Teva Pharmaceutical Industries will cut about 5,000 jobs, 10 percent of its workforce, accelerating a cost-cutting plan as it prepares for lower-priced competition for its best-selling drug.The world's largest maker of generic drugs by sales said it expects its overall cost-cutting programme to save about $2 billion a year by the end of 2017.The Israel-based company is the latest in a string of big drugmakers to take an axe to costs. Last week, Merck & Co said it would cut annual operating costs by $2.5 billion and eliminate 8,500 jobs, or more than 10 percent of its global workforce.Others including Pfizer, AstraZeneca and Sanofi have also slashed staff numbers in recent years due to slowing sales growth, often due to competition from cheaper generic medicines - many of which are made by Teva.
Merck & Co., Inc. (Merck) is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. Shares of MRK fell by 0.15% or $-0.07/share to $47.20. In the past year, the shares have traded as low as $40.02 and as high as $50.16. On average, 12427300 shares of MRK exchange hands on a given day and today's volume is recorded at 7289306.
Sanofi SA, formerly Sanofi-Aventis, is a global and diversified healthcare company based in France. Shares of SNY traded higher by 0.98% or $0.48/share to $49.23. In the past year, the shares have traded as low as $42.20 and as high as $55.94. On average, 2075770 shares of SNY exchange hands on a given day and today's volume is recorded at 354954.
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