Moderna Scales Back Its Vaccine Ambitions as COVID Jab Revenue Collapses
Moderna vaccine
The pharmaceutical giant Moderna is scaling back its ambitions to develop new vaccines after demand for its dodgy COVID-19 jab collapsed.
According to Axios, the company has seen its revenue from the COVID-19 vaccines plunge over the past few years and can no longer afford to research new vaccines.
The report states:
Moderna is dialing back its plans for new vaccines, shelving several key projects as it grapples with a sharp slowdown in COVID shot sales.
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[The company] plans to “slow down the pace of new R&D investment, and build our commercial business,” CEO Stéphane Bancel said in a statement. It’ll reduce annual R&D expenses from $4.8 billion in 2024 to $3.6B-$3.8B in 2027,
