SCHEDULE: Phoenix Financial Discloses 5% Stake in Teva Pharmaceutical

Phoenix Financial Ltd. has reported a 5% beneficial ownership stake in Teva Pharmaceutical Industries Ltd., holding over 57 million ordinary shares.

Summary

• Phoenix Financial Ltd. reported beneficial ownership of 57,383,157.61 Ordinary Shares of Teva Pharmaceutical Industries Ltd.
• This ownership represents 5% of Teva's Ordinary Shares outstanding.
• The reported percentage is based on 1,146,838,689 Ordinary Shares outstanding as of July 15, 2025.
• The shares include 38,000,044 Ordinary Shares held in American Depositary Shares (ADSs), with each ADS representing one Ordinary Share.
• The beneficial ownership is held through various direct or indirect subsidiaries of Phoenix Financial Ltd., including trust funds (12,408,067.41 shares or 1.08%), 'nostro' accounts (2,169,705 shares or 0.19%), pension and provident funds (301,310 shares or 0.03%), linked insurance policies (244,017 shares or 0.02%), Partnership for Israeli shares (42,168,458.20 shares or 3.68%), and Partnership for investing in shares indexes (91,600 shares or 0.01%).
• Phoenix Financial Ltd. disclaims the existence of a group for Section 13(d) purposes and any beneficial ownership in excess of their actual pecuniary interest.

Sentiment

Score: 7

Explanation: The filing indicates a significant institutional investment in Teva, which is generally a positive signal of confidence from a major financial entity. While it's a factual ownership report, the size of the stake suggests a long-term interest.

Positives

• Phoenix Financial Ltd., a significant Israeli financial institution, has taken a substantial 5% stake in Teva Pharmaceutical Industries Ltd., potentially signaling confidence in Teva's long-term prospects.
• The diversified nature of Phoenix's holdings across various funds and policies suggests a broad-based investment strategy rather than a speculative one.

Risks

• The amount of ownership rights held by Phoenix companies in the 'Partnership for Israeli shares' and 'Partnership for investing in shares indexes' changes frequently according to a mechanism in the partnership agreement, which could lead to fluctuations in reported beneficial ownership.
• Phoenix Financial Ltd. disclaims the existence of a group for purposes of Section 13(d) of the Securities Exchange Act of 1934, which could be a point of regulatory scrutiny if their subsidiaries are deemed to be acting in concert.

Future Outlook

The filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding Teva Pharmaceutical Industries Ltd.'s future performance or Phoenix Financial Ltd.'s future investment intentions beyond the current ownership.

Management Comments

• The securities reported herein are beneficially owned by various direct or indirect, majority or wholly-owned subsidiaries of Phoenix Financial Ltd. (the 'Subsidiaries').
• Each of the Subsidiaries operates under independent management and makes its own independent voting and investment decisions.
• Neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission by either the Filing Persons or Subsidiaries that a group exists for purposes of Section 13(d) of the Securities Exchange Act of 1934 or for any other purpose, and each reporting person disclaims the existence of any such group.
• Each of the Filing Persons and Subsidiaries disclaims any beneficial ownership of the securities covered by this report in excess of their actual pecuniary interest therein.
• This Statement shall not be construed as an admission by the Filing Persons or Subsidiaries that they are the beneficial owners of any of the Ordinary Shares covered by this Statement.
• By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

This filing indicates a significant investment by a major Israeli financial institution in Teva Pharmaceutical Industries, a global pharmaceutical company. Such a substantial stake by an institutional investor can be viewed as a vote of confidence in the company's position within the highly competitive pharmaceutical industry, particularly given Teva's focus on generics and specialty medicines.

Comparison to Industry Standards

• This filing is a standard beneficial ownership disclosure (Schedule 13G) and does not provide financial or operational results for comparison to industry standards.
• It solely reports the ownership stake of Phoenix Financial Ltd. in Teva Pharmaceutical Industries Ltd. without offering insights into Teva's performance relative to peers like Viatris (formerly Mylan), Sandoz, or other major generic drug manufacturers.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional investor holding 5% of shares could be viewed positively, potentially increasing investor confidence and liquidity.
• Management: Awareness of a large institutional holder may influence management's strategic decisions and communication.

Next Steps

• Phoenix Financial Ltd. will continue to monitor its investment in Teva Pharmaceutical Industries Ltd.
• Future Schedule 13G/A amendments will be filed if there are significant changes (e.g., ownership crosses 10% or drops below 5%, or if the purpose of the holding changes).

Key Dates

Keywords

Teva Pharmaceutical Industries, Phoenix Financial, Schedule 13G, Beneficial Ownership, Pharmaceuticals, Investment, Israel, Ordinary Shares, ADSs