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Teva Pharmaceutical Restructures and Cuts 5,000 Employees

 (Image source: Teva Pharmaceutical)

In a cost-cutting initiative, Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) will let go 5,000 employees, which will result in savings of $2 billion a year. The savings will be reinvested in generic drugs and specialty products already in the pipeline. This is a two year restructuring plan. Shares are up above 2 percent on the news.