Skip to content
AnalystLens

Teva Pharmaceutical IndustriesTEVA

Legal name
Teva Pharmaceutical Industries Limited
Sector
Healthcare
Industry
Pharmaceutical Preparations
Exchange
NYSE

Stock Price $TEVA

Latest filings

Filing record · 2016–202610-K1110-Q278-K283

TEVA filed 11 annual reports (10-K), 27 quarterly reports (10-Q) and 283 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Material agreement8-K · Nov ’19Nov ’19
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Material agreement8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $17.26B
YoY changeLargest recent move−18.4%in FY18Latest +4.3%

1 older move runs past ±20% (largest +45.4%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All TEVA Financial Metrics62 metrics

Income Statement15

Balance Sheet27

Cash Flow15

Per Share5

02—Overview

Teva Pharmaceutical Industries Financial Overview 2021–2025

Updated Nov 4, 2026

Teva swung from a $1,639 million net loss in FY2024 to $1,410 milliona of net income in FY2025, a $3,049 million turnaround in one year. The thesis: Teva has moved from impairment-driven losses to real earnings power, led by branded drugs, while debt and legal exposure still limit how much of that the market will credit.

The long arc is just as stark. Revenue edged up from $15,878 million in FY2021 to $17,258 millionb in FY2025, only about 9% in four years. Profit moved much more. Operating income went from $1,716 million in FY2021, through losses of $2,099 million in FY2022 and $303 million in FY2024, to $2,157 million in FY2025. Gross margin rose to 51.8% in FY2025 from 48.7% in FY2024. AUSTEDO, AJOVY and UZEDY drove the mix shift, and FY2025 U.S. segment profit jumped 46% to $3,356 million.

The balance sheet is healing. Total debt fell from $23,043 million at the end of FY2021 to $16,807 millionc at the end of FY2025, and free cash flow reached $2,396 million in FY2025. Still, a $726 million European plant impairment and $1,050 million of restructuring and other charges show the cleanup is unfinished. At the close of FY2025, the shares were $31.21, or 25.8x earnings. Earlier year-ends offered no P/E to anchor on, because EPS was negative in FY2022 through FY2024.

Recent Developments (Q2 and Q3 2026)

Teva's Q2 2026 brought a $576 milliond net loss, caused by a $724 million acquired IPR&D charge from the Emalex ecopipam deal. Q3 2026 recovered to $233 million of net income, with revenue of $4,395 million, down 2% on lower U.S. lenalidomide sales. Gross margin rose to 55.5% from 51.4%. AUSTEDO, AJOVY and UZEDY together grew 33% in local currency to about $1.1 billion. In September, Teva refinanced $4.9 billion of notes, booking a $224 million extinguishment loss. Fitch moved the credit rating to investment grade (BBB-). Ordinary shares began direct NYSE trading on September 14, 2026. Full-year revenue guidance rose to $16.7–$17.0 billion.

Bull case: branded growth and margin mix are outrunning generic erosion, and the ecopipam NDA has Priority Review. Bear case: $16,718 millione of debt, recurring legal charges and falling operating cash flow ($241 million in Q3) limit upside. At 34.6x earnings as of the November 2, 2026 filing date, the shares price in much of this progress.

What to watch: FDA action on ecopipam expected in Q1 2027; sale of the API business and further debt reduction

