revenue
16.4–16.8 $billion
FY 2026
official guidance
טבע · TEVA PHARMACEUTICAL INDUSTRIES LTD
Last · Tel AvivILA 12570.00-170.00 (-1.33%)close · yahoo · 7h ago
Market capILA 146.6B1.17B sh
P/E · TTM65.8fwd 45.4 · eps 1.91
Beta0.82vs S&P 500
Div yield0.00%annual · TTM
52w range
ILA 6207.00ILA 12780.00
Volume196.7Ksession
| Revenue | ₪17.3B |
|---|---|
| Operating income | ₪1.6B |
| Net income | ₪-207.0M |
| Free cash flow | ₪1.3B |
| Operating margin | 9.3% |
| Net margin | -1.2% |
| Return on equity | -2.7% |
| Period | TTM 2026-06-30 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong operating momentum, but near-term earnings decline and unquantified pipeline and pricing risks argue for waiting.
Hold: Teva delivered strong 2025 execution, with revenue up 5% to $17.3 billion, adjusted EBITDA up 12% to $5.3 billion, and free cash flow of $1.9 billion excluding the $500 million Sanofi milestone.
However, 2026 revenue guidance of $16.4-$16.8 billion implies flat to down growth, with a $1.1 billion Revlimid headwind, while 2026 adjusted EPS of $2.57-$2.77 is below 2025's $2.93. The bull case is durable double-digit growth in AUSTEDO, UZEDY and AJOVY plus multiple pipeline catalysts; the tension is that pipeline value remains data-dependent and management avoided quantifying AUSTEDO's 2027 IRA impact.
Themes
- Austedo Growth
- Uzedy Payer Mix
- Revlimid Erosion
- Duvakitug Maintenance Data
- Anti Il15 Vitiligo
- Biosimilars
Near term
AUSTEDO's Q1 2026 comparison will absorb the reversal of approximately $100 million of Q4 benefits, most of which was inventory stocking, creating a likely sequential reset despite continued underlying growth.
Q1 revenue is also pressured by the disappearance of approximately $300 million of Q1 2025 generic Revlimid revenue.
First-half 2026 duvakitug maintenance data and anti-IL-15 vitiligo data are major valuation catalysts.
Olanzapine LAI approval and launch preparation could support the innovation narrative later in 2026, but will require increased commercial spending.
Longer term
AUSTEDO, UZEDY and AJOVY generated $3.1 billion in 2025, up approximately 35%; AUSTEDO's 2026 guide implies 11%-18% growth after backing out Q4 inventory effects, according to management.
Portfolio mix and transformation savings support the path to a 30% non-GAAP operating margin target by 2027; only $70 million of the planned $700 million savings was realized in 2025, however.
Teva has 10 biosimilars on the market, six more planned through 2027 and another 10 beginning from 2028, which could stabilize and gradually grow the generics franchise.
The investment thesis increasingly depends on clinical execution across duvakitug, anti-IL-15, DARI, olanzapine LAI and emrusolmin rather than on generics growth.
Red flags
Management did not provide quantitative assumptions for UZEDY's Medicaid versus Medicare mix or net pricing, despite analyst pressure about government exposure and profitability.
Management declined to provide 2027 AUSTEDO guidance and only cited untreated-patient opportunity, leaving the magnitude of IRA-related pricing and purchasing pressure unresolved.
The vitiligo readout will be a single-arm study of approximately 38 patients; management did not commit to a specific efficacy threshold and only said it hoped to be competitive.
Management repeatedly characterized the pipeline as best-in-class and worth more than $10 billion in peak sales, but the key programs still require pivotal data and regulatory approval.
2026 adjusted EPS guidance declines from 2025 despite expected adjusted EBITDA growth, reflecting the Revlimid erosion, higher investment and a higher tax rate.
Forward outlook
gross margin
54.5–55.5 pct
FY 2026
official guidance
adjusted eps
2.57–2.77 $per share
FY 2026
official guidance
operating margin
30 pct
FY 2027
management target
revenue
250–280 $million
FY 2026
official guidance
revenue
750–790 $million
FY 2026
official guidance
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-02-03
- Accumulated Deficit High
Red flags
- Accumulated Deficit High — Accumulated deficit / equity 174%
Upcoming earnings
3:30 PM UTC+1
Period
Sep 2026
Est. EPS
$0.73
Est. revenue
4.2B
Earnings transcripts
- Motley Fool
Teva (TEVA) Q2 2026 Earnings Call Transcript
TEVA PHARMACEUTICAL INDUSTRIES LTD
- Issuer webcast
Q1 2026 webcast
TEVA PHARMACEUTICAL INDUSTRIES LTD
- Issuer IR
Q4 2025 earnings call transcript
TEVA PHARMACEUTICAL INDUSTRIES LTD
- Issuer webcast
Q4 2025 webcast
TEVA PHARMACEUTICAL INDUSTRIES LTD
- Issuer IR
Q3 2025 earnings call transcript
TEVA PHARMACEUTICAL INDUSTRIES LTD
- Issuer webcast
Q2 2025 webcast
TEVA PHARMACEUTICAL INDUSTRIES LTD
Press & signals
- GlobeNewswire
Teva Announces U.S. Food and Drug Administration (FDA) Approval of WELTRUZA™ (Olanzapine) For Extended-Release Injectable Suspension, as the First and Only Once-Monthly Subcutaneous Injectable Olanzapine for Adults with Schizophrenia
- GlobeNewswire
TAPI (Technology & API Services) Names Serge Rogasik CEO to lead next chapter of growth and competitiveness
- GlobeNewswire
Teva Begins Trading Ordinary Shares Directly on the NYSE, Marking a Milestone in its Pivot to Growth Strategy
The rest of this company's wire — with summaries and source links — is part of Pro.
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