Pharmaceutical and biotechnology company Moderna has announced it will lay off approximately 10% of its workforce, bringing the global employee count below 5,000. The move is part of the company’s efforts to reduce annual operating expenses by $1.5 billion by 2027.
According to CEO Stéphane Bancel, the layoffs were not made lightly and will impact hundreds of employees who have dedicated themselves to Moderna’s mission. However, Bancel emphasized that the decision is essential for the company to remain financially disciplined while continuing to invest in its science.
Moderna has already taken steps to scale down research and development, renegotiate supplier agreements, and reduce manufacturing costs. The company successfully developed a COVID-19 vaccine during the pandemic, with hundreds of millions of doses distributed through the US government. However, it is worth noting that Moderna’s efforts have faced controversy in recent months, including the withdrawal of $766 million awarded to develop a vaccine against potential pandemic flu viruses.
Source: https://www.cbsnews.com/boston/news/moderna-layoffs-covid-vaccine