AstraZeneca Pulls Plug On Vaxzevria COVID-19 Vaccine Amid Surplus of Updated Vaccines
Portfolio Pulse from Benzinga Neuro
AstraZeneca (NASDAQ:AZN) has announced the global discontinuation of its COVID-19 vaccine, Vaxzevria, citing an oversupply of updated vaccines. The company has begun withdrawing the vaccine, halting production and supply due to reduced demand. This decision follows the acknowledgment of potential blood clotting side effects. Despite this, AstraZeneca reported a 17% increase in first-quarter sales to $12.68 billion, driven by product sales and alliance revenue, and is shifting focus towards respiratory and obesity drugs.

May 08, 2024 | 10:23 am
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AstraZeneca discontinues its COVID-19 vaccine, Vaxzevria, amid an oversupply of updated vaccines and acknowledges side effects. The company reports a 17% increase in Q1 sales, focusing on new healthcare sectors.
The discontinuation of Vaxzevria might have a neutral to slightly negative short-term impact on AstraZeneca's stock. While the vaccine's withdrawal could be seen as a negative development, the company's strong Q1 sales growth and strategic pivot towards other healthcare areas like respiratory syncytial virus vaccines and obesity drugs may offset concerns. The acknowledgment of side effects and the shift in focus suggest a proactive management approach, which could maintain investor confidence.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100