Firm shares tank 54% in 12 months over cheaper generic drugs
Israeli pharmaceutical company Teva's shares have plunged 54% in value over the last 12 months as the company faces competition from cheaper generic drugmakers. Teva's CEO has said the company will have to cut 7,000 jobs by the end of the year. Notably, Teva, which has a market value of $33.6 billion, has a debt of $35.1 billion.