Moderna announced layoffs Thursday affecting 10% of its workforce, or more than 500 employees, as part of an ongoing effort to reduce operating costs amid government and competitive challenges to its vaccine business.
Already this year, Moderna has pruned research, manufacturing, and other costs in an effort to reduce annual operating expenses by approximately $1.5 billion by 2027. Job cuts, unfortunately, were also necessary to meet the company’s restructuring goal, said Moderna CEO Stéphane Bancel, in a note sent to employees and shared with STAT.
“Every effort was made to avoid affecting jobs,” but cuts were necessary so that Moderna could align its “cost structure to the realities of our business,” Bancel wrote. “I know this is a difficult moment for the company. We all feel a range of emotions whenever we have to say goodbye to colleagues.”
