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Moderna to lay off 10% of its workforce
Moderna, the company behind one of the major COVID-19 vaccines, is letting go of about 10% of its global staff by the end of this year.
CEO Stephane Bancel says this tough call is all about streamlining and saving money after a big dip in vaccine demand.
The team will shrink to under 5,000 people.
Moderna aims to save $1.7 billion by 2027
This move is part of Moderna's goal to cut costs by up to $1.7 billion by 2027.
They're planning to scale back research after current trials wrap up, renegotiate with suppliers, and lower manufacturing expenses.
Even with these changes, Moderna still wants to launch eight new products by 2027—so they're not just sticking with COVID-19 shots.