Teva Pharmaceutical Finance Co B.V. F-3ASR Automatic shelf registration (foreign)

Exhibit 12.1

Teva Pharmaceutical Industries Limited

Computation of ratio of earnings to fixed charges

(U.S. dollars in thousands, except ratio of earnings to fixed charges)

				Year ended December 31,
	Nine months ended September 30, 2005			2004			2003		2002		2001		2000
	(Unaudited)
Fixed charges:
Interest costs (expensed and capitalized) and amortization of issuance costs relating to long-term debentures	$	27,373		$	42,850		$	45,200	$	54,713	$	47,330	$	53,821
Rentals - one third of rental expense (the portion deemed representation of the interest factor)		5,400			6,745			5,200		4,646		4,467		2,533
Total fixed charges	$	32,773		$	49,595		$	50,400	$	59,359	$	51,797	$	56,354
Earnings:
Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	957,212		$	603,700		$	872,415	$	499,422	$	340,357	$	208,361
Fixed charges, as above		32,773			49,595			50,400		59,359		51,797		56,354
Interest capitalized, less amortization of capitalized interest		(245	)		(345	)		800		900		720		227
Total earnings	$	989,740		$	652,950		$	923,615	$	559,681	$	392,874	$	264,942
Ratio of earnings to fixed charges		30.20			13.17			18.33		9.43		7.58		4.70