Teva reducing headcount
Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) announced a 10% worldwide headcount reduction as part of a plan that will accelerate cost reductions first announced in 2012. The company now expects to achieve about $1 billion in annual cost savings by the end of next year, a further $400 million in 2015 and $600 million over 2016-17, for a total of $2 billion. Teva had previously expected $1.5-$2 billion in total cost reductions by 2017, with the bulk of the savings coming toward the end of that period, President and CEO Jeremy Levin told BioCentury Thursday.
The workforce cuts will reduce worldwide headcount by about 5,000 to 41,000 by the end of next year. In a statement emailed to BioCentury, Teva said it has not determined where the cuts will occur. ...