Novavax to cut 12% of its global workforce
VACCINE maker Novavax said on Wednesday (Jan 31) it will reduce its total global workforce by about 12 per cent as part of its ongoing efforts to reduce costs.
The company said the job cuts would impact both full-time employees and contractors.
Once completed, Novavax’s workforce would be about 30 per cent lower compared with its workforce at the end of the first quarter of 2023.
The vaccine maker had 1,992 full-time employees as of Feb 21, 2023, according to the latest annual regulatory filing.
Novavax said the decision is part of its intention to bring down its expenses below US$750 million this year, which the vaccine maker had disclosed during its third-quarter earnings call in November.
The Maryland-based biotech has been banking on cost cuts and commercial sales of its updated Covid shot to help it stay afloat.
Novavax had reiterated its “going concern warning” in November. REUTERS
Share with us your feedback on BT's products and services
