Moderna vs. Pfizer: how they make money

• FFF Enterprises · 15.0% of revenuePaid 13% in FY2024. The customer table does not describe it; the 10-K says US sales go mainly to wholesalers and distributors.
• Public Works and Government Services Canada · 13.0% of revenueA Government of Canada buyer. It was under 10% in each of the four years before FY2025.
• Cardinal Health · 11.0% of revenueUnder 10% in each of the four years before FY2025. The customer table does not describe it.
• Customers the 10-K does not name · 61.0% of revenueThe filing gives customer shares only above 10% of revenue, so this 61% is not split by name. It is 100% minus the three rounded shares above.

• Customers in the US · 59.2% of revenue59.2% of FY2025 revenue ($37.1 billion). Most US sales go through wholesalers, while Medicare, Medicaid and contract payers take rebates. Shares here are by location, because Pfizer does not report revenue by final payer.
• Customers in other developed markets · 25.9% of revenue25.9% of FY2025 revenue ($16.2 billion).
• Customers in emerging markets · 14.9% of revenue14.9% of FY2025 revenue ($9.3 billion). China, the largest country outside the US, was 5% of total revenue.

FY2025

FY2025

Debt

$591M

Cash and investments

$6.9B

On Jun 30, 2026.

At Jun 30, 2026 cash and investments exceeded debt by $6,319 million; that date is before the $950 million paid in July 2026 and the $3.0 billion of notes closed on Sep 1, 2026.

Debt

$62.7B

Cash and investments

$14.3B

On Sep 27, 2026.

At Sep 27, 2026 Pfizer's debt exceeded its cash and short-term investments by $48.4 billion, down from $51.2 billion at Dec 31, 2025. That is about 3.4 times operating cash flow over the last four quarters (Cityfort calculation from the FY2025 10-K, Q3 FY2025 10-Q and Q3 FY2026 10-Q).

• One class of shares.
• Officers and directors as a group: 10.8% of shares (as of Mar 9, 2026).
• FMR LLC: 13.1% (as of Jun 30, 2026).
• Stéphane Bancel (CEO): 7.6% (as of Mar 9, 2026).
• Vanguard Capital Management: 6.5% (as of Mar 31, 2026).
• 5 more holders on the Moderna page.

• One class of shares.
• Officers and directors as a group: 0.0% of shares (as of Jan 31, 2026).
• BlackRock, Inc.: 7.7% (as of Jan 26, 2024).
• Vanguard Capital Management: 7.5% (as of May 1, 2026).
• State Street Corporation: 5.1% (as of Jan 29, 2024).
• 1 more holders on the Pfizer page.

• Operating losses and cash (liquidity)Moderna has reported an operating loss every year since FY2023, and cash from operations was -$1,873 million in FY2025. Its $6,910 million of cash and investments at Jun 30, 2026 predates the $950 million July payment and the $3.0 billion September notes.
• More shares from the notes and stock pay (other)The notes could convert into up to 14,246,100 shares at the initial rate, 3.6% of shares at Jul 24, 2026; a make-whole adjustment can add to that. Capped calls are meant to reduce dilution up to about $392.62 a share, subject to their terms. Stock-based pay was $483 million in FY2025.
• Approvals depend on regulators (regulation)The FDA first refused to file Moderna's flu vaccine application in February 2026, then accepted an amended one and approved it on Aug 5, 2026. Approval for people 65 and older is accelerated, and requires a follow-up study.

• Patents on major medicines are running out (competition)Pfizer's Feb 26, 2026 10-K anticipates "a significant reduction of revenue" from expiries in 2026 through 2030, and gives no total. Basic US patents on Ibrance and Xtandi run to 2027, and settled generic companies may launch Eliquis from Apr 1, 2028.
• US drug pricing rules (pricing)Medicare's negotiated Eliquis price began Jan 1, 2026; Ibrance and Xtandi follow in 2027. Binding agreements with the US government aim to make certain US prices more comparable to other developed countries.
• Failed trials can erase bought assets (execution)A failed Phase 3 lung cancer study led to a $3.8 billion write-down in 2026. FY2025 impairments were $4.9 billion. Goodwill and intangible assets were $117.4 billion at Sep 27, 2026.
• Reliance on partners (execution)Pfizer shares Eliquis with Bristol Myers Squibb, Comirnaty with BioNTech, and Xtandi and Padcev with Astellas. The 10-K names partner issues as a risk.