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, including by ditching several programs.
The company had been using the initial windfall of revenue it reaped from COVID shots to invest in new vaccines, hoping to develop a sustainable pipeline of future products. It expects 10 to win approval in the next three years, including a combination flu-COVID vaccine.
Many of its future vaccines aren’t moving quickly enough to bolster the top or bottom line. The company’s second-quarter revenue totaled $241 million, a 43% drop from a year earlier, which it said was “primarily attributable to decreased sales of the Company’s COVID-19 vaccine.
The announcement comes as the company’s stock continues to crater, losing 12 percent of its value on Thursday. After reaching an all-time high of $449 in September 2021, its market value has since fallen by a staggering $170 billion.
Back in May, the company posted a $1.2 billion loss after sales of its COVID jab fell to $167 million in the first quarter of 2024, compared with $2.8 billion over the same period last year.
As extensively reported by The Gateway Pundit, Moderna’s recent success was mainly predicated on its rollout of the COVID-19 vaccine, which turned out to be neither safe nor effective.
Back in May, it was revealed that the Centers for Disease Control and Prevention (CDC) had helped Moderna and the German pharmaceutical Pfizer cover up deaths that their vaccine had caused.
The company also benefited from the imposition of COVID mandates, where Americans were forced to get the jabs or risk losing their jobs and wider livelihoods, a crime for which many are now seeking legal and retribution.
