Teva Delivers Strong Q2 Results and Raises Outlook for All Three Key Innovative Brands, Reflecting C

来源：资讯

日期：2026-07-29

Q2 2026 revenues of $4.1 billion decreased by 1% in U.S. dollars year-over-year (YoY) and by 3% in local currency (LC) terms, mainly due to lower generics revenues. Our key innovative brands collectively grew 43% YoY in LC, to over $1 billion in revenues, and we raised our 2026 outlook for all three, highlighting Teva’s continued execution of its Pivot to Growth strategy.
Key Innovative brands continued to drive growth while transforming Teva’s portfolio mix and financial profile:
- AUSTEDO® continued to grow rapidly, with global revenues of $696 million, growing 40% YoY in LC.
- AJOVY® global revenues of $244 million, increasing 56% YoY in LC.
- UZEDY® revenues of $77 million, increasing 43% YoY in LC. UZEDY continues to be the fastest growing LAI amongst atypical LAI’s for schizophrenia, creating a strong foundation for Teva's schizophrenia franchise.1
- Teva is raising its 2026 revenue outlook for each of these key innovative brands, and now expects combined 2026 revenue of ~$3.7 billion reflecting a ~17% YoY growth at the mid-point.
Generics Powerhouse: generics global revenues were lower in Q2 2026 vs. Q2 2025, mainly due to lower revenues from lenalidomide capsules (a generic version of Revlimid®) in the U.S.; biosimilars portfolio performed strongly and on track to deliver $800 million in revenues by 2027.
- Global generics revenues decreased by 15% YoY in LC, mainly due to lower revenues in our U.S. Segment from lenalidomide capsules (a generic version of Revlimid®) due to increased generic competition in the U.S.
- Biosimilars momentum continues with strategic collaborations and Europe launches:
  - Teva launched AHZANTIVE® (aflibercept), a biosimilar to Eylea®, in Europe;
  - Global licensing agreement announced with Polpharma Biologics for a proposed biosimilar to Ocrevus® (ocrelizumab).
Innovative late-stage pipeline progressing at speed, addressing high unmet need:
- ecopipam: the acquisition of Emalex Biosciences (Emalex) and its primary asset, ecopipam (EBS-101), a first-in-class therapy for Tourette syndrome, for approximately $700 million in cash, reflects the acceleration of our late-stage innovative neuroscience pipeline, in line with Teva's Pivot to Growth Strategy; a New Drug Application for ecopipam was submitted to the U.S. FDA in June 2026, and expenses of $726 million for this acquisition were recorded in Q2 2026, as further described below.
- olanzapine LAI: in May 2026, the European Medicines Agency (EMA) accepted Teva’s Marketing Authorization Application (MAA) for olanzapine LAI for the treatment of schizophrenia in adults; on track for launch in the U.S. in Q4 2026, subject to regulatory approval.
- TEV-’408 (anti-IL-15): encouraging Phase 1b results in vitiligo for this Teva-discovered antibody designed for quarterly subcutaneous dosing; initiation of a Phase 2 study expected in Q4 2026.
- duvakitug (anti-TL1A, developed in collaboration with Sanofi): announced plans to initiate studies in two additional indications – hidradenitis suppurativa (HS) and fibrostenotic Crohn’s Disease (FSCD) – demonstrating its pipeline-in-a-product potential. Recruitment is on track for our Phase 3 studies for duvakitug in ulcerative colitis (UC) and Crohn’s disease (CD).
Continuing to transform and modernize our business through the Teva Transformation programs, which combined with innovative product growth potential, is expected to support the Company’s objective of achieving a 30% non-GAAP operating income margin by 2027 and approximately $700 million of net savings by 2027.
Teva announces the replacement of its American Depositary Share (ADS) program with the direct listing of its ordinary shares on the New York Stock Exchange (NYSE). ADSs will be exchanged on a one-for one-basis for our ordinary shares, which commence trading on the NYSE on Monday, September 14, 2026 after the ADSs cease trading on the NYSE at the close of trading on Friday, September 11, 2026. The transition aims to broaden Teva’s shareholder base, support its potential inclusion in leading indices, and optimize cost-of-capital. There is no impact to Teva’s ordinary shares traded on the Tel Aviv Stock Exchange (TASE). For more information, see our website at ir.tevapharm.com and Part II, Item 5 of our Quarterly Report on Form 10-Q for the second quarter of 2026 when available.

