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Net Product Sales (Tables)

3 Months Ended

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

X

- 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

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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

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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
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