Shares of Moderna tumbled early Thursday after the vaccine developer said it was cutting research and development spending and pushed back its time frame for breaking even. The company also forecast a 2025 revenue range that fell below Wall Street expectations.
FILE - A sign marks an entrance to a Moderna building in Cambridge, Mass., on May 18, 2020. Shares of Moderna tumbled early Thursday after the vaccine developer said it was cutting research and development spending and pushed back its time frame for breaking even. Moderna said it planned an approximately 20% reduction in expected research and development expenses for 2025 to 2028 from $20 billion to $16 billion. It expects a reduction of about $1.
Moderna developed the Spikevax COVID-19 vaccine, and regulators approved this year its vaccine for RSV or respiratory syncytial virus. The company also has a combination flu/COVID vaccine and an RSV vaccine for high-risk younger adults that it expects to submit to regulators in 2024. The company also said Thursday that it now expects to break even in 2028. It predicted last November that this would happen in 2026.Analysts forecast $3.87 billion, according to FactSet.
Shares of Cambridge, Massachusetts-based Moderna Inc. were down 12% to $69.61 before markets opened Thursday.
Inc. Financial Markets Finance Business MA State Wire Business Respiratory Syncytial Virus Immunizations
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Thursday's analyst calls: Nucor, Dutch Bros get positive views despite slides in sharesThis is CNBC Pro's live coverage of Thursday's analyst calls and Wall Street chatter.
Read more »
European shares hold ground as AstraZeneca drags, tech shares riseEuropean shares hold ground as AstraZeneca drags, tech shares rise
Read more »
Jim Cramer says Dollar General has Walmart to blame for ugly earningsShares of Dollar General plummeted 25% Thursday following the release of its earnings.
Read more »
Move over, sales growth: There's a new metric Nvidia investors are worrying aboutIt's one factor weighing down shares of the leading AI chipmaker Thursday.
Read more »
EUR/GBP trades with mild losses below 0.8600 as UK economy expands 0.6% QoQ in Q2The EUR/GBP cross weakens near 0.8565 on Thursday during the early European session on Thursday.
Read more »
Ohio COVID-19 cases worsen for 12th week: Coronavirus update for Thursday, Aug. 22, 2024At least 1,384,500 Ohioans have received the updated one-dose COVID-19 vaccine, an increase of 640 people from the prior week, the state reported.
Read more »