of deposit \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	29	27
U.S. treasury bills \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	588	807
U.S. treasury notes \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	3,548	4,343
Corporate debt securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	3,977	4,989
Government debt securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	194	208
Fair Value, Recurring
Debt Securities, Available-for-sale [Line Items]
Derivative instruments	2	4
Total	10,709	12,904
Derivative instruments	2	9
Fair Value, Recurring \| Level 1
Debt Securities, Available-for-sale [Line Items]
Derivative instruments	0	0
Total	678	1,596
Derivative instruments	0	0
Fair Value, Recurring \| Level 2
Debt Securities, Available-for-sale [Line Items]
Derivative instruments	2	4
Total	10,031	11,308
Derivative instruments	2	9
Fair Value, Recurring \| Money market funds
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	647	1,572
Fair Value, Recurring \| Money market funds \| Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	647	1,572
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	29	27
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	29	27
Fair Value, Recurring \| U.S. treasury bills
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,972	1,246
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	1,972	1,246
Fair Value, Recurring \| U.S. treasury notes
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	3,548	4,343
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	3,548	4,343
Fair Value, Recurring \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	4,286	5,480
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	4,286	5,480
Fair Value, Recurring \| Government debt securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	194	208
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	194	208
Fair Value, Recurring \| Equity investments
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	31	24
Fair Value, Recurring \| Equity investments \| Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	31	24
Fair Value, Recurring \| Equity investments \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 0	$ 0

Inventory - Schedule of Invento

Inventory - Schedule of Inventory, Current (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 199	$ 163
Work in progress	166	15
Finished goods	34	24
Total inventory	399	202
Inventory, non-current	$ 161	$ 170

Inventory - Narrative (Details)

Inventory - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Inventory - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Inventory [Line Items]
Inventory write-down	$ 14,000,000	$ 464,000,000	$ 44,000,000	$ 612,000,000
Inventory, firm purchase commitment, loss	0	$ 75,000,000	0	$ 141,000,000
Loss on future firm purchase commitments	1,000,000		1,000,000		$ 79,000,000
Inventory, gross	560,000,000		560,000,000		372,000,000
Inventory	399,000,000		399,000,000		$ 202,000,000
COVID-19
Inventory [Line Items]
Inventory	$ 165,000,000		$ 165,000,000

Property, Plant and Equipment_3

Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,700		$ 2,700		$ 2,378
Less: Accumulated depreciation	(504)		(504)		(433)
Property, plant and equipment, net	2,196		2,196		1,945
Depreciation and amortization	40	$ 90	75	$ 168
Land and land improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	22		22		22
Manufacturing and laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	355		355		345
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	664		664		522
Furniture, fixtures and other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	33		33		26
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	136		136		74
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	961		961		860
Right of use of assets, financing
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 529		$ 529		$ 529

Other Balance Sheet Component_2

Other Balance Sheet Components - Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 492	$ 1,584
Less: Wholesalers chargebacks, discounts and fees	(329)	(692)
Accounts receivable, net	$ 163	$ 892

Other Balance Sheet Component_3

Other Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid services	$ 184	$ 182
Down payments and prepayments related to manufacturing and materials	111	168
Income tax receivable	105	19
Collaboration receivable	73	61
Interest receivable	56	59
Value added tax receivable	26	50
Prepaid income tax	25	0
Other current assets	31	88
Prepaid expenses and other current assets	$ 611	$ 627

Other Balance Sheet Component_4

Other Balance Sheet Components - Other Non-Current Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Down payments and prepayments, non-current	$ 321	$ 342
Inventory, non-current	161	170
Goodwill	52	52
Finite-lived intangible asset	42	44
Equity investments	31	66
Other	34	11
Other non-current assets	$ 641	$ 685

Other Balance Sheet Component_5

Other Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Provisions related to product sales (Note 3)	$ 554	$ 556
Compensation-related	187	245
Manufacturing	119	167
Other external goods and services	109	137
Clinical trials	96	175
Property, plant and equipment	93	94
Development operations	90	140
Raw materials	42	27
Commercial	32	56
Royalties	10	122
Loss on future firm purchase commitments	1	79
Accrued liabilities	$ 1,333	$ 1,798

Other Balance Sheet Component_6

Other Balance Sheet Components - Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Lease liabilities - operating	$ 25	$ 25
Other	17	41
Other current liabilities	$ 42	$ 66

