Moderna announced on Thursday that the company plans to cut spending by about $1.1 billion by 2027 and seek approvals for several new products as it seeks to forge a path forward after the rapid decline of its Covid business.

The biotechnology company says it expects to have ten new products approved by 2027. However, Moderna announced that it would pause work on some products in its pipeline and abandon others in order to “maintain the necessary pace” of spending on new research and development.

The company intends to reduce its research and development spending from an expected $4.8 billion at year-end to $3.6 billion to $3.8 billion in 2027, according to a press release.

“You’re going to see things taper off because there are some trials that we’re basically shutting down and not going to start again,” Moderna CEO Stephane Bancel told CNBC, adding that the company is putting its latent product portfolio “on hold,” a category of viruses that linger in patients’ bodies for extended periods of time without causing symptoms but can reactivate later in life and cause serious health complications.

Still, Moderna shares fell more than 17% on Thursday.

Mani Foroohar, an analyst at Leerink Partners, wrote in an email Thursday that the company’s updates “eradicate key elements of the optimistic outlook” for the stock and “reflect a deteriorating financial position.”

“The research and development cuts are too far in the future to be credible from a management team that, in our view, has repeatedly demonstrated its inability to predict the trajectory of its business,” Foroohar said.

In a research note Thursday, Jefferies analyst Michael Yee said the bulk of the cost savings will not be achieved until 2027, which “now delays profitability until 2028.”

Also on Thursday, Moderna announced positive late-stage testing results for its respiratory syncytial virus vaccine in high-risk patients. Adults aged 18 to 59, with an application for approval for this age group expected this year. Positive data was also announced on an experimental stand-alone flu vaccine for adults aged 65 and over.

The company announced the news on Thursday at its annual Research and Development Day investor event in New York, which will cover its product pipeline and long-term business updates. This comes about four months after U.S. regulators approved Moderna’s RSV vaccine for seniors, its second commercially available product after the Covid vaccine.

The company said it now has five respiratory vaccines with positive phase three results and expects to submit three of those vaccines for approval later this year. These include Moderna’s combination Covid and flu vaccine, for which the company plans to seek approval in the US this year, and a new and more effective version of its Covid vaccine.

Moderna also has five non-respiratory products to treat cancer, latent viruses and rare diseases that could be approved by 2027, the company’s press release said.

The company expects sales of $2.5 billion to $3.5 billion in 2025. From 2026 to 2028, Moderna expects a compound annual growth rate of over 25% as new products are launched.

Bancel said the company’s success rate in developing drugs from phase one to phase three is “six times higher” than the rest of the biotech and pharmaceutical industries.

“This is truly a remarkable achievement that the team has accomplished. We now have many effective drugs, which is why we have to be cautious in our investments in research and development,” he told CNBC.

Moderna presented new data on its RSV vaccine mRESVIA, which is approved in the United States and European Union for adults ages 60 and older.

The company said the vaccine met all key efficacy goals in an ongoing Phase 3 trial in adults ages 18 to 59 who are at increased risk of becoming severely ill from the virus. No safety concerns were observed, Moderna added.

There are currently no approved RSV vaccines worldwide for younger, vulnerable adults, such as those with weakened immune systems or chronic diseases such as asthma and diabetes. Moderna’s main competitors in the RSV field, Pfizer And GSKare also seeking expanded approval for this age group.

Bancel said the company plans to use a “priority review voucher” when applying for approval for people ages 18 to 59, which would shorten the time it takes the Food and Drug Administration to review the product from 10 months to six. Moderna hopes the agency will clear mRESVIA for that age group in time for the 2025 RSV season.

“Millions of people could benefit from this. … We are also doing this to be competitive in the market because as a large pharmacy you want the product to be available to all customers who come to one of the pharmacies,” Bancel said.

However, due to “new clinical data,” the company is also stopping development of its RSV vaccine for infants under two years of age.

Moderna said its experimental stand-alone flu vaccine, mRNA-1010, produced a stronger immune response against the virus than an existing flu shot in a recent Phase 3 trial. The shot also demonstrated “consistently acceptable safety and tolerability” in three late-stage studies, the company added.

Moderna has since announced that it plans to move its vaccine against norovirus, a highly contagious gastrointestinal virus that causes vomiting and diarrhea, into a Phase 3 trial “shortly.” Bancel expects the company could complete the trial within a year and, if the results are positive, apply for approval immediately thereafter.

“The product could be on the market in two years, which is great because today there are no treatments for norovirus,” he said. “Many healthcare workers are infected by their patients.”

Moderna is also working with Merck to develop a personalized cancer vaccine that will be studied in combination with Keytruda in patients with different forms of the disease.

The companies are testing the vaccine in a Phase 3 trial in patients with fatal skin cancer and are discussing approval with regulators based on data from a mid-stage vaccine trial.

However, Moderna said the FDA “did not support” what is known as accelerated approval of the vaccine based on the available data, a type of accelerated approval that allows the FDA to approve drugs more quickly if they address an unmet medical need for serious diseases.

Bancel said: “We will continue to have discussions with regulators” and “we are also generating more data.”

— CNBC’s Angelica Peebles contributed to this report.