Moderna’s COVID-19 vaccine generated about $46.1B in revenue (2020–2024) and around $11.5B in net profit after later losses.
Here’s a clear, sourced rundown of what Moderna earned from its COVID-19 vaccine and what actually stuck as profit. You’ll see the year-by-year sales, the swing from record gains to later losses, and the main reasons the numbers moved.
How Much Money Did Moderna Make From The Vaccine: Fast Answer
The vaccine brought in $46.1 billion in product sales from 2020 through 2024, based on Moderna’s audited annual reports. Company net income across the same window totals about $11.5 billion after subtracting the sizeable losses reported in 2023 and 2024.
Year-By-Year Vaccine Sales And Company Profit
This table pairs Moderna’s disclosed product sales (which, for these years, were almost entirely the Spikevax COVID-19 vaccine) with the company’s bottom line for context.
| Year / Period | Vaccine Revenue (US$B) | Company Net Income (US$B) |
|---|---|---|
| 2020 | 0.20 | -0.75 |
| 2021 | 17.68 | 12.20 |
| 2022 | 18.44 | 8.36 |
| 2023 | 6.67 | -4.71 |
| 2024 | 3.11 | -3.56 |
| 2025 (Company revenue guidance, all products) | — | — |
| Total 2020–2024 | 46.10 | 11.54 |
Sources: audited figures in Moderna’s 2024 Form 10-K (which also restates 2023 and 2022) and the prior 2022 Form 10-K for the 2020–2022 breakdowns. 2025 line reflects public guidance on total revenue, not vaccine-only sales.
What Counts As “Money Made” Here?
There are two ways people frame this question:
- Sales (revenue) — dollars invoiced for vaccine doses delivered.
- Profit (net income) — what’s left after costs, write-downs, taxes, and everything else.
Both are useful. Revenue shows the scale. Profit shows the payoff after expenses and inventory charges.
Where The $46.1B Revenue Number Comes From
The figure is the sum of Moderna’s disclosed product sales for 2020–2024. In those years, product sales were overwhelmingly the COVID-19 vaccine. The 2024 annual filing reports net product sales of $3.109B for 2024, $6.671B for 2023, and $18.435B for 2022, and the 2022 filing lists $17.675B for 2021 and $0.200B for 2020. Add them and you get roughly $46.1B.
Two notes add context:
- Late-2020 start: Authorization came in December 2020, so that year shows only a partial quarter of sales.
- Seasonal shift later on: As demand moved to a seasonal market, revenue fell from the 2021–2022 peak to the smaller 2023–2024 run-rate. The 2024 filing also confirms RSV sales were “minimal,” so 2024 product sales still reflect the COVID shot almost entirely.
How Much Money Did Moderna Make From The Vaccine? (Profit View)
Using company net income gives a clean, after-everything picture:
- 2021: +$12.2B
- 2022: +$8.4B
- 2023: −$4.7B
- 2024: −$3.6B
Across 2020–2024, the total is about $11.5B in profit. The swing into losses in 2023–2024 came from lower demand plus inventory write-downs, unutilized capacity, wind-down costs, and other charges that the company spells out in its filings.
Why The Boom, Then The Drop?
Pandemic Contracts And Then A Smaller Market
Early sales were driven by government supply deals across the U.S., Europe, and the rest of the world. As pandemic procurement wound down, the market shifted to seasonal boosters with fewer doses per year and more competition, trimming volume and pricing power.
Inventory Write-Downs Hit The P&L
When demand shifted and new strain-targeted boosters replaced older stock, Moderna recorded large write-downs of inventory and charges linked to manufacturing commitments. Those charges reduce profit even when cash had already been collected on earlier contracts. The company details these factors in the 2024 Form 10-K under cost of sales and business outlook.
2025 Outlook Is Far Below The Peak
Management flagged a smaller top line for 2025 while it works through the respiratory vaccine lineup. News reports in January 2025 pegged the company’s total revenue view at $1.5B–$2.5B for the year, reflecting soft COVID demand and early RSV uptake. See the Reuters coverage of the 2025 outlook for the market read-through.
Taking Stock Of The Peak Years
Most of the “money made” arrived in 2021 and 2022. Those two years alone brought $36.1B in product sales and $20.6B in profit. The later losses do not erase the gains; they reduce the lifetime total.
Close Variant: How Much Money Moderna Made From The Vaccine — Methods And Sources
The totals come from audited SEC filings and investor reports:
- Product sales by year (2020–2024): found in the revenue table within the 2022 Annual Report for 2020–2022 and in the 2024 Form 10-K for 2022–2024 (the 2024 filing repeats 2022–2023 for comparability).
- Net income by year: listed in the consolidated statements of comprehensive income in the 2024 filing (+$8.4B in 2022, −$4.7B in 2023, −$3.6B in 2024) and in the 2022 filing (+$12.2B in 2021; −$0.75B in 2020).
Using the exact figures from those filings avoids guesswork and keeps the totals aligned with what auditors signed off on.
Where The Revenue Landed (By Region)
Moderna also reports revenue by customer region. That mix shows the global spread during high-volume years and the later pullback.
| Year | United States Revenue (US$B) | Europe / Rest Of World (US$B) |
|---|---|---|
| 2024 (Total revenue) | 1.79 | 1.45 (EU) / 0.85 (RoW) |
| 2023 (Total revenue) | 1.90 | 1.36 (EU) / 3.60 (RoW) |
| 2022 (Total revenue) | 5.15 | 6.82 (EU) / 7.30 (RoW) |
Breakout from “Total revenue by geographic area” in the 2024 Form 10-K.
What This Means For “How Much Money”
If you’re after the headline sales figure, the answer is about $46.1B in vaccine revenue through 2024. If you want the real earnings impact, the net figure is about $11.5B over the same span, reflecting the rise-and-fall of demand and the costs of resizing a huge operation.
FAQ-Style Clarifications (No FAQs Section)
Is Every Dollar In “Product Sales” The COVID Shot?
Yes for 2020–2023. In 2024, the company launched an RSV shot, but the filing says RSV revenue was minimal, so the 2024 product sales line is still a COVID-driven number.
Why Doesn’t 2025 Appear In The Totals?
2025 isn’t done. The company gave a total-revenue range far below peak seasons, and it includes products beyond COVID. Once audited, it can be added to the lifetime tally, but it won’t change the headline that most money arrived in 2021–2022.
Can The Totals Change?
Audited historical years are set. Later years can revise estimates for things like refunds, provisions, or legal items, though large swings are uncommon once a year is audited.
Final Take
To answer the query plain and direct — How Much Money Did Moderna Make From The Vaccine? — the audited sales total sits near $46.1B through 2024, and the company kept about $11.5B in profit across those same years after absorbing the 2023–2024 losses. If you’re benchmarking the scale of the COVID vaccine business, that’s the clean, source-backed range to use.