Shares of the biotechnology company Moderna Inc. dropped over 9% on Friday after the company announced it would lay off about 10% of its workforce and provided a weaker revenue forecast for the remainder of the year.
Stephane Bancel, the CEO of Moderna, stated in a memo to employees that the company will retain fewer than 5,000 employees by the end of the year. For 2025, the company's revenue forecast was reduced to $1.5 to $2.2 billion, "reflecting a $300 million reduction at the high end, primarily driven by timing of deliveries for contracted revenue into the first quarter of 2026."
The firm's stock plunged 9.51%, going for $26,75 apiece at 10:49 am ET.
