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TEVA · Teva Pharmaceutical Industries

27 filings

10-Q

TEVA 10-Q Quarterly Reports

Teva Pharmaceutical Industries - 27 quarterly reports

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

2026-Q3
Teva Pharmaceutical Industries Quarterly Report for Q3 Ended Sep 30, 2026
Teva Pharmaceutical Industries Limited's third-quarter 2026 results show revenues of $4,395 million, down from $4,480 million a year earlier, driven mainly by lower lenalidomide capsule (generic Revlimid) sales in the U.S. segment. Gross profit rose to $2,440 million, with gross margin of 55.5% versus 51.4%, helped by innovative products such as AUSTEDO. Operating income fell to $714 million from $882 million, weighed down by $264 million in other asset impairments, restructuring and other items, $202 million in legal settlements and loss contingencies, and $297 million in R&D expenses. Net income attributable to Teva was $233 million, or $0.20 per diluted share, compared with $433 million, or $0.37, in the prior-year quarter. Financial expenses rose to $414 million, including a $224 million loss on debt extinguishment tied to an early redemption of senior notes in September 2026, which was funded by new notes issued the same month. Total debt was $16,718 million at September 30, 2026, against $16,807 million at year-end 2025. Cash and cash equivalents increased to $4,085 million from $3,556 million, while operating cash flow in the quarter was $241 million, down from $369 million. The company recorded an 8% reduction in its workforce plan under its Transformation Programs and continues to pursue a sale of its API business, which is classified as held for sale. Nine-month results were weaker, with net income attributable to Teva of $26 million, or $0.02 per diluted share, versus $930 million in the prior year, reflecting $1,489 million of R&D expense that includes the Emalex acquisition and its primary asset ecopipam, expensed as IPR&D. Subsequent events include the BioXcel neuroscience asset acquisition, the Samsung Bioepis biosimilar agreements, and the FDA approval of WELTRUZA on October 9, 2026.
Nov 3, 2026
2026-Q2
Teva Pharmaceutical Industries Quarterly Report for Q2 Ended Jun 30, 2026
Teva Pharmaceutical Industries Limited's 10-Q for the quarter ended June 30, 2026 shows a swing to a loss in the second quarter, driven mainly by a large acquired IPR&D charge. Net revenues were $4,142 million, down from $4,176 million a year earlier, and gross profit was $2,153 million. R&D expenses rose to $970 million from $244 million, primarily due to the Emalex Biosciences acquisition of ecopipam (EBS-101), which was recorded as a $724 million acquired IPR&D expense. Operating loss was $231 million versus operating income of $455 million in the prior-year quarter, and net loss attributable to Teva was $576 million, or $0.49 per diluted share, compared with net income of $282 million and $0.24 per diluted share a year earlier. Legal settlements and loss contingencies expense was $230 million for the quarter. Segment results were uneven. The United States segment reported a loss of $76 million, down from a profit of $699 million, mainly because of the Emalex-related R&D expense, even though its gross margin improved to 70.7% from 67.8%. Generic products in the U.S. fell 31% as lenalidomide competition intensified, while AUSTEDO (+37%) and AJOVY (+83%) grew. Europe and International Markets segment profits rose to $367 million and $99 million, respectively. Cash flow from operations was $411 million in the quarter, compared with $227 million a year earlier. Balance sheet highlights include short-term debt rising to $4,500 million from $1,820 million as senior notes approach maturity, while long-term senior notes and loans fell to $12,092 million from $14,986 million. Total debt was $16,593 million, and cash and cash equivalents were $3,655 million. The filing also discloses the planned termination of the ADS program, with ordinary shares to list directly on the NYSE under the symbol TEVA around September 14, 2026, and a board instruction to plan a potential share repurchase program.
Jul 29, 2026
2026-Q1
Teva Pharmaceutical Industries Quarterly Report for Q1 Ended Mar 31, 2026
Teva Pharmaceutical Industries Limited reported first-quarter 2026 revenues of $3,982 million, up 2% in U.S. dollars but down 3% in local currency terms, as lower generic revenues (primarily lenalidomide capsules in the U.S. segment and the Japan business venture divestment in International Markets) were partly offset by growth in key innovative products, primarily AUSTEDO. Gross profit rose to $1,972 million, with gross margin at 49.5% versus 48.2% a year earlier. Operating income was $652 million, compared with $519 million, mainly reflecting lower intangible asset impairments and higher gross profit, partly offset by higher S&M expenses. Net income attributable to Teva was $369 million, or $0.31 diluted EPS, versus $214 million and $0.18 a year earlier. Non-GAAP diluted EPS was $0.53 versus $0.52. Cash flow from operations was negative $40 million, an improvement from negative $105 million, and free cash flow was $188 million. Cash and cash equivalents rose to $3,741 million, while total debt declined to $16,627 million from $16,807 million. Financial leverage was 67% versus 68% at year-end 2025. The company reported no outstanding balance under its $1.8 billion revolving credit facility as of March 31, 2026 and the date of the report, and it states it expects to remain within its financial covenant thresholds over the next year. Teva also disclosed a definitive agreement in April 2026 to acquire Emalex Biosciences for $700 million in cash plus up to $200 million in milestones, expected to close by the third quarter of 2026, and the Board has asked management to plan a possible share repurchase program.
