olivLaw · US equity research
Teva Pharmaceutical Industries Ltd. TEVA
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Teva Pharmaceutical Industries Ltd. is a biopharmaceutical company headquartered in Israel whose core remains its generics business. Revenue for fiscal 2025 was 17.258 billion USD, and in the second quarter of 2026 revenue was 4.142 billion USD, down 1% in U.S. dollars year over year. The company is shifting toward innovative products such as AUSTEDO, AJOVY and UZEDY, which could change its growth profile if this pace holds.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Teva Pharmaceutical Industries Ltd. (TEVA) stock was 41.85 USD (−0.14% on the day), with market capitalisation 48.8 bn USD, P/E 97.4 on diluted EPS of 0.43 USD over the last 12 months, dividend yield 0.00%, beta 0.77, 52-week range 23.97–42.09 USD. Latest reported quarter (Q3 2026): revenue of 4.4 bn USD (−1.9% YoY), net income of 233.0 m USD (−46.2% YoY), diluted EPS 0.20 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 59.1
- strong (55–70)
- Bollinger (20, 2)
- 39.29 – 42.39
- in the upper half of the band · %B 0.83 · band width 7.6%
- SMA 50 / 200
- 39.33 / 34.73
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.60 / 0.56
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.5% | −1.1% | +6.6 pp | — |
| 3 months | +20.5% | −0.5% | +21.0 pp | — |
| 6 months | +15.2% | +4.4% | +10.8 pp | — |
| Year to date | +34.1% | +12.3% | +21.8 pp | — |
| 1 year | +104.5% | +13.5% | +91.0 pp | +25.2% |
| 3 years | +365.5% | +76.4% | +289.1 pp | +46.7% |
| 5 years | +358.4% | +63.7% | +294.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.2 bn | 3.9 bn | 4.2 bn | 4.5 bn | 1.5 bn | 4.0 bn | 4.1 bn | 4.4 bn |
| Cost of revenue | 2.1 bn | 2.0 bn | 2.1 bn | 2.2 bn | 2.1 bn | 2.0 bn | 2.0 bn | 2.0 bn |
| Gross profit | 2.1 bn | 1.9 bn | 2.1 bn | 2.3 bn | 2.7 bn | 2.0 bn | 2.2 bn | 2.4 bn |
| Operating income | -29.0 m | 519.0 m | 455.0 m | 882.0 m | 300.0 m | 652.0 m | -231.0 m | 714.0 m |
| Depreciation & amortisation | 269.0 m | 244.0 m | 251.0 m | 249.0 m | 260.0 m | 239.0 m | 241.0 m | 245.0 m |
| Pre-tax income | -247.0 m | 294.0 m | 203.0 m | 646.0 m | 80.0 m | 437.0 m | -455.0 m | 300.0 m |
| Income tax | 28.0 m | 74.0 m | -78.0 m | 214.0 m | -390.0 m | 67.0 m | 121.0 m | 66.0 m |
| Net income | -217.0 m | 214.0 m | 282.0 m | 433.0 m | 480.0 m | 369.0 m | -576.0 m | 233.0 m |
| Diluted EPS | -0.19 ≈ | 0.18 | 0.24 | 0.37 | 0.41 ≈ | 0.31 | -0.49 | 0.20 |
| Operating cash flow | 575.0 m | -105.0 m | 227.0 m | 369.0 m | 1.2 bn | -40.0 m | 411.0 m | 241.0 m |
| Capex | 129.0 m | 127.0 m | 96.0 m | 136.0 m | 142.0 m | 168.0 m | 104.0 m | 120.0 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 78 percentile of its own 9-quarter history (min 14.8, median 33.7, max 320.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 18.3 bn | 16.9 bn | 16.7 bn | 15.9 bn | 14.9 bn | 15.8 bn | 16.5 bn | 17.3 bn |
| Revenue YoY | −16.4% | −7.6% | −1.4% | −4.7% | −6.0% | +6.2% | +4.4% | +4.3% |
| Net income | -2.2 bn | -999.0 m | -4.0 bn | 417.0 m | -2.4 bn | -559.0 m | -1.6 bn | 1.4 bn |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −686.6% | unavailable | unavailable | unavailable |
| Diluted EPS | -2.35 | -0.91 | -3.64 | 0.38 | -2.20 | -0.50 | -1.45 | 1.21 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −678.9% | unavailable | unavailable | unavailable |
| net % | -11.8% | -5.9% | -24.0% | 2.6% | -16.4% | -3.5% | -9.9% | 8.2% |
| Free cash flow | 1.8 bn | 223.0 m | 638.0 m | 236.0 m | 1.0 bn | 842.0 m | 749.0 m | 1.1 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.6 bn USD
