01—Abstract
Summary
Summary of the 10-K filed February 3, 2026. Cited figures are marked; the original filing is the authoritative source.
Teva Pharmaceutical Industries Limited reported 2025 net revenues of $17,258 milliona, up 4% in U.S. dollars (3% in local currency), compared to 2024.
Gross profit was $8,938 millionb, with gross profit margin of 51.8% versus 48.7% in 2024. Operating income was $2,157 million, compared to an operating loss of $303 million in 2024. Net income attributable to Teva was $1,410 million, or $1.21 diluted earnings per share, compared to a net loss of $1,639 million in 2024.
Growth was driven by AUSTEDO, AJOVY and UZEDY, along with $500 millionc in development milestone payments tied to the initiation of Phase 3 studies for duvakitug (anti-TL1A). Operating results also reflected lower impairments and legal settlement charges, and the company recorded $1,050 million for other asset impairments, restructuring and other items, including a $726 million impairment on a European manufacturing facility. Debt declined to $16,807 million at year-end 2025 from $17,783 million, and free cash flow was $2,396 million, as defined by the company.
Cash flow from operating activities was $1,649 milliond. The company has not paid dividends since December 2017. Teva's Transformation programs, announced May 7, 2025, are expected to generate approximately $700 million of net savings through 2027.
Management says it has achieved its targeted savings for 2025. The company continues its Pivot to Growth strategy, including the planned divestiture of its API business, which remains subject to a renewed sales process after exclusive talks with a buyer ended in November 2025. Beginning January 1, 2026, Anda will be reported under Other Activities rather than the United States segment.
02—Key points
Key Highlights
- Net revenues of $17,258 million in 2025, up 4% in U.S. dollars, or 3% in local currency terms.
- Operating income of $2,157 million in 2025, compared to an operating loss of $303 million in 2024; net income attributable to Teva of $1,410 million.
- Diluted EPS of $1.21 in 2025 versus a diluted loss of $1.45 per share in 2024; non-GAAP diluted EPS of $2.93 versus $2.49.
- United States segment revenues of $9,186 million, up 14%, with segment profit of $3,356 million, up 46%, driven by AUSTEDO, AJOVY and UZEDY.
- Total debt reduced to $16,807 million from $17,783 million; free cash flow of $2,396 million in 2025 as defined by the company.
- Other asset impairments, restructuring and other items of $1,050 million in 2025, including a $726 million impairment on a European manufacturing facility.
- Anda will move from the United States segment to Other Activities effective January 1, 2026, and the company has not paid dividends since December 2017.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Teva Pharmaceutical Industries kept $0.08.
- Revenue$17.26B100.0%
- Cost of revenue−$8.32B48.2%
- Gross profit$8.94B51.8%
- Operating costs−$6.78B39.3%
- Operating income$2.16B12.5%
- Interest, other & tax−$747.0M4.3%
- Net income$1.41B8.2%
Where FY2025 revenue went
$17.26B- Cost of revenue: $8.32B, 48% of revenue
- Operating costs: $6.78B, 39% of revenue
- Net income: $1.41B, 8.2% of revenue
- Interest, other & tax: $747.0M, 4.3% of revenue
Kept 8.2% as net incomeNet income $1.41B · 8.2%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 3, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $17.26B$16.54B | +4.3% |
| Cost of Revenue | $8.32B$8.48B | −1.9% |
| Gross Profit | $8.94B$8.06B | +10.8% |
| Operating Income | $2.16B-$303.00M | +811.9% |
| Interest Expense | $916.00M$1.00B | −8.6% |
| Net Income | $1.41B-$1.64B | +186.0% |
| EPS (Basic) | $1.23$-1.45 | +184.8% |
| EPS (Diluted) | $1.21$-1.45 | +183.4% |
| Shares Outstanding (Basic) | 1.15B1.13B | +1.2% |
| Shares Outstanding (Diluted) | 1.16B1.13B | +2.8% |
05—Questions
Frequently Asked Questions
What drove the improvement in profitability in 2025?
Operating income rose to $2,157 million from an operating loss of $303 million in 2024. The company cited higher gross profit, driven by a favorable product mix led by AUSTEDO revenue and $500 million in duvakitug development milestone payments, along with lower other asset impairments and lower legal settlement and loss contingency expenses ($467 million versus $761 million).
How is the company's debt position changing?
Debt fell to $16,807 million at December 31, 2025 from $17,783 million a year earlier. The decrease reflected $1,812 million of senior notes repaid at maturity, partly offset by a $803 million increase from exchange rate fluctuations. The company also issued $2,298 million of senior notes in 2025 and repurchased $2,290 million of notes through a cash tender offer.
What is the status of the API business divestiture?
Teva intends to divest its API business, which was classified as held for sale at December 31, 2024. On November 5, 2025, the company announced that exclusive discussions with a selected buyer had ended and that it had started a renewed sales process. The filing states there can be no assurance on the timing, structure or completion of a divestiture.
What are the key growth products and their 2025 performance?
In the United States, AUSTEDO revenues rose 35% to $2,217 million, AJOVY rose 42% to $295 million, and UZEDY rose 63% to $191 million, mainly due to volume growth. Within the company's Pivot to Growth strategy, these are its key innovative growth engines.
Will the company resume dividends or repurchase shares?
The company has not paid dividends on its ordinary shares or ADSs since December 2017 and did not repurchase any shares in 2025. Future repurchases depend on market conditions, share price, alternative capital investment opportunities and approval by the Board of Directors, and Israeli law treats repurchases as distributions subject to statutory tests.
06—Continue