Apr 29, 2026
2025-Q3
Teva Pharmaceutical Industries Quarterly Report for Q3 Ended Sep 30, 2025
Teva Pharmaceutical Industries Limited reported third-quarter 2025 net revenues of $4,480 million, up from $4,332 million a year earlier, with gross profit of $2,304 million and operating income of $882 million versus an operating loss of $51 million in the prior-year quarter. Net income attributable to Teva was $433 million, or $0.37 per diluted share, compared with a net loss of $437 million, or $0.39 per diluted share, in the third quarter of 2024. The prior-year quarter included a $600 million goodwill impairment and $450 million of legal settlements and loss contingencies, which drove the swing. For the nine months ended September 30, 2025, net revenues were $12,547 million, net income attributable to Teva was $930 million, and diluted EPS was $0.80. Cash flow and balance sheet activity were mixed. Operating cash flow in the third quarter was $369 million, down from $693 million, which the filing attributes mainly to timing of sales and collections and higher legal settlement payments. Free cash flow as defined by the company was $515 million. Cash and cash equivalents fell to $2,203 million from $3,300 million at December 31, 2024, while total debt declined to $16,790 million from $17,783 million, reflecting maturities repaid and a May 2025 senior notes issuance of $2,298 million net, partly offset by a June 2025 tender offer. Total equity rose to $7,254 million from $5,380 million. The filing states that the company is initiating a renewed sales process for its API business after exclusive discussions with a selected buyer terminated, and that its Transformation programs are expected to reduce the workforce by approximately 8% by the end of 2027. Opioid, antitrust, and other litigation remain significant ongoing exposures, with a provision for legal settlements and loss contingencies of $4,668 million as of September 30, 2025.
Nov 5, 2025
2025-Q2
Teva Pharmaceutical Industries Quarterly Report for Q2 Ended Jun 30, 2025
Teva Pharmaceutical Industries Limited reported second-quarter 2025 net revenues of $4.18 billion, flat in U.S. dollars and down 1% in local currency, with the decline mainly attributed to the divestment of its Japan business venture, lower U.S. generic and COPAXONE revenues, partially offset by growth in AUSTEDO, AJOVY and UZEDY. Operating income was $455 million versus an operating loss of $5 million a year earlier, which included a $400 million goodwill impairment. Net income attributable to Teva was $282 million, or $0.24 diluted EPS, compared with a net loss of $846 million in the prior-year quarter, which was driven largely by a $630 million income tax expense. For the six months ended June 30, 2025, revenues were $8.07 billion, up 1%, and net income attributable to Teva was $497 million, or $0.43 diluted EPS. Cash and cash equivalents fell to $2.16 billion from $3.30 billion at year-end 2024, while total debt was $17.23 billion, compared with $17.78 billion at December 31, 2024. During the quarter the company issued $2.31 billion of senior notes and repurchased $2.29 billion of notes through a tender offer. Total equity rose to $6.83 billion, and the company's API business is classified as held for sale. Management reports that the second quarter included $166 million of legal settlements and loss contingencies and $154 million of restructuring expenses tied to its Transformation programs, which are expected to reduce the workforce by approximately 8% by the end of 2027. The filing also states that the company cannot currently pay dividends or repurchase shares because of its accumulated deficit.
Jul 30, 2025
2025-Q1
Teva Pharmaceutical Industries Quarterly Report for Q1 Ended Mar 31, 2025
Teva Pharmaceutical Industries Limited's first-quarter 2025 Form 10-Q reports net revenues of $3,891 million, up 2% in U.S. dollars (5% in local currency) from $3,819 million a year earlier. Gross profit rose to $1,877 million, with gross margin of 48.2% versus 46.4%, and operating income swung to $519 million from an operating loss of $218 million in the prior-year quarter, which had included $673 million of other asset impairments, restructuring and other items. Net income attributable to Teva was $214 million, or $0.18 diluted EPS, compared with a net loss of $139 million, or $(0.12) per share, a year earlier. The United States segment drove the improvement, with revenues of $1,910 million (up 11%) and segment profit of $532 million (up 52%), largely on AUSTEDO and UZEDY growth and a more favorable product mix. Europe revenues fell 6% to $1,194 million and segment profit fell 22% to $329 million, while International Markets revenues were $582 million and segment profit was $97 million. Cash used in operating activities was $105 million, and free cash flow was $107 million. Total debt declined to $16,651 million from $17,783 million after $1,368 million of senior note repayments at maturity. Cash fell to $1,697 million from $3,300 million at year-end. The balance sheet reflects the held-for-sale classification of the API business, with assets held for sale of $1,814 million and liabilities held for sale of $358 million, and the completed sale of the Teva-Takeda business venture in Japan on March 31, 2025. Total equity rose to $6,269 million from $5,380 million, aided by a $467 million positive currency translation effect. The filing notes ongoing significant litigation, including opioid settlements, antitrust matters and a European Commission COPAXONE fine appeal, and states that the company cannot currently pay dividends or repurchase shares due to its accumulated deficit.
May 7, 2025
2024-Q3
Teva Pharmaceutical Industries Quarterly Report for Q3 Ended Sep 30, 2024
Teva Pharmaceutical Industries Limited reported third-quarter 2024 revenues of $4,332 million, an increase of 13% in U.S. dollars (15% in local currency), compared with $3,850 million in the third quarter of 2023. Gross profit rose to $2,148 million, with a gross margin of 49.6% versus 48.1% a year earlier. However, the company posted an operating loss of $51 million, compared with operating income of $344 million in the prior-year quarter, mainly due to a $600 million goodwill impairment related to its Teva API reporting unit and $450 million in legal settlements and loss contingencies. Net loss attributable to Teva was $437 million, or $0.39 per diluted share, versus net income of $69 million in the third quarter of 2023. For the first nine months of 2024, revenues were $12,315 million, up 8% from the prior-year period, and the net loss attributable to Teva was $1,422 million, or $1.26 per share. Results were weighed down by $1,000 million in goodwill impairments, $931 million in other asset impairments, restructuring and other items, $638 million in legal settlements, and a $648 million income tax expense that includes a $495 million tax item tied to a settlement with the Israeli Tax Authorities. Total debt was $18,980 million at September 30, 2024, down from $19,833 million at December 31, 2023, and cash and cash equivalents were $3,319 million. Third-quarter operating cash flow was $693 million, and free cash flow, as the company defines it, was $922 million. The filing also highlights ongoing risks. Management concluded that disclosure controls were not effective because a material weakness related to the contingent consideration liability has not been remediated. The company also disclosed that it intends to divest its API business, expected to be completed in the first half of 2025, and that it currently cannot repurchase shares or pay dividends due to its accumulated deficit. After quarter-end, the European Commission announced a final decision in the COPAXONE antitrust case with a fine of approximately $500 million (462.6 million euros), which Teva intends to appeal.
