Shares of pharmaceutical giant Moderna (MRNA) plunged Monday after the company cut its 2025 revenue forecast by $1 billion.

The company now projects revenue of $1.5 billion to $2.5 billion this year, down from a prior estimate of $2.5 billion to $3.5 billion in September. That revenue is expected “mostly in the second half of the year” in large part from sales of its Covid-19 and respiratory syncytial virus vaccines. Moderna also said it expects to cut $1 billion ꦯworth of expenses this year, with another $500 million reduction planned in 2026. 

Shares of Moderna dropped more than 20% intraday to $33.44, more than erasing gains last week after the first 澳洲幸运5官方开奖结果体彩网:bird-flu death was reported in the U.S. The stock has lost about two-third of its value over the past year and is well off its all-time high near $490 in August 2021, during t🧜he COVID-19 pandemic.

The business update comes as Moderna prepares to present at the J.P. Morgan Healthcare Conference at 6:45 p.m. ET on Monday.