The European Medicines Agency just approved a new Moderna mRNA flu vaccine—after clinical data demonstrated strong protection for older adults. In the United States, the same technology is facing a political blockade.
The FDA recently refused to review an mRNA flu vaccine application—despite a 40,000-person clinical trial showing it outperformed standard flu shots in older adults. The agency later reversed course, but the damage was done:
Across the U.S. biotech sector, the conclusion is now widespread: Secretary Robert F. Kennedy Jr. is subjecting mRNA medicines to political scrutiny rather than scientific review.
The message to investors is unmistakable. And the numbers confirm it.
In 2023, investors poured more than $500 million into mRNA vaccines. Last year, that figure collapsed to $174 million—a 66% decline in a single year. Before the FDA reversed course, Moderna’s CEO Stéphane Bancel warned the company would no longer pursue new late-stage vaccine trials in the United States. “You cannot make a return on investment,” he said, “if you don’t have access to the U.S. market.” Moderna is not alone.
