Teva to reduce workforce by 5000

Teva Pharmaceuticals is to cut approximately 5,000 employees of its global workforce in order to accelerate the reduction of costs and to optimize its structures and processes. The majority of this reduction is expected to happen by the end of 2014.

These steps are part of Teva's worldwide restructuring program, introduced in December 2012 to increase organisation effectiveness and improve manufacturing efficiency.

"Teva is managing its operations to achieve high levels of effectiveness in the short term, while pursuing opportunities for the long term. The accelerated cost reduction program will strengthen our organization while improving our competitive position in the global marketplace. We understand that this may be a difficult time for our employees and are committed to act with fairness, integrity and respect, and provide support during this time."

Dr. Jeremy Levin, President and CEO of Teva.

The Israel-based company now expects to save $2 billion by the end of 2017.

Teva is the world's leading generic drug maker, with a global product portfolio of more than 1,000 molecules and a direct presence in about 60 countries. Teva's branded businesses focus on CNS, oncology, pain, respiratory and women's health therapeutic areas as well as biologics. Teva currently employs approximately 46,000 people around the world and reached $20.3 billion in net revenues in 2012.