ARTICLE | Company News

Teva slashing workforce amid restructuring

December 15, 2017 7:05 PM UTC

Teva Pharmaceutical Industries Ltd. (NYSE:TEVA; Tel Aviv: TEVA) disclosed details of its restructuring plan, which includes reducing global headcount by 14,000 jobs, or 26%, to 39,000 over the next two years. Teva expects the cuts, which will come from all locations and functions, to reduce 2019 costs by $3 billion, compared with $16.1 billion in estimated costs for 2017.

On a conference call Dec. 14, Kåre Schultz, who became Teva's president and CEO in November, said the company's generics business faces significant price erosion in the U.S. market -- its largest generics market -- and has generated fewer than anticipated generic launches in the U.S. compared with recent years...