Teva Pharmaceuticals says it will cut 5,000 employees by the end of next year as part of a restructuring designed to slim the drugmaker's business and make it more efficient.

The Israeli company says the cuts amount to a 10 percent global workforce reduction. The drugmaker plans to trim oversized parts of its business while growing its generic and core research and development programs.

Teva says the moves are part of a global restructuring it announced in 2012. It now expects to save about $2 billion annually by the end of 2017, largely due to a reduction in the company's cost of goods.

Teva Pharmaceutical Industries Ltd. is one of the world's largest generic drugmakers. It has struggled in recent quarters with declining sales for both generic and brand-name drugs.