Huge cutbacks coming at Teva, no word on planned Phila. facility
Levin, who took over as CEO in May, said going forward Teva will “look like a very different company.”
Teva Pharmaceuticals plans to reduce spending by $1.5 billion to $2 billion over the next three to five years in what CEO Jeremy Levin described as a “reshaping” of the generic pharmaceutical giant.
Few details of where the savings will come were provided by company officials during a conference call with stock analysts Friday morning. Levin said Teva (NYSE:TEVA) will provide more information about its long-term business strategy during its “investor day” meeting with analysts on Dec. 11 in New York
Company officials said their game plan includes dropping “legacy” drug development programs and focusing research and development on key therapeutics areas including central nervous system disorders.
Teva CFO Eyal Desheh said the cost reduction plan would impact on areas of the business including the procurement of materials for drug manufacturing, real estate site management, informations technology and sales and marketing.
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