In a memo to employees, Moderna CEO Stephane Bancel said the company expects to have fewer than 5,000 workers by the end of the year.

Moderna Inc. is cutting about 10% of its workforce, part of an effort by the struggling biotech company to reduce spending as sales of its Covid vaccine decline.

Moderna is reducing its global workforce by around 10% by the end of 2025 as demand for Covid-19 vaccines continues to weaken. The company, which had about 5,800 full-time employees across 18 countries as of 31 December 2024,