Jun 2026 (Q2 FY26) — Jul 29, 2026
Teva Q2 FY26 — Strong Innovative Portfolio Drives Growth and Margin Expansion
Read the full callTeva (TEVA) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Teva earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,142 | −0.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -5.6 | −16.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -576 | −304.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
33 of 35 judged targets kept · 44 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| anti-IL-15 vitiligo proof-of-concept readout | read out in the first half of 2026 | Sep 2025 | we showed some great data from our proof-of-concept study earlier last month | Achieved |
| AJOVY full-year revenue | $750 million to $790 million | Dec 2025 | we're increasing our outlook by $90 million at the midpoint. So now the range is $850 million to $870 million | Revised Up |
| 2023-2027 average revenue growth | mid-single-digit average annual growth to 2027 | Sep 2024 | we're on track to hit our financial growth targets of mid-single revenue growth | On Track |
2 of TEVA PHARMACEUTICAL INDUSTRIES LTD's 79 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 76 more targets are in the full ledger.
Claimed
- Innovative portfolio revenue grew 43% year-on-year, driven by AUSTEDO (+40%), UZEDY (+43%), and AJOVY (+56%).
- Non-GAAP gross margin increased by 80 basis points to 55.4%, fueled by strong innovative growth.
- Free cash flow was strong at $622 million, up 31% versus last year.
- Fitch upgraded Teva to an investment-grade rating in May, marking its return to IG for the first time since 2017.
- Full-year revenue guidance was raised by $75 million at the midpoint, reflecting strong innovative product performance.
Qualified
- Generics revenue was down 15% year-on-year, largely due to lower generic REVLIMID contribution.
- Q2 GAAP net loss was $576 million and loss per share was $0.49, impacted by $724 million IPR&D expenses from the Amylyx acquisition.
- Global Generics revenue for FY26 is expected to be flat to down low single digit in local currency due to fewer high-value launches, lower seasonal OTC, and increased competition.
- Elevated AUSTEDO channel inventory is expected to normalize in the next two quarters, with Q4 revenue anticipated to be down year-over-year due to IRA implementation.
Price
$41.31 −0.46% · −$0.19
Performance +113.9% 1Y
1Y: $19.31 on 17 Oct 2025 → $41.31. High $41.5 (16 Oct 2026), low $18.95 (24 Oct 2025).
- Previous close
- $41.5
- 52-week range
- $18.95 – $41.5
- One year
- +112.72%
Overview
- Symbol
- TEVA
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
33 of 35 judged targets kept · 44 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| anti-IL-15 vitiligo proof-of-concept readout | read out in the first half of 2026 | Sep 2025 | we showed some great data from our proof-of-concept study earlier last month | Achieved |
| AJOVY full-year revenue | $750 million to $790 million | Dec 2025 | we're increasing our outlook by $90 million at the midpoint. So now the range is $850 million to $870 million | Revised Up |
| 2023-2027 average revenue growth | mid-single-digit average annual growth to 2027 | Sep 2024 | we're on track to hit our financial growth targets of mid-single revenue growth | On Track |
Claimed
- Innovative portfolio revenue grew 43% year-on-year, driven by AUSTEDO (+40%), UZEDY (+43%), and AJOVY (+56%).
- Non-GAAP gross margin increased by 80 basis points to 55.4%, fueled by strong innovative growth.
- Free cash flow was strong at $622 million, up 31% versus last year.
- Fitch upgraded Teva to an investment-grade rating in May, marking its return to IG for the first time since 2017.
- Full-year revenue guidance was raised by $75 million at the midpoint, reflecting strong innovative product performance.
Qualified
- Generics revenue was down 15% year-on-year, largely due to lower generic REVLIMID contribution.
- Q2 GAAP net loss was $576 million and loss per share was $0.49, impacted by $724 million IPR&D expenses from the Amylyx acquisition.
- Global Generics revenue for FY26 is expected to be flat to down low single digit in local currency due to fewer high-value launches, lower seasonal OTC, and increased competition.
- Elevated AUSTEDO channel inventory is expected to normalize in the next two quarters, with Q4 revenue anticipated to be down year-over-year due to IRA implementation.
