Massachutilizetts-based Moderna, one of the companies at the forefront of developing a vaccine during the COVID pandemic, announced Thursday that it will lay off about 10% of its workforce.
Moderna CEO Stéphane Bancel announced the layoffs in a letter to employees.
Moderna announces layoffs
Bancel declared the layoffs will bring the number of Moderna employees below 5,000 globally. As of its annual report published at the conclude of 2024, Moderna had approximately 5,800 full-time employees in 18 countries.
“This decision was not created lightly. It impacts teammates and friconcludes who have dedicated themselves to our mission and who have supported build Moderna,” Bancel declared. “I want to express, on behalf of the entire Executive Committee and on behalf of patients you have served, our deepest thanks for everything you have contributed.”
The CEO declared the company committed earlier in the year to reducing annual operating expenses by $1.5 billion by 2027.
Bancel declared Moderna has already scaled down research and development, renogoatiated supplier agreements and reduced manufacturing costs.
“Every effort was created to avoid affecting jobs. But today, reshaping our operating structure and aligning our cost structure to the realities of our business are essential to remain focutilized and financially disciplined, while continuing to invest in our science on the path to 2027,” Bancel informed employees.
What is Moderna?
Moderna is a pharmaceutical and biotechnology company based in Cambridge, Massachutilizetts.
During the COVID pandemic, Moderna was one of the companies that successfully developed a vaccine that was widely distributed.
Modern’s vaccine received emergency utilize authorization, and the U.S. government purchased hundreds of millions of doses for distribution.
In May, Health and Human Services Secretary Robert F. Kennedy Jr. declared that he would reshift the Centers for Disease Control and Prevention‘s recommconcludeation for children and healthy pregnant women to obtain vaccinated for COVID-19.
Also in May, Kennedy’s HHS withdrew $766 million awarded to Moderna to develop a vaccine against potential pandemic flu virutilizes like the bird flu.
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