Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) stock was surging today following the announcement of its restructuring plan.

Teva Pharmaceutical Industries Ltd (ADR) says that it will be spending the next two years cutting costs as part of its restructuring plan. The company says that it is planning to reduce its costs by $3 billion by the end of 2019. This is in comparison to costs of $16.1 billion in 2017.

Teva Pharmaceutical Industries Ltd (ADR) notes that it plans to reduce its costs by half of the expected amount by the end of next year. The company says that the majority of its reductions will take place during 2018.

As part of its effort to reduce costs by $3 billion by the end of 2019, Teva Pharmaceutical Industries Ltd (ADR) is planning to cut a large portion of its workforce. TEVA will be reducing its headcount by 14,000, which is more than 25% of its total employees. It is expecting to incur $700 million in fees in connection with this decision.

The loss of jobs will come as Teva Pharmaceutical Industries Ltd (ADR) closes down research and development facilities around the world. TEVA still plans to keep a strong pipeline open, but will be focusing on core products. It will also be shutting down research on other projects.

Topping off the restructuring news are plans from Teva Pharmaceutical Industries Ltd (ADR) to suspend its dividends for ordinary shares and ADSs. The company will review dividends for mandatory convertible preferred shares each quarter. It also won’t be paying out its annual bonus for 2017.

TEVA stock was up 13% as of Thursday morning, but is down 55% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.