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Moderna
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Revenue breakdown by Products & Services
Revenue breakdown by Geography

Moderna's Revenue by Segment

In fiscal year 2025, Moderna's revenue by segment (products & services) are as follows:

  • Collaboration revenue: $13.00 M
  • COVID: $1.81 B
  • Grant revenue: $22.00 M
  • Licensing and royalty revenue: $11.00 M
  • RSV: $8.00 M
  • Stand-ready manufacturing revenue: $80.00 M

Learn more about Modernaโ€™s Revenue by Geography

Check out competitors to Moderna in a side-by-side comparison.

Explore additional financial metrics for Moderna.

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Last Updated: Dec 31, 2025 |

The above chart shows Moderna's revenue percentage share by segment (products and services).

In fiscal year 2023, Moderna's revenue by segment is as follows:

  • Messenger RNA (mRNA) Medicines generated $6.85 B in revenue, representing 100% of its total revenue.

The biggest segment for Moderna is the Messenger RNA (mRNA) Medicines, which represents 100% of its total revenue.
The smallest segment for Moderna is the Messenger RNA (mRNA) Medicines, which represents 100% of its total revenue.

The above chart shows Moderna's revenue percentage share by segment (products and services).

In fiscal year 2024, Moderna's revenue by segment is as follows:

  • Collaboration Arrangement generated $12.00 M in revenue, representing 0.26% of its total revenue.
  • Grant generated $37.00 M in revenue, representing 0.81% of its total revenue.
  • Product Sales generated $4.52 B in revenue, representing 98.93% of its total revenue.

The biggest segment for Moderna is the Product Sales, which represents 98.93% of its total revenue.
The smallest segment for Moderna is the Collaboration Arrangement, which represents 0.26% of its total revenue.

The above chart shows Moderna's revenue percentage share by segment (products and services).

In fiscal year 2025, Moderna's revenue by segment is as follows:

  • Collaboration revenue generated $13.00 M in revenue, representing 0.67% of its total revenue.
  • COVID generated $1.81 B in revenue, representing 93.11% of its total revenue.
  • Grant revenue generated $22.00 M in revenue, representing 1.13% of its total revenue.
  • Licensing and royalty revenue generated $11.00 M in revenue, representing 0.57% of its total revenue.
  • RSV generated $8.00 M in revenue, representing 0.41% of its total revenue.
  • Stand-ready manufacturing revenue generated $80.00 M in revenue, representing 4.12% of its total revenue.

The biggest segment for Moderna is the COVID, which represents 93.11% of its total revenue.
The smallest segment for Moderna is the RSV, which represents 0.41% of its total revenue.
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Summary Table

Products & Services (Percent Share) 2023 2024 2025
Messenger RNA (mRNA) Medicines 100% - -
Collaboration Arrangement - 0.26% -
Grant - 0.81% -
Product Sales - 98.93% -
COVID - - 93.11%
RSV - - 0.41%
Grant revenue - - 1.13%
Collaboration revenue - - 0.67%
Licensing and royalty revenue - - 0.57%
Stand-ready manufacturing revenue - - 4.12%
Total Revenue 100% 100% 100%
Last Updated: Dec 31, 2025 |
Last Updated: Dec 31, 2025 |

The above chart shows the revenue trend of different segments of Moderna.

In fiscal year 2025, the COVID generated the most revenue ($1.81 B), and the RSV generated the least revenue ($8.00 M).

Last Updated: Dec 31, 2025 |

The above chart shows growth drivers and a year-over-year comparison of different segments' revenue.

  • Collaboration Arrangement revenue decreased -100% ($12.00 M) from $12.00 M (in 2024) to $0.00 (in 2025).
  • Collaboration revenue revenue increased 100% ($13.00 M) from $0.00 (in 2024) to $13.00 M (in 2025).
  • COVID revenue increased 100% ($1.81 B) from $0.00 (in 2024) to $1.81 B (in 2025).
  • Grant revenue decreased -100% ($37.00 M) from $37.00 M (in 2024) to $0.00 (in 2025).
  • Grant revenue revenue increased 100% ($22.00 M) from $0.00 (in 2024) to $22.00 M (in 2025).
  • Licensing and royalty revenue revenue increased 100% ($11.00 M) from $0.00 (in 2024) to $11.00 M (in 2025).
  • Product Sales revenue decreased -100% ($4.52 B) from $4.52 B (in 2024) to $0.00 (in 2025).
  • RSV revenue increased 100% ($8.00 M) from $0.00 (in 2024) to $8.00 M (in 2025).
  • Stand-ready manufacturing revenue revenue increased 100% ($80.00 M) from $0.00 (in 2024) to $80.00 M (in 2025).
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    Summary Table

    Products & Services 2023
    Value Change
    		2024
    Value Change
    		2025
    Value Change
    Collaboration Arrangement - - $12.00 M - - -
    Collaboration revenue - - - - $13.00 M -
    COVID - - - - $1.81 B -
    Grant - - $37.00 M - - -
    Grant revenue - - - - $22.00 M -
    Licensing and royalty revenue - - - - $11.00 M -
    Messenger RNA (mRNA) Medicines $6.85 B - - - - -
    Product Sales - - $4.52 B - - -
    RSV - - - - $8.00 M -
    Stand-ready manufacturing revenue - - - - $80.00 M -
    Total Revenue $6.85 B - $3.20 B
    53.29%
    		$1.94 B
    39.23%
    Last Updated: Dec 31, 2025 |
    Last updated Dec 31, 2025
    Latest quarterly period ended Q2 FY2026 (June 30, 2026)
    Latest annual period ended FY 2025 (December 31, 2025)
    Data provided by Financial Modeling Prep
    Original source Company Forms 10-Q and 10-K filed with the SEC
    Methodology Company-reported financial data
    Limitations Historical values may change because of company restatements or reclassifications

    Frequently Asked Questions

    What was Moderna's largest product segment last year?

    In fiscal year 2025, COVID revenue reached $1.81 Billion, representing 93.11% of Moderna's total revenue and making it the largest segment for the company.

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