03—Filings

Recent SEC Filings

  1. 8-KTeva Pharmaceutical Industries 8-K Report, Financial Results (Nov 3, 2026)Teva Pharmaceutical Industries Limited reported third-quarter 2026 results in a Form 8-K furnished on November 3, 2026 (Exhibit 99.1). Revenues were $4.4 billion ($4,395 million), down 2% year-over-year in both U.S. dollars and local currency, mainly due to lower lenalidomide capsule (generic Revlimid) revenues in the U.S. GAAP operating income was $714 million versus $882 million a year earlier, while non-GAAP operating income rose to $1,393 million from $1,294 million. GAAP diluted EPS was $0.20 and non-GAAP diluted EPS was $0.86, compared with $0.37 and $0.78 in the prior-year quarter. Gross profit margin improved to 55.5% (GAAP) and 58.7% (non-GAAP), driven by a favorable product mix led by AUSTEDO. Teva highlighted growth in its key innovative brands, which together generated approximately $1.1 billion in revenues and grew 33% year-over-year in local currency. The company raised its 2026 revenue outlook for AUSTEDO, AJOVY and UZEDY, and updated its overall 2026 guidance to revenues of $16.7–$17.0 billion and non-GAAP diluted EPS of $1.92–$2.11, including acquired IPR&D charges. The filing also notes the FDA approval of WELTRUZA, the acquisition of BXCL-501, a planned U.S. NYSE direct listing of ordinary shares, the return to investment grade ratings, and the refinancing of approximately $4.9 billion of debt during the quarter. Cash flow from operations was $241 million and free cash flow was $495 million in the quarter. Total debt was $16,718 million at September 30, 2026, against net debt of $12,633 million after $4,085 million of cash. The company also disclosed a $224 million loss on extinguishment of debt, and it discontinued a Phase 2 MSA study of emrusolmin following an interim futility analysis.
  2. 8-KTeva Pharmaceutical Industries 8-K Report, Executive Changes (Oct 29, 2026)Teva Pharmaceutical Industries Ltd. reported in this Form 8-K, filed October 29, 2026, that its Board of Directors elected Dr. David J. Brailer as a director at a meeting held on October 27, 2026. His service begins November 3, 2026 and runs until Teva's 2027 annual meeting of shareholders. The Board determined that he is independent under the New York Stock Exchange listing rules, and he is expected to serve on the Human Resources and Compensation Committee and the Compliance Committee. Dr. Brailer's background includes serving as Chairman and Chief Executive Officer of medem.ai since 2024, Founder and Executive Chairman of Health Evolution since 2010, and Founder and Managing Partner of Health Evolution Partners since 2007. He was Chief Health Officer of The Cigna Group from 2022 to 2026 and also its Chief Transformation Officer from 2024 to 2026. He previously sat on the boards of Prolacta Bioscience, Inc. (2012 to 2023) and Walgreens Boots Alliance, Inc. (2012 to 2021). He has declared in writing that he has the required skills, expertise and time to serve as a director under the Israeli Companies Law, 5759-1999. The filing states that Dr. Brailer will receive the same compensation as Teva's other non-executive directors, as described in the proxy statement filed March 31, 2026. It also reports no arrangements or understandings under which he was elected, no material interest in a related party transaction requiring disclosure under Item 404(a) of Regulation S-K, and no family relationships with any director or executive officer.
  3. 8-KTeva Pharmaceutical Industries 8-K Report, Material Agreement (Sep 16, 2026)On September 16, 2026, Teva Pharmaceutical Industries Limited's wholly owned subsidiaries Teva Pharmaceutical Finance Netherlands II B.V., III B.V. and IV B.V. issued a combined set of senior notes, all guaranteed on a senior unsecured basis by the Company. The Euro notes are €1,000,000,000 of 4.250% Senior Notes due 2033 and €500,000,000 of 4.625% Senior Notes due 2036. The USD notes are $1,000,000,000 of 5.500% Senior Notes due 2034, $1,000,000,000 of 5.750% Senior Notes due 2037, and $1,200,000,000 of 5.250% Senior Notes due 2032. Teva states it will use the net proceeds to fund conditional redemptions of certain existing sustainability-linked and other senior notes, to pay related fees and expenses, and, to the extent of any remaining proceeds, for general corporate purposes, including repayment of debt at maturity, tender offer