v3.25.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2025
Grants, U.S. Government Contract and Joint Venture [Abstract]  
Schedule of Accounts Receivable, Unbilled Services, and Deferred Revenue During the six months ended June 30, 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:
Six Months Ended June 30, 2025$115,960 $408,315 $(290,204)$234,071 
Six Months Ended June 30, 2024304,916 672,326 (937,462)39,780 
Allowance for credit losses(1):
Six Months Ended June 30, 2025(7,675)— — (7,675)
Six Months Ended June 30, 2024(7,675)— — (7,675)
Deferred revenue:(2)
Six Months Ended June 30, 20251,121,886 — (608,860)513,026 
Six Months Ended June 30, 2024863,520 365,150 (28,849)1,199,821 
(1)    There was no allowance for credit losses recorded during the six months ended June 30, 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 six months ended June 30, 2025, deductions include $555.7 million related to the Canada Advanced Purchase Agreement (“APA”) termination, discussed below. During the six months ended June 30, 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 June 30, 2025 and 2024, the categories of Product sales were as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Product sales
 Nuvaxovid sales(1)
$(2,093)$19,904 $605,931 $102,228 
 Supply sales(2)
12,817 2,684 26,471 10,196 
Total Product sales
$10,724 $22,588 $632,402 $112,424 
(1)Nuvaxovid sales are sales of the Company’s COVID-19 Vaccine associated with APAs with governments and commercial markets, where the Company is the commercial lead for sales and distribution, made through pharmaceutical wholesale distributors. During the three months ended June 30, 2025, Nuvaxovid sales include excess gross-to-net deductions primarily due to updates to estimated product returns.
(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 June 30, 2025 and 2024 were as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Licensing, royalties, and other
Sanofi $199,412 $392,896 $239,733 $392,896 
Takeda27,212 — 27,212 — 
Other partners(1)
1,892 — 6,548 4,019 
Total licensing, royalties, and other revenue$228,516 $392,896 $273,493 $396,915 

(1)Other partners revenue includes royalties and license fees associated with agreements with other partners such as Serum and SK bioscience, Co., Ltd.
Sanofi licensing, royalties, and other revenue were comprised of the following (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Sanofi licensing, royalties, and other revenue
Licensing:
     Upfront fee$— $386,250 $— $386,250 
     Milestones175,000 — 175,000 — 
Transition services and technology transfer:
Upfront fee amortization(1)
12,268 4,573 32,180 4,573 
Milestones amortization(1)
5,665 2,073 14,808 2,073 
Cost reimbursements
6,479 — 17,745 — 
Total Sanofi licensing, royalties, and other revenue
$199,412 $392,896 $239,733 $392,896 
(1)Upfront fee amortization and Milestones amortization represent revenue recognized during the period related to a portion of 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.
Takeda licensing, royalties, and other revenue were comprised of the following (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Takeda licensing, royalties, and other revenue
Licensing:
     Upfront fee(1)
$18,500 $— $18,500 $— 
     Milestones3,434 — 3,434 $— 
Royalties5,000 — 5,000 $— 
Support services278 — 278 — 
Tota Total Takeda licensing, royalties, and other revenue
$27,212 $— $27,212 $— 
(1)Upfront fee includes $14.5 million of nonrefundable upfront payments associated with the Amended Takeda CLA as defined below and $4.0 million of previously unrecognized consideration from the Original Takeda CLA.
Schedule of Revenue Gross to Net Deductions Balances
As of June 30, 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)
14,393 37,148 51,541 
Credits/deductions
(34,921)(140,546)(175,467)
Balance as of June 30, 2025$608 $13,299 $13,907 
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)
15,436 21,302 36,738 
Credits/deductions
(35,621)(51,331)(86,952)
Balance as of June 30, 2024$887 $54,587 $55,474 
(1)    For the six months ended June 30, 2025 and 2024, amounts charged against Product sales include $2.6 million and $4.0 million of adjustments made to prior period Product sales due primarily to changes in the estimate of product returns.