Israel's Teva Pharmaceutical Industries has announced a restructuring plan that will see it cut 14,000 jobs worldwide, or 25% of its total workforce.
The world's largest generic medicines maker will also suspend dividend payouts to shareholders to help make cuts of $3bn (£2.3bn) within two years.
Teva is struggling with $35bn debt from an acquisition and rising competition.
Teva's new chief executive, Kare Schultz, said the savings were "crucial to restoring our financial security".
Last month, the company was forced to cut its 2017 profit forecast for the third time and reduce its dividend.
Its share price fell to its lowest level in 17 years.