Moderna will lay off 10% of employees, Massachusetts-based company announces
Moderna CEO Stéphane Bancel announced the layoffs in a letter to employees.
Bancel said the layoffs will bring the number of Moderna employees below 5,000 globally.
"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 said. "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."
The CEO said the company committed earlier in the year to reducing annual operating expenses by $1.5 billion by 2027.
Bancel said Moderna has already scaled down research and development, renogoatiated supplier agreements and reduced manufacturing costs.
"Every effort was made to avoid affecting jobs. 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," Bancel told employees.
Moderna is a pharmaceutical and biotechnology company based in Cambridge, Massachusetts.
During the COVID pandemic, Moderna was one of the companies that successfully developed a vaccine that was widely distributed.
Modern's vaccine received emergency use authorization, and the U.S. government purchased hundreds of millions of doses for distribution.
In May, Health and Human Services Secretary Robert F. Kennedy Jr. said that he would remove the Centers for Disease Control and Prevention's recommendation for children and healthy pregnant women to get vaccinated for COVID-19.
Also in May, Kennedy's HHS withdrew $766 million awarded to Moderna to develop a vaccine against potential pandemic flu viruses like the bird flu.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
12 minutes ago
- Yahoo
Citi raises gold forecast to $3,500/oz over next 3 months on negative US outlook
(Reuters) -Citi raised its gold price forecast over next three months to $3,500 per ounce on Monday from $3,300, and the expected trading range to $3,300–$3,600 from $3,100–$3,500, on the belief that near-term U.S. growth and inflation outlook has deteriorated. "U.S. growth and tariff-related inflation concerns are set to remain elevated during 2H'25, which alongside a weaker dollar, are set to drive gold moderately higher, to new all-time highs" the bank said. Last week, U.S. President Donald Trump imposed steep tariffs on exports from dozens of trading partners, including Canada, Brazil, India and Taiwan. The tariffs imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on CBS show "Face the Nation" aired on Sunday. Last week, the dollar weakened after nonfarm payrolls increasing by 73,000 jobs last month, after rising by a downwardly revised 14,000 in June, which revived hopes of a Fed rate cut in September, with markets now pricing in an 81% chance, per CME FedWatch tool Citi also highlights weaker U.S. labor data in second quarter of 2025, institutional credibility concerns have increased regarding the Federal Reserve and US statistics, and elevated geopolitical risks related to the Russia-Ukraine conflict. Gold, traditionally considered a safe-haven asset during political and economic uncertainties, tends to thrive in a low-interest-rate environment. Citi estimates gross gold demand has risen over one-third since mid-2022, nearly doubling prices by second quarter of 2025. The strength in gold demand was driven by strong investment demand, moderate central bank buying and resilient jewellery demand despite higher prices, the bank added. Spot gold was trading at $3,356.88/oz at 0340 GMT on Monday. [GOL/] Sign in to access your portfolio
Medscape
13 minutes ago
- Medscape
FDA Calls for Better Opioid Safety Labeling
The FDA is requiring manufacturers of opioid pain medications to update safety labels to better emphasize risks linked to their long-term use, the agency announced in a new Drug Safety Communication. The changes are based on observations from a May meeting between the Drug Safety and Risk Management Advisory Committee and the Anesthetic and Analgesic Drug Products Advisory Committee, which met to discuss two postmarketing requirement studies that assessed risk for abuse, addiction, and overdose in long-term use of opioid analgesics. One of the observational studies showed that over 12 months of use, 1%-6% of the more than 2000 total participants met criteria for opioid addiction, 9% met criteria for prescription opioid abuse, and 22% met criteria for prescription opioid misuse. In the second study, 5-year cumulative incidence estimates for opioid overdose-related death ranged from 1.5%-4.0%. In addition, 17% of first opioid overdoses over the entire 5-11 year study period were fatal. The new safety-labeling requirements are a result of these findings, committee and public comments from the meeting, and recognition that there is currently an 'absence of adequate and well-controlled studies on long-term opioid effectiveness,' the FDA noted in a press release. 'The death of almost 1 million Americans during the opioid epidemic has been one of the cardinal failures of the public health establishment,' FDA commissioner Marty Makary, MD, said in the release. 30-Day Warning The FDA has also called for a new prospective, randomized controlled trial to be conducted that will focus primarily on assessing risks and benefits of opioids used over the long term. For now, the updated labeling should include a better explanation of risks, stronger warnings about higher doses, clarification about use limits, an emphasis that long-acting or extended-release opioids should only be used if shorter-acting opioids or other medications have proven inadequate, and a reminder about serious harm that can come if a patient who becomes physically dependent does not stop opioid use. Additionally, the revised labels should provide information on possible opioid-related problems with the esophagus; on opioid overdose reversal agents; on toxic leukoencephalopathy, which can occur after overdose; and on negative drug-drug interactions, including gabapentinoids. 'This long-overdue labeling change is only part of what needs to be done — we also need to modernize our approval processes and postmarket monitoring,' Makary said. The release noted that OxyContin's drug application was first approved without supportive long-term use data. The FDA added that manufacturers have 30 days to submit the newly required labeling updates for review.
Fast Company
13 minutes ago
- Fast Company
These 8 highly rated tech companies have 300+ remote jobs to fill
Ditch the commute and embrace the pajama pants-powered productivity of remote work. Plenty of fantastic tech companies are not only offering remote positions but are also highly regarded by their employees. I've scoured the job boards and employee reviews to bring you eight that are actively hiring for hundreds of remote roles right now. Judging from their Glassdoor ratings, these outfits are borderline-beloved by the folks who work at them. If you're on the hunt for a flexible work setup at a company where people genuinely enjoy their jobs, this list is for you. Rula (Glassdoor Rating: 4.6) Rula is a behavioral health technology company on a mission to make high-quality mental healthcare accessible to everyone. It builds tools and services that empower therapists and streamline the process for individuals seeking support. Employees rave about Rula's mission-driven culture and commitment to employee well-being.
