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Other Revenue
 3 Months Ended
Mar. 31, 2026
Revenue Recognition and Deferred Revenue [Abstract]  
Other Revenue
3. Net Product Sales

Net product sales by customer geographic location were as follows (in millions):
Three Months Ended March 31,
20262025
United States$73 $31 
Europe239 — 
Rest of world40 55 
Total $352 $86 

Net product sales by product type were as follows (in millions):
Three Months Ended March 31,
20262025
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,
20262025
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,
20262025
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