Teva will lay off 7,000 employees, exit dozens of markets by the end of this year and close 15 plants in the next two years as it tries to offset a deteriorating generics market that has gut-kicked sales of the generics leader.
CEO Yitzhak Peterburg said today that Teva will close or sell six plants in 2017 and another nine in 2018. The firm has also decided to pull out from 45 countries by the end of 2017.
“Given the current environment, we have had to take swift and decisive actions. We are focused on executing meaningful cost reductions, rationalizing our assets and maximizing their value, actively pursuing divestiture opportunities and strengthening our balance sheet. We will continue to take action to aggressively confront our challenges” Peterburg said in statement. Read more at Fierce Pharma.