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Pfizer vs Moderna: PFE and MRNA compared
Pfizer is the larger company: $16.6B of revenue in its latest quarter (Q3 2026) against $1.3B for Moderna (Q3 2026). Moderna is growing faster (+29% against -0.4% a year earlier). Pfizer is more profitable, with an operating margin of 20.4% against 9.9%.
Where the money goes: PFE and MRNA
Pfizer (PFE) · Q3 2026
Pfizer, Q3 2026: revenue $16.6B (-0.4% year over year), operating margin 20.4%, net earnings $3.3B, operating cash flow $5.4B. The chart follows the revenue to costs, profit and cash.
Moderna (MRNA) · Q3 2026
Moderna, Q3 2026: revenue $1.3B (+29% year over year), operating margin 9.9%, net earnings $162M, operating cash flow −$1.6B. The chart follows the revenue to costs, profit and cash.
| Pfizer (PFE) | Moderna (MRNA) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $16.6B | $1.3B |
| Revenue growth, Y/Y | -0.4% | +29% |
| Operating margin | 20.4% | 9.9% |
| Net earnings | $3.3B | $162M |
| Net margin | 19.6% | 12.3% |
| Operating cash flow | $5.4B | −$1.6B |
| Free cash flow | $4.8B | — |
| Market value | $169.0B | $109.3B |
| P/E | 42.0× | — |
| Analysts’ mean target | $30.11 | $145.42 |
Where the revenue comes from
Moderna
- Net product sales: $1.3B (97%)
- RSV: $29.0M (2%)
- Collaboration Arrangement, Including Arrangements with Affiliate: $8.0M (1%)
Questions
Which is bigger, Pfizer or Moderna?
Pfizer is the larger company: $16.6B of revenue in its latest quarter (Q3 2026) against $1.3B for Moderna (Q3 2026).
Is Pfizer or Moderna growing faster?
Moderna is growing faster (+29% against -0.4% a year earlier).
Which is more profitable, Pfizer or Moderna?
Pfizer is more profitable, with an operating margin of 20.4% against 9.9%.
More: Pfizer earnings · how Pfizer makes money · Moderna earnings · how Moderna makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 3, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.