TEVA · Teva Pharmaceutical Industries

1439 filings

TEVA SEC Filings

Teva Pharmaceutical Industries - 1439 total filings

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

Showing 1–50 of 1439 filings

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 8-K

Teva Pharmaceutical Industries 8-K Report, Financial Results (Nov 3, 2026)

Teva Pharmaceutical Industries Limited reported third-quarter 2026 results in a Form 8-K furnished on November 3, 2026 (Exhibit 99.1). Revenues were $4.4 billion ($4,395 million), down 2% year-over-year in both U.S. dollars and local currency, mainly due to lower lenalidomide capsule (generic Revlimid) revenues in the U.S. GAAP operating income was $714 million versus $882 million a year earlier, while non-GAAP operating income rose to $1,393 million from $1,294 million. GAAP diluted EPS was $0.20 and non-GAAP diluted EPS was $0.86, compared with $0.37 and $0.78 in the prior-year quarter. Gross profit margin improved to 55.5% (GAAP) and 58.7% (non-GAAP), driven by a favorable product mix led by AUSTEDO. Teva highlighted growth in its key innovative brands, which together generated approximately $1.1 billion in revenues and grew 33% year-over-year in local currency. The company raised its 2026 revenue outlook for AUSTEDO, AJOVY and UZEDY, and updated its overall 2026 guidance to revenues of $16.7–$17.0 billion and non-GAAP diluted EPS of $1.92–$2.11, including acquired IPR&D charges. The filing also notes the FDA approval of WELTRUZA, the acquisition of BXCL-501, a planned U.S. NYSE direct listing of ordinary shares, the return to investment grade ratings, and the refinancing of approximately $4.9 billion of debt during the quarter. Cash flow from operations was $241 million and free cash flow was $495 million in the quarter. Total debt was $16,718 million at September 30, 2026, against net debt of $12,633 million after $4,085 million of cash. The company also disclosed a $224 million loss on extinguishment of debt, and it discontinued a Phase 2 MSA study of emrusolmin following an interim futility analysis.

Nov 3, 2026 8-K

Teva Pharmaceutical Industries 8-K Report, Executive Changes (Oct 29, 2026)

Teva Pharmaceutical Industries Ltd. reported in this Form 8-K, filed October 29, 2026, that its Board of Directors elected Dr. David J. Brailer as a director at a meeting held on October 27, 2026. His service begins November 3, 2026 and runs until Teva's 2027 annual meeting of shareholders. The Board determined that he is independent under the New York Stock Exchange listing rules, and he is expected to serve on the Human Resources and Compensation Committee and the Compliance Committee. Dr. Brailer's background includes serving as Chairman and Chief Executive Officer of medem.ai since 2024, Founder and Executive Chairman of Health Evolution since 2010, and Founder and Managing Partner of Health Evolution Partners since 2007. He was Chief Health Officer of The Cigna Group from 2022 to 2026 and also its Chief Transformation Officer from 2024 to 2026. He previously sat on the boards of Prolacta Bioscience, Inc. (2012 to 2023) and Walgreens Boots Alliance, Inc. (2012 to 2021). He has declared in writing that he has the required skills, expertise and time to serve as a director under the Israeli Companies Law, 5759-1999. The filing states that Dr. Brailer will receive the same compensation as Teva's other non-executive directors, as described in the proxy statement filed March 31, 2026. It also reports no arrangements or understandings under which he was elected, no material interest in a related party transaction requiring disclosure under Item 404(a) of Regulation S-K, and no family relationships with any director or executive officer.

Oct 29, 2026 8-K

Teva Pharmaceutical Industries 8-K Report, Material Agreement (Sep 16, 2026)

On September 16, 2026, Teva Pharmaceutical Industries Limited's wholly owned subsidiaries Teva Pharmaceutical Finance Netherlands II B.V., III B.V. and IV B.V. issued a combined set of senior notes, all guaranteed on a senior unsecured basis by the Company. The Euro notes are €1,000,000,000 of 4.250% Senior Notes due 2033 and €500,000,000 of 4.625% Senior Notes due 2036. The USD notes are $1,000,000,000 of 5.500% Senior Notes due 2034, $1,000,000,000 of 5.750% Senior Notes due 2037, and $1,200,000,000 of 5.250% Senior Notes due 2032. Teva states it will use the net proceeds to fund conditional redemptions of certain existing sustainability-linked and other senior notes, to pay related fees and expenses, and, to the extent of any remaining proceeds, for general corporate purposes, including repayment of debt at maturity, tender offer or earlier redemption. The redemptions covered include all outstanding 6.750% Senior Notes due 2028, all outstanding 7.875% and 7.375% Sustainability-Linked Senior Notes due 2029, up to $450,000,000 of 4.750% Sustainability-Linked Senior Notes due 2027, and up to €1,150,000,000 of 4.375% Sustainability-Linked Senior Notes due 2030 (reduced from €1,250,000,000 by a notice dated September 10, 2026), along with all 8.125% USD Sustainability-Linked Senior Notes due 2031. Teva may issue further redemption notices in its discretion. The Indentures contain customary investor protections, including a change of control repurchase offer at 101% of principal, limits on liens and sale-leaseback transactions, restrictions on mergers and asset sales, and customary events of default. The notes were issued under the Company's effective Form S-3ASR shelf registration.

Sep 16, 2026 8-K

Teva Pharmaceutical Industries 8-K Report, Corporate Update (Sep 14, 2026)

Teva Pharmaceutical Industries Ltd. filed this Current Report on Form 8-K under Item 8.01 (Other Events, captioned Results of Operations and Financial Condition) to announce a change in how its shares trade in the United States. On September 14, 2026, the company began trading its ordinary shares on the New York Stock Exchange in place of its American depositary shares (ADSs), under the same ticker symbol, "TEVA", that the ADSs previously used. On the same date, the Company's ADS program terminated, and each ADS was exchanged for one ordinary share. The filing states that the ordinary shares continue to trade on the Tel Aviv Stock Exchange under the same symbol, "TEVA". The filing contains no financial results, guidance, or other financial figures. Its significance for investors is structural: the holding unit changes from an ADS to one ordinary share, with the ticker and listing venue in the U.S. unchanged. Additional information is directed to the investor relations section of the company's website, ir.tevapharm.com.

