Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-38753
Entity Registrant Name	Moderna, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3467528
Entity Address, Address Line One	200 Technology Square
Entity Address, City or Town	Cambridge,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02139
City Area Code	617
Local Phone Number	714-6500
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	MRNA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		384,180,469
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001682852
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 3,027	$ 6,848
Investments	5,321	3,879
Accounts receivable	2,695	3,175
Inventory	2,077	1,441
Prepaid expenses and other current assets	1,177	728
Total current assets	14,297	16,071
Investments, non-current	8,655	6,843
Property and equipment, net	2,019	1,241
Right-of-use assets, operating leases	113	142
Restricted cash, non-current	14	12
Deferred tax assets	920	326
Other non-current assets	38	34
Total assets	26,056	24,669
Current liabilities:
Accounts payable	330	302
Accrued liabilities	1,856	1,472
Deferred revenue	4,002	6,253
Income taxes payable	66	876
Other current liabilities	553	225
Total current liabilities	6,807	9,128
Deferred revenue, non-current	175	615
Operating lease liabilities, non-current	79	106
Financing lease liabilities, non-current	922	599
Other non-current liabilities	81	76
Total liabilities	8,064	10,524
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, par value $0.0001; 162 shares authorized as of September 30, 2022 and December 31, 2021; no shares issued or outstanding at September 30, 2022 and December 31, 2021	0	0
Common stock, par value $0.0001; 1,600 shares authorized as of September 30, 2022 and December 31, 2021; 387 and 403 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	0	0
Additional paid-in capital	1,488	4,211
Accumulated other comprehensive loss	(351)	(24)
Retained earnings	16,855	9,958
Total stockholders’ equity	17,992	14,145
Total liabilities and stockholders’ equity	$ 26,056	$ 24,669

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	162,000,000	162,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,600,000,000	1,600,000,000
Common stock, shares, issued (in shares)	387,000,000	403,000,000
Common stock, shares, outstanding (in shares)	387,000,000	403,000,000

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Total revenue	$ 3,364	$ 4,969	$ 14,179	$ 11,260
Operating expenses:
Cost of sales	1,100	722	3,498	1,665
Research and development	820	521	2,084	1,343
Selling, general and administrative	278	168	757	366
Total operating expenses	2,198	1,411	6,339	3,374
Income from operations	1,166	3,558	7,840	7,886
Interest income	58	4	113	11
Other expense, net	(7)	(10)	(33)	(22)
Income before income taxes	1,217	3,552	7,920	7,875
Provision for income taxes	174	219	1,023	541
Net income	$ 1,043	$ 3,333	$ 6,897	$ 7,334
Earnings per share:
Basic (in usd per share)	$ 2.67	$ 8.27	$ 17.41	$ 18.25
Diluted (in usd per share)	$ 2.53	$ 7.70	$ 16.46	$ 17.00
Weighted average common shares used in calculation of earnings per share:
Basic (in shares)	390	404	396	402
Diluted (in shares)	412	434	419	431
Product sales
Revenue:
Total revenue	$ 3,120	$ 4,810	$ 13,576	$ 10,740
Grant revenue
Revenue:
Total revenue	144	140	453	473
Collaboration revenue
Revenue:
Total revenue	$ 100	$ 19	$ 150	$ 47

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 1,043	$ 3,333	$ 6,897	$ 7,334
Available-for-sales securities:
Unrealized losses on available-for-sale debt securities	(126)	(3)	(384)	(10)
Less: net realized losses (gains) on available-for-sale securities reclassified in net income	3	(1)	18	(2)
Net decrease from available-for-sale debt securities	(123)	(4)	(366)	(12)
Cash flow hedges:
Unrealized gains on derivative instruments	62	30	133	51
Less: net realized (gains) on derivative instruments reclassified in net income	(50)	(11)	(94)	(11)
Net increase from derivatives designated as hedging instruments	12	19	39	40
Total other comprehensive (loss) income	(111)	15	(327)	28
Comprehensive income	$ 932	$ 3,348	$ 6,570	$ 7,362

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Balance at beginning of period (in shares) at Dec. 31, 2020		399
Balance at beginning of period at Dec. 31, 2020	$ 2,561	$ 0	$ 4,802	$ 3	$ (2,244)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)		6
Exercise of options to purchase common stock	91		91
Purchase of common stock under employee stock purchase plan	5		5
Stock-based compensation	105		105
Other comprehensive (loss) income, net of tax	28			28
Net income	7,334				7,334
Balance at end of period (in shares) at Sep. 30, 2021		405
Balance at end of period at Sep. 30, 2021	10,124	$ 0	5,003	31	5,090
Balance at beginning of period (in shares) at Jun. 30, 2021		403
Balance at beginning of period at Jun. 30, 2021	6,704	$ 0	4,931	16	1,757
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)		2
Exercise of options to purchase common stock	32		32
Stock-based compensation	40		40
Other comprehensive (loss) income, net of tax	15			15
Net income	3,333				3,333
Balance at end of period (in shares) at Sep. 30, 2021		405
Balance at end of period at Sep. 30, 2021	$ 10,124	$ 0	5,003	31	5,090
Balance at beginning of period (in shares) at Dec. 31, 2021	403	403
Balance at beginning of period at Dec. 31, 2021	$ 14,145	$ 0	4,211	(24)	9,958
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive (loss) income, net of tax	$ (160)
Balance at end of period at Mar. 31, 2022				(184)
Balance at beginning of period (in shares) at Dec. 31, 2021	403	403
Balance at beginning of period at Dec. 31, 2021	$ 14,145	$ 0	4,211	(24)	9,958
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock (in shares)		1
Exercise of options to purchase common stock (in shares)		3
Exercise of options to purchase common stock	31		31
Purchase of common stock under employee stock purchase plan	9		9
Stock-based compensation	164		164
Other comprehensive (loss) income, net of tax	(327)			(327)
Repurchase of common stock (in shares)		(20)
Repurchase of common stock	(2,927)		(2,927)
Net income	$ 6,897				6,897
Balance at end of period (in shares) at Sep. 30, 2022	387	387
Balance at end of period at Sep. 30, 2022	$ 17,992	$ 0	1,488	(351)	16,855
Balance at beginning of period at Mar. 31, 2022				(184)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive (loss) income, net of tax	(56)
Balance at end of period (in shares) at Jun. 30, 2022		392
Balance at end of period at Jun. 30, 2022	17,985	$ 0	2,413	(240)	15,812
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock (in shares)		1
Exercise of options to purchase common stock (in shares)		1
Exercise of options to purchase common stock	11		11
Stock-based compensation	70		70
Other comprehensive (loss) income, net of tax	(111)			(111)
Repurchase of common stock (in shares)		(7)
Repurchase of common stock	(1,006)		(1,006)
Net income	$ 1,043				1,043
Balance at end of period (in shares) at Sep. 30, 2022	387	387
Balance at end of period at Sep. 30, 2022	$ 17,992	$ 0	$ 1,488	$ (351)	$ 16,855

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net income	$ 6,897	$ 7,334
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	164	105
Depreciation and amortization	268	154
Amortization/accretion of investments	35	33
Deferred income taxes	(473)	(89)
Other non-cash items	36	0
Changes in assets and liabilities:
Accounts receivable	480	(1,751)
Prepaid expenses and other assets	(669)	(186)
Inventory	(636)	(918)
Right-of-use assets, operating leases	29	(25)
Accounts payable	89	26
Accrued liabilities	354	600
Deferred revenue	(2,691)	4,431
Income taxes payable	(810)	565
Operating lease liabilities	(27)	8
Other liabilities	273	23
Net cash provided by operating activities	3,319	10,310
Investing activities
Purchases of marketable securities	(8,925)	(10,279)
Proceeds from maturities of marketable securities	2,222	1,075
Proceeds from sales of marketable securities	2,918	1,983
Purchases of property and equipment	(308)	(164)
Investment in convertible notes	(35)	0
Net cash used in investing activities	(4,128)	(7,385)
Financing activities
Proceeds from issuance of common stock through equity plans	40	96
Repurchase of common stock	(2,927)	0
Changes in financing lease liabilities	(123)	(96)
Net cash used in financing activities	(3,010)	0
Net (decrease) increase in cash, cash equivalents and restricted cash	(3,819)	2,925
Cash, cash equivalents and restricted cash, beginning of year	6,860	2,636
Cash, cash equivalents and restricted cash, end of period	3,041	5,561
Non-cash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued liabilities	80	66
Right-of-use assets obtained through finance lease modifications and reassessments	0	364
Right-of-use assets obtained in exchange for financing lease liabilities	$ 781	$ 126

Description of the Business	9 Months Ended
Description of the Business	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business Moderna, Inc. (collectively, with its consolidated subsidiaries, any of Moderna, we, us, our, or the Company) is a biotechnology company pioneering messenger RNA (mRNA) therapeutics and vaccines to create a new generation of transformative medicines to improve the lives of patients. Our platform builds on continuous advances in basic and applied mRNA science, delivery technology, and manufacturing, providing us the capability to pursue in parallel a robust pipeline of new development candidates. We are developing therapeutics and vaccines for infectious diseases, immuno-oncology, rare diseases, autoimmune and cardiovascular diseases, independently and with our strategic collaborators. On December 18, 2020, we received an Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) for the emergency use of the Moderna COVID-19 Vaccine (also referred to as mRNA-1273 and marketed under the brand name Spikevax®) as a two-dose, 100 µg primary series in individuals 18 years of age or older. In January 2022, we received full commercial approval for Spikevax as a two-dose, 100 µg primary series to prevent COVID-19 in individuals 18 years of age and older in the United States. Spikevax is approved or authorized in individuals 18 years and older in more than 70 countries. In addition, Spikevax is authorized by the FDA and global regulators in more than 50 countries as a two-dose, 100 µg primary series in adolescents aged 12 to 17 years old and as a two-dose, 50 µg primary series in children ages 6 to 11 years old. Additionally, a two-dose, 25 µg primary series of Spikevax is authorized in young children aged 6 months to 5 years old in the United States, Canada, Australia, and other jurisdictions. The FDA, European Medicines Agency (EMA), Swissmedic and other health agencies around the world have authorized a booster dose of Spikevax at the 50 µg dose level for adults ages 18 years and older. The FDA and other health agencies have also authorized a second booster dose at the 50 µg dose level for adults 50 years and older and adults 18 years of age and older with certain kinds of immunocompromise. On August 15, 2022, we received the first authorization for our BA.1 Omicron-targeting bivalent COVID-19 booster vaccine (Spikevax Bivalent Original/Omicron, mRNA-1273.214) from the Medicines and Healthcare products Regulatory Agency (MHRA) in the United Kingdom, given as a 50 µg booster dose for individuals 18 years of age and older who have received either a primary series or an initial booster of any of the authorized or approved COVID-19 vaccines. The EMA in the European Union provided a similar authorization for mRNA-1273.214 as a booster vaccine for individuals 12 years and older on September 2, 2022. During the third quarter of 2022, we received authorizations for mRNA-1273.214 as a booster vaccine in the United Kingdom, the European Union, Japan, Australia, Canada, and Switzerland. On August 31, 2022, we received an EUA from the FDA for our BA.4/BA.5 Omicron-targeting bivalent COVID-19 booster vaccine (mRNA-1273.222), given as a 50 µg booster dose for individuals 18 years of age and older who have received either a primary series or an initial booster of any of the authorized or approved COVID-19 vaccines. On October 12, 2022, we received an EUA from the FDA for mRNA-1273.222 as a 50 µg booster dose for adolescents 12 to 17 years old and as a 25 µg booster dose for children 6 to 11 years old, each following a completed primary series of any authorized COVID-19 vaccine or a previous booster. The EMA in the European Union, the MHRA in the United Kingdom and other countries worldwide have provided similar authorizations for mRNA-1273.222.

