Moderna on Tuesday said it did not collect enough data on its first experimental flu shot to predict its efficacy in a final stage study and will now advance another candidate.

The biotechnology company said after a northern hemisphere trial of about 23,000 participants 50 and older, an independent research panel said it did not generate enough data and the research needed to continue.

Moderna said it would start a final-stage study of an updated version of the vaccine this month. Moderna said its southern hemisphere trials "did not identify any safety concerns."

Moderna has a total of five influenza vaccine candidates in clinical development at various stages.

The company said it expects to make $8 billion to $15 billion in sales from its vaccines in 2027.

Jefferies Analyst Michael Yee said, according to CNBC, the new 2027 projections "represents an upside to the low profitability expected this year given the smaller" COVID-19 market. He added that investors may question the forecast because it is not clear" where seasonal viruses are going especially COVID for now."

In Tuesday's announcement, Moderna said it plans on expanding its vaccine portfolio to address infectious diseases that cause considerable health burdens, including those that could be global health threats.

"Our mRNA platform has changed medicine and will continue to have a major impact on global health," CEO Stéphane Bancel said in a statement. "Today we are excited to announce multiple new vaccine candidates, including for enteric viruses, such as norovirus, and targeting Lyme disease, our first bacterial vaccine."

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