Teva Pharmaceutical Industries Ltd

Latest Results (30.08.2026):

Teva Pharmaceutical Industries Ltd — second quarter (Q2) 2026: Teva reported Q2 2026 revenues of $4.14 billion (-1% YoY in USD, -3% in local currency) and a GAAP loss per share of $0.49 (reflecting $726 million of Emalex‑related charges). On a non‑GAAP basis Teva reported diluted EPS of $0.02. The quarter showed strong growth from its key innovative brands, offset by lower generics revenues, and included a major acquisition (Emalex/ecopipam) and related R&D investment.

Top‑line and earnings

Revenues: $4.142B in Q2 2026 (-1% USD, -3% LC). GAAP net loss to Teva: $576M (loss per share $0.49). Non‑GAAP diluted EPS: $0.02. Adjusted EBITDA: $474M (down 62% YoY). Q2 operating loss: $231M; non‑GAAP operating income: $375M (9.0% margin).

Key innovative brands driving growth

Innovative portfolio grew 43% YoY in local currency to over $1B in Q2. AUSTEDO: $696M (+40% LC); AJOVY: $244M (+56% LC); UZEDY: $77M (+43% LC). Teva raised its 2026 revenue outlook for each brand and now expects combined 2026 revenues for these brands of roughly $3.7B (mid‑point ≈ +17% YoY).

Generics and biosimilars

Global generics revenues fell ~15% YoY in LC, largely due to lower U.S. lenalidomide (generic Revlimid) sales amid increased competition. Biosimilars momentum remains, with AHZANTIVE (aflibercept biosimilar) launched in Europe and a Polpharma Biologics licensing deal for an ocrelizumab biosimilar; Teva is targeting ~$800M biosimilars revenue by 2027.

Emalex acquisition and pipeline progress

Teva acquired Emalex Biosciences (ecopipam/EBS‑101) for ~ $700M cash and submitted an NDA for ecopipam in June 2026; Q2 recorded $726M of related charges (IPR&D $724M + $2M operating). Other pipeline highlights: EMA accepted MAA for olanzapine LAI (schizophrenia) and U.S. launch on track for Q4 2026 pending approval; TEV‑’408 showed encouraging Phase 1b vitiligo results; duvakitug advancing into additional indications and Phase 3 recruiting on track.

Costs, R&D and tax

R&D expenses jumped to $970M in Q2 (up 298% YoY), mainly due to Emalex. S&M $717M (+10% YoY). Non‑GAAP tax rate in Q2 was unusually high (86.7%) driven by non‑deductible IPR&D charge and other items; Teva expects 2026 annual non‑GAAP tax rate of ~20–23%.

Cash flow and balance sheet

Cash flow from operations: $411M in Q2. Free cash flow: $622M in Q2. Cash and cash equivalents: $3.655B as of June 30, 2026. Total debt: $16.593B; financial leverage ~68%; average debt maturity ~5.1 years. Fitch upgraded Teva to investment grade (BBB‑).

2026 outlook

Updated full‑year guidance includes revenues $16.5–16.85B; non‑GAAP operating income $3.8–4.0B; adjusted EBITDA $4.23–4.53B; non‑GAAP diluted EPS $1.91–2.11 (includes ~($0.66)/share Emalex impact); free cash flow $2.0–2.4B. Company reiterated guidance while raising brand revenue targets.

Corporate actions

Teva will replace its ADS program with a direct listing of ordinary shares on the NYSE (ADSs to be exchanged 1:1); ordinary shares will commence NYSE trading on September 14, 2026 after ADSs cease trading September 11, 2026. Management continues its “Pivot to Growth” transformation and expects ~$700M of net savings by 2027 and a 30% non‑GAAP operating margin target by 2027.