Teva Gains as CFO Pledges to Cut Costs in Midst of Change

January 15, 2014 12:07 AM

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Teva Gains as CFO Pledges to Cut Costs in Midst of Change

Teva Pharmaceuticals Industries Ltd. (TEVA), the world’s largest maker of generic drugs, rallied to its highest value in New York trading in 20 months after Chief Financial Officer Eyal Desheh said the company will remain committed to cutting costs.

American depositary receipts of Petach Tikva, Israel-based Teva increased 6.7 percent to $44.21 at the close in New York yesterday, the highest price since May 8, 2012. The receipts fell to a two-year low on Nov. 4 after Jeremy Levin, Teva’s former chief executive officer, resigned. Each receipt is ...

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