Q2 2026 Highlights:

Revenues of $4.1 billion
GAAP loss per share of $0.49, of which $726 million of expenses are attributable to Emalex ($724 million of IPR&D and $2 million of operating expenses), or a loss of $0.61 per share
Non-GAAP diluted EPS of $0.02, that includes a per share impact of ($0.61) from the Emalex acquisition
Cash flow generated from operating activities of $411 million
Free cash flow of $622 million

2026 Business Outlook – key innovative brands revenues outlook increased; earnings and cash flow maintained:

Revenues of $16.5 - $16.85 billion
Non-GAAP operating income of $3.8 - $4.0 billion, including ~$0.77 billion of expected 2026 expenses related to Emalex
Adjusted EBITDA of $4.23 - $4.53 billion, including ~$0.77 billion of expected 2026 expenses related to Emalex
Non-GAAP diluted EPS of $1.91 - $2.11, including ($0.66) per share of 2026 Emalex expenses.
Free cash flow of $2.0 - $2.4 billion

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1 Source: IQVIA NPA 2Q26 vs 2Q25 (TRx normalized into patient months of therapy equivalent volume based on dosing regimen).

TEL AVIV, Israel, July 29, 2026 (GLOBE NEWSWIRE) -- Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) today reported results for the quarter ended June 30, 2026.

Mr. Richard Francis, Teva's President and CEO, said: “Our second quarter reflects continued execution of our Pivot to Growth strategy. During the quarter, and into July, we advanced several value-creating assets, including two additional indications for duvakitug, demonstrating its pipeline-in-a-product potential, the acquisition and NDA submission of ecopipam (EBS-101), continued progress for olanzapine LAI, and expansion of our biosimilars pipeline through strategic collaborations."

Mr. Francis added, "Our key Innovative brands collectively generated over $1 billion in revenues, continuing to transform Teva’s portfolio mix and financial profile. The breadth of these milestones underscores the increasingly diversified nature of Teva’s growth profile. We are strengthening our neuroscience and immunology pipeline, expanding access through biosimilars, and continuing to modernize the business to support sustainable, innovation-driven growth and long-term value creation for patients and shareholders.”

Pivot to Growth Strategy

In the second quarter of 2026, we continued to execute on the four key pillars of our “Pivot to Growth” strategy, announced in May 2023:

Delivering on our growth engines - Teva’s key innovative brands, AUSTEDO, AJOVY and UZEDY, collectively grew 43% YoY in LC in Q2 2026 to over $1 billion in revenues, continuing to transform the Company’s portfolio mix and financial profile. Each individual brand grew at least 40% YoY in LC in the quarter. Based on year-to-date performance, Teva is raising its outlook for all three key innovative brands.
Stepping up innovation - We advanced multiple assets in our late-stage innovative pipeline focused on well characterized compounds and validated disease targets. Teva submitted an NDA for ecopipam (EBS-101), a first-in-class investigational therapy for pediatric Tourette syndrome, acquired with Emalex. In May 2026, the EMA accepted the MAA for olanzapine LAI (TEV-’749). We announced encouraging Phase 1b results for TEV-’408 (anti-IL-15) in vitiligo and expect to initiate a vitiligo Phase 2 trial in Q4 2026. For duvakitug (anti-TL1A, developed in collaboration with Sanofi) we announced plans to initiate studies in two additional indications – hidradenitis suppurativa (HS) and fibrostenotic Crohn’s Disease (FSCD) – demonstrating its pipeline-in-a-product potential. Recruitment is on track for our Phase 3 studies for duvakitug in ulcerative colitis (UC) and Crohn’s disease (CD).
Sustaining our generics powerhouse - Teva continues to enhance its biosimilars portfolio, including the launch of AHZANTIVE® in Europe and the collaboration agreement with Polpharma Biologics for a proposed biosimilar to Ocrevus® covering both intravenous and subcutaneous formulations. On track with operational readiness for 3 additional biosimilars in 2027, building a robust portfolio of 18 biosimilars.
Focusing our business - We are actively transforming and modernizing our business through Teva Transformation programs and expect to realize two-thirds of the targeted savings in 2026, while maintaining disciplined capital allocation. During the quarter, Fitch Rating Agency raised the Company's corporate credit rating to Investment Grade BBB-, recognizing Teva’s significantly improved balance sheet and successful execution of its Pivot to Growth strategy.

