Modernas Plans to Slash Roughly 10% of Its Global Workforce by End of Year
Moderna, the vaccine manufacturer, announced plans to cut around 10% of its global workforce by the end of the year due to dwindling Covid-19 sales and uncertainty in the vaccine market.
According to a memo from CEO Stephane Bancel, the company expects to have fewer than 5,000 workers by the end of the year. The move is part of Modernas efforts to reduce costs, with the goal of slashing annual operating expenses by $1.5 billion by 2027.
Shares of Moderna have dropped over 20% this year, following a disappointing first-quarter vaccine sales report in May. The company’s vaccine market is facing policy hurdles under Health and Human Services Secretary Robert F. Kennedy Jr., which could impact access to vaccines in the US.
Moderna has been scaling down its research and development efforts, renegotiating supplier agreements, and reducing manufacturing costs as part of its restructuring plan. CEO Bancel emphasized that every effort was made to avoid job losses but said the move is necessary for the company’s financial discipline and continued investment in its science.
Despite the challenges, Moderna remains optimistic about its future prospects, with three approved products and potential for up to eight more vaccines in the next three years.
Source: https://www.cnbc.com/2025/07/31/moderna-to-slash-10percent-of-workforce-amid-covid-vaccine-sales.html