The head of drugmaker Moderna said COVID-19 vaccines are unlikely to be as effective against the Omicron variant of the coronavirus as they have been previously, sparking fresh worry in financial markets about the trajectory of the pandemic. "There is no world, I think, where (the effectiveness) is the same level . . . we had with Delta," Moderna Chief Executive Stephane Bancel said."I think it's going to be a material drop. I just don't know how much because we need to wait for the data. But all the scientists I've talked to . . . are like 'this is not going to be good.'"

The head of drugmaker Moderna said COVID-19 vaccines are unlikely to be as effective against the Omicron variant of the coronavirus as they have been previously, sparking fresh worry in financial markets about the trajectory of the pandemic. "There is no world, I think, where (the effectiveness) is the same level . . . we had with Delta," Moderna Chief Executive Stephane Bancel said."I think it's going to be a material drop. I just don't know how much because we need to wait for the data. But all the scientists I've talked to . . . are like 'this is not going to be good.'"