COVID-19 Vaccines Still Generating Over $1 Billion in Sales in 2025

It is already 2025, and COVID-19 vaccines are still generating over $1 billion in sales. 

Perhaps due to a lack of understanding of the overseas situation, the editor genuinely wants to ask: Who is still purchasing and using COVID-19 vaccines?

Surprising Increase in COVID-19 Vaccine Sales

Novavax/Nuvaxovid: 641% Year-on-Year Growth

Novavax’s Nuvaxovid, the fourth COVID-19 vaccine authorized by the U.S. FDA, had much lower sales data in 2022 and 2023 compared to the two major mRNA vaccines due to its later approval (in July 2022). However, surprisingly, in Q1 of 2025, Nuvaxovid became the highest-grossing COVID-19 vaccine globally.

According to Novavax's Q1 2025 earnings report, Nuvaxovid generated $601 million in sales in Q1 2025, a 641% increase compared to Q1 2024 sales of $82 million. Novavax attributed this growth to the recognition of $603 million from two pre-purchase agreements (APA) after their termination.

However, it is important to note that Nuvaxovid has not yet received full FDA approval. The FDA did not grant full approval by the original PDUFA date (April 1, 2025) and required Novavax to complete additional clinical trials, leaving the vaccine's regulatory future uncertain.

Pfizer/Comirnaty: 62% Year-on-Year Growth

Pfizer's Comirnaty, the first FDA-approved mRNA COVID-19 vaccine, is also the most widely used COVID-19 vaccine globally (excluding China). 

According to Pfizer's Q1 2025 earnings report, Comirnaty earned $565 million in Q1 2025, a 62% increase from the same period in the previous year. The primary reasons for this increase were the growth in market share in the U.S. and increased contract deliveries in international markets.

Moderna/Spikevax: 49.7% Year-on-Year Decline

Moderna's Spikevax is a key COVID-19 vaccine on par with Comirnaty and created sales records in 2021 and 2022. It consistently ranked among the top five global bestsellers, generating over $30 billion in total sales. 

According to Moderna's Q1 2025 financial report, Spikevax generated $84 million in sales in Q1 2025, including $29 million in U.S. sales and $55 million in international sales. Moderna participated in bidding opportunities in January to compete for the EU’s COVID-19 vaccine contracts.

Among these COVID-19 vaccines, only Spikevax experienced a year-on-year decline in Q1 2025 sales.

Could This Be the Last Surge for COVID-19 Vaccines?

However, this may be the last surge for COVID-19 vaccines.

First, the previous contracts signed with various companies for COVID-19 vaccines have either ended or been terminated, with breach fees being the final income from those agreements.

Second, under the "vaccine new policy" introduced by the Trump administration and the appointment of "anti-vaccine activist" Robert F. Kennedy Jr. as Secretary of Health and Human Services (HHS), the future U.S. vaccine market may undergo changes and contract further.

In March, U.S. federal health officials stated that with the end of the COVID-19 vaccination program, they are recovering $11.4 billion allocated to states, local public health departments, and other health organizations. This indicates that the U.S. government is adopting a more negative stance toward COVID-19 vaccines.

At the same time, "anti-vaccine activist" Robert F. Kennedy Jr. officially assumed the role of U.S. Secretary of Health and Human Services (HHS) on February 13, 2025, through a Senate hearing. After taking office, the "anti-vaccine" health secretary first hindered the work of the Advisory Committee on Immunization Practices (ACIP) and the Vaccines and Related Biological Products Advisory Committee (VRBPAC), then introduced new vaccine approval policies, requiring all new vaccines to undergo placebo-controlled trials before being approved, further raising the regulatory barriers for vaccines.

Under the policies of the Trump administration, the U.S. vaccine market may experience a downturn in the future.

But We Can’t Be Sure

However, this is not certain. After all, Trump is famously unpredictable. 

Perhaps in the future, Trump will introduce favorable policies for vaccine development and vigorously promote COVID-19 vaccines again.