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Teva Upgraded to Ba1 by Moody’s
May 16, 2025
Teva Pharmaceutical Industries (“Teva”) and its subsidiaries were upgraded by a notch to Ba1 from Ba2 by Moody’s. The ratings upgrade reflects meaningful improvement in Teva’s credit metrics, supported by ongoing growth in the company’s branded franchises, along with stabilization of the company’s generic business. According to Moody’s, Teva is expected to generate $1.8bn in free cash flow over the next 12 months. The company is also expected to successfully address upcoming debt maturities of roughly $3.4bn and $2.9bn in 2026 and 2027, respectively through combination of internally generated cash flow and refinancing. However, US pharma sector will continue to face regulatory pressure on drug pricing as well as trade policies.
Teva’s 3.15% 2026s bond traded stable at 97.4, yielding 5.11%.
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