10:46 AM EST, 01/13/2025 (MT Newswires) -- Moderna ( MRNA ) shares fell intraday Monday after the company cut its full-year revenue outlook while the drugmaker aims to reduce cash costs by $1 billion in 2025 amid its ongoing cost efficiency program.

The company now expects revenue to be in a range of $1.5 billion to $2.5 billion for the ongoing year, down from its previous projections of $2.5 billion to $3.5 billion. The current consensus on FactSet is for sales of $2.92 billion. The stock fell 21% in Monday trading.

The drugmaker anticipates generating most of its full-year revenue in the second half due to its COVID-19 vaccine Spikevax and respiratory syncytial virus, or RSV, vaccine mRESVIA.

For 2024, Moderna ( MRNA ) said its product sales came in between $3 billion and $3.1 billion. Spikevax made up the majority of the tally at more than $3 billion, with mRESVIA making a "minimal" contribution, according to the company. It recorded revenue of $1.7 billion in the US and $1.3 billion to $1.4 billion in the rest of the world.

In November, the drugmaker reported third-quarter sales of $1.8 billion for Spikevax and $10 million for mRESVIA. Sales for the RSV vaccine were lower than expected due to its late approval in the contracting season when many customers had completed their orders, the company said at the time.

Moderna ( MRNA ) now forecasts cash cost reductions of $1 billion this year, including cost of sales, research and development and selling, general & administrative expenses, as it accelerates and expands its previous cost efficiency programs. The company plans to end the current year with roughly $6 billion in cash and investments and estimates an additional $500 million in potential cost savings in 2026.

"We reduced our cash operating cost by over 25% compared to 2023 and aim to reduce 2025 cash costs by $1 billion with a plan for an additional $500 million cost savings in 2026," Chief Executive Stephane Bancel said in the Monday statement. "We remain focused on our three strategic priorities: driving sales growth, delivering up to 10 product approvals over the next three years, and reducing costs across our business."

The company is scheduled to release its fourth-quarter and full-year 2024 results in February.

Price: 33.57, Change: -8.69, Percent Change: -20.56