Moderna has announced a major organizational restructuring that will reduce its global workforce by approximately 10%, leaving the company with fewer than 5,000 employees by year-end. The move comes as the company faces declining COVID-19 vaccine sales and adjusts its financial outlook for 2025.
The announcement was made alongside second-quarter 2025 earnings on August 1, revealing total revenue of $142 million, down 41% from $241 million in the same quarter of 2024. Moderna posted a net loss of $800 million, a modest improvement from the $1.3 billion loss recorded last year.
The revenue drop was largely due to reduced demand for COVID-19 vaccines, which brought in $114 million this quarter. Moderna expects most vaccine sales to occur in the second half of 2025, as the product transitions into a seasonal respiratory vaccine aligned with fall and winter demand.
“We are updating our 2025 financial framework, reducing the high end of this year’s expected revenue range by $300 million due to the timing of shipments,” said Stéphane Bancel, CEO of Moderna. “Looking forward, we have important catalysts across our infectious disease and oncology programs that will help us deliver on the promise of our mRNA platform for patients.”
Cost Cuts and Pipeline Focus
The restructuring is part of a broader effort to reduce annual operating expenses by around $400 million. Research and development spending fell 43% year-over-year to $700 million in the second quarter, driven by lower clinical trial and manufacturing costs as certain programs wind down and trial activity slows.
Cost of sales for the quarter totaled $119 million, including $38 million in inventory write-downs and $52 million in unutilized manufacturing and wind-down costs.
Revised 2025 Outlook
Moderna now projects full-year 2025 revenue between $1.5 billion and $2.2 billion, down from earlier forecasts. The reduction reflects a $300 million delay in contracted revenue from the UK, now expected in early 2026.
Despite the near-term challenges, Moderna is banking on newly approved products and pipeline advancements—including positive Phase 3 flu vaccine results—to diversify revenue streams beyond COVID-19.
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Author: Sean Probber
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