Teva’s 2023 Healthy Future Report Showcases Renewed Sustainability Strategy and Ambitious Targets
TEL AVIV, Israel , May 02 /Businesswire/ - Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) today published its 2023 Healthy Future Report, sharing its actions to promote healthy people, a healthy planet and a healthy business. The report unveils new targets to achieve net zero emissions across Teva’s operations and value chain by 2045 and 100% renewable electricity across all Teva sites by 2035, as well as to reach 200% more total beneficiaries of health system strengthening and capacity building initiatives in support of underserved populations by 2026 (vs. 2022-23).
Healthy Future, Teva’s renewed sustainability strategy, is a continuation of the Company’s environmental, social and governance (ESG) journey and aligns with its Pivot to Growth strategy. Teva’s 2023 Healthy Future Report demonstrates how this new approach is stronger, with enhanced action and transparency across areas most important to Teva and its stakeholders; bolder, with a clear focus on the six areas requiring the most attention to advance sustainability at Teva and create long-term value; and simpler, with a refreshed and simplified governance model to further drive responsibility and ensure accountability.
“Operating in a sustainable way is the right thing to do,” said Richard Francis, Teva’s President and CEO. “Our renewed sustainability strategy is our purpose in practice—we are all in for better health—and our 2023 Healthy Future Report shows how we are taking action and tracking progress in areas where Teva can uniquely make an impact.”
Last year, Teva issued a second series of sustainability-linked bonds valued at $2.49 billion, bringing its total issuance to $7.5 billion and making Teva the largest issuer in the pharmaceutical sector and the second largest across all sectors worldwide. The Company’s sustainability progress is evidenced by its improved scores from key rating organizations, including MSCI, Sustainalytics, ISS ESG and EcoVadis, and recognition from ESG Investing as Best Healthcare Company for Sustainability Reporting.1
Getting more people the medicines they need
Based on an assessment of the Company’s economic impact, Teva’s generic medicines contributed to $40.9 billion in savings across 20 countries in 2023. To help reach even more patients, Teva launched two new access to medicines programs—in Spain and Chile—bringing its total to seven and placing the Company ahead of schedule to reach its goal of eight programs by 2025. Through its access to medicines programs, Teva donated 18.8 million doses, worth $21.5 million, to patients around the world.
Taking action to protect the planet
Teva reduced its scope 1 and 2 greenhouse gas emissions by 27% compared to 2019, achieving its 2025 target two years ahead of schedule. Teva also reduced its scope 3 emissions by 12% (vs. 2020)—tracking strongly against its goal of a 25% reduction by 2030—and engaged its suppliers in reducing their emissions. The Company announced ambitious goals of achieving net zero emissions across its operations and value chain by 2045 as well as 100% renewable electricity usage across all its sites by 2035. As a result of its efforts and transparency, Teva received an A- score from CDP for climate action.
Conducting business responsibly
Teva continued to instill a culture of integrity, publishing Teva’s Integrity Hotline Complaints Procedure and training nearly 100% of targeted active employees on compliance and ethics. The Company also holds its suppliers to high sustainability standards. It evaluated 60% of significant suppliers on sustainability topics and received an A score from CDP for supplier engagement.
Stepping up at a difficult time
As a global company headquartered in Israel, Teva and its employees have been impacted by the events of October 7th and the state of war declared in Israel. When the demand for medicines and medical equipment increased, Teva responded to the need, while also caring for its employees and communities. Teva’s employees in Israel stepped up and volunteered more than 7,000 hours of their time. Teva also established Support the Soul, a program to help Israel’s therapists address the country’s unprecedented trauma.
Read more about Teva’s 2023 Healthy Future Report here.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a global pharmaceutical leader with a category-defying portfolio, harnessing our generics expertise and stepping up innovation to continue the momentum behind the discovery, delivery, and expanded development of modern medicine. For over 120 years, Teva's commitment to bettering health has never wavered. Today, the company’s global network of capabilities enables its ~37,000 employees across 58 markets to push the boundaries of scientific innovation and deliver quality medicines to help improve health outcomes of millions of patients every day. To learn more about how Teva is all in for better health, visit www.tevapharm.com.
Cautionary Note 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 management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: our ability to impact and effectively execute on our sustainability, social, economic, environment and governance related strategies and goals; environmental risks; failure to comply with applicable environmental laws, health and safety laws and regulations worldwide; our ability to select sustainability-related disclosure frameworks that seek to align with various reporting standards which may change from time to time; our ability to collect, measure and report sustainability information and metrics, which is subject to evolving reporting standards; our ability to satisfy the targets set forth in our sustainability-linked senior notes, our sustainability-linked revolving credit facility and in other sustainability-linked financing instruments that we may issue; the impact of sustainability issues and other environmental risks on our business; and consequences of climate change; our ability to successfully compete in the marketplace, including: that we are substantially dependent on our generic products; our ability to successfully execute our Pivot to Growth strategy, including to expand our innovative and biosimilar medicines pipeline and profitably commercialize the innovative medicines and biosimilar portfolio, whether organically or through business development, and to sustain and focus our portfolio of generics medicines; our substantial indebtedness; compliance, regulatory and litigation matters, including: failure to comply with complex legal and regulatory environments; other financial and economic risks; and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2023, including in the sections captioned “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” and under similar captions in our other reports that we file with the U.S. Securities and Exchange Commission. 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 put undue reliance on these forward-looking statements.
1 Corporate ESG awards interview 2023 teva pharmaceuticals. ESG Investing. (2023, December 5). https://www.esginvesting.co.uk/corporate-esg-awards-interview2023-teva-pharmaceuticals/#:~:text=Corporate%20ESG%20Awards%20Interview,2023%20Teva%20Pharmaceuticals&text=Teva%20Pharmaceuticals%20was%20awarded%20Best,Best%20Company%20for%20Social%20Responsibility
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