Summary of Basis of Presentation and Recent Accounting Standards

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of Basis of Presentation and Recent Accounting Standards

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements that accompany these notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting, consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Form 10-K). Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standard Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). This report should be read in conjunction with the audited consolidated financial statements in our 2021 Form 10-K.

The condensed consolidated financial statements include Moderna, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and nine months ended September 30, 2022 are consistent with those described in our 2021 Form 10-K. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the operating results to be expected for the full fiscal year or future operating periods.

Use of Estimates

We have made estimates and judgments affecting the amounts reported in our condensed consolidated financial statements and the accompanying notes. We base our estimates on historical experience and various relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods that are not readily apparent from other sources. Significant estimates relied upon in preparing these financial statements include, but are not limited to, critical accounting policies or estimates related to revenue recognition, income taxes, valuation allowance on deferred tax assets, leases, fair value of financial instruments, derivative financial instruments, inventory, firm purchase commitment liabilities, useful lives of property and equipment, research and development expenses, and stock-based compensation. The actual results that we experience may differ materially from our estimates.

Comprehensive Income

Comprehensive income includes net income and other comprehensive income/loss for the period. Other comprehensive income/loss consists of unrealized gains/losses on our investments and derivatives designated as hedging instruments. Total comprehensive income for all periods presented has been disclosed in the condensed consolidated statements of comprehensive income.

The components of accumulated other comprehensive loss for the three and nine months ended September 30, 2022 were as follows (in millions):


	Unrealized Loss on Available-for-Sale Debt Securities		Net Unrealized Gains on Derivatives Designated As Hedging Instruments		Total
Accumulated other comprehensive loss, balance at December 31, 2021	$	(40)	$	16	$	(24)
Other comprehensive loss	(171)		11		(160)
Accumulated other comprehensive loss, balance at March 31, 2022	(211)		27		(184)
Other comprehensive loss	(72)		16		(56)
Accumulated other comprehensive loss, balance at June 30, 2022	(283)		43		(240)
Other comprehensive loss	(123)		12		(111)
Accumulated other comprehensive loss, balance at September 30, 2022	$	(406)	$	55	$	(351)

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):


	September 30,
	2022		2021
Cash and cash equivalents	$	3,027	$	5,550

Restricted cash, non-current	14		11
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	3,041	$	5,561

Recently Issued Accounting Standards Not Yet Adopted

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our condensed consolidated financial statements and disclosures.

Product Sales

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Product Sales

Product sales are primarily associated with our COVID-19 vaccine supply agreements with the U.S. Government, other international governments and Gavi (on behalf of the COVAX Facility).

Product sales by customer geographic location were as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
United States	$	985	$	1,197	$	3,380	$	4,648
Europe	1,045		1,688		4,511		3,028
Rest of world (1)	1,090		1,925		5,685		3,064
Total	$	3,120	$	4,810	$	13,576	$	10,740

_______

(1) Includes product sales recognized under the agreement with Gavi, which facilitates the allocation and distribution of our COVID-19 vaccines around the world, particularly for low- and middle-income countries.

As of September 30, 2022, our COVID-19 vaccine (marketed under the brand name Spikevax) and Omicron-targeting bivalent boosters (mRNA-1273.214 and mRNA-1273.222) were our only commercial products authorized for use.

As of September 30, 2022 and December 31, 2021, we had deferred revenue of $4.1 billion and $6.7 billion, respectively, related to customer deposits. We expect $3.9 billion of our deferred revenue related to customer deposits as of September 30, 2022 to be realized in less than one year. Timing of product manufacturing, delivery, and receipt of marketing approval will determine the period in which product sales are recognized.

Grant Revenue

In September 2020, we entered into an agreement with the Defense Advanced Research Projects Agency (DARPA) for an award of up to $56 million to fund development of a mobile manufacturing prototype leveraging our existing manufacturing technology that is capable of rapidly producing therapeutics and vaccines. As of September 30, 2022, the committed funding, net of revenue earned was $5 million. An additional $30 million of funding will be available if DARPA exercises additional contract options.

In April 2020, we entered into an agreement with the Biomedical Advanced Research and Development Authority (BARDA), a division of the Office of the Assistant Secretary for Preparedness and Response within the U.S. Department of Health and Human Services (HHS), for an award of up to $483 million to accelerate development of mRNA-1273, our vaccine candidate against COVID-19. The agreement was amended in both 2020 and 2021 to provide for additional commitments to support various late-stage clinical development efforts of mRNA-1273, including a 30,000 participant Phase 3 study, pediatric clinical trials and pharmacovigilance studies. In March 2022, we entered into a further amendment to the BARDA agreement, increasing the amount of potential reimbursements by $308 million, in connection with costs associated with the clinical development for the adolescent and pediatric studies and the Phase 3 pivotal study. The maximum award from BARDA, inclusive of the 2020, 2021 and 2022 amendments, was approximately $1.7 billion. All contract options have been exercised. As of September 30, 2022, the remaining available funding, net of revenue earned was $67 million.

In September 2016, we received from BARDA an award of up to $126 million, subsequently adjusted to $117 million in 2021, to help fund our Zika vaccine program. In September 2022, the performance period of the grant expired, and BARDA was released of the obligation to fund the remaining $36 million of the award.

In January 2016, we entered a global health project framework agreement with the Bill and Melinda Gates Foundation (Gates Foundation) to advance mRNA-based development projects for various infectious diseases, including human immunodeficiency virus (HIV). As of September 30, 2022, the available funding, net of revenue earned was $7 million, with up to an additional $80 million available if additional follow-on projects are approved.

The following table summarizes grant revenue for the periods presented (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
BARDA	$	141	$	128	$	442	$	454
Other grant revenue	3		12		11		19
Total grant revenue	$	144	$	140	$	453	$	473

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Grant Revenue

9 Months Ended

Sep. 30, 2022

Revenue Recognition and Deferred Revenue [Abstract]

Grant Revenue

Product Sales

Product sales are primarily associated with our COVID-19 vaccine supply agreements with the U.S. Government, other international governments and Gavi (on behalf of the COVAX Facility).

Product sales by customer geographic location were as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
United States	$	985	$	1,197	$	3,380	$	4,648
Europe	1,045		1,688		4,511		3,028
Rest of world (1)	1,090		1,925		5,685		3,064
Total	$	3,120	$	4,810	$	13,576	$	10,740

_______

(1) Includes product sales recognized under the agreement with Gavi, which facilitates the allocation and distribution of our COVID-19 vaccines around the world, particularly for low- and middle-income countries.

As of September 30, 2022, our COVID-19 vaccine (marketed under the brand name Spikevax) and Omicron-targeting bivalent boosters (mRNA-1273.214 and mRNA-1273.222) were our only commercial products authorized for use.

As of September 30, 2022 and December 31, 2021, we had deferred revenue of $4.1 billion and $6.7 billion, respectively, related to customer deposits. We expect $3.9 billion of our deferred revenue related to customer deposits as of September 30, 2022 to be realized in less than one year. Timing of product manufacturing, delivery, and receipt of marketing approval will determine the period in which product sales are recognized.

Grant Revenue

In September 2020, we entered into an agreement with the Defense Advanced Research Projects Agency (DARPA) for an award of up to $56 million to fund development of a mobile manufacturing prototype leveraging our existing manufacturing technology that is capable of rapidly producing therapeutics and vaccines. As of September 30, 2022, the committed funding, net of revenue earned was $5 million. An additional $30 million of funding will be available if DARPA exercises additional contract options.

In April 2020, we entered into an agreement with the Biomedical Advanced Research and Development Authority (BARDA), a division of the Office of the Assistant Secretary for Preparedness and Response within the U.S. Department of Health and Human Services (HHS), for an award of up to $483 million to accelerate development of mRNA-1273, our vaccine candidate against COVID-19. The agreement was amended in both 2020 and 2021 to provide for additional commitments to support various late-stage clinical development efforts of mRNA-1273, including a 30,000 participant Phase 3 study, pediatric clinical trials and pharmacovigilance studies. In March 2022, we entered into a further amendment to the BARDA agreement, increasing the amount of potential reimbursements by $308 million, in connection with costs associated with the clinical development for the adolescent and pediatric studies and the Phase 3 pivotal study. The maximum award from BARDA, inclusive of the 2020, 2021 and 2022 amendments, was approximately $1.7 billion. All contract options have been exercised. As of September 30, 2022, the remaining available funding, net of revenue earned was $67 million.

In September 2016, we received from BARDA an award of up to $126 million, subsequently adjusted to $117 million in 2021, to help fund our Zika vaccine program. In September 2022, the performance period of the grant expired, and BARDA was released of the obligation to fund the remaining $36 million of the award.

In January 2016, we entered a global health project framework agreement with the Bill and Melinda Gates Foundation (Gates Foundation) to advance mRNA-based development projects for various infectious diseases, including human immunodeficiency virus (HIV). As of September 30, 2022, the available funding, net of revenue earned was $7 million, with up to an additional $80 million available if additional follow-on projects are approved.

The following table summarizes grant revenue for the periods presented (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
BARDA	$	141	$	128	$	442	$	454
Other grant revenue	3		12		11		19
Total grant revenue	$	144	$	140	$	453	$	473

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Collaboration Agreements

9 Months Ended

Sep. 30, 2022

Research and Development [Abstract]

Collaboration Agreements

We have entered into collaboration agreements with strategic collaborators to accelerate the discovery and advancement of potential mRNA medicines across therapeutic areas. As of September 30, 2022 and December 31, 2021, we had collaboration agreements with AstraZeneca plc (AstraZeneca), Merck & Co., Inc (Merck), Vertex Pharmaceuticals Incorporated and Vertex Pharmaceuticals (Europe) Limited (together, Vertex), and others. Please refer to our 2021 Form 10-K under the heading “Third-Party Strategic Alliances” and Note 5 to our consolidated financial statements for further description of these collaboration agreements.

The following table summarizes our total consolidated revenue from our strategic collaborators for the periods presented (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
Collaboration Revenue by Strategic Collaborator:	2022		2021		2022		2021
AstraZeneca	$	76	$	3	$	80	$	7
Merck	20		7		35		11
Vertex	4		5		33		23
Other	—		4		2		6
Total collaboration revenue	$	100	$	19	$	150	$	47

The following table presents changes in the balances of our receivables and contract liabilities related to our strategic collaboration agreements during the nine months ended September 30, 2022 (in millions):


	December 31, 2021		Additions		Deductions		September 30, 2022
Contract Assets:
Accounts receivable	$	9	$	287	$	(18)	$	278
Contract Liabilities:
Deferred revenue	$	204	$	8	$	(135)	$	77

As of September 30, 2022, the aggregated amount of the transaction price allocated to performance obligations under our collaboration agreements that are unsatisfied or partially unsatisfied was $99 million.

In the third quarter of 2022, AstraZeneca terminated our collaborations with them, including the development of VEGF-A and IL-12 programs, for which termination will become effective on November 21, 2022. All rights to these two programs will revert to us. As a result of the termination, we recognized the remaining deferred revenue of $76 million as collaboration revenue during the three months ended September 30, 2022.

In September 2022, Merck exercised its option to jointly develop and commercialize PCV mRNA-4157 pursuant to the terms of the PCV Collaboration and License Agreement, as amended and restated (the PCV/SAV Agreement). We concluded that the contractual provisions in the existing arrangement are not sufficiently definitive to identify the rights and obligations of the parties during the Merck Participation Term (as defined in the PCV/SAV Agreement). As such, we recorded a receivable of $250 million and other current liabilities of $250 million on our condensed consolidated financial statements related to Merck's participation election as of September 30, 2022. After receipt of the participation election payment, we and Merck will agree on a joint development plan and budget, and we will reassess the accounting treatment for the participation election payment and the collaboration arrangement at such time.

