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Moderna halts plans to build Kenya vaccine plant as Covid shot demand plunges - TL;DR CNBC

Moderna halts plans to build Kenya vaccine plant as Covid shot demand plunges

Publishing timestamp: 2024-04-11 13:23:43


Summary

Moderna has paused plans to build a vaccine manufacturing site in Kenya due to a steep drop in demand for its Covid-19 vaccines in Africa. The company has taken over $1 billion in losses and write-downs related to the cancellation of previous orders from the continent. Moderna's decision is part of its cost-cutting efforts in resizing its Covid vaccine manufacturing footprint.


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Tickers: MRNA

Keywords: breaking newsbusinessbusiness newshealth care industrypharmaceuticalskenyamoderna incbiotech and pharmaceuticalsbiotechnology

Source: https://www.cnbc.com/2024/04/11/moderna-halts-kenya-vaccine-plant-plans-as-covid-shot-demand-plunges.html


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