Economic Audit: Teva Pharmaceuticals

Supply Chain & Sourcing Relationships

Teva’s Israeli in-country distribution and logistics operate through its wholly controlled subsidiary Salomon, Levin and Elstein Ltd. (“SLE”), which historically operated the Shoham logistics center and provides logistical support for the sale and distribution of Teva and third-party pharmaceutical products within Israel ¹²³. No public evidence identified of Teva sourcing agricultural products (dates, avocados, citrus, herbs, potatoes) from Israeli agri-exporters such as Mehadrin, Hadiklaim, Galilee Export, or Agrexco successors; Teva operates as a pharmaceutical manufacturer and distributor rather than a food retailer, and dedicated searches of Who Profits and AFSC Investigate returned no relevant results ⁴¹. A KPMG-commissioned due-diligence review for Sykehusinnkjøp HF, the Norwegian regional hospital procurement authority, found “no demonstrated presence, production or other activity in occupied Palestinian areas” by Teva as of December 2024 ⁵. Teva’s Shoham logistics facility, sold in 2019 to Israeli real-estate firm Amot Investments Ltd., creates an indirect landlord relationship, since Amot separately owns and lists an industrial property in the Ariel settlement in the West Bank as a company asset; Teva itself was not found to hold or use the Ariel asset ⁶⁷⁸. No public evidence identified of seasonal or counter-cyclical sourcing patterns, or of third-party/indirect Israeli-origin sourcing arrangements distinct from Teva’s own manufacturing and distribution network.

Product Origin, Labeling & Regulatory Compliance

A 2012 Who Profits sector report, “Captive Economy: The Pharmaceutical Industry and the Israeli Occupation,” names Teva as one of four dominant Israeli-origin pharmaceutical companies (alongside Perrigo Israel/Agis, Taro, and Dexcel Pharma) benefiting from a structurally captive Palestinian drug market under the Paris Protocol, with easy access to Palestinian markets free of customs or checkpoint interference and no requirement to relabel products or provide Arabic-language labeling for the Occupied Palestinian Territory ⁴⁹¹⁰. A 2025-dated Historikere for Palestina database entry cites a Palestinian pharmacist’s June 2025 statement asserting that Israeli/Teva medicine-market dominance persists and produces shortages, including of tamoxifen, in the Occupied Palestinian Territory ¹¹. Teva’s subsidiary MBT Biological Laboratories previously operated in the Atarot industrial zone in East Jerusalem, an area documented as occupied territory in the Peace Now settlement database, before relocating to Beit Shemesh inside Israel; the exact relocation date was not identified, though the operation is documented as discontinued no later than 2016 ¹². No public evidence identified of DEFRA, UK customs, or other national customs/regulatory audit findings citing Teva products mislabeled as “Produce of Israel” or “Made in Israel” while originating from the West Bank, Jordan Valley, or Golan Heights. No public evidence identified of a Teva corporate policy specific to labeling or sourcing of goods from occupied or contested territories. Separately, Teva Pharmaceuticals USA agreed to pay $450 million in a False Claims Act settlement with the U.S. Department of Justice resolving kickback allegations related to copayment assistance and price-fixing, an unrelated regulatory-compliance matter concerning the U.S. market ¹³.

