Income StatementBalance SheetCash FlowSegments
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Moderna Business Segments

Business, geographic, and product segment breakdowns

Moderna generates $2.2B in annual revenue across 4 key segments: Collaboration Arrangement, Including Arrangements With Affiliate ($17.0M), Grant revenue ($21.0M), Licensing and royalty revenue ($4.0M), and Stand-ready manufacturing revenue ($12.0M). The company-wide operating margin is -153.35%. Based on the Q1 2026 filing.

Collaboration Arrangement, Including Arrangements With Affiliate (TTM)$17.0MGrant revenue (TTM)$21.0MLicensing and royalty revenue (TTM)$4.0MStand-ready manufacturing revenue (TTM)$12.0M
Latest FilingQ1 2026
Report Date2026-05-01
Market Cap$18.9B
ROE-36.56%

Products & Services

Total Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stand-ready manufacturing revenue$0.0$12.0M———$32.0M
Collaboration Arrangement, Including Arrangements With Affiliate$13.0M$1.0M$4.0M$7.0M$1.0M$5.0M
Grant revenue$10.0M$1.0M$5.0M$14.0M$2.0M$0.0
Licensing and royalty revenue$5.0M$8.0M$2.0M$2.0M$0.0$0.0

Additions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other revenue—$14.0M$50.0M$146.0M$2.0M$53.0M
Net product sales$1.0M$0.0$84.0M$0.0$24.0M$0.0

Contract with Customer, Liability

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other revenue$23.0M$29.0M$62.0M$176.0M$145.0M$161.0M
Net product sales$188.0M$154.0M$221.0M$144.0M$107.0M$95.0M

Contract With Customer, Liability, Deductions During Period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other revenue—$8.0M$17.0M$32.0M$33.0M$37.0M
Net product sales$256.0M$34.0M$17.0M$77.0M$61.0M$12.0M

Contract with Customer, Liability, Provision

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net product sales$202.0M$19.0M$62.0M$998.0M$407.0M-$2.0M

Contract with Customer, Liability, Provision For Chargebacks, Discounts and Fees

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net product sales$88.0M$22.0M$62.0M$762.0M$191.0M-$11.0M

Contract with Customer, Liability, Provision For Refunds, Rebates and Other Fees

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net product sales—-$3.0M$0.0$236.0M—$9.0M

Contract with Customer, Liability, Provisions Made in Current Year

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net product sales$118.0M$8.0M$16.0M$175.0M$237.0M$9.0M

Contract with Customer, Liability, Provisions Made in Prior Years

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net product sales$4.0M$11.0M$16.0M$7.0M—$0.0

Contract with Customer, Refund Liability

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net product sales$370.0M$337.0M$308.0M$426.0M$509.0M$470.0M

Gross product sales

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net product sales$1.1B$105.0M$176.0M$2.0B$1.1B$350.0M

Number of commercial products

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net product sales0.502.001.00——3.00

Payments and returns related to sales made in current period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net product sales$14.0M$0.0$3.0M$11.0M$14.0M$0.0

Payments and returns related to sales made in prior year

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net product sales$133.0M$30.0M$26.0M$107.0M$119.0M$48.0M

Geographic

Area of office space (in sqft)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Cambridge leases$462.0K$462.0K$462.0K$462.0K$462.0K$462.0K

Property, plant and equipment, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Europe$283.0M———$303.0M—
Rest of world$381.0M———$363.0M—
United States$1.5B———$1.5B—

Total Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Europe$149.5M$13.3M$13.3M$13.3M$13.3M—
Rest of world$213.3M$173.0M$173.0M$173.0M$173.0M—
United States$446.3M$299.8M$299.8M$299.8M$299.8M—