Moderna (NASDAQ:MRNA) on Friday lowered the high end of its 2025 revenue outlook due to a delay in vaccine shipments to the U.K., but beat Wall Street’s expectations for the second quarter as it works to cut costs.
Shares of Moderna fell $2.35, or 7.9%, in early trading on Friday to $27.21.
The biotech company now expects full-year revenue to come in between $1.5 billion and $2.2 billion, down $300 million at the top of that range.
The results come a day after Moderna announced plans to slash 10% of its workforce, adding to a string of cost cuts as the company grapples with falling COVID vaccine sales and tries to bring more products to market.
In an interview, Moderna CFO Jamey Mock said instead of shipping spring Covid boosters to the U.K. at the end of this year, the company will send those jabs to the country in the first quarter of 2026. He said there is no change in the overall contract value between Moderna and the U.K.
“It’s just moving deliveries from our fiscal year end into their fiscal year end, which happens to be the first quarter of next year, to fulfill supply for the spring booster in the U.K.,” Mock said.
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