Moderna’s share price has already declined 43 per cent since the start of this year, while Pfizer’s has fallen 30 per cent.
| The two pharmaceutical giants behind the lion’s share of the world’s COVID-19 vaccines have sold more than $US117 billion worth of the drugs since their first big deliveries in 2021, but face a revenue cliff as the pandemic fades into history.
US president Joe Biden declared the “pandemic over” late last year, although he said the virus was still “a problem”.In May, the Biden Administration dropped mandates for vaccines across federal government employees. Tourists and immigration applicants no longer need to show proof of being fully vaccinated with an accepted COVID-19 vaccine to board a flight to the United States. Vaccine mandates have been relaxed by colleges, local and state governments, and private companies.
The companies warned in their most recent quarterly reports that there would be a further deterioration in sales this year. “Inventory write-downs were mainly related to obsolete inventory due to shelf-life expiration and inventory in excess of expected demand,” Moderna’s management said in their August quarterly report.
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