Moderna (MRNA.O) said on Tuesday that its Chief Commercial Officer, Arpa Garay, has resigned. In his place, CEO Stephane Bancel will oversee sales and marketing. This news caused the shares of the vaccine manufacturer to drop by 5%.
The corporation has said that Garay, who has been working in the job for less than two years, will continue to be employed until June 2024.
Her resignation came at a time when the firm, which aimed to achieve financial stability in 2026, was increasing its expenditures on research and development. This is because the COVID vaccine’s underwhelming sales are hurting stock performance.
In a statement made the previous month, the corporation stated that it could fulfill only the lower end of its sales target for 2023, which ranged from $6 billion to $8 billion. To put it into perspective, Pfizer (PFE.N) anticipates the COVID shot will generate around $11.5 billion in yearly revenues.
Executive Vice President Bancel will now be directly responsible for overseeing the company’s efforts to increase sales of the COVID injection as well as its preparations to launch the vaccine against respiratory syncytial virus (RSV) in the next year.
As a result of the sale of COVID and RSV vaccinations, Moderna anticipates generating $4 billion in income in the year 2024.
According to the corporation, President Stephen Hoge will be in charge of the pipeline commercial strategy as well as the medical affairs aspects of the organization. The resignation of Chief Medical Officer Paul Burton earlier this year is the reason for this recent development.
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