Nov 6, 2024
2024-Q2
Teva Pharmaceutical Industries Quarterly Report for Q2 Ended Jun 30, 2024
Teva Pharmaceutical Industries Limited reported a second-quarter 2024 net loss attributable to Teva of $846 million, compared to a net loss of $872 million in the second quarter of 2023 (as revised). Net revenues rose to $4,164 million from $3,878 million, and operating loss narrowed to $5 million from $654 million. The result was driven by a $400 million goodwill impairment related to the Teva API reporting unit, $280 million of other asset impairments, restructuring and other items, and a $630 million income tax expense that includes $506 million from an agreement with the Israeli Tax Authorities settling taxes for 2008 through 2020. Gross profit margin improved to 48.6% from 46.3%, mainly due to a favorable product mix, primarily AUSTEDO. Cash flow from operating activities was $103 million in the second quarter of 2024, down from $324 million a year earlier, reflecting working capital changes and higher tax payments. Cash and cash equivalents were $2,258 million at June 30, 2024, and total debt was $18,640 million, down from $19,833 million at year-end 2023, after repayment of $956 million of 6% senior notes at maturity. Total equity fell to $6,563 million from $8,126 million, largely due to the net loss and currency translation effects. The company has not paid dividends since December 2017 and states it currently cannot conduct share repurchases or pay dividends due to its accumulated deficit. The filing also discloses a material weakness in internal control over financial reporting related to the contingent consideration liability and related expenses, which the company states is not yet remediated as of June 30, 2024, and concludes that disclosure controls were not effective. The company also reports that Teva's Japan business venture is classified as held for sale, and that it intends to divest its API business, with completion expected in the first half of 2025.
Jul 31, 2024
2024-Q1
Teva Pharmaceutical Industries Quarterly Report for Q1 Ended Mar 31, 2024
Teva Pharmaceutical Industries Limited reported first-quarter 2024 revenues of $3,819 million, up 4% in U.S. dollars and 5% in local currency from $3,661 million a year earlier. Gross profit rose 12% to $1,771 million, and gross profit margin improved to 46.4% from 43.2%, which the company attributed mainly to a favorable product mix and lower operating costs. Despite this, the company posted an operating loss of $218 million, compared with a revised operating loss of $13 million in the prior year, driven mainly by $673 million of other asset impairments, restructuring and other items. Net loss attributable to Teva narrowed to $139 million from $220 million, or $0.12 per diluted share versus $0.20. Non-GAAP diluted EPS was $0.48, compared with $0.40 a year earlier. Balance sheet and liquidity remained pressured. Cash used in operating activities was $124 million, and free cash flow as defined by the company was $32 million. Cash and cash equivalents fell to $2,991 million from $3,226 million, and total debt was $19,643 million versus $19,833 million at year-end 2023. Teva repaid $956 million of 6% senior notes at maturity in April 2024. The company's $1.8 billion revolving credit facility had no amounts outstanding; on May 3, 2024 it was amended to set a maximum leverage ratio of 4.00x for 2024 through the first quarter of 2026, stepping down to 3.50x from the first quarter of 2027. The filing states that Teva cannot currently repurchase shares or pay dividends due to its accumulated deficit. The filing also highlights ongoing legal and control issues. Teva disclosed a material weakness in internal control over financial reporting related to its contingent consideration liability, which has not been remediated, and concluded that its disclosure controls were not effective as of March 31, 2024. Legal exposure remains significant, including a nationwide opioid settlement of up to $4.25 billion spread over 13 years and a DOJ patient assistance program complaint seeking a maximum of over $1 billion in damages before trebling. Teva also announced its intention to divest its API business, with completion expected in the first half of 2025.
May 8, 2024
2023-Q3
Teva Pharmaceutical Industries Quarterly Report for Q3 Ended Sep 30, 2023
Teva Pharmaceutical Industries Limited reported third-quarter 2023 net revenues of $3,850 million, compared to $3,595 million in the third quarter of 2022, with net income attributable to Teva of $80 million (diluted EPS of $0.07) versus $56 million a year earlier. For the first nine months of 2023, revenues were $11,389 million and the company recorded a net loss attributable to Teva of $988 million (loss per share of $0.88), compared with a net loss of $1,132 million in the prior-year period. Results were affected by a $700 million goodwill impairment in the International Markets reporting unit in the second quarter and legal settlements and loss contingencies of $1,009 million for the nine months, including provisions for the DOJ patient assistance program litigation and the opioid settlements. Teva's third-quarter operating income was $355 million, compared with $419 million a year earlier, while the company recorded a tax benefit of $12 million on pre-tax income of $75 million. Cash flow from operating activities was $5 million in the third quarter (versus $543 million a year earlier) and $184 million for the nine months. Total debt was $19,974 million at September 30, 2023, down from $21,212 million at December 31, 2022, following repayment of $1,000 million of 2.8% senior notes at maturity and $500 million outstanding under its revolving credit facility. The company stated it has not paid dividends since December 2017 and cannot currently conduct share repurchases or pay dividends due to its accumulated deficit. The filing also describes the May 2023 launch of the Pivot to Growth strategy, with AUSTEDO, AJOVY and UZEDY named as growth engines, and a new collaboration with Sanofi on anti-TL1A (TEV-'574) under which Teva will receive a $500 million upfront payment and up to $1 billion in milestones. Teva also entered a three-year deferred prosecution agreement with the U.S. Department of Justice on August 21, 2023, with a $225 million fine payable over five years.
