v3.25.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2025
Grants, U.S. Government Contract and Joint Venture [Abstract]  
Schedule of Accounts Receivable, Unbilled Services, and Deferred Revenue During the three months ended March 31, 2025 and 2024, changes in the Company’s accounts receivables, allowance for credit losses, and deferred revenue balances were as follows (in thousands):
Balance, Beginning of PeriodAdditionsDeductions Balance, End of Period
Accounts receivable:
Three Months Ended March 31, 2025$115,960 $123,785 $(187,560)$52,185 
Three Months Ended March 31, 2024304,916 136,510 (412,370)29,056 
Allowance for credit losses(1):
Three Months Ended March 31, 2025(7,675)— — (7,675)
Three Months Ended March 31, 2024(7,675)— — (7,675)
Deferred revenue:(2)
Three Months Ended March 31, 20251,121,886 — (603,995)517,891 
Three Months Ended March 31, 2024863,521 225,000 (6,148)1,082,373 
(1)    There was no allowance for credit losses recorded during the three months ended March 31, 2025 or 2024. To estimate the allowance for credit losses, the Company evaluates the credit risk related to its customers based on historical loss experience, economic conditions, the aging of receivables, and customer-specific risks.
(2) Deductions from Deferred revenue generally related to the recognition of revenue once performance obligations on a contract with a customer are met. During the three months ended March 31, 2025, deductions include $555.7 million related to the Canada APA termination, discussed below. During the three months ended March 31, 2024, additions included a $225.0 million reclassification of an upfront payment from Other current liabilities to Deferred revenue related to the settlement with Gavi as discussed below.
Schedule of Product Sales
During the three months ended March 31, 2025 and 2024, the categories of product sales were as follows (in thousands):
Three Months Ended
March 31,
20252024
Product sales
 Nuvaxovid™ sales(1)
$608,025 $82,324 
 Supply sales(2)
13,653 7,512 
Total product sales$621,678 $89,836 
(1)Nuvaxovid™ sales are sales of our COVID-19 vaccine associated with APAs with governments and commercial markets, where we are the commercial lead for sales and distribution, made through pharmaceutical wholesale distributors.
(2)Supply sales include commercial sales of COVID-19 Vaccine, adjuvant sales, and other material sales to the Company’s partners.
Licensing, royalties, and other by license partner for the three months ended March 31, 2025 and 2024 were as follows (in thousands):
Three Months Ended March 31,
20252024
Licensing, royalties, and other
Sanofi $40,321 $— 
Other partners(1)
4,656 4,019 
Total licensing, royalties, and other revenue$44,977 $4,019 
(1)Other partners revenue includes royalties and license fees associated with agreements with other partners such as Serum, Takeda Pharmaceutical Company Limited (“Takeda”), and SK bioscience, Co., Ltd.
Sanofi licensing, royalties, and other revenue were comprised of the following (in thousands):
Three Months Ended March 31,
20252024
Sanofi licensing, royalties, and other revenue
Transition services and technology transfer:
Upfront fee amortization(1)
$19,912 $— 
Milestones amortization(1)
9,143 — 
Cost reimbursements
11,266 — 
Total Sanofi licensing, royalties, and other revenue
$40,321 $— 
(1)Upfront fee amortization and Milestones amortization represent revenue recognized during the period related to the $500 million upfront payment and the $50 million milestone for database lock of an existing Phase 2/3 clinical trial in 2024 that were deferred upon achievement and are recognized in revenue over time.
Schedule of Revenue Gross to Net Deductions Balances
As of March 31, 2025 and 2024, changes in the Company’s gross-to-net deductions balances were as follows (in thousands):
Wholesale Distributor Fees, Discounts, and Chargebacks
Product Returns
Total
Balance as of December 31, 2024$21,136 $116,697 $137,833 
Amounts charged against product sales(1)
16,572 38,999 55,571 
Credits/deductions
(30,131)(84,783)(114,914)
Balance as of March 31, 2025$7,577 $70,913 $78,490 
Wholesale Distributor Fees, Discounts, and Chargebacks
Product Returns
Total
Balance as of December 31, 2023$21,072 $84,616 $105,688 
Amounts charged against product sales(1)
16,076 19,296 35,372 
Credits/deductions
(26,979)(10,999)(37,978)
Balance as of March 31, 2024$10,169 $92,913 $103,082 
(1)    For the three months ended March 31, 2025 and 2024, amounts charged against product sales include $1.5 million and $3.4 million of adjustments made to prior period product sales due primarily to changes in the estimate of product returns.