Novavax: to reduce global workforce by 12

(CercleFinance.com) - Novavax reports that the transformation plan initiated in 2023 will continue this year, focusing primarily on product delivery, financial performance and portfolio expansion.


The company also confirms its intention to reduce R&D expenses and general & administrative expenses (SG&A) to below $750 million by 2024.

These efforts are aimed at strengthening the company's financial profile and enabling us to focus on the implementation of our Covid strategy in priority markets and on the development of the COVID-19-Influenza combination vaccine", states Novavax.

Also with a view to reducing expenses, the laboratory announces that it has taken the "difficult decision" to reduce its total global workforce by around 12%. Ultimately, the company's headcount will be around 30% at the end of the first quarter of 2023.

'Our immediate goal is to execute these changes with empathy and support for those leaving Novavax, with gratitude for their efforts', stressed director John C. Jacobs.

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