How Moderna Came Up With a Vaccine Against Vaccine Dissent

A COVID-19 vaccine sits in the medical department of the Arleigh Burke-class guided-missile destroyer USS Porter (DDG 78) before being administered aboard the ship in Souda Bay, Greece, on Feb. 20, 2021. U.S. Navy photo/Mass Communication Specialist 2nd Class Damon Grosvenor

News Analysis

Finances at vaccine manufacturer Moderna began to fall almost as quickly as they had risen, as most Americans resisted getting yet another COVID-19 booster shot. The pharmaceutical company, whose pioneering mRNA vaccine had turned it from a small startup to a biotech giant worth more than $100 billion in just a few years, reported a third-quarter loss in 2023 of $3.6 billion, as most Americans refused to get another COVID-19 booster shot.