Sep 14, 2026 8-K

Teva Pharmaceutical Industries 8-K Report, Regulation FD Disclosure (Sep 11, 2026)

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) reported in this Form 8-K, filed September 11, 2026, that it priced approximately $4.9 billion (equivalent) of senior notes across five tranches, issued by three Dutch subsidiaries (Teva Pharmaceutical Finance Netherlands II, III and IV B.V.) and fully and unconditionally guaranteed on a senior unsecured basis by Teva. The offering comprises €1,000,000,000 of 4.250% notes due 2033, €500,000,000 of 4.625% notes due 2036, $1,000,000,000 of 5.500% notes due 2034, $1,000,000,000 of 5.750% notes due 2037, and $1,200,000,000 of 5.250% notes due 2032. Settlement is expected on or about September 16, 2026. The underwriting agreement is dated September 9, 2026, and the offering was made under the company's effective automatic shelf registration statement on Form S-3. According to the press release, Teva expects to use the net proceeds, together with cash on hand, to fund conditional redemptions of certain existing notes, pay related fees and expenses, and, to the extent of any remaining proceeds, for general corporate purposes, including repaying debt at maturity or through tender offer or early redemption. The conditional redemption targets include all outstanding 6.750% Senior Notes due 2028, all outstanding 7.875% and 7.375% Sustainability-Linked Senior Notes due 2029, up to $450 million of 4.750% Sustainability-Linked Senior Notes due 2027, and up to €1.25 billion of 4.375% Sustainability-Linked Senior Notes due 2030, which the company expects to reduce to €1.15 billion. Teva also expects to redeem all of its 8.125% USD Sustainability-Linked Senior Notes due 2031. The filing notes that the redemptions are conditional and the company is under no obligation to proceed with them beyond the notices issued. The pricing prices were stated as a percentage of principal: 98.756% (2033 Euro Notes), 98.327% (2036 Euro Notes), 98.659% (2034 USD Notes), 98.520% (2037 USD Notes) and 98.993% (2032 USD Notes). The filing's cautionary language flags risks including completion of the offering and redemptions, the company's significant indebtedness, and the possible need to raise additional funds on acceptable terms. The press release is furnished under Item 7.01, and the underwriting agreement is filed as Exhibit 1.1.

Sep 11, 2026 8-K

Teva Pharmaceutical Industries 8-K Report, Corporate Update (Sep 3, 2026)

Teva Pharmaceutical Industries Limited filed this Form 8-K to recast its historical segment information, as set out in its Annual Report on Form 10-K for the year ended December 31, 2025, filed February 3, 2026. The change moves Anda, the company's U.S. distribution business, out of the United States segment and into Other Activities, effective January 1, 2026. Management says this lets the United States segment manage its entire product portfolio in the region while strengthening focus on its biopharmaceutical business, growth engines and innovation. The recast was applied to the quarter ended March 31, 2026. The filing states that it is not an amendment or restatement. Consolidated balance sheets, statements of income (loss), comprehensive income (loss), changes in equity and cash flows are unchanged. The filing also says it does not update the original report for later events, so it should be read together with the original 10-K and the Forms 10-Q for the quarters ended March 31, 2026 and June 30, 2026. According to the recast Item 7 discussion, the United States segment generated 2025 revenues of $7.69 billion and segment profit of $3.31 billion, with prior-period amounts recast. Total 2025 revenues were $17,258 million, up 4% in U.S. dollars. Investors should treat the change as a presentation update that affects segment comparability rather than a change in reported consolidated results.

Sep 3, 2026 8-K

Teva Pharmaceutical Industries 8-K Report, Rights Modification (Sep 3, 2026)

On September 3, 2026, Teva Pharmaceutical Industries Ltd. filed a Current Report on Form 8-K disclosing a material modification to the rights of its American depositary share (ADS) holders under Item 3.03. On August 31, 2026, the company executed Amendment No. 1 to the Second Amended and Restated Deposit Agreement, dated December 4, 2018, among the company, Citibank, N.A., as depositary, and all ADS holders and beneficial owners. The amendment also updated the form of American depositary receipt (ADR). Each ADS represents one of the company's ordinary shares, par value NIS 0.10 per share. The amendment supports the company's previously disclosed plan to list its ordinary shares on the New York Stock Exchange (NYSE) and terminate its ADS program. The company first disclosed this intent in its Quarterly Report on Form 10-Q filed July 29, 2026, and instructed the depositary to terminate the program. Amendment No. 1 creates a mechanism for the mandatory exchange of ADSs for ordinary shares, with each ADS exchanged for one ordinary share. The ADS program termination is expected to take effect at the open of business in New York on September 14, 2026. From that time, all outstanding ADSs will be cancelled in exchange for an equal number of economically equivalent NYSE-listed ordinary shares. The filing incorporates Amendment No. 1 (Exhibit 4.1) and the form of ADR (Exhibit 4.2) by reference, and includes the cover page interactive data file (Exhibit 104).

Sep 3, 2026 8-K

Teva Pharmaceutical Industries 8-K Report, Financial Results (Jul 29, 2026)

Teva Pharmaceutical Industries Limited reported second-quarter 2026 results, with revenues of $4,142 million, down 1% in U.S. dollars and 3% in local currency year-over-year, mainly due to lower generics revenues, particularly lenalidomide capsules in the U.S. Key innovative brands AUSTEDO, AJOVY and UZEDY collectively generated over $1 billion in revenues, growing 43% year-over-year in local currency, and Teva raised its 2026 revenue outlook for all three. The company recorded a GAAP net loss attributable to Teva of $576 million, or $0.49 per share, driven by $724 million of acquired IPR&D related to the acquisition of Emalex Biosciences and its ecopipam (EBS-101) asset, which was acquired for approximately $700 million in cash. Non-GAAP diluted EPS was $0.02, including a ($0.61) per share impact from the Emalex acquisition. Teva's 2026 outlook calls for revenues of $16.5 to $16.85 billion, non-GAAP operating income of $3.8 to $4.0 billion, and free cash flow of $2.0 to $2.4 billion, with earnings and cash flow guidance maintained while the revenue outlook was raised for the innovative brands. Second-quarter free cash flow was $622 million, and total debt was $16,593 million at June 30, 2026, with the short-term portion rising to 27% of total debt. The filing also announces that the company will replace its American Depositary Share program with a direct listing of its ordinary shares on the NYSE, with trading beginning September 14, 2026.

Jul 29, 2026 10-Q

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 8-K

Teva Pharmaceutical Industries 8-K Report, Shareholder Vote Results (May 28, 2026)

Teva Pharmaceutical Industries Limited reported the results of its Annual Meeting of shareholders, held on May 28, 2026, in this Item 5.07 filing. Shareholders elected Dr. Sol J. Barer to the Board to serve until Teva's 2029 annual meeting. The filing reports 627,816,662 votes for, 245,921,571 against, 530,682 abstentions and 50,661,570 broker non-votes for his election. Shareholders also approved, on a non-binding advisory basis, the compensation of Teva's named executive officers as disclosed in the proxy statement. That proposal received 795,976,042 votes for, 77,082,847 against, 1,170,026 abstentions and 50,661,570 broker non-votes. The advisory vote favored approval, though the filing reports against votes of 77,082,847. Finally, shareholders approved the appointment of Kesselman & Kesselman, a member of PricewaterhouseCoopers International Ltd., as Teva's independent registered public accounting firm until the 2027 annual meeting. That proposal received 880,542,242 votes for, 36,085,507 against, 525,382 abstentions and no broker non-votes.

May 28, 2026 8-K

Teva Pharmaceutical Industries 8-K Report, Financial Results (Apr 29, 2026)

Teva Pharmaceutical Industries Ltd. reported first-quarter 2026 revenues of $3,982 million, 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. 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 (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 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.

