Moderna’s COVID-19 vaccine has produced about $46 billion in sales through 2024, with big profits in 2021–2022 and losses since then.
The question sounds simple—how much money has Moderna made from the COVID-19 vaccine—but readers usually want two numbers: sales (revenue) and profit (net income). Below you’ll find a year-by-year tally from company filings, a concise profit picture, and a plain-English view of what to expect next season. I cite primary sources so you can cross-check the math quickly.
How Much Money Has Moderna Made From The COVID-19 Vaccine — By Year
Moderna’s vaccine, marketed as Spikevax, became a commercial product at the end of 2020 and scaled in 2021. Sales peaked in 2021–2022, then cooled as boosters shifted to a seasonal market. Profit followed that curve: huge gains early, then red ink as demand fell while R&D and manufacturing costs stayed high.
| Year | COVID-19 Vaccine Sales (USD) | Net Income (Loss) (USD) |
|---|---|---|
| 2020 | $0.2B* | $(0.75)B |
| 2021 | $17.7B | $12.2B |
| 2022 | $18.4B | $8.4B |
| 2023 | $6.7B | $(4.7)B |
| 2024 | $3.1B | $(3.6)B |
| 2025 (Q1–Q3) | ~$1.0B–$1.3B† | $(0.2)B (Q3) |
| Cumulative Through 2024 | ~$45.9B | ~$12.3B |
* 2020 reflects a small first wave of commercial product sales late in the year; most of that year’s revenue came from grants and collaboration payments.
† 2025 year-to-date revenue is total company revenue and includes a smaller contribution from the RSV launch; COVID remains the primary driver.
Where The Numbers Come From
The 2021 figure ($17.7 billion in product sales) appears in Moderna’s 2021 annual report and 10-K. The 2022 figure ($18.4 billion) is stated in the 2022 10-K. For 2023, Moderna reported $6.7 billion in net product sales and a net loss of $4.7 billion. For 2024, Moderna reported $3.1 billion in Spikevax sales and a net loss of $3.6 billion. You can verify these in the company’s filings and year-end releases: the 2022 Form 10-K note on Spikevax revenues and the 2024 annual report figures are the two quickest checkpoints.
Revenue Versus Profit: What “Made” Really Means
When someone asks how much money Moderna made, they might mean sales or profit. Sales show demand; profit shows what’s left after costs. In 2021–2022, sales were massive and costs were lower relative to demand, so profit was large. In 2023–2024, sales dropped while costs stayed heavy (manufacturing commitments, clinical trials, marketing, and write-downs), so profit swung negative.
What Drove The Big Early Profits
Several factors lined up in 2021–2022:
- Advance purchase agreements with governments created volume and price visibility.
- Manufacturing scaled quickly, which spread fixed costs across many doses.
- Sales were almost entirely one product, so gross margins ran strong.
Why The Bottom Line Turned Negative Later
By 2023, the market shifted from urgent campaigns to seasonal boosters. That meant fewer doses and tougher demand planning. At the same time, Moderna pushed a larger pipeline, which raised R&D and selling costs. The company also absorbed charges tied to unused capacity and supply resets. With less revenue to offset those costs, losses followed.
How Much Money Has Moderna Made From The COVID-19 Vaccine? (Plain Answer)
Measured by sales, Moderna’s COVID-19 vaccine brought in roughly $45.9 billion from launch through 2024. If you include early 2025 activity, the total moves into the upper-$40 billion range. Measured by profit, Moderna earned a combined net gain across the vaccine years because the gains in 2021–2022 outweighed the losses in 2023–2024. The quick read: huge cash generation early, then a drawdown while building the next wave of products.
How The Seasonal Market Works Now
COVID boosters now line up with fall respiratory season. Moderna reports sales in the back half of the year, with a second-half spike when pharmacies and clinics stock up. The company’s updates show a 2025 revenue range in the low single-digit billions—smaller than the pandemic peak, but still material for a two-product company.
What Could Push Sales Up Or Down
- Virus evolution: A tougher variant can lift uptake; a quiet season can mute demand.
- Retail share: Share gains at pharmacy chains matter now that public programs are smaller.
- Public policy: National guidance on fall boosters shapes orders and timing.
- Competition: Pfizer, Novavax, and regional suppliers all chase the same seasonal window.
How I Calculated The Totals
I used Moderna’s reported “net product sales” for Spikevax when available and rounded to one decimal place at the table level. For profit, I used company net income (loss). Here are the anchor sources in brief:
- 2021: Product sales $17.7B; total revenue $18.5B; net income $12.2B (company 10-K/annual report).
- 2022: Spikevax revenues $18.4B; net income $8.4B (company 10-K).
- 2023: Net product sales $6.7B; total revenue $6.8B; net loss $4.7B (year-end release and 10-K/annual report).
- 2024: Spikevax sales $3.1B; net loss $3.6B (annual report and year-end release).
- 2025 to date: Company reported $1.0B revenue in Q3 and narrowed full-year guidance into a $1.6–$2.0B band; RSV adds a smaller slice to mix.
Reading The Fine Print On “Made Money”
Two notes help align expectations:
- Revenue recognition: During the pandemic years, some revenue arrived from previously deferred contracts and timing shifts. Those adjustments don’t change the big picture but they can nudge quarter-to-quarter lines.
- Costs after the peak: The company kept investing in updated boosters, combo shots, and new vaccines. That spending is why losses appeared after demand fell.
What The Next Two Seasons Could Look Like
Moderna now has two approved products: Spikevax (COVID-19) and mRESVIA (RSV). The plan is to stabilize the COVID business, grow RSV, then add new launches. Management guides to a leaner cost base and targets cash discipline, which should narrow losses in a mild season and leave upside if demand rebounds.
What Counts When You Ask “How Much Money”
| Metric | What It Measures | Takeaway For Readers |
|---|---|---|
| Net Product Sales | Dollars from vaccine doses shipped and recognized. | Best single figure for “how much money” in sales. |
| Net Income | What remains after all costs and charges. | Shows whether sales turned into profit. |
| Cash & Investments | Balance sheet strength to fund R&D and launches. | Explains staying power in slower years. |
| Guidance | Management’s near-term sales outlook. | Sets expectations for the next season. |
| Market Share | Slice of the retail and public booster market. | Share gains can offset softer overall demand. |
| Write-downs | Charges for inventory, capacity, or contracts. | These can flip profit negative in slow years. |
| Pipeline Spend | R&D and launches for new products. | Short-term drag, long-term payoff if launches land. |
Short Takeaways For Busy Readers
- The sales answer: about $46 billion through 2024, driven by 2021–2022.
- The profit answer: strong gains in 2021–2022 more than offset losses in 2023–2024.
- What’s next: a smaller, seasonal COVID market with fall-skewed demand and a second product (RSV) building alongside it.
Method, Sources, And Quick Links
All figures come from company filings and year-end releases. Start with the 2021 annual report for the first full year of sales, the 2022 10-K note on Spikevax revenue, the 2023 year-end release for net product sales and loss, and the 2024 annual report for the $3.1 billion Spikevax sales figure. For the current season’s cadence, check the company’s quarterly results page where the latest slides and scripts keep the running totals current.
Answering The Exact Question One More Time
How much money has Moderna made from the COVID-19 vaccine? In sales terms, about $46 billion through 2024, with a smaller add from 2025 so far. In profit terms, the first two years created a large surplus that still outweighs the next two years of losses. If you skim only one line, that’s the one that matters.