v3.26.1
Revenues from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue From Contracts With Customers [Abstract]  
Summary of Disaggregation of Revenues from Contracts with Customers Set out below is the disaggregation of the Group’s revenues from contracts with customers:
Years ended December 31,
(in millions €)
2025
2024
2023
COVID-19 vaccine revenues
1,995.3
70%
2,432.1
88%
3,776.2
99%
Revenues from out-licensing
613.0
21%
—
—%
—
—%
Other revenues
261.6
9%
319.0
12%
42.8
1%
Total
2,869.9
100%
2,751.1
100%
3,819.0
100%
(in millions €)
Years ended December 31,
Revenues by customers
2025
2024
2023
Pfizer
1,602.0
56%
2,011.7
73%
3,293.0
86%
German Federal Ministry of Health
627.5
22%
701.0
25%
473.6
12%
Bristol Myers Squibb
613.0
21%
—
—%
—
—%
Other customers
27.4
1%
38.4
2%
52.4
2%
Total
2,869.9
100%
2,751.1
100%
3,819.0
100%
(in millions €)
Years ended December 31,
Revenues by countries
2025
2024
2023
United States
1,794.9
63%
1,847.8
67%
3,010.9
79%
Germany
759.1
26%
706.9
26%
482.7
13%
Ireland
304.8
11%
177.8
6%
203.8
5%
Rest of the World
11.1
—%
18.6
1%
121.6
3%
Total
2,869.9
100%
2,751.1
100%
3,819.0
100%
Years ended December 31,
(in millions €)
2025
2024
2023
Timing of revenue recognition
Goods and services transferred at a point in time
1,391.4
611.4
776.3
Goods and services transferred over time
241.9
298.5
15.4
Revenue recognition applying the sales-based or usage-based royalty
recognition constraint model(1)
1,236.6
1,841.2
3,027.3
Total
2,869.9
2,751.1
3,819.0
(1)Represents sales based on the share of the collaboration partners’ gross profit.
Disclosure of Contract Assets The contract assets developed as follows:
2025
2024
(in millions €)
Current
Non-
current
Total
Current
Non-
current
Total
As of January 1
10.0
9.8
19.8
4.9
—
4.9
Additions
—
—
—
—
28.4
28.4
thereof: attributable to performance obligations
satisfied in prior periods
—
—
—
—
23.6
23.6
Reclassification to trade accounts receivables
(9.7)
—
(9.7)
(13.5)
—
(13.5)
Reclassification from non-current to current
7.8
(7.8)
—
18.6
(18.6)
—
As of December 31
8.1
2.0
10.1
10.0
9.8
19.8
Contract Liabilities The development of the contract liabilities is as follows:
2025
2024
(in millions €)
Current
Non-
current
Total
Current
Non-
current
Total
As of January 1
294.9
183.0
477.9
353.3
398.5
751.8
Additions from business combinations
—
0.4
0.4
—
—
—
Other additions
652.4
661.2
1,313.6
—
—
—
Reclassification from non-current to current
756.6
(756.6)
—
215.5
(215.5)
—
Recognition as revenues
(948.7)
—
(948.7)
(272.7)
—
(272.7)
Currency effects functional currency
(0.3)
—
(0.3)
(1.2)
—
(1.2)
As of December 31
754.9
88.0
842.9
294.9
183.0
477.9
Summary of Revenue Recognized Set out below is the amount of revenue recognized for the periods indicated:
Years ended December 31,
(in millions €)
2025
2024
2023
Amounts included in contract liabilities at the beginning of the year
335.7
272.7
3.5