- Fitch Ratings Agency upgrades Teva Pharmaceuticals (TEVA, Financial) credit rating to BB+ from BB.
- Fitch highlights successful execution in debt reduction and improved financial flexibility.
- Projected revenue growth from key products AUSTEDO and AJOVY to enhance margins.
Teva Pharmaceuticals (TEVA) has received an upgraded credit rating from Fitch Ratings Agency, moving from BB to BB+ with a stable outlook. This elevation marks the second consecutive upgrade by Fitch within a few months and follows a recent upgrade from Moody's, underscoring the company's successful efforts in debt reduction and enhanced financial flexibility.
According to Fitch, Teva is poised for continuous revenue growth driven by its key products, AUSTEDO and AJOVY, as well as a promising pipeline of biosimilars. The rating agency also notes Teva's strategic initiatives aimed at optimizing external spending, prioritizing resource allocation, and modernizing its organizational structure, which are expected to lead to higher operating margins.
Eli Kalif, Chief Financial Officer of Teva Pharmaceuticals, remarked on the upgrade by stating, "This recognition reflects the strength of our financial discipline and the unwavering commitment of our teams. It’s a powerful endorsement of our Pivot to Growth strategy and a clear signal of confidence in our future."
Teva Pharmaceuticals, with a market capitalization of $20.60 billion, continues to make strides in the pharmaceutical sector by focusing on innovation and enhancing its product offerings. The company operates globally, delivering a spectrum of biopharmaceutical solutions while maintaining a strong focus on sustainability and financial strategy.
