Teva Pharmaceutical to Cut 14,000 Jobs
Teva Pharmaceutical TEVA +6.45% Industries Ltd. is cutting more than 25% of its workforce, or about 14,000 employees around the world, closing factories and research centers and suspending its dividend—the Israeli firm’s most recent move to cut costs and pare debt.
Teva, the world’s biggest seller of generic drugs, didn’t detail where it is cutting jobs. At the end of the third quarter, it employed about 53,000, most of them in Europe and the U.S.
Teva has been hit hard by declining generics prices in the U.S. and increased competition for its blockbuster multiple-sclerosis drug. It also recently emerged from a period of boardroom and executive-suite turmoil. Directors had clashed on the firm’s strategy after swallowing a big acquisition that saddled it with heavy debt.
Read more: http://bit.ly/TevaPharma
Teva, the world’s biggest seller of generic drugs, didn’t detail where it is cutting jobs. At the end of the third quarter, it employed about 53,000, most of them in Europe and the U.S.
Teva has been hit hard by declining generics prices in the U.S. and increased competition for its blockbuster multiple-sclerosis drug. It also recently emerged from a period of boardroom and executive-suite turmoil. Directors had clashed on the firm’s strategy after swallowing a big acquisition that saddled it with heavy debt.
Read more: http://bit.ly/TevaPharma
