Moderna reported a sharp drop in vaccine sales and signaled further cost discipline to stabilize finances, saying it expects to break even by 2028 through spending controls and pipeline prioritization. The company’s Q3 vaccine revenue fell nearly 50% year‑over‑year, driven by lower COVID‑19 and RSV uptake, prompting guidance narrowing and a strategic pivot toward R&D efficiency. Management emphasized pipeline development while warning stakeholders about persistent demand headwinds in commercial vaccine markets. Investors and partners will watch how Moderna balances near‑term revenue pressure with long‑term platform investments in mRNA therapeutics.