July 31 (UPI) -- Moderna said Thursday it plans to reduce the size of its workforce by 10% globally.
Moderna CEO Stephane Bancel said in a memo to employees that the company expects to reduce its workforce to fewer than 5,000 employees by the end of 2025. said by the end of the year, it's expecting fewer than 5,000 employees, according to a press release.
"This decision was not made lightly. It impacts teammates and friends who have dedicated themselves to our mission and who have helped build Moderna. 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 company stated in a release.
The company is committed to reducing its operating expenses by approximately $1.5 billion by 2027.
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