Direct Answer
Moderna reports revenue across 6 product and service lines in its fiscal 2025 Form 10-K. COVID19 is the largest, with $1.8 billion of revenue (93% of the total), followed by St and Ready Manufacturing Revenue at $80 million (4%). 62% of revenue came from the United States.
How Does Moderna Make Money?
COVID19 supplies 93% of revenue, so Moderna's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Grant grew fastest (-40.5%) and License and Royalty slowest (-73.8%), so the revenue mix tilts toward Grant while that gap lasts.
| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| COVID19 | $1.8 billion | $3.1 billion | 93.1% | -41.3% |
| St and Ready Manufacturing Revenue | $80 million | $0 | 4.1% | n/a |
| Grant | $22 million | $37 million | 1.1% | -40.5% |
| Collaboration Arrangement Including Arrangements With Affiliate | $13 million | $48 million | 0.7% | -72.9% |
| License and Royalty | $11 million | $42 million | 0.6% | -73.8% |
| RSV | $8 million | $25 million | 0.4% | -68.0% |
Where Does Moderna's Revenue Come From?
Regions follow the definitions in the filing; most companies assign revenue by customer location.
| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| United States | $1.2 billion | $1.8 billion | 61.7% | -32.8% |
| Rest of World | $692 million | $853 million | 35.6% | -18.9% |
| Europe | $53 million | $598 million | 2.7% | -91.1% |
What the Segment Figures Do Not Show
The rows above add up to 100% of Moderna's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value Moderna reported in the segment note and revenue disclosures of its Form 10-K filed February 20, 2026 (accession 0001682852-26-000033), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are Moderna's main products and services?
In its fiscal 2025 Form 10-K, Moderna reports revenue for COVID19, St and Ready Manufacturing Revenue, Grant, Collaboration Arrangement Including Arrangements With Affiliate, License and Royalty and RSV.
Which part of Moderna brings in the most revenue?
COVID19, with $1.8 billion of revenue in fiscal 2025, or 93% of the total.
How much of Moderna's revenue comes from outside the United States?
38% in fiscal 2025, by the geographic breakdown Moderna reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.