Moderna is dialing back its plans for new vaccines, shelving several key projects as it grapples with a sharp slowdown in COVID shot sales.
Why it matters: The company came to the world’s rescue during the pandemic, but the pharmaceutical industry is still a what-have-you-done-for-me-lately business.
Between the lines: Moderna 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.
www.axios.com/2024/09/12/moderna-covid-vaccines-rsv-flu
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