Apr 29, 2026 10-Q

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 10-K

Teva Pharmaceutical Industries Annual Report, Year Ended Dec 31, 2025

Teva Pharmaceutical Industries Limited reported 2025 net revenues of $17,258 million, up 4% in U.S. dollars (3% in local currency), compared to 2024. Gross profit was $8,938 million, 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 million 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 million. 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.

Feb 3, 2026 8-K

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

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 billion, 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 billion 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 billion 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 billion, 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.

Jan 28, 2026 8-K

Teva Pharmaceutical Industries 8-K Report, Financial Results (Jan 12, 2026)

Teva Pharmaceutical Industries Ltd. furnished this Form 8-K under Item 2.02 (Results of Operations and Financial Condition) to announce its expected 2025 financial performance and to preview its outlook ahead of its presentation at the 44th Annual J.P. Morgan Healthcare Conference on January 13, 2026. The accompanying press release (Exhibit 99.1), dated January 11, 2026, frames the presentation around the company's "Pivot to Growth" strategy, highlighting AUSTEDO, AJOVY and UZEDY as key innovative brands and a pipeline that includes olanzapine LAI, DARI (ICS/SABA), duvakitug (anti-TL1A), emrusolmin and anti-IL-15. The expected 2025 performance is presented against the company's prior outlook, with most metrics described as landing at the lower end, midpoint or higher end of their ranges, excluding duvakitug milestones. Expected 2025 GAAP revenues are $16.8 to $17.0 billion, adjusted EBITDA is $4.8 to $5.0 billion, diluted EPS is $2.55 to $2.65, and free cash flow is $1.6 to $1.9 billion, with net leverage of approximately 2.5x to 2.9x. The filing also states additional contributions from expected duvakitug milestones of about $500 million to revenues and about $500 million to free cash flow, along with approximately $400 million to $430 million to adjusted EBITDA. For 2026, the company guides to flat to slightly down GAAP revenues versus 2025, growing operating profit, growing adjusted EBITDA and growing free cash flow, with net leverage of approximately 2.0x to 2.2x. Its path to 2027 targets includes low-single-digit revenue growth, a 30% operating margin, free cash flow above $2.7 billion and net leverage below 2x. Longer-term 2030 targets include mid-single-digit revenue CAGR, operating margin above 30%, free cash flow above $3.5 billion and net leverage below 2x. Cumulative transformation program savings are expected to be approximately $450 million to $500 million in 2026 and about $700 million by 2027. The release states the company is committed to disciplined capital allocation and to securing an investment-grade credit rating.

Jan 12, 2026 8-K

Teva Pharmaceutical Industries 8-K Report, Material Agreement (Dec 11, 2025)

Teva Pharmaceutical Industries Limited reported in this Form 8-K, filed December 11, 2025, that on December 10, 2025 it obtained lender consent to extend the stated maturity of its Revolving Facility Agreement from April 29, 2027 to April 29, 2028. The extension is the second of two one-year extensions the company may request under the Senior Unsecured Sustainability-Linked Revolving Credit Agreement dated April 29, 2022, with Bank of America, N.A. as administrative agent. The Third Amendment also changes the financial covenants. The maximum permitted leverage ratio is 4.25x for Q4 2025 and thereafter, subject to certain increases if the company consummates or commences specified material transactions. If Teva obtains Investment Grade Status and no Event of Default is continuing, the company and its subsidiaries will no longer be subject to the maximum leverage ratio or the minimum interest cover ratio covenants. If Investment Grade Status is lost or an Event of Default occurs, those covenants are reinstated and apply to future testing dates. The filing incorporates the amendment as Exhibit 10.1 and states that the representations, warranties and covenants in it were made solely for the contracting parties and should not be relied on by investors as statements of the actual state of facts.

Dec 11, 2025 8-K

Teva Pharmaceutical Industries 8-K Report, Financial Results (Nov 5, 2025)

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, 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 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, 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 of net savings from its Transformation programs. The company noted that the IRA price-setting for AUSTEDO will take effect January 1, 2027.

Nov 5, 2025 10-Q

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 8-K

Teva Pharmaceutical Industries 8-K Report, Financial Results (Jul 30, 2025)

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) reported its second-quarter 2025 results on July 30, 2025 (Exhibit 99.1, a press release, furnished under Item 2.02). Revenues were $4,176 million, flat in U.S. dollars and down 1% in local currency. GAAP net income attributable to Teva was $282 million, or $0.24 per diluted share, and non-GAAP diluted EPS was $0.66, up $0.05 year-over-year. Operating income was $455 million, and non-GAAP operating income was $1,133 million, a non-GAAP operating margin of 27.1%. Operating cash flow was $227 million and free cash flow was $476 million. Teva said its key innovative products (AUSTEDO, AJOVY and UZEDY) grew about 26% in local currency and raised their 2025 revenue outlook, while the generics business was described as stable. The company raised its 2025 outlook for AUSTEDO to $2,000-2,050 million, AJOVY to $630-640 million and UZEDY to $190-200 million, and its non-GAAP diluted EPS outlook to $2.50-2.65 (up $0.05 at the low end). It reaffirmed revenues of $16.8-17.2 billion, non-GAAP operating income of $4.3-4.6 billion, adjusted EBITDA of $4.7-5.0 billion and free cash flow of $1.6-1.9 billion. The revised outlook excludes the Japan business venture after Q1 and the expected Sanofi milestone payments tied to duvakitug, and it does not reflect possible pharmaceutical tariffs. The company is pursuing its Pivot to Growth strategy and targets a 30% operating margin by 2027. Its Teva Transformation programs are expected to deliver about $700 million of net savings through 2027, including about $70 million in 2025. Teva is also working to sell its API business, which it classified as held for sale on December 31, 2024, and total debt was $17,227 million as of June 30, 2025, down from $17,783 million at December 31, 2024.

Jul 30, 2025 10-Q

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 8-K

Teva Pharmaceutical Industries 8-K Report, Shareholder Vote Results (Jun 5, 2025)

Teva Pharmaceutical Industries Limited held its Annual Meeting on June 5, 2025, and shareholders voted on the matters reported in this Item 5.07 filing. Shareholders elected Chen Lichtenstein to the Board until the 2027 annual meeting, and elected Amir Elstein, Roberto A. Mignone, Dr. Perry D. Nisen and Dr. Tal Zaks to terms ending at the 2028 annual meeting. The filing reports 61,943,377 broker non-votes on each director and proposal, and the Amir Elstein vote drew the largest 'Against' count among the director nominees at 172,959,185. Shareholders approved, on a non-binding advisory basis, the compensation of the named executive officers, with 688,836,027 votes for, 99,207,637 against and 14,771,995 abstaining. They also approved an amended Compensation Policy covering the terms of office and employment of Executive Officers and Directors, with a total of 710,166,047 votes for, 90,789,456 against and 1,860,153 abstaining. The filing further reports approval of an amendment to the terms of office and employment of the President and Chief Executive Officer (723,482,261 for, 77,535,212 against), an amendment to non-employee Director compensation (773,824,912 for, 27,111,172 against), and an amendment to compensation for the non-executive Chairman of the Board (772,020,910 for, 29,129,637 against). Shareholders also approved the appointment of Kesselman & Kesselman, a member of PricewaterhouseCoopers International Ltd., as independent registered public accounting firm until the 2026 annual meeting, with 820,210,234 votes for, 35,027,740 against and 3,504,417 abstaining. The filing reports only these voting outcomes and does not describe further corporate actions.

