COVID-19 vaccines (Spikevax and mNEXSPIKE)
Largest revenue source, but sales fell in 2025 and Q2 2026 product sales were lower than a year earlier.
The numbers
What it is
Spikevax is Moderna's original COVID-19 vaccine. mNEXSPIKE is a newer, lower-dose version that the FDA approved in May 2025 for adults 65 and older and for younger people at high risk. Both are sold seasonally, mostly in the US, with international sales as well.
Why it matters to the stock. COVID-19 vaccine sales still make up most of Moderna's revenue, so changes in demand, government purchasing and the annual strain selection drive the company's results.
News
FDA approves updated 2026-2027 Spikevax and mNEXSPIKE COVID-19 vaccines
The FDA approved Moderna's updated 2026-2027 COVID-19 vaccines, Spikevax and mNEXSPIKE, which both target the JN.1-lineage XFG subvariant.
FDA advisers back a monovalent XFG COVID-19 vaccine formula for fall 2026
The FDA's vaccine advisory committee recommended a monovalent JN.1-lineage XFG strain for US COVID-19 vaccines for the 2026-2027 season, and the FDA told manufacturers to make that formula.
Moderna Q1 2026: revenue $389 million, GAAP loss $1.3 billion after $878 million settlement charge
Moderna reported first-quarter 2026 revenue of $389 million, up from $108 million a year earlier, with about 80% from international markets.
Moderna settles Arbutus and Genevant patent litigation for a $950 million lump sum
Moderna agreed on March 3, 2026 to settle all worldwide patent litigation with Arbutus and Genevant over lipid nanoparticle technology, with no future royalties on its vaccines.
European Commission authorizes Moderna's mNEXSPIKE COVID-19 vaccine for people 12 and older
The European Commission granted marketing authorization for mNEXSPIKE, Moderna's lower-dose COVID-19 vaccine, for active immunization of people aged 12 and older.
Moderna Q4 2025: revenue $678 million, full-year revenue $1.94 billion, 2026 growth target kept
Moderna reported fourth-quarter 2025 revenue of $678 million, down 30% from a year earlier, as COVID-19 vaccine sales fell.