The chief executive of Teva Pharmaceuticals says he is making “strong progress” on the company’s restructuring plan, but has acknowledged the generic drug giant faces a challenging 2018.
Kare Schultz, Teva’s new CEO, provides the update as the company releases its fourth-quarter earnings Thursday.
Kåre Schultz, CEO and president of Teva. (Courtesy)
Teva in December announced plans to cut 14,000 jobs, roughly one-quarter of its work force, in a broad restructuring as it confronts lower prices for generics, the expiration of patents on its core Copaxone drug and a more than $30 billion debt load.
Speaking to analysts, Schultz says roughly half the layoffs should be complete by July, with the remainder taking place by the end of 2019. “Everything is on plan. Everything is on target,” he says.
Teva forecasts lower revenue for 2018.
— AP
Discover Israel's most beloved poet
She died more than four decades ago, but Leah Goldberg remains a magnetic and enigmatic figure: Israel’s most beloved poet, a powerful woman who lived with her mother and never married, who reinvented herself from the ashes of World War I through her magical writing.
You can screen 'The Five Houses of Leah Goldberg' June 4-11. Join The Times of Israel Community today to support our work and watch this and other outstanding documentary films in our DocuNation series.
We’re really pleased that you’ve read X Times of Israel articles in the past month.
That’s why we started the Times of Israel - to provide discerning readers like you with must-read coverage of Israel and the Jewish world.
So now we have a request. Unlike other news outlets, we haven’t put up a paywall. But as the journalism we do is costly, we invite readers for whom The Times of Israel has become important to help support our work by joining The Times of Israel Community.
For as little as $6 a month you can help support our quality journalism while enjoying The Times of Israel AD-FREE, as well as accessing exclusive content available only to Times of Israel Community members.
Thank you, David Horovitz, Founding Editor of The Times of Israel
From the Liveblog of
Thursday, February 8, 2018
