Moderna, Inc.
Moderna, Inc. develops and commercializes mRNA medicines, with its current business centered on respiratory vaccines. The company sells COVID-19 and RSV vaccines through a global commercial network and also earns other revenue from government, collaboration, licensing, and manufacturing-readiness agreements.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueApproved respiratory vaccines sold in the commercial market and to governments.
Grant, collaboration, licensing, royalty, and stand-ready manufacturing revenue.
Products
Reported · share of revenue- COVID1993.1 %
- Stand Ready Manufacturing Revenue4.1 %
- Grant1.1 %
- Collaboration Arrangement Including Arrangements with Affiliate0.7 %
- License and Royalty0.6 %
- RSV0.4 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Moderna sells primarily to wholesalers, distributors, retailers, healthcare providers, foreign governments, and international organizations. Demand is driven by vaccination recommendations, public health policy, seasonality, reimbursement, and consumer willingness to vaccinate, with the U.S. as the largest market.
Wholesalers, distributors, retailers, and providers buy seasonal COVID and RSV vaccines for patient use.
National health authorities and international organizations buy vaccine supply and capacity commitments.
Partners such as Merck, Vertex, BARDA, DARPA, and the Gates Foundation fund or co-develop programs.
Physicians, payors, and public health bodies influence uptake through recommendations and reimbursement.
Strategy
Moderna is building a commercial model around respiratory vaccines while expanding its mRNA pipeline and manufacturing base. Management is also emphasizing digital-first operations and AI-enabled infrastructure to improve discovery, manufacturing, and commercial execution.
Current revenue depends heavily on Spikevax, mNEXSPIKE, and mRESVIA.
Local presence and regional supply improve access, execution, and resilience.
Pipeline breadth is needed to reduce dependence on seasonal vaccines.
Geography
2025Moderna operates a commercial footprint across North America, Europe, and Asia-Pacific, with the U.S. still its largest market. It also has mRNA manufacturing facilities in the United Kingdom, Canada, and Australia, which were fully licensed in 2025 and supported by multi-year government purchase commitments.
Share of the revenue the company reports by geography.
Risks
Moderna’s business is exposed to regulatory shifts, vaccine demand volatility, and intense competition from larger pharmaceutical companies. Its manufacturing and commercial model also depends on complex global operations, third-party distributors, and careful estimation of rebates, returns, and other variable consideration.
- Regulatory and public health guidance changesImpact: HighLikelihood: High
FDA, CDC, and ACIP decisions can change vaccine eligibility and demand.
Exposure: Approved vaccines and future launches
- Competitive pressure in COVID and RSV vaccinesImpact: HighLikelihood: High
Larger rivals can bundle products, leverage scale, and win contracts.
Exposure - Variable consideration and returnsImpact: HighLikelihood: High
Chargebacks, rebates, and returns can significantly reduce net product sales.
Exposure: U.S. private vaccine market and foreign markets
- Manufacturing and cybersecurity disruptionImpact: HighLikelihood: Medium
Highly automated, digitally integrated facilities can fail or be attacked.
Exposure: Owned and third-party manufacturing network
- Seasonality and demand volatilityImpact: MediumLikelihood: High
Respiratory vaccine orders vary by season, viral evolution, and consumer uptake.
Exposure: Commercial vaccine sales
Accounting
Judgemental itemsManagement must estimate chargebacks, discounts, rebates, and returns.
Impact: Directly affects net product sales and gross margin
Upfront customer payments are recognized later as products are delivered.
Impact: Creates timing differences between cash flow and revenue
Grant, collaboration, licensing, and stand-ready manufacturing revenue follow different terms.
Impact: Can shift reported revenue mix and period comparability
Return trends are still limited and management says estimates remain judgmental.
Impact: Can materially change reported revenue and reserves
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Last updated: 24/09/2026