Teva Pharmaceutical Amends Deposit Agreement for Mandatory ADS Exchange to Ordinary Shares

Summary of Event

On August 31, 2026, Teva Pharmaceutical Industries Ltd. entered into Amendment No. 1 to its Second Amended and Restated Deposit Agreement (dated December 4, 2018) with Citibank, N.A. as Depositary, and updated the form of American Depositary Receipt (ADR).

Key Terms & Details

• Mandatory Exchange Mechanism: Amendment No. 1 introduces a mechanism for the mandatory cancellation and exchange of American Depositary Shares (ADSs) for direct ordinary shares (par value NIS 0.10 per share) on a 1-for-1 basis.
• Termination of ADS Program: The termination of the ADS program is scheduled to take effect at the open of business on September 14, 2026.
• Direct Listing: Upon termination, outstanding ADSs will be cancelled in exchange for an equal number of economically equivalent NYSE-listed ordinary shares.

Market & Governance Impact

This transition simplifies Teva's corporate equity structure by eliminating depositary receipts and moving ADS holders directly into listed ordinary shares on the New York Stock Exchange.