Moderna cut its 2025 sales forecast by $1 billion today, hurt by a slow adoption of its respiratory syncytial virus (RSV) shot and weak demand for COVID-19 vaccines, sending its shares down more than 18% in premarket trading.

Demand for its COVID vaccine has been waning after the pandemic, while adoption of its RSV shot — its second approved product- has been slower than expected, forcing Moderna to cut costs.

The company expects $1.5 billion to $2.5 billion in annual revenue, mostly in the second half, which is lower than a prior forecast of $2.5 billion to $3.5 billion and below market expectation of $2.95 billion, according to data from LSEG.

CEO Stéphane Bancel said the vaccine maker aims to reduce 2025 cash costs by $1 billion with a plan for an additional $500 million in 2026. It expects to end 2025 with cash and investments of about $6 billion.

The company is also betting on new products to help accelerate growth. It has filed an application with the U.S. FDA for the approval of its combination vaccine to protect against COVID-19 and influenza.

The regulator is also set to decide by May on the application for its next-generation COVID-19 vaccine, Moderna said.

Moderna expects to report data from a trial of its seasonal flu shot this year, if sufficient cases are accrued in the first season. Otherwise, the study will continue to a second season, Moderna said.

An independent group has informed the company that a late-stage trial of cytomegalovirus, or CMV vaccine, has not met the criteria for early efficacy, but has recommended the study should continue.

The company now expects to report data this year from the trial of the vaccine for the infection, which commonly causes birth defects.

It will report fourth-quarter results on Feb. 14. Shares of the company fell to $34.59 before the bell. They have lost 58% of their value last year.