Second Quarter 2026 Consolidated Results

Revenues in the second quarter of 2026 were $4,142 million, a decrease of 1% in U.S. dollars, or 3% in local currency terms compared to the second quarter of 2025. This decrease was mainly due to lower revenues from generic products, primarily lenalidomide capsules (a generic version of Revlimid®) in our U.S. segment, partially offset by higher revenues from our key innovative products, primarily AUSTEDO and AJOVY.

Exchange rate movements in the second quarter of 2026 including hedging effects, positively impacted revenues by $85 million, compared to the second quarter of 2025.

Gross profit in the second quarter of 2026 was $2,153 million, an increase of 2% compared to $2,102 million in the second quarter of 2025. Gross profit margin was 52.0% in the second quarter of 2026, compared to 50.3% in the second quarter of 2025. This increase was mainly due to higher revenues from AUSTEDO, partially offset by lower revenues from generic products in our United States segment, primarily lenalidomide capsules (a generic version of Revlimid®). Non-GAAP gross profit was $2,293 million in the second quarter of 2026, an increase of 1% compared to $2,278 million in the second quarter of 2025. Non-GAAP gross profit margin was 55.4% in the second quarter of 2026, compared to 54.6% in the second quarter of 2025. The increase in both gross profit margin and non-GAAP gross profit margin was mainly due to a favorable mix of products, primarily higher revenues from AUSTEDO and AJOVY, partially offset by lower revenues from generic products, primarily lenalidomide capsules (a generic version of Revlimid®).

Research and Development (R&D) expenses, net in the second quarter of 2026, were $970 million, an increase of 298% compared to $244 million in the second quarter of 2025, primarily due to our acquisition of Emalex Biosciences and its primary asset, ecopipam (EBS-101). This increase was partially offset by a decrease in our expenses related to our generic projects. Our R&D expenses, net in the second quarters of 2026 and 2025, were also impacted by reimbursements and cost sharing from our strategic partnerships and collaborations entered into in recent years.

Selling and Marketing (S&M) expenses in the second quarter of 2026 were $717 million, an increase of 10% compared to the second quarter of 2025. This increase was mainly due to promotional activities related to our key innovative products, primarily AUSTEDO, as well as a negative impact from exchange rate fluctuations.

General and Administrative (G&A) expenses in the second quarter of 2026 were $317 million, an increase of 4% compared to the second quarter of 2025.

Operating loss was $231 million in the second quarter of 2026, compared to an operating income of $455 million in the second quarter of 2025. Operating loss as a percentage of revenues was 5.6% in the second quarter of 2026, compared to operating income as a percentage of revenues of 10.9% in the second quarter of 2025. This change was mainly due to higher R&D expenses primarily related to the acquisition of Emalex and its primary asset ecopipam (EBS-101). Non-GAAP operating income in the second quarter of 2026 was $375 million representing a non-GAAP operating margin of 9.0% compared to $1,133 million representing 27.1%, respectively, in the second quarter of 2025. This decrease in non-GAAP operating margin in the second quarter of 2026 was mainly due to higher R&D expenses primarily related to the acquisition of ecopipam (EBS-101), as discussed above.

