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In this article PFEMRNANVAX Follow your favorite stocks CREATE FREE ACCOUNTA sign advertises Covid vaccine shots at a Walgreens Pharmacy in Somerville, Massachusetts, on Aug. 14, 2023. Brian Snyder | ReutersThree years into the Covid-19 pandemic, few Americans are rolling up their sleeves to get a Covid vaccine. Experts and vaccine makers can agree that low Covid vaccination rates are concerning, even as cases of the virus dwindle from their pandemic highs. However, Iovine of the University of Florida doesn't believe combination shots will have a significant effect on Covid vaccination rates. If combination shots don't do the trick, it's unclear what else could boost Covid vaccination rates down the line.
Persons: Brian Snyder, Ali Mokdad, Mokdad, Irfan Khan, Jennifer Kates, Brad Pollock, Nicole Iovine, epidemiologist, Iovine, Michael Yee, Albert Bourla, Arpa Garay, Garay, John Trizzino, Trizzino, Jamey Mock, Andrew Pekosz, Jefferies, Yee, doesn't Organizations: Walgreens, Reuters, Pfizer, Moderna, Centers for Disease Control, CDC, University of Washington, CVS Pharmacy, Los Angeles Times, KFF, UC Davis Health's, University of Florida, Jefferies, Arpa, CNBC, Istock, Getty, Johns Hopkins Bloomberg School of Public Health Locations: Somerville , Massachusetts, U.S, Novavax, Covid, Eagle Rock , California
Novavax shares surge on COVID/flu shot data, job cuts
  + stars: | 2023-05-09 | by ( ) www.reuters.com   time to read: +2 min
May 9 (Reuters) - Novavax (NVAX.O) on Tuesday announced plans to cut a fourth of its workforce and unveiled promising data for its COVID-flu combination vaccine, spurring hopes of a recovery for the cash-strapped biotech and sending its shares more than 50% higher. Novavax, whose coronavirus vaccine is its lone marketed product after 35 years in business, is now banking on its cost-control measures and a successful trial for its COVID/flu combination vaccine candidate to help it stay afloat. Data from a mid-stage trial in adults aged 50 to 80 years showed that the combination shot produced an immune response comparable to its protein-based COVID vaccine and already approved influenza shots. The new data comes at a time when global regulators expect COVID vaccination campaigns to be conducted annually like flu inoculations. The biotech expects the cost cuts to reduce its annual research and commercial expenses by 20% to 25% from last year.
Last year, many on Wall Street were estimating the number of COVID-19 shots would be in line with the annual flu vaccine, which is the vaccine market leader with more than 160 million shots per year in the United States and 600 million shots globally. A recent poll by Kaiser Family Foundation found that two-thirds of American adults do not plan on getting a COVID vaccine soon. He added that instances of COVID infections in those who have been vaccinated has left many to question the effectiveness of the vaccine. The companies could make up for some of the weaker demand with price increases. That would mean annual revenue of $3 billion to $5 billion over the long-term for a company like Moderna, he added.
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