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

Reuters

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

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

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

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

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