MRNA · 10-Q · 2026Q3 · Full report
Gross Margin Drivers
Moderna, Inc. · 2026-11-06 · Importance 48 · Surprise 40
Third-quarter 2026 cost of sales was $318 million, including $65 million of third-party royalties, $54 million of inventory write-downs, and $29 million of unutilized manufacturing capacity costs. Cost of sales was 24% of net product sales and stand-ready manufacturing revenue, compared with 21% in third-quarter 2025, primarily because of higher sales volume and unutilized manufacturing costs. Nine-month cost of sales rose $950 million, or 228%, to $1.4 billion, with the ratio increasing to 75% from 34%, primarily because of litigation-settlement-related expenses. Excluding the settlement impact, nine-month cost of sales increased 14% and its revenue ratio decreased eight percentage points; settlement-related cost of sales was $884 million in the first half of 2026.
Key facts
- Moderna’s cost of sales for the first nine months of 2026 was $1.4 billion, including $971 million of third-party royalties, $133 million of inventory write-downs and $54 million of unutilized manufacturing capacity costs. source
- Cost of sales as a percentage of net product sales and stand-ready manufacturing revenue was 75% for the first nine months of 2026, compared with 34% in the same 2025 period; the increase was primarily driven by litigation settlement-related expenses. source
- Moderna’s cost of sales in the third quarter of 2026 was $318 million, including $65 million of third-party royalties, $54 million of inventory write-downs and $29 million of unutilized manufacturing capacity costs. source
- Cost of sales as a percentage of net product sales and stand-ready manufacturing revenue was 24% in the third quarter of 2026, compared with 21% in the third quarter of 2025. source
- Excluding settlement expenses, Moderna’s cost of sales increased 14% for the first nine months of 2026, while cost of sales as a percentage of net product sales and stand-ready manufacturing revenue decreased by eight percentage points year over year. source