Teva becomes the first pharmaceutical company to fulfill sustainability obligations related to both climate and access to target drugs
The $ 5 billion bond is the largest of its kind in any industry and the first issued by a generic drug company
TEL AVIV, Israel –News Direct– Teva Pharmaceuticals
TEL AVIV, Israel, November 3, 2021 / 3BL Media / – Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) announced ambitious commitments to address two of today’s biggest global crises – access to medicines and climate change – linked to its $ 5 billion development bond sustainable. The obligation is linked to three objectives, including a 25% reduction in greenhouse gas (GHG) emissions of scope 1 and 2 and a 150% increase in access to essential medicines for patients in countries with low and middle income (LMIC) by the end. from 2025.
“A key part of our environmental, social and governance (ESG) efforts is helping the world in a way that we’re uniquely positioned to do,” says Kåre Schultz, CEO of Teva. “For Teva, this means leveraging our extensive portfolio of essential medicines to expand patient access in low- and middle-income countries, as well as engaging in our global operations to reduce greenhouse gas emissions. . This effort demonstrates Teva’s commitment to society and accelerates our impact.
Teva is the only pharmaceutical company to tie social and environmental goals to an obligation. In addition to the bond’s Scope 1 and Scope 2 emissions targets, Teva recently announced a 2030 target to reduce Scope 3 GHG emissions by 25%. Together, these environmental goals aim to reduce emissions throughout Teva’s value chain in accordance with the Paris Climate Agreement. Teva’s new access targets include a 150% increase in both the number of registrations and products delivered through access programs in PRFIs. The goals cover treatments on the World Health Organization’s Model List of Essential Medicines, of which Teva is the primary supplier, providing access to the most effective, safe and cost-effective treatments.
Two second party opinions (SPOs) validated Teva’s sustainable development financing framework. ISS ESG, the world’s leading provider of ESG solutions for shareholders, provided a positive SPO on the alignment of the framework with the principles of sustainability bonds of the International Capital Markets Association (ICMA). The Access to Medicine Foundation, an independent nonprofit organization focused on access in LMICs, provided the final SPO which covered the relevance, robustness and social benefits of Teva’s access goals.
Teva plans to report and verify externally its performance against each objective in its annual ESG progress report.
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About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) have been developing and producing drugs to improve people’s lives for over a century. We are a global leader in generic and specialty drugs with a portfolio of more than 3,500 products in almost all therapeutic areas. About 200 million people around the world take a Teva medicine every day and are served by one of the pharmaceutical industry’s largest and most complex supply chains. In addition to our established presence in generics, we have significant innovative research and operations activities supporting our growing portfolio of specialty and biopharmaceutical products. Learn more at www.tevapharm.com.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on the current beliefs and expectations of management and are subject to substantial risks and uncertainties, known and unknown, which could cause our results. future. , performance or achievements differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks related to: the finalization of the offering of senior sustainability bonds and the associated refinancing; our ability to achieve or report on progress or achievement of the ESG objectives set out in our senior sustainability ratings or our sustainability finance framework, including barriers to achieving those objectives that are beyond our control, and the reputational risks associated with any inability to achieve these objectives; our substantial indebtedness, which may limit our ability to incur additional debt, enter into additional transactions or make new investments, and may cause our credit ratings to deteriorate further; our inability to incur debt or borrow funds in amounts or on terms favorable to us; and other factors discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, including the sections thereof entitled “Risk Factors” and “Forward-Looking Statements”, and in our Quarterly Reports on Form 10-Q and other documents filed with the SEC, available at www.sec.gov. Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on these forward-looking statements. No assurance can be given that the transactions described in this document will be completed or as to the ultimate terms of such transactions.
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