Actually, the costs of the trials are high enough that I'm not sure they CAN make a profit without US Govt support. And the FDA was never willing to really recognize trials done by foreign health agencies. (Sometimes reasonably. Other times, not.)
That may well be true. I haven't put a pencil to it. On the flip side, if true, that means the cost to the healthcare system from the vaccine would exceed the benefits, and that's probably a good point to stop.
The reality of the matter is that bacteria and parasites tend not to respond to vaccines all that well (requiring frequent revaccination to be useful), and with the exception of the occasional rare zoonotic species jump like SARS/MERS/COVID-19, we already have vaccines for most of the deadliest viral diseases already. So what we're left with is things like the HPV virus for reducing the lifetime risk of cancer... maybe.
But then you realize that any virus can cause genetic damage that leads to cancer, not just HPV, and at some point, you end up over-vaccinating, and the immune system's response to the really bad stuff is dampened by overstimulation, and you end up making things worse.
So at some point, it probably makes more sense to acknowledge that trying to prevent cancer by trying to prevent exposure to every mutagenic virus and substance is not a realistic approach, and focus instead on modern treatment approaches that actually have a chance of working.
The point where it started being dubious from my perspective was when the shingles vaccine (which serves a very useful purpose) became a chickenpox vaccine (which, given the 0.0025% IFR, seems to mainly just make the shingles vaccine less important and prevent a few sick days once per lifetime). Pretty much everything after that other than COVID seems like it's out in the long tail where diminishing returns make continuing to spend resources on new vaccines questionable.
The exceptions, of course, are TB and malaria, but only if somebody can manage to come up with a vaccine with a reasonable level of effectiveness in adults. Malaria is probably better treated by mosquito eradication. TB is probably better treated by making rapid at-home tests available, passing laws penalizing companies for firing workers who stay home to isolate when infected, etc. Imagine if you could convince everyone in a few countries to take a free at-home TB test and then get treatment and free sick days from work if they test positive. You'd just about eradicate TB overnight. So even there, non-vaccine approaches may well be a better solution.
Meanwhile, Moderna's tech has the potential for other applications that could be way more useful. And applying their tech to other existing vaccines is potentially also useful, though likely less critical than other areas of research.