TEVA PHARMACEUTICAL INDUSTRIES (TEVA) Company Report

Teva Pharmaceuticals is executing a "pivot to growth" strategy, transitioning to a biopharma company, and has achieved 11 consecutive quarters of growth since early 2023.
Despite an anticipated $1.1 billion loss in generic Revlimid revenue in 2026, the company expects continued growth in EBITDA, operating margin, and free cash flow, aiming for a 30% operating margin by 2027 and net debt below two times.
The innovative business revenue has doubled in the last three years, with a pipeline projected to generate over $10 billion in peak sales from products like Austedo, Ajovy, Uzedy, and late-stage assets such as Duvakitug and anti-IL-15. Royalty Pharma has invested $500 million in the anti-IL-15 asset.

1 day ago

Transcript

Teva Outlines "Pivot to Growth" Strategy and Pipeline at J.P. Morgan Healthcare Conference

TEVA

New Projects/Investments

Revenue Acceleration/Inflection

Guidance Update

Teva's "pivot to growth strategy," launched three years ago, has successfully transformed the company towards a biopharma focus, achieving 11 consecutive quarters of growth since the start of 2023.
The company projects its innovative business to achieve over $10 billion in peak sales from its pipeline, with key products like Austedo, Ajovy, and Uzedy expected to reach $3 billion, $1 billion, and $1.5-$2 billion respectively.
Teva anticipates a $1.1 billion loss in generic Revlimid revenue, forecasting zero revenue from it in 2026, which will result in a flat to slightly down overall revenue outlook for the year despite strong innovative growth.
Significant pipeline data readouts are expected throughout 2026, including maintenance data for Duvakitug, vitiligo and celiac disease data for anti-IL-15, and futility analysis for Anle138b.

1 day ago

Transcript

Teva Pharmaceutical Industries Highlights Biopharma Transformation and Future Growth Drivers

TEVA

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Teva Pharmaceutical Industries has executed a "pivot to growth" strategy over the past three years, transforming into a biopharma company and achieving 11 consecutive quarters of growth since the start of 2023. This transformation is driving consistently growing revenue, increasing gross margin, free cash flow, EBITDA, operating margin, and earnings per share, alongside debt reduction.
The company's innovative product portfolio has shown strong performance, with Austedo's revenue more than doubling in three years and peak sales expectations rising to potentially $3 billion. Ajovy is projected to reach $1 billion in sales, and Uzedy is the fastest-growing schizophrenia treatment, with an expected $1.5-$2 billion in peak sales, soon to be complemented by a long-acting Olanzapine.
Teva's late-stage pipeline is anticipated to generate over $10 billion in peak sales and includes plans to launch a new product almost every year. Key upcoming launches and data readouts include Olanzapine this year, DARI in 2027, and significant data for Duvakitug (Q1 2026), Anle138b (mid-2026), and anti-IL-15 (H1 and H2 2026).
Despite the loss of $1.1 billion in generic Revlimid revenue in 2026, Teva expects its top-line revenue to be flat to slightly down, while continuing to grow EBITDA, operating margin, and free cash flow, aiming for a 30% operating margin in 2027 and achieving an investment-grade debt rating.

1 day ago

Transcript

Teva Pharmaceutical Industries Ltd. Announces 2025 Performance Expectations and Long-Term Outlook

TEVA

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Teva Pharmaceutical Industries Ltd. will present its expected 2025 financial performance and forward-looking outlook for 2026 and beyond at the 44th Annual J.P. Morgan Healthcare Conference on January 13, 2026.
For 2025, Teva expects Revenues at the lower point of the $16.8 - $17.0 billion range, with an additional $500 million from duvakitug milestones. The company also anticipates Adjusted EBITDA at the midpoint of the $4.8 - $5.0 billion range, plus ~$400M-$430M from duvakitug milestones.
Teva projects Diluted EPS at the higher point of the $2.55 - $2.65 range for 2025.
The company expects Free Cash Flow to be at the higher point of the $1.6 - $1.9 billion range for 2025, with an additional ~$500M from duvakitug milestones, and forecasts it to grow to >$2.7 billion by 2027 and >$3.5 billion by 2030.
Teva is accelerating its "Pivot to Growth" strategy, focusing on transforming into a leading innovative biopharmaceutical company, and aims to achieve Net Leverage of <2x by 2027 and 2030, committing to securing an investment-grade credit rating.

3 days ago

8-K

Teva Extends Revolving Credit Maturity and Amends Financial Covenants

TEVA

Debt Issuance

M&A

Teva Pharmaceutical Industries Limited extended the stated maturity date of its Senior Unsecured Sustainability-Linked Revolving Credit Agreement from April 29, 2027 to April 29, 2028. This marks the second such extension.
The company amended its financial covenants, setting the maximum permitted leverage ratio for Q4 2025 and thereafter at 4.25x. This ratio can increase by 0.5x for up to three consecutive quarters if the company undertakes certain material transactions, such as acquisitions or substantial investments.
A new provision allows for the suspension of the maximum leverage ratio and minimum interest cover ratio covenants if Teva achieves Investment Grade Status and no Event of Default is continuing. These covenants would be reinstated if Investment Grade Status is lost or an Event of Default occurs.

