No­vavax an­nounces an­oth­er round of lay­offs, lets go 12% of em­ploy­ees

No­vavax is cut­ting 12% of its full-time em­ploy­ees and con­trac­tors, and its to­tal work­force will now be ap­prox­i­mate­ly 30% small­er than what it was a year ago.

As of Feb. 21, 2023, No­vavax had 1,992 em­ploy­ees, ac­cord­ing to SEC fil­ings. The vac­cine mak­er, which has strug­gled to claim much mar­ket share for its pro­tein-based Covid-19 shot, laid off ap­prox­i­mate­ly 400 work­ers in May 2023, which amount­ed to about one-quar­ter of its work­force. The lay­offs came af­ter No­vavax’s cost-cut­ting in the first quar­ter of 2023, which helped low­er ex­pens­es by $50 mil­lion.

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Vice President

Alexandria Real Estate Equities

San Francisco, CA, USA