The American drug company Moderna has posted a first-quarter loss of $1.2 billion after demand for their dodgy COVID-19 vaccine collapsed.
Sales of the company’s COVID-19 vaccine were a mere $167 million over the first quarter of 2024, compared with $2.8 billion over the same period last year.
The company said in its earnings report:
This decline aligns with the anticipated transition to a seasonal COVID-19 vaccine market. In the prior year period, the company recognized revenue primarily from delivered doses deferred from 2022.
In the U.S., the company is reaffirming its 2024 product sales outlook as it enters the second year of the commercial endemic COVID market. Moderna’s focus is on working with public health officials, health care providers and pharmacies to increase vaccination coverage rates to reduce the substantial burden of COVID-19.
Yet according to The Epoch Times, the company sought to reassure investors with the promise of a “next-generation” COVID vaccine that will allegedly help combat different strains of the virus.
The outlet reported:
Moderna touted the results of Phase 3 clinical trials of its “next-generation” COVID-19 vaccine (mRNA-1283), boasting higher immune response against both new and original virus strains than its original formula. Clinical trials are also underway on a combination one-shot vaccine against the flu and COVID-19, which Moderna has dubbed mRNA-1083. Data from the study are expected at some point in 2024.
The drugmaker also reaffirmed that it expects to receive approval from regulators for its respiratory syncytial virus (RSV) vaccine in time for it to be included in this fall’s vaccine campaign in the United States. The company has expressed hope that its experimental shots—including for RSV, flu, and cancer—will compensate for dwindling COVID-19 vaccine revenue.
Modern is far from alone in feeling the pinch. The German pharmaceutical giant Pfizer also saw its profits decline 40 percent compared with the first quarter of 2023, with the company similarly blaming the fall in demand for COVID vaccines on their disappointing results.
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