Israeli pharmaceutical giant Teva announced Thursday it plans 14,000 job cuts over two years as it unveiled a wide-reaching restructuring plan after facing low prices for generic drugs.

Teva also said it was suspending dividends on ordinary shares and its annual bonus for 2017 will not be paid "due to the fact that the company's financial results are significantly below our original guidance for the year," it said.

The job cuts will amount to more than 25 percent of Teva's global workforce, it said in a statement.

Source:AFP