- Financial debt
- 1.8 bn USD
- Net debt
- -1.7 bn USD
- Equity
- 7.9 bn USD
- Total assets
- 40.7 bn USD
- Debt / equity
- 0.23x
- Current ratio
- 1.04x
- ROE
- 21.2%
- ROA
- 3.5%
- FCF margin
- 6.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 16.7 bn | 15.9 bn | 14.9 bn | 15.8 bn | 16.5 bn | 17.3 bn | SEC (XBRL)· 03 Feb 2026verified |
| Cost of revenue | 8.9 bn | 8.3 bn | 8.0 bn | 8.2 bn | 8.5 bn | 8.3 bn | SEC (XBRL)· 03 Feb 2026verified |
| Gross profit | 7.7 bn | 7.6 bn | 7.0 bn | 7.6 bn | 8.1 bn | 8.9 bn | SEC (XBRL)· 03 Feb 2026verified |
| Research & development | — | — | 98.0 m | — | — | — | SEC (XBRL)· 10 Feb 2023verified |
| Operating income | -3.6 bn | 1.7 bn | -2.2 bn | 433.0 m | -303.0 m | 2.2 bn | SEC (XBRL)· 03 Feb 2026verified |
| Depreciation & amortisation | 1.6 bn | 1.3 bn | 1.3 bn | 1.2 bn | 1.1 bn | 1.0 bn | SEC (XBRL)· 03 Feb 2026verified |
| EBITDA | -2.0 bn ≈ | 3.0 bn ≈ | -889.0 m ≈ | 1.6 bn ≈ | 756.0 m ≈ | 3.2 bn ≈ | SEC (XBRL)· 03 Feb 2026derived |
| Interest expense | 901.0 m | 891.0 m | 930.0 m | 1.0 bn | 1.0 bn | 916.0 m | SEC (XBRL)· 03 Feb 2026verified |
| Pre-tax income | -4.4 bn | 658.0 m | -3.2 bn | -624.0 m | -1.3 bn | 1.2 bn | SEC (XBRL)· 03 Feb 2026verified |
| Income tax | -168.0 m | 211.0 m | -643.0 m | -7.0 m | 676.0 m | -180.0 m | SEC (XBRL)· 03 Feb 2026verified |
| Net income | -4.0 bn | 417.0 m | -2.4 bn | -559.0 m | -1.6 bn | 1.4 bn | SEC (XBRL)· 03 Feb 2026verified |
| Diluted EPS | -3.64 | 0.38 | -2.20 | -0.50 | -1.45 | 1.21 | SEC (XBRL)· 03 Feb 2026verified |
| Weighted average diluted shares | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 03 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.2 bn | 2.2 bn | 2.8 bn | 3.2 bn | 3.3 bn | 3.6 bn | SEC (XBRL)· 03 Feb 2026verified |
| Receivables | 4.6 bn | 4.5 bn | 3.7 bn | 3.4 bn | 3.1 bn | 3.7 bn | SEC (XBRL)· 03 Feb 2026verified |
| Inventories | 4.4 bn | 3.8 bn | 3.8 bn | 4.0 bn | 3.0 bn | 3.2 bn | SEC (XBRL)· 03 Feb 2026verified |
| Current assets | 13.0 bn | 12.6 bn | 12.1 bn | 12.5 bn | 12.6 bn | 13.9 bn | SEC (XBRL)· 03 Feb 2026verified |
| Property, plant & equipment, net | 6.3 bn | 6.0 bn | 5.7 bn | 5.8 bn | 4.6 bn | 4.1 bn | SEC (XBRL)· 03 Feb 2026verified |
| Goodwill | 20.6 bn | 17.6 bn | 17.2 bn | 17.2 bn | 16.0 bn | 16.0 bn | SEC (XBRL)· 03 Feb 2026verified |
| Intangibles (excl. goodwill) | 8.9 bn | 7.5 bn | 6.3 bn | 5.4 bn | 4.4 bn | 3.8 bn | SEC (XBRL)· 03 Feb 2026verified |
| Total assets | 50.6 bn | 47.7 bn | 44.0 bn | 43.5 bn | 39.3 bn | 40.7 bn | SEC (XBRL)· 03 Feb 2026verified |
| Accounts payable | — | — | — | 108.0 m | 158.0 m | 225.0 m | SEC (XBRL)· 03 Feb 2026verified |
| Short-term debt | 3.2 bn | 1.4 bn | 2.1 bn | 1.7 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 03 Feb 2026verified |
| Current liabilities | 13.2 bn | 11.0 bn | 11.5 bn | 12.2 bn | 12.8 bn | 13.5 bn | SEC (XBRL)· 03 Feb 2026verified |
| Total liabilities | 39.6 bn | 36.4 bn | 35.4 bn | 35.4 bn | 33.6 bn | 32.8 bn | SEC (XBRL)· 03 Feb 2026verified |
| Equity | 11.1 bn | 11.2 bn | 8.6 bn | 8.1 bn | 5.4 bn | 7.9 bn | SEC (XBRL)· 03 Feb 2026verified |
| Shares outstanding at year end | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 03 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.2 bn | 798.0 m | 1.6 bn | 1.4 bn | 1.2 bn | 1.6 bn | SEC (XBRL)· 03 Feb 2026verified |
| Capex | 578.0 m | 562.0 m | 548.0 m | 526.0 m | 498.0 m | 501.0 m | SEC (XBRL)· 03 Feb 2026verified |
