MRNA · 10-Q · 2026Q2 · Full report

Supply Chain And Inventory

Moderna, Inc. · 2026-07-31 · Importance 20 · Surprise 24 · Matches filing data

Moderna held inventory for its COVID and RSV vaccines, including raw materials, work in progress and finished goods, as of June 30, 2026. Inventory write-downs were primarily related to inventory exceeding expected demand, shelf-life expiration and other inventory adjustments, while raw-material purchase commitments can create losses when materials expire before anticipated consumption. Moderna expects most raw-material and work-in-progress inventory to be consumed over the next three years, but product shelf lives are comparatively limited: nine to twelve months for Spikevax, twelve months for mNEXSPIKE and eighteen months for mRESVIA. These shelf-life constraints increase the importance of demand forecasting and production timing for seasonal respiratory vaccines.

Key facts

• Moderna, Inc. recorded inventory write-downs of $79 million in the six months ended June 30, 2026 primarily related to finished and semi-finished vaccine inventory and raw materials due to updated demand forecasts, shelf-life expiration and other adjustments. source
• The company expects the majority of its raw materials and work-in-progress inventory will be consumed over the next three years. source
• Inventory write-downs for the three and six months ended June 30, 2026 were recorded as $0 million (no amount) for losses on firm purchase commitments (stated: 'no' losses) for those periods. source
• Shelf life of Spikevax is nine to twelve months. source
• Shelf life of mNEXSPIKE is twelve months. source
• Shelf life of mRESVIA is eighteen months. source

Impact estimates