Hello, everyone, and how are you today? We are just fine, thank you, especially since a charming snowfall has dusted the Pharmalot campus. Nothing like a pretty wintry scene, is there? Alas, the time has come, though, to focus on the matters at hand. This calls, of course, for a cup of stimulation — cherry chocolate decadence is our choice, for those tracking our variety — and we invite you to join us. Remember, no prescription is required. Meanwhile, here are some items of interest. Hope your day is smashing and do keep in touch …
Teva Pharmaceuticals (TEVA) released its long-awaited restructuring. Here are key details: 14,000 layoffs globally, or 25 percent of its workforce; close or sell a “significant” number of its 80 or so manufacturing plants; reprice or discontinue some generics; close or sell a “significant” number of R&D facilities and review all R&D programs; end dividends on ordinary shares and suspend annual bonuses this year. The moves are expected to save $3 billion by the end of 2019.
“Aging” is a disease well known to the FDA. They’ve suffered from it for a long time. If I went back to grad school I would get a doctorate in archeology, as there is a wealth of fossils dwelling at the agency.
Good timing, Teva. Pink slips for Hanukkah.
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