An apparatus is provided for cutting holes and slicing through a web of formed, filled and sealed product packages in a thermoforming packaging machine. The apparatus uses a single actuator to move a row of film-cutting punches between extended and retracted positions for cutting holes and corresponding chads in a marginal film area of the web of thermoformed product packages and a cross cut knife to slice through the marginal film area to separate rows of the thermoformed product packages.