Moderna Cutting 10% of Workforce Amid Revenue Woes

Moderna will lay off approximately 10% of its global workforce, equating to over 500 employees, aiming to reduce operating expenses by $1.5 billion by 2027. The company expects to have fewer than 5,000 employees by the end of the year, down from 5,800 at the end of 2024. These layoffs come amid declining demand for Moderna's Covid-19 vaccine, challenges launching its RSV vaccine, and regulatory delays for experimental combination vaccines. CEO Stéphane Bancel called the decision necessary to align with current business realities after previous cuts in research, development, and manufacturing. Moderna’s stock has dropped over 90% from its pandemic-era highs. The company is struggling with increased competition, regulatory hurdles, and changing public sentiment in the vaccine market.