AstraZeneca announced on Tuesday that it has initiated a global withdrawal of its COVID-19 vaccine due to a "surplus of available updated vaccines" since the pandemic.

The company also stated that it will begin withdrawing marketing licenses for the Vaxzevria vaccine within Europe.

The company explained: "Since multiple and varied COVID-19 vaccines have been developed since then, there is a surplus of available updated vaccines," adding that this has led to a decline in demand for Vaxzevria, which is no longer being manufactured or supplied."

According to media reports, the Anglo-Swedish pharmaceutical company previously acknowledged in court documents that the vaccine causes side effects such as blood clots and a decrease in platelet count.

The company's request to withdraw the vaccine was submitted on March 5 and took effect on May 7, according to the British Telegraph, which was the first to report this development.

AstraZeneca, listed in London, began shifting towards respiratory syncytial virus vaccines and obesity drugs through several deals last year after growth slowed with declining sales of COVID-19 medications.