Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) ended 2025 with revenue of $17.3 billion, up 4% from $16.5 billion in 2024. GAAP net earnings per share was $2.93, above the analysts’ expectations of $2.65 per share. The share price was down 3% in pre-market trading. Teva issued full guidance for 2026 of $16.4-16.8 billion revenue, EBITDA of $5-5.3 billion. And earnings per share of $2.55-2.65. The 2026 revenue forecast is lower than the analyst consensus, with the mid-range of the earnings pe ...

Teva Pharmaceutical Industries Ltd. This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management's current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. Important factors that could cause or contrib ...

Core Viewpoint - Teva Pharmaceutical Industries reported a higher-than-expected increase in fourth-quarter profit, driven by sales of branded drugs and a milestone payment for a late-stage study on ulcerative colitis and Crohn's disease [1] Financial Performance - The company experienced a significant rise in fourth-quarter profit, surpassing market expectations [1] Product Development - The profit increase was supported by sales of its branded drugs and a milestone payment related to the initiation of a late-stage study for treating ulcerative colitis and Crohn's disease [1]

Financial Projections - Teva expects 2025 revenues to be in the range of $16.8 billion to $17.0 billion, with a lower point of the range contributing an additional $500 million from expected duvakitug milestones[3] - The operating margin for 2025 is projected to be approximately 26.2% to 27.1%, with a mid to high point of the range contributing around 80%-85%[3] - Adjusted EBITDA for 2025 is anticipated to be between $4.8 billion and $5.0 billion, with a midpoint contribution of approximately $400 million to $430 million from milestones[3] - Free cash flow is expected to be between $1.6 billion and $1.9 billion, with a higher point of the range contributing around $500 million[3] - Teva's revenues for 2026 are projected to be flat to slightly down compared to 2025, with low-single digit growth expected by 2027 and mid-single digit CAGR by 2030[5] - Operating profit is expected to grow by 30% in 2027, exceeding 30% growth thereafter[5] Cost Savings and Transformation - Cumulative transformation programs are projected to generate savings of approximately $450 million to $500 million by 2026 and around $700 million by 2027[5] - Teva's transformation strategy focuses on becoming a leading innovative biopharmaceutical company, leveraging its generics business and late-stage innovative pipeline[6] Growth Drivers - Teva's innovative brands, including AUSTEDO, AJOVY, and UZEDY, are driving growth and reshaping the financial outlook[6] Capital Allocation - The company is committed to disciplined capital allocation and aims to secure an investment-grade credit rating[6]

Core Insights - Teva Pharmaceutical Industries Ltd. reported a revenue of $17.3 billion for FY 2025, marking a 4% increase YoY in U.S. dollars and 3% in local currency terms, driven by key innovative products [7][11] - The company achieved a significant milestone with its innovative brands, collectively generating approximately $1 billion in revenues during Q4 2025 for the first time [4][9] - Teva's "Pivot to Growth" strategy has been instrumental in driving three consecutive years of growth, with a focus on innovative medicines, generics, and biosimilars [4][6] Financial Performance - Q4 2025 revenues reached $4.7 billion, an 11% increase YoY in U.S. dollars and 9% in local currency terms [28] - FY 2025 GAAP diluted earnings per share (EPS) were $1.21, while non-GAAP diluted EPS stood at $2.93, reflecting strong operational performance [2][21] - Cash flow from operating activities for FY 2025 was $1,649 million, with free cash flow amounting to $2,396 million, indicating robust cash generation capabilities [25][26] Innovative Product Growth - Key innovative brands, including AUSTEDO, AJOVY, and UZEDY, contributed significantly to revenue growth, with AUSTEDO alone generating $725 million in Q4 2025, a 40% increase YoY [9][52] - AJOVY's revenues increased by 68% YoY to $105 million in Q4 2025, driven by expanded indications and volume growth [51] - UZEDY revenues reached $55 million in Q4 2025, reflecting a 28% increase YoY, showcasing Teva's commitment to advancing neuroscience [55] Cost Management and Operational Efficiency - Teva's gross profit for FY 2025 was $8.9 billion, an 11% increase from 2024, with a gross profit margin of 51.8% [13] - The company achieved $70 million in savings in 2025 as part of its transformation programs, with expectations to realize two-thirds of targeted savings by 2026 [10][17] - Operating income for FY 2025 was $2.2 billion, a significant turnaround from an operating loss in 2024, reflecting improved operational efficiency [17] Market Dynamics and Segment Performance - The U.S. segment generated $2.6 billion in Q4 2025, a 34% increase YoY, primarily due to innovative product growth and milestone payments [45] - The Europe segment reported revenues of $1.3 billion in Q4 2025, a 3% decrease YoY, impacted by lower sales of certain product rights and generic products [62] - The International Markets segment saw revenues decline by 20% YoY to $528 million, largely due to the divestment of the Japan business venture [75]

