Teva Drops ADS, Trades Regular Shares on NYSE to Cut Costs
Teva Pharmaceutical Industries transitioned to trading ordinary shares on the NYSE on September 14, replacing ADSs to cut costs.
Jerusalem, 15 September, 2026 (TPS-IL) — Teva Pharmaceutical Industries began trading ordinary shares on the New York Stock Exchange as of September 14, replacing the American Depositary Shares (ADS) it had used for decades, the company disclosed to the SEC.
ADSs are certificates issued by a depositary bank representing shares held on a foreign investor’s behalf, letting overseas companies trade on U.S. exchanges without local registration, but the structure carries annual custody fees and added friction around dividends and voting.
Each ADS converted one-to-one into an ordinary share, with the ticker remaining TEVA and no change in value for shareholders. The move follows S&P’s recent upgrade of Teva to investment grade and a $4.9 billion bond offering used partly to refinance higher-interest debt.
While not an automatic index-inclusion trigger, the simplified share structure removes a structural barrier that had limited some institutional funds from holding the stock.