Moderna to Cut 10% of Global Workforce

Moderna is reducing its workforce by approximately 10% globally, or 5,000 employees, by the end of the year.

Earlier this year, the company announced plans to reduce its annual operating expenses by approximately $1.5 billion by 2027. The company has been scaling down R&D as respiratory trials conclude, renegotiating supplier agreements, and reducing manufacturing costs. 

CEO Stephane Bancel, said, “Today, reshaping our operating structure and aligning our cost structure to the realities of our business are essential to remain focused and financially disciplined, while continuing to invest in our science on the path to 2027.”

Moderna has had lower than expected uptake of its respiratory syncytial virus vaccine, newer mRNA vaccines, including its experimental COVID-flu combination vaccine.

The European commission recently approved an updated COVID-19 vaccine targeting SARS-CoV-2 Variant LP.8.1.