Jun 5, 2025 8-K

Teva Pharmaceutical Industries 8-K Report, Material Agreement (May 28, 2025)

On May 28, 2025, Teva Pharmaceutical Industries Limited (TEVA) disclosed that three wholly owned Dutch subsidiaries issued senior unsecured notes totaling €1.0 billion and $1.2 billion across three series: €1,000,000,000 of 4.125% Senior Notes due 2031 issued by Teva Pharmaceutical Finance Netherlands II B.V., $500,000,000 of 6.000% Senior Notes due 2032 issued by Teva Pharmaceutical Finance Netherlands III B.V., and $700 million of 5.750% Senior Notes due 2030 issued by Teva Pharmaceutical Finance Netherlands IV B.V. The Company fully and unconditionally guarantees the notes on a senior unsecured basis. The filing states that the net proceeds are intended to fund a tender offer with a maximum combined aggregate purchase price (excluding accrued interest) of up to $2,250,000,000 (equivalent), upsized from a previously announced cap of $2,000,000,000, with any remaining proceeds used to pay fees and expenses and to repay outstanding debt at maturity, through the tender offer, or on earlier redemption. The indentures contain customary terms for investment-grade style debt. They restrict the Company and its subsidiaries from creating certain liens and entering into sale-leaseback transactions, and restrict the issuers and the Company from merging or selling all or substantially all assets, subject to exceptions. Events of default include nonpayment, covenant breaches, cross-acceleration of certain other indebtedness, failure of the guarantee to be enforceable, and bankruptcy or insolvency events. The USD notes are redeemable before the three-month pre-maturity window at the greater of par or a make-whole amount based on the Treasury Rate plus 50 basis points, and the Euro notes at the greater of par or a make-whole based on a Reinvestment Rate. Each series may be redeemed at par plus accrued interest in the three months before maturity. The offering was registered under the Company's Form S-3ASR (File No. 333-284770) filed February 7, 2025, and was made under a preliminary prospectus supplement dated May 19, 2025 and a free writing prospectus dated May 20, 2025. The filing also lists legal opinions from Israeli, New York, and Dutch counsel and identifies the indentures and forms of notes as exhibits.

May 28, 2025 8-K

Teva Pharmaceutical Industries 8-K Report, Regulation FD Disclosure (May 22, 2025)

On May 20, 2025, Teva Pharmaceutical Industries Limited (the "Company") priced a senior notes offering of approximately $2.3 billion (equivalent) after upsizing it from an initially announced $2.0 billion (equivalent). The offering comprised €1,000,000,000 of 4.125% Senior Notes due 2031 issued by Teva Pharmaceutical Finance Netherlands II B.V., $500,000,000 of 6.000% Senior Notes due 2032 issued by Teva Pharmaceutical Finance Netherlands III B.V., and $700,000,000 of 5.750% Senior Notes due 2030 issued by Teva Pharmaceutical Finance Netherlands IV B.V. The Company guarantees the notes on a senior unsecured basis. The Euro Notes were priced at 99.349%, the 2032 USD Notes at 99.256%, and the 2030 USD Notes at 99.418% of principal amount. Settlement is expected on or about May 28, 2025. The Company said it expects to use the net proceeds to fund cash tender offers for six outstanding series of its senior notes: the 3.150% notes due 2026, the 4.750% and 3.750% Sustainability-Linked notes due 2027, the 7.875% and 7.375% Sustainability-Linked notes due 2029, and the 8.125% Sustainability-Linked notes due 2031. Proceeds will also cover fees and expenses and, to the extent of any remaining proceeds, the repayment of outstanding debt at maturity, through tender offer, or on earlier redemption. The settlement of the notes will satisfy the financing condition to the tender offer. The offering was registered under the Company's automatic shelf registration statement on Form S-3ASR filed February 7, 2025, and made by prospectus supplement dated May 19, 2025. The Underwriting Agreement, dated May 20, 2025, includes customary representations, warranties, covenants, and indemnification provisions. The press release's forward-looking statements cite risks including completion of the offering and tender offer, the Company's substantial indebtedness, and the possibility of further credit rating downgrades.

May 22, 2025 8-K

Teva Pharmaceutical Industries 8-K Report, Financial Results (May 7, 2025)

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) reported first-quarter 2025 results for the period ended March 31, 2025, furnished under Item 2.02 of this Form 8-K as Exhibit 99.1. Revenues were $3,891 million, up 2% in U.S. dollars and 5% in local currency, and the company described this as its ninth consecutive quarter of revenue growth excluding Sanofi collaboration revenues. GAAP operating income was $519 million versus an operating loss of $218 million a year earlier, while non-GAAP operating income was $946 million, a 24.3% non-GAAP operating margin. GAAP diluted EPS was $0.18 and non-GAAP diluted EPS was $0.52, compared with $0.48 in the prior-year quarter. Cash flow used in operating activities was $105 million and free cash flow was $107 million. Total debt fell to $16,651 million from $17,783 million at December 31, 2024, mainly due to repayment at maturity of $1,368 million of senior notes. The company revised its 2025 outlook: non-GAAP diluted EPS is now $2.45 to $2.65, and the AUSTEDO revenue outlook was raised to $1.95 to $2.05 billion. The revised outlook excludes contributions from the Japan business venture, which was divested on March 31, 2025, and from Sanofi development milestone payments tied to duvakitug. Teva also said it expects roughly $700 million of net savings by 2027 and continues to pursue a sale of its API business, which is classified as held for sale. Segment results were mixed. United States segment profit rose 52% to $532 million on higher AUSTEDO sales and a gross margin of 55.4%. Europe segment profit fell 22% to $329 million, and International Markets profit fell 17% to $97 million. The filing notes that current U.S. tariffs are expected to have an immaterial impact and are absorbed in the updated outlook.

May 7, 2025 10-Q

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 10-K

Teva Pharmaceutical Industries Annual Report, Year Ended Dec 31, 2024

Teva Pharmaceutical Industries Limited reported 2024 net revenues of $16,544 million, up 4% in U.S. dollars and 6% in local currency compared to 2023, driven mainly by higher generic product revenues across all segments, lenalidomide capsules, AUSTEDO, UZEDY and AJOVY, partly offset by lower COPAXONE and BENDEKA and TREANDA revenues. The company nonetheless posted an operating loss of $303 million and a net loss attributable to Teva of $1,639 million, or $1.45 per diluted share, compared to a net loss of $559 million in 2023. The loss was driven by a $1,280 million goodwill impairment, primarily related to the Teva API reporting unit, $1,388 million of other asset impairments, restructuring and other items, $761 million of legal settlements and loss contingencies, and a tax expense of $676 million on a pre-tax loss of $1,284 million. Teva's balance sheet shows total assets of $39,326 million, debt of $17,783 million (down from $19,833 million), and total equity of $5,380 million (down from $8,126 million). Cash flow from operating activities was $1,247 million, and free cash flow, as defined by the company, was $2,068 million. Management highlighted its Pivot to Growth strategy, including the planned divestiture of the API business and the agreement to sell the Japan business venture to JKI Co. Ltd., with closing expected by April 1, 2025. Non-GAAP diluted EPS was $2.49 for 2024, compared to $2.56 in 2023.

