By Fineline Cube 
Israel-based Teva Pharmaceutical Industries Ltd (NYSE: TEVA) has disclosed plans to reduce its workforce by approximately 8%, affecting around 2,400 employees out of its 30,000-strong global team. This measure is part of a broader cost-saving initiative aimed at achieving USD 700 million in savings by 2027, as reported by FiercePharma.com.
Restructuring Details
The layoffs will not impact employees in the active pharmaceutical ingredient (API) division, which is slated for divestiture. Additionally, staff from the Japanese generics joint venture sold to Takeda in December last year are excluded from the restructuring. Teva CEO Richard Francis highlighted that this move signifies an “acceleration phase” of the company’s “pivot to growth” strategy, which was initiated in early 2023.
Strategic Focus
The restructuring plan emphasizes accelerating innovative growth initiatives, strengthening Teva’s generics business, streamlining operations, sharpening focus on core businesses, and optimizing processes to enhance overall efficiency and competitiveness.-Fineline Info & Tech