<p>Moderna said on Thursday it would trim roughly 10% 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.</p>.<p>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 $1.5 billion by 2027.</p>.<p>"We've made significant progress by scaling down RD as respiratory trials conclude, renegotiating supplier agreements, and reducing manufacturing costs," Bancel said in the memo.</p>.Infosys not planning mass layoffs: CEO Salil Parekh clears the air as TCS set to fire 12,000 employees.<p>Moderna had said earlier this year it expects operating costs to be between $4.7 billion and $5 billion for 2027.</p>.<p>Bancel also reiterated the Cambridge, Massachusetts-based company's target to have eight more approvals for its products in the next three years.</p>.<p>Moderna 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.</p>.<p>But investors have been concerned about the prospects of new shots and the changes in vaccine policy under US Health Secretary and vaccine skeptic Robert F Kennedy Jr.</p>.<p>Moderna had said in May it did not expect regulatory approval for its combination shot until 2026, since the US Food and Drug Administration asked for late-stage data showing the vaccine's efficacy against the flu.</p>.<p>The company had previously hoped to launch the vaccine for the autumn respiratory disease season in 2025 or 2026.</p>.<p>Its shares have been battered by mounting challenges and declining COVID revenue. They are down about 23% so far this year and were trading 2% lower in premarket hours.</p>.<p>Moderna's shares have lost more than 90% of their value since the pandemic-era highs.</p>
<p>Moderna said on Thursday it would trim roughly 10% 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.</p>.<p>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 $1.5 billion by 2027.</p>.<p>"We've made significant progress by scaling down RD as respiratory trials conclude, renegotiating supplier agreements, and reducing manufacturing costs," Bancel said in the memo.</p>.Infosys not planning mass layoffs: CEO Salil Parekh clears the air as TCS set to fire 12,000 employees.<p>Moderna had said earlier this year it expects operating costs to be between $4.7 billion and $5 billion for 2027.</p>.<p>Bancel also reiterated the Cambridge, Massachusetts-based company's target to have eight more approvals for its products in the next three years.</p>.<p>Moderna 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.</p>.<p>But investors have been concerned about the prospects of new shots and the changes in vaccine policy under US Health Secretary and vaccine skeptic Robert F Kennedy Jr.</p>.<p>Moderna had said in May it did not expect regulatory approval for its combination shot until 2026, since the US Food and Drug Administration asked for late-stage data showing the vaccine's efficacy against the flu.</p>.<p>The company had previously hoped to launch the vaccine for the autumn respiratory disease season in 2025 or 2026.</p>.<p>Its shares have been battered by mounting challenges and declining COVID revenue. They are down about 23% so far this year and were trading 2% lower in premarket hours.</p>.<p>Moderna's shares have lost more than 90% of their value since the pandemic-era highs.</p>