Novavax to cut 12% of its global workforce – PharmaLive

Novavax to cut 12% of its global workforce

The company said the job cuts would impact both full-time employees and contractors.

Once completed, Novavaxs workforce would be about 30% lower compared to 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 $750 million this year, which the vaccine maker had disclosed during its third-quarter earnings call in November.

Read more:

Novavax to cut 12% of its global workforce - PharmaLive