Core Viewpoint - Moderna is facing significant financial challenges due to declining sales of its COVID-19 vaccines, leading to a 10% workforce reduction and a stock price drop of over 75% in the past year [3][4]. Group 1: Financial Performance - Moderna announced a workforce reduction of nearly 1,000 employees, aiming to reduce its total staff to approximately 5,000 by the end of the year due to ongoing sales declines [3]. - The company's market capitalization has plummeted from nearly $200 billion at the peak of the pandemic to about $11 billion currently [3]. - Moderna plans to cut annual operating expenses by approximately $1.5 billion by 2027 [3]. Group 2: Product Development and Strategy - Despite the ongoing challenges, Moderna remains committed to developing new COVID-19 vaccines, with the FDA recently approving its third vaccine targeting new variants [3]. - The company has the potential to launch up to eight new products in the next three years [3]. - In contrast, BioNTech has successfully diversified its product pipeline and adjusted its strategy post-pandemic, leading to a stock price increase of nearly 25% over the past year and a market cap exceeding $25 billion [4][5]. Group 3: Market Comparison - BioNTech's strategy includes investing in licensing deals and diversifying into emerging fields like antibody-drug conjugates (ADCs), which has garnered investor confidence [4][5]. - Moderna's reliance on vaccine sales and its delayed product diversification strategy has raised concerns among investors about its long-term viability [5].

Group 1 - The core viewpoint of the article indicates skepticism from the capital market regarding Moderna's business strategy, particularly concerning the rebound in sales of COVID-19 and RSV vaccines [1][2] - Moderna announced a global workforce reduction of 10%, cutting nearly 1,000 employees to approximately 5,000 by the end of the year due to declining sales of COVID-19 vaccines, leading to an over 8% drop in stock price after hours on July 31 [1] - The company's financial crisis has worsened, with its stock price falling over 75% in the past year, and its market capitalization plummeting from nearly $200 billion at the peak of the pandemic to about $11 billion currently [1] Group 2 - In contrast to Moderna, BioNTech has successfully adjusted its strategy post-pandemic, resulting in a nearly 25% increase in stock price over the past year and a market capitalization exceeding $25 billion, more than double that of Moderna [2][3] - BioNTech has focused on diversifying its portfolio and entering new markets, such as the emerging ADC (antibody-drug conjugate) field, while also securing a potential $11 billion deal with Bristol-Myers Squibb for developing dual antibody drugs [3] - A biopharmaceutical investor noted that Moderna missed the opportunity to diversify its product offerings using the substantial revenue generated from COVID-19 vaccines, suggesting that more product licensing could have led to a more favorable perception in the capital market [3]

Group 1 - The capital market's reaction indicates skepticism towards Moderna's business strategy, with investors lacking confidence in the rebound of sales for COVID-19 and RSV vaccines [1][2] - Moderna announced a 10% global workforce reduction, cutting nearly 1,000 employees due to declining COVID-19 vaccine sales, leading to an over 8% drop in stock price [1] - The company's stock has fallen over 75% in the past year, with its market capitalization plummeting from nearly $200 billion at the pandemic peak to approximately $11 billion currently [1] Group 2 - In contrast, BioNTech has adjusted its strategy post-pandemic, resulting in a nearly 25% increase in stock price over the past year and a market capitalization exceeding $25 billion, more than double that of Moderna [2][3] - BioNTech has diversified its investments, focusing on licensing deals and entering the emerging ADC (antibody-drug conjugate) market, while Moderna has heavily invested in mRNA vaccine development [3] - BioNTech recently secured a potential $11 billion deal with Bristol-Myers Squibb for a dual antibody drug, which was acquired from a Chinese biotech company for less than $1 billion [3]

Core Viewpoint - The vaccine industry is undergoing significant adjustments, and the company is focusing on high R&D investment, risk mitigation, and diversified business layout to navigate through the industry volatility and share in the market recovery benefits [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 26.07 billion yuan and a net profit attributable to shareholders of 2.018 billion yuan; in Q1 2025, the operating revenue was 2.374 billion yuan [2]. - The company's self-developed product revenue reached 1.182 billion yuan in 2024, a year-on-year increase of 14.98%; the net cash flow from operating activities in Q1 2025 was 304 million yuan, up 107.12% year-on-year [3]. - The accounts receivable balance decreased from 27.059 billion yuan at the beginning of 2024 to 14.645 billion yuan in Q1 2025, addressing a common industry issue [3]. R&D Investment and Product Pipeline - The company invested 1.391 billion yuan in R&D in 2024, with the number of R&D personnel increasing to 1,072, and cumulative R&D investment exceeding 5.1 billion yuan over the past five years [3]. - Significant progress has been made in self-developed pipelines, including the approval of the quadrivalent influenza virus split vaccine and the acceptance of production registration applications for the freeze-dried human rabies vaccine and trivalent influenza virus split vaccine [3][4]. Market Strategy and Risk Mitigation - The company has optimized its strategic cooperation with GlaxoSmithKline (GSK) to enhance flexibility in procurement and supply of the shingles vaccine, extending exclusive rights until the end of 2034 [5][6]. - Adjustments in collaboration with Merck have been made to phase the delivery schedule based on consumer demand, improving supply chain efficiency and risk resilience [6]. - The company has taken significant steps to gain control over Chanan Bio, expanding its pipeline in GLP-1 and insulin analogs to mitigate single-business risks [6][7]. Global Expansion - The company is actively pursuing overseas clinical trials and registrations, with products like the tuberculosis diagnostic reagent "Yika" approved in Indonesia and the 23-valent pneumonia vaccine receiving GMP certification in the Philippines [7].