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Investing.com -- Moderna (NASDAQ:MRNA) is reducing its global workforce by approximately 10%, according to a letter sent to employees by CEO Stephane Bancel.
"By the end of the year, we expect to be fewer than 5,000 colleagues strong," Bancel wrote in the letter.
The pharmaceutical company has been working to lower its annual operating expenses by about $1.5 billion by 2027. Moderna has already made progress toward this goal by scaling down research and development activities, renegotiating supplier agreements, and cutting manufacturing costs.
Bancel emphasized in his message to staff that "every effort was made to avoid affecting jobs" before proceeding with the workforce reduction.
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