Massachusetts-based vaccine maker Moderna on Thursday announced plans to cut its workforce by approximately 10%. Moderna CEO Stéphane Bancel notified employees of the decision. His memo explained that the company is committed to cutting operating expenses by approximately $1.5 billion by 2027. Bancel said efforts to trim research and development, renegotiate supplier agreements and cut manufacturing costs were insufficient to reach the goal.”Every effort was made to avoid affecting jobs,” Bancel wrote. “But today, reshaping our operating structure and aligning our cost structure to the realities of our business are essential to remain focused and financially disciplined, while continuing to invest in our science on the path to 2027.”According to the memo, the layoffs will bring the company’s global workforce under 5,000 employees. “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,” Bancel wrote. “For those leaving Moderna: We are so grateful for your contributions. You helped shape our culture and advance our mission. You will always be part of our story, and we are here to support you through this transition.”Moderna is headquartered in Cambridge and has a major facility in Norwood. The company became a household name because of its development of an mRNA vaccine during the COVID-19 pandemic. Company leaders are planning to gather the workforce for a town hall on Friday.
Massachusetts-based vaccine maker Moderna on Thursday announced plans to cut its workforce by approximately 10%.
Moderna CEO Stéphane Bancel notified employees of the decision. His memo explained that the company is committed to cutting operating expenses by approximately $1.5 billion by 2027.
Bancel said efforts to trim research and development, renegotiate supplier agreements and cut manufacturing costs were insufficient to reach the goal.
“Every effort was made to avoid affecting jobs,” Bancel wrote. “But today, reshaping our operating structure and aligning our cost structure to the realities of our business are essential to remain focused and financially disciplined, while continuing to invest in our science on the path to 2027.”
According to the memo, the layoffs will bring the company’s global workforce under 5,000 employees.
“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,” Bancel wrote. “For those leaving Moderna: We are so grateful for your contributions. You helped shape our culture and advance our mission. You will always be part of our story, and we are here to support you through this transition.”
Moderna is headquartered in Cambridge and has a major facility in Norwood. The company became a household name because of its development of an mRNA vaccine during the COVID-19 pandemic.
Company leaders are planning to gather the workforce for a town hall on Friday.
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