Moderna Accelerates Layoffs Amid Mounting Financial Pressures

Moderna plans to cut about 10% of its global workforce, reducing staff to fewer than 5,000 employees by the end of 2024, as it seeks to achieve $1.5 billion in annual operating expense savings by 2027 amid falling COVID-19 vaccine sales. CEO Stéphane Bancel stated that previous cost-cutting efforts in R&D, manufacturing, and supplier contracts were not enough to avoid layoffs. The company is also dealing with a sharp stock decline and mounting financial losses in recent quarters. Additional pressures include shifting U.S. vaccine policies and government funding cuts. Despite these challenges, Bancel remains optimistic, outlining plans to potentially launch up to eight new products within three years. Further company updates are expected in the upcoming earnings report.