| Free cash flow | 638.0 m ≈ | 236.0 m ≈ | 1.0 bn ≈ | 842.0 m ≈ | 749.0 m ≈ | 1.1 bn ≈ | SEC (XBRL)· 03 Feb 2026derived |
| Investing cash flow | 863.0 m | 1.5 bn | 656.0 m | 968.0 m | 792.0 m | 737.0 m | SEC (XBRL)· 03 Feb 2026verified |
| Financing cash flow | -1.9 bn | -2.2 bn | -1.5 bn | -1.9 bn | -1.8 bn | -2.2 bn | SEC (XBRL)· 03 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 45 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 48.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet53
- Growth41
- Valuation13
- Quality79
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.31 – 36.88 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)23.77 – 36.88 (Mid 28.82)WACC 9.0% · starting FCFF 2.0 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 22.4%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E6.31 – 18.46 (Mid 9.86)9 companies used · median multiple 23.0x · quartiles 14.7x – 43.0xABT, ALNY, BMY, PFE, REGN, RPRX, UTHR, VRTX, ZTS
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 45/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 18.5% | 100 (vs peers) | 13% |
| Net margin · Quality | 3.6% | 23 (vs peers) | 8% |
| FCF conversion · Quality | 244.3% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 5.0% | 41 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.0x | 100 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 1.6x | 1 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.9x | 12 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 97.4x | 10 (vs peers) | 13% |
| EV/EBITDA · Valuation | 20.2x | 0 (on a fixed band) | 13% |
| FCF yield · Valuation | 2.5% | 32 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet53/100 · 3/3 factors with a value
- Growth· partial41/100 · 1/2 factors with a value
- Quality79/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation13/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TEVA PHARMACEUTICAL INDUSTRIES LIMITED (TEVA). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 17.3 bn USD in 2025; YoY growth 4.3%; net margin 3.6%; ROE 6.6%; net debt/EBITDA -0.0x.
The estimated value range is 15.04–27.67 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 19.34 USD, the price of 41.85 USD leaves a potential of -53.8% (value / price − 1) and a margin of safety of -116.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 45/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 18.5%
- FCF conversion: 244.3%
- Net debt / EBITDA: -0.0x
What contradicts it
- Net margin: 3.6%
- Interest coverage: 1.6x
- Current ratio: 0.9x
- P/E (TTM): 97.4x
- EV/EBITDA: 20.2x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 13 companies
Only companies with a capitalisation between 5.9 bn and 374.9 bn (within 8× of the company's); 362 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +105% / +366% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| REGNRegeneron Pharmaceuticals, Inc. | — | 20.6 | 14.9% | 28.5% | +1.0% | +19% / +13% |
1- and 3-year price returns: for TEVA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 25.09 Total return -40% · Per year -40% | 44.34 Total return 6% · Per year 6% | 66.78 Total return 60% · Per year 60% |
| 3 years | 24.57 Total return -41% · Per year -16% | 48.85 Total return 17% · Per year 5% | 80.74 Total return 93% · Per year 24% |
| 5 years | 24.07 Total return -42% · Per year -10% | 53.82 Total return 29% · Per year 5% | 97.63 Total return 133% · Per year 18% |
- Exit P/E± 12.21
- Net margin± 8.55
- Annual revenue growth± 6.99
- Annual dilution± 0.72
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (03 Nov 2026 · results).
