A Difficult but Necessary Step Forward
The following note from Stéphane Bancel was shared with all Moderna employees on July 31, 2025.
Dear Team,
Today, I am sharing a difficult decision but necessary step forward: We are reducing the size of our workforce by approximately 10% globally. By the end of the year, we expect to be fewer than 5,000 colleagues strong.
This decision was not made lightly. It impacts teammates and friends who have dedicated themselves to our mission and who have helped build Moderna. I want to express, on behalf of the entire Executive Committee and on behalf of patients you have served, our deepest thanks for everything you have contributed.
Earlier this year, we committed to reducing our annual operating expenses by approximately $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. Every effort was made to avoid affecting jobs. But today, reshaping our operating structure and aligning our cost structure to the realities of our business are essential to remain focused and financially disciplined, while continuing to invest in our science on the path to 2027.
I know this is a difficult moment for the company. We all feel a range of emotions whenever we have to say goodbye to colleagues.
For those leaving Moderna: We are so grateful for your contributions. You helped shape our culture and advance our mission. You will always be part of our story, and we are here to support you through this transition.
Our mission remains unchanged. With three approved products and the potential for up to eight more approvals in the next three years, the future of Moderna is bright. We are sharpening our focus, becoming leaner, and staying ambitious in oncology, rare diseases and latent viruses.
We will talk more about this at tomorrow’s Town Hall. Please bring your questions.
Thank you for everything you do for patients, for science and for each other.
With gratitude,
Stephane
Forward-Looking Statements
This post contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: Moderna’s anticipated headcount; plans to reduce operating expenses; and potential future product approvals. In some cases, forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “could,” “expects,” “intends,” “plans,” “aims,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this post are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna’s control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading “Risk Factors” in Moderna’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (SEC), and in subsequent filings made by Moderna with the SEC, which are available on the SEC’s website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this post in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna’s current expectations and speak only as of the date of this post.