Moderna vs Regeneron: Revenue, Profit and Business Model
Moderna had $1.9B of annual revenue in FY2025 and a net loss of $2.8B. Regeneron had $14.3B of annual revenue in FY2025 and $4.5B of net income.
Latest financial snapshot
Financial summary
Moderna
Moderna went from $803 million of revenue in 2020 to $18.5 billion in 2021 and $19.3 billion in 2022, earning $12.2 billion and $8.4 billion of net income in those years. Revenue then fell to $6.8 billion in 2023, $3.2 billion in 2024 and $1.94 billion in 2025, with net losses of $4.7 billion, $3.6 billion and $2.8 billion. In 2025 Moderna cut operating expenses by about $2.2 billion (roughly 30%) and ended the year with $8.1 billion in cash and investments. Q2 2026 revenue was $145 million with a $782 million net loss; management guided to up to 10% revenue growth for 2026 and cash costs of about $4 billion. Moderna, Inc. is a major American pharmaceutical and biotechnology company pioneering messenger RNA (mRNA) therapeutics, sustaining a market valuation typically over $40 billion.
Regeneron
Regeneron's revenue rose from $4.86 billion in 2016 to $16.07 billion in 2021, inflated by COVID-19 antibody sales, then reset to $12.17 billion in 2022. It has since grown slowly: $13.12 billion in 2023, $14.20 billion in 2024 and $14.34 billion in 2025, as Dupixent gains offset lower original EYLEA sales. Growth picked up in 2026, with Q2 revenue up 17% to $4.3 billion, GAAP EPS of $12.23 and non-GAAP EPS of $14.29. Regeneron Pharmaceuticals, Inc. is a colossal American biotechnology company specializing in antibody therapeutics, sustaining a massive market valuation generally exceeding $100 billion.
Revenue and profit by year
Moderna
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1.9B | -$2.8B | -145.2% | -39.9% | Source |
| FY2024 | $3.2B | -$3.6B | -110.0% | -52.7% | Source |
| FY2023 | $6.8B | -$4.7B | -68.8% | -64.4% | Source |
| FY2022 | $19.3B | $8.4B | 43.4% | +4.3% | Source |
| FY2021 | $18.5B | $12.2B | 66.1% | +2200.2% | Source |
| FY2020 | $803M | -$747M | -93.0% | +1233.7% | Source |
| FY2019 | $60.2M | -$514M | -853.7% | -55.4% | Source |
| FY2018 | $135.1M | -$384.7M | -284.8% | -34.4% | Source |
| FY2017 | $205.8M | -$255.9M | -124.3% | +89.9% | Source |
| FY2016 | $108.4M | -$216.2M | -199.5% | — | Source |
Regeneron
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $14.3B | $4.5B | 31.4% | +1.0% | Source |
| FY2024 | $14.2B | $4.4B | 31.1% | +8.3% | Source |
| FY2023 | $13.1B | $4B | 30.1% | +7.8% | Source |
| FY2022 | $12.2B | $4.3B | 35.6% | -24.3% | Source |
| FY2021 | $16.1B | $8.1B | 50.2% | +89.1% | Source |
| FY2020 | $8.5B | $3.5B | 41.3% | +29.6% | Source |
| FY2019 | $6.6B | $2.1B | 32.3% | +27.4% | Source |
| FY2018 | $5.1B | $2.4B | 47.5% | -12.4% | Source |
| FY2017 | $5.9B | $1.2B | 20.4% | +20.8% | Source |
| FY2016 | $4.9B | $895.5M | 18.4% | — | Source |
Where the revenue comes from
Moderna
- Product SalesPrimary
Commercial sales of Moderna's mRNA vaccines, led by COVID and RSV products.
- Collaboration Revenue
Complementary
Revenue from development collaborations, partner programs, and shared pipeline work.
- Grants And Other Revenue
Complementary
Government, nonprofit, and other support tied to vaccine and platform development.
- Future Pipeline Commercialization
Potential
Revenue potential from respiratory combinations, oncology, rare disease, and other mRNA medicines if approved.
Regeneron
- Direct product salesMajority
U.S. EYLEA/EYLEA HD, Libtayo, rare-disease, and other product sales.
- Sanofi collaboration revenueMajor
Profit-share and collaboration revenue from Dupixent and other partnered antibodies.
