v3.26.1
Net Product Sales (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue from External Customers by Geographic Areas
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 
Schedule of Disaggregation of Revenue
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.
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 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 $50 
Schedule of Changes in Balances of Receivables and Contract Liabilities
The following table summarizes the activities related to product sales provision recorded as accrued liabilities for the six months ended June 30, 2026 (in millions):
Returns and other fees
Balance at December 31, 2025$(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)
The following table summarizes the activities in deferred revenue for the six months ended June 30, 2026 (in millions):
December 31, 2025AdditionsDeductionsJune 30, 2026
Net product sales
$107 $171 $(13)$265 
Other revenue145 117 (85)177 
Total deferred revenue$252 $288 $(98)$442