Teva addresses 'internal inefficiencies' with restructuring

30 Novembre, 2017, 13:18 | Auteur: Auguste Feret
  • Ousted Teva exec Michael Hayden

As part of the restructuring, the commercial business of Teva's generics and specialty drugs will be integrated into one commercial organization, operating through three regions - North America, Europe and Growth Markets.

Dr. Hafrun Fridriksdottir is appointed Executive Vice President, Global R&D.

The changes were announced by Teva's new chief executive officer Kare Schultz to take "decisive and immediate action to address external pressures and internal inefficiencies". "Our new company structure will enable stronger alignment and integration between R&D, operations and the commercial regions".

Last week Calcalist reported that Teva will axe thousands of jobs in the USA and Israel as part of its upcoming rehaul.

The company also appointed Michael McClellan as permanent chief financial officer, after he held the role on an interim basis since July, and made five other executive changes at the top of the company. "The new management team will position Teva for turnaround in the short to medium term".

Teva Pharmaceutical Industries Ltd (ADR) says that these changes mean that Dr. Michael Hayden, Dr. Rob Koremans and Dipankar Bhattacharjee will retire from the company at the end of the year.

Overall, "Teva is one of the largest global generic drug Co.'s, with a significant pipeline which should attract more attention as we head into 2018, we believe".

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Brendan O'Grady as Executive Vice President of North America Commercial.

Gianfranco Nazzi as Executive Vice President of Growth Markets Commercial.

Sven Dethlefs is appointed Executive Vice President, Global Marketing & Portfolio. "It remains our absolute priority to stabilize the company's operating profit and cash flow in order to improve our financial situation, while being focused on short-term revenue and cash generation, and at the same time, ensure we deliver on our commitment to supply high-quality medicines to patients around the world". We are already working on a detailed restructuring plan for Teva and will share it in mid-December. Shares in the company rose by more than 6% Monday morning as investors digested news of the restructuring. Israeli Labor Party member Shelly Yachimovich said she intends to call an emergency hearing of the Israeli parliament's state control committee on the issue, Calcalist reports.

Most of the cuts in Israel are expected to hit Teva's headquarters in Petach Tikva, where the company employs about 1,500 people. "Teva's announcement is not about streamlining through layoffs but about reorganization", Steven Tepper, senior Pharma analyst for IBI Investment House Ltd., told Calcalist.

According to Mr. Tepper, the bottom line is that Teva won't be dual drug company anymore, but a generic drug company.

A 25% cut staff located in Israel, along with a 10% reduction for employees at its USA operations is painful but necessary. The company is saddled with almost $35-billion (U.S.) in debt after its $40.5-billion acquisition of Allergan PLC's generic-drug business Actavis past year.

In the third quarter, Teva said it would miss its 2017 profit forecast because of falling generics prices, as well as generic competition to Copaxone.

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