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.