Israeli generics specialist Teva Pharmaceutical (NYSE: TEVA) is implementing a cost-cutting program looking at all business areas.
Commenting on rumors that Teva plans to fire thousands of workers, the company said “We do not have a headcount target, as these activities are based on the right sizing of each individual area of our business.”
In a statement, the company told The Pharma Letter “Teva is looking to reduce costs in our business in every area, including, among other things, ending unprofitable activities and streamlining some activities and functions throughout the organization.”
Teva had to lower its 2017 guidance by more than $1 billion earlier in the year, as increased competition and legal troubles battered the company’s share price.
Investor confidence has also been shaken by boardroom turbulence culminating in the ousting of former chief executive Jeremy Levin in 2014. Last month also saw the ejection of subsequent chief executive Erez Vigodman.