High demand for coronavirus vaccines earlier in the pandemic pushed 's (NASDAQ: MRNA) earnings into the stratosphere. Spikevax brought in billions of dollars in revenue and profits for the company, allowing it to build up a pile of cash more than sufficient to fund the development of its entire pipeline.

But the World Health Organization last week announced that the pandemic is no longer a "global emergency," and in line with the growing recognition of that shift, demand for Moderna's COVID-19 vaccine is declining. But that doesn't mean its blockbuster revenue opportunity is over. In fact, Moderna could continue to generate billions in revenues annually from its first -- and so far, only -- approved product. That could translate into solid earnings and ongoing support for the rest of its programs. Let's take a closer look at how Moderna plans on winning in this new vaccine market.

First, a quick look at how the situation is changing. So far, Moderna has sold its vaccine to governments. It priced those doses low considering the pandemic situation and the logistics of selling essentially to one client per country: the government. For example, Moderna sold its vaccine to the U.S. government for about $26 a dose.

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Source Fool.com