Drug maker Moderna's stock plunged more than 17% in pre-market trading on Monday after the company slashed its sales outlook by $1 billion.
The company reported product sales of $3 to $3.1 billion in 2024 but lowered 2025's expected revenue range to $1.5 to $2.5 billion.
The company blamed weak demand for its COVID-19 vaccine shots and a slow launch of a new RSV vaccine.
Moderna announced that it hopes to reduce costs by $1 billion in 2025 and another $500 million in 2026.
"We remain focused on our three strategic priorities: driving sales growth, delivering up to 10 product approvals over the next three years, and reducing costs across our business," CEO Stéphane Bancel said.
The stock has dropped more than 65% in the past year. It was trading under $35 a share at 8 a.m.
