hen the Food and Drug Administration approved Moderna’s mRNA flu vaccine, the first ever, two weeks ago, the pharmaceutical company that reaped billions from federal taxpayers with its mRNA COVID-19 vaccine didn’t wait for the agency to even publicly post the approval. Moderna rushed out the news at 10 p.m., with a 4% increase in its share price the next morning.
It was a promising market signal for a drugmaker whose revenue cratered following the collapse in demand for COVID vaccines, which also led Pfizer to cancel a trial this spring for its own updated mRNA COVID jab.
What Moderna left out of the release Wednesday, and the media ignored: the mRNA flu jab’s disproportionately high rate of serious adverse events compared to a normal flu shot – the same problem with its Omicron-specific COVID vaccine three years ago – and the number of jabs required to prevent a single hospitalization, 5,000.
Yet the market and the media went crazy for Moderna this week when it announced “positive topline results” from a late-stage trial of its cancer vaccine with Merck, with a 177% spike in its share price on top of a 357% increase this year before the cancer vaccine news, despite no published trial data or FDA approval.
Hellbound and Down 