CAMBRIDGE, Mass. — Massachusetts-based Moderna announced Thursday that it plans to slash the size of its global workforce by about 10% in the coming months as COVID vaccine sales continue to decline.
In a memo that was shared companywide, Moderna CEO Stephane Bancel said the company expects “to be fewer than 5,000 colleagues strong” by the end of 2025.
“This decision was not made lightly. It impacts teammates and friends who have dedicated themselves to our mission and who have helped build Moderna,” Bancel wrote. “I want to express, on behalf of the entire Executive Committee and on behalf of patients you have served, our deepest thanks for everything you have contributed.”
Bancel noted in the memo that Moderna committed earlier this year to reducing its annual operating expenses by roughly $1.5 billion by 2027.
"Reshaping our operating structure and aligning our cost structure to the realities of our business are essential to remain focused and financially disciplined," 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.”
Moderna plans to provide another update to employees at a town hall event on Friday.
Moderna’s global headquarters are located in Cambridge.
This is a developing story. Check back for updates as more information becomes available.
Download the FREE Boston 25 News app for breaking news alerts.
Follow Boston 25 News on Facebook and Twitter. | Watch Boston 25 News NOW
©2025 Cox Media Group
/cloudfront-us-east-1.images.arcpublishing.com/cmg/7QOJU3BNCJERBNKJC5LWTBYFLU.png)
