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Discuss in the firm's financial performance for the years 2017, 2018, and 2019 as compared to its industry. Please provide this information in graphical form as demonstrated in the Sample Financial Ratio Graph for the graphical form I want. You will need to calculate values for your firm, values for your industry are provided. You should compute the following ratios: Return on total assets, return on stockholders equity, operating profit margin, net profit margin, current ratio, quick ratio, inventory to net working capital, debt to assets, and debt to equity. You should use data from Modernas annual 10-K to calculate firm ratios (attached below)

Industry averages:

Ratio Graph Example:

Finance Info from Moderna:

2019 -0.13 -0.20 -0.46 -0.44 ROA ROE Operating Profit Margin Net Profit Margin Current Ratio Quick Ratio Inventory to Net Working Capital Debt to Assets Debt to Equity 2017 -0.15 -0.23 -0.55 -0.55 5.56 5.28 0.06 0.34 0.52 2018 -0.07 -0.09 -0.31 -0.21 6.56 6.27 0.05 0.28 0.38 4.56 4.31 0.07 0.32 0.47 |Firm ROE Industry ROE 2015 0.2 0.3 2016 0.25 0.4 2017 0.4 0.2 2018 0.3 0.2 2019 0.2 0.4 ROE Comparison 0.45 0.4 0.35 0.3 0.25 0.2 0.15 0.1 0.05 0 2015 2016 2017 2018 2019 Firm ROE Industry ROE Table of Contents velocity decision-making. We make forward investments in infrastructure, including manufacturing. Lastly, we have created a digital backbone to track all aspects of our programs and anticipate challenges before they arise. 4. Financing risk refers to our ability to access the capital required to fund the current breadth of our endeavor, as well as new opportunities. We manage this risk by attempting to maintain a strong balance sheet with several years of cash runway. As of December 31, 2018, we had cash, cash equivalents, and investments of $1.7 billion. Cash used in operations and for purchases of property and equipment was $330.9 million and $105.8 million in 2018, respectively. Lastly, we may continue to pursue strategic alliances, which provide resources and another source of funding. There is no single strategic principle nor single category of risk that dominates our decision-making, and universal rules do not exist across our portfolio. Our trade-offs generally involve balancing near-term risks and long-term value creation. Because development cycles are long, our choices are complex. We expect the weighting and types of risk we face will evolve as our business matures. We believe that disciplined capital allocation across near- and long-term choices must be a core competency if we are to maximize the opportunity for patient impact and shareholder value creation. Our progress We are encouraged by our results to date. Across the six modalities that we have established, we have 20 programs in development, and manufactured dozens of drug substance lots for use in IND-enabling Good Laboratory Practice, or GLP, toxicology studies. IND-enabling refers to studies required for Investigational New Drug Application, or IND, or equivalent non-U.S. regulatory filings, such as a Clinical Trial Application, or CTA. We and our strategic collaborators have completed IND-enabling GLP toxicology programs to support our 15 open INDs and/or CTAs for our development candidates, manufactured dozens of current good manufacturing practice, or cGMP, batches of clinical trial materials, and have 11 programs in clinical trials and another 3 with open INDs. Over 1,000 subjects have been enrolled in our clinical trials. To fund these activities, we have raised over $3.2 billion as of December 31, 2018, including $2.4 billion from equity issuances and $0.8 billion in upfront payments, milestone payments, and option exercise fees from strategic collaborators. 2019 -0.13 -0.20 -0.46 -0.44 ROA ROE Operating Profit Margin Net Profit Margin Current Ratio Quick Ratio Inventory to Net Working Capital Debt to Assets Debt to Equity 2017 -0.15 -0.23 -0.55 -0.55 5.56 5.28 0.06 0.34 0.52 2018 -0.07 -0.09 -0.31 -0.21 6.56 6.27 0.05 0.28 0.38 4.56 4.31 0.07 0.32 0.47 |Firm ROE Industry ROE 2015 0.2 0.3 2016 0.25 0.4 2017 0.4 0.2 2018 0.3 0.2 2019 0.2 0.4 ROE Comparison 0.45 0.4 0.35 0.3 0.25 0.2 0.15 0.1 0.05 0 2015 2016 2017 2018 2019 Firm ROE Industry ROE Table of Contents velocity decision-making. We make forward investments in infrastructure, including manufacturing. Lastly, we have created a digital backbone to track all aspects of our programs and anticipate challenges before they arise. 4. Financing risk refers to our ability to access the capital required to fund the current breadth of our endeavor, as well as new opportunities. We manage this risk by attempting to maintain a strong balance sheet with several years of cash runway. As of December 31, 2018, we had cash, cash equivalents, and investments of $1.7 billion. Cash used in operations and for purchases of property and equipment was $330.9 million and $105.8 million in 2018, respectively. Lastly, we may continue to pursue strategic alliances, which provide resources and another source of funding. There is no single strategic principle nor single category of risk that dominates our decision-making, and universal rules do not exist across our portfolio. Our trade-offs generally involve balancing near-term risks and long-term value creation. Because development cycles are long, our choices are complex. We expect the weighting and types of risk we face will evolve as our business matures. We believe that disciplined capital allocation across near- and long-term choices must be a core competency if we are to maximize the opportunity for patient impact and shareholder value creation. Our progress We are encouraged by our results to date. Across the six modalities that we have established, we have 20 programs in development, and manufactured dozens of drug substance lots for use in IND-enabling Good Laboratory Practice, or GLP, toxicology studies. IND-enabling refers to studies required for Investigational New Drug Application, or IND, or equivalent non-U.S. regulatory filings, such as a Clinical Trial Application, or CTA. We and our strategic collaborators have completed IND-enabling GLP toxicology programs to support our 15 open INDs and/or CTAs for our development candidates, manufactured dozens of current good manufacturing practice, or cGMP, batches of clinical trial materials, and have 11 programs in clinical trials and another 3 with open INDs. Over 1,000 subjects have been enrolled in our clinical trials. To fund these activities, we have raised over $3.2 billion as of December 31, 2018, including $2.4 billion from equity issuances and $0.8 billion in upfront payments, milestone payments, and option exercise fees from strategic collaborators

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