The chief managerial of Teva Pharmaceuticals says he is making “strong progress” on the company’s restructuring pattern, but has acknowledged the generic drug giant faces a challenging 2018.
Kare Schultz, Teva’s new CEO, outfitted the update as the company released its fourth-quarter earnings Thursday.
Teva in December disclosed plans to cut 14,000 jobs, roughly one-quarter of its work force, in a general restructuring as it confronts lower prices for generics, the expiration of patents on its essence Copaxone drug and a more than $30 billion debt jam.
Speaking to analysts, Schultz said roughly half the layoffs should be achieve by July, with the remainder taking place by the end of 2019. “Everything is on procedure. Everything is on target,” he said.
Teva forecast lower revenue for 2018.