New York, February 15, 2019 — Moody’s Investors Service (“Moody’s”) has completed a periodic review of the ratings of Teva Pharmaceutical Industries Ltd and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody’s reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody’s practice has been to issue a press release following each periodic review to announce its completion.

This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Key rating considerations are summarized below.

Teva’s Ba2 Corporate Family Rating reflects its significant scale in both generic and branded drugs and its position as the world’s largest generic drug company. Debt repayment and cost restructuring efforts are helping to stabilize its business as it faces ongoing earnings declines driven by generic competition on its largest drug Copaxone and in its US generics business. Moody’s believes Teva’s leverage will peak early in 2019 at around 5.6 times debt/EBITDA before steadily declining towards 4.5 times in 2020. Teva also faces risk of unanticipated cash outlays over the next few years for ongoing legal matters, including opioid-related litigation.

This document summarizes Moody’s view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period