Teva to cut 5,000 jobs as it accelerates cost savings plan

Israel-based Teva Pharmaceutical Industries (NYSE: TEVA), the world’s largest generic drugmaker, says it is taking 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 non-core assets, increase organization effectiveness, improve manufacturing efficiency and reduce excess capacity.

Teva will reduce its global workforce by around 10% (about 5,000 employees), and will complete the majority of the reduction by the end of 2014. Furthermore, Teva 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 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 (OTC) medicines businesses.