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Net Product Sales (Tables)
 12 Months Ended
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,
202520242023
United States$1,165 $1,726 $1,720 
Europe50 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,
202520242023
United States$1,199 $1,785 $1,895 
Europe53 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,
20252024
United States$1,468 $1,532 
Europe303 283 
Rest of world363 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,
202520242023
COVID(1)
$1,810 $3,084 $6,671 
RSV8 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,
202520242023
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,
202520242023
Grant revenue$22 $37 $94 
Collaboration revenue (Note 5)
13 48 83 
Licensing and royalty revenue11 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,
202520242023
BARDA$9 $34 $88 
Other grant revenue13 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:202520242023
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 periods282 
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, 2024AdditionsDeductionsDecember 31, 2025
Net product sales
$188 $108 $(189)$107 
Other revenue
23 212 (90)145 
Total deferred revenue$211 $320 $(279)$252