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Teva Pharmaceutical Industries
Teva Pharmaceutical Industries (TEVA) investor relations material
Teva Pharmaceutical Industries Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Achieved third consecutive year of growth, with 2025 revenues of $17.3 billion, up 4% year-over-year, driven by innovative brands AUSTEDO, AJOVY, and UZEDY, and a stable generics business.
Transformation programs delivered $70 million in annualized savings in 2025, targeting $700 million by 2027, and contributed to improved margins.
Balance sheet strengthened with net debt reduced to $13.3 billion and net debt/EBITDA at 2.5x, progressing toward investment-grade ratings.
Key innovative brands collectively surpassed $3 billion in annual revenue, with Q4 2025 marking the first $1 billion quarter for these brands.
Transformation and operational discipline supported margin expansion and cost savings.
Financial highlights
FY 2025 revenues: $17.3 billion (+4% YoY); Q4 2025 revenues: $4.7 billion (+11% YoY).
Non-GAAP EPS: $2.93 (+18% YoY); free cash flow: $2.4 billion (+16% YoY); adjusted EBITDA: $5.3 billion (+11% YoY).
FY 2025 non-GAAP gross margin: 55.9%; non-GAAP operating margin: 28.4%.
Net debt at year-end 2025: $13.3 billion; cash and cash equivalents: $3.6 billion.
$500 million milestone payment from Sanofi for duvakitug Phase 3 initiation recorded as revenue in Q4 2025.
Outlook and guidance
2026 revenue guidance: $16.4–$16.8 billion, reflecting normalization after one-time duvakitug milestone in 2025.
2026 adjusted EBITDA: $5.0–$5.3 billion; non-GAAP EPS: $2.57–$2.77; free cash flow: $2.0–$2.4 billion.
Non-GAAP gross margin expected at 54.5%–55.5%; OpEx at 27%–28% of revenue.
Long-term targets reaffirmed: $700 million in savings by 2027, >$3.5 billion free cash flow by 2030, and continued deleveraging.
Revenue and margins expected to ramp up over 2026, with Q1 light due to loss of generic Revlimid revenue and AUSTEDO inventory effects.
AUSTEDO Medicare price impact on 2027 revenue
Explain 2026 revenue/EPS decline vs 2025
Rationale for Anda reclassification from US segment
Identify key pipeline readouts for market re-evaluation
How will $1.1B Revlimid headwind be offset in 2026?
What is the strategy for biosimilar portfolio expansion?
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Next Teva Pharmaceutical Industries earnings date
Q1 20266 May, 2026
Teva Pharmaceutical Industries
Next Teva Pharmaceutical Industries earnings date
Q1 20266 May, 2026
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Frequently asked questions
Teva Pharmaceutical Industries Limited, a pharmaceutical company, develops, manufactures, markets and distributes generic medicines and a portfolio of specialty medicines worldwide. It operates in two segments, Generic Medicines and Specialty Medicines. The company offers various APIs and molecules for the treatment of various disorders in a range of therapeutic areas, including CNS, oncology, respiratory, cardiology and other specialty areas. The company was founded in 1901 and is headquartered in Tel Aviv-Yafo, Israel.
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