Teva hopes $17 billion write-off will help draw a line under the past

Posting a $17.1 billion write-down, Israel’s Teva Pharmaceutical Industries (NYSE: TEVA) opened 12% lower in New York this morning as investors got to grips with the beleaguered generics giant’s annual results statement.

While it makes for uncomfortable reading, much of the impact of what CEO Kåre Schultz described understatedly as a “challenging year” for Teva has already been digested by the markets.

The firm announced massive layoffs in November last year and an ambitious multi-year restructuring exercise shortly after.