An apparatus and method is provided for forming and cutting a dough sheet into a plurality of generally spherically shaped, boule-type dough products in a continuous process. The apparatus includes a rotatable drum and a plurality of cutter molds disposed on the rotatable drum for engaging, shaping and severing dough from the sheet as the dough sheet moves along the dough travel path. Each of the cutter molds including a peripheral edge portion, a base portion and a curved, annular side wall defining a concave, generally bowl-shaped internal cavity, with the peripheral edge portion establishing a cutting edge for the cutter mold.