MRNA · 10-Q · 2026Q2 · Full report

Revenue Performance and Mix

Moderna, Inc. · 2026-07-31 · Importance 69 · Surprise 64 · Matches filing data

Second-quarter 2026 total revenue was $145 million, up 2% from $142 million in the second quarter of 2025. Net product sales declined $20 million, or 18%, primarily because of lower COVID vaccine sales in the United States and South America, partly offset by product deliveries in the United Kingdom. Six-month 2026 total revenue increased $284 million, or 114%, while net product sales rose $246 million, or 123%, driven primarily by higher international COVID vaccine sales under long-term strategic partnerships with government entities. Other revenue increased in both periods because of higher stand-ready manufacturing revenue and collaboration revenue, including revenue from the Recordati collaboration for mRNA-3927.

Key facts

• For the six months ended June 30, 2026 total revenue increased by $284 million, or 114%, compared to the same period in 2025 and net product sales increased by $246 million, or 123%, primarily due to higher COVID vaccine sales in international markets driven by deliveries under long-term strategic partnerships with government entities. source
• Net product sales decreased by $20 million, or 18%, for the three months ended June 30, 2026 primarily due to lower COVID vaccine sales in the United States and South America, partially offset by product deliveries in the United Kingdom. source
• Moderna, Inc. had deferred revenue increase of $196 million primarily associated with advance payments for products which contributed to working capital changes as of June 30, 2026. source
• As of June 30, 2026 Moderna, Inc. had $265 million of deferred revenue related to product sales, of which $207 million is expected to be realized in less than one year. source
• For the second quarter of 2026 Moderna, Inc. recognized total revenue of $145 million compared to $142 million for the second quarter of 2025. source

Impact estimates