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,

The Cambridge-based vaccine maker, which became a household name during the pandemic, is cutting its global workforce to under 5,000 employees.

Biotech giant Moderna announced it will lay off 10% of its workforce in a move CEO Stéphane Bancel called “a difficult decision but necessary step forward,” in an internal memo sent to employees today.

The layoffs are part of an ongoing effort to reduce operating costs amid government and competitive challenges to its vaccine business.

Moderna Inc. shares declined as the company’s cost-cutting efforts failed to assuage investors who are worried about the decline of its COVID vaccine business.