Teva Announces Further Restructuring
The generic-drug manufacturer Teva Pharmaceutical Industries plans to cut 10% of its workforce.
Teva Pharmaceutical Industries has announced steps to accelerate the reduction of costs and to optimize its structure and processes. These steps are part of Teva’s worldwide restructuring program, which was introduced in December 2012 and included actions to divest noncore assets, increase organization effectiveness, improve manufacturing efficiency and reduce excess capacity.
Teva will reduce its global workforce by approximately 10% (approximately 5000 employees), and will complete the majority of the reduction by the end of 2014. Teva says it will continues to identify opportunities to optimize value through the selective trimming of assets that no longer fit its core business or are not critical to its future. Teva said it will scale down oversized parts of the company while growing its generics business and core R&D programs, including high-value complex generics, expanding its presence in emerging markets and broadening its portfolio, especially in its specialty medicines and over-the-counter businesses.
The company now expects to realize approximately $2.0 billion in annual cost savings by the end of 2017, compared to the previously guided range of $1.5 billion to $2.0 billion. The company estimates that $1.0 billion, or 50% of the annual cost savings, will be realized by the end of 2014, and 70% by the end of 2015. The majority of the savings are expected to come from a reduction in the company’s cost of goods. Teva expects to reinvest part of the initial savings accumulated in 2014 and 2015, in high-potential programs. These investments will include the development of the company's complex generics and specialty pharmaceutical pipeline, which includes more than 30 late-stage programs.
Source: Teva Pharmaceutical Industries
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