Nov 9, 2023
2023-Q2
Teva Pharmaceutical Industries Quarterly Report for Q2 Ended Jun 30, 2023
Teva Pharmaceutical Industries Limited reported a second-quarter 2023 net loss attributable to Teva of $863 million, compared with a net loss of $232 million in the second quarter of 2022. Revenues rose 2% to $3,878 million, or 4% in local currency terms, led by AUSTEDO and Anda in North America and generic products in International Markets. The loss was driven by a $700 million goodwill impairment on the International Markets reporting unit, $462 million of legal settlements and loss contingencies, and $63 million of intangible asset impairments. Operating loss was $646 million, and the company recorded a tax benefit of only $16 million on a pre-tax loss of $914 million. For the six months ended June 30, 2023, the net loss attributable to Teva was $1,068 million. The balance sheet shows total debt of $20,678 million at June 30, 2023, down from $21,212 million at December 31, 2022, after the company repaid $646 million of senior notes at maturity and completed a cash tender offer in March 2023. Teva issued sustainability-linked senior notes during the quarter and withdrew $700 million under its revolving credit facility in July 2023. Cash and cash equivalents were $2,669 million, and total equity declined to $7,708 million from $8,691 million. Management stated that it cannot conduct share repurchases or pay dividends due to its accumulated deficit, and that it has not paid dividends since December 2017. Litigation remains a major factor for investors. Teva agreed to a nationwide opioids settlement of up to $4.25 billion, recorded provisions for the U.S. Department of Justice criminal antitrust charges and a DOJ False Claims Act matter seeking over $1 billion in damages before trebling, and faces a trial scheduled for September 2023 in that False Claims Act case. The company reported second-quarter operating cash flow of $324 million and company-defined free cash flow of $632 million, and non-GAAP diluted EPS of $0.56 for the quarter.
Aug 2, 2023
2023-Q1
Teva Pharmaceutical Industries Quarterly Report for Q1 Ended Mar 31, 2023
Teva Pharmaceutical Industries Limited reported a first-quarter 2023 net loss attributable to Teva of $205 million, or $0.18 per diluted share, compared to a net loss of $955 million, or $0.86 per share, in the first quarter of 2022. Revenues were $3,661 million, flat compared to the prior year period; in local currency terms revenues increased by 4%, while exchange rate movements negatively impacted revenues by $128 million. Gross profit fell to $1,582 million, with gross margin of 43.2% versus 47.5% a year earlier, driven by inflationary cost pressures and an unfavorable product mix. Operating income was $2 million, compared to an operating loss of $713 million in the prior year, largely because legal settlements and loss contingencies dropped to $233 million from $1,124 million. Cash flow remained under pressure, with net cash used in operating activities of $145 million. Free cash flow was $41 million. Total debt was $20,691 million at March 31, 2023, down from $21,212 million, after Teva repaid $646 million of senior notes at maturity, repurchased $2,506 million of notes through a cash tender offer, and issued $2,445 million of sustainability-linked senior notes net of issuance costs. Cash and cash equivalents were $2,143 million. Teva stated it currently cannot conduct share repurchases or pay dividends due to its accumulated deficit, and it has not paid dividends since December 2017. Litigation remains a central investor consideration. Teva recorded provisions tied to the DOJ patient assistance program litigation, reverse-payment antitrust claims over HIV medicines, and the remaining opioid cases, and it has until June 8, 2023 to decide whether to proceed with its proposed nationwide opioid settlement of up to $4.25 billion. The company also disclosed a pending federal criminal Sherman Act indictment against Teva USA, which it said could have a material adverse impact if resulting in conviction.
May 10, 2023
2022-Q3
Teva Pharmaceutical Industries Quarterly Report for Q3 Ended Sep 30, 2022
Teva Pharmaceutical Industries Limited reported net revenues of $3,595 million for the three months ended September 30, 2022, down from $3,887 million a year earlier, and a net income attributable to Teva of $56 million versus $292 million in the prior-year quarter. For the nine months ended September 30, 2022, the company reported a net loss attributable to Teva of $1,132 million, compared with net income of $576 million in the first nine months of 2021. The loss was driven mainly by a $2,048 million charge for legal settlements and loss contingencies, largely related to remaining opioid cases, a $745 million goodwill impairment, and $223 million of intangible asset impairments. Tax benefit of $792 million on a pre-tax loss of $1,964 million also shaped the result. Total debt was $21,266 million at September 30, 2022, down from $23,043 million at December 31, 2021, mainly due to $1,139 million of exchange rate fluctuations and $661 million of senior notes repaid at maturity. Cash and cash equivalents were $2,225 million, and the company had an undrawn $1.8 billion revolving credit facility. Shareholders' equity fell to $8,767 million (total equity $9,519 million) from $10,278 million at year-end 2021. Teva states that it cannot currently pay dividends or repurchase shares due to its accumulated deficit. The filing describes a proposed nationwide opioid settlement under which Teva would pay up to $4.25 billion plus approximately $100 million for Native American tribes, spread over 13 years, subject to finalization and participation conditions. The company also disclosed a pending DOJ criminal indictment against Teva USA for alleged Sherman Act violations and a tentative provision for generic drug pricing claims by state attorneys general. Non-GAAP diluted EPS was $0.59 for the third quarter of 2022 and $1.81 for the nine months.
