How did Teva perform in the third quarter of 2025?

Revenues were $4,480 million, up 3% in U.S. dollars and 1% in local currency. GAAP operating income was $882 million and net income attributable to Teva was $433 million, or $0.37 per diluted share. Non-GAAP diluted EPS was $0.78.

Did Teva change its 2025 guidance?

Yes, in part. Revenue guidance was narrowed to $16.8 billion to $17.0 billion, the high end being cut by $200 million. Non-GAAP operating income ($4.4 billion to $4.6 billion), adjusted EBITDA ($4.8 billion to $5.0 billion) and non-GAAP diluted EPS ($2.55 to $2.65) were raised at the low end. The AUSTEDO outlook was raised to $2,050 million to $2,150 million, while AJOVY and UZEDY were reaffirmed and free cash flow was unchanged.

What is the status of the AUSTEDO outlook and the IRA pricing?

Teva raised its 2025 AUSTEDO revenue outlook and reiterated its 2027 target of more than $2.5 billion and a peak-year target of more than $3 billion. The filing says the IRA price-setting was concluded, with revised government prices effective January 1, 2027.

What is happening with the API business divestiture?

Exclusive discussions with a selected buyer have terminated. Teva is initiating a renewed sales process and maintains its strategic intention to divest the business, which it classified as held for sale on December 31, 2024. The filing states there can be no assurance on timing, structure, or completion.

TEVA 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed November 5, 2025. Cited figures are marked; the original filing is the authoritative source.

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) furnished its third-quarter 2025 results under Item 2.02 of this Form 8-K, attaching press release Exhibit 99.1 dated November 5, 2025.

Revenues were $4,480 million^a, up 3% in U.S. dollars and 1% in local currency, with the United States segment up 12% and the Europe and International Markets segments each down 10% in local currency. GAAP diluted EPS was $0.37 and non-GAAP diluted EPS was $0.78, with non-GAAP operating margin of 28.9%. Operating cash flow was $369 million and free cash flow was $515 million.

Debt was $16,790 million^b at September 30, 2025, down from $17,783 million at December 31, 2024. Growth came mainly from the innovative brands. AUSTEDO global revenues were $618 million, up 38% in local currency, and Teva raised its 2025 AUSTEDO revenue outlook by $50 million to $100 million, to $2,050 million to $2,150 million.

AJOVY and UZEDY outlooks were reaffirmed. Teva also updated its full-year 2025 outlook: revenues are now $16.8 billion to $17.0 billion^c, non-GAAP operating income is $4.4 billion to $4.6 billion, and non-GAAP diluted EPS is $2.55 to $2.65, while free cash flow of $1.6 billion to $1.9 billion is unchanged. The outlook excludes Japan BV after Q1 2025 and anticipated Sanofi development milestone payments tied to duvakitug.

On the corporate side, exclusive discussions with a selected buyer for the API business have terminated, and Teva is initiating a renewed sales process while maintaining its intention to divest. Teva also reiterated its target of a 30% non-GAAP operating margin by 2027 and about $700 million^d of net savings from its Transformation programs. The company noted that the IRA price-setting for AUSTEDO will take effect January 1, 2027.

02—Key points

Key Highlights

Q3 2025 revenues of $4,480 million, up 3% in U.S. dollars and 1% in local currency; United States segment revenues up 12%.
AUSTEDO Q3 global revenues of $618 million (up 38% in local currency); 2025 AUSTEDO outlook raised by $50 million to $100 million, to $2,050 million to $2,150 million.
GAAP diluted EPS of $0.37 and non-GAAP diluted EPS of $0.78; non-GAAP operating margin of 28.9%.
Full-year 2025 outlook updated: revenues of $16.8 billion to $17.0 billion and non-GAAP diluted EPS of $2.55 to $2.65; free cash flow of $1.6 billion to $1.9 billion unchanged.
Free cash flow of $515 million in Q3 2025, compared with $922 million in Q3 2024; operating cash flow was $369 million.
Debt reduced to $16,790 million at September 30, 2025 from $17,783 million at December 31, 2024.
API business sale: exclusive discussions with a selected buyer terminated; Teva is starting a renewed sales process.

03—Questions

Frequently Asked Questions

How did Teva perform in the third quarter of 2025?
Revenues were $4,480 million, up 3% in U.S. dollars and 1% in local currency. GAAP operating income was $882 million and net income attributable to Teva was $433 million, or $0.37 per diluted share. Non-GAAP diluted EPS was $0.78.
Did Teva change its 2025 guidance?
Yes, in part. Revenue guidance was narrowed to $16.8 billion to $17.0 billion, the high end being cut by $200 million. Non-GAAP operating income ($4.4 billion to $4.6 billion), adjusted EBITDA ($4.8 billion to $5.0 billion) and non-GAAP diluted EPS ($2.55 to $2.65) were raised at the low end. The AUSTEDO outlook was raised to $2,050 million to $2,150 million, while AJOVY and UZEDY were reaffirmed and free cash flow was unchanged.
What is the status of the AUSTEDO outlook and the IRA pricing?
Teva raised its 2025 AUSTEDO revenue outlook and reiterated its 2027 target of more than $2.5 billion and a peak-year target of more than $3 billion. The filing says the IRA price-setting was concluded, with revised government prices effective January 1, 2027.
What is happening with the API business divestiture?
Exclusive discussions with a selected buyer have terminated. Teva is initiating a renewed sales process and maintains its strategic intention to divest the business, which it classified as held for sale on December 31, 2024. The filing states there can be no assurance on timing, structure, or completion.

04—Continue

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