Inventory

3 Months Ended

Mar. 31, 2026

7. Inventory

Inventory as of March 31, 2026 and December 31, 2025 consisted of the following (in millions):


	March 31,		December 31,
	2026		2025
Raw materials	$	94	$	91
Work in progress	38		29
Finished goods	14		33
Total inventory	$	146	$	153

Inventory, non-current(1)	$	117	$	114

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(1)Consisted of raw materials with an anticipated consumption beyond one year. Inventory, non-current is included in other non-current assets in the condensed consolidated balance sheets.

Inventory write-downs as a result of excess, obsolescence, scrap or other reasons, and losses on firm purchase commitments are recorded as a component of cost of sales in our condensed consolidated statements of operations. For the three months ended March 31, 2026 and 2025, inventory write-downs were $38 million and $42 million, respectively. For the three months ended March 31, 2026, there were no losses on firm purchase commitments. For the three months ended March 31, 2025, losses on firm purchase commitments was $10 million.

Inventory write-downs were mainly related to inventory in excess of expected demand, shelf-life expiration and other inventory adjustments. Losses on firm purchase commitments were primarily related to excess raw material purchase commitments that will expire before the anticipated consumption of those raw materials.

As of March 31, 2026 and December 31, 2025, we had inventory on hand of $263 million and $267 million, respectively, inclusive of inventory for our COVID and RSV vaccines. Our raw materials and work-in-progress inventory have variable shelf lives. We expect that the majority of this inventory will be consumed over the next three years. The shelf life of Spikevax is nine to twelve months. mNEXSPIKE has a shelf life of twelve months. The shelf life of mRESVIA, our RSV vaccine, is eighteen months.