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May 9, 2012 4:16 pm

Teva CEO Steps Down

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Outgoing Teva CEO Shlomo Yanai (left) with NJ Governor Chris Christie. Photo: NJ Governor's Office.

The CEO of Israeli pharmaceutical company Teva left the company today, although the company reported a net revenue of $5.1 billion, up 25 percent in the corresponding quarter of 2011, reported Globes.

“It has been an immense privilege to lead Teva’s outstanding global team through such an exciting period. Together we turned Teva into a highly diversified global pharmaceutical company, with an expanded geographical footprint and additional lines of business,” said exiting CEO Shlomo Yanai.

As JointMedia News Service previously reported, Yanai will be replaced by new global CEO Dr. Jeremy Levin. The company had boasted a presence in 60 countries and employed about 40,000 employees in 2012, resulting in $16 billion in sales that year. Teva is especially known for manufacturing Copaxone, a revolutionary drug treating Multiple Sclerosis developed at the Weizman Institute of Science in Rehovot, Israel.

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