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Teva Pharmaceuticals to Slash 5000 Jobs

By Warren Paige

Israeli drug maker, Teva Pharmaceuticals Industries Ltd. (ADR) (NYSE: TEVA) announced on Thursday that it will slash about 5,000 jobs, mainly by the end of next year as part of its broader restructuring plan, aimed at narrowing its oversized business and streamlining operations. The Company intends to focus on fast growing generic drug business as well as its core R&D programs. Teva expects to save $2 billion in annual costs by the end of 2017. Shares were gaining following the announcement. Teva, which is one the world’s leading generic drug maker, struggled in the recent past due to declining sales-trend in its both generic and branded-drugs segments.

October 10th, 2013 | Tags: | Category: Large Cap Growth Stocks

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All stories in DailyStocks.com are for informational purposes only. This is NOT a stock recommendation. This DailyStocks.com story is a daily light analysis featuring a stock with insider buying. With some caveats, insiders purchase a stock because they think the stock is going up. There are other factors to consider such as size of the transaction relative to their compensation and net worth. Sometimes, insiders might be propping a stock price up for future financing. Sometimes, the amount of insider buying are misread or misreported. Each month, DailyStocks releases a a summary of the stocks with insider buying. Sign up for the free monthly newsletter at DailyStocks.com . About Dailystocks.com: DailyStocks.com is the place where you can find stories about stocks with insider buying, where you can educate yourself about stock market investing, and where you can perform the stock search engine analysis – you enter a stock symbol, and you get a resulting page of stock ticker indexed links so that you do not have to type the stock symbol each time.