In brief
Teva Pharmaceutical Industries Ltd. is a biopharmaceutical company headquartered in Israel whose core remains its generics business. Revenue for fiscal 2025 was 17.258 billion USD 1, and in the second quarter of 2026 revenue was 4.142 billion USD 3, down 1% in U.S. dollars year over year 3. The company is shifting toward innovative products such as AUSTEDO, AJOVY and UZEDY, which could change its growth profile if this pace holds.
SWOT
Strengths
- The company has a broad generics base, a strong presence in the US and Europe, and a global manufacturing and commercial network 1.
- Innovative products AUSTEDO, AJOVY and UZEDY are growing quickly and received raised outlooks for 2026 3.
- The biosimilars portfolio is expanding and has revenue targets set for 2027 3.
Weaknesses
Opportunities
- Launches of innovative and biosimilar products could open new revenue streams in the US and Europe 3.
- The transformation programme could reduce costs and improve operating margins if its targets are met 3.
- The direct listing on the New York Stock Exchange could broaden the investor base and access to major indices 3.
Risks
- Dependence on genericshigh
Generics make up a large part of revenue, and falling prices and new entrants could quickly reduce income 1.
- Concentration of US customershigh
A small number of large customers generate an important part of US sales, and losing one could have a significant effect 1.
- Execution of new launchesmedium
Delays in generic and biosimilar launches could prevent the expected economic benefits from being realised 1.
- Litigation and regulationmedium
Litigation and settlement costs stayed significant in 2025 and 2026, and regulatory changes could alter market conditions 12.
- Geopolitical and trade risksmedium
Regional conflicts and tariffs may affect production, distribution and costs, and the situation remains uncertain 2.
Investment thesis
What would need to be true (bull case)
- If innovative products keep growing at the current pace, the portfolio could become less dependent on generics and more predictable 3.
- The transformation programme could deliver significant savings and support the operating margin targeted for 2027 3.
- Growth in biosimilars and new product entries could open additional revenue sources 3.
What would break the thesis
- If generics revenue continues to decline, the company could struggle to offset the losses from other segments 2.
- Litigation, restructuring and development costs could stay high and limit profitability 12.
- High debt and exposure to tariffs and conflicts could reduce the company's financial flexibility 12.
What to watch
- Revenue trend of AUSTEDO, AJOVY and UZEDY against the raised outlookQ3 2026
- Delivery of the 2026 revenue, non-GAAP operating income and free cash flow outlook2026
- Filing and review progress for olanzapine LAI and ecopipamQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (03 Nov 2026 · results).
The business
Teva presents itself as a biopharmaceutical company enabled by a generics business, with approximately 34,000 employees across 57 markets 1. Operations are organized in three regional segments: United States, Europe and International Markets, each managing its full portfolio of generics, biosimilars, OTC and innovative medicines 1. The Pivot to Growth strategy, announced in May 2023, entered its Accelerate Growth phase in 2025, focusing on innovative products and cost reduction.
The United States segment includes more than 350 generic prescription products and an innovative portfolio centred on the central nervous system, with AUSTEDO, AJOVY and UZEDY 1. Anda, the US distribution business, will no longer be reported within the US segment from January 1, 2026, but as part of Other Activities 2. In 2025 the company also said it intends to divest its active pharmaceutical ingredients business to focus capital on growth 1.
In July 2026 the company said it would replace its American Depositary Share programme with a direct listing of its ordinary shares on the New York Stock Exchange, with trading starting September 14, 2026 3. The Emalex Biosciences acquisition, completed in June 2026, brought in ecopipam for Tourette syndrome and cost approximately 700 million USD 2.
Market context
Generics accounted for 55% of total company revenue in 2025, or 9.421 billion USD 1. The generics market is nonetheless under price pressure, regulatory change and concentrated buying in the US, while innovative products contribute an increasing share of growth. Biosimilar revenue is targeted to reach 800 million USD by 2027 3.
In the US market the company holds 6.5% of total generic prescriptions, according to IQVIA data cited in the filing 1. Competition from other generics makers and branded companies keeps margins variable, and pricing pressure from large buyers remains high 1.
Trends
- Growth of innovative productstailwind
AUSTEDO, AJOVY and UZEDY together grew 43% in local currency in the second quarter of 2026, passing one billion USD in quarterly revenue 3. The company raised its outlook for each product, which could strengthen the shift toward a more innovative portfolio 3.
- Generic price erosionheadwind
Generic prices often fall as new competitors enter, and revenue from generic lenalidomide in the US declined in 2026 2. US pricing reforms, including the IRA, add pressure on revenue 1.