Nov 3, 2022
2022-Q2
Teva Pharmaceutical Industries Quarterly Report for Q2 Ended Jun 30, 2022
Teva Pharmaceutical Industries Limited reported a net loss attributable to Teva of $232 million for the second quarter of 2022, compared to net income of $207 million in the second quarter of 2021, and a net loss of $1,187 million for the six months ended June 30, 2022. Net revenues were $3,786 million in the quarter, compared to $3,910 million a year earlier, and $7,447 million for the six months. The loss was driven mainly by a $745 million goodwill impairment, $729 million in legal settlements and loss contingencies (mainly an update to the estimated settlement provision for the remaining opioid cases), and $118 million of other asset impairments, restructuring and other items. A second-quarter tax benefit of $900 million on a pre-tax loss of $1,160 million partly offset these charges. Total assets were $45,932 million at June 30, 2022, against total liabilities of $36,103 million, and total equity declined to $9,828 million from $11,244 million at year-end 2021. Total debt was $22,082 million, down from $23,043 million, reflecting $296 million of senior notes repaid at maturity and currency effects. The company had cash and cash equivalents of $2,058 million and a $1.8 billion sustainability-linked revolving credit facility with no amounts outstanding. The filing states that Teva expects to have sufficient cash resources to meet debt service and other obligations within one year. The filing describes an agreement in principle, reached in July 2022, on the financial terms of a proposed nationwide opioid settlement under which Teva would pay up to $4.25 billion, plus approximately $100 million for the Tribes, spread over years, and notes that the settlement is contingent on final documentation and other conditions. It also discloses a criminal indictment of Teva USA on Sherman Act charges, for which the company states it cannot estimate a range of loss. Free cash flow in the second quarter was $301 million, compared with $625 million a year earlier.
Jul 27, 2022
2022-Q1
Teva Pharmaceutical Industries Quarterly Report for Q1 Ended Mar 31, 2022
Teva Pharmaceutical Industries Limited reported first-quarter 2022 net revenues of $3,661 million, compared to $3,982 million in the first quarter of 2021, with a net loss attributable to Teva of $955 million (diluted loss per share of $0.86), versus net income of $77 million a year earlier. The loss was driven primarily by legal settlements and loss contingencies of $1,124 million, mainly related to an update of the estimated settlement provision for the remaining opioid cases. Operating loss was $713 million, compared with operating income of $434 million in the prior-year quarter. North America revenues declined to $1,737 million with segment profit of $402 million, while Europe revenues were $1,156 million and International Markets revenues were $492 million. Balance sheet and liquidity: total assets were $47,059 million and total equity was $10,260 million as of March 31, 2022. Total debt was $22,917 million, and senior notes and loans were $20,840 million. Cash and cash equivalents were $2,175 million. Net cash used in operating activities was $49 million, compared with $405 million used in the prior-year period, and free cash flow was $117 million. The company stated it expects sufficient cash resources to meet debt service and other obligations within one year. In April 2022 it replaced its $2.3 billion revolving credit facility with a $1.8 billion sustainability-linked revolving credit facility, and no amounts were outstanding under it as of the filing date. Litigation remains the central investor issue. The filing discloses a $235.5 million carvedilol verdict reinstated by the Federal Circuit, a U.S. criminal Sherman Act indictment against Teva USA, and multiple state opioid settlements, including Texas ($150 million) and Florida ($177 million). The company said that if a nationwide opioid settlement is not finalized, a reasonable upper end of the loss range cannot be determined.
May 3, 2022
2021-Q3
Teva Pharmaceutical Industries Quarterly Report for Q3 Ended Sep 30, 2021
Teva Pharmaceutical Industries Limited's Form 10-Q for the quarter ended September 30, 2021 reports third-quarter net revenues of $3,887 million, compared with $3,978 million a year earlier, and net income attributable to Teva of $292 million, versus a net loss of $4,349 million in the third quarter of 2020, which included a $4,628 million goodwill impairment. Operating income was $623 million compared with an operating loss of $4,342 million. For the nine months, revenues were $11,778 million and net income attributable to Teva was $576 million, or $0.52 per diluted share. North America revenues fell mainly due to COPAXONE and generic products, while Europe and AJOVY grew. Debt declined to $23,746 million from $25,132 million at June 30, 2021, mainly after repayment of a $1,475 million 2.2% senior notes at maturity, partly offset by $300 million borrowed under the revolving credit facility. Free cash flow in the third quarter was $795 million, and operating cash flow was $529 million. Teva has not paid dividends since December 2017 and states it currently cannot conduct share repurchases or pay dividends due to its accumulated deficit. The filing discloses significant legal exposure, including opioid litigation where a nationwide settlement remains unresolved and the company states it cannot predict a settlement, a U.S. criminal Sherman Act indictment against Teva USA, and a carvedilol patent judgment of $235.5 million reinstated by the Federal Circuit on August 5, 2021, which Teva has petitioned for en banc review.
Oct 27, 2021
2021-Q2
Teva Pharmaceutical Industries Quarterly Report for Q2 Ended Jun 30, 2021
Teva Pharmaceutical Industries Limited reported second-quarter 2021 net revenues of $3,910 million, up from $3,870 million a year earlier, and operating income of $582 million versus $173 million in the second quarter of 2020. Net income attributable to Teva was $207 million, or $0.19 per diluted share, compared with $140 million, or $0.13 per share, a year earlier. For the first six months of 2021, net revenues were $7,892 million, down from $8,227 million, and net income attributable to Teva was $284 million, or $0.26 per diluted share. The increase in operating income was mainly due to lower other asset impairments, restructuring and other items charges and higher Europe segment profit, partially offset by higher intangible asset impairment charges. Balance sheet and liquidity: cash and cash equivalents were $2,436 million at June 30, 2021, and short-term debt was $3,530 million, including a $1,475 million 2.2% senior note repaid at maturity in July 2021. Total debt was $25,132 million. Teva drew $500 million under its revolving credit facility in July 2021. Teva states it expects to have sufficient cash resources to meet debt service and other obligations within one year. Net cash used in operating activities for the six months was $187 million, compared with $578 million provided in the prior-year period. Legal and regulatory matters remain significant. Teva recorded a $110 million expense for legal settlements and loss contingencies in the first six months of 2021, mainly for the carvedilol patent litigation. The filing describes extensive opioid litigation, a pending U.S. criminal Sherman Act indictment of Teva USA, and a nationwide opioid settlement that remains under negotiation without a reasonable upper end of loss determinable. The FDA classified the Davie, Florida facility as official action indicated, and the Irvine, California facility was temporarily paused.