In addition to the collaboration agreements mentioned above, we have other collaborative and licensing arrangements that we do not consider to be individually significant to our business at this time. Pursuant to these agreements, we may be required to make upfront payments and payments upon achievement of various development, regulatory and commercial milestones, which in the aggregate could be significant. Future milestone payments, if any, will be reflected in our consolidated financial statements when the corresponding events become probable. In addition, we may be required to pay significant royalties on future sales if products related to these arrangements are commercialized.

Financial Instruments

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Financial Instruments

Cash and Cash Equivalents and Investments

The following tables summarize our cash and available-for-sale securities by significant investment category at September 30, 2022 and December 31, 2021 (in millions):


	September 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		Cash and Cash Equivalents		Current Marketable Securities		Non- Current Marketable Securities
Cash and cash equivalents	$	3,027	$	—	$	—	$	3,027	$	3,027	$	—	$	—
Available-for-sale:
Certificates of deposit	208		—		—		208		—		208		—
U.S. treasury bills	220		—		(2)		218		—		218		—
U.S. treasury notes	7,826		—		(268)		7,558		—		3,765		3,793
Corporate debt securities	6,124		—		(270)		5,854		—		1,130		4,724
Government debt securities	147		—		(9)		138		—		—		138
Total	$	17,552	$	—	$	(549)	$	17,003	$	3,027	$	5,321	$	8,655

	December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		Cash and Cash Equivalents		Current Marketable Securities		Non- Current Marketable Securities
Cash and cash equivalents	$	6,848	$	—	$	—	$	6,848	$	6,848	$	—	$	—
Available-for-sale:
Certificates of deposit	80		—		—		80		—		80		—
U.S. treasury bills	479		—		—		479		—		479		—
U.S. treasury notes	6,595		—		(31)		6,564		—		1,984		4,580
Corporate debt securities	3,508		—		(20)		3,488		—		1,323		2,165
Government debt securities	112		—		(1)		111		—		13		98
Total	$	17,622	$	—	$	(52)	$	17,570	$	6,848	$	3,879	$	6,843

The amortized cost and estimated fair value of available-for-sale securities by contractual maturity at September 30, 2022 and December 31, 2021 were as follows (in millions):


	September 30, 2022
	Amortized Cost		Estimated Fair Value
Due in one year or less	$	5,417	$	5,321
Due after one year through five years	9,108		8,655
Total	$	14,525	$	13,976


	December 31, 2021
	Amortized Cost		Estimated Fair Value
Due in one year or less	$	3,882	$	3,879
Due after one year through five years	6,892		6,843
Total	$	10,774	$	10,722

In accordance with our investment policy, we place investments in investment grade securities with high credit quality issuers, and generally limit the amount of credit exposure to any one issuer. We evaluate securities for impairment at the end of each reporting period. Impairment is evaluated considering numerous factors, and their relative significance varies depending on the situation.

Factors considered include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the issuer, and our intent and ability to hold the investment to allow for an anticipated recovery in fair value. Any impairment that is not credit related is recognized in other comprehensive loss, net of applicable taxes. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. We did not recognize any impairment charges related to available-for-sale securities for the three and nine months ended September 30, 2022 and 2021. We did not record any credit-related allowance to available-for-sale securities as of September 30, 2022 and December 31, 2021.

The following table summarizes the amount of gross unrealized losses and the estimated fair value for our available-for-sale securities in an unrealized loss position by the length of time the securities have been in an unrealized loss position at September 30, 2022 and December 31, 2021 (in millions):


	Less than 12 Months				12 Months or More				Total
	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value
As of September 30, 2022:

U.S. treasury bills	$	(1)	$	218	$	—	$	—	$	(1)	$	218
U.S. treasury notes	(166)		5,204		(102)		2,353		(268)		7,557
Corporate debt securities	(204)		4,404		(67)		1,200		(271)		5,604
Government debt securities	(2)		46		(7)		93		(9)		139
Total	$	(373)	$	9,872	$	(176)	$	3,646	$	(549)	$	13,518

As of December 31, 2021:

U.S. treasury bills	$	—	$	329	$	—	$	—	$	—	$	329
U.S. treasury notes	(31)		6,332		—		—		(31)		6,332
Corporate debt securities	(20)		2,573		—		1		(20)		2,574
Government debt securities	(1)		112		—		—		(1)		112
Total	$	(52)	$	9,346	$	—	$	1	$	(52)	$	9,347

At September 30, 2022 and December 31, 2021, we held 620 and 384 available-for-sale securities, respectively, out of our total investment portfolio that were in a continuous unrealized loss position. We neither intend to sell these investments, nor do we believe that we are more-likely-than-not to conclude we will have to sell them before recovery of their carrying values. We also believe that we will be able to collect both principal and interest amounts due to us at maturity.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used to value the assets and liabilities:

•Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

•Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or

•Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (in millions):


	Fair value at September 30, 2022		Fair Value Measurement Using
			Level 1		Level 2
Assets:
Money market funds	$	1,937	$	1,937	$	—
Certificates of deposit	208		—		208
U.S. treasury bills	218		—		218
U.S. treasury notes	7,558		—		7,558
Corporate debt securities	5,854		—		5,854
Government debt securities	138		—		138
Derivative instruments (Note 7)	77		—		77
Total	$	15,990	$	1,937	$	14,053
Liabilities:
Derivative instruments (Note 7)	$	6	$	—	$	6


	Fair value at December 31, 2021		Fair Value Measurement Using
			Level 1		Level 2
Assets:
Money market funds	$	2,329	$	2,329	$	—
Certificates of deposit	80		—		80
U.S. treasury bills	479		—		479
U.S. treasury notes	6,564		—		6,564
Corporate debt securities	3,488		—		3,488
Government debt securities	111		—		111
Derivative instruments (Note 7)	21		—		21
Total	$	13,072	$	2,329	$	10,743
Liabilities:
Derivative instruments (Note 7)	$	7	$	—	$	7

As of September 30, 2022 and December 31, 2021, we did not have non-financial assets or liabilities measured at fair value on a recurring basis and did not have any Level 3 financial assets or financial liabilities.

In addition, as of September 30, 2022, we had $30 million in equity investments without readily determinable fair values, which are recorded within other non-current assets in our condensed consolidated balance sheets and excluded from the fair value measurement tables above. We did not have equity investments as of December 31, 2021.

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial InstrumentsWe transact business in various foreign currencies and have international sales and expenses denominated in foreign currencies. Therefore, we are exposed to certain risks arising from both our business operations and economic conditions. Our risk management strategy includes the use of derivative financial instruments to hedge: (1) forecasted product sales that are denominated in foreign currencies and (2) foreign currency exchange rate fluctuations on monetary assets or liabilities denominated in foreign currencies. We do not enter into derivative financial contracts for speculative or trading purposes. We do not believe that we are exposed to more than a nominal amount of credit risk in our foreign currency hedges, as counterparties are large, global and well-capitalized financial institutions. We classify cash flows from our derivative transactions as cash flows from operating activities in our condensed consolidated statements of cash flows.

Cash Flow Hedges

We mitigate the foreign exchange risk arising from the fluctuations in foreign currency denominated product sales in Euro through a foreign currency cash flow hedging program, using forward contracts and foreign currency options that do not exceed 15 months in duration. We hedge these cash flow exposures to reduce the risk that our earnings and cash flows will be adversely affected by changes in exchange rates. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge, and the hedges must be highly effective in offsetting changes to future cash flows on hedged transactions. The derivative assets or liabilities associated with our hedging activities are recorded at fair value in other current assets or other current liabilities, respectively, in our condensed consolidated balance sheets. The gains or losses resulting from changes in the fair value of these hedges are initially recorded as a component of accumulated other comprehensive income (loss) (AOCI) in stockholders’ equity and subsequently reclassified to product sales in the period during which the hedged transaction affects earnings. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, within the defined hedge period, we reclassify the gains or losses on the related cash flow hedge from AOCI to other expense, net in our condensed consolidated statements of income. We evaluate hedge effectiveness at the inception of the hedge prospectively, and on an on-going basis both retrospectively and prospectively. If we do not elect hedge accounting, or the contract does not qualify for hedge accounting treatment, the changes in fair value from period to period are recorded as a component of other expense, net in our condensed consolidated statements of income. As of September 30, 2022, we had net deferred gains of $70 million on our foreign currency forward contracts included in AOCI that are expected to be recognized into product sales within the next 12 months.

Balance Sheet Hedges

We enter into foreign currency forward contracts to hedge fluctuations associated with foreign currency denominated monetary assets and liabilities, primarily accounts receivable, accounts payable and lease liabilities in Euro, Japanese Yen and Swiss Franc, that are not designated for hedge accounting treatment. Therefore, these forward contracts are accounted for as derivatives whereby the fair value of the contracts are reported as other current assets or other current liabilities in our condensed consolidated balance sheets, and gains and losses resulting from changes in the fair value are recorded as a component of other expense, net in our condensed consolidated statements of income. The gains and losses on these foreign currency forward contracts generally offset the gains and losses in the underlying foreign currency denominated assets and liabilities, which are also recorded to other expense, net in our condensed consolidated statements of income.

Total gross notional amount and fair value of our foreign currency derivatives were as follows (in millions):


	September 30, 2022
	Notional Amount		Fair Value
			Asset (1)		Liability (2)
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	$	789	$	68	$	1

Derivatives not designated as hedging instruments:
Foreign currency forward contracts	833		9		5
Total derivatives	$	1,622	$	77	$	6


	December 31, 2021
	Notional Amount		Fair Value
			Asset (1)		Liability (2)
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	$	565	$	20	$	—

Derivatives not designated as hedging instruments:
Foreign currency forward contracts	1,370		1		7
Total derivatives	$	1,935	$	21	$	7

_________

(1) As presented in the condensed consolidated balance sheets within prepaid expenses and other current assets.

(2) As presented in the condensed consolidated balance sheets within other current liabilities.

Gains on our foreign currency derivatives, net of tax recognized in our condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2022 and 2021 were as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Derivatives in cash flow hedging relationships:
Foreign currency forward contracts	$	62	$	30	$	133	$	51

The effect of our foreign currency derivatives in our condensed consolidated statements of income for the three and nine months ended September 30, 2022 and 2021 was as follows (in millions):


		Three Months Ended September 30,				Nine Months Ended September 30,
	Statement of Income Classification	2022		2021		2022		2021
Derivatives in cash flow hedging relationships:
Foreign currency forward contracts
Net gain reclassified from AOCI into income	Product sales	$	50	$	11	$	94	$	11

Derivatives not designated as hedging instruments:
Foreign currency forward contracts
Net realized and unrealized gain (loss)	Other expense, net	$	26	$	3	$	95	$	(16)

Inventory

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventory

Inventory as of September 30, 2022 and December 31, 2021 consisted of the following (in millions):


	September 30,		December 31,
	2022		2021
Raw materials	$	1,541	$	870
Work in progress	366		338
Finished goods	170		233
Total inventory	$	2,077	$	1,441

Inventory is recorded at the lower of cost or net realizable value. On a quarterly basis, we evaluate the composition of inventory to identify excess, obsolete, slow-moving or otherwise unsaleable items. We also assess whether we have any excess firm, non-cancelable, purchase commitment liabilities, resulting from our supply agreements with third-party vendors on a quarterly basis. The determination of net realizable value of inventory and firm purchase commitment liabilities requires judgment, including consideration of many factors, such as estimates of future product demand, current and future market conditions, potential product obsolescence, expiration and utilization of raw materials under firm purchase commitments and contractual minimums, among others.

