How did Teva perform in the first quarter of 2026?

Revenues were $3,982 million, up 2% in U.S. dollars and down 3% in local currency. Operating income was $652 million compared with $519 million a year earlier, and non-GAAP operating income was $956 million with a 24.0% margin versus 24.3% in Q1 2025. Growth in AUSTEDO, AJOVY and UZEDY offset lower lenalidomide generics revenue.

What is the Emalex Biosciences acquisition?

Teva agreed to acquire Emalex Biosciences, whose lead asset is ecopipam, an investigational first-in-class selective dopamine D1 receptor antagonist for pediatric Tourette syndrome. Teva will pay $700 million in cash at closing, Emalex shareholders may receive up to $200 million in commercial milestones, and royalties on net sales are also payable. Closing is subject to regulatory approvals and is anticipated by the third quarter of 2026, funded with cash on hand.

Did Teva change its 2026 financial outlook?

Revenue guidance of $16.4 to $16.8 billion was maintained. Non-GAAP operating income was updated to $3.80 to $4.0 billion (versus $4.55 to $4.8 billion stand-alone) and non-GAAP diluted EPS to $1.91 to $2.11 (versus $2.57 to $2.77 stand-alone), reflecting an expected $700 million IPR&D charge and $75 million of Emalex operating and transaction-related expenses. Free cash flow guidance of $2.0 to $2.4 billion was unchanged.

How is Teva's cash flow and debt position?

Cash used in operating activities was $40 million, compared with $105 million in Q1 2025. Free cash flow was $188 million, including $354 million of beneficial interest collected from securitized receivables. Total debt was $16,627 million and net debt was $12,886 million as of March 31, 2026, with an average debt maturity of approximately 5.4 years.

Is Teva planning a share buyback?

Teva's Board instructed management to plan a share repurchase program that may be implemented, subject to applicable legal requirements. Execution depends on factors such as market conditions, share price, and other opportunities to invest capital for growth, and requires Board approval.

TEVA 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed April 29, 2026. Cited figures are marked; the original filing is the authoritative source.

Teva Pharmaceutical Industries Ltd. reported first-quarter 2026 revenues of $3,982 million^a, up 2% in U.S. dollars and down 3% in local currency year over year.

Growth in innovative brands offset lower generics revenue, which decreased 16% in local currency, mainly due to lenalidomide capsules facing increased U.S. generic competition. AUSTEDO, AJOVY and UZEDY collectively grew 41% in local currency to $838 million^b. Operating income rose to $652 million from $519 million, while non-GAAP operating income was $956 million, a 24.0% margin compared with 24.3% a year earlier.

GAAP diluted EPS was $0.31^c (versus $0.18), and non-GAAP diluted EPS was $0.53 (versus $0.52). Cash flow used in operating activities was $40 million, and free cash flow was $188 million, compared with $107 million a year earlier. Total debt was $16,627 million and net debt was $12,886 million as of March 31, 2026.

Financial leverage was 67%, compared with 68% at December 31, 2025. Teva also announced a definitive agreement to acquire Emalex Biosciences, whose lead asset is ecopipam for pediatric Tourette syndrome. Teva will pay $700 million in cash at closing, plus up to $200 million^d in commercial milestones and royalties, with closing anticipated by the third quarter of 2026.

The company maintained its 2026 revenue outlook of $16.4 to $16.8 billion but updated non-GAAP operating income to $3.80 to $4.0 billion and non-GAAP diluted EPS to $1.91 to $2.11, reflecting an expected $700 million IPR&D charge. Teva's Board also instructed management to plan a share repurchase program, subject to Board approval and other factors.

02—Key points

Key Highlights

Q1 2026 revenues of $3,982 million, up 2% in U.S. dollars and down 3% in local currency year over year
AUSTEDO, AJOVY and UZEDY collectively grew 41% in local currency to $838 million; AUSTEDO global revenues were $578 million
Global generics revenues decreased 16% in local currency, mainly due to lenalidomide capsules
GAAP diluted EPS of $0.31 (vs. $0.18) and non-GAAP diluted EPS of $0.53 (vs. $0.52); free cash flow of $188 million (vs. $107 million)
Agreed to acquire Emalex Biosciences for $700 million in cash at closing plus up to $200 million in commercial milestones and royalties, with closing expected by Q3 2026
2026 non-GAAP operating income outlook updated to $3.80 to $4.0 billion, reflecting an expected $700 million IPR&D charge; non-GAAP diluted EPS outlook of $1.91 to $2.11
Board instructed management to plan a share repurchase program, subject to Board approval and market conditions

03—Questions

Frequently Asked Questions

How did Teva perform in the first quarter of 2026?
Revenues were $3,982 million, up 2% in U.S. dollars and down 3% in local currency. Operating income was $652 million compared with $519 million a year earlier, and non-GAAP operating income was $956 million with a 24.0% margin versus 24.3% in Q1 2025. Growth in AUSTEDO, AJOVY and UZEDY offset lower lenalidomide generics revenue.
What is the Emalex Biosciences acquisition?
Teva agreed to acquire Emalex Biosciences, whose lead asset is ecopipam, an investigational first-in-class selective dopamine D1 receptor antagonist for pediatric Tourette syndrome. Teva will pay $700 million in cash at closing, Emalex shareholders may receive up to $200 million in commercial milestones, and royalties on net sales are also payable. Closing is subject to regulatory approvals and is anticipated by the third quarter of 2026, funded with cash on hand.
Did Teva change its 2026 financial outlook?
Revenue guidance of $16.4 to $16.8 billion was maintained. Non-GAAP operating income was updated to $3.80 to $4.0 billion (versus $4.55 to $4.8 billion stand-alone) and non-GAAP diluted EPS to $1.91 to $2.11 (versus $2.57 to $2.77 stand-alone), reflecting an expected $700 million IPR&D charge and $75 million of Emalex operating and transaction-related expenses. Free cash flow guidance of $2.0 to $2.4 billion was unchanged.
How is Teva's cash flow and debt position?
Cash used in operating activities was $40 million, compared with $105 million in Q1 2025. Free cash flow was $188 million, including $354 million of beneficial interest collected from securitized receivables. Total debt was $16,627 million and net debt was $12,886 million as of March 31, 2026, with an average debt maturity of approximately 5.4 years.
Is Teva planning a share buyback?
Teva's Board instructed management to plan a share repurchase program that may be implemented, subject to applicable legal requirements. Execution depends on factors such as market conditions, share price, and other opportunities to invest capital for growth, and requires Board approval.

04—Continue

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