Jul 28, 2021
2021-Q1
Teva Pharmaceutical Industries Quarterly Report for Q1 Ended Mar 31, 2021
Teva Pharmaceutical Industries Limited's first-quarter 2021 Form 10-Q reports net revenues of $3,982 million, down from $4,357 million in the first quarter of 2020, with the decline attributed mainly to lower revenues from generic, OTC and respiratory products and COPAXONE in Europe, lower Anda, COPAXONE and BENDEKA/TREANDA revenues in North America, and lower Japan revenues following the divestment of most of its Japanese business venture assets. Operating income rose to $434 million from $191 million, mainly because intangible asset impairments fell to $79 million from $649 million. Net income attributable to Teva was $77 million, or $0.07 per diluted share, compared with $69 million, or $0.06, a year earlier. Cash flow used in operating activities was $405 million, compared with $305 million generated in the prior-year quarter, mainly due to working capital changes. Free cash flow as defined by the company was $59 million. Total debt was $24,986 million at March 31, 2021, down from $25,919 million, mainly due to the redemption of $491 million of convertible senior debentures. The company states that no amounts were outstanding under its $2.3 billion revolving credit facility and that it expects to remain within its covenant thresholds and have sufficient cash resources within one year. Significant legal exposures remain prominent. Teva reports a criminal indictment of Teva USA for Sherman Act violations, which it says could have a material adverse impact if convicted, and it continues to negotiate a nationwide opioid settlement with a provision recorded based on its most recent offer. Legal settlements and loss contingencies were an expense of $104 million in the quarter, mainly from the carvedilol patent litigation.
Apr 28, 2021
2020-Q3
Teva Pharmaceutical Industries Quarterly Report for Q3 Ended Sep 30, 2020
Teva Pharmaceutical Industries Limited reported a sharply wider loss for the third quarter of 2020, driven mainly by a $4.63 billion goodwill impairment charge on its North America reporting unit. Net revenues were $3.98 billion for the quarter, compared with $4.09 billion in the third quarter of 2019, and the operating loss was $4.34 billion. Net loss attributable to Teva was $4.35 billion, or $3.97 per diluted share, versus a loss of $314 million, or $0.29 per share, a year earlier. Intangible asset impairments were $509 million for the quarter and $1.28 billion for the first nine months. The filing highlights significant legal exposure. Teva USA was indicted on August 25, 2020 on criminal Sherman Act charges, and the U.S. Department of Justice filed a civil Anti-Kickback Statute and False Claims Act complaint in August 2020 related to donations to patient assistance charities. Management states that the timeframe for resolving the opioids litigation is taking longer than previously expected, and the nationwide opioid settlement framework remains under negotiation. Total equity fell to $10.59 billion at September 30, 2020 from $15.06 billion at December 31, 2019, and total debt was $25.62 billion. Cash and cash equivalents were $1.83 billion. Liquidity measures include a $2.3 billion revolving credit facility, under which €100 million was outstanding at September 30, 2020 and €270 million at the filing date. The company stated it expects to remain within the facility's net debt to EBITDA covenant thresholds over the next year. Teva has not paid dividends since December 2017 and cannot currently repurchase shares or pay dividends because of its accumulated deficit.
Nov 5, 2020
2020-Q2
Teva Pharmaceutical Industries Quarterly Report for Q2 Ended Jun 30, 2020
Teva Pharmaceutical Industries Limited reported net revenues of $3,870 million for the three months ended June 30, 2020, compared to $4,177 million in the prior-year quarter, and net income attributable to Teva of $140 million, versus a net loss of $689 million a year earlier. Gross profit was $1,763 million. Operating income was $173 million, compared to an operating loss of $644 million in Q2 2019, driven mainly by lower intangible asset impairments ($120 million vs. $561 million) and lower legal settlement charges ($13 million vs. $646 million), partly offset by higher other asset impairments, restructuring and other items ($381 million, primarily related to an agreement to sell certain assets of the Teva-Takeda business venture in Japan). For the six months ended June 30, 2020, net revenues were $8,227 million and net income attributable to Teva was $209 million. Cash and cash equivalents rose to $2,402 million at June 30, 2020 from $1,975 million at December 31, 2019, and total debt was $26,266 million. Teva repaid $700 million of 2.25% senior notes in March 2020 and, per the filing, repaid EUR 1,010 million of 0.375% senior notes in July 2020. The company has not paid dividends since December 2017 and states it currently cannot conduct share repurchases or pay dividends due to its accumulated deficit. The filing also highlights the August 2020 Alvotech partnership for five biosimilar candidates, the July 2020 launch of ProAir Digihaler, and fasinumab phase 3 results released August 5, 2020. Ongoing litigation remains significant, including opioid, antitrust and price-fixing matters, and the FDA's OAI classification of the Davie, Florida plant continues. The company disclosed a potential goodwill impairment charge of $1.1 billion if its North America unit were to conform to market expectations, though its fair value still exceeded carrying value.