Inventory write-downs as a result of excess, obsolescence, scrap or other reasons, and losses on firm purchase commitments are recorded as a component of cost of sales in our condensed consolidated statements of income. For the three and nine months ended September 30, 2022, inventory write-downs were $333 million and $1.0 billion, respectively. Inventory write-downs were immaterial for the three and nine months ended September 30, 2021. For the three and nine months ended September 30, 2022, losses on firm purchase commitments were $7 million and $349 million, respectively. As of September 30, 2022, the accrued liability for losses on firm future purchase commitments in our condensed consolidated balance sheets was $349 million. There were no such charges in 2021 or accrued liabilities at December 31, 2021.

Pre-launch Inventory

Costs relating to raw materials and production of inventory in preparation for product launch prior to regulatory approval are capitalized when future commercialization is considered probable, the future economic benefit is expected to be realized, and we believe that material uncertainties related to the ultimate regulatory approval have been significantly reduced. For pre-launch inventory that is capitalized, we consider a number of factors based on the information available at the time, including the product candidate’s current status in the drug development and regulatory approval process, results from the related clinical trials, results from meetings with relevant regulatory agencies prior to the filing of regulatory applications, potential impediments to the approval process such as product safety or efficacy, historical experience, viability of commercialization and market trends.

During the second quarter of 2022, we capitalized pre-launch inventory relating to our BA.1 Omicron-targeting booster candidate (mRNA-1273.214). As of June 30, 2022, we had pre-launch inventory of $155 million in our condensed consolidated balance sheets. Subsequent to June 30, 2022, we received authorization for the use of mRNA-1273.214 in several countries and commenced supply of this vaccine to customers.

Property and Equipment, Net

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net, as of September 30, 2022 and December 31, 2021 consisted of the following (in millions):


	September 30,		December 31,
	2022		2021
Manufacturing and laboratory equipment	$	239	$	175
Leasehold improvements	388		313
Furniture, fixtures and other	18		11
Computer equipment and software	23		16
Internally developed software	8		9
Right-of-use asset, financing (Note 11)	1,585		857
Construction in progress	338		212
Total	2,599		1,593
Less: Accumulated depreciation	(580)		(352)
Property and equipment, net	$	2,019	$	1,241

Depreciation and amortization expense for the three and nine months ended September 30, 2022 was $113 million and $268 million, respectively. Depreciation and amortization expense for the three and nine months ended September 30, 2021 was $70 million and $154 million, respectively.

Other Balance Sheet Components

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Balance Sheet Components

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets, as of September 30, 2022 and December 31, 2021 consisted of the following (in millions):


	September 30,		December 31,
	2022		2021
Down payments for materials and supplies	$	180	$	287
Down payments to manufacturing vendors	169		118
Prepaid services	277		126
Value added tax receivable	21		70
Tenant improvement allowance receivable	51		51
Interest receivable	54		27
Derivative assets	77		21
Prepaid income tax	263		23
Other current assets	85		5
Prepaid expenses and other current assets	$	1,177	$	728

Accrued Liabilities

Accrued liabilities, as of September 30, 2022 and December 31, 2021 consisted of the following (in millions):


	September 30,		December 31,
	2022		2021
Clinical trials	$	269	$	283
Raw materials	246		260
Royalties	106		241
Development operations	96		137
Manufacturing	411		227
Other external goods and services	108		79
Loss on future firm purchase commitments(1)	349		—
Compensation-related	141		126
Other	130		119


Accrued liabilities	$	1,856	$	1,472

______

(1) Related to losses that are expected to arise from firm, non-cancellable, commitments for future raw material purchases (Note 8).

Other Current Liabilities

Other current liabilities, as of September 30, 2022 and December 31, 2021 consisted of the following (in millions):


	September 30,		December 31,
	2022		2021
Lease liabilities - financing (Note 11)	$	224	$	165
Lease liabilities - operating (Note 11)	36		46

Other(1)	293		14
Other current liabilities	$	553	$	225

______

(1) Includes $250 million related to Merck’s participation election as of September 30, 2022 (Note 5).

Deferred Revenue

The following table summarizes the activities in deferred revenue for the nine months ended September 30, 2022 (in millions):


	December 31, 2021		Additions		Deductions		September 30, 2022
Product sales	$	6,658	$	2,467	$	(5,030)	$	4,095
Grant revenue	6		—		(1)		5
Collaboration revenue	204		8		(135)		77
Total deferred revenue	$	6,868	$	2,475	$	(5,166)	$	4,177

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

LeasesWe have entered into various long-term non-cancelable lease arrangements for our facilities and equipment expiring at various times through 2042. Certain of these arrangements have free rent periods or escalating rent payment provisions. We recognize lease cost under such arrangements on a straight-line basis over the life of the lease. We have two campuses in Massachusetts, our Cambridge campus and our Moderna Technology Center (MTC), an industrial technology center located in Norwood. We also lease other office and lab spaces globally for our business operations.

Operating Leases

Cambridge Campus

We occupy a multi-building campus in Technology Square in Cambridge, Massachusetts with a mix of offices and research laboratory space totaling approximately 261,000 square feet. Our Cambridge campus leases have expiry ranges from 2024 to 2029.

In addition, we are investing in a new Moderna Science Center (MSC) in Cambridge, to create a purpose-built space to support our next chapter of discovery (see Note 12). In connection with our MSC investment, in September 2021, we entered into amendments to our lease agreements to allow for an option for early termination of the leases, either in part or full. Notification of the intent to exercise the option must be provided by August 2023. We have not elected to exercise this option.

Finance Leases

Moderna Technology Center

Our MTC comprises three main buildings: MTC South, MTC North and MTC East. Each of MTC South and MTC North is approximately 200,000 square feet and provides office, laboratory and light manufacturing space, directly supporting improvement in our manufacturing capabilities. MTC East is approximately 240,000 square feet for commercial and clinical activities. The MTC campus is leased through 2042 and we have the option to extend the term for three extension periods of five years.

Embedded Leases

We have entered into multiple contract manufacturing service agreements with third parties which contain embedded leases within the scope of ASC 842. These leases expire from 2022 through 2026. As of September 30, 2022 and December 31, 2021, we had lease liabilities of $513 million and $166 million, respectively, related to the embedded leases. As of September 30, 2022 and December 31, 2021, we had right-of-use assets of $695 million and $173 million, respectively, related to the embedded leases.

Operating and financing lease right-of-use assets and lease liabilities as of September 30, 2022 and December 31, 2021 were as follows (in millions):


	September 30,		December 31,
	2022		2021
Assets:
Right-of-use assets, operating, net (1) (2)	$	113	$	142
Right-of-use assets, financing, net (3) (4)	1,209		665
Total	$	1,322	$	807

Liabilities:
Current:
Operating lease liabilities (5)	$	36	$	46
Financing lease liabilities (5)	224		165
Total current lease liabilities	260		211
Non-current:
Operating lease liabilities, non-current	79		106
Financing lease liabilities, non-current	922		599
Total non-current lease liabilities	$	1,001	$	705
Total	$	1,261	$	916

_______

(1) These assets are real estate related assets, which include land, office, and laboratory spaces.

(2) Net of accumulated amortization.

(3) These assets are real estate assets related to the MTC leases as well as assets related to contract manufacturing service agreements.

(4) Included in property and equipment in the condensed consolidated balance sheets, net of accumulated depreciation.

(5) Included in other current liabilities in the condensed consolidated balance sheets.

Future minimum lease payments under our non-cancelable lease agreements as of September 30, 2022, were as follows (in millions):


Fiscal Year		Operating Leases		Financing Leases (1)
2022	(remainder of the year)	$	11	$	153
2023		39		136
2024		15		120
2025		16		121
2026		16		101
Thereafter		51		1,111
Total minimum lease payments		148		1,742
Less amounts representing interest or imputed interest		(33)		(596)
Present value of lease liabilities		$	115	$	1,146

______

(1) Includes certain optional lease term extensions, predominantly related to the MTC leases, which represent a total of $662 million of undiscounted future lease payments.

Leases

LeasesWe have entered into various long-term non-cancelable lease arrangements for our facilities and equipment expiring at various times through 2042. Certain of these arrangements have free rent periods or escalating rent payment provisions. We recognize lease cost under such arrangements on a straight-line basis over the life of the lease. We have two campuses in Massachusetts, our Cambridge campus and our Moderna Technology Center (MTC), an industrial technology center located in Norwood. We also lease other office and lab spaces globally for our business operations.

Operating Leases

Cambridge Campus

We occupy a multi-building campus in Technology Square in Cambridge, Massachusetts with a mix of offices and research laboratory space totaling approximately 261,000 square feet. Our Cambridge campus leases have expiry ranges from 2024 to 2029.

In addition, we are investing in a new Moderna Science Center (MSC) in Cambridge, to create a purpose-built space to support our next chapter of discovery (see Note 12). In connection with our MSC investment, in September 2021, we entered into amendments to our lease agreements to allow for an option for early termination of the leases, either in part or full. Notification of the intent to exercise the option must be provided by August 2023. We have not elected to exercise this option.

Finance Leases

Moderna Technology Center

Our MTC comprises three main buildings: MTC South, MTC North and MTC East. Each of MTC South and MTC North is approximately 200,000 square feet and provides office, laboratory and light manufacturing space, directly supporting improvement in our manufacturing capabilities. MTC East is approximately 240,000 square feet for commercial and clinical activities. The MTC campus is leased through 2042 and we have the option to extend the term for three extension periods of five years.

Embedded Leases

We have entered into multiple contract manufacturing service agreements with third parties which contain embedded leases within the scope of ASC 842. These leases expire from 2022 through 2026. As of September 30, 2022 and December 31, 2021, we had lease liabilities of $513 million and $166 million, respectively, related to the embedded leases. As of September 30, 2022 and December 31, 2021, we had right-of-use assets of $695 million and $173 million, respectively, related to the embedded leases.

Operating and financing lease right-of-use assets and lease liabilities as of September 30, 2022 and December 31, 2021 were as follows (in millions):


	September 30,		December 31,
	2022		2021
Assets:
Right-of-use assets, operating, net (1) (2)	$	113	$	142
Right-of-use assets, financing, net (3) (4)	1,209		665
Total	$	1,322	$	807

Liabilities:
Current:
Operating lease liabilities (5)	$	36	$	46
Financing lease liabilities (5)	224		165
Total current lease liabilities	260		211
Non-current:
Operating lease liabilities, non-current	79		106
Financing lease liabilities, non-current	922		599
Total non-current lease liabilities	$	1,001	$	705
Total	$	1,261	$	916

_______

(1) These assets are real estate related assets, which include land, office, and laboratory spaces.

(2) Net of accumulated amortization.

(3) These assets are real estate assets related to the MTC leases as well as assets related to contract manufacturing service agreements.

(4) Included in property and equipment in the condensed consolidated balance sheets, net of accumulated depreciation.

(5) Included in other current liabilities in the condensed consolidated balance sheets.

