Moderna Inc.’s highly effective COVID-19 vaccine, in addition to protecting millions, is officially a cash cow.

The company disclosed during its earnings presentation Aug. 5 that it expects the shot to generate $20 billion in sales this year. Now it has to figure out what to do with its windfall as it tries to justify a market valuation that has surged by more than $100 billion since May. That’s a nice problem to have. But it’s also an urgent strategic issue.

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