Feb 5, 2025 8-K

Teva Pharmaceutical Industries 8-K Report, Financial Results (Jan 29, 2025)

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) reported full-year 2024 revenues of $16,544 million, an increase of 4% in U.S. dollars and 6% in local currency compared to 2023, driven by generic products across all segments, AUSTEDO, UZEDY and AJOVY, partially offset by an upfront payment of $500 million received in 2023 tied to the duvakitug (anti-TL1A) collaboration. The company reported a GAAP net loss attributable to Teva of $1,639 million, or $1.45 per share, compared with a loss of $559 million, or $0.50 per share, in 2023, largely due to higher income taxes and higher operating loss. Non-GAAP diluted EPS was $2.49 versus $2.56 in 2023, and adjusted EBITDA was $4,781 million versus $4,818 million. Full-year free cash flow was $2,068 million, and total debt declined to $17,783 million from $19,833 million. For the fourth quarter, revenues were $4,229 million, a decrease of 5% in both U.S. dollars and local currency, mainly reflecting the 2023 duvakitug upfront payment. The GAAP net loss attributable to Teva was $217 million ($0.19 per share), including goodwill impairment of $280 million related to the API reporting unit, while non-GAAP diluted EPS was $0.71. The company stated it continues to pursue a sale of its API business, which was classified as held for sale on December 31, 2024, and that it expects to sell its business venture in Japan with a closing date of April 1, 2025. Management guided 2025 revenues of $16.8 to $17.4 billion, non-GAAP diluted EPS of $2.35 to $2.65, and free cash flow of $1.6 to $1.9 billion. The outlook assumes a full-year contribution from the API business and the Japan venture and excludes potential milestone payments from Sanofi tied to the Phase 3 start of duvakitug.

Jan 29, 2025 8-K

Teva Pharmaceutical Industries 8-K Report, Executive Changes (Nov 12, 2024)

Teva Pharmaceutical Industries Ltd. reported in this Form 8-K, filed November 12, 2024, that its Board of Directors elected Mr. Chen Lichtenstein as a member of the Board, effective December 1, 2024, serving until Teva's 2025 annual meeting of shareholders. The Board determined that Mr. Lichtenstein qualifies as an independent director under New York Stock Exchange listing rules. The filing is a Item 5.02 notice of a board appointment, so it contains no financial results or guidance. Mr. Lichtenstein's background includes serving as Chief Financial Officer of Syngenta Group Ltd. from 2020 to 2023, where he was responsible for strategy, integration and productivity of the group. Earlier roles include President and Chief Executive Officer of ADAMA Ltd. from 2014 to 2020, President and Chief Executive Officer of China National Agrochemical Corporation from 2013 to 2014, and various executive roles at Goldman Sachs Group Inc. from 1999 to 2006. He will receive the same compensation as Teva's other non-executive directors, as described in the proxy statement filed April 16, 2024. The filing states that Mr. Lichtenstein has declared in writing that he has the required skills, expertise and time to serve as a director under the Israeli Companies Law, and that he has no material interest in any related party transaction requiring disclosure under Item 404(a) of Regulation S-K. No arrangements or family relationships with other directors or executive officers are reported.

Nov 12, 2024 8-K

Teva Pharmaceutical Industries 8-K Report, Financial Results (Nov 6, 2024)

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) reported third-quarter 2024 results on November 6, 2024, furnishing its press release as Exhibit 99.1 under Item 2.02. Revenues were $4,332 million, up 13% in U.S. dollars and 15% in local currency versus Q3 2023. The company posted a GAAP operating loss of $51 million and a GAAP net loss attributable to Teva of $437 million, or $0.39 per share, driven mainly by a $600 million goodwill impairment tied to its API reporting unit and $450 million in legal settlements and loss contingencies, including a $350 million provision related to a European Commission antitrust decision on COPAXONE. Non-GAAP diluted EPS was $0.69, and non-GAAP operating income was $1,214 million, a 28.0% margin. Cash flow from operating activities was $693 million and free cash flow was $922 million for the quarter. Total debt was $18,980 million at September 30, 2024, down from $19,833 million at December 31, 2023, following repayment at maturity of $956 million of 6% senior notes. Growth was led by the U.S. segment, where revenues rose 17% to $2,225 million, with generic products up 30% and AUSTEDO up 28% to $435 million. Teva raised its full-year 2024 outlook: revenues of $16.1 to $16.5 billion, operating income of $4.2 to $4.5 billion, Adjusted EBITDA of $4.7 to $5.0 billion, and non-GAAP diluted EPS of $2.40 to $2.50. The company also reaffirmed its intention to divest its API business, targeting completion in the first half of 2025.

Nov 6, 2024 10-Q

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 10-Q

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 8-K

Teva Pharmaceutical Industries 8-K Report, Financial Results (Jul 31, 2024)

Teva Pharmaceutical Industries Ltd. reported second-quarter 2024 results on July 31, 2024, in a press release furnished as Exhibit 99.1. Revenues were $4,164 million, up 7% in U.S. dollars and 11% in local currency compared to Q2 2023. The company cited growth in generic products across all regions and in AUSTEDO, whose U.S. revenue reached $407 million, up 32%. GAAP operating loss narrowed to $5 million from $654 million a year earlier, largely because of lower legal settlement charges and a lower goodwill impairment. GAAP net loss attributable to Teva was $846 million, or $0.75 per share, compared with $872 million, or $0.78 per share, in Q2 2023. Non-GAAP diluted EPS was $0.61, versus $0.56 a year earlier. GAAP results were weighed down by a tax expense of $630 million on a pre-tax loss of $246 million. The filing states that a settlement agreement with the Israeli Tax Authorities increased total income taxes by $506 million in the quarter. Operating cash flow was $103 million and free cash flow was $324 million, both lower than in Q2 2023, mainly due to working capital changes and higher tax payments. Debt fell to $18,640 million from $19,833 million at year-end 2023, following repayment of $956 million of 6% senior notes. Teva raised its full-year 2024 outlook. Revenue guidance is now $16.0-$16.4 billion, up from $15.7-$16.3 billion. AUSTEDO revenue is now expected at about $1.6 billion, Adjusted EBITDA at $4.6-$5.0 billion, and non-GAAP diluted EPS at $2.30-$2.50, up from $2.20-$2.50. The company also said it accelerated the duvakitug (Anti-TL1A) development timeline, with top-line results now expected in Q4 2024.

