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Net Product Sales (Tables) | 12 Months Ended
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Dec. 31, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Revenue from External Customers by Geographic Areas | Net product sales by customer geographic location were as follows for the periods presented (in millions):
|  | Years Ended December 31,
|  | 2025 |  | 2024 |  | 2023
United States |  | $ | 1,165 |  |  | $ | 1,726 |  |  | $ | 1,720 |
Europe |  | 50 |  |  | 573 |  |  | 1,353 |
Rest of world |  | 603 |  |  | 810 |  |  | 3,598 |
Total |  | $ | 1,818 |  |  | $ | 3,109 |  |  | $ | 6,671 |
Total revenue by geographic area of our customers and collaborators was as follows (in millions):
|  | Years Ended December 31,
|  | 2025 |  | 2024 |  | 2023
United States |  | $ | 1,199 |  |  | $ | 1,785 |  |  | $ | 1,895 |
Europe |  | 53 |  |  | 598 |  |  | 1,355 |
Rest of world |  | 692 |  |  | 853 |  |  | 3,598 |
Total |  | $ | 1,944 |  |  | $ | 3,236 |  |  | $ | 6,848 |
Our property, plant and equipment, including financing right-of-use assets, by geographic area was as follows (in millions):
|  | December 31,
|  | 2025 |  | 2024
United States |  | $ | 1,468 |  |  | $ | 1,532 |
Europe |  | 303 |  |  | 283 |
Rest of world |  | 363 |  |  | 381 |
Total |  | $ | 2,134 |  |  | $ | 2,196 |
Schedule of Disaggregation of Revenue | Net product sales by product were as follows (in millions):
|  | Years Ended December 31,
|  | 2025 |  | 2024 |  | 2023
COVID(1) |  | $ | 1,810 |  |  | $ | 3,084 |  |  | $ | 6,671 |
RSV |  | 8 |  |  | 25 |  |  | — |
Total |  | $ | 1,818 |  |  | $ | 3,109 |  |  | $ | 6,671 |
_______ (1)Includes sales of Spikevax and mNEXSPIKE. The following table summarizes product sales provision for the periods presented (in millions):
|  |  |  | Years Ended December 31,
|  |  |  |  |  | 2025 |  | 2024 |  | 2023
Gross product sales |  |  |  |  |  | $ | 3,304 |  |  | $ | 4,517 |  |  | $ | 8,203 |
Product sales provision: |  |  |  |  |  |  |  |  |  |
Wholesaler chargebacks, discounts and fees |  |  |  |  |  | (1,037) |  |  | (1,141) |  |  | (976) |
Returns, rebates and other fees (1) |  |  |  |  |  | (449) |  |  | (267) |  |  | (556) |
Total product sales provision |  |  |  |  |  | $ | (1,486) |  |  | $ | (1,408) |  |  | $ | (1,532) |
Net product sales |  |  |  |  |  | $ | 1,818 |  |  | $ | 3,109 |  |  | $ | 6,671 |
_______ (1)Includes an adjustment of approximately $216 million in 2024, reflecting a reduction in prior year provision estimates, primarily related to returns and chargebacks for the previous COVID vaccine season. Adjustments recorded in 2025 related to prior year provision estimates were not material. The following table summarizes other revenue for the periods presented (in millions):
|  |  |  | Years Ended December 31,
|  |  |  |  |  | 2025 |  | 2024 |  | 2023
Grant revenue |  |  |  |  |  | $ | 22 |  |  | $ | 37 |  |  | $ | 94 |
Collaboration revenue (Note 5) |  |  |  |  |  | 13 |  |  | 48 |  |  | 83 |
Licensing and royalty revenue |  |  |  |  |  | 11 |  |  | 42 |  |  | — |
Stand-ready manufacturing revenue |  |  |  |  |  | 80 |  |  | $ | — |  |  | $ | — |
Total other revenue |  |  |  |  |  | $ | 126 |  |  | $ | 127 |  |  | $ | 177 |
The following table summarizes grant revenue for the periods presented (in millions):
| Years Ended December 31,
| 2025 |  | 2024 |  | 2023
BARDA | $ | 9 |  |  | $ | 34 |  |  | $ | 88 |
Other grant revenue | 13 |  |  | 3 |  |  | 6 |
Total grant revenue | $ | 22 |  |  | $ | 37 |  |  | $ | 94 |
The following table summarizes our total consolidated net revenue from our strategic collaborators for the periods presented (in millions):
|  | Years Ended December 31,
Collaboration Revenue by Strategic Collaborator: |  | 2025 |  | 2024 |  | 2023
Vertex |  | $ | 13 |  |  | $ | 23 |  |  | $ | 82 |
Other |  | — |  |  | 25 |  |  | 1 |
Total collaboration revenue |  | $ | 13 |  |  | $ | 48 |  |  | $ | 83 |
Schedule of Changes in Balances of Receivables and Contract Liabilities | The following table summarizes the activities related to product sales provision recorded as accrued liabilities for the year ended December 31, 2025 (in millions):
|  | Returns, rebates and other fees
Balance at December 31, 2024 |  | $ | (370) |
Provision related to sales made in current period |  | (436) |
Provision related to sales made in prior periods |  | (13) |
Payments and returns related to sales made in current period |  | 28 |
Payments and returns related to sales made in prior periods |  | 282 |
Balance at December 31, 2025 |  | $ | (509) |
The following table summarizes the activities in deferred revenue during the year ended December 31, 2025 (in millions):
|  | December 31, 2024 |  | Additions |  | Deductions |  | December 31, 2025
Net product sales |  | $ | 188 |  |  | $ | 108 |  |  | $ | (189) |  |  | $ | 107 |
Other revenue |  | 23 |  |  | 212 |  |  | (90) |  |  | 145 |
Total deferred revenue |  | $ | 211 |  |  | $ | 320 |  |  | $ | (279) |  |  | $ | 252 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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