Moderna topped Wall Street sales expectations and reported a lower-than-expected second-quarter loss on Friday, driven by robust Spring COVID booster demand and aggressive cost cuts. However, its shares fell more than 4% in premarket trading after the company lowered its 2025 sales forecast to $1.

In a memo to employees, Moderna CEO Stephane Bancel said the company expects to have fewer than 5,000 workers by the end of the year.

Massachusetts-based Moderna said it plans to cut 10% of its global staff as part of its ongoing efforts to reduce annual operating expenses by around $1.5 billion by 2027.