Aug 5, 2020
2020-Q1
Teva Pharmaceutical Industries Quarterly Report for Q1 Ended Mar 31, 2020
Teva Pharmaceutical Industries Limited's Form 10-Q for the quarter ended March 31, 2020 reports net revenues of $4,357 million, up from $4,149 million in the first quarter of 2019 (as revised for the presentation of Israeli distribution revenues). Gross profit rose to $2,063 million, and operating income was $191 million versus $134 million a year earlier. The company reported net income attributable to Teva of $69 million, or $0.06 per diluted share, compared with a net loss of $105 million, or $0.10 per share, in the prior-year quarter. Results were weighed down by intangible asset impairments of $649 million, including $331 million of IPR&D and $318 million of identifiable product rights, and other asset impairments, restructuring and other items of $121 million. Cash generation improved, with operating cash flow of $305 million versus $112 million a year earlier, and management defines free cash flow of $551 million for the quarter. Total debt fell to $26,103 million from $26,908 million, mainly due to the repayment at maturity of $700 million of 2.25% senior notes. The company had $1,804 million of cash and cash equivalents and no amounts outstanding under its $2.3 billion revolving credit facility. Teva states it expects to remain in compliance with RCF financial covenants and to have sufficient cash resources for debt service within one year. The filing devotes substantial attention to COVID-19, which management says has not caused material disruption to operations so far, though it notes elevated demand for certain medicines and cannot predict longer-term effects. Significant ongoing risks include opioid litigation, where the filing describes a nationwide settlement framework under discussion, the FDA's continued classification of the Davie, Florida plant as official action indicated, and numerous antitrust and securities class actions.
May 7, 2020
2019-Q3
Teva Pharmaceutical Industries Quarterly Report for Q3 Ended Sep 30, 2019
Teva Pharmaceutical Industries Limited's Form 10-Q for the quarter ended September 30, 2019 shows a loss for the period. Net revenues for the third quarter were $4,264 million, down from $4,529 million, and the company reported a net loss attributable to Teva of $314 million, versus $208 million a year earlier. For the nine months, net revenues were $12,896 million and the net loss attributable to Teva was $1,108 million, compared with net income of $736 million in the prior-year period. The results were driven mainly by a $468 million third-quarter expense for legal settlements and loss contingencies, mostly related to an increased estimated settlement provision for the remaining opioid cases, along with intangible asset impairments of $177 million in the quarter and $1,206 million year to date. Debt and liquidity were central to the report. Total debt was $26,942 million at September 30, 2019, down from $28,726 million at June 30, 2019, after repayment at maturity of a $1,556 million 1.7% senior note. Cash and cash equivalents were $1,241 million on the balance sheet. The company had $100 million outstanding under its $2.3 billion revolving credit facility at quarter end and reported none outstanding as of the filing date. Management expects to remain within the RCF financial covenant thresholds and to have sufficient cash resources to service debt within one year. Operating cash flow for the nine months was $210 million, compared with $2,079 million a year earlier. The filing also reports ongoing restructuring, with a stated target to reduce the total cost base by $3 billion by the end of 2019 and a reduction of 11,554 full-time-equivalent employees since the plan was announced. In October 2019, the company reported an agreement in principle on a nationwide opioid settlement framework, with a potential value of up to approximately $23 billion at wholesale acquisition cost over ten years plus cash payments of up to $250 million, though the company stated it cannot predict whether the framework will be finalized. Goodwill of $24,657 million remains on the balance sheet, and the filing states that a share price that does not recover may lead to a goodwill impairment charge of up to approximately $5,000 million in the North America and International Markets reporting units.
Nov 7, 2019
2019-Q2
Teva Pharmaceutical Industries Quarterly Report for Q2 Ended Jun 30, 2019
Teva Pharmaceutical Industries Limited reported a second-quarter 2019 net loss attributable to Teva of $689 million, compared to a net loss of $176 million in the second quarter of 2018. Net revenues fell to $4,337 million from $4,701 million, and operating loss widened to $644 million from $14 million. The filing attributes the revenue decline mainly to generic competition to COPAXONE, along with declines in TREANDA/BENDEKA, certain other specialty products in the United States, the Europe segment and Japan. The operating loss increase was mainly due to higher legal settlements and loss contingencies expense of $646 million, primarily related to an $85 million opioid settlement with the Oklahoma Attorney General and an estimated provision for other opioid cases, along with higher intangible asset impairments of $561 million. For the six months ended June 30, 2019, net revenues were $8,632 million compared to $9,766 million a year earlier, and net loss attributable to Teva was $794 million versus net income of $944 million. Total debt was $28,726 million as of June 30, 2019. Cash flow used in operating activities for the six months was $115 million, compared to cash provided of $1,658 million in the prior-year period. The company has not paid dividends on its ordinary shares or ADSs since December 2017 and cannot repurchase shares due to its accumulated deficit. The filing also flags risk areas for investors. Management states that if Teva's share price does not recover in the near term, it may lead to a goodwill impairment charge of up to approximately $5,000 million in its North America and International Markets reporting units. The FDA warning letter for the Davie, Florida facility remains open, and the company expects approximately $142 million in revenues from that site for the remainder of 2019. The company entered a $2.3 billion revolving credit facility in April 2019, with a net debt to EBITDA covenant of 6.25x through December 31, 2019, and $500 million was outstanding under it as of the filing date.
Aug 7, 2019
2019-Q1
Teva Pharmaceutical Industries Quarterly Report for Q1 Ended Mar 31, 2019
Teva Pharmaceutical Industries Limited reported a first-quarter 2019 net loss attributable to Teva of $105 million, compared with net income attributable to Teva of $1,120 million in the first quarter of 2018. Net revenues fell to $4,295 million from $5,065 million, a decrease of 15% (12% in local currency), mainly due to generic competition to COPAXONE and declines in respiratory products and U.S. generics. Operating income dropped to $134 million from $1,525 million, largely because the prior-year period included $1,278 million of legal settlement income (including the Allergan working capital adjustment and the Rimsa settlement). Intangible asset impairments rose to $469 million, and diluted loss per share was $0.10. Cash flow from operations was $112 million, versus $1,496 million a year earlier, reflecting lower COPAXONE revenues and performance incentive payments to employees. Total debt was $28,624 million at March 31, 2019, down from $28,916 million, and Teva repurchased $126 million of its 1.7% senior notes due 2019. In April 2019 the company replaced its $3 billion revolving credit facility with a $2.3 billion facility, and it stated it expects sufficient cash resources for at least twelve months. The company has not paid dividends on ordinary shares since December 2017. The filing also flags operational and regulatory risks, including an FDA warning letter received February 5, 2019 for the Davie, Florida plant (with about $240 million in expected revenue from that site for the remainder of 2019), the continuing valsartan recall, and numerous pending litigation matters, including opioid, antitrust and securities cases. Restructuring under the plan announced in December 2017 is intended to reduce the total cost base by $3 billion by the end of 2019.
