The failure of the phase 2 Moonsong outpatient trial prompts a phase 3 rethink and a one-year delay.
The group’s Covid-19 vaccine is on course for UK approval – but the UK doesn’t want it.
But a potentially more interesting advisory committee, for Merck and Ridgeback’s molnupiravir, awaits.
The group’s ambitions are startling, but it will need cash and collaborators to realise them.
Moderna is the standout gainer, but the stragglers are becoming more apparent as the pandemic tide retreats.
A strong performance from a handful of large drug developers could not rescue the sector from a weak three months on the stock market.