v3.26.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2026
Grants, U.S. Government Contract and Joint Venture [Abstract]  
Schedule of Product Sales
During the three and nine months ended September 30, 2026 and 2025, the categories of Product sales were as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Product sales
 Nuvaxovid™ sales(1)
$— $(332)$9,558 $605,599 
 Supply sales(2)
25,693 13,774 77,189 40,245 
Total Product sales
$25,693 $13,442 $86,747 $645,844 
(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. During the three and nine months ended September 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 and nine months ended September 30, 2026 and 2025 were as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Licensing, royalties, and other
Sanofi $18,779 $48,294 $103,445 $288,027 
Pfizer— — 30,000 — 
Takeda7,359 6,445 8,309 33,657 
Serum5,341 2,264 14,530 8,812 
Other partners(1)
11,126 — 21,479 — 
Total licensing, royalties, and other revenue$42,605 $57,003 $177,763 $330,496 
(1)Other partners revenue includes royalties and license fees associated with agreements with other partners such as SK bioscience, Co., Ltd.
Sanofi licensing, royalties, and other revenue were comprised of the following (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Sanofi licensing, royalties, and other revenue
Licensing:
     Milestones$— — $— 175,000 
Royalties6,145 4,196 10,340 4,196 
Transition services and technology transfer:
Upfront fee amortization(1)
6,175 (1,083)27,009 31,097 
Milestones amortization(1)
2,677 (645)11,990 14,163 
Cost reimbursements
3,782 45,826 54,106 63,571 
Total Sanofi licensing, royalties, and other revenue
$18,779 $48,294 $103,445 $288,027 
(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
September 30,		Nine Months Ended
September 30,
2026202520262025
Takeda licensing, royalties, and other revenue
Licensing:
     Upfront fee(1)
$— $— $— $18,500 
     Milestones4,717 4,717 4,717 8,151 
Royalties2,489 1,456 3,100 6,456 
Support services153 272 492 550 
Tota Total Takeda licensing, royalties, and other revenue
$7,359 $6,445 $8,309 $33,657 
(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 Accounts Receivable, Unbilled Services, and Deferred Revenue
During the nine months ended September 30, 2026 and 2025, changes in the Company’s deferred revenue balance were as follows (in thousands):
Balance, Beginning of PeriodAdditionsDeductions Balance, End of Period
Deferred revenue(1):
Nine Months Ended September 30, 2026498,996 39,257 (106,041)432,212 
Nine Months Ended September 30, 20251,121,886 25,595 (646,125)501,356 
(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 nine months ended September 30, 2026, deductions include $74.9 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; $21.4 million of Licensing, royalties, and other revenue from other partners; and $9.6 million of Nuvaxovid™ sales. During the nine months ended September 30, 2025, deductions include $555.7 million related to the Canada Advanced Purchase Agreement (“APA”) termination.