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Net Product Sales | 3 Months Ended
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Mar. 31, 2026
Revenue from Contract with Customer [Abstract] |
Net Product Sales | 3. Net Product Sales 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 |  |  |  |  |
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. As of March 31, 2026, we have three commercial products, our COVID vaccines, Spikevax and mNEXSPIKE, and our RSV vaccine, mRESVIA. mRESVIA was approved by the FDA in May 2024 for adults aged 60 years and older, and in June 2025, the approved use was expanded to include adults aged 18 through 59 years who are at increased risk for lower respiratory tract disease caused by RSV. In May 2025, mNEXSPIKE was approved for use in adults aged 65 years and older, as well as individuals aged 12 through 64 years with at least one underlying risk factor. We launched commercial sales of mNEXSPIKE in the third quarter of 2025. We sell our COVID and RSV vaccines to the commercial market as well as to foreign governments and international organizations. In the U.S., our COVID and RSV vaccines are sold primarily to wholesalers and distributors, and to a lesser extent, directly to retailers and healthcare providers. Wholesalers and distributors typically do not make upfront payments to us. Net product sales are recognized net of estimated wholesaler chargebacks, invoice discounts for prompt payments and pre-orders, provisions for sales returns and government rebates, and other related deductions. 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 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) |
4. Other Revenue 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 |  |  |  |  |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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