Moderna surprises the Street by predicting a bigger-than-expected sales drop

Shares of Moderna tumbled Monday after the vaccine maker predicted a steeper-than-expected sales drop in the new year. Moderna said it expects 2025 revenue to range between $1.5 billion and $2.5 billion after hitting as much as $3.1 billion last year. Analysts expect, on average, $2.92 billion in revenue for 2025, according to FactSet. The company also said it was speeding up and expanding a cost-cutting plan. It expects to cut cash costs by $1 billion in the new year, with additional cuts planned in 2026. Moderna's COVID-19 vaccine, Spikevax, had more than $3 billion in sales last year.