Jul 31, 2024 8-K

Teva Pharmaceutical Industries 8-K Report, Material Agreement (Jun 25, 2024)

Teva Pharmaceutical Industries Limited entered into an agreement on June 23, 2024 with the Israeli Tax Authorities (ITA) to settle certain litigation over taxes payable for its taxable years 2008 through 2020. Under the agreement, Teva will pay a total of approximately $750 million to the ITA over 2024 through 2029. The company may prepay, and payments over time are subject to interest and inflation adjustment. The total comprises approximately $500 million in corporate taxes on historical earnings previously considered exempt under the Encouragement for Capital Investment Law, and approximately $250 million in corporate taxes on other disputed tax issues for the same years. The agreement also includes a forward-looking obligation: if Teva pays dividends on, or repurchases, its equity interests, it will pay an additional 5%-7% of the amount of such dividends or repurchases in corporate taxes, up to a maximum of approximately $500 million. This linkage means shareholder distributions would carry an incremental tax cost beyond the fixed settlement payments. The filing describes the agreement under Item 1.01 (Entry into a Material Definitive Agreement). The filing states that a full English summary of the agreement will be filed with the company's Form 10-Q for the quarter ending June 30, 2024.

Jun 25, 2024 8-K

Teva Pharmaceutical Industries 8-K Report, Shareholder Vote Results (Jun 6, 2024)

Teva Pharmaceutical Industries Limited held its Annual Meeting of shareholders on June 6, 2024, and this Form 8-K reports the voting results on four matters. Shareholders elected Prof. Varda Shalev to the Board for a term ending at the 2026 annual meeting, and elected Rosemary A. Crane, Gerald M. Lieberman and Prof. Ronit Satchi-Fainaro to terms ending at the 2027 annual meeting. Each director received more votes For than Against, though Rosemary A. Crane's Against count of 181,995,022 was substantial. Shareholders approved, on a non-binding advisory basis, the compensation of the named executive officers, with 571,822,049 votes For, 120,609,632 Against and 3,493,266 Abstaining. On the frequency of future say-on-pay votes, 536,980,720 shares favored one year, 593,460 favored two years and 104,041,544 favored three years. Based on these results, the Board determined that the advisory say-on-pay vote will be held annually. Shareholders also approved the appointment of Kesselman & Kesselman, a member of PricewaterhouseCoopers International Ltd., as independent registered public accounting firm until the 2025 annual meeting, with 731,150,255 votes For, 30,335,560 Against and 5,096,971 Abstaining. Each proposal reported 77,433,361 broker non-votes, except the auditor appointment, which reported none.

Jun 6, 2024 8-K

Teva Pharmaceutical Industries 8-K Report, Executive Changes (May 15, 2024)

On May 15, 2024, Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) announced that Eric Drapé, Executive Vice President, Global Operations, will leave the company, remaining in his role until June 3, 2024. Matthew Shields has been appointed as his successor, effective June 3, 2024, as Executive Vice President, Global Operations and a member of Teva Executive Management. Shields will be based at Teva's U.S. headquarters and will report directly to President and CEO Richard Francis. The press release describes Teva Global Operations (TGO) as the company's manufacturing and supply division. Shields, age 50, has more than 25 years of experience in the biopharmaceutical and animal health industries, most recently as Senior Vice President for Manufacturing at Merck Animal Health, which he joined in 2020. Earlier roles include senior positions at Sanofi from 2017 to 2020 and at Amgen from 2000 to 2017. The filing discloses his compensation: an initial base salary of $825,000, eligibility for an annual cash incentive with a target equal to 100% of base salary, equity-based award eligibility, and a $200,000 sign-on cash award plus relocation benefits. Severance upon termination by Teva (other than for gross or willful misconduct) equals nine times his monthly base salary, plus continued medical insurance costs for 18 months and a nine-month non-compete indemnity equal to nine times his monthly base salary. If he is terminated within one year following certain change-of-control transactions, he would receive an additional $1.5 million lump sum. The filing also states that Teva's press release describes Drapé's tenure as having standardized processes, increased agility and improved the operating margin of the TGO organization. The 8-K is furnished under Item 7.01 and is not deemed filed for purposes of Section 18 of the Exchange Act.

May 15, 2024 10-Q

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 8-K

Teva Pharmaceutical Industries 8-K Report, Financial Results (May 8, 2024)

Teva Pharmaceutical Industries Ltd. reported first-quarter 2024 results in a press release furnished as Exhibit 99.1 to this Form 8-K. Revenues were $3,819 million, up 4% in U.S. dollars and 5% in local currency compared with Q1 2023, driven by generics across all segments, AUSTEDO and AJOVY. GAAP operating loss was $218 million and GAAP net loss attributable to Teva was $139 million, or $0.12 per share. Non-GAAP operating income was $892 million (23.4% margin) and non-GAAP diluted EPS was $0.48. Results were affected by a $577 million impairment tied to classifying a business in the International Markets segment as held for sale. Cash flow used in operating activities was $124 million and free cash flow was $32 million. Total debt was $19,643 million at March 31, 2024, and the revolving credit facility's maximum leverage ratio was amended on May 3, 2024. Teva reaffirmed its full-year 2024 outlook: revenues of $15.7 to $16.3 billion, adjusted EBITDA of $4.5 to $5.0 billion, non-GAAP diluted EPS of $2.20 to $2.50, and free cash flow of $1.7 to $2.0 billion. The company also cited FDA approvals of the Humira and Stelara biosimilars SIMLANDI and SELARSDI, and positive Phase 3 results for olanzapine LAI.

May 8, 2024 8-K

Teva Pharmaceutical Industries 8-K Report, Regulation FD Disclosure (Apr 18, 2024)

Teva Pharmaceutical Industries Limited ("Teva") filed this Form 8-K under Item 7.01 (Regulation FD Disclosure) to announce a change in its segment reporting. Effective January 1, 2024, Canada is no longer part of the North America segment. The North America segment is renamed the "United States Segment" and includes only the United States. Canada moves into the International Markets segment. Teva will apply the new structure to its financial reporting beginning with the quarter ended March 31, 2024, with prior periods adjusted accordingly. The company cites a recent shift in executive management responsibilities and its "Pivot to Growth" strategy as the reasons for the change. To help investors compare results before first-quarter 2024 earnings, Exhibit 99.1 presents recast unaudited segment data for 2023 and 2022 and for each quarter of 2023. It shows revenues, gross profit, R&D, S&M, G&A, other income and segment profit for the United States, Europe and International Markets segments, along with revenues by major product for each segment and revenues for Canada. Under the new structure, the United States Segment reported 2023 revenues of $7.73 billion and segment profit of $2.39 billion, compared with $7.00 billion and $1.93 billion in 2022. Canada reported 2023 revenues of $393 million, compared with $449 million in 2022. The information in Item 7.01 and Exhibit 99.1 is furnished rather than filed for purposes of Section 18 of the Exchange Act and is not incorporated by reference into other filings unless specifically referenced.

