Net Product Sales was the largest of Moderna, Inc.’s 6 reported lines in fiscal 2025, at $1.17B — 89% of $1.31B.
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Product Sales | $7.30B | $3.60B | — | $1.73B | $1.17B | ||||||
| Product Sales | — | — | — | — | — | ||||||
| Grant Revenue | $372.00M | $88.00M | $176.00M | $71.00M | $35.00M | ||||||
| Other Revenue | — | — | — | $127.00M | — | ||||||
| Collaboration Arrangement Including Arrangements With Affiliate | $309.00M | $83.00M | — | $25.00M | $13.00M | ||||||
| Collaboration Revenue | — | — | — | — | — | ||||||
| Stand-Ready Manufacturing Revenue | — | — | — | — | $80.00M | ||||||
| Collaboration Revenue From Affiliate | — | — | — | — | — | ||||||
| Collaboration Revenue From Related Party (Note 14) | — | — | — | — | — | ||||||
| Licensing & Royalty Revenue | — | — | — | $42.00M | $11.00M | ||||||
| Rsv | — | — | — | $25.00M | $8.00M | ||||||
| Total | $7.98B | $3.77B | $176.00M | $2.02B | $1.31B |
In fiscal 2025, which ended December 31, 2025, the 6 revenue lines Moderna, Inc. reported in this breakdown added up to $1.31B. That is less than the $1.91B in its breakdown by region, so these revenue lines do not account for all of its revenue that year. Net Product Sales was the largest revenue line, at $1.17B or 88.8% of the total, followed by Stand-Ready Manufacturing Revenue ($80.00M, 6.1%) and Grant Revenue ($35.00M, 2.7%). Together, the two largest revenue lines made up 94.9% of this total.
Compared with fiscal 2024, every sizeable revenue line reported in both years shrank. Net Product Sales held up best, down 32.5% to $1.17B, while Grant Revenue fell the most, down 50.7% to $35.00M. Because revenue lines were added or dropped between the two years, part of this reflects how Moderna, Inc. regrouped its reporting.
Stand-Ready Manufacturing Revenue (fiscal 2025), Licensing & Royalty Revenue (fiscal 2024) and Rsv (fiscal 2024) were first reported as separate revenue lines during this period. The table also keeps 5 revenue lines that Moderna, Inc. no longer reports, so earlier years can still be read on their original basis; use "Show 5 discontinued" beneath the table to see them. This breakdown covers 11 fiscal years between 2016 and 2025, as reported in Moderna, Inc.'s annual filings.
United States was the largest of Moderna, Inc.’s 3 reported lines in fiscal 2025, at $1.17B — 61% of $1.91B.
| Geography | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Rest Of World | $7.30B | $3.60B | $853.00M | $692.00M | ||||
| Europe | $6.82B | $1.36B | $598.00M | $53.00M | ||||
| United States | $5.15B | $1.90B | $1.79B | $1.17B | ||||
| Total | $19.26B | $6.85B | $3.24B | $1.91B |
In fiscal 2025, which ended December 31, 2025, the 3 regions Moderna, Inc. reported in this breakdown added up to $1.91B. That was down 41.0% from $3.24B in fiscal 2024. United States was the largest region, at $1.17B or 61.0% of the total, followed by Rest Of World ($692.00M, 36.2%) and Europe ($53.00M, 2.8%). Together, the two largest regions made up 97.2% of this total.
Compared with fiscal 2024, every sizeable region reported in both years shrank. Rest Of World held up best, down 18.9% to $692.00M, while Europe fell the most, down 91.1% to $53.00M. Over fiscal 2022 to 2025, revenue across these regions went from $19.26B to $1.91B, a compound annual decline of 53.7%. United States' share of the total rose from 26.7% to 61.0% over the same years.
This breakdown covers every fiscal year from 2018 to 2025, as reported in Moderna, Inc.'s annual filings.
Moderna, Inc. (MRNA) breaks its revenue down by revenue line and region. In fiscal 2025, its largest revenue line was Net Product Sales, with $1.17B or 88.8% of the total, followed by Stand-Ready Manufacturing Revenue at $80.00M (6.1%).
Net Product Sales was Moderna, Inc.'s largest revenue line in fiscal 2025, with $1.17B in revenue, 88.8% of the $1.31B reported across its 6 revenue lines.
United States was Moderna, Inc.'s largest region in fiscal 2025, with $1.17B in revenue, 61.0% of the $1.91B reported across its 3 regions.
Every figure is taken from Moderna, Inc.'s annual financial filings and shown as reported: each line keeps the name the company gives it, years follow its own fiscal calendar, and lines it has stopped reporting stay in the table for the years they were reported.
The breakdown by revenue line covers fiscal 2016 to 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.