Moderna on Thursday said it plans to slash roughly 10% of its global workforce by the end of the year, as Covid shot sales continue to dwindle and the company grapples with uncertainty in the vaccine market. In a memo to employees, Moderna CEO Stephane Bancel said the company expects to have fewer than 5,000 workers by the end of the year. Moderna had approximately 5,800 full-time employees in 18 countries as of Dec. 31, 2024, according to its 2024 annual report. Shares of Moderna have dropped more than 20% this year. In May, the company reported first-quarter vaccine sales that missed Wall Street’s estimates. Moderna is also navigating policy hurdles under Health and Human Services Secretary Robert F. Kennedy Jr., who has taken steps to change vaccine guidelines and potentially threaten access to shots in the U.S. Also in May, Moderna said it will reduce annual operating expenses by about $1.5 billion by 2027. That target adds to cuts that the company previously announced. Moderna will provide another update on its business when it posts quarterly results Friday morning. In the memo, Bancel said Moderna has made significant progress toward cuts by scaling down research and development, especially as it concludes trials on respiratory products, renegotiates supplier agreements and reduces manufacturing costs.

Full report : Moderna said it plans to slash roughly 10% of its global workforce by the end of the year, as Covid shot sales continue to dwindle and the company grapples with uncertainty in the vaccine market.