Moderna Inc. shares declined as the company’s cost-cutting efforts failed to assuage investors who are worried about the decline of its Covid vaccine business.

The layoffs are part of an ongoing effort to reduce operating costs amid government and competitive challenges to its vaccine business.

Despite efforts to spare employees by scaling back R&D and reducing operating costs by roughly $1.5 billion over the next two years, it appears Moderna’s previous cost-cutting efforts haven’t g | Moderna is taking its downsizing scheme a step further with plans to shrink its global workforce by around 10%.