Local Israeli press are reporting that Teva Pharmaceutical Industries (NYSE: TEVA) is about to cut a fifth of its global workforce of nearly 60,000, mostly in the USA.
Economic daily Calcalist says that the embattled generics major has drawn up plans to fire a quarter of local employees.
Some form of cost-cutting program has been expected, after the company reported weak financial results for the second and third quarters, including the revelation that it would miss its 2017 profit forecast.
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