Apr 18, 2024 10-K

Teva Pharmaceutical Industries Annual Report, Year Ended Dec 31, 2023

Teva Pharmaceutical Industries Limited reported 2023 revenues of $15,846 million, up 6% in U.S. dollars (7% in local currency), compared to 2022. The increase was mainly driven by a $500 million upfront payment received in connection with the collaboration on its anti-TL1A asset with Sanofi, higher revenues from generic products in International Markets and Europe, growth in AUSTEDO and AJOVY, and higher Anda revenues, partially offset by lower COPAXONE, API sales and BENDEKA/TREANDA revenues. The company reported an operating income of $433 million (compared to an operating loss of $2,197 million in 2022) and a net loss attributable to Teva of $559 million, or diluted loss per share of $0.50. Results were affected by a $700 million goodwill impairment in the International Markets reporting unit, $1,043 million in legal settlements and loss contingencies, and $718 million in other asset impairments, restructuring and other items. Total debt was $19,833 million at December 31, 2023, down from $21,212 million a year earlier, and cash and cash equivalents rose to $3,226 million. Operating cash flow was $1,368 million, and the company reported free cash flow of $2,387 million, a figure it defines to include beneficial interest collected under its EU securitization program. Management describes its Pivot to Growth strategy, launched in May 2023, which centers on AUSTEDO, AJOVY, UZEDY and the biosimilar pipeline, and includes an intention to divest the API business in the first half of 2025. The filing also discloses a material weakness in internal control over financial reporting related to the contingent consideration liability and related expenses for estimated future royalty payments. This led to a revision of previously issued 2022 financial statements and certain 2023 interim periods. The company has not paid dividends since December 2017, and it disclosed a deferred prosecution agreement with the DOJ, an opioids nationwide settlement of up to $4.25 billion payable over 13 years, and a $1 billion-plus damages claim in the DOJ patient assistance program case.

Feb 12, 2024 8-K

Teva Pharmaceutical Industries 8-K Report, Financial Results (Jan 31, 2024)

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) reported full-year and fourth-quarter 2023 results in a press release furnished as Exhibit 99.1 to this Form 8-K. For 2023, revenues were $15,846 million, up 6% in U.S. dollars and 7% in local currency. GAAP operating income was $433 million and net loss attributable to Teva was $559 million, or $0.50 per share. Non-GAAP diluted EPS was $2.56 and non-GAAP operating income was $4,361 million. Growth drivers cited include AUSTEDO, with 2023 revenues exceeding $1.2 billion, and AJOVY, with global annual revenues of $435 million. Fourth-quarter 2023 revenues were $4,457 million, and the quarter included a $500 million upfront payment tied to the anti-TL1A collaboration with Sanofi. Net debt was reduced to $16.6 billion as of December 31, 2023. The filing also discloses a revision of previously issued financial statements. Teva identified errors in a contingent consideration liability that understated the liability by $132 million, of which $98 million related to 2022 and $34 million to 2023. Management concluded the errors were not material to prior periods but that the 2022 amount is material to 2023 income statement comparisons. The company identified a material weakness in internal control over financial reporting as of December 31, 2023 and is implementing a remediation plan. The company also announced its intention to divest its API business, with completion expected in the first half of 2025 and no assurance on timing or structure. For 2024, Teva guided to revenues of $15.7 to $16.3 billion, non-GAAP operating income of $4.0 to $4.5 billion, non-GAAP diluted EPS of $2.20 to $2.50, and free cash flow of $1.7 to $2.0 billion. The filing notes that the war in Israel had an immaterial impact on 2023 results, though that could change if the conflict continues or escalates.

Jan 31, 2024 10-Q

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 8-K

Teva Pharmaceutical Industries 8-K Report, Financial Results (Nov 8, 2023)

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) reported third quarter 2023 results on November 8, 2023, furnished under Item 2.02 with a press release (Exhibit 99.1). Revenues were $3,850 million, up 7% in both U.S. dollars and local currency from the third quarter of 2022. GAAP diluted EPS was $0.07 and non-GAAP diluted EPS was $0.60, while operating cash flow was only $5 million and free cash flow was $229 million. Operating income was $355 million, down from $419 million a year earlier, mainly due to higher legal settlements and loss contingencies of $314 million and higher R&D and S&M expenses. Teva raised its 2023 revenue outlook to $15.1-$15.5 billion from $15.0-$15.4 billion, the second consecutive quarterly increase, and reaffirmed its other key non-GAAP guidance items, including non-GAAP operating income of $4.0-$4.4 billion, adjusted EBITDA of $4.5-$4.9 billion, non-GAAP diluted EPS of $2.25-$2.55, and free cash flow of $1.7-$2.1 billion. Growth was driven by AUSTEDO, AJOVY and the generics business. Total debt was $19,974 million at September 30, 2023, down from $21,212 million at December 31, 2022. The filing also addresses the war in Israel, where Teva's global headquarters and several manufacturing and R&D facilities are located. The company states that these operations remain largely unaffected and that the war's impact on results to date is immaterial, though this could change if the conflict continues, escalates or expands. In addition, the release notes an exclusive collaboration with Sanofi on the Anti TL1-A asset entered into in October 2023, accelerated Phase 3 timing for olanzapine LAI (now expected in the second half of 2024), and the appointment of a new CEO for Teva api.

Nov 8, 2023 8-K

Teva Pharmaceutical Industries 8-K Report, Regulation FD Disclosure (Oct 4, 2023)

Teva Pharmaceutical Industries Ltd. filed this Current Report on Form 8-K on October 4, 2023, furnishing under Item 7.01 (Regulation FD Disclosure) a press release announcing an exclusive collaboration with Sanofi to co-develop and co-commercialize TEV-48574, a novel anti-TL1A therapy being studied for ulcerative colitis and Crohn's disease, two forms of inflammatory bowel disease. The press release states that the asset is currently in Phase 2b clinical trials. The information is furnished rather than filed, so it is not deemed filed under Section 18 of the Exchange Act. Under the collaboration agreement, Teva will receive an upfront payment of €469 million ($500 million) and up to €940 million ($1 billion) in development and launch milestones. Teva and Sanofi will equally share global development costs and net profits and losses in major markets, with other markets subject to a royalty arrangement. Sanofi will lead the Phase 3 program, and Teva will lead commercialization in Europe, Israel and specified other countries, while Sanofi will lead in North America, Japan, other parts of Asia and the rest of the world. The transaction becomes effective after customary closing conditions are met, and initial program results are expected in 2024. The filing's forward-looking statements flag risks including uncertainty around the effective date and closing conditions of the Sanofi collaboration, the timing and achievement of expected results for TEV-48574, the realization of anticipated financial benefits, the ability to earn milestone payments, and the possibility that development costs may exceed revenue generated by the asset. The filing also references Teva's Pivot to Growth strategy and notes that Teva investors would be briefed on the collaboration in an investor call held the same day at 8:00 a.m. ET.

