Moderna promised to slash its R&D budget after posting a second straight quarterly loss in August on the back of declining vaccine sales.
“Moderna’s broad clinical success and recent commercial challenges necessitate a more selective and paced approach to its research and development investment. Through portfolio prioritization and cost efficiencies, the company expects to reduce annual research and development expense by approximately $1.1 billion starting in 2027,” wrote the pharmaceutical giant in a press release.
The decline in its COVID-based vaccine business will impell the company to swith its focus to oncology, rare diseases and non-respiratory products, according to company executives.
The company currently has 10 new products in the regulatory approval pipeline and expects them to be on the market within the next three years.
According to some analysts the company may not become profitable until 2026.
By Staff