The full ledger
Open TEVA PHARMACEUTICAL INDUSTRIES LTD’s full ledger
A free account opens 5 company ledgers a month. All 79 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
Teva Q1 FY26 — Strong Innovative Portfolio Growth and Strategic Emalex Acquisition
Read the full callDec 2025 (Q4 FY25) — Jan 28, 2026
Teva Q4 FY25 — Strong Innovative Portfolio Growth and Pipeline Progress
Read the full callEvery analysed call
Teva earnings calls (TEVA)
Financials
What the filings say
Net profit, year on year: −304% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 4,332 | 4,229 | 3,891 | 4,176 | 4,480 | 1,500 | 3,982 | 4,142 |
| Operating profit | -51 | -29 | 519 | 455 | 882 | 301 | 652 | -231 |
| Operating margin | −1.2% | −0.7% | 13.3% | 10.9% | 19.7% | 20.1% | 16.4% | −5.6% |
| Other income | -272 | -218 | -225 | -252 | -237 | -220 | -216 | -224 |
| Profit before tax | -324 | -247 | 294 | 203 | 646 | 80 | 437 | -455 |
| Tax rate | −21.3% | −11.7% | 25.2% | −38.4% | 33.1% | −487.5% | 15.3% | −26.6% |
| Net profit | -437 | -217 | 214 | 282 | 433 | 481 | 369 | -576 |
| EPS ($ per share) | -0.39 | — | 0.19 | 0.25 | 0.38 | — | 0.32 | -0.49 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 56 | 56 | 57 | 57 | 57 | 57 | 58 | 58 |
| Reserves | -5,958 | -6,956 | -10,946 | -10,529 | -12,975 | -13,534 | -15,173 | -13,762 |
| Total liabilities | 44,889 | 42,407 | 39,579 | 36,422 | 35,413 | 35,353 | 33,606 | 32,834 |
| Fixed assets | 6,868 | 6,436 | 6,296 | 5,982 | 5,739 | 5,750 | 4,581 | 4,080 |
| Total assets | 60,683 | 57,470 | 50,640 | 47,666 | 44,011 | 43,479 | 39,326 | 40,748 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,446 | 748 | 1,216 | 798 | 1,590 | 1,368 | 1,247 | 1,649 |
| Cash from investing | 1,866 | 1,355 | 863 | 1,523 | 656 | 968 | 792 | 737 |
| Cash from financing | -3,351 | -1,926 | -1,885 | -2,172 | -1,487 | -1,913 | -1,791 | -2,151 |
| Net cash flow | 819 | 193 | 202 | 21 | 636 | 393 | 74 | 256 |
| Capital expenditure | -651 | -525 | -578 | -562 | -548 | -526 | -498 | -501 |
| Free cash flow | 1,795 | 223 | 638 | 236 | 1,042 | 842 | 749 | 1,148 |
TEVA revenue by segment
United States shrank from 51% to 41% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| United States | 51% | 47% | 49% | 52% | 55% | 56% | 39% | 41% | -20.9% |
| Europe | 29% | 32% | 31% | 31% | 28% | 28% | 34% | 30% | -2.7% |
| Other Activities | 5% | 6% | 5% | 6% | 5% | 5% | 15% | 15% | +170.3% |
| International Markets | 14% | 16% | 15% | 12% | 12% | 11% | 13% | 13% | +11.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 41% ↓ 10 pt
- Europe 30% ↑ 1 pt
As TEVA cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
117 filings between Nov 6, 2025 and Sep 18, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$113.30M
58 sales by 14 insiders
53% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 59
- Option exercise — converted options into shares
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Francis Richard D | — | $31.26M | Jun 5, 2026 |
| MIGNONE ROBERTO | — | $22.82M | Sep 18, 2026 |
| Kalif Eliyahu Sharon | — | $20.73M | Jun 11, 2026 |
| Sabag Mark | — | $13.15M | May 1, 2026 |
| Daniell Richard | — | $12.08M | May 5, 2026 |
| Hughes Eric A | — | $4.17M | Aug 3, 2026 |
| Fox Christine | — | $2.75M | Apr 30, 2026 |
| Lippman Evan | — | $2.16M | Aug 17, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 18, 2026 | Savage Brian Interim Chief Legal Officer | Option exercise | 4,503 | $156.3K |
| Sep 18, 2026 | Savage Brian Interim Chief Legal Officer | Sale | 4,503 | $174.2K |
| Sep 18, 2026 | Savage Brian Interim Chief Legal Officer | Sale | 2,525 | $98.8K |
| Sep 18, 2026 | Savage Brian Interim Chief Legal Officer | Sale | 314 | $12.2K |
| Sep 18, 2026 | MIGNONE ROBERTO Director | Sale | 367,600 | $14.36M |
| Aug 21, 2026 | Weiss Amir Chief Accounting Officer | Option exercise | 2,500 | $49.0K |
