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Moderna’s Vaccine Benefit Lands 3 on Forbes’ America’s Richest List

Moderna’s Vaccine Benefit Lands 3 on Forbes’ America’s Richest List
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Moderna’s Vaccine Benefit Lands 3 on Forbes’ America’s Richest List

Moderna’s Vaccine Benefit Lands 3 on Forbes’ America’s Richest List

In the financial windfall at Moderna, the biotech company behind one of three federally approved COVID-19 vaccines, has advanced three new names to Forbes magazine’s list of the 400 richest people in the United States.

Using stock prices and exchange rates from early September, Moderna’s president and co-founder Nubar Afyan was added to the magazine’s list; Robert Langer, professor at the Massachusetts Institute of Technology and co-founder of Moderna; and Timothy Springer, Harvard Medical School professor and early investor in the company. Each had a declared net worth of over $3.5 billion.

A representative for Moderna did not immediately respond to a request for comment.

The coronavirus pandemic has been an economic catastrophe for much of the country, but the richest people have done well, Forbes noted when publishing the list on Tuesday: The 400 people involved saw their collective wealth increase by 40 percent over the past year. has increased.

Moderna manufactures one of three vaccines authorized for use in the United States. Headquartered in Cambridge, Mass., the company was founded in 2010 with the goal of bringing RNA-related products to market. Its only commercial product is the COVID vaccine, for which the US government provided $1 billion to support design and testing. With countries around the world buying up as many vaccines as possible, Moderna’s valuation topped $100 billion this summer.

The company’s stock price on Wednesday was more than four times its value at this time last year, even though its share prices have been sliding, having fallen by a massive 18 percent in the past week alone. Much of that decline came on Friday, when pharmaceutical giant Merck said its new pill to treat Covid-19 reduced the risk of hospitalization and death by nearly 50 percent. Merck plans to seek federal emergency use authorization for the antiviral pills.

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That decline significantly reduced the value of the Three Modern Billionaires. When Forbes calculated on September 3, Dr. Springer was number 176 on the list and was worth $5.9 billion, falling to $4.6 billion as of Wednesday. Mr. Afyan, No. 212, has reportedly fallen in value from $5 billion to $3.8 billion. and Dr. Langer, No. 222,’s wealth declined from $4.9 billion to $3.7 billion, Forbes said.

Moderna’s vaccine, which is built around messenger RNA as developed by Pfizer-BioNtech, was authorized by the Food and Drug Administration last December for emergency use for people 18 years of age and older. . Moderna submitted its vaccine for emergency use authorization in 12- to 17-year-olds in June and for full federal approval in August; Decisions of regulators are pending.

More than 283 million doses of Moderna’s vaccine have been administered in nearly 40 countries that reported their vaccine delivery data to the Our World in Data project at Oxford University, and Moderna’s revenue has increased as the vaccine became widespread. Has been observed.

In its most recent financial statement Moderna said its total revenue for the three months ended June 30, 2021 was $4.4 billion, compared to $67 million for the same period in 2020. The net income for the six months ending June 30, 2021 was. $4 billion in 2020 compared to a net loss of $241 million during the same period.

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