Teva Pharm to cut 10 pct of workforce, to save $2 bln a year

October 10, 2013

JERUSALEM, Oct 10 (Reuters) - Teva Pharmaceutical Industries , the world's largest generic drugmaker, will cut its workforce by 10 percent and said it will save $2 billion a year by the end of 2017.

Israel-based Teva said on Thursday most of the reductions of about 5,000 workers will come by the end of 2014 as the company looks to trim assets that no longer fit its core business or are not critical to its future.

Teva said half of the planned cost savings will come by the end of 2014 and 70 percent by2015. The majority of the savings will come from a reduction in the company's cost of goods, it added.

It reiterated that it expects ending 2013 near the midpoint of its original target range of $19.5-$20.5 billion for revenue and diluted earnings per share excluding items of $4.85-$5.15.