Revenue (Tables)

3 Months Ended

Mar. 31, 2026

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, 2026 and 2025, changes in the Company’s deferred revenue balance were as follows (in thousands):


	Balance, Beginning of Period	Additions	Deductions	Balance, End of Period
Deferred revenue(1):
Three Months Ended March 31, 2026	498,996	13,550	(64,501)	448,045
Three Months Ended March 31, 2025	1,121,886	—	(603,995)	517,891

(1) Deductions from Deferred revenue generally relate to the recognition of revenue once performance obligations on a contract with a customer are met. During the three months ended March 31, 2026, deductions include $44.5 million related to revenue recognized for R&D transition services that support further regulatory approval and development of the COVID-19 Vaccine (“Sanofi Transition Services”) and supply sales with Sanofi; $10.3 million of Licensing, royalties, and other revenue from other partners; and $9.6 million of Nuvaxovid™ sales. During the three months ended March 31, 2025, deductions include $555.7 million related to the Canada Advanced Purchase Agreement (“APA”) termination.

Schedule of Product Sales

During the three months ended March 31, 2026 and 2025, the categories of Product sales were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Product sales
Nuvaxovid™ sales(1)	$	9,558	$	608,025
Supply sales(2)	32,642		13,653
Total Product sales	$	42,200	$	621,678

(1)NuvaxovidTM 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.

(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, 2026 and 2025 were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Licensing, royalties, and other
Sanofi	$	48,899	$	40,321
Pfizer	30,000		—
Serum	7,366		4,456
Other partners(1)	11,049		200
Total licensing, royalties, and other revenue	$	97,314	$	44,977

(1)Other partners revenue includes royalties and license fees associated with agreements with other partners such as Takeda and SK bioscience, Co., Ltd.

Sanofi licensing, royalties, and other revenue were comprised of the following (in thousands):


	Three Months Ended March 31,
	2026		2025
Sanofi licensing, royalties, and other revenue
Licensing:

Royalties	$	3,521	$	—
Transition services and technology transfer:
Upfront fee amortization(1)	$	12,106	$	19,912
Milestones amortization(1)	5,551		9,143
Cost reimbursements	27,721		11,266
Total Sanofi licensing, royalties, and other revenue	$	48,899	$	40,321

(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.