Teva Faces Israel Backlash on Jobs Amid Cost-Cut Plan
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Teva Pharmaceutical Industries Ltd. 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.