Modern ink headquarters at Cambridge, Massachusetts on 26 March 2024.
Adam Glenzmann | Bloomberg | Getty images
Moderna On Thursday, it said that it is planning to slash about 10% of its global workforce by the end of the year, as covid shot as sales Continue to reduce And the company struggles uncertainly in the vaccine market.
In A memorandum For employees, Modern CEO Stephen Bansal said the company expected that there will be less than 5,000 workers by the end of the year. According to modern, there were about 5,800 full -time employees in 18 countries. 31 December, 2024, according to this 2024 annual report,
Modern shares have declined by more than 20% this year. In May, the company reported the sale of vaccine in the first quarter that missed the estimates of Wall Street. Modern is also navigating Policy hurdles Health and Human Services Secretary Robert F. Under the Kennedy Junior, who have taken steps to change the vaccine guidelines and have endangering access to shots in the US
Also in May, Modern said it would reduce the annual operational expenditure by about $ 1.5 billion by 2027. The company cuts the goal that the company Was declared earlier,
When it posts quarterly results on Friday morning, Modern will provide another update on its business.
In memo, Bankel stated that Modern has made significant progress towards cuts by reducing research and development, especially when it ends tests on respiratory products, suppliers re -combine agreements and reduce manufacturing costs.
“Every attempt was made to avoid impressing the jobs,” he said. “But today, it is necessary to re -shape our operating structure and to align our cost structure to the realities of our business, which is necessary to remain focused and economically disciplined while continuing to invest in our science until 2027.”
He said that “the future of modern is bright,” given that it now has three approved products and more than eight is likely in the next three years. In May, Food and Drug Administration allowed Third product of Modern, the next generation of covid shot.
But Bankel said “This decision was not made lightly.”
“It impresses the teammates and friends of the team who have dedicated themselves to our mission and who have helped modernize,” he said. “I would like to express our deepest thanks for the entire Executive Committee and on the patients you serve you have contributed.”
