Teva presents: A sharp drop in the company's expenses on lobbying

Teva has decided to stop increasing the lobbying expenses by in the United States. A sharp drop in the company's expenses was recorded in 2018. Teva reported to the US authorities that in the past year it spent $ 2.6 million on lobbying activities In the corridors of the US administration, a decrease of 53% compared to the amount recorded in 2017 and about 39% compared to 2016. In the last quarter of 2018 Teva spent $ 700,000 on lobbying in the US.
Although the company's expenses on lobbying amount to immaterial amounts for Teva, but it seems that they are also cut against the background of the massive efficiency program that Teva has undergone over the past year.
CEO Carol Schultz has put forward a plan to reduce $ 3 billion in annual costs by the end of 2019, due to the large debt Teva has taken on, mainly to finance the acquisition of Actis in 2016. At the end of the third quarter of 2018, Teva's debt was $ 29.5 billion In addition, according to recent reports by the company, Teva is expected to meet the target of the cut, and a year ago Teva announced that it had closed offices in Washington that were used mainly by the company's lobbyists, Schultz explained that Teva is part of the Generic Pharmaceutical Manufacturers Association, Offices for them.
Teva's market value is $ 20.5 billion, after a 18.6% fall in its share price in 2018, but it has recovered more than 22% since the beginning of 2019. The company will publish its fourth quarter and full 2018 financial statements on February 13.