Future minimum lease payments under our non-cancelable lease agreements as of September 30, 2022, were as follows (in millions):


Fiscal Year		Operating Leases		Financing Leases (1)
2022	(remainder of the year)	$	11	$	153
2023		39		136
2024		15		120
2025		16		121
2026		16		101
Thereafter		51		1,111
Total minimum lease payments		148		1,742
Less amounts representing interest or imputed interest		(33)		(596)
Present value of lease liabilities		$	115	$	1,146

______

(1) Includes certain optional lease term extensions, predominantly related to the MTC leases, which represent a total of $662 million of undiscounted future lease payments.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings We are involved in various claims and legal proceedings of a nature considered ordinary course in our business. The outcome of any such proceedings, regardless of the merits, is inherently uncertain; therefore, assessing the likelihood of loss and any estimated damages is difficult and subject to considerable judgment. We are not currently a party to any legal proceedings for which a material loss is probable, or for which a loss is reasonably estimable at this time. Indemnification Obligations As permitted under Delaware law, we indemnify our officers, directors, and employees for certain events, occurrences while the officer, or director is, or was, serving at our request in such capacity. The term of the indemnification is for the officer’s or director’s lifetime. We have standard indemnification arrangements in our leases for laboratory and office space that require us to indemnify the landlord against any liability for injury, loss, accident, or damage from any claims, actions, proceedings, or costs resulting from certain acts, breaches, violations, or non-performance under our leases. We enter into indemnification provisions under our agreements with counterparties in the ordinary course of business, typically with business partners, contractors, clinical sites and customers. Under these provisions, we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities. These indemnification provisions generally survive termination of the underlying agreement. The maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited. Through the three and nine months ended September 30, 2022 and the year ended December 31, 2021, we had not experienced any material losses related to these indemnification obligations, and no material claims were outstanding. We do not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established. Purchase Commitments and Purchase Orders We enter into agreements in the normal course of business with vendors and contract manufacturing organizations for raw materials and manufacturing services and with vendors for preclinical research studies, clinical trials and other goods or services. As of September 30, 2022, we had $3.0 billion of non-cancelable purchase commitments related to raw materials and manufacturing agreements, which are expected to be paid through 2026. As of September 30, 2022, $349 million of the purchase commitments related to raw materials was recorded as an accrued liability for loss on future firm purchase commitments. As of September 30, 2022, we had $178 million of non-cancelable purchase commitments related to clinical services and other goods and services which are expected to be paid through 2026. These amounts represent our minimum contractual obligations, including termination fees. In addition to purchase commitments, we have agreements with third parties for various goods and services, including services related to clinical operations and support and contract manufacturing, for which we are not contractually able to terminate for convenience and avoid any and all future obligations to the vendors. Certain agreements provide for termination rights subject to termination fees or wind down costs. Under such agreements, we are contractually obligated to make certain payments to vendors, mainly, to reimburse them for their unrecoverable outlays incurred prior to cancellation. At September 30, 2022, we had cancelable open purchase orders of $2.9 billion in total under such agreements for our significant clinical operations and support and contract manufacturing. These amounts represent only our estimate of those items for which we had a contractual commitment to pay at September 30, 2022, assuming we would not cancel these agreements. The actual amounts we pay in the future to the vendors under such agreements may differ from the purchase order amounts. Licenses to Patented Technology On June 26, 2017, we entered into sublicense agreements with Cellscript, LLC and its affiliate, mRNA RiboTherapeutics, Inc., to sublicense certain patent rights. Pursuant to each agreement, we are required to pay certain license fees, annual maintenance fees, minimum royalties on future net sales and milestone payments contingent on achievement of certain development, regulatory and commercial milestones for specified products, on a product-by-product basis. Commercial milestone payments and royalties based on annual net sales of licensed products for therapeutic and prophylactic products are accounted for as additional expense of the related product sales in the period in which the corresponding sales occur. For the three and nine months ended September 30, 2022, we recognized $106 million and $470 million, respectively, of royalty expenses associated with our product sales, which was recorded to cost of sales in our condensed consolidated statements of income. For the three and nine months ended September 30, 2021, we recognized $168 million and $400 million, respectively, of royalty expenses associated with our product sales, which was recorded to cost of sales in our condensed consolidated statements of income. Additionally, we have other in-license agreements with third parties which require us to make future development, regulatory and commercial milestone payments and sales-based royalties for specified products associated with the agreements. The achievement of these milestones was not deemed probable as of September 30, 2022. Moderna Science Center In September 2021, we announced an investment in the MSC in Cambridge, Massachusetts. The MSC is expected to integrate scientific and non-scientific spaces, including our principal executive offices and will be built to support our growth as we continue to advance our pipeline of mRNA medicines. In relation to the investment, we entered into a lease agreement for approximately 462,000 square feet and will undergo an approximately two-year building project. Following the building project, the lease term is 15 years, subject to our right to extend the lease for up to two additional seven-year terms. Pursuant to this lease agreement, we are committed to approximately $1.1 billion non-cancellable rent payments for the initial lease term. We expect to begin the move-in process in 2023.

Stock-Based Compensation and Share Repurchase Program

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation and Share Repurchase Program

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 nine months ended September 30, 2022 and 2021 as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Options	$	15	$	27	$	67	$	73
Restricted Common Stock (RSUs) and Performance Stock Units (PSUs)	54		12		93		29
Employee Stock Purchase Plan (ESPP)	1		1		4		3
Total	$	70	$	40	$	164	$	105

Cost of sales	$	10	$	1	$	31	$	13
Research and development	28		25		67		54
Selling, general and administrative	32		14		66		38
Total	$	70	$	40	$	164	$	105

As of September 30, 2022, there was $529 million of total unrecognized compensation cost related to unvested stock-based compensation with respect to options, RSUs and PSUs granted. That cost is expected to be recognized over a weighted-average period of 3.0 years at September 30, 2022.

Share Repurchase Programs

On August 2, 2021, our Board of Directors authorized a share repurchase program (2021 Repurchase Program) of our common stock. Pursuant to the 2021 Repurchase Program, we were authorized to repurchase up to $1.0 billion of our outstanding common stock, with an expiration date no later than August 2, 2023. By the end of January 2022, we had repurchased the entire $1.0 billion of common stock that was authorized under the 2021 Repurchase Program.

On February 22, 2022, our Board of Directors authorized an additional share repurchase program of our common stock, with no expiration date, for up to $3.0 billion. On August 1, 2022, our Board of Directors authorized an increase of $3.0 billion under the repurchase program for our common stock, with no expiration date (collectively with the February 22, 2022 authorization, the 2022 Repurchase Programs). 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.

During the nine months ended September 30, 2022, we repurchased 20 million shares of our common stock under the 2021 and 2022 Repurchase Programs for an aggregate of $2.9 billion, including commissions and fees. As of September 30, 2022, there was a total of $3.2 billion remaining for repurchases of our common stock under the 2022 Repurchase Programs.

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The following table summarizes our income tax expense for the periods presented (in millions, except for percentages):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Income before income taxes	$	1,217		$	3,552		$	7,920		$	7,875
Provision for income taxes	$	174		$	219		$	1,023		$	541
Effective tax rate	14.3		%	6.2		%	12.9		%	6.9		%

The effective tax rate for the three and nine months ended September 30, 2022 was lower than the U.S. statutory tax rate, primarily due to the benefit of the foreign derived intangible income deduction (FDII) and a discrete item for excess tax benefits related to stock-based compensation. The increased effective tax rate for the three and nine months ended September 30, 2022, compared to the same periods in 2021, was mainly due to the tax benefit recorded in 2021 related to the release of the valuation allowance on the majority of our deferred tax assets and a decrease in excess windfall benefits from stock-based compensation, partially offset by an increase in the FDII benefit in 2022.

We file U.S. federal income tax returns and income tax returns in various state, local and foreign jurisdictions. We are not currently subject to any tax assessment from an income tax examination in the United States or any other major taxing jurisdiction.

Effective January 1, 2022, research and development expenses are required to be capitalized and amortized for U.S. tax purposes. Unless modified or repealed, and based on current assumptions, the mandatory capitalization increases our cash tax liabilities, but also increases our FDII deduction resulting in a decrease to our effective tax rate.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 21
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Earnings per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings per Share

The computation of basic earnings per share (EPS) is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and potential dilutive common shares during the period as determined by using the treasury stock method.

Basic and diluted EPS for the three and nine months ended September 30, 2022 and 2021 were calculated as follows (in millions, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net income	$	1,043	$	3,333	$	6,897	$	7,334
Denominator:
Basic weighted-average common shares outstanding	390		404		396		402
Effect of dilutive securities	22		30		23		29
Diluted weighted-average common shares outstanding	412		434		419		431

Basic EPS	$	2.67	$	8.27	$	17.41	$	18.25
Diluted EPS	$	2.53	$	7.70	$	16.46	$	17.00

Anti-dilutive potential common shares excluded from the EPS computation above	4		—		3		1

Summary of Basis of Presentation and Recent Accounting Standards (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements that accompany these notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting, consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Form 10-K). Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standard Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). This report should be read in conjunction with the audited consolidated financial statements in our 2021 Form 10-K.
Principles of Consolidation	The condensed consolidated financial statements include Moderna, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	We have made estimates and judgments affecting the amounts reported in our condensed consolidated financial statements and the accompanying notes. We base our estimates on historical experience and various relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods that are not readily apparent from other sources. Significant estimates relied upon in preparing these financial statements include, but are not limited to, critical accounting policies or estimates related to revenue recognition, income taxes, valuation allowance on deferred tax assets, leases, fair value of financial instruments, derivative financial instruments, inventory, firm purchase commitment liabilities, useful lives of property and equipment, research and development expenses, and stock-based compensation. The actual results that we experience may differ materially from our estimates.
Comprehensive Income	Comprehensive income includes net income and other comprehensive income/loss for the period. Other comprehensive income/loss consists of unrealized gains/losses on our investments and derivatives designated as hedging instruments. Total comprehensive income for all periods presented has been disclosed in the condensed consolidated statements of comprehensive income.
Restricted Cash	We include our restricted cash balance in the cash, cash equivalents and restricted cash reconciliation of operating, investing and financing activities in the condensed consolidated statements of cash flows.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our condensed consolidated financial statements and disclosures.

Summary of Basis of Presentation and Recent Accounting Standards (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Schedule of Components of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss for the three and nine months ended September 30, 2022 were as follows (in millions):


	Unrealized Loss on Available-for-Sale Debt Securities		Net Unrealized Gains on Derivatives Designated As Hedging Instruments		Total
Accumulated other comprehensive loss, balance at December 31, 2021	$	(40)	$	16	$	(24)
Other comprehensive loss	(171)		11		(160)
Accumulated other comprehensive loss, balance at March 31, 2022	(211)		27		(184)
Other comprehensive loss	(72)		16		(56)
Accumulated other comprehensive loss, balance at June 30, 2022	(283)		43		(240)
Other comprehensive loss	(123)		12		(111)
Accumulated other comprehensive loss, balance at September 30, 2022	$	(406)	$	55	$	(351)

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):


	September 30,
	2022		2021
Cash and cash equivalents	$	3,027	$	5,550

Restricted cash, non-current	14		11
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	3,041	$	5,561

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):


	September 30,
	2022		2021
Cash and cash equivalents	$	3,027	$	5,550

Restricted cash, non-current	14		11
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	3,041	$	5,561

Product Sales (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Revenue from External Customers by Geographic Areas

Product sales by customer geographic location were as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
United States	$	985	$	1,197	$	3,380	$	4,648
Europe	1,045		1,688		4,511		3,028
Rest of world (1)	1,090		1,925		5,685		3,064
Total	$	3,120	$	4,810	$	13,576	$	10,740

_______

(1) Includes product sales recognized under the agreement with Gavi, which facilitates the allocation and distribution of our COVID-19 vaccines around the world, particularly for low- and middle-income countries.

