Teva to fire 7,000 employees worldwide after reports of $6 billion loss

The Israeli drug company said it will also close or sell six of its plants and pull out of 45 countries by the end of 2017.
Photo credit: Reuters/Channel 2 News

Israeli company Teva Pharmaceutical Industries has announced that it will be firing 7,000 of its employees worldwide, including in Israel, due to reported $6 billion loss.

Teva's shares on the Tel Aviv Stock Exchange were down 13.77% as of Thursday at 4 p.m., after it reported disappointing second-quarter results and said it would cut its dividend payment for the quarter by 75%.

The Jerusalem-based drug maker will also close or sell six plants in 2017 and nine more in 2018, and will pull out of 45 countries by the end of the year.

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"All of us at Teva understand the frustration and disappointment of our shareholders in light of these results," CEO Yitzhak Peterburg said in a statement. "Given the current environment, we have had to take swift and decisive actions. We are focused on executing meaningful cost reductions, rationalizing our assets and maximizing their value, actively pursuing divestiture opportunities and strengthening our balance sheet. We will continue to take action to aggressively confront our challenges."



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