金融破段子 | 股价回调9成多，当“成功”被简单外推

Core Viewpoint - The article discusses the dramatic decline of a prominent American biotech company, referred to as M Company, which was once celebrated for its COVID-19 vaccine but has since faced significant financial challenges and operational setbacks [2][3]. Group 1: Company Performance - Four years ago, M Company reached a market peak of nearly $200 billion and held $18 billion in cash, but its market value has since shrunk by over 90% [2]. - The company's revenue peaked at $19.3 billion in 2022 but is projected to drop to $6.848 billion in 2023 and further to $3.236 billion in 2024, indicating a steep decline in sales [3]. - Following the decline in revenue, M Company has incurred continuous losses due to high fixed costs associated with research, personnel, and production capacity [3]. Group 2: Expansion and Challenges - M Company expanded rapidly during the pandemic, increasing its workforce from under 1,000 to nearly 6,000 and expanding its pipeline from over ten to more than thirty projects [3]. - Despite the expansion, the company has struggled to generate significant revenue from new vaccine approvals, with only $200,000 in revenue from vaccines approved post-COVID [3]. Group 3: Market Dynamics and Future Outlook - The initial optimism surrounding mRNA technology was based on its rapid development and approval processes, which may not be replicable in standard pharmaceutical development [5]. - The article emphasizes the need for caution in assuming that short-term successes will translate into long-term competitive advantages, highlighting the complexities of drug development and market competition [5].