AstraZeneca declared on Tuesday that it would be discontinuing its COVID-19 vaccine worldwide, citing an excess of modern vaccinations in the face of the ongoing epidemic. The pharmaceutical company further disclosed intentions to withdraw the marketing licenses for its Vaxzevria vaccine throughout Europe.

Noting a decline in demand for Vaxzevria, which is no longer in manufacturing or distribution, the company said, "There is now an excess supply with the availability of multiple updated COVID-19 vaccines."

AstraZeneca has reportedly already admitted in court documents that the vaccination can have adverse effects including low blood platelet counts and blood clotting. The Telegraph reports that the corporation filed their withdrawal application on March 5 and that it went into effect on May 7.

Last year, after COVID-19 pharmaceutical sales fell, London-listed AstraZeneca broadened its focus by making a number of acquisitions to enter the fields of obesity medications and respiratory syncytial virus vaccinations.