Moderna topped Wall Street sales expectations and reported a lower-than-expected second-quarter loss on Friday, driven by robust Spring COVID booster demand and aggressive cost cuts. However, its shares fell more than 4% in premarket trading after the company lowered its 2025 sales forecast to $1.

Moderna is reducing its global workforce by around 10% by the end of 2025 as demand for Covid-19 vaccines continues to weaken. The company, which had about 5,800 full-time employees across 18 countries as of 31 December 2024,

The Cambridge-based vaccine maker, which became a household name during the pandemic, is cutting its global workforce to under 5,000 employees.