Teva Pharmaceutical Finance S-3 Shelf registration

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,
	2017	2016			2015			2014			2013
	(U.S. dollars in millions, except ratios)
Earnings
Pre-tax income from continuing operations before adjustments for minority interests in consolidated subsidiaries or income or loss from equity investments			824			2,352			3,638			1,250
Fixed charges, as below			559			283			336			340
Interest capitalized, less amortization of capitalized interest			(1	)		(2	)		(3	)		(3	)
Total			1,383			2,633			3,971			1,587
Fixed Charges
Interest costs (expensed and capitalized) and amortization of issuance costs relating to long-term debentures			504			242			285			301
Rentals –one-third of rental expenses			55			41			51			39
Total			559			283			336			340
Ratio of Earnings to Fixed Charges			2.5			9.3			11.8			4.7