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Biotech company Moderna said on Thursday that it is planning to reduce 10% of its global workforce and expect to have fewer than 5,000 employees towards the end of the year.
The move is part of the continuous efforts of the company to reduce its annual operating costs by around $ 1.5 billion by 2027, said Moderna CEO Stéphane Bancel on Thursday in a internal letter To employees.
Modernna relies on his new MRNA vaccines, including the experimental combination of COVID-FLU combination, to compensate for the falling sale of its COVID-19 vaccine and respiratory syncytial virus vaccine, Reuters reported.
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The company, based in Cambridge, Massachusetts, has made efforts to prevent job losses, including reducing research and development, reducing production costs and re -negotiating 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 / Getty images)
“This decision was not taken lightly,” he said. “It has an impact on teammates and friends who have spent on our mission and who helped build moderna. I want to express our deepest thank you on behalf of the entire Executive Committee and on behalf of patients you have served.”
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Earlier this year, the company estimated its annual operating costs for 2027 between $ 4.7 billion and $ 5 billion, according to Reuters.
Spraying for a Moderna logo in an illustration of November 27, 2021. (Reuters/Dado Ruvic/Illustration/File photo/Reuters)
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According to Reuters, the shares of the company have fallen more than 90% compared to what it was during the COVID-19 Pandemie.
An employee shows the Moderna Covid-19-vaccine in Long Island Jewish Valley Stream Hospital in Northwell Health in New York, December 21, 2020. (Reuters / Reuters -photos)
In the letter, Bancel noted that Moderna has three approved products and could have no fewer than eight product goods inspections in the coming three years. He also said that he would give employees more details about the dismissal during a company meeting on Saturday.
“We sharpen our focus, become slimmer and remain ambitious in oncology, rare diseases and latent viruses,” said Bancel.
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