Covid was Moderna’s largest product and service line in fiscal 2025, bringing in $1.81B of $1.94B (93%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Product Sales | — | — | — | — | ||||||
| Product Sales | — | — | — | — | ||||||
| Covid | $18.44B | $6.67B | $3.08B | $1.81B | ||||||
| Grant Revenue | $388.00M | $94.00M | $37.00M | $22.00M | ||||||
| Collaboration Arrangement Including Arrangements With Affiliate | $440.00M | $83.00M | $48.00M | $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 | $19.26B | $6.85B | $3.24B | $1.94B |
Moderna brought in $1.94B from its six product and service lines in fiscal 2025, the year ended December 31, 2025. Moderna regrouped these lines after fiscal 2024, so the total does not compare directly with that year's $3.24B. Covid was the largest at $1.81B (93.1%), ahead of Stand-Ready Manufacturing Revenue at $80.00M (4.1%) and Grant Revenue at $22.00M (1.1%). The other three lines brought in $32.00M combined.
Moderna began breaking out Stand-Ready Manufacturing Revenue in fiscal 2025, Licensing & Royalty Revenue in fiscal 2024 and Rsv in fiscal 2024.
United States was Moderna’s largest region in fiscal 2025, bringing in $1.20B of $1.94B (62%).
| Geography | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Europe | $6.82B | $1.36B | $598.00M | $53.00M | ||||
| United States | $5.15B | $1.90B | $1.79B | $1.20B | ||||
| Rest Of World | $7.30B | $3.60B | $853.00M | $692.00M | ||||
| Total | $19.26B | $6.85B | $3.24B | $1.94B |
Moderna brought in $1.94B from its three regions in fiscal 2025, the year ended December 31, 2025. That was down 39.9% from $3.24B in fiscal 2024. United States was the largest at $1.20B (61.7%), ahead of Rest Of World at $692.00M (35.6%) and Europe at $53.00M (2.7%).
Compared with fiscal 2024, every region above 2% of revenue shrank. Rest Of World held up best, down 18.9% to $692.00M, and Europe fell the most, down 91.1% to $53.00M. From fiscal 2022 to 2025, combined revenue from these regions fell from $19.26B to $1.94B, a compound annual decline of 53.4%. United States' share of the total rose from 26.7% to 61.7%.
Moderna (MRNA) reports its revenue by product and service and by geography. In fiscal 2025, Covid was its largest product and service line, bringing in $1.81B (93.1% of the total), followed by Stand-Ready Manufacturing Revenue at $80.00M (4.1%).
Covid was Moderna's largest product and service line in fiscal 2025, bringing in $1.81B, or 93.1% of the $1.94B total across its six product and service lines.
United States was Moderna's largest region in fiscal 2025, bringing in $1.20B, or 61.7% of the $1.94B total across its three regions.
Every figure comes from Moderna's annual financial filings, as reported. Each line keeps the name Moderna gives it, and years follow its fiscal calendar.
Moderna's revenue by product and service goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.