Moderna shares plunge as sales view disappoints

The biotech is discontinuing five programmes in its pipeline and slowing some late-stage studies of treatments for latent and rare diseases to achieve the €996m cut from its annual research and development budget by 2027

Questions remain about whether Moderna has enough cash to fund its plans to break even without raising additional equity, Jefferies analyst Michael Yee said in a note.

Moderna said it aimed to reduce its research and development budget by about 20% over the next three years as it tries to find a path to profitability following disappointing vaccine sales.

The biotech is discontinuing five programmes in its pipeline and slowing some late-stage studies of treatments for latent and rare diseases to achieve the $1.1bn (€996m) cut from its annual research and development (R&D) budget by 2027, according to a statement.