By WSJ Staff

Shares in Moderna tumbled after the vaccine maker gave a revenue forecast for this year that fell far short of expectations, and said it would cut $1 billion of costs in 2025.

-- Shares recently traded at $33.14, down nearly 22%.

-- That put the stock on course for its lowest close since April 13, 2020, according to Dow Jones Market Data.

-- Such a fall would be largest percent decrease since the biotech company went public in December 2018.

Moderna said Monday it expects to bring in between $1.5 billion and $2.5 billion of revenue in 2025. Analysts polled by FactSet had expected revenue of about $2.92 billion.

The drug maker's financial update came as health sector leaders gathered for an annual industry conference. Read more:

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(END) Dow Jones Newswires

January 13, 2025 11:02 ET (16:02 GMT)

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