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.Moderna lowered the high end of its revenue forecast for this year,

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

Biotech giant Moderna announced it will lay off 10% of its workforce in a move CEO Stéphane Bancel called “a difficult decision but necessary step forward,” in an internal memo sent to employees today.