U.S. biopharmaceutical company Moderna (MRNA) has announced that it is scaling back manufacturing of its Covid-19 vaccine to align with lower post-pandemic demand.
News of the reduced production comes days after an updated version of the vaccine was approved by U.S. regulators.
The company said that it’s downsizing aligns with the endemic phase of the respiratory disease, which has led to countries around the world scaling back their vaccine orders, including Canada.
Moderna forecasts that U.S. demand for the vaccine will be between 50 and 100 million doses this fall and winter, down from 153.8 million Covid-19 shots that were administered in America in 2022.
Moderna has deals in place to supply other countries with its Covid-19 vaccine, including Britain, Canada, and Japan, but does not currently have an agreement with the European Union (EU).
Moderna also announced that it has completed a regulatory submission for its new vaccine against influenza (seasonal flu).
Moderna said trials have shown that its flu shot is equal or superior to other flu vaccines currently available to consumers.
The stock of Moderna has declined 20% over the last 12 months and currently trades at $105.24 U.S. per share.