Teva Pharmaceuticals to Axe 7,000 Workers, Close Plants

Aug 03, 2017

Philly.com

Israel-based Teva Pharmaceutical Industries said it will cut 7,000 jobs by the end of the year, close or sell 15 factories around the globe over the next two years, and quit operations in 45 countries by the end of 2017, according to Philly.com.

The company reported an 18.4 percent drop in earnings for the second quarter ended June 30, 2017, and cited price weakness in the U.S. generics market.

Teva, with North American headquarters in North Wales, Pennsylvania, has been looking for a new CEO since February, when CEO Erez Vigodman stepped down.

According to the article, acting CEO Yitzhak Peterburg said second-quarter results were lower than expected due to “the performance in the U.S. generics business and continued deterioration” in political and economic conditions in Venezuela.

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