Net Product Sales was Moderna’s largest product and service line in fiscal 2025, bringing in $1.17B of $1.31B (89%).
| 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 |
Moderna brought in $1.31B from its six product and service lines in fiscal 2025, the year ended December 31, 2025. That is less than the $1.91B it reports by geography, so these lines do not cover all of its revenue. Net Product Sales was the largest at $1.17B (88.8%), ahead of Stand-Ready Manufacturing Revenue at $80.00M (6.1%) and Grant Revenue at $35.00M (2.7%). The other three lines brought in $32.00M combined.
Compared with fiscal 2024, Net Product Sales fell 32.5% to $1.17B and Grant Revenue fell 50.7% to $35.00M. Some of that change comes from Moderna regrouping its lines.
Moderna began breaking out Stand-Ready Manufacturing Revenue in fiscal 2025, Licensing & Royalty Revenue in fiscal 2024 and Rsv in fiscal 2024. Moderna stopped reporting Other Revenue as a separate line after fiscal 2024, when it brought in $127.00M.
United States was Moderna’s largest region in fiscal 2025, bringing in $1.17B of $1.91B (61%).
| 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 |
Moderna brought in $1.91B from its three regions in fiscal 2025, the year ended December 31, 2025. That was down 41.0% from $3.24B in fiscal 2024. United States was the largest at $1.17B (61.0%), ahead of Rest Of World at $692.00M (36.2%) and Europe at $53.00M (2.8%).
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 $1.91B, a compound annual decline of 53.7%. United States' share of the total rose from 26.7% to 61.0%.
Moderna (MRNA) reports its revenue by product and service and by geography. In fiscal 2025, Net Product Sales was its largest product and service line, bringing in $1.17B (88.8% of the total), followed by Stand-Ready Manufacturing Revenue at $80.00M (6.1%).
Net Product Sales was Moderna's largest product and service line in fiscal 2025, bringing in $1.17B, or 88.8% of the $1.31B total across its six product and service lines.
United States was Moderna's largest region in fiscal 2025, bringing in $1.17B, or 61.0% of the $1.91B 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.