Grant Revenue (Tables)

9 Months Ended

Sep. 30, 2022

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of Disaggregation of Revenue

The following table summarizes grant revenue for the periods presented (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
BARDA	$	141	$	128	$	442	$	454
Other grant revenue	3		12		11		19
Total grant revenue	$	144	$	140	$	453	$	473

The following table summarizes our total consolidated revenue from our strategic collaborators for the periods presented (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
Collaboration Revenue by Strategic Collaborator:	2022		2021		2022		2021
AstraZeneca	$	76	$	3	$	80	$	7
Merck	20		7		35		11
Vertex	4		5		33		23
Other	—		4		2		6
Total collaboration revenue	$	100	$	19	$	150	$	47

Collaboration Agreements (Tables)

9 Months Ended

Sep. 30, 2022

Research and Development [Abstract]

Schedule of Disaggregation of Revenue

The following table summarizes grant revenue for the periods presented (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
BARDA	$	141	$	128	$	442	$	454
Other grant revenue	3		12		11		19
Total grant revenue	$	144	$	140	$	453	$	473

The following table summarizes our total consolidated revenue from our strategic collaborators for the periods presented (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
Collaboration Revenue by Strategic Collaborator:	2022		2021		2022		2021
AstraZeneca	$	76	$	3	$	80	$	7
Merck	20		7		35		11
Vertex	4		5		33		23
Other	—		4		2		6
Total collaboration revenue	$	100	$	19	$	150	$	47

Schedule of Changes in Balances of Receivables and Contract Liabilities

The following table presents changes in the balances of our receivables and contract liabilities related to our strategic collaboration agreements during the nine months ended September 30, 2022 (in millions):


	December 31, 2021		Additions		Deductions		September 30, 2022
Contract Assets:
Accounts receivable	$	9	$	287	$	(18)	$	278
Contract Liabilities:
Deferred revenue	$	204	$	8	$	(135)	$	77

The following table summarizes the activities in deferred revenue for the nine months ended September 30, 2022 (in millions):


	December 31, 2021		Additions		Deductions		September 30, 2022
Product sales	$	6,658	$	2,467	$	(5,030)	$	4,095
Grant revenue	6		—		(1)		5
Collaboration revenue	204		8		(135)		77
Total deferred revenue	$	6,868	$	2,475	$	(5,166)	$	4,177

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Cash and Available-for-Sale Securities by Significant Investment Category

The following tables summarize our cash and available-for-sale securities by significant investment category at September 30, 2022 and December 31, 2021 (in millions):


	September 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		Cash and Cash Equivalents		Current Marketable Securities		Non- Current Marketable Securities
Cash and cash equivalents	$	3,027	$	—	$	—	$	3,027	$	3,027	$	—	$	—
Available-for-sale:
Certificates of deposit	208		—		—		208		—		208		—
U.S. treasury bills	220		—		(2)		218		—		218		—
U.S. treasury notes	7,826		—		(268)		7,558		—		3,765		3,793
Corporate debt securities	6,124		—		(270)		5,854		—		1,130		4,724
Government debt securities	147		—		(9)		138		—		—		138
Total	$	17,552	$	—	$	(549)	$	17,003	$	3,027	$	5,321	$	8,655

	December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		Cash and Cash Equivalents		Current Marketable Securities		Non- Current Marketable Securities
Cash and cash equivalents	$	6,848	$	—	$	—	$	6,848	$	6,848	$	—	$	—
Available-for-sale:
Certificates of deposit	80		—		—		80		—		80		—
U.S. treasury bills	479		—		—		479		—		479		—
U.S. treasury notes	6,595		—		(31)		6,564		—		1,984		4,580
Corporate debt securities	3,508		—		(20)		3,488		—		1,323		2,165
Government debt securities	112		—		(1)		111		—		13		98
Total	$	17,622	$	—	$	(52)	$	17,570	$	6,848	$	3,879	$	6,843

Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity

The amortized cost and estimated fair value of available-for-sale securities by contractual maturity at September 30, 2022 and December 31, 2021 were as follows (in millions):


	September 30, 2022
	Amortized Cost		Estimated Fair Value
Due in one year or less	$	5,417	$	5,321
Due after one year through five years	9,108		8,655
Total	$	14,525	$	13,976


	December 31, 2021
	Amortized Cost		Estimated Fair Value
Due in one year or less	$	3,882	$	3,879
Due after one year through five years	6,892		6,843
Total	$	10,774	$	10,722

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The following table summarizes the amount of gross unrealized losses and the estimated fair value for our available-for-sale securities in an unrealized loss position by the length of time the securities have been in an unrealized loss position at September 30, 2022 and December 31, 2021 (in millions):


	Less than 12 Months				12 Months or More				Total
	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value
As of September 30, 2022:

U.S. treasury bills	$	(1)	$	218	$	—	$	—	$	(1)	$	218
U.S. treasury notes	(166)		5,204		(102)		2,353		(268)		7,557
Corporate debt securities	(204)		4,404		(67)		1,200		(271)		5,604
Government debt securities	(2)		46		(7)		93		(9)		139
Total	$	(373)	$	9,872	$	(176)	$	3,646	$	(549)	$	13,518

As of December 31, 2021:

U.S. treasury bills	$	—	$	329	$	—	$	—	$	—	$	329
U.S. treasury notes	(31)		6,332		—		—		(31)		6,332
Corporate debt securities	(20)		2,573		—		1		(20)		2,574
Government debt securities	(1)		112		—		—		(1)		112
Total	$	(52)	$	9,346	$	—	$	1	$	(52)	$	9,347

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (in millions):


	Fair value at September 30, 2022		Fair Value Measurement Using
			Level 1		Level 2
Assets:
Money market funds	$	1,937	$	1,937	$	—
Certificates of deposit	208		—		208
U.S. treasury bills	218		—		218
U.S. treasury notes	7,558		—		7,558
Corporate debt securities	5,854		—		5,854
Government debt securities	138		—		138
Derivative instruments (Note 7)	77		—		77
Total	$	15,990	$	1,937	$	14,053
Liabilities:
Derivative instruments (Note 7)	$	6	$	—	$	6


	Fair value at December 31, 2021		Fair Value Measurement Using
			Level 1		Level 2
Assets:
Money market funds	$	2,329	$	2,329	$	—
Certificates of deposit	80		—		80
U.S. treasury bills	479		—		479
U.S. treasury notes	6,564		—		6,564
Corporate debt securities	3,488		—		3,488
Government debt securities	111		—		111
Derivative instruments (Note 7)	21		—		21
Total	$	13,072	$	2,329	$	10,743
Liabilities:
Derivative instruments (Note 7)	$	7	$	—	$	7

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Foreign Currency Derivatives

Total gross notional amount and fair value of our foreign currency derivatives were as follows (in millions):


	September 30, 2022
	Notional Amount		Fair Value
			Asset (1)		Liability (2)
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	$	789	$	68	$	1

Derivatives not designated as hedging instruments:
Foreign currency forward contracts	833		9		5
Total derivatives	$	1,622	$	77	$	6


	December 31, 2021
	Notional Amount		Fair Value
			Asset (1)		Liability (2)
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	$	565	$	20	$	—

Derivatives not designated as hedging instruments:
Foreign currency forward contracts	1,370		1		7
Total derivatives	$	1,935	$	21	$	7

_________

(1) As presented in the condensed consolidated balance sheets within prepaid expenses and other current assets.

(2) As presented in the condensed consolidated balance sheets within other current liabilities.

Gains on our foreign currency derivatives, net of tax recognized in our condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2022 and 2021 were as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Derivatives in cash flow hedging relationships:
Foreign currency forward contracts	$	62	$	30	$	133	$	51

The effect of our foreign currency derivatives in our condensed consolidated statements of income for the three and nine months ended September 30, 2022 and 2021 was as follows (in millions):


		Three Months Ended September 30,				Nine Months Ended September 30,
	Statement of Income Classification	2022		2021		2022		2021
Derivatives in cash flow hedging relationships:
Foreign currency forward contracts
Net gain reclassified from AOCI into income	Product sales	$	50	$	11	$	94	$	11

Derivatives not designated as hedging instruments:
Foreign currency forward contracts
Net realized and unrealized gain (loss)	Other expense, net	$	26	$	3	$	95	$	(16)

Inventory (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventory as of September 30, 2022 and December 31, 2021 consisted of the following (in millions):


	September 30,		December 31,
	2022		2021
Raw materials	$	1,541	$	870
Work in progress	366		338
Finished goods	170		233
Total inventory	$	2,077	$	1,441

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net, as of September 30, 2022 and December 31, 2021 consisted of the following (in millions):


	September 30,		December 31,
	2022		2021
Manufacturing and laboratory equipment	$	239	$	175
Leasehold improvements	388		313
Furniture, fixtures and other	18		11
Computer equipment and software	23		16
Internally developed software	8		9
Right-of-use asset, financing (Note 11)	1,585		857
Construction in progress	338		212
Total	2,599		1,593
Less: Accumulated depreciation	(580)		(352)
Property and equipment, net	$	2,019	$	1,241

Other Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets, as of September 30, 2022 and December 31, 2021 consisted of the following (in millions):


	September 30,		December 31,
	2022		2021
Down payments for materials and supplies	$	180	$	287
Down payments to manufacturing vendors	169		118
Prepaid services	277		126
Value added tax receivable	21		70
Tenant improvement allowance receivable	51		51
Interest receivable	54		27
Derivative assets	77		21
Prepaid income tax	263		23
Other current assets	85		5
Prepaid expenses and other current assets	$	1,177	$	728

Schedule of Accrued Liabilities

Accrued liabilities, as of September 30, 2022 and December 31, 2021 consisted of the following (in millions):


	September 30,		December 31,
	2022		2021
Clinical trials	$	269	$	283
Raw materials	246		260
Royalties	106		241
Development operations	96		137
Manufacturing	411		227
Other external goods and services	108		79
Loss on future firm purchase commitments(1)	349		—
Compensation-related	141		126
Other	130		119


Accrued liabilities	$	1,856	$	1,472

______

(1) Related to losses that are expected to arise from firm, non-cancellable, commitments for future raw material purchases (Note 8).

Schedule of Other Current Liabilities

Other current liabilities, as of September 30, 2022 and December 31, 2021 consisted of the following (in millions):


	September 30,		December 31,
	2022		2021
Lease liabilities - financing (Note 11)	$	224	$	165
Lease liabilities - operating (Note 11)	36		46

Other(1)	293		14
Other current liabilities	$	553	$	225

______

(1) Includes $250 million related to Merck’s participation election as of September 30, 2022 (Note 5).

Schedule of Deferred Revenue

The following table presents changes in the balances of our receivables and contract liabilities related to our strategic collaboration agreements during the nine months ended September 30, 2022 (in millions):


	December 31, 2021		Additions		Deductions		September 30, 2022
Contract Assets:
Accounts receivable	$	9	$	287	$	(18)	$	278
Contract Liabilities:
Deferred revenue	$	204	$	8	$	(135)	$	77

The following table summarizes the activities in deferred revenue for the nine months ended September 30, 2022 (in millions):


	December 31, 2021		Additions		Deductions		September 30, 2022
Product sales	$	6,658	$	2,467	$	(5,030)	$	4,095
Grant revenue	6		—		(1)		5
Collaboration revenue	204		8		(135)		77
Total deferred revenue	$	6,868	$	2,475	$	(5,166)	$	4,177

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Schedule of Assets And Liabilities, Lessee

Operating and financing lease right-of-use assets and lease liabilities as of September 30, 2022 and December 31, 2021 were as follows (in millions):


	September 30,		December 31,
	2022		2021
Assets:
Right-of-use assets, operating, net (1) (2)	$	113	$	142
Right-of-use assets, financing, net (3) (4)	1,209		665
Total	$	1,322	$	807

Liabilities:
Current:
Operating lease liabilities (5)	$	36	$	46
Financing lease liabilities (5)	224		165
Total current lease liabilities	260		211
Non-current:
Operating lease liabilities, non-current	79		106
Financing lease liabilities, non-current	922		599
Total non-current lease liabilities	$	1,001	$	705
Total	$	1,261	$	916

_______

(1) These assets are real estate related assets, which include land, office, and laboratory spaces.

(2) Net of accumulated amortization.

