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Provider: ValuEngine, Inc.

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Teva Pharmaceutical Industries Ltd To Cut 10% Of Workforce; Reiterates FY 2013 Guidance-Reuters

Thursday, 10 Oct 2013 07:34am EDT 

Reuters reported that Teva Pharmaceutical Industries Ltd, will cut its workforce by 10% and said it will save $2 billion a year by the end of 2017. Israel-based Teva said on October 10, 2013 most of the reductions of about 5,000 workers will come by the end of 2014 as the Company looks to trim assets that no longer fit its core business or are not critical to its future. The Company reiterated that it expects fiscal 2013 near the midpoint of its original target range of $19.5-$20.5 billion for revenue and diluted earnings per share (EPS) excluding items of $4.85-$5.15. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $20.2 billion and EPS of $5.05 for fiscal 2013. 

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2 Mar 2015