v3.26.3
Debt obligations
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt obligations DEBT OBLIGATIONS:
a.    Short-term debt:
September 30,December 31,
Weighted average interest rate as of December 31, 2025Maturity20262025
(U.S. $ in millions)
Convertible debentures *
0.25 %2026$— $23 
Current maturities of long-term liabilities4,038 1,798 
Total short-term debt$4,038 $1,820 
__________
*    In February 2026, Teva repaid $23 million of the 0.25% convertible senior debentures at maturity.
b.    Long-term debt:  
Interest rate as of September 30, 2026MaturitySeptember 30, 2026December 31, 2025
(U.S. $ in millions)
Senior notes USD 3,500 million (8)
3.15 %20261,798 1,798 
Senior notes EUR 700 million
1.88 %2027794 823 
Sustainability-linked senior notes USD 1,000 million (6)(9)
4.75 %2027199 649 
Sustainability-linked senior notes EUR 1,100 million (9)
3.75 %20271,247 1,292 
Senior notes USD 1,250 million (6)
6.75 %2028— 1,250 
Senior notes EUR 750 million
1.63 %2028850 880 
Sustainability-linked senior notes USD 1,000 million (9)
5.13 %20291,000 1,000 
Sustainability-linked senior notes USD 600 million (6)
7.88 %2029— 398 
Sustainability-linked senior notes EUR 800 million (6)
7.38 %2029— 779 
Sustainability-linked senior notes EUR 1,500 million (6)(9)
4.38 %2030398 1,762 
Senior notes USD 700 million
5.75 %2030697 696 
Sustainability-linked senior notes USD 500 million (6)
8.13 %2031— 500 
Sustainability-linked senior notes EUR 500 million (9)
7.88 %2031568 587 
Senior notes EUR 1,000 million
4.13 %20311,129 1,168 
Senior notes USD 500 million
6.00 %2032496 496 
Senior notes USD 1,200 million (1)
5.25 %20321,188 — 
Senior notes EUR 1,000 million (2)
4.25 %20331,120 — 
Senior notes USD 1,000 million (3)
5.50 %2034987 — 
Senior notes USD 789 million
6.15 %2036784 784 
Senior notes EUR 500 million (4)
4.63 %2036558 — 
Senior notes USD 1,000 million (5)
5.75 %2037985 — 
Senior notes USD 2,000 million
4.10 %20461,988 1,988 
Total senior notes16,786 16,850 
Less current maturities(4,038)(1,798)
Less debt issuance costs(69)(66)
Total senior notes and loans$12,680 $14,986 
__________
(1)In September 2026, Teva issued senior notes in an aggregate principal amount of $1,200 million bearing 5.25% annual interest and due January 2032.
(2)In September 2026, Teva issued senior notes in an aggregate principal amount of €1,000 million bearing 4.25% annual interest and due March 2033.
(3)In September 2026, Teva issued senior notes in an aggregate principal amount of $1,000 million bearing 5.50% annual interest and due January 2034.
(4)In September 2026, Teva issued senior notes in an aggregate principal amount of €500 million bearing 4.63% annual interest and due September 2036.
(5)In September 2026, Teva issued senior notes in an aggregate principal amount of $1,000 million bearing 5.75% annual interest and due January 2037.
(6)In September 2026, Teva consummated an early redemption and extinguished $450 million aggregate principal amount of its 4.75% senior notes due 2027; $1,250 million aggregate principal amount of its 6.75% senior notes due 2028; $398 million aggregate principal amount of its 7.88% senior notes due in 2029, €663 million aggregate principal amount of its 7.38% senior notes due in 2029, €1,150 million aggregate principal amount of its 4.38% senior notes due 2030; and $500 million aggregate principal amount of its 8.13% senior notes due in 2031. The extinguishment resulted in a loss of $224 million which was recorded under financial expenses, net.
(7)Debt issuance costs as of September 30, 2026, include $28 million in connection with the issuance of the senior notes in September 2026, partially offset by $14 million acceleration of issuance costs related to the early redemption.
(8)In October 2026, Teva repaid $1,798 million of its 3.15% senior notes due 2026 at maturity.
(9)The Company achieved all sustainability performance targets applicable to its sustainability-linked senior notes by the respective target dates. Therefore, no one-time premium or increased interest rate payments will become payable in respect of these notes.
Long-term debt was issued by several indirect wholly-owned subsidiaries of the Company and is fully and unconditionally guaranteed by the Company as to payment of all principal, interest, discount and additional amounts, if any. The long-term debt outlined in the above table is generally redeemable at any time at varying redemption prices plus accrued and unpaid interest.
As of September 30, 2026, 60% of Teva's debt was denominated in U.S. dollars, with the remainder denominated in euros.
Teva maintains a committed $1.8 billion unsecured syndicated sustainability-linked revolving credit facility entered into in April 2022, as most recently amended in December 2025 (“RCF”), as part of its liquidity risk management framework and its strategy to diversify its sources of liquidity and maintain broad access to financial markets. Following the exercise of both extension options in April 2024 and December 2025, the RCF matures in April 2028. Proceeds from borrowings under the RCF may be used for general corporate purposes, and the applicable margin is linked to a sustainability performance target.
As a result of Teva achieving an investment grade status, the financial covenant under the RCF (maximum leverage ratio which shall not exceed 4.25x) does not apply for so long as Teva maintains such status.
As of September 30, 2026, and as of the date of this Quarterly Report on Form 10-Q, no amounts were outstanding under the RCF