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| Period | Net product sales ($M) | Other revenue ($M) | Deferred revenue, current ($M) | Deferred revenue, non-current ($M) |
|---|---|---|---|---|
| Q4 2024 (ended 31 Dec 2024) | 938 | 28 | 153 | 58 |
| Q1 2025 (ended 31 Mar 2025) | 86 | 22 | 125 | 58 |
| Q2 2025 (ended 30 Jun 2025) | 114 | 28 | 218 | 65 |
| Q3 2025 (ended 30 Sep 2025) | 973 | 43 | 163 | 157 |
| Q4 2025 (ended 31 Dec 2025) | 645 | 33 | 99 | 153 |
| Q1 2026 (ended 31 Mar 2026) | 352 | 37 | 102 | 154 |
| Q2 2026 (ended 30 Jun 2026) | 94 | 51 | 295 | 147 |
| Period | Program / indication | Printed status |
|---|---|---|
| 5 Aug 2026: mRNA-1010 (mFLUSIVA) | Seasonal influenza, adults 50+ | Q2 2026 print: VRBPAC unanimous, PDUFA 5 Aug 2026; filings also under review in Europe, Canada and Australia. Subsequent: FDA approved 5 Aug 2026 (Moderna's fifth product). Adults 65+ accelerated approval based on immune response, confirmatory trial ongoing. First US mRNA flu shot. ACIP still the demand switch. |
| Q2 2026: mRNA-1083 (mCOMBRIAX) | Flu plus COVID combination, adults 50+ | European Commission marketing authorization April 2026. Not commercialized as of 30 Jun 2026. Filings under review in Japan, Canada and Australia. Company awaiting FDA guidance on refiling the US combination submission. |
| Q2 2026: mRNA-1403 norovirus | Norovirus vaccine, Phase 3 safety and efficacy | Did not meet statistical criteria for early success at the Phase 3 interim analysis. Trial remains blinded. Company preparing to enroll an additional cohort. |
| Q2 2026: mRNA-4157 intismeran autogene | Individualized neoantigen therapy, with Merck | Nine Phase 2 and Phase 3 trials across melanoma, NSCLC, bladder and renal cell carcinoma. Phase 3 adjuvant melanoma fully enrolled, data potentially in 2026. Phase 3 monotherapy plus KEYTRUDA QLEX in high-risk Stage 1 NSCLC initiated. Five-year Phase 2b adjuvant melanoma: 49% reduction in recurrence or death vs KEYTRUDA alone (ASCO 2026). |
| Q2 2026: mRNA-3927 propionic acidemia | Rare-disease therapeutic, registrational | Registrational study, target enrollment reached. Potential data in 2026. Recordati collaboration: $50 million upfront received in Q2 2026, Recordati to lead commercialization upon approval. |
| Q1 2026: mRNA-1018 pandemic influenza | H5 pandemic flu, with CEPI | Phase 3 study initiated (Q1 2026 exhibit). FY2025 10-K: CEPI committed up to $54.3 million (Dec 2025) to support a pivotal Phase 3 aimed at licensure. |
| Oct 2025: mRNA-1647 congenital CMV | Congenital CMV in women of childbearing age | FY2025 10-K: Phase 3 missed the primary clinical endpoint in Oct 2025. Program in women of childbearing age discontinued. Not an active Phase 3 asset. |
| Period | Printed figure | What the print covers |
|---|---|---|
| 12 Sep 2025 Spikevax cumulative | More than one billion doses distributed globally | Spikevax safety statement. Floor language. Not a 2025 sold-dose count and not a quarterly series. |
| FY2025 10-K Laval, Quebec | Up to 100 million doses annually | Owned mRNA drug-substance plant (~100,000 sq ft). Began Spikevax DS in 2025. Health Canada added mRESVIA DS in Dec 2025. |
| FY2025 10-K MTC-M Melbourne | Up to 100 million doses annually | Owned end-to-end plant (~130,000 sq ft) at Clayton, Victoria. Full GMP licensing in Aug 2025 for DS and finished product. |
| FY2025 10-K UK MITC seasonal | Up to 100 million doses annually | Owned Harwell, Oxfordshire site (~100,000 sq ft), opened Sep 2025. Intended for NHS seasonal respiratory vaccines. |
| FY2025 10-K UK MITC pandemic | Up to approximately 250 million doses in a pandemic | Same MITC facility. Separate printed ceiling from the 100 million seasonal figure. Not an operating run-rate. |
| Q2 2026 EU mRESVIA joint procurement | Up to 24 million doses, six countries | European Commission joint procurement contract signed in Q2 2026. Contract ceiling, not Q2 deliveries. |
Moderna is founded in Cambridge, MA to industrialize mRNA therapeutics. The company is a decade old when Spikevax gets an EUA.
Moderna IPOs on Nasdaq (Dec 2018), then the largest biotech IPO. Pre-revenue listing; COVID is not yet in the S-1 as a product.
FDA EUA for Spikevax. FY 2025 company revenue is $1.94B. The APA world is over.
FDA approves mRESVIA, first RSV mRNA vaccine. Third adult RSV product. Share fight, not a new TAM. 2025 mRESVIA sales $8M.
Congenital CMV Phase 3 miss (6% to 23% efficacy). Program killed. Pipeline value shifts to oncology plus flu.
FDA approves mFLUSIVA (mRNA-1010) on 5 Aug 2026 for adults 50+, first US mRNA flu shot. ACIP and contracting still decide 2026-27 volume.