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

Moderna CEO Stephane Bancel said in a memo to employees that the company expects to reduce its workforce to fewer than 5,000 employees by the end of 2025. said by the end of the year, it's expecting fewer than 5,000 employees, according to a press release.

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.