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MarketScreener Homepage  >  Equities  >  TEL AVIV STOCK EXCHANGE  >  Teva Pharmaceutical Industries Limited    TEVA   IL0006290147

TEVA PHARMACEUTICAL INDUSTRIES LIMITED (TEVA)
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Teva considering cutting up to 10,000 jobs: Bloomberg

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12/08/2017 | 05:54pm CEST
FILE PHOTO: The logo of Teva Pharmaceutical Industries, the world's biggest generic drugmaker and Israel's largest company, is seen in Jerusalem

(Reuters) - Teva Pharmaceutical Industries Ltd (>> Teva Pharmaceutical Industries Limited) is considering cutting up to 10,000 jobs as CEO Kare Schultz seeks to reduce $1.5 billion to $2 billion in costs over the next two years, Bloomberg reported, citing people familiar with the matter.

(Reuters) - Teva Pharmaceutical Industries Ltd (>> Teva Pharmaceutical Industries Limited) is considering cutting up to 10,000 jobs as CEO Kare Schultz seeks to reduce $1.5 billion to $2 billion in costs over the next two years, Bloomberg reported, citing people familiar with the matter.

U.S.-listed shares <TEVA.N> of the debt-laden Israeli drugmaker jumped as much as 7 percent to $16.09 on Friday.

No final decision has been taken, and the targets may be modified, with a range of 5,000 to 10,000 jobs being discussed, Bloomberg reported. https://bloom.bg/2kdYEBI

"We don't comment on market rumors," Teva spokeswoman Denise Bradley said in an emailed statement.

Israeli financial news website Calcalist had reported two weeks ago that the drugmaker would send termination letters to "tens of percent" of its 10,000 employees in the United States.

Schultz, who took over as CEO of the world's largest maker of generic drugs last month, has ousted the company's three top division heads.

Teva is saddled with nearly $35 billion in debt after its $40.5 billion acquisition of Allergan Plc's (>> Allergan plc) generic drug business last year.

Profits from generics have slumped since that deal closed, and the CEO who engineered the purchase was forced to step down earlier this year.

Teva has about 57,000 employees globally, according to the company's website.

(Reporting by Akankshita Mukhopadhyay in Bengaluru; editing by Sai Sachin Ravikumar and Sriraj Kalluvila)

Stocks treated in this article : Teva Pharmaceutical Industries Limited, Allergan plc
Stocks mentioned in the article
ChangeLast1st jan.
ALLERGAN PLC -1.17% 187.99 Delayed Quote.12.04%
TEVA PHARMACEUTICAL INDUSTRIES LIMITED 3.26% 7940 Delayed Quote.20.64%
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Mean consensus OUTPERFORM
Number of Analysts 1
Average target price 28,0 $
Spread / Average Target 33%
Managers
NameTitle
Kåre Schultz President, Chief Executive Officer & Director
Sol J. Barer Chairman
Carlo de Notaristefani Executive Vice President-Global Operations
Michael McClellan Chief Financial Officer & Executive Vice President
Amir Elstein Independent Director
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