Why Teva Pharmaceutical Is Soaring 13.5% Today
After providing investors with the details of its latest cost-savings plan, including a massive workforce reduction, Teva Pharmaceutical (NYSE: TEVA) shares are rallying 13.5% as of 1 p.m. EST Thursday.
It's been a brutal year for the world's biggest generic drugmaker. Shares have suffered significantly due to declining sales and profit due to lower generic drug prices, new competition for its best-selling drug, Copaxone, and higher interest expenses associated with its $40 billion acquisition of Allergan's (NYSE: AGN) generic drug business.
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Source: Fool.com