(3) These assets are real estate assets related to the MTC leases as well as assets related to contract manufacturing service agreements.

(4) Included in property and equipment in the condensed consolidated balance sheets, net of accumulated depreciation.

(5) Included in other current liabilities in the condensed consolidated balance sheets.

Schedule of Finance Lease Maturity

Future minimum lease payments under our non-cancelable lease agreements as of September 30, 2022, were as follows (in millions):


Fiscal Year		Operating Leases		Financing Leases (1)
2022	(remainder of the year)	$	11	$	153
2023		39		136
2024		15		120
2025		16		121
2026		16		101
Thereafter		51		1,111
Total minimum lease payments		148		1,742
Less amounts representing interest or imputed interest		(33)		(596)
Present value of lease liabilities		$	115	$	1,146

______

(1) Includes certain optional lease term extensions, predominantly related to the MTC leases, which represent a total of $662 million of undiscounted future lease payments.

Schedule of Operating Lease Maturity

Future minimum lease payments under our non-cancelable lease agreements as of September 30, 2022, were as follows (in millions):


Fiscal Year		Operating Leases		Financing Leases (1)
2022	(remainder of the year)	$	11	$	153
2023		39		136
2024		15		120
2025		16		121
2026		16		101
Thereafter		51		1,111
Total minimum lease payments		148		1,742
Less amounts representing interest or imputed interest		(33)		(596)
Present value of lease liabilities		$	115	$	1,146

______

(1) Includes certain optional lease term extensions, predominantly related to the MTC leases, which represent a total of $662 million of undiscounted future lease payments.

Stock-Based Compensation and Share Repurchase Program (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The following table presents the components and classification of stock-based compensation expense for the three and nine months ended September 30, 2022 and 2021 as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Options	$	15	$	27	$	67	$	73
Restricted Common Stock (RSUs) and Performance Stock Units (PSUs)	54		12		93		29
Employee Stock Purchase Plan (ESPP)	1		1		4		3
Total	$	70	$	40	$	164	$	105

Cost of sales	$	10	$	1	$	31	$	13
Research and development	28		25		67		54
Selling, general and administrative	32		14		66		38
Total	$	70	$	40	$	164	$	105

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The following table summarizes our income tax expense for the periods presented (in millions, except for percentages):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Income before income taxes	$	1,217		$	3,552		$	7,920		$	7,875
Provision for income taxes	$	174		$	219		$	1,023		$	541
Effective tax rate	14.3		%	6.2		%	12.9		%	6.9		%

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Share Attributable to Common Stockholders

Basic and diluted EPS for the three and nine months ended September 30, 2022 and 2021 were calculated as follows (in millions, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net income	$	1,043	$	3,333	$	6,897	$	7,334
Denominator:
Basic weighted-average common shares outstanding	390		404		396		402
Effect of dilutive securities	22		30		23		29
Diluted weighted-average common shares outstanding	412		434		419		431

Basic EPS	$	2.67	$	8.27	$	17.41	$	18.25
Diluted EPS	$	2.53	$	7.70	$	16.46	$	17.00

Anti-dilutive potential common shares excluded from the EPS computation above	4		—		3		1

Summary of Basis of Presentation and Recent Accounting Standards - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 17,985		$ 14,145	$ 6,704	$ 14,145	$ 2,561
Other comprehensive loss	(111)	$ (56)	(160)	15	(327)	28
Balance at end of period	17,992	17,985		10,124	17,992	10,124
Unrealized Loss on Available-for-Sale Debt Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(283)	(211)	(40)		(40)
Other comprehensive loss	(123)	(72)	(171)
Balance at end of period	(406)	(283)	(211)		(406)
Net Unrealized Gains on Derivatives Designated As Hedging Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	43	27	16		16
Other comprehensive loss	12	16	11
Balance at end of period	55	43	27		55
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(240)	(184)	(24)	16	(24)	3
Other comprehensive loss	(111)			15	(327)	28
Balance at end of period	$ (351)	$ (240)	$ (184)	$ 31	$ (351)	$ 31

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

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+ Details

Summary of Basis of Presentation and Recent Accounting Standards - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 3,027	$ 6,848	$ 5,550
Restricted cash, non-current	14	12	11
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 3,041	$ 6,860	$ 5,561	$ 2,636

Product Sales (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Product Sales (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,364	$ 4,969	$ 14,179	$ 11,260
Deferred revenue	4,177		4,177		$ 6,868
Product sales
Disaggregation of Revenue [Line Items]
Total revenue	3,120	4,810	13,576	10,740
Deferred revenue	4,095		4,095		$ 6,658
Remaining performance obligations	3,900		3,900
United States \| Product sales
Disaggregation of Revenue [Line Items]
Total revenue	985	1,197	3,380	4,648
Europe \| Product sales
Disaggregation of Revenue [Line Items]
Total revenue	1,045	1,688	4,511	3,028
Rest of world \| Product sales
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,090	$ 1,925	$ 5,685	$ 3,064

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Grant Revenue (Details) $ in Millions	1 Months Ended				12 Months Ended	30 Months Ended
Grant Revenue (Details) $ in Millions	Mar. 31, 2022 USD ($)	Sep. 30, 2020 USD ($)	Apr. 30, 2020 USD ($)	Sep. 30, 2016 USD ($)	Dec. 31, 2021 USD ($) participant	Sep. 30, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Number of participants \| participant					30,000
Contract option exercised					$ 6,868	$ 4,177
DARPA
Disaggregation of Revenue [Line Items]
Award amount		$ 56
DARPA \| Contract options
Disaggregation of Revenue [Line Items]
Amount committed for funding						5
Available funding						30
BARDA
Disaggregation of Revenue [Line Items]
Award amount			$ 483	$ 126	$ 117	1,700
Amount committed for funding						67
Potential reimbursements	$ 308
BARDA \| Contract options
Disaggregation of Revenue [Line Items]
Available funding						36
The Bill & Melinda Gates Foundation \| Initial project
Disaggregation of Revenue [Line Items]
Available funding						7
Contract option exercised						$ 80

Grant Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,364	$ 4,969	$ 14,179	$ 11,260
Grant revenue
Disaggregation of Revenue [Line Items]
Total revenue	144	140	453	473
BARDA \| Grant revenue
Disaggregation of Revenue [Line Items]
Total revenue	141	128	442	454
Other grant revenue \| Grant revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 3	$ 12	$ 11	$ 19

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Collaboration Agreements - Summary of Total Consolidated Net Revenues from Strategic Collaborators (Details) - Collaboration Revenue by Strategic Collaborator: - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total collaboration revenue	$ 100	$ 19	$ 150	$ 47
AstraZeneca
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total collaboration revenue	76	3	80	7
Merck
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total collaboration revenue	20	7	35	11
Vertex
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total collaboration revenue	4	5	33	23
Other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total collaboration revenue	$ 0	$ 4	$ 2	$ 6

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Collaboration Agreements - Changes in Balances of Receivables and Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Contract Assets:
Contract With Customer, Liability, Deductions During Period		$ 5,166
Contract Liabilities:
Beginning balance		6,868
Additions		2,475
Ending balance	$ 4,177	4,177
Revenue recognized	76
Accounts receivable	2,695	2,695	$ 3,175
Other current liabilities	553	553	$ 225
PCV Agreement
Contract Liabilities:
Accounts receivable	250	250
Other current liabilities	250	250
Collaboration Revenue by Strategic Collaborator:
Contract Assets:
Beginning balance		9
Additions		287
Deductions		(18)
Ending balance	278	278
Contract With Customer, Liability, Deductions During Period		135
Contract Liabilities:
Beginning balance		204
Additions		8
Ending balance	77	77
Remaining performance obligations	$ 99	$ 99

Financial Instruments - Summary of Cash and Available-for-Sale Securities by Significant Investment Category (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 14,525	$ 10,774
Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	17,552	17,622
Unrealized Gains	0	0
Unrealized Losses	(549)	(52)
Estimated Fair Value	17,003	17,570
Cash and cash equivalents \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	3,027	6,848
Current Marketable Securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	5,321	3,879
Non- Current Marketable Securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	8,655	6,843
Cash and cash equivalents \| Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,027	6,848
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	3,027	6,848
Cash and cash equivalents \| Cash and cash equivalents \| Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	3,027	6,848
Cash and cash equivalents \| Current Marketable Securities \| Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Cash and cash equivalents \| Non- Current Marketable Securities \| Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Certificates of deposit \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	208	80
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	208	80
Certificates of deposit \| Cash and cash equivalents \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Certificates of deposit \| Current Marketable Securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	208	80
Certificates of deposit \| Non- Current Marketable Securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
U.S. treasury bills \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	220	479
Unrealized Gains	0	0
Unrealized Losses	(2)	0
Estimated Fair Value	218	479
U.S. treasury bills \| Cash and cash equivalents \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
U.S. treasury bills \| Current Marketable Securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	218	479
U.S. treasury bills \| Non- Current Marketable Securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
U.S. treasury notes \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,826	6,595
Unrealized Gains	0	0
Unrealized Losses	(268)	(31)
Estimated Fair Value	7,558	6,564
U.S. treasury notes \| Cash and cash equivalents \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
U.S. treasury notes \| Current Marketable Securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	3,765	1,984
U.S. treasury notes \| Non- Current Marketable Securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	3,793	4,580
Corporate debt securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,124	3,508
Unrealized Gains	0	0
Unrealized Losses	(270)	(20)
Estimated Fair Value	5,854	3,488
Corporate debt securities \| Cash and cash equivalents \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Corporate debt securities \| Current Marketable Securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,130	1,323
Corporate debt securities \| Non- Current Marketable Securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	4,724	2,165
Government debt securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	147	112
Unrealized Gains	0	0
Unrealized Losses	(9)	(1)
Estimated Fair Value	138	111
Government debt securities \| Cash and cash equivalents \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Government debt securities \| Current Marketable Securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	13
Government debt securities \| Non- Current Marketable Securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 138	$ 98

Financial Instruments - Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Amortized Cost
Due in one year or less	$ 5,417	$ 3,882
Due after one year through five years	9,108	6,892
Amortized Cost	14,525	10,774
Estimated Fair Value
Due in one year or less	5,321	3,879
Due after one year through five years	8,655	6,843
Total	$ 13,976	$ 10,722

Financial Instruments - Narrative (Details)	3 Months Ended		9 Months Ended
Financial Instruments - Narrative (Details)	Sep. 30, 2022 USD ($) security	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) security	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) security
Investments, All Other Investments [Abstract]
Impairment charges	$ 0	$ 0	$ 0	$ 0
Credit losses related allowance	$ 0		$ 0		$ 0
Number of AFS securities in loss positions \| security	620		620		384
Equity securities without readily determinable fair value, amount	$ 30,000,000		$ 30,000,000		$ 0

Financial Instruments- Unrealized Loss Position (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	$ (373)	$ (52)
Estimate fair value, less than 12 months	9,872	9,346
Gross unrealized losses, 12 months or more	(176)	0
Estimated fair value, 12 months or more	3,646	1
Gross unrealized losses, total	(549)	(52)
Estimated fair value, total	13,518	9,347
U.S. treasury bills
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	(1)	0
Estimate fair value, less than 12 months	218	329
Gross unrealized losses, 12 months or more	0	0
Estimated fair value, 12 months or more	0	0
Gross unrealized losses, total	(1)	0
Estimated fair value, total	218	329
U.S. treasury notes
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	(166)	(31)
Estimate fair value, less than 12 months	5,204	6,332
Gross unrealized losses, 12 months or more	(102)	0
Estimated fair value, 12 months or more	2,353	0
Gross unrealized losses, total	(268)	(31)
Estimated fair value, total	7,557	6,332
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	(204)	(20)
Estimate fair value, less than 12 months	4,404	2,573
Gross unrealized losses, 12 months or more	(67)	0
Estimated fair value, 12 months or more	1,200	1
Gross unrealized losses, total	(271)	(20)
Estimated fair value, total	5,604	2,574
Government debt securities
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses, less than 12 months	(2)	(1)
Estimate fair value, less than 12 months	46	112
Gross unrealized losses, 12 months or more	(7)	0
Estimated fair value, 12 months or more	93	0
Gross unrealized losses, total	(9)	(1)
Estimated fair value, total	$ 139	$ 112

