Moderna, the biotechnology company behind COVID-19 vaccines and treatments, saw its stock plummet in early trading on Monday. The drop came after the company reported a disappointing revenue outlook for 2025, with earnings expected to fall by roughly one-third.
In response to the disappointing news, Moderna announced plans to accelerate and expand its cost-cutting measures. This year, the company expects to achieve $1 billion in cost reductions, while next year it aims to save an additional $500 million.
As a result of these plans, Moderna is expected to burn more than $3 billion in cash in 2025. The stock has now fallen to its lowest level since the COVID-19 pandemic began in early 2020.
Source: https://www.marketwatch.com/story/modernas-stock-tumbles-to-post-covid-lows-after-revenue-outlook-disappoints-294e5806