AstraZeneca warns of vaccine glut
STORY: AstraZeneca is the latest pharmaceuticals firm to warn of a vaccine glut.
The Anglo-Swedish company says sales of its COVID treatment are slowing.
It’s struggled to compete with rival products from Pfizer and Moderna.
Approval in the U.S. has been delayed.
Earlier, Johnson & Johnson pulled sales forecasts for its product, blaming oversupply.
However, AstraZeneca says its shot still has a role to play, as it’s easy to administer and distribute.
Friday (April 29) also saw earnings from the company.
It reported better-than-expected first-quarter sales, largely thanks to the vaccine.
The shot was its number-two best-seller last year, raking in $3.9 billion.
It has started making a modest profit on the product, which was previously sold at cost.
The vaccine will continue to be sold in low-income countries on a non-profit basis.
