# Who are Moderna's customers? Who does Moderna earn revenue from?
Canonical: https://valuechain.wiki/moderna · Facet: customers · Updated: 2026-10-09T20:24:05.807+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Moderna's confirmed revenue counterparties include Vertex Pharmaceuticals Incorporated, Cardinal Health, Merck & Co. plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 5 revenue edges, backed by 4 dated sources, 4 of them primary filings (as of 2026-10-09).

### Blackstone (high)  → /blackstone.md
- metric: Contract value $750M · influenza program development and commercialization funding arrangement · Maximum funding commitment from Blackstone Life Sciences
- note: Blackstone Life Sciences committed up to $750 million to fund development and commercialization of Moderna's influenza program. Moderna recognized $340 million and $267 million of expense reductions from the arrangement in FY2025 and FY2024, respectively.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-20) https://www.sec.gov/Archives/edgar/data/1682852/000168285226000033/mrna-20251231.htm: "up to $750 million in funding"
- [confirms] Blackstone (EN, ir, published 2024-03-27) https://www.blackstone.com/news/press/blackstone-life-sciences-announces-collaboration-to-support-modernas-influenza-program/: "funds managed by Blackstone Life Sciences will provide up to $750 million to fund Moderna's flu program"

### 버텍스 파마슈티컬스 (high)  → /vertex-pharmaceuticals.md
- metric: Contract value $270M · agreement life · Maximum development and regulatory milestones payable to Moderna, excluding royalties on net sales
- note: Moderna maintains a license and collaboration agreement with Vertex to develop mRNA therapeutics for cystic fibrosis and is eligible for up to USD 270 million in development and regulatory milestones plus royalties on future net sales.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-13) https://www.sec.gov/Archives/edgar/data/875320/000087532026000056/vrtx-20251231.htm: "Moderna is eligible to receive up to $270.0 million in development and regulatory milestones."

### FFF Enterprises (high)
- metric: Revenue share 15% · FY2025 · FFF Enterprises' share of Moderna's FY2025 total revenue
- note: U.S. pharmaceutical distributor FFF Enterprises was Moderna's largest disclosed customer in FY2025, accounting for 15% of total revenue. The absolute revenue amount by counterparty was not disclosed.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-20) https://www.sec.gov/Archives/edgar/data/1682852/000168285226000033/mrna-20251231.htm: "FFF Enterprises | 15 | %."

### 캐나다 공공서비스조달부 (high)
- metric: Revenue share 13% · FY2025 · Public Works and Government Services Canada's share of Moderna's FY2025 total revenue
- note: Canada's federal procurement organization accounted for 13% of Moderna's FY2025 total revenue and 33% of year-end accounts receivable.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-20) https://www.sec.gov/Archives/edgar/data/1682852/000168285226000033/mrna-20251231.htm: "Public Works and Government Services Canada | 13 | %."

### 카디널 헬스 (high)  → /cardinal-health.md
- metric: Revenue share 11% · FY2025 · Cardinal Health's share of Moderna's FY2025 total revenue
- note: Cardinal Health was a U.S. distribution customer representing 11% of Moderna's FY2025 total revenue. The absolute revenue amount by counterparty was not disclosed.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-20) https://www.sec.gov/Archives/edgar/data/1682852/000168285226000033/mrna-20251231.htm: "Cardinal Health | 11 | %."

### 머크 (미국 MSD) (high)  → /merck-co.md
- note: Moderna co-develops the individualized neoantigen cancer vaccine V940 (intismeran autogene, mRNA-4157) with Merck and is advancing it through Phase 3 as an adjuvant therapy with Keytruda for melanoma and NSCLC under a structure in which Merck exercised its option and shares development costs and economics, making it a pipeline bet that attaches an mRNA platform to the defense of the Keytruda franchise.
- [confirms] SEC EDGAR (EN, filing, published 2026-07-31) https://www.sec.gov/Archives/edgar/data/1682852/000168285226000150/mrna-20260630.htm: "In September 2022, Merck exercised its option for intismeran, including mRNA-4157, pursuant to the terms of the agreement and in October 2022 paid us an option exercise fee of $250 million... with costs and any profits or losses generally shared equally on a worldwide basis"
- [confirms] Merck & Co. (SEC EDGAR) (EN, filing, published 2026-02-24) https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm: "V940 (mRNA-4157), intismeran autogene, is being developed as part of a collaboration with Moderna, Inc., evaluated in combination with Keytruda."

Reverse side: https://valuechain.wiki/moderna/suppliers.md · Ripple: https://valuechain.wiki/moderna/ripple.md

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Full node: https://valuechain.wiki/moderna.md · JSON: https://valuechain.wiki/moderna.json