Novavax cuts workforce by 25% as COVID vaccine sales fall

Novavax cuts workforce by 25% as COVID vaccine sales fall


COVID-19 vaccine maker Novavax will lay off hundreds of employees in a global restructuring that’s meant to reduce its operational and research spending by as much as half by next year.

The restructuring, announced by Novavax Tuesday alongside first quarter earnings, will shrink the company’s workforce by 25%, the bulk of which will impact its full-time employees.

Novavax has 1,992 full-time employees as of Feb. 21, 2023, nearly two-third of whom are in research and development, and manufacturing.

Company CEO John Jacobs, who took over for longtime leader Stanley Erck in January, described the restructuring as a response to the shifting demand for COVID vaccines as the pandemic has evolved.

 

Novavax cuts head count by 25%, hitting hundreds of jobs

UPDATED: Novavax cuts head count by 25%, hitting hundreds of jobs, to align costs with dwindling COVID-19 market


“Maryland-based Novavax has grown quickly, increasing its head count from 165 early in 2020 to 1,992 by February this year. The biotech took on staff at a rapid rate as it pursued the COVID-19 vaccine opportunity. But with Moderna and Pfizer-BioNTech laying claim to most of the pandemic money and the market shrinking, the leadership team at Novavax has concluded the operation needs slimming down.

The company revealed plans Tuesday morning to significantly reduce its spending and align its business with the endemic COVID opportunity. The biotech plans to consolidate facilities and infrastructure and reduce its head count by 25%. The figures suggest around 500 people will be leaving Novavax. Chief Financial Officer Jim Kelly said 80% of the layoffs are impacting full-time employees and that the larger cost-saving strategy is primarily impacting R&D.”

 

I hope they go bankrupt. Bill is really fat.

 

Ippolito is a guinea slob.

 

I hope Jacobs burns in hell. He destroyed the lives of 500 good people. Fucking asshole.

 

Ippolito is a fat ginzo.