Exhibit 12.1
Teva Pharmaceutical Industries Limited
Computation of ratio of earnings to fixed charges
(U.S. dollars in millions, except total earnings to fixed charges)
Nine Months
Ended
September 30, Year ended December 31,
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2003 2002 2001 2000 1999 1998
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(unaudited)
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Fixed charges:
Interest costs (expensed and
capitalized) and amortization
of issuance costs relating to
long-term debentures $ 39.2 $ 54.7 $ 47.3 $ 53.8 $ 35.2 $ 30.4
Rentals - one third of rental
expense (the portion deemed
representative of the
interest factor) 3.3 4.6 4.5 2.5 2.5 1.8
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Total fixed charges $ 42.5 $ 59.3 $ 51.8 $ 56.3 $ 37.7 $ 32.2
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Earnings:
Pre-tax income from continuing
operations before adjustment
for minority interests in
consolidated subsidiaries
or income or loss from equity
investees $ 636.8 $ 499.4 $ 340.3 $ 208.4 $ 162.0 $ 98.8
Fixed charges, as above 42.5 59.3 51.8 56.3 37.7 32.2
Amortization of capitalized
interest, less interest
capitalized 0.9 0.8 0.7 0.2 0.3 0.6
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Total earnings $ 680.2 $ 559.5 $ 392.8 $ 264.9 $ 200.0 $ 131.6
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Total earnings to fixed charges 16.00 9.43 7.58 4.70 5.30 4.09
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