Exchange rate movements in the second quarter of 2026, net of hedging effects, had a positive impact of $26 million on our operating loss and non-GAAP operating income compared to the second quarter of 2025.

Financial expenses, net in the second quarter of 2026, were $224 million, mainly comprised of net interest expenses of $195 million. In the second quarter of 2025, financial expenses, net were $252 million, mainly comprised of net interest expenses of $203 million.

In the second quarter of 2026, we recognized a tax expense of $121 million, on pre-tax loss of $455 million. In the second quarter of 2025, we recognized a tax benefit of $78 million, on pre-tax income of $203 million.

Our tax rate in the second quarter of 2026 was negative 26.5%, compared to negative 38.4% in the second quarter of 2025. Non-GAAP tax rate in the second quarter of 2026 was 86.7%, compared to 16.4% in the second quarter of 2025. Our tax rate and non-GAAP tax rate in the second quarter of 2026 were mainly affected by an unfavorable tax impact of a non-deductible acquired IPR&D charge related to the acquisition of Emalex and its primary asset ecopipam (EBS-101), the generation of profits in various jurisdictions in which tax rates are different than the Israeli tax rate and other infrequent or non-recurring items. Our tax rate and non-GAAP tax rate in the second quarter of 2025 were mainly affected by releases of uncertain tax positions, foreign exchange impact on deferred tax positions and interest and inflation adjustments related to the agreement with the Israeli Tax Authorities.

Considering the above, we expect our annual non-GAAP tax rate for 2026 to be between 20%-23%, higher than our non-GAAP tax rate for 2025, which was 15.8%.

Net loss attributable to Teva and loss per share in the second quarter of 2026 were $576 million and $0.49, respectively, compared to net income attributable to Teva and earning per share of $282 million and $0.24, respectively, in the second quarter of 2025. This change was mainly due to the change in operating loss as well as higher income taxes, primarily due to the acquisition of Emalex and its primary asset, ecopipam (EBS-101), as discussed above. Non-GAAP net income attributable to Teva and non-GAAP diluted earnings per share in the second quarter of 2026 were $21 million and $0.02, respectively, compared to $769 million and $0.66, respectively, in the second quarter of 2025.

Adjusted EBITDA was $474 million in the second quarter of 2026, a decrease of 62%, compared to $1,233 million in the second quarter of 2025.

As of June 30, 2026 and 2025, the fully diluted share count for purposes of calculating our market capitalization was approximately 1,191 million shares and 1,179 million shares, respectively.

Non-GAAP information: non-GAAP adjustments in the second quarter of 2026 were $597 million. Non-GAAP net income attributable to Teva and non-GAAP diluted EPS for the second quarter of 2026 were adjusted to exclude the following items:

Amortization of purchased intangible assets of $139 million, of which $129 million is included in cost of sales and the remaining $9 million in S&M expenses;
Legal settlements and loss contingencies of $230 million;
Restructuring expenses of $38 million;
Impairment of long-lived assets of $113 million;
Contingent consideration expenses of $17 million;
Equity compensation expenses of $40 million;
Financial expenses of $8 million;
Other non-GAAP items of $29 million; and
Corresponding tax effects and unusual tax items of $17 million.

We believe that excluding such items facilitates investors’ understanding of our business including underlying trends, thereby improving the comparability of our business performance results between reporting periods.

To view full press release, please visit:

https://www.globenewswire.com/news-release/2026/07/29/3335107/0/en/teva-delivers-strong-q2-results-and-raises-outlook-for-all-three-key-innovative-brands-reflecting-continued-execution-of-its-pivot-to-growth-strategy.html

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