Moderna laid out sales expectations for the coming year on Monday that were below even the much-diminished Wall Street expectations. The stock was falling 14% to $35.71 in premarket trading. The biotech that became a household name during the Covid-19 pandemic in 2020 has struggled to regain its footing as the market for Covid-19 vaccines has collapsed.

Shares of Moderna plunged 20% Monday after the vaccine maker slashed its forecast of full-year 2025 revenue, as sales of its vaccines against Covid-19 and respiratory syncytial virus continue to be sluggish.