Wells Fargo analyst David Maris says Teva (TEVA) is “in survival mode at this point” following reports that the company will soon announce a 20% workforce reduction.

Given its “tough” debt position, Teva’s nearly 5% share rally in Israel is not surprising, as it encourages some investors that the company will not face a restructuring, Maris tells investors in a research note.

The analyst believes, however, that investors “should not confuse a lower cost base as an improvement, but rather steps for surviving longer.” Maris thinks asset sales such as key pipeline products and brand products “will also be on the table.”

He keeps a Market Perform rating on Teva. The stock in premarket trading is up 4%, or 57c, to $14.05.