Other Balance Sheet Component_7

Other Balance Sheet Components - Deferred Revenue (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	$ 651
Additions	222
Deductions	(76)
Ending balance	797
Product sales
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	613
Additions	196
Deductions	(69)
Ending balance	740
Grant revenue
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	4
Additions	0
Deductions	0
Ending balance	4
Collaboration revenue
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	34
Additions	6
Deductions	(7)
Ending balance	33
Licensing and royalty revenue
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	0
Additions	20
Deductions	0
Ending balance	$ 20

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands	1 Months Ended
Leases - Narrative (Details) ft² in Thousands	Sep. 30, 2021 ft² numberOfExtensionPeriod	Jun. 30, 2024 ft² numberOfBuilding campus numberOfExtensionPeriod
Lessee, Lease, Description [Line Items]
Number of campuses \| campus		2
MTC South, MTC North and MTC East
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) \| ft²		686
Number of extension \| numberOfExtensionPeriod		3
Extension term		5 years
Finance lease, number of properties \| numberOfBuilding		3
Cambridge leases
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) \| ft²	462	667
Number of years	2 years
Lease term	15 years
Number of extension \| numberOfExtensionPeriod	2
Extension term	7 years

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Right-of-use assets, operating, net	$ 775	$ 713
Right-of-use assets, financing, net	430	436
Total	1,205	1,149
Operating lease liabilities, current	25	25
Total current lease liabilities	25	25
Operating lease liabilities, non-current	668	643
Financing lease liabilities, non-current	576	575
Total non-current lease liabilities	1,244	1,218
Total	$ 1,269	$ 1,243
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

Leases - Minimum Lease Payments

Leases - Minimum Lease Payments (Details) $ in Millions	Jun. 30, 2024 USD ($)
Operating Leases
2024 (remainder of the year)	$ 38
2025	69
2026	70
2027	75
2028	76
Thereafter	833
Total minimum lease payments	1,161
Less amounts representing interest or imputed interest	(468)
Present value of lease liabilities	693
Financing Leases
2024 (remainder of the year)	9
2025	22
2026	22
2027	23
2028	23
Thereafter	1,074
Total minimum lease payments	1,173
Less amounts representing interest or imputed interest	(597)
Present value of lease liabilities	576
Lessee, Lease, Description [Line Items]
Undiscounted future lease payments	468
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, 2024 USD ($) claim	Jun. 30, 2024 USD ($) claim	Dec. 31, 2023 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, 2024	Dec. 31, 2023
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Loss on future firm purchase commitments	$ 1	$ 79
Supply and manufacturing agreements
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitments	1,500
Clinical Services
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitments	157
Clinical operations and support commitment
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitments	$ 3,100

Commitments and Contingencies_3

Commitments and Contingencies - Licenses to Patented Technology (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Consideration paid	$ 10	$ 12	$ 18	$ 98

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 112	$ 74	$ 213	$ 149
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	6	16	13	21
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	67	33	127	75
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	39	25	73	53
Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	40	34	80	70
Restricted Stock Units (RSUs) and Performance Stock Units (PSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	70	37	128	74
Employee Stock Purchase Plan (ESPP)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 2	$ 3	$ 5	$ 5

Stock-Based Compensation and _4

Stock-Based Compensation and Share Repurchase Programs - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($) shares	Jun. 30, 2024 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to non-vested stock-based compensation	$ 1,000	$ 1,000
Weighted-average period of cost expected to be recognized		2 years 9 months 18 days
Stock repurchased during period (in shares) \| shares	0	0
2022 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount for share repurchase program	$ 1,700	$ 1,700

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (1,279)	$ (1,749)	$ (2,444)	$ (2,054)
Provision for (benefit from) income taxes	$ 0	$ (369)	$ 10	$ (753)
Effective tax rate	0%	21.10%	(0.40%)	36.70%

Net Loss per Share (Details)

Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss	$ (1,279)	$ (1,380)	$ (2,454)	$ (1,301)
Denominator:
Basic weighted-average common shares outstanding (in shares)	384	381	383	383
Diluted weighted-average common shares outstanding (in shares)	384	381	383	383
Basic EPS (in usd per share)	$ (3.33)	$ (3.62)	$ (6.41)	$ (3.39)
Diluted EPS (in usd per share)	$ (3.33)	$ (3.62)	$ (6.41)	$ (3.39)
Common stock equivalents excluded from the EPS computation above because their inclusion would have been anti-dilutive (in shares)	34	28	34	28