or earlier redemption. The redemptions covered include all outstanding 6.750% Senior Notes due 2028, all outstanding 7.875% and 7.375% Sustainability-Linked Senior Notes due 2029, up to $450,000,000 of 4.750% Sustainability-Linked Senior Notes due 2027, and up to €1,150,000,000 of 4.375% Sustainability-Linked Senior Notes due 2030 (reduced from €1,250,000,000 by a notice dated September 10, 2026), along with all 8.125% USD Sustainability-Linked Senior Notes due 2031. Teva may issue further redemption notices in its discretion. The Indentures contain customary investor protections, including a change of control repurchase offer at 101% of principal, limits on liens and sale-leaseback transactions, restrictions on mergers and asset sales, and customary events of default. The notes were issued under the Company's effective Form S-3ASR shelf registration.
  4. 8-KTeva Pharmaceutical Industries 8-K Report, Corporate Update (Sep 14, 2026)Teva Pharmaceutical Industries Ltd. filed this Current Report on Form 8-K under Item 8.01 (Other Events, captioned Results of Operations and Financial Condition) to announce a change in how its shares trade in the United States. On September 14, 2026, the company began trading its ordinary shares on the New York Stock Exchange in place of its American depositary shares (ADSs), under the same ticker symbol, "TEVA", that the ADSs previously used. On the same date, the Company's ADS program terminated, and each ADS was exchanged for one ordinary share. The filing states that the ordinary shares continue to trade on the Tel Aviv Stock Exchange under the same symbol, "TEVA". The filing contains no financial results, guidance, or other financial figures. Its significance for investors is structural: the holding unit changes from an ADS to one ordinary share, with the ticker and listing venue in the U.S. unchanged. Additional information is directed to the investor relations section of the company's website, ir.tevapharm.com.
  5. 8-KTeva Pharmaceutical Industries 8-K Report, Regulation FD Disclosure (Sep 11, 2026)Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) reported in this Form 8-K, filed September 11, 2026, that it priced approximately $4.9 billion (equivalent) of senior notes across five tranches, issued by three Dutch subsidiaries (Teva Pharmaceutical Finance Netherlands II, III and IV B.V.) and fully and unconditionally guaranteed on a senior unsecured basis by Teva. The offering comprises €1,000,000,000 of 4.250% notes due 2033, €500,000,000 of 4.625% notes due 2036, $1,000,000,000 of 5.500% notes due 2034, $1,000,000,000 of 5.750% notes due 2037, and $1,200,000,000 of 5.250% notes due 2032. Settlement is expected on or about September 16, 2026. The underwriting agreement is dated September 9, 2026, and the offering was made under the company's effective automatic shelf registration statement on Form S-3. According to the press release, Teva expects to use the net proceeds, together with cash on hand, to fund conditional redemptions of certain existing notes, pay related fees and expenses, and, to the extent of any remaining proceeds, for general corporate purposes, including repaying debt at maturity or through tender offer or early redemption. The conditional redemption targets include all outstanding 6.750% Senior Notes due 2028, all outstanding 7.875% and 7.375% Sustainability-Linked Senior Notes due 2029, up to $450 million of 4.750% Sustainability-Linked Senior Notes due 2027, and up to €1.25 billion of 4.375% Sustainability-Linked Senior Notes due 2030, which the company expects to reduce to €1.15 billion. Teva also expects to redeem all of its 8.125% USD Sustainability-Linked Senior Notes due 2031. The filing notes that the redemptions are conditional and the company is under no obligation to proceed with them beyond the notices issued. The pricing prices were stated as a percentage of principal: 98.756% (2033 Euro Notes), 98.327% (2036 Euro Notes), 98.659% (2034 USD Notes), 98.520% (2037 USD Notes) and 98.993% (2032 USD Notes). The filing's cautionary language flags risks including completion of the offering and redemptions, the company's significant indebtedness, and the possible need to raise additional funds on acceptable terms. The press release is furnished under Item 7.01, and the underwriting agreement is filed as Exhibit 1.1.
View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.