- Transformation programme and savingsmixed
The Teva Transformation programmes could generate net savings of about 700 million USD by 2027, and the company targets a 30% non-GAAP operating margin in the same year 3. Delivering these savings depends on execution and on restructuring costs, which were high in 2025 1.
- Geopolitical tensions and tariffsheadwind
The regional conflict and US tariffs have added uncertainty to supply chains and costs, although the company said the impact on its second-quarter 2026 results was immaterial 2. The situation remains fluid and long-term effects are hard to estimate 2.
Competitive position
Competition in generics comes from companies that file for approval quickly, including emerging manufacturers, and developing complex products has become more contested 1. In innovative medicines, rivals have greater financial and commercial resources, and the company must demonstrate the advantage of its products over established alternatives 1.
Large US customers such as pharmacy chains and wholesalers form alliances that raise pricing pressure, and their buying behaviour can directly affect sales 1. Competition in biosimilars is also intensifying as new entrants and innovative products retaining market share arrive 1.
- US and European generics manufacturers
Generics companies that file for rapid approval and enter existing markets, affecting the prices and volumes of Teva products 1.
- Branded pharmaceutical companies
Companies with innovative products compete in the same conditions and can launch their own generic versions or delay generic competition 1.
- Biosimilar developers
Biosimilar makers in Europe and Asia enter the same molecules, making the biosimilar market increasingly contested 1.
- Distributors and pharmacy chains
Large US customers, through buying alliances, exert pressure on prices and terms of sale 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Stocks making the biggest moves midday: T-Mobile, Verizon, AT&T, Crown Castle, Teva & moreCNBC — Top News · 09 Oct 2026 · EN
- Teva wins FDA approval for monthly schizophrenia injection WeltruzaCNBC — Top News · 09 Oct 2026 · EN
- Samsung Bioepis, Teva enter commercialization agreement on 6 biosimilar candidatesKorea Times — Business · 01 Oct 2026 · EN
- Teva CEO Details Biopharma Pivot, $700M Savings Plan and Growth PipelineYahoo Finance — News · 22 Sept 2026 · EN
- Teva Says Pivot to Growth Gains Steam as Branded Drugs, Biosimilars OutperformYahoo Finance — News · 15 Sept 2026 · EN
- Teva CEO on Shares Trading Directly on the NYSEBloomberg Markets · 14 Sept 2026 · EN
- Teva Pharmaceuticals Sees Pivot to Growth Accelerating on Branded Drugs, BiosimilarsYahoo Finance — News · 14 Sept 2026 · EN
- Teva’s (TEVA) $125 Million BioXcel Bid Offers Upside, but FDA and Auction Risks RemainYahoo Finance — News · 12 Sept 2026 · EN
- Here are Wednesday's biggest analyst calls: Nvidia, Tesla, Dell, First Solar, Affirm, Teva, Robinhood & moreCNBC — Top News · 09 Sept 2026 · EN
- Teva (TEVA) Backed a Bid of Up to $125M in Cash Plus Assumed Liabilities for BioXcel’s Assets. Is Bankruptcy-Sale Risk Worth the At-Home Opportunity?Yahoo Finance — News · 04 Sept 2026 · EN
- Russia Attacks Teva Pharmaceuticl Company and World Health Organization Warehouse in UkraineKyiv Post · 04 Sept 2026 · EN
- Russian forces launch two attacks on Teva Ukraine pharmaceutical company warehouseUkrainska Pravda (UA, EN) · 03 Sept 2026 · EN
- Teva Pharmaceuticals to acquire BioXcel assets for up to $125mYahoo Finance — News · 31 Aug 2026 · EN
- Could Aurinia Pharmaceuticals (AUPH) Stock Win Big After its LUPKYNIS Patent Settlement With Teva Pharmaceuticals (TEVA)?Yahoo Finance — News · 28 Aug 2026 · EN
- STAT+: Turkish antitrust authorities probe Teva for allegedly gaming the patent system, disparaging rival drugsSTAT News · 25 Aug 2026 · EN
- Teva CEO on Drug Pipeline, Direct Listing on NYSEBloomberg Markets · 29 Jul 2026 · EN
The latest news item in our archive is from 09 Oct 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Current report29 Oct 2026Departure or appointment of officers
- Current report16 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report14 Sept 2026Other events
- Current report11 Sept 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report03 Sept 2026Other events · Financial statements and exhibits
- Current report03 Sept 2026Item 3.03 · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Teva Pharmaceutical Industries Ltd. · 03 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Teva Pharmaceutical Industries Ltd. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Teva Pharmaceutical Industries Ltd. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.