December 4, 2022

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Moderna throws 30 million doses of COVID-19 vaccines in the trash

Moderna throws 30 million doses of COVID-19 vaccines in the trash



 

Global glut of COVID-19 vaccines: Moderna throws 30 million doses in the trash. 

Moderna is throwing 30 million doses of vaccines in the trash, citing “nobody wants them”.

 

Moderna throws 30 million doses of COVID-19 vaccines in the trash

 

Moderna’s chief executive, Stéphane Bancel, made the remarks at the World Economic Forum this week, saying, ” Unfortunately, … we have significant A question of demand. ”

 

“We contacted other governments through the embassies in Washington, every country, but no one wanted it,” Bancel said, having tried unsuccessfully to contact governments to see if any would accept it.

 

Bancel’s remarks came just days after Bloomberg reported on the 20th that EU health officials wanted to revise contracts with Pfizer and other vaccine production suppliers because of reduced demand and rising costs for vaccines with shorter shelf lives. Budgets are under pressure.

 

Moderna throws 30 million doses of COVID-19 vaccines in the trash

 

According to Bloomberg, a virtual meeting was organized by Polish Health Minister Adam Niedzielski after a request from some EU member states to the European Commission .

The Warsaw Health Ministry told Bloomberg that governments agreed to write a joint letter to the European Commission on the need to renegotiate vaccine contracts.

” We hope that discussions between member states and the European Commission will allow for flexible implementation of the vaccine agreement ,” they said in the letter. ” We also hope that vaccine manufacturers will understand the particular challenges facing Poland. “

 

Governments in these EU member states are facing budgetary pressures due to reduced demand for vaccines, the fallout from the Russian-Ukrainian conflict and the cost of hosting refugees.

In the letter, the countries declared that “modifying the vaccine contract is supporting Ukraine and providing refuge to millions of Ukrainian citizens fleeing the war.”

 

At the end of last month, the prime ministers of Estonia, Latvia and Lithuania sent a joint letter to European Commission President von der Leyen, saying they hoped to adjust their agreements with suppliers to “restage, suspend or completely cancel the delivery of vaccine orders with a short shelf life”.

 

The Bulgarian Ministry of Health has also issued a letter calling for an “open dialogue” with the European Commission and pharmaceutical companies, saying the current agreement forces member states to “buy large quantities of vaccines that they do not need.”

Bulgaria has the lowest vaccination rate in the EU, the data showed, and Bulgaria said in a joint letter that vaccine purchase commitments also limited the ability to provide health services to refugees from Ukraine.

 

Some countries with low vaccination rates are now scrambling to cut costs as demand for the vaccine has fallen, according to Bloomberg.

Romania, one of the least vaccinated countries in the EU, has already sold coronavirus vaccines to Germany and Hungary.

Hungary did not participate in the latest round of joint purchases. in order to reduce its own excess supply of vaccines.

 

In response, the European Commission said on May 13 that it had reached an agreement with BioNTech and Pfizer to adjust the delivery schedule according to member states.

Vaccines originally scheduled to be shipped in June and throughout the summer will now be shipped in September and the fall and winter , the European Commission said, without providing a copy of the agreement.

 

Benefiting from the single product mRNA COVID-19 vaccine, Moderna’s revenue in 2021 will soar, reaching 18.5 billion US dollars, and it will be among the 2021 global pharmaceutical companies TOP20 list for the first time.

The first quarter of 2022 showed that its revenue reached $6.07 billion, much higher than expected, of which the COVID-19 vaccine revenue was $5.93 billion.

 

Bancel was also described by Forbes as “a man whose wealth has ballooned during the COVID-19 virus pandemic”.

 

But Bancel appears to be thinking about how to monetize the wealth efficiently.

 

He revealed on the 24th that he will donate all after-tax proceeds of his initial Moderna stock options, worth about $ 355 million, to charity next year. But he did not respond to which specific causes or charities the donations would support.

 

In a filing with regulators yesterday, Bancel disclosed that he would exercise stock options to buy nearly 4.6 million shares at $ 0.99 per share, up from about $ 138 currently , according to Forbes .

The price has almost doubled. The stock options were originally granted in 2013 and will expire in August 2023 .

Bancel said in his blog post that at current prices, after deducting about $ 280 million in state and federal taxes, the donated stock is worth about $ 355 million in total.

 

Bancel said that to avoid a massive trade that could affect Moderna’s share price, he will develop a trading plan to exercise 80,000 shares a week starting Wednesday until the options are fully exercised around June next year.

As part of the deal, Bancel sold more than 2 million shares worth more than $ 400 million during the pandemic.

 

This article is an exclusive manuscript of Observer.com and may not be reproduced without authorization.

 

 

 

 

 

Moderna throws 30 million doses of COVID-19 vaccines in the trash

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