Investment, Capital & Financial Exposure

Teva’s Israel-based capital footprint consists of operational manufacturing, R&D, and logistics assets that it directly owns or leases rather than passive portfolio holdings, and No public evidence identified of Teva holding a portfolio stake in other Israeli companies, Israeli sovereign bonds, or Israel-focused investment funds. No public evidence identified that Teva has been excluded from investment portfolios managed by Norwegian pension fund KLP or similar Norwegian institutional investors. Teva has operated a development center in Netanya, Israel; in 2017–2018 the company reportedly ceased pre-clinical trial activity there amid a restructuring that cut roughly 350 jobs at the site ¹¹⁴. In November 2025 Teva launched “Teva Rise,” a global open-innovation platform with a stated $10 million budget, explicitly run in partnership with the Israel Innovation Authority and Startup Nation Central, inviting startups “in Israel and abroad” to pilot technology with full Teva funding through proof-of-concept ¹⁵¹⁶. The stopteva.nl coalition’s report on Teva’s relationship with the IDF asserts that Teva “invests in institutions developing weapons, drones, and surveillance technology” via Israel Innovation Authority programs including the MEIMAD dual-use R&D program ²; MEIMAD is independently confirmed as a real joint Israel Innovation Authority/Ministry of Finance/Ministry of Defense program funding dual-use civilian/defense R&D ¹⁷, but No public evidence identified of a specific, named Teva MEIMAD grant, project, or award in a primary program record. As of Q3 2025, institutional investors held roughly 57–72% of Teva shares; Phoenix Financial Ltd., an Israeli insurer/financial group, was the single largest institutional holder as of 30 September 2025 with 82.59 million shares (7.20%), with other top holders including BlackRock, Vanguard, FMR LLC, Migdal Insurance & Financial Holdings, and Ion Asset Management ¹⁸. No public evidence identified of Teva appearing in PAX’s June 2024 report “The Companies Arming Israel and Their Financiers,” which is scoped to arms producers selling weapons and weapons systems to Israel ¹⁹. No public evidence identified of Teva appearing in the accessible portions of the Don’t Buy Into Occupation Coalition’s 2024 report, which covers 58 companies across construction, tourism, technology, and infrastructure sectors ²⁰²¹. No public evidence identified of Teva or its major shareholders holding disclosed positions in Israeli sovereign or war bonds attributable to Teva’s own corporate treasury decisions.

Operational Presence & Market Activity

Teva’s headquarters is located at 5 Basel St., Petah Tikva, Israel, and the company is listed on NASDAQ (since 1982), the NYSE (since 2012), and the Tel Aviv Stock Exchange ²²⁴¹. Confirmed Israeli production and operational sites include manufacturing plants in Kfar Saba (FDA-approved 1982) and Neot Hovav (raw materials), a development center in Netanya, and a logistics center in Shoham spanning approximately 19.25 acres (50,000 m²), operated via subsidiary SLE and described as one of the world’s largest pharmaceutical storage and shipping hubs ¹⁶²³⁷. The Shoham facility was sold in 2019 to Amot Investments Ltd. for NIS 445 million (approximately $127 million), with Teva/SLE now leasing it back for a 10-year term at NIS 22 million per year ⁶⁷. As of February 2024, Teva had approximately 37,000 employees globally, of whom 3,385 were based in Israel; global headcount reportedly fell to roughly 30,000 by mid-2026 amid restructuring, though an updated Israel-specific breakdown for 2025–2026 was not located ²⁴. Teva’s own Form 10-K states that revenues within its country of domicile (Israel) constituted approximately 2% of consolidated global revenues for each of fiscal years 2022 through 2025 ²⁵. Teva’s CEO stated in February 2024 that Israel-based production and distribution remained “largely unaffected” by the war, aided by pre-existing contingency and secondary-route planning, and that Israel-based production represented “less than 8%” of global manufacturing volume by value ²⁴. Teva reached a settlement with the Israel Tax Authority in 2024 to pay $750 million in installments from 2024–2029, plus up to an additional approximately $250 million tied to future dividends (capped at $500 million), resolving a decade-plus dispute covering tax years 2008–2020; Israeli authorities had previously sought a $271 million bill from the tax-advantaged company ²⁶²⁷²⁸. Media reported in 2017 and again in 2019, citing a leaked Yediot Ahronoth/Channel 2 draft, that Teva was among firms facing possible inclusion on a forthcoming UN settlement-business blacklist, but no evidence was found confirming Teva’s presence in the final published 2020, 2023, or 2025 (158-enterprise) database iterations, including the September 2025 advance edited version (A/HRC/60/19) ^2930313233. The July 2025 report of UN Special Rapporteur Francesca Albanese, “From economy of occupation to economy of genocide,” contains no mention of Teva or pharmaceutical-sector companies in its examined text ³⁴. Teva Pharmaceuticals USA issued a public statement on 11 October 2023 expressing solidarity with Israel following the 7 October attacks, and Israeli media reported on Teva reservist employees called up for military service during the subsequent conflict ³⁵³. Civil-society boycott campaigns targeting Teva’s market activity intensified through 2024–2025, including UK protests against Israeli-owned pharmaceutical companies, an Irish medical-consultant campaign urging the state to stop using Israeli medicines where viable alternatives exist, subsequent hospital-staff boycott petitions at National Orthopaedic Hospital and Beaumont Hospital, and a wider European Palestine-solidarity call to boycott Teva ^363738394041.