| Aug 21, 2026 | Satchi-Fainaro Ronit Director | Sale | 415 | $15.5K |
| Aug 21, 2026 | Weiss Amir Chief Accounting Officer | Sale | 6,945 | $261.2K |
| Aug 21, 2026 | Weiss Amir Chief Accounting Officer | Sale | 2,500 | $94.1K |
| Aug 17, 2026 | Lippman Evan EVP, Business Development | Sale 10b5-1 plan | 18,600 | $680.3K |
| Aug 5, 2026 | Zaks Tal Zvi Director | Sale | 17 | $593 |
| Aug 3, 2026 | Jover Placid See "Remarks" | Sale 10b5-1 plan | 12,827 | $447.4K |
| Aug 3, 2026 | Hughes Eric A See "Remarks" | Sale 10b5-1 plan | 25,578 | $892.1K |
| Aug 3, 2026 | Jover Placid See "Remarks" | Option exercise 10b5-1 plan | 12,827 | — |
| Aug 3, 2026 | Hughes Eric A See "Remarks" | Option exercise 10b5-1 plan | 52,744 | — |
| Jun 18, 2026 | Shields Matthew EVP, Global Operations | Sale | 9,989 | $321.5K |
| Jun 11, 2026 | Kalif Eliyahu Sharon EVP, Chief Financial Officer | Sale 10b5-1 plan | 106,563 | $3.63M |
| Jun 5, 2026 | MIGNONE ROBERTO Director | Option exercise | 14,492 | — |
| Jun 5, 2026 | Francis Richard D President and CEO | Option exercise 10b5-1 plan | 13,043 | — |
| Jun 5, 2026 | BARER SOL J Director | Option exercise | 21,739 | — |
| Jun 5, 2026 | Lichtenstein Chen Director | Option exercise | 14,492 | — |
| Jun 5, 2026 | Francis Richard D President and CEO | Sale 10b5-1 plan | 6,153 | $211.4K |
| Jun 5, 2026 | Crane Rosemary A Director | Option exercise | 14,492 | — |
| Jun 5, 2026 | Elstein Amir Director | Option exercise | 14,492 | — |
| Jun 5, 2026 | LIEBERMAN GERALD M Director | Option exercise | 14,492 | — |
| Jun 5, 2026 | Nisen Perry Director | Option exercise | 14,492 | — |
| Jun 5, 2026 | Zaks Tal Zvi Director | Option exercise | 14,492 | — |
| Jun 5, 2026 | Satchi-Fainaro Ronit Director | Option exercise | 14,492 | — |
| Jun 3, 2026 | Shields Matthew EVP, Global Operations | Sale 10b5-1 plan | 16,195 | $532.3K |
| Jun 3, 2026 | Shields Matthew EVP, Global Operations | Option exercise 10b5-1 plan | 16,195 | — |
| May 14, 2026 | Lippman Evan EVP, Business Development | Sale 10b5-1 plan | 35,912 | $1.28M |
| May 14, 2026 | Lippman Evan EVP, Business Development | Sale 10b5-1 plan | 5,746 | $204.5K |
| May 14, 2026 | Lippman Evan EVP, Business Development | Option exercise 10b5-1 plan | 74,008 | — |
| May 14, 2026 | Lippman Evan EVP, Business Development | Option exercise 10b5-1 plan | 11,841 | — |
| May 14, 2026 | Kalif Eliyahu Sharon EVP, Chief Financial Officer | Sale 10b5-1 plan | 153,251 | $5.46M |
| May 6, 2026 | Weiss Amir Chief Accounting Officer | Sale | 10,679 | $384.4K |
| May 5, 2026 | Daniell Richard EVP, Europe Commercial | Sale | 30,000 | $1.06M |
| May 1, 2026 | Sabag Mark See "Remarks" | Sale | 144,180 | $5.05M |
| Apr 30, 2026 | Fox Christine EVP, U.S. Commercial | Sale | 21,258 | $750.6K |
| Mar 17, 2026 | Sabag Mark See "Remarks" | Sale | 62,102 | $1.87M |
| Mar 5, 2026 | Weiss Amir Chief Accounting Officer | Option exercise | 3,537 | — |
| Mar 5, 2026 | Francis Richard D President and CEO | Sale 10b5-1 plan | 20,025 | $634.2K |
| Mar 5, 2026 | Francis Richard D President and CEO | Option exercise 10b5-1 plan | 42,452 | — |
| Mar 5, 2026 | Fox Christine EVP, U.S. Commercial | Sale 10b5-1 plan | 7,924 | $250.9K |
| Mar 5, 2026 | Fox Christine EVP, U.S. Commercial | Option exercise 10b5-1 plan | 17,819 | — |
| Mar 5, 2026 | Hughes Eric A See "Remarks" | Sale 10b5-1 plan | 9,533 | $301.9K |
| Mar 5, 2026 | Hughes Eric A See "Remarks" | Option exercise 10b5-1 plan | 19,654 | — |
| Mar 5, 2026 | Daniell Richard EVP, Europe Commercial | Sale 10b5-1 plan | 17,295 | $547.7K |
| Mar 5, 2026 | Daniell Richard EVP, Europe Commercial | Option exercise 10b5-1 plan | 17,295 | — |
| Mar 5, 2026 | Jover Placid See "Remarks" | Sale 10b5-1 plan | 14,150 | $448.1K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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