Moderna revenue
Moderna's revenue was $1.94bn in fiscal 2025, down 39.9% on the year before. Since fiscal 2016 ($108m) it has grown at a compound 37.8% a year. Over the last twelve months it was $2.23bn.
Revenue history
| Fiscal year | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.1 | 0.2 | 0.1 | 0.1 | 0.8 | 18.5 | 19.3 | 6.8 | 3.2 | 1.9 | 2.2 |
| Growth on the year before | — | +89.9% | −34.4% | −55.6% | +>999% | +>999% | +4.3% | −64.4% | −52.7% | −39.9% | — |
| Gross profit | — | — | 0.1 | 0.1 | 0.8 | 15.9 | 13.8 | 2.2 | 1.8 | 1.1 | 0.5 |
| Gross margin | — | — | 100.0% | 100.0% | 99.0% | 85.8% | 71.9% | 31.5% | 54.8% | 55.3% | 23.4% |
Where the revenue comes from
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Product Sales | $1.8B | 93.5% | ▼ 41.5% |
| COVID19 (part of Product Sales) | $1.8B | 99.6% | ▼ 41.3% |
| RSV (part of Product Sales) | $8M | 0.4% | ▼ 68.0% |
| Other | $126M | 6.5% | ▼ 0.8% |
| St and Ready Manufacturing Revenue (part of Other) | $80M | 63.5% | — |
| Grant (part of Other) | $22M | 17.5% | ▼ 40.5% |
| Collaboration Arrangement Including Arrangements With Affiliate (part of Other) | $13M | 10.3% | ▼ 72.9% |
| License and Royalty (part of Other) | $11M | 8.7% | ▼ 73.8% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.2B | 61.7% | ▼ 32.8% |
| Rest of World | $692M | 35.6% | ▼ 18.9% |
| Europe | $53M | 2.7% | ▼ 91.1% |
From Moderna's 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
Revenue against peers
| Company | Revenue | Growth | 3-year growth a year |
|---|---|---|---|
| Moderna | $2.23bn | -27.6% | -40.6% |
| Exelixis, Inc. | $2.50bn | 9.1% | 12.1% |
| Natera, Inc. | $2.71bn | 37.8% | 42.7% |
| Alkermes plc. | $1.67bn | 10.8% | 4.5% |
| Halozyme Therapeutics, Inc. | $1.66bn | 41.2% | 29.1% |
| United Therapeutics Corp | $3.15bn | 2.5% | 14.3% |
Compare with peers
- Exelixis, Inc. revenue
- Natera, Inc. revenue
- Alkermes plc. revenue
- Halozyme Therapeutics, Inc. revenue
- United Therapeutics Corp revenue
Head to head: EXEL vs MRNAMRNA vs NTRAALKS vs MRNA
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