Company Overview - Teva Pharmaceuticals is a leading innovative biopharmaceutical company with a strong generics business, committed to improving health for over 120 years [5] - The company focuses on neuroscience, immunology, complex generic medicines, biosimilars, and pharmacy brands globally [5] Partnership and Advocacy - Teva Pharmaceuticals announced a partnership with actor Will Forte to raise awareness about Huntington's disease (HD), which affects over 41,000 people in the U.S. [1][3] - Will Forte shares his family's experience with HD to connect individuals affected by the disease with educational resources and support [1][3] Huntington's Disease (HD) Insights - HD is a rare, progressive neurological disorder characterized by cognitive, behavioral, and physical challenges, including chorea, which affects about 90% of patients [3][6] - Chorea manifests as involuntary movements that can significantly impact daily life and limit individuals' independence [3][7] Community Engagement - Teva emphasizes the importance of understanding the real experiences of the HD community to foster empathy and awareness [4] - The Honestly HD program aims to provide educational information about HD and support for those living with the condition and their caregivers [7]

Core Viewpoint - Teva Pharmaceutical Industries Ltd. (TEVA) is expected to report a quarterly earnings per share (EPS) of $0.64, reflecting a year-over-year decline of 9.9%, while revenues are anticipated to reach $4.34 billion, showing a 2.6% increase compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised 2.2% lower over the last 30 days, indicating a reevaluation by analysts [2]. - Revisions to earnings estimates are significant indicators for predicting investor actions regarding the stock, with empirical research showing a strong correlation between earnings estimate trends and short-term stock price performance [3]. Revenue Projections - Analysts forecast 'Revenue- API sales to third parties' to reach $154.37 million, indicating a 6.5% increase year-over-year [5]. - 'Revenue- COPAXONE- Total' is expected to be $63.50 million, reflecting a substantial decline of 48% year-over-year [5]. - 'Geographic Revenue- United States' is projected at $2.15 billion, suggesting an 8.6% increase year-over-year [5]. - 'Geographic Revenue- Europe' is estimated to be $1.32 billion, indicating a decrease of 2.7% from the prior year [6]. - 'Geographic Revenue- International Markets' is expected to be $625.03 million, reflecting a decline of 5.4% year-over-year [6]. Specific Revenue Metrics - 'Geographic Revenue- Europe- Respiratory products' is estimated at $57.29 million, down 6.1% from the previous year [7]. - 'Geographic Revenue- International Markets- Generic products' is projected at $446.04 million, indicating a decline of 10.3% year-over-year [7]. - 'Geographic Revenue- International Markets- COPAXONE' is expected to reach $5.14 million, reflecting a significant drop of 42.9% from the prior year [8]. - 'Geographic Revenue- United States- AJOVY' is projected at $70.98 million, indicating a year-over-year increase of 12.7% [8]. - 'Geographic Revenue- Europe- Generic products' is expected to be $1.01 billion, reflecting a 2.9% increase year-over-year [9]. - 'Geographic Revenue- Europe- AJOVY' is projected at $74.75 million, indicating a substantial increase of 28.9% from the prior year [9]. - 'Geographic Revenue- Europe- Other' is estimated at $168.65 million, reflecting a decline of 17.7% from the previous year [9]. Stock Performance - Teva's shares have shown a return of -0.3% over the past month, compared to a +0.6% change in the Zacks S&P 500 composite [10].

Market Performance - The Tel Aviv Stock Exchange experienced a decline, with the Tel Aviv 35 Index falling by 0.08% to 3,968.81 points, the Tel Aviv 125 Index decreasing by 0.85% to 3,987.85 points, and the BlueTech Global Index dropping by 0.10% to 698.43 points [1] - The All Bond corporate bond index decreased by 0.21% to 422.79 points, with total turnover amounting to NIS 3.84 billion in equities and NIS 5.91 billion in bonds [1] Foreign Exchange Rates - The representative shekel-dollar rate increased by 0.701% from Friday, reaching NIS 3.16/$, while the representative shekel-euro rate rose by 0.903% to NIS 3.676/€ [2] Top Gainers - Enlight Renewable Energy saw the largest gain on the Tel Aviv 35 Index, rising by 8.23%. Next Vision increased by 7.69%, and Elbit Systems Ltd. rose by 0.90%. Ormat Technologies Inc. and Bezeq Israel Telecommunications Company Ltd. also experienced gains of 1.13% and 2.17%, respectively [3] Top Losers - Nice recorded the largest decline on the Tel Aviv 35 Index, falling by 5.19%. ICL decreased by 1.95%, and Teva Pharmaceutical Industries Ltd. fell by 1.68%. Mizrahi Tefahot Bank and OPC Energy also saw declines of 1.81% and 1.16%, respectively [4]

