Shares of Teva Pharmaceutical Industries Ltd. rallied 3.5% in premarket trade Friday, after the drug maker announced the exclusive launch of generic Viread 1 tablets (300 milligrams) in the U.S. The rally comes a day after the company said it would cut 14,000 jobs, or more than a quarter of its workforce, which sent the stock down 4.5%. Teva said tenofovir disoproxil fumarate (Viread) tablets are used in combination with other agents to treat HIV-1 in adults and pediatric patients, and are also indicated for the treatment of hepatitis B. Viread is Gilead Sciences Inc.’s product, and had sales of $274 million in the quarter ended Sept. 30, down from $303 million a year ago. Gilead’s stock was little changed ahead of the open. Teva’s stock has tumbled 52.3% year to date through Thursday, while Gilead shares have gained 3.8%, the SPDR S&P Pharmaceuticals ETF has climbed 11.0% and the S&P 500 has run up 18.5%.
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