Corporate Structure & Foundational Ties

Teva traces its origin to a 1901 Jerusalem wholesale drug business initially organized as “SLE Ltd.” (named for founders Chaim Salomon, Moshe Levin, and Yitschak Elstein); it began trading on the Tel Aviv Stock Exchange in 1951 as “Teva Middle East Pharmaceutical Chemical Works Company Ltd.”; and the modern Teva Pharmaceutical Industries Ltd. was formed via the 1976 merger of three Israeli pharmaceutical companies, with Eli Hurvitz serving as first CEO (1976–2002) and later Chairman (to 2010) ²². Teva’s current legal domicile and headquarters is Petah Tikva, Israel, with no evidence of a separate “legacy” headquarters distinct from the current Israeli domicile ²²⁴¹. No public evidence identified of direct Israeli state equity ownership in Teva; the company is fully privatized and publicly traded. Teva participates in Israel Innovation Authority co-funded programs, including the November 2025 “Teva Rise” open-innovation platform run in partnership with the Israel Innovation Authority and Startup Nation Central, constituting an institutional/government-program linkage rather than an ownership stake ¹⁵¹⁶. No public evidence identified of golden shares, founder shares, or charter provisions tying Teva’s governance to Israeli state objectives; general secondary-source review indicates a standard one-share-one-vote structure with no dual-class stock, though this was not independently confirmed against Teva’s primary Articles of Association or 20-F/proxy governance disclosures. The stopteva.nl coalition report separately claims Teva participation in Israel’s civilian “Adopt-a-Battalion” program supporting IDF units, a real initiative described in Israeli media ²⁴². No public evidence identified independently confirming Teva’s participation in that specific program against a primary source naming Teva.

Profit Repatriation & Economic Contribution

Because Teva is Israeli-founded and Israeli-domiciled rather than a foreign subsidiary of an external parent, profits generated from its approximately 98% non-Israel global revenue base flow into an Israeli-domiciled parent entity; No public evidence identified of a separate offshore ultimate parent controlling Teva ²⁵. A Samuel Neaman Institute study (Neev & Friman, 2014, covering 2003–2012) found Teva contributed approximately 10% of Israel’s total industrial GDP over that period, with an employment multiplier of 5.53 and a GDP multiplier of approximately 1.72–1.98, characterizing Teva as a major national economic anchor including contributions to national R&D and scientific education ⁴³. Who Profits and AFSC Investigate both independently describe Teva as the largest commercial and industrial company on the Israeli market by equity, net profit, operating income, and market value, and the largest domestic healthcare-products and services provider by sales volume, per a 2012 Who Profits snapshot not independently re-confirmed for 2024–2026 ⁴¹. Teva’s 2024 settlement with the Israel Tax Authority, totaling $750 million payable through 2029 plus a further contingent amount tied to future dividends, represents a substantial direct fiscal contribution to the Israeli state resolving tax years 2008–2020 ²⁶²⁷²⁸. A campaign source separately asserts Teva paid “$721 million” to the Israeli treasury in 2024 specifically, sourced to unspecified SEC filings; this figure was not independently corroborated against Teva’s Form 10-K text ²²⁵. Civil-society boycott campaigns in Ireland and continental Europe explicitly cite Teva’s ongoing tax payments to Israel and its medical-supply and donation activity as rationale for continued boycott action, indicating public assessment of continued economic contribution to Israel post-dating both the July 2024 ICJ advisory opinion and the November 2024 ICC arrest warrants ^36373840. The KPMG review for Sykehusinnkjøp HF found that Teva “actively supports” Israeli defense through medicine donations via charitable organizations and through employee military/reserve service, and that Teva was previously part of a direct financial-donation program to the Israeli military but sources indicate it is no longer part of that program; Sykehusinnkjøp’s follow-on decision of 20 March 2025 was not to terminate its contracts with Teva Norway AS ⁵⁴⁴.

End Notes