BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Teva Pharmaceutical Industries Limited (TEVA) to Cut Jobs Amid $2 Billion Cost-Cut Plan


3/7/2013 7:58:46 AM

Teva Pharmaceutical Industries Ltd. (TEVA) may be preparing to cut jobs in its home market of Israel even as local politicians criticize the company for paying too little in taxes. The world’s largest maker of generic drugs has pledged to cut costs by as much as $2 billion in the next five years as part of a new strategy to increase long-term profitability. Part of those savings will probably need to come from Israel, according to Ronny Gal, an analyst at Sanford C. Bernstein & Co. “I don’t see how they can meet their sizeable cost cut goals without cutting costs in Israel significantly,” Gal said at an annual conference organized by Tel Aviv-based health-care hedge fund Sphera Funds Management Ltd. “Cutting costs here in Israel is going to be a true test for them.” Laying off workers or closing down factories in its home market may be politically challenging for Petach Tikva, Israel- based Teva as it faces pressure over tax payments from Labor leader Shelly Yacimovich, who has called on the Finance Ministry to investigate the issue. Israeli newspapers including Globes and TheMarker criticized Teva’s tax contributions last month after an annual statement showed the company paid about $5 million, or less than 1 percent of annual income, in taxes for 2012. Teva, Israel’s largest company by market value, said its total contribution to the state is greater than that and its operations in Israel generate tax revenue of more than 3 billion shekels ($806 million). ‘Unbearable Situation:' It will now have to balance a desire to protect its public image with an obligation to keep investors happy as intensifying competition eats into sales of best-selling multiple sclerosis treatment Copaxone and weighs on profit.

Read at Bloomberg
Read at News Release
Read at News Release

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES