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Net Product Sales (Tables) | 3 Months Ended
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Mar. 31, 2026
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 (in millions):
|  | Three Months Ended March 31, |  |
|  | 2026 |  | 2025 |  |  |  |
United States |  | $ | 73 |  |  | $ | 31 |  |  |  |  |
Europe |  | 239 |  |  | — |  |  |  |  |
Rest of world |  | 40 |  |  | 55 |  |  |  |  |
Total |  | $ | 352 |  |  | $ | 86 |  |  |  |  |
Schedule of Disaggregation of Revenue | Net product sales by product type were as follows (in millions):
|  | Three Months Ended March 31, |  |
|  | 2026 |  | 2025 |  |  |  |
COVID(1) |  | $ | 345 |  |  | $ | 84 |  |  |  |  |
RSV |  | 7 |  |  | 2 |  |  |  |  |
Total |  | $ | 352 |  |  | $ | 86 |  |  |  |  |
_______ (1)Includes sales of Spikevax and mNEXSPIKE. The following table summarizes product sales provision adjustments for the periods presented (in millions):
|  | Three Months Ended March 31, |  |
|  | 2026 |  | 2025 |  |  |  |
Gross product sales |  | $ | 350 |  |  | $ | 105 |  |  |  |  |
Product sales provision: |  |  |  |  |  |  |  |
Wholesaler chargebacks, discounts and fees |  | 11 |  |  | (22) |  |  |  |  |
Returns, rebates and other fees |  | (9) |  |  | 3 |  |  |  |  |
Total product sales provision adjustments |  | $ | 2 |  |  | $ | (19) |  |  |  |  |
Net product sales |  | $ | 352 |  |  | $ | 86 |  |  |  |  |
The following table summarizes other revenue for the periods presented (in millions):
|  | Three Months Ended March 31, |  |
|  | 2026 |  | 2025 |  |  |  |
Stand-ready manufacturing revenue |  | $ | 32 |  |  | $ | 12 |  |  |  |  |
Collaboration revenue (Note 5) |  | 5 |  |  | 1 |  |  |  |  |
Grant revenue |  | — |  |  | 1 |  |  |  |  |
Licensing and royalty revenue |  | — |  |  | 8 |  |  |  |  |
Total other revenue |  | $ | 37 |  |  | $ | 22 |  |  |  |  |
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 three months ended March 31, 2026 (in millions):
|  | Returns and other fees
Balance at December 31, 2025 |  | $ | (509) |
Provision related to sales made in current period |  | (9) |
Provision related to sales made in prior periods |  | — |
Payments and returns related to sales made in current period |  | — |
Payments and returns related to sales made in prior year |  | 48 |
Balance at March 31, 2026 |  | $ | (470) |
The following table summarizes the activities in deferred revenue for the three months ended March 31, 2026 (in millions):
|  | December 31, 2025 |  | Additions |  | Deductions |  | March 31, 2026
Other revenue |  | $ | 145 |  |  | $ | 53 |  |  | $ | (37) |  |  | $ | 161 |
Net product sales |  | 107 |  |  | — |  |  | (12) |  |  | 95 |
Total deferred revenue |  | $ | 252 |  |  | $ | 53 |  |  | $ | (49) |  |  | $ | 256 |

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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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