Moderna, a Cambridge, Massachusetts-based vaccine manufacturer and specialist in mRNA technology-based products, has announced an organizational restructuring that will reduce its global workforce by approximately 10%. The company anticipates a total headcount of under 5,000 by year-end 2025. The company made the announcement as part of its second-quarter 2025 earnings announcement reported earlier this month (August 1, 2025).  

The company reported total revenue for the second quarter of 2025 of $142 million, a 41% decrease from $241 million in the same period in 2024, and a net loss or $800 million, compared to a $1.3-billion net loss in the second quarter of 2024. The revenue decline was primarily driven by lower COVID vaccine sales, which totaled $114 million in the second quarter of this year (2025). The company says demand is expected to be concentrated in the second half of the year (2025), aligning with the fall and winter seasons as the vaccine continues to transition into a seasonal respiratory product. 

“In the last three months, we advanced our pipeline with positive Phase 3 flu vaccine efficacy data and expanded our commercial portfolio with three new US FDA approvals to drive future sales growth,” said Stéphane Bancel, Chief Executive Officer of Moderna, in an August 1, 2025, statement. “Today, 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. We continue to operate with financial discipline and are improving expected annual operating expenses in 2025 by approximately $400 million. Looking forward, we have important catalysts over the next six months across our infectious disease and oncology programs that will help us deliver on the promise of our mRNA platform for patients.” 

On the cost side, Moderna’s research and development expenses for the second quarter of 2025 were $700 million, a 43% decrease compared to the same period in 2024. The reduction was primarily driven by lower clinical trial and manufacturing expenses, reflecting reduced production spending, program wind-downs, and the timing of trial activities across the company’s respiratory vaccine portfolio. 

Cost of sales for the second quarter of 2025 was $119 million, which included third-party royalties of $6 million, inventory write-downs of $38 million, and unutilized manufacturing capacity and wind-down costs of $52 million.

The company updated its 2025 projected full-year revenue range to $1.5 billion to $2.2 billion, reflecting a $300-million reduction at the high end of the range. This is primarily driven by the timing shift of deliveries of contracted revenue for the UK into the first quarter of 2026, according to the company.  

Source: Moderna