Overview

• Moderna will cut roughly 10% of its global staff by year-end, reducing headcount from about 5,800 to under 5,000 employees.
• The company aims to eliminate $1.5 billion in annual operating expenses by 2027 through scaled-back R&D, supplier renegotiations and manufacturing efficiencies.
• These moves respond to a sharp decline in COVID-19 shot sales and regulatory shifts under HHS Secretary Robert F. Kennedy Jr. that could curb vaccine access.
• In May, the FDA approved Moderna’s third product—a next-generation COVID-19 vaccine—as part of its push to diversify revenue beyond its core pandemic shot.
• Moderna’s shares have fallen more than 20% this year, and the firm has pushed its breakeven timeline back to 2028 amid ongoing market uncertainty.