Core Insights - ANI Pharmaceuticals (ANIP) and Teva Pharmaceuticals (TEVA) are both key players in the pharmaceutical sector, focusing on generic and specialty medications [1][2] - ANIP's growth is primarily driven by its rare disease therapies, particularly Cortrophin Gel, while TEVA operates as a global leader in both branded and generic drugs [1][10] Summary of ANI Pharmaceuticals (ANIP) - ANIP has shown strong financial performance, particularly in its rare disease and generics segments [3] - The rare disease franchise, led by Cortrophin Gel, is the main growth driver, with projected sales of approximately $348 million for 2025, reflecting a 76% year-over-year increase [4] - For 2026, ANIP anticipates Cortrophin Gel sales to reach between $540 million and $575 million, indicating a 55-65% increase over 2025 [5] - The company also expects its recently acquired ophthalmology assets to contribute around $75 million in 2025, with growth anticipated in 2026 [6] - Total projected revenues for ANIP in 2026 are estimated to be between $1.055 billion and $1.115 billion, with about 60% from rare disease products [7] - The generics segment is expected to contribute 40% of revenues, with plans to launch 10-15 new generic products annually [8] - Competitive pressure is increasing in the rare disease market, particularly from Keenova Therapeutics' Acthar Gel, which has raised its sales growth outlook [9] Summary of Teva Pharmaceuticals (TEVA) - TEVA is the largest generic drug company globally, holding a 7% market share in the U.S. generics market [12] - The company has been expanding its biosimilars portfolio, with several successful launches and a goal to double biosimilars sales by 2027 [15] - TEVA maintains a diversified portfolio of branded products, with growing market shares for newer drugs like Austedo, Ajovy, and Uzedy [16] - However, the generics business has faced challenges, including competitive pressure and a decline in certain markets [17] - TEVA's revenue estimates for 2026 are expected to remain flat, with EPS growth projected at 6% [21] Financial Performance and Valuation - Over the past year, ANIP shares have increased by 48%, while TEVA shares have risen by 49%, outperforming the industry average of 39% [22] - ANIP trades at a price/earnings (P/E) ratio of 12.74, slightly higher than TEVA's 12.39, indicating a premium valuation for ANIP [23] Investment Outlook - ANIP's sales momentum and earnings growth provide a competitive edge over TEVA, which is experiencing margin pressures [27] - ANIP holds a Zacks Rank of 2 (Buy), while TEVA has a Zacks Rank of 3 (Hold), further supporting ANIP's favorable investment position [28]

Core Insights - Teva Pharmaceuticals announced the publication of pivotal Phase 3 data on AJOVY in the New England Journal of Medicine, demonstrating its efficacy and safety for treating episodic migraine in children and adolescents aged 6-17 years [1][2] Efficacy and Safety - The SPACE trial showed that AJOVY reduced monthly migraine days (MMD) by 2.5 days compared to 1.4 days with placebo, with a statistically significant difference of 1.1 days (P = 0.02) [2] - AJOVY also reduced monthly headache days (MHD) of at least moderate severity by 2.6 days versus 1.5 days with placebo, again showing a significant difference of 1.1 days (P = 0.02) [2] - A higher percentage of participants achieved a ≥ 50% reduction in MMD with AJOVY (47.2%) compared to placebo (27.0%), with P = 0.002 indicating statistical significance [2] - The safety profile of AJOVY remained consistent with previous adult studies, with no new safety signals identified [2][5] Study Details - The SPACE trial was a 3-month, randomized, placebo-controlled study involving 237 children and adolescents aged 6-17 years with episodic migraine [2][5] - Participants received monthly subcutaneous injections of fremanezumab (120 mg for those weighing < 45 kg; 225 mg for those weighing ≥ 45 kg) or matched placebo [2] Market Context - With an estimated 1 in 10 children and adolescents in the U.S. suffering from migraines, the need for effective preventive treatments is critical [2] - Teva aims to lead innovation in the migraine treatment space, building on the established use of AJOVY in adults [2][3] Product Information - AJOVY is the first and only CGRP antagonist approved for the preventive treatment of episodic migraine in pediatric patients aged 6-17 years who weigh 45 kilograms (99 pounds) or more [1][5] - The product is available as a 225 mg/1.5 mL single-dose injection in a pre-filled autoinjector or syringe, and can be administered by healthcare professionals or at home by patients aged 13 and older [7]