
Moderna plans to lay off 10% of workforce to cut costs
Moderna said on Thursday it would trim roughly 10 per cent of its global workforce and have fewer than 5,000 employees by the end of the year, as the biotech accelerates its cost-cutting efforts amid declining sales of COVID-19 vaccines.
The move, announced in an internal memo by CEO Stephane Bancel, is part of the company's previous plan to cut operating expenses by about US$1.5 billion by 2027.
'We've made significant progress by scaling down R&D as respiratory trials conclude, renegotiating supplier agreements, and reducing manufacturing costs,' Bancel said in the memo.
Moderna had said earlier this year it expects operating costs to be between US$4.7 billion and US$5 billion for 2027.
The Cambridge, Massachusetts-based biotech has been banking on revenue from newer mRNA shots, including its experimental COVID-flu combination vaccine, to make up for falling sales of its COVID-19 shot and less-than-expected uptake of its respiratory syncytial virus vaccine.
But investor concerns about the prospects of new shots and the changes in vaccine policy under U.S. Health Secretary and vaccine skeptic Robert F. Kennedy Jr. have led to a more than 20 per cent decline in Moderna's shares this year.
The stock, which has lost more than 90 per cent of its value since the pandemic-era highs, was trading about four per cent down on Thursday.
Moderna had said in May it did not expect regulatory approval for its combination shot until 2026, since the U.S. Food and Drug Administration asked for late-stage data showing the vaccine's efficacy against the flu.
The company had previously hoped to launch the vaccine for the autumn respiratory disease season in 2025 or 2026.
Bancel in the memo reiterated the company's target to have eight more approvals for its products in the next three years.
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Reporting by Bhanvi Satija in Bengaluru; Editing by Shilpi Majumdar
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Globe and Mail
an hour ago
- Globe and Mail
Bitget Hosts Crypto Experience Month 2025 Targeting Gen-Zs Across Europe, Asia and Middle East
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Across pop-up activations set to roll out globally this August, Bitget is inviting young people to try crypto for themselves, not on charts, but in checkout lines, in metaverse arcades, and through everyday interactions. From university campuses to creative hubs, attendees will explore zones where they can mint NFTs, experiment with stablecoin lending, trade tokenized stocks in real-time simulations, and test drive PayFi's QR-based retail transactions. They'll receive digital badges, load up a Bitget Wallet Mastercard, and even stake assets in DeFi setups guided by in-person educators. The format is designed to merge experience with understanding, where every station is part demo, part discovery. The shift from education to interaction marks a new chapter for the campaign. Launched in 2023 with Crypto Experience Day, the campaign expanded to an entire month in 2024, reaching over 15,000 participants across 12 countries. This year's edition pushes further, prioritizing physical presence and hands-on engagement to help bridge the growing gap between Web2 curiosity and Web3 confidence. Vugar Usi Zade, Bitget's Chief Operating Officer and the executive sponsor of Blockchain4Youth, believes that relevance comes from application. 'You can't build belief in the future of crypto through theory alone. You need to let people feel it, use it, question it,' he said. 'Crypto Experience Month is about making the technology real and giving young people a reason to care about where it's going.' Bitget Wallet will serve as the official campaign partner, integrating its latest features, including PayFi, and on-chain tools into the experience zones. Jamie Elkaleh, Chief Marketing Officer at Bitget Wallet, added, 'The onboarding is just the start. It's also about showing how crypto can empower everyday actions, from payments to creativity. We're excited to bring that vision to life on the ground.' 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The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.


Globe and Mail
2 hours ago
- Globe and Mail
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Globe and Mail
3 hours ago
- Globe and Mail
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