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.

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