Moderna said Thursday it would cut its annual spending on research and development by 23%, or $1.1 billion, between 2024 and 2027 in a concession to investors who have viewed the company’s outlays following its pandemic-era windfall as profligate.
Stephen Hoge, Moderna’s president, in an interview pointed to Moderna’s “massively productive R&D engine,” citing nine medicines in the late stages of development that he says could be filed with regulators over the next three years.
“That productivity, and the reality of having to launch products and also succeed in turning those into commercial successes, has us realizing we have to pace ourselves,” Hoge said.
The announcement was made ahead of a meeting being held by Moderna on Thursday to update investors on its research and development efforts. The company also said that it plans to break even by 2028, when it expects it will reach annual sales of $6 billion.
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