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Teva Pharmaceutical Industries 8-K Report, Financial Results (Jan 28, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed January 28, 2026
Period End
January 28, 2026
Security
TEVA
In the 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. Material agreement8-K · Nov ’19Nov ’19
  2. Leadership change8-K · Nov ’22Nov ’22
  3. Leadership change8-K · Nov ’24Nov ’24

01—Abstract

Summary

Summary of the 8-K filed January 28, 2026. Cited figures are marked; the original filing is the authoritative source.

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) reported full-year and fourth-quarter 2025 results, furnished under Item 2.02 via Exhibit 99.1.

Revenues for 2025 were $17.26 billiona, up 4% in U.S. dollars and 3% in local currency, marking the company's third consecutive year of growth. Key innovative brands AUSTEDO, AJOVY and UZEDY collectively exceeded $3 billion in 2025 revenues, and fourth-quarter 2025 was the first quarter they delivered about $1 billion. Fourth-quarter revenues were $4.71 billion, boosted by $500 million of development milestone payments tied to the initiation of Phase 3 studies for duvakitug (anti-TL1A).

Full-year GAAP operating income was $2.16 billionb versus an operating loss of $303 million in 2024, while non-GAAP operating income was $4.91 billion, or 28.4% of revenues. GAAP diluted EPS was $1.21 and non-GAAP diluted EPS was $2.93. Free cash flow was $2.40 billion for 2025.

Debt declined to $16.81 billionc at December 31, 2025 from $17.78 billion, and net debt fell to $13.25 billion from $14.48 billion. The company points to a credit rating upgrade by one level at three agencies during 2025.

For 2026, Teva guided to revenues of $16.4 to $16.8 billiond, non-GAAP operating income of $4.55 to $4.8 billion, non-GAAP diluted EPS of $2.57 to $2.77, and free cash flow of $2.0 to $2.4 billion. The filing also notes that Anda will move out of the U.S. segment into Other Activities starting January 1, 2026, and that the olanzapine LAI NDA was submitted to the FDA in December 2025.

02—Key points

Key Highlights

  1. FY2025 revenues of $17.26 billion, up 4% in U.S. dollars (3% in local currency), the third consecutive year of growth.
  2. AUSTEDO 2025 global revenues of $2.26 billion (up 34% YoY in local currency); AJOVY $673 million (up 30%); UZEDY $191 million (up 63%).
  3. Q4 2025 revenues of $4.71 billion included $500 million of development milestone payments for duvakitug (anti-TL1A) Phase 3 initiation.
  4. FY2025 GAAP diluted EPS of $1.21 versus a loss of $1.45 in 2024; non-GAAP diluted EPS of $2.93 versus $2.49.
  5. Free cash flow of $2.40 billion for 2025 and total debt reduced to $16.81 billion, with net debt at $13.25 billion.
  6. 2026 outlook: revenues of $16.4 to $16.8 billion, non-GAAP operating income of $4.55 to $4.8 billion, and non-GAAP diluted EPS of $2.57 to $2.77.
  7. Anda moves out of the U.S. segment into Other Activities from January 1, 2026; a $726 million impairment on a European manufacturing facility was recorded in Q4 2025.

03—Questions

Frequently Asked Questions

  1. How did Teva's 2025 revenue and profitability compare with 2024?

    Revenues rose 4% in U.S. dollars to $17.26 billion. GAAP operating income was $2.16 billion, compared with an operating loss of $303 million in 2024, mainly due to lower goodwill impairment charges and higher gross profit. Net income attributable to Teva was $1.41 billion, compared with a net loss of $1.64 billion in 2024.

  2. What drove the strong fourth-quarter 2025 results?

    Fourth-quarter revenues of $4.71 billion were boosted by $500 million of development milestone payments tied to the start of Phase 3 studies for duvakitug (anti-TL1A), along with higher AUSTEDO revenues. Non-GAAP gross profit margin rose to 60.3% from 54.8%, and GAAP diluted EPS was $0.41.

  3. What is the 2026 financial outlook?

    Teva guided to 2026 revenues of $16.4 to $16.8 billion, non-GAAP operating income of $4.55 to $4.8 billion, adjusted EBITDA of $5.0 to $5.3 billion, non-GAAP diluted EPS of $2.57 to $2.77, and free cash flow of $2.0 to $2.4 billion. Guidance includes AUSTEDO revenues of $2.40 to $2.55 billion and AJOVY revenues of $750 to $790 million.

  4. How is Teva's balance sheet and debt position changing?

    Total debt fell to $16.81 billion at December 31, 2025, from $17.78 billion a year earlier, mainly due to repayment of $1.81 billion of senior notes, partly offset by currency effects. Net debt decreased to $13.25 billion from $14.48 billion. The filing states that credit ratings were upgraded by one level at three rating agencies in 2025.

  5. What pipeline and reporting changes should investors note?

    The olanzapine LAI New Drug Application was submitted to the FDA in December 2025. Teva also announced a funding agreement with Royalty Pharma to support anti-IL-15 (TEV-'408) development for vitiligo, with up to $500 million of funding. Starting January 1, 2026, Anda will be reported under Other Activities instead of the United States segment.

04—Continue

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