Moderna, Inc.

modernatx.com

What Do They Do?

Sells COVID and RSV vaccines to distributors and healthcare providers, and to governments and international organizations; develops mRNA medicines for infectious diseases, cancer and rare diseases.

How Do They Make Money?

Vaccine sales account for 94% of revenue; sales are counted when doses are delivered, with payment terms generally 30 to 60 days. Other revenue comes mainly from grants, collaborations, licenses and royalties, and manufacturing-capacity agreements.

FY2025 revenue by product or service revenue

Segment	Share	Revenue	How money arrives
Net product sales Sold outright	94% FY2022: 96%		Sold outright
Other revenue	6.5%

Who Are Their Customers?

Moderna sells vaccines to commercial-market buyers, foreign governments and international organizations. In the U.S., it sells mainly through wholesalers and distributors, with some direct sales to retailers and healthcare providers.

Do Revenues Turn Into Profits?

No. It lost $2.8B in FY2025.

Operating income, FY2025

−158% of revenue

▼ −22% (Loss) vs FY2024 (−$3.9B, −122%)

Net income, FY2025

−145% of revenue

▼ −21% (Loss) vs FY2024 (−$3.6B, −110%)

Free cash flow, FY2025

−106% of revenue

▼ −49% (Loss) vs FY2024 (−$4.1B, −125%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +2%; vs $142M in Q2 FY2025
Net income: ▼ −5% (Loss); vs −$825M in Q2 FY2025

Net product sales share of revenue vs 80.3% in Q2 FY2025

Jul 31, 2026 Moderna reiterated its target for up to 10% revenue growth in 2026 It lowered its 2026 operating expense outlook and raised its expected year-end cash balance to $4.7–5.2 billion.
Mar 5, 2026 Moderna settled worldwide patent litigation over its vaccines The agreement requires a $950 million payment and may require another $1.3 billion depending on the appeal.

Shrinking. Revenue fell 89% in 4 years, from $18.5B in FY2021 to $1.9B in FY2025, about 43% a year.

RSV entered commercial sales The older report described RSV as a vaccine candidate with positive trial results; the latest report lists mRESVIA as a commercial vaccine alongside the COVID vaccines.

Revenue over time

Net product sales Other revenue Grant revenue Collaboration revenue

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Pfizer, BioNTech, Sanofi, Novavax, and GlaxoSmithKline

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