May 2, 2019
2018-Q3
Teva Pharmaceutical Industries Quarterly Report for Q3 Ended Sep 30, 2018
Teva Pharmaceutical Industries Limited reported net revenues of $4,529 million for the third quarter of 2018, down from $5,617 million a year earlier, and a net loss attributable to Teva of $208 million, compared with net income of $595 million in the third quarter of 2017. Operating income was $16 million, versus $378 million, as gross profit fell and other asset impairments, restructuring and other items rose to $658 million. For the first nine months of 2018, net revenues were $14,295 million, net income attributable to Teva was $736 million, and diluted earnings per share were $0.53, compared with a loss of $4.85 per share in the prior-year period, which included a $6.1 billion goodwill impairment. The decline in revenue was driven mainly by COPAXONE, which fell 43% in North America to $463 million on generic competition in the United States, along with price erosion in the U.S. generics business and the sale of the women's health business. North America segment profit fell 43% to $649 million, while Europe and International Markets profit rose on cost reductions under the restructuring plan. Total debt was $29,489 million at September 30, 2018, reduced by a debt tender offer and repayments, and the company suspended ordinary share dividends and preferred share dividends and is unable to repurchase shares due to its accumulated deficit. Management disclosed a material weakness in internal control over financial reporting related to goodwill impairment testing, and concluded that disclosure controls were not effective as of September 30, 2018, although the interim financial statements were stated to be fairly presented. The filing also describes an FDA official action indicated classification for the Davie, Florida plant, a valsartan recall with a $46 million impact in the first nine months of 2018, and ongoing litigation, including opioid and antitrust matters.
Nov 1, 2018
2018-Q2
Teva Pharmaceutical Industries Quarterly Report for Q2 Ended Jun 30, 2018
Teva Pharmaceutical Industries Limited's Form 10-Q for the quarter ended June 30, 2018 reports net revenues of $4.70 billion for the second quarter, compared to $5.72 billion a year earlier, a decrease of 18%. Operating loss narrowed to $14 million from a $5.74 billion loss in the prior-year quarter, which included a $6.1 billion goodwill impairment. Net loss attributable to Teva was $176 million for the quarter, versus $5.97 billion a year earlier. For the six months, the company reported net income attributable to Teva of $944 million, compared with a net loss of $5.33 billion in the prior year period, helped by a $1.3 billion net legal settlement income item, including the $703 million Allergan working capital settlement and the Rimsa settlement. Revenue declines were driven primarily by North America, where segment revenues fell 29% to $2.26 billion in the quarter, mainly due to COPAXONE generic competition and price erosion in U.S. generics. Impairments remained significant: other asset impairments, restructuring and other items were $715 million in the quarter, including $520 million of intangible asset impairments, and a $120 million goodwill impairment related to Mexico was recorded. Teva also disclosed a material weakness in internal control over financial reporting related to its interim goodwill impairment testing, concluding its disclosure controls were not effective as of June 30, 2018. On the balance sheet, total assets were $67.03 billion and total debt was $30.2 billion as of June 30, 2018. Cash and cash equivalents rose to $1.86 billion from $963 million at year-end 2017, and net cash provided by operating activities for the six months was $1.66 billion. The company stated that it has suspended dividends on ordinary shares and on mandatory convertible preferred shares, and that it cannot repurchase shares due to its accumulated deficit. Management also disclosed that the FDA issued a Form FDA-483 for its Davie, Florida plant and that a voluntary valsartan recall carried a $41 million impact in the second quarter.
Aug 2, 2018
2018-Q1
Teva Pharmaceutical Industries Quarterly Report for Q1 Ended Mar 31, 2018
Teva Pharmaceutical Industries Limited's first-quarter 2018 Form 10-Q reports net revenues of $5.07 billion, down from $5.65 billion a year earlier, with gross profit of $2.35 billion versus $2.84 billion. Operating income rose to $1.53 billion from $895 million, but this was driven mainly by $1.28 billion of income from legal settlements and loss contingencies, including the Allergan working capital adjustment ($703 million payment) and the Rimsa settlement. The filing also records $707 million of other asset impairments, restructuring and other items, a $180 million goodwill impairment on the Rimsa reporting unit, and a $94 million impairment of the New Chapter Inc. investment. Net income attributable to Teva was $1.12 billion, compared with $645 million in the prior-year quarter, and diluted EPS was $1.03 versus $0.57. Balance sheet debt fell to $30.8 billion from $32.5 billion, after $6.5 billion of prepayments of term loans and senior notes, partly offset by a March 2018 issuance of $4.4 billion of senior notes at an effective average rate of 5.3%. Cash and cash equivalents rose to $1.42 billion from $963 million. Operating cash flow was $1.50 billion versus $136 million, which management attributes mainly to the Allergan and Rimsa proceeds. Teva suspended ordinary share dividends in December 2017 and has suspended mandatory convertible preferred dividend payments in the first quarter of 2018 due to its accumulated deficit. The company states it has sufficient resources to meet financial obligations for at least twelve months. On the operating side, North America revenues fell 22% to $2.53 billion, with COPAXONE revenues down 40% to $476 million amid generic competition, and segment profit declined 30% to $915 million. Europe revenues rose 8% to $1.44 billion and Growth Markets revenues rose 4% to $750 million. The company reports ongoing restructuring, with a headcount reduction of approximately 6,200 full-time-equivalent employees since the plan was announced, and a planned separation from the P&G OTC partnership (PGT Healthcare) effective July 1, 2018.
May 3, 2018