Friday, February 12, 2016

Teva says no layoffs now, but new CEO Jeremy Levin alters Americas leadership lineup

Teva Pharmaceuticals won't layoff people now, but it is cutting costs and altering its leadership in the United States.

Teva says no layoffs now, but new CEO Jeremy Levin alters Americas leadership lineup

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Teva Pharmaceuticals' new chief executive officer Jeremy Levin said Thursday morning that he has changed the leadership lineup in hopes of helping the global drug company regain more of the U.S. generic market in the face of increasing competition.

Chief financial officer Eyal Deshah said the company has "instituted a cost-cutting and efficiency program throughout Teva's operations," but a spokeswoman later said via email that there have been no layoffs, including in the Americas division, which encompasses facilities in the Philadelphia area.

Teva, which is based in Israel, has four regional divisions: Europe, the Americas, Asia and EMIA (Eastern Europe, Israel, the Middle East and Africa).

The Americas division is based at a facility in North Wales, Montgomery County, but it has other facilities in the Philadelphia region.

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Allan Oberman, who had led Teva's EMIA division, will become leader of the U.S. generics division. Tim Crew, who previously guided that unit, is moving to a new global role in the organization, according to the spokeswoman.

Bill Marth, who joined Levin in Thursday's conference call with financial analysts, is the leader of the Americas group.

"Bill remains the head of the Americas," Levin said. "We have instituted an augmentation of the U.S. generics team and that was an important step for us to bring in the greater depth of management and greater capability there, to assist in what I believe we can do here, which is to rebuild that market share."

In a filing with the U.S. Securities and Exchange Commission, Teva said that it had about $4 billion in U.S. generic revenue during 2011, down 32% compared to approximately $5.8 billion in 2010.

Staff Writer
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About this blog
David Sell blogs about the region's pharmaceutical industry. Follow him on Facebook.

Portions of this blog may also be found in the Inquirer's Sunday Health Section.

Reach David at dsell@phillynews.com or 215-854-4506.

David Sell Staff Writer
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