v3.26.1
Other Revenue
 6 Months Ended
Jun. 30, 2026
Revenue Recognition and Deferred Revenue [Abstract]  
Other Revenue
3. Net Product Sales

Net product sales by customer geographic location were as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
United States$70 $88 $143 $119 
Europe16 — 255 — 
Rest of world8 26 48 81 
Total $94 $114 $446 $200 

Net product sales by product type were as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
COVID(1)
$91 $114 $436 $198 
RSV
3 — 10 2 
Total $94 $114 $446 $200 
_______
(1)Includes sales of Spikevax and mNEXSPIKE.

As of June 30, 2026, we have four approved products, our COVID vaccines, Spikevax and mNEXSPIKE, our RSV vaccine, mRESVIA, and our flu plus COVID combination vaccine, mCOMBRIAX. mRESVIA was approved by the FDA in May 2024 for adults aged 60 years and older, and in June 2025, the approved use was expanded to include adults aged 18 through 59 years who are at increased risk for lower respiratory tract disease caused by RSV. In May 2025, mNEXSPIKE was approved for use in adults aged 65 years and older, as well as individuals aged 12 through 64 years with at least one underlying risk factor. We launched commercial sales of mNEXSPIKE in the third quarter of 2025. In April 2026, mCOMBRIAX was approved by the European Commission for the prevention of influenza disease and COVID-19 in adults 50 years of age and older. As of June 30, 2026, mCOMBRIAX had not been commercialized.

We sell our COVID and RSV vaccines to the commercial market as well as to governments and international organizations. In the U.S., our COVID and RSV vaccines are sold primarily to wholesalers and distributors, and to a lesser extent, directly to retailers and healthcare providers. Wholesalers and distributors typically do not make upfront payments to us. Net product sales are recognized net of estimated wholesaler chargebacks, invoice discounts for prompt payments and pre-orders, provisions for sales returns and government rebates, and other related deductions.

The following table summarizes product sales provision adjustments for the periods presented (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Gross product sales $122 $176 $472 $281 
Product sales provision:
Wholesaler chargebacks, discounts and fees
(50)(62)(39)(84)
Returns, rebates and other fees
22 — 13 3 
Total product sales provision adjustments
$(28)$(62)$(26)$(81)
Net product sales $94 $114 $446 $200 
The following table summarizes the activities related to product sales provision recorded as accrued liabilities for the six months ended June 30, 2026 (in millions):
Returns and other fees
Balance at December 31, 2025$(509)
Provision related to sales made in current period
(23)
Provision related to sales made in prior periods
36 
Payments and returns related to sales made in current period 1 
Payments and returns related to sales made in prior year
74 
Balance at June 30, 2026$(421)
4. Other Revenue

The following table summarizes other revenue for the periods presented (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Stand-ready manufacturing revenue
$31 $17 $63 $29 
Collaboration revenue (Note 5)
15 4 20 5 
Grant revenue2 5 2 6 
Licensing and royalty revenue
3 2 3 10 
Total other revenue$51 $28 $88 $50