Moderna, Inc. witnessed a steep pre-market decline of 16.45% on Monday as the biotechnology company slashed its 2025 revenue forecast, citing sluggish launch of its respiratory syncytial virus (RSV) vaccine and waning demand for COVID-19 shots.

The company now expects its 2025 revenue to range between $1.5 billion and $2.5 billion, marking a significant reduction from its previous projection of $2.5 billion to $3.5 billion. This revised forecast fell short of analysts' average estimate of $2.95 billion for the year.

The disappointing outlook reflects the challenges Moderna is facing in its transition from its pandemic-driven success with COVID-19 vaccines. As the demand for these shots wanes, the company's newly launched RSV vaccine, mRESVIA, has also faced a lackluster reception, with negligible sales reported.