Shares of Moderna (MRNA) are declining in Thursday's trading session following the company's announcement of significant cuts to its research and development budget. This decision comes as demand for its COVID-19 vaccines continues to wane.

The biotech company plans to reduce its R&D spending by $1.1 billion and scale back its drug pipeline, aiming to release 10 new products in the coming years.

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This post was written by Angel Smith and updated by Melanie Riehl