Moderna's broad clinical success and recent commercial challenges necessitate a more selective and paced approach to its research and development investment.
This year's revenue is projected to be between $2.5 billion and $3.5 billion, down from the company's prior outlook.
Shares fell 19% at the market's open, and were down 13% to 17% in midday trading.
Moderna said it currently has five respiratory vaccines in its pipeline, three of which it expects to submit for approval in 2024.
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