Moderna fires 10% of its workforce in major cost-cutting moves
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Biotech Company Moderna said Thursday it plans to cut 10% of the global workforce and expects it to have fewer than 5,000 employees by the end of the year.
The move is part of the company’s ongoing efforts to reduce annual operating expenses by approximately $1.5 billion by 2027, Moderna CEO Stéphane Bancel said Thursday. Internal letter To employees.
Moderna relies on new mRNA vaccines that include experimental Covid-FLU combination shots, offsetting declines in Covid-19 vaccine sales, Respiratory syncytial virus vaccinereported by Reuters.
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A company based in Cambridge, Massachusetts They are making efforts to avoid job cuts, including reducing research and development, reducing manufacturing costs and renegotiating supplier contracts, Bancel said.
Stéphane Bancel, CEO of Moderna Inc., during a panel session at the World Economic Forum in Davos, Switzerland, January 23, 2025. (Stefan Wermuth/Bloomberg via Getty Images)
“This decision was not made lightly,” he said. “It will impact our teammates and friends who have dedicated themselves to our mission and helped build Moderna. I would like to thank you on behalf of the entire Executive Committee, on behalf of the patients you serve, for all you have contributed.”
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Early this year, company According to Reuters, annual operating expenses for 2027 are estimated to be between $4.7 billion and $5 billion.
Syringe in front of Moderna logo illustrated from November 27th, 2021. (Reuters/Dad Luvik/Illustration/File Photo/Reuters)
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The company’s shares have fallen by more than 90%. COVID-19 Pandemicaccording to Reuters.
Employees show the Moderna Covid 19 vaccine at Long Island Judea Valley Stream Hospital in Northwell Health, New York, December 21, 2020. (Reuters/Reuters Photos)
In the letter, Bancel pointed out that Moderna has three approved products, and that it will be able to obtain eight more product approvals over the next three years. He also said he would offer employee Details of the layoffs at the Saturday company meeting.
“We’re sharpening our focus and continuing to be ambitious about tumors, rare diseases and potential viruses,” Vansel said.
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Modanya did not immediately respond to a request for Fox Business’s comment.