The pharmaceutical giant AstraZeneca said on Tuesday it is withdrawing its COVID-19 vaccine worldwide citing low demand and a "surplus of available updated vaccines" since the pandemic.

The vaccine — called Vaxzevria – was one of a number of shots released onto the market by pharmaceutical companies aimed at preventing people from catching COVID-19. 

The company said it would proceed to withdraw Vaxzevria's marketing authorizations within Europe. The vaccine was never approved in the U.S. by the FDA.

"As multiple, variant COVID-19 vaccines have since been developed there is a surplus of available updated vaccines," the company said, adding that this had led to a decline in demand for Vaxzevria, which is no longer being manufactured or supplied.

AstraZeneca said that more than 3 billion doses were supplied globally and that "over 6.5 million lives were saved in the first year of use alone."

"Our efforts have been recognized by governments around the world and are widely regarded as being a critical component of ending the global pandemic," the statement said, according to The Guardian. "We will now work with regulators and our partners to align on a clear path forward to conclude this chapter and significant contribution to the Covid-19 pandemic."