Financial Instruments - Financial Assets Measured At Fair Value On a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Derivative instruments	$ 77	$ 21
Derivative instruments, liability	6	7
Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	17,003	17,570
Certificates of deposit \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	208	80
U.S. treasury bills \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	218	479
U.S. treasury notes \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	7,558	6,564
Corporate debt securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	5,854	3,488
Government debt securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	138	111
Fair Value, Recurring
Debt Securities, Available-for-sale [Line Items]
Derivative instruments	77	21
Assets, fair value disclosure	15,990	13,072
Derivative instruments, liability	6	7
Fair Value, Recurring \| Level 1
Debt Securities, Available-for-sale [Line Items]
Derivative instruments	0	0
Assets, fair value disclosure	1,937	2,329
Derivative instruments, liability	0	0
Fair Value, Recurring \| Level 2
Debt Securities, Available-for-sale [Line Items]
Derivative instruments	77	21
Assets, fair value disclosure	14,053	10,743
Derivative instruments, liability	6	7
Fair Value, Recurring \| Money market funds
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,937	2,329
Fair Value, Recurring \| Money market funds \| Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,937	2,329
Fair Value, Recurring \| Money market funds \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring \| Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	208	80
Fair Value, Recurring \| Certificates of deposit \| Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring \| Certificates of deposit \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	208	80
Fair Value, Recurring \| U.S. treasury bills
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	218	479
Fair Value, Recurring \| U.S. treasury bills \| Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring \| U.S. treasury bills \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	218	479
Fair Value, Recurring \| U.S. treasury notes
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	7,558	6,564
Fair Value, Recurring \| U.S. treasury notes \| Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring \| U.S. treasury notes \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	7,558	6,564
Fair Value, Recurring \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	5,854	3,488
Fair Value, Recurring \| Corporate debt securities \| Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring \| Corporate debt securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	5,854	3,488
Fair Value, Recurring \| Government debt securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	138	111
Fair Value, Recurring \| Government debt securities \| Level 1
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	0	0
Fair Value, Recurring \| Government debt securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 138	$ 111

Derivative Financial Instruments - Cash Flow Hedges (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Maturity of foreign currency derivatives	15 months
Foreign currency hedges expected to be recognized within the next 12 months	$ 70

Derivative Financial Instruments - Balance Sheet Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 1,622		$ 1,622		$ 1,935
Derivative assets	77		77		21
Derivative liability	6		6		7
Unrealized gains on derivative instruments	62	$ 30	133	$ 51
Net gain reclassified from AOCI into income	50	11	94	11
Foreign currency forward contracts \| Product sales
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net gain reclassified from AOCI into income	50	11	94	11
Foreign currency forward contracts \| Other expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net realized and unrealized gain (loss)	26	$ 3	95	$ (16)
Foreign currency forward contracts \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	789		789		565
Derivative assets	68		68		20
Derivative liability	1		1		0
Foreign currency forward contracts \| Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	833		833		1,370
Derivative assets	9		9		1
Derivative liability	$ 5		$ 5		$ 7

Inventory - Schedule of Inventory, Current (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 1,541	$ 870
Work in progress	366	338
Finished goods	170	233
Total inventory	$ 2,077	$ 1,441

Inventory - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Inventory - Narrative (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventory write-down	$ 333,000,000	$ 0	$ 1,000,000,000	$ 0
Inventory, firm purchase commitment, loss	7,000,000	$ 0	349,000,000	$ 0
Loss on future firm purchase commitments	$ 349,000,000		$ 349,000,000			$ 0
Other inventory, capitalized costs					$ 155,000,000

Property and Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,599		$ 2,599		$ 1,593
Less: Accumulated depreciation	(580)		(580)		(352)
Property and equipment, net	2,019		2,019		1,241
Depreciation and amortization	113	$ 70	268	$ 154
Manufacturing and laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	239		239		175
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	388		388		313
Furniture, fixtures and other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	18		18		11
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	23		23		16
Internally developed software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8		8		9
Right of use of asset, financing
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,585		1,585		857
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 338		$ 338		$ 212

Other Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Down payments for materials and supplies	$ 180	$ 287
Down payments to manufacturing vendors	169	118
Prepaid services	277	126
Value added tax receivable	21	70
Tenant improvement allowance receivable	51	51
Interest receivable	54	27
Derivative assets	77	21
Prepaid income tax	263	23
Other current assets	85	5
Prepaid expenses and other current assets	$ 1,177	$ 728

Other Balance Sheet Components - Accrued Liabilities (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Clinical trials	$ 269,000,000	$ 283,000,000
Raw materials	246,000,000	260,000,000
Royalties	106,000,000	241,000,000
Development operations	96,000,000	137,000,000
Manufacturing	411,000,000	227,000,000
Other external goods and services	108,000,000	79,000,000
Loss on future firm purchase commitments	349,000,000	0
Compensation-related	141,000,000	126,000,000
Other	130,000,000	119,000,000
Accrued liabilities	$ 1,856,000,000	$ 1,472,000,000

Other Balance Sheet Components - Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Lease liabilities - financing	$ 224	$ 165
Lease liabilities - operating	36	46
Other	293	14
Other current liabilities	553	225
Change in Contract With Customer Liability [Line Items]
Other current liabilities	553	$ 225
PCV Agreement
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other current liabilities	250
Change in Contract With Customer Liability [Line Items]
Other current liabilities	$ 250

Other Balance Sheet Components - Deferred Revenue (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	$ 6,868
Additions	2,475
Deductions	(5,166)
Ending balance	4,177
Product sales
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	6,658
Additions	2,467
Deductions	(5,030)
Ending balance	4,095
Grant revenue
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	6
Additions	0
Deductions	(1)
Ending balance	5
Collaboration revenue
Change In Contract with Customer Liability [Roll Forward]
Beginning balance	204
Additions	8
Deductions	(135)
Ending balance	$ 77

Leases - Narrative (Details) ft² in Thousands, $ in Millions	Sep. 30, 2022 USD ($) ft² campus numberOfExtensionPeriod numberOfBuilding	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Number of campuses \| campus	2
Present value of lease liabilities \| $	$ 115
Right-of-use assets, operating leases \| $	113	$ 142
Embedded Leases
Lessee, Lease, Description [Line Items]
Present value of lease liabilities \| $	513	166
Right-of-use assets, operating leases \| $	$ 695	$ 173
MTC South, MTC North and MTC East
Lessee, Lease, Description [Line Items]
Number of extension \| numberOfExtensionPeriod	3
Extension term	5 years
Cambridge leases
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) \| ft²	261
Norwood leases \| MTC South, MTC North and MTC East
Lessee, Lease, Description [Line Items]
Number of buildings \| numberOfBuilding	3
Norwood leases \| MTC South
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) \| ft²	200
Norwood leases \| MTC North
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) \| ft²	200
Norwood leases \| MTC East
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) \| ft²	240

Leases - Balance Sheet Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Right-of-use assets, operating, net	$ 113	$ 142
Right-of-use assets, financing, net	1,209	665
Total	1,322	807
Operating lease liabilities, current	36	46
Financing lease liabilities, current	224	165
Total current lease liabilities	260	211
Operating lease liabilities, non-current	79	106
Financing lease liabilities, non-current	922	599
Total non-current lease liabilities	1,001	705
Total	$ 1,261	$ 916
Operating lease, liability, current, statement of financial position [Extensible List]	Other current liabilities	Other current liabilities
Finance lease, liability, current, statement of financial position [Extensible List]	Other current liabilities	Other current liabilities

Leases - Minimum Lease Payments (Details) $ in Millions	Sep. 30, 2022 USD ($)
Operating Leases
2022 remainder of the year	$ 11
2023	39
2024	15
2025	16
2026	16
Thereafter	51
Total minimum lease payments	148
Less amounts representing interest or imputed interest	(33)
Present value of lease liabilities	115
Financing Leases
2022 remainder of the year	153
2023	136
2024	120
2025	121
2026	101
Thereafter	1,111
Total minimum lease payments	1,742
Less amounts representing interest or imputed interest	(596)
Present value of lease liabilities	1,146
Lessee, Lease, Description [Line Items]
Less amounts representing interest or imputed interest	33
MTC South, MTC North and MTC East \| Norwood leases
Operating Leases
Less amounts representing interest or imputed interest	(662)
Lessee, Lease, Description [Line Items]
Less amounts representing interest or imputed interest	$ 662

Commitments and Contingencies - Purchase Commitments and Purchase Orders (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Loss on future firm purchase commitments	$ 349,000,000	$ 0
Supply and manufacturing agreements
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitments	3,000,000,000
Clinical Services
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitments	178,000,000
Clinical operations and support commitment
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitments	$ 2,900,000,000

Commitments and Contingencies - Licenses to Patented Technology (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Consideration paid	$ 106	$ 168	$ 470	$ 400

Commitments and Contingencies - Moderna Science Centre (Details) ft² in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) ft² numberOfOption
Lessee, Lease, Description [Line Items]
Additional payment	$ 148
Moderna Science Centre
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) \| ft²	462
Lease agreement for building project	2 years
Lease term	15 years
Number of extension periods \| numberOfOption	2
Extension term	7 years
Additional payment	$ 1,100

Stock-Based Compensation and Share Repurchase Program - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 70	$ 40	$ 164	$ 105
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	10	1	31	13
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	28	25	67	54
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	32	14	66	38
Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	15	27	67	73
Restricted Common Stock (RSUs) and Performance Stock Units (PSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	54	12	93	29
Employee Stock Purchase Plan (ESPP)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1	$ 1	$ 4	$ 3

Stock-Based Compensation and Share Repurchase Program - Narrative (Details) - USD ($) shares in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Aug. 01, 2022	Feb. 22, 2022	Aug. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to non-vested stock-based compensation	$ 529,000,000	$ 529,000,000
Weighted-average period of cost expected to be recognized		3 years
Repurchase of common stock	1,006,000,000	$ 2,927,000,000
2021 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount for share repurchase program					$ 1,000,000,000
Stock repurchased during period (in shares)		20
Repurchase of common stock		$ 2,900,000,000
2022 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount for share repurchase program			$ 3,000,000,000	$ 3,000,000,000
Stock repurchased during period (in shares)		20
Repurchase of common stock		$ 2,900,000,000
Amount remaining for repurchase	$ 3,200,000,000	$ 3,200,000,000

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income before income taxes	$ 1,217	$ 3,552	$ 7,920	$ 7,875
Provision for income taxes	$ 174	$ 219	$ 1,023	$ 541
Effective tax rate	14.30%	6.20%	12.90%	6.90%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Earnings per Share - Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income	$ 1,043	$ 3,333	$ 6,897	$ 7,334
Denominator:
Basic weighted-average common shares outstanding (in shares)	390	404	396	402
Effect of dilutive securities (in shares)	22	30	23	29
Diluted weighted-average common shares outstanding (in shares)	412	434	419	431
Basic EPS (in usd per share)	$ 2.67	$ 8.27	$ 17.41	$ 18.25
Diluted EPS (in usd per share)	$ 2.53	$ 7.70	$ 16.46	$ 17.00
Anti-dilutive potential common shares excluded from the EPS computation above (in shares)	4	0	3	1

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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