- Bayer collaboration revenue
Meaningful
Ex-U.S. EYLEA and EYLEA HD economics through Bayer.
- Licensing and other collaboration revenueSmaller
Milestone, reimbursement, and collaboration payments tied to partnered programs.
Business model and strategy
Moderna
How it makes money
Moderna earns most of its revenue from net product sales of mRNA vaccines: Spikevax and mNEXSPIKE for COVID-19, mRESVIA for RSV, and from the 2026-2027 season mFLUSIVA for influenza. Buyers are governments, national immunization programs, pharmacy chains, wholesalers and health systems, so sales are concentrated in the autumn and winter vaccination season.
Growth strategy
Moderna is narrowing its pipeline to programs with near-term commercial potential: respiratory vaccines (COVID, RSV, flu and combinations), individualized cancer therapy with Merck, and a small set of rare-disease and latent-virus programs.
Competitive advantage
Moderna's advantages are a validated mRNA and lipid nanoparticle platform, a large patent estate on modified mRNA, in-house manufacturing in Norwood, Massachusetts plus onshore plants in the UK, Canada and Australia, and regulatory experience across approved respiratory products.
Regeneron
How it makes money
Regeneron makes money three ways. First, it records U.S. net product sales of its own medicines, mainly EYLEA HD and EYLEA for retinal disease, Libtayo in oncology, and smaller rare-disease products. Second, it earns collaboration revenue from Sanofi on Dupixent and Kevzara: Sanofi books global sales and the two companies share profits. Third, it shares ex-U.S.
Growth strategy
Regeneron is defending ophthalmology with EYLEA HD (8 mg aflibercept, longer dosing intervals), widening Dupixent into new Type 2 inflammatory indications such as COPD, and building oncology and hematology around Libtayo and bispecifics such as linvoseltamab and odronextamab.
Competitive advantage
Regeneron's edge is an in-house discovery platform (VelociSuite and VelocImmune) paired with the Regeneron Genetics Center's large human-sequencing dataset, which helps pick drug targets with genetic validation. Its two founders still run the company, so R&D priorities have stayed consistent for more than three decades, and it manufactures its own biologics in Rensselaer, New York and Limerick, Ireland.
Questions about Moderna vs Regeneron
Which company has higher revenue — Moderna, Inc. or Regeneron Pharmaceuticals, Inc.?
Moderna, Inc. had $1.9B (FY2025), while Regeneron Pharmaceuticals, Inc. had $14.3B (FY2025). By latest annual revenue, Regeneron Pharmaceuticals, Inc. is the larger business, with Moderna, Inc. showing a smaller revenue base.
What is the market cap of Moderna, Inc. vs Regeneron Pharmaceuticals, Inc.?
Moderna, Inc.'s market capitalisation stands at $72.7B, while Regeneron Pharmaceuticals, Inc.'s is $75.0B. Regeneron Pharmaceuticals, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Moderna, Inc..
How does revenue per employee compare for Moderna, Inc. and Regeneron Pharmaceuticals, Inc.?
Moderna, Inc. has $414k / employee in revenue per employee, while Regeneron Pharmaceuticals, Inc. has $931k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Moderna, Inc. and Regeneron Pharmaceuticals, Inc. make money?
Moderna, Inc. and Regeneron Pharmaceuticals, Inc. generate revenue in fundamentally different ways. Moderna, Inc.: Moderna earns most of its revenue from net product sales of mRNA vaccines: Spikevax and mNEXSPIKE for COVID-19, mRESVIA for RSV, and from the 2026-2027 season mFLUSIVA for influenza. Regeneron Pharmaceuticals, Inc.: Regeneron makes money three ways.
Which company is valued higher relative to revenue — Moderna, Inc. or Regeneron Pharmaceuticals, Inc.?
On a price-to-sales (P/S) basis, Moderna, Inc. trades at 37.4x P/S and Regeneron Pharmaceuticals, Inc. at 5.2x P/S. Moderna, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Regeneron Pharmaceuticals, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Moderna, Inc. bigger than Regeneron Pharmaceuticals, Inc.?
By last reported revenue, Regeneron Pharmaceuticals, Inc. ($14.3B (FY2025)) is the larger company compared to Moderna, Inc. ($1.9B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Moderna vs Regeneron overview