Moderna cut its 2025 sales forecast by $1 billion on Monday, hurt by a slow launch of its respiratory syncytial virus (RSV) shot and weak demand for COVID-19 vaccines. It expects $1.5 billion to $2.5 billion in annual revenue,

Moderna cut its 2025 sales forecast by $1 billion on Monday, hurt by a slow adoption of its respiratory syncytial virus (RSV) shot and weak demand for COVID-19

Shares of Moderna dropped more than 20% intraday to $33.44, more than erasing gains last week after the first 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 the COVID-19 pandemic.

Moderna now expects 2025 revenue to come in between $1.5 billion and $2.5 billion, most of which will come in the second half of the year.

The company lost more than $3 billion in market value after cutting its forecast for 2025 revenue from its COVID-19 and RSV vaccines.

Moderna shares tumbled nearly 17% on Monday after the drugmaker slashed its 2025 revenue forecast by $1 billion and announced plans to cut $1.5 billion in expenses this year. The company faces challenges balancing rising drug development costs with declining demand for Covid-19 treatments and slow adoption of its RSV medication.