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The company also said on Thursday that it now expects to break even in 2028. It predicted last November that this would happen in 2026.
A sign marks an entrance to a Moderna building in Cambridge, Massachusetts, on May 18, 2020. AP Photo/Bill Sikes, file
Shares of Moderna fell early Thursday after the vaccine developer said it was cutting research and development spending and pushing back its timeframe to break even.
The company also forecast a revenue range for 2025 that fell short of Wall Street expectations.
Moderna said it planned a roughly 20% reduction in expected research and development costs for 2025 to 2028 from $20 billion to $16 billion. It expects to reduce about $1.1 billion in annual expenses starting in 2027 through cost reductions and by prioritizing its portfolio.
Moderna developed the Spikevax COVID-19 vaccine, and regulators this year approved its vaccine against RSV, or respiratory syncytial virus. The company also has an influenza/COVID combination vaccine and an RSV vaccine for high-risk young adults that it expects to submit to regulators in 2024.
The company also said on Thursday that it now expects to break even in 2028. It predicted last November that this would happen in 2026.
For 2025, Moderna said it expects revenue of $2.5 billion to $3.5 billion.
Analysts forecast $3.87 billion, according to FactSet.
Shares of Cambridge, Mass.-based Moderna Inc. fell 12% to $69.61 before the open on Thursday.
That price has already fallen 20% so far this year after starting 2024 around $100.
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