Moderna (MRNA) shares fell more than 19% in premarket activity Monday after the company said it now expects 2025 revenue to be between $1.5 billion and $2.5 billion, down from the previous range of $2.5 billion to $3.5 billion.
Analysts surveyed by FactSet expect $2.92 billion.
The drugmaker said it is accelerating its cost efficiency and prioritization programs, with projected cash cost reductions of $1 billion in 2025.
The company said it expects to end 2025 with cash and investments of about $6 billion.
Moderna will report its Q4 financial results on Feb. 14.
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