Oct 4, 2023 8-K

Teva Pharmaceutical Industries 8-K Report, Executive Changes (Sep 28, 2023)

On September 28, 2023, Teva Pharmaceutical Industries Ltd. reported under Item 5.02 that Dr. Sven Dethlefs, Executive Vice President, North America Commercial, will leave the company. Dr. Dethlefs plans to remain in his role until November 17, 2023. The filing states that Ms. Christine Fox will be appointed Executive Vice President, U.S. Commercial, and that Teva issued a press release on the same date announcing the change, furnished as Exhibit 99.1 under Item 7.01 (Regulation FD Disclosure). According to the press release, Ms. Fox most recently served as Global President, Gene Therapies at Novartis, a role she started in December 2021. Previously she was vice president and general manager for the Bone, Cardiometabolic and Nephrology business at Amgen, and she held leadership positions at Merck, Takeda, and several startups. CEO Richard Francis thanked Dethlefs for his 15 years with the company and said Ms. Fox would be pivotal to Teva's success in the critical role of leading its U.S. Commercial Business. The disclosure is a management transition in a commercial leadership role rather than a financial result. The filing contains no financial figures, and the Item 7.01 information is furnished rather than filed for purposes of Section 18 of the Exchange Act.

Sep 28, 2023 8-K

Teva Pharmaceutical Industries 8-K Report, Material Agreement (Aug 24, 2023)

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) reported on Form 8-K that its U.S. affiliate, Teva Pharmaceuticals USA, Inc., entered into a deferred prosecution agreement (DPA) with the U.S. Department of Justice on August 21, 2023 to settle criminal price-fixing charges brought in 2020 by the DOJ's Antitrust Division concerning the sale of generic drugs. Under the DPA, Teva admits that a single former employee, in three instances involving three separate customers between 2013 and 2015, agreed with competitors that Teva would not bid on an opportunity to supply a particular generic product. The DPA allows Teva to avoid mandatory exclusion from U.S. federal health care programs. The DPA requires Teva to pay a monetary fine totaling $225 million over five years, with $22.5 million due each year from 2024 through 2027 and $135 million due in 2028. Teva also agreed to donate $50 million of two generic products, valued at wholesale acquisition cost, to humanitarian organizations, and to divest one additional generic product to a third-party buyer. The company must undertake compliance self-reporting for the three-year DPA term, after which, if it remains compliant and has paid the fine, the deferred charge will be dismissed with prejudice. The company stated it is pleased to put these charges behind it and believes it remains well-positioned to defend against related civil claims. The filing's forward-looking statements flag risks including the company's ability to comply with the DPA, the impact of settlement payments on operations and cash flows, and whether it will have sufficient liquidity to make those payments and supply generic products as required.

Aug 24, 2023 8-K

Teva Pharmaceutical Industries 8-K Report, Financial Results (Aug 2, 2023)

Teva Pharmaceutical Industries Ltd. reported second-quarter 2023 revenues of $3,878 million, up 2% from the second quarter of 2022 and up 4% in local currency terms, driven mainly by AUSTEDO and Anda in North America and generic products in International Markets. The company posted a GAAP net loss attributable to Teva of $863 million, or $0.77 per share, compared with a net loss of $232 million, or $0.21 per share, a year earlier. The higher loss was mainly due to a lower tax benefit, partially offset by a lower operating loss. Non-GAAP diluted EPS was $0.56, compared with $0.68 in the prior-year quarter, and non-GAAP operating income was $1,011 million, a 26.1% non-GAAP operating margin. The company cited a $700 million goodwill impairment and $462 million in legal settlements and loss contingencies as items excluded from non-GAAP results. Cash generation improved, with operating cash flow of $324 million and free cash flow of $632 million, compared with $123 million and $301 million in the second quarter of 2022. Total debt was $20,678 million at June 30, 2023, down from $21,212 million at December 31, 2022, and the average debt maturity was approximately 6.2 years. Gross margin declined, with the non-GAAP gross profit margin at 52.2% versus 54.4%, which the company attributed mainly to inflationary cost pressures and lower profitability from Anda and COPAXONE. For 2023, Teva raised the low end of its revenue outlook to $15.0-$15.4 billion from $14.8-$15.4 billion and reaffirmed its non-GAAP operating income guidance of $4.0-$4.4 billion, Adjusted EBITDA of $4.5-$4.9 billion, non-GAAP diluted EPS of $2.25-$2.55, and free cash flow of $1.7-$2.1 billion. The filing also highlights the May 2023 launches of AUSTEDO XR and UZEDY, with AUSTEDO U.S. revenues of $308 million, up 51%.

Aug 2, 2023 10-Q

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 8-K

Teva Pharmaceutical Industries 8-K Report, Executive Changes (Aug 2, 2023)

Teva Pharmaceutical Industries Ltd. filed this Form 8-K to report that its Board of Directors, at a meeting on August 1, 2023, elected Prof. Varda Shalev as a member of the Board, effective September 1, 2023, serving until Teva's 2024 annual meeting of shareholders. The Board determined that Prof. Shalev qualifies as an independent director under the New York Stock Exchange listing rules. Prof. Shalev is a healthcare executive, medical researcher, and digital health investor with 30 years of experience in primary care, medical informatics, and health technology. She has been a Managing Partner at Team8 Health since 2022, a Co-Founder and Advisory Board Member at Alike.Health since 2020, and a Full Professor of Epidemiology at the Tel Aviv University School of Public Health since 2013. She previously founded and led KSM, the Research and Innovation Center of Maccabi Health Services, and founded the largest Biobank in Israel at Maccabi Healthcare Services. She also serves as a board member at BATM Advanced Communications Ltd. (since 2019) and Novolog Pharm up 1966 Ltd. (since 2022). Prof. Shalev will receive the same compensation as Teva's other non-executive directors, as described in the company's definitive proxy statement filed on April 19, 2023. The filing states there are no arrangements or understandings under which she was elected, no related party transactions requiring disclosure under Item 404(a) of Regulation S-K, and no family relationships with any director or executive officer.

Aug 2, 2023 8-K

Teva Pharmaceutical Industries 8-K Report, Shareholder Vote Results (Jun 15, 2023)

Teva Pharmaceutical Industries Limited reported the results of its Annual Meeting of shareholders held on June 15, 2023, in this Current Report on Form 8-K under Item 5.07. Shareholders elected Dr. Sol J. Barer and Janet S. Vergis to the Board, each to serve until Teva's 2026 annual meeting of shareholders. Shareholders did not approve, on a non-binding advisory basis, the compensation of Teva's named executive officers as listed in the proxy statement for the meeting. The vote recorded 319,197,368 shares for, 324,474,010 against, 5,417,079 abstaining, and 103,855,164 broker non-votes. Shareholders approved the appointment of Kesselman & Kesselman, a member of PricewaterhouseCoopers International Ltd., as Teva's independent registered public accounting firm until the 2024 annual meeting of shareholders. That proposal received 712,745,286 votes for, 35,777,701 against, 1,019,646 abstaining, and no broker non-votes.

Jun 15, 2023