Dec 11, 2025, 9:31 PM

8-K

Teva Details "Pivot to Growth" Strategy and Pipeline at Citi Conference

TEVA

Guidance Update

Product Launch

Revenue Acceleration/Inflection

Teva is actively transitioning from a leading generics company to a biopharma company under its "Pivot to Growth" strategy, demonstrating significant progress over the past three years.
The company projects to grow its EBITDA in the upcoming year, despite an anticipated loss of over $1 billion from generic Revlimid sales, driven by strong performance from innovative products like Austedo (with projected peak sales exceeding $3 billion) and Uzedy, alongside $500 million in cost savings by the end of 2026.
Teva expects its gross margin to continuously expand, reaching 57%-58% by 2027 and continuing through 2032, primarily due to the increasing contribution of higher-margin innovative products from its pipeline.
Upcoming key product launches include Olanzapine (a long-acting schizophrenia product, launching end of Q3/Q4 next year, contributing to a $1.5-$2 billion schizophrenia franchise) and Duvakitug TL1A (a Phase 3 asset for UC/CD, projected as a $3-$5 billion product with Teva holding 50% economics, launching in 2029).

Dec 4, 2025, 3:30 PM

Transcript

Teva Outlines Biopharma Growth Strategy and Financial Projections at Citi Conference

TEVA

Guidance Update

Product Launch

New Projects/Investments

Teva is executing a "Pivot to Growth" strategy, aiming to grow EBITDA in 2026 despite a $1 billion loss from generic Revlimid sales, supported by $500 million in cost savings by the end of 2026.
The company projects continuous gross margin growth, from approximately 54% at the end of 2025 to 57-58% by 2027, driven by its expanding portfolio of high-margin innovative products.
Key growth drivers include AUSTEDO, with projected peak sales exceeding $3 billion (including $2.5 billion in 2027), and the schizophrenia franchise (UZEDY and olanzapine), expected to reach $1.5 billion to $2 billion.
Teva's late-stage pipeline features duvakitug TL1A, which entered Phase III in Q4 2025 and is projected to be a $3 billion to $5 billion product, with Teva receiving 50% of the economics.
The company also plans to double its biosimilar business to $400 million by 2027 through partnerships, targeting a portfolio of 25 biosimilars.

Dec 4, 2025, 3:30 PM

Transcript

Teva Outlines Growth Strategy and Financial Outlook at Citi Global Healthcare Conference 2025

TEVA

Guidance Update

Product Launch

New Projects/Investments

Teva's "Pivot to Growth" strategy is progressing, with Austedo's peak sales now projected to exceed $3 billion, up from an initial analyst estimate of $1.4 billion. The IRA negotiation for Austedo provides certainty for $2.5 billion in 2027 and over $3 billion peak sales.
For 2026, Teva commits to grow EBITDA despite losing over $1 billion in sales from generic Revlimid, with the top line expected to be flat or slightly decline. This will be supported by $500 million in cost savings from organizational effectiveness programs by the end of 2026.
The company anticipates continued gross margin expansion, reaching 57%-58% in 2027 and growing further into the 2030s, driven by the increasing contribution of higher-margin innovative products.
Key pipeline developments include the planned launch of long-acting Olanzapine in late Q3/Q4 2026, projected to contribute to a $1.5-$2 billion schizophrenia franchise with Uzedy. The Duvakitug TL1A program, currently in Phase 3, is expected to be a $3-$5 billion product with Teva receiving 50% of the economics, with launch anticipated around 2029.

Dec 4, 2025, 3:30 PM

Transcript

Teva Provides Updates on Key Products and Pipeline Developments

TEVA

Guidance Update

New Projects/Investments

Product Launch

Teva's Austedo business is managing Medicare Part D and IRA-related negotiated discounts, with the company maintaining its $2.5 billion guidance by 2027 for the product, citing significant headroom due to low patient diagnosis and treatment rates.
The Uzedy LAI antipsychotic franchise demonstrated 119% TRx growth year over year in Q3 and recently received approval for a bipolar indication, which is considered a meaningful advancement for leadership in the space.
Teva has initiated Phase 3 studies for Duvakitug (a TL1A molecule) in ulcerative colitis and Crohn's disease, with strong Phase 2 data showing it to be the most potent and selective TL1A with a direct anti-fibrotic effect.
The company is advancing its pipeline with a TSLP IL-13 directed therapy targeting an IND submission by the end of 2025, and expects Phase 3 data for its ICS-SABA combination product in early 2027.

Dec 3, 2025, 4:00 PM

Transcript

Teva Executives Discuss Product Performance and Pipeline Progress at Healthcare Conference

TEVA

Product Launch

New Projects/Investments

Guidance Update

Teva views the impact of Medicare Part D and IRA-related negotiated discounts on AUSTEDO as manageable and aligned with expectations, supporting its $2.5 billion revenue guidance by 2027. The company sees significant headroom for growth due to low patient penetration.
UZEDY demonstrated strong performance with 119% year-over-year TRx growth in Q3, primarily gaining patients from oral risperidone switches and naive individuals. Its bipolar approval is considered a meaningful advancement, though not expected to be revenue-significant.
Teva anticipates a significant opportunity for LAI olanzapine, particularly for switching patients from oral forms in the U.S. and Europe, and plans to leverage its existing commercial infrastructure for its launch.
The Phase III program for Duvakitug (TL1A), partnered with Sanofi, has been initiated for ulcerative colitis (SUNSCAPE) and Crohn's disease (STARSCAPE), with each study targeting 1,000 patients and designed for speed and patient needs, building on strong Phase II data.
Key pipeline updates include pre-IND work for a TSLP IL-13 directed therapy targeting IND submission by the end of 2025, and Phase III data for its ICS-SABA combination product expected in early 2027 for asthma.