@rbreich This is a particularly egregious case because the regular pharma arguments about compensation for risk don't apply. First, covid was an unexpected event, so revenues from selling covid vaccines aren't necessary to cover the company's pre-covid mrna vaccine research. That research would have been undertaken in expectation of other returns. Second, the government directly funded Moderna's development of its covid vaccine (to the tune of $1 billion), so Moderna didn't face any risk.