NYSE Files Form 25 to Delist Teva Pharmaceutical ADSs

What happened

The New York Stock Exchange filed a Form 25 with the Securities and Exchange Commission on Sept. 14, 2026, notifying the regulator of the removal of Teva Pharmaceutical Industries Ltd.'s American Depositary Shares from listing and registration on the exchange. The filing was signed by Victoria Paper, a Manager in the exchange's Market Watch unit.

The security named in the filing is 'American Depositary Shares, each representing one Ordinary Share' — that is, the NYSE-listed line of stock most US investors trade when they buy Teva. Teva is an Israeli pharmaceutical manufacturer, based in Tel Aviv, that makes generic and specialty medicines; its ADSs trade on the NYSE under a Commission File Number of 001-16174.

The filing itself does not state a reason for the removal, and no other source provided here does either. The form contains a set of checkbox provisions — 17 CFR 240.12d2-2(a)(1) through (a)(4) — that are meant to be marked to indicate the rule relied on, and in this filing the marked provisions are not legible from the text supplied.

On the same day the filing appeared, Teva's ADSs closed at $38.72, up 4.39% from the prior close of $37.09. The price data supplied does not explain what moved the shares.

What the Form 25 is

A Form 25 is the document that removes a security from an exchange listing and, in the same step, withdraws its registration under Section 12(b) of the Securities Exchange Act of 1934. Either the company or the exchange can file it — here it was the NYSE.

The rule cited on the form, 17 CFR 240.12d2-2, sets out the paths to delisting. The (a)(1)–(a)(4) subsections cover different grounds, such as a security reaching maturity or being redeemed, a company failing to meet continued listing standards, or the issuer choosing to withdraw voluntarily. The (b) paragraph, which the filing states the exchange has complied with, is the exchange-initiated route; the (c) paragraph, also referenced, governs a voluntary withdrawal requested by the issuer.

Because this Form 25 covers ordinary equity — ADSs representing common shares — it is a delisting of stock, not of a bond. That distinction matters for reading these filings: when a Form 25 names notes, bonds or debentures that have matured or are being repaid, it usually reflects routine repayment rather than a company leaving an exchange. When it names common stock or ADSs, it means the shares themselves are on the way off the exchange.

What this means

An American Depositary Share is a US-listed certificate issued by a depositary bank that represents a set number of a foreign company's ordinary shares — in this case, one ADS for one Teva ordinary share. The ADS structure is what lets a Tel Aviv-based company's stock trade on the NYSE in dollars.

Looking at the mechanics: once an exchange or issuer files a Form 25, the security is struck from the listing and its Section 12(b) registration is withdrawn. The rules contemplate a short period between the filing and the removal taking effect, during which the security's registration remains in force. The filing text provided does not say what happens next for Teva's ADSs specifically — whether they will be quoted over the counter, relisted elsewhere, or whether the underlying ordinary shares will continue to trade on the Tel Aviv Stock Exchange.

The form does not state why the removal occurred. Readers looking for a cause — a listing-standards failure, a voluntary withdrawal, a merger, or something else — will not find it in this document as filed. The two paragraphs that would distinguish an exchange-initiated delisting from an issuer-requested one are both present and marked as satisfied, and the source text does not resolve which applies.

Teva makes generic pharmaceutical products and specialty medicines. Its ADSs are widely held, and news of a delisting would typically be material for US investors who hold the NYSE-listed line.