Moderna announced plans to reduce its global workforce by approximately 10%, representing over 800 employees, as part of a broader effort to cut $1.5 billion in annual operating expenses by 2027. Despite previous intentions to avoid layoffs, the company cited the need to align its cost structure with evolving business realities. CEO Stéphane Bancel acknowledged the difficulty of the decision but emphasized ongoing investments in science. The move follows a downturn in COVID-19 vaccine sales and challenges from stricter FDA approval processes.