- The two updates underscore Teva’s strong execution of its Pivot to Growth strategy and commitment to financial discipline.
- Moody's affirmed Teva's B1a rating and revised Teva's outlook to positive from stable
- S&P upgraded Teva to BB+ from BB, with a stable outlook
TEL AVIV, Israel, Dec. 24, 2025 (GLOBE NEWSWIRE) -- Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) today announced that S&P Global Ratings ("S&P") has upgraded Teva’s long-term issuer credit rating to ‘BB+’ from ‘BB’, with a stable outlook, and that Moody's Ratings Agency ("Moody's") affirmed Teva's B1a rating and revised Teva's outlook to positive from stable. These upgrades mark another significant milestone in Teva’s journey toward achieving investment-grade status.
The upgrades are underpinned by Teva’s consistent deleveraging trajectory, with S&P noting that adjusted leverage declined to 4.4x as of September 30, 2025, and is expected to fall below 4.25x in the coming quarters, meeting the threshold for the higher rating. The ratings agency also highlighted Teva’s financial discipline, business strength and liquidity profile, returning to revenue growth after five years of declines, driven by robust performance in branded medicines and stabilization in generics.
Moody's cited Teva's continued improvement in operating performance and disciplined financial policies focused on debt reduction. The agency highlighted strong momentum in Teva’s branded franchises and upcoming product launches across both branded and biosimilar portfolios, which are expected to offset headwinds in the generics segment. Moody’s also noted Teva’s robust liquidity position, supporting its ability to manage upcoming debt maturities. Moody's stated that these factors, combined with expectations for leverage to decline toward 3.5x within 12–18 months, underpin the positive outlook and potential for an upgrade.
Eli Kalif, Teva's Chief Financial Officer, commented: "This upgrade is a powerful testament to our strategic vision and disciplined execution, especially coming at the heels of multiple upgrades in recent months. By driving our Pivot to Growth strategy, prioritizing robust cash flow management, and rigorously allocating capital, we have demonstrated unwavering commitment to deleveraging and sustainable business growth. These results clearly show how our focused strategy is delivering tangible value for Teva and positioning us for continued success."
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is transforming into a leading innovative biopharmaceutical company, enabled by a world-class generics business. For over 120 years, Teva’s commitment to bettering health has never wavered. From innovating in the fields of neuroscience and immunology to providing complex generic medicines, biosimilars and pharmacy brands worldwide, Teva is dedicated to addressing patients’ needs, now and in the future. At Teva, We Are All In For Better Health. To learn more about how, visit www.tevapharm.com.