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EarningsQ2 2026 Earnings Report
IL:TEVA Q2 2026 EPS Results
Actual EPS6.20
Consensus EPS15.60
Beat/MissMissed by -9.40
One Year Ago EPS222.80
IL:TEVA Q2 2026 Revenue Results
Actual Revenue1.23T
Expected Revenue1.21T
Beat/MissBeat by +13.76B
YoY Revenue Growth-18.48%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeBefore Open
Conference CallWednesday, July 29, 2026
IL:TEVA Upcoming Earnings
Teva's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted strong execution on the company’s Pivot-to-Growth strategy: rapid innovation-driven revenue growth (innovative portfolio +43% YoY), multiple product-level beats and raises (AUSTEDO, AJOVY, UZEDY), improving non-GAAP gross margins (+80 bps), and materially stronger free cash flow (+31%). At the same time, the quarter carried significant, largely one-time, charges from the MLX/Amylyx acquisition that suppressed GAAP results and non-GAAP EPS, and generics weakness (notably the loss of generic REVLIMID) produced headline revenue pressure. Management reiterated multi-year targets (30% operating margin by 2027, net debt/EBITDA <=2x) and showed pipeline momentum and credit-rating improvements. Overall, positives from accelerating innovative growth, cash generation, biosimilars traction and a clear pipeline cadence outweigh near-term headwinds from acquisition charges, generics comparisons and inventory/IRA timing effects.Company Guidance
Strong Innovative Portfolio Growth
Innovative portfolio grew 43% year-over-year in Q2 2026 and is driving the company transformation; innovative revenues are expected to represent ~22% of total revenue in 2026 (up from 9%). Management raised combined 2026 revenue outlook for key innovative products by ~ $150M at the midpoint to roughly $3.7B, implying ~17% growth over 2025 for that cohort.
AUSTEDO: Large, Accelerating Franchise
AUSTEDO global revenue up ~40% YoY; U.S. revenue reached $676M, up 33% YoY. TRx up 14% and milligram growth up 21%. AUSTEDO XR now >60% of new patients. Management increased AUSTEDO full-year guidance midpoint by $50M to a range of $2.45B–$2.6B and reiterated >$3B peak-sales potential.
AJOVY and UZEDY Outperformance
AJOVY global revenue $244M, up 56% YoY (U.S. up 83%); guidance raised by $90M at midpoint to $850M–$870M with a path to $1B peak. UZEDY revenue grew 43% YoY to $77M with TRx up 63%; risperidone LAI market share nearly doubled from ~5% to ~10% and UZEDY captures ~80% of the risperidone LAI segment; guidance raised by $15M to $270M–$290M.
Free Cash Flow and Profitability Improvements
Q2 free cash flow was $622M, up 31% YoY. Non-GAAP gross margin improved by ~80 basis points to 55.4% in Q2. Management reiterated target of 30% non-GAAP operating margin by 2027 and expects continued margin expansion driven by the innovative mix and transformation programs.
Biosimilars Momentum
Biosimilars now represent a growing pillar: 15 biosimilars in-market and 14 in the pipeline, with expected further expansion through partnerships. Management is on track to exceed its $800M by-2027 biosimilars target and reports #1 ranking for 2 of 5 U.S. biosimilar products (third is close).
Pipeline and Near-Term Catalysts
Multiple near-term milestones: olanzapine LAI (FDA action expected Q4 2026; EU MAA accepted), ecopipane (submitted for Tourette syndrome in June), DARI fully enrolled (~2,700 patients) with event-driven readout expected late 2026/early 2027, Duvaqito program progressing with two new indications added (HS and fibrostenotic Crohn's), positive anti‑IL‑15 vitiligo POC and upcoming celiac proof-of-concept readout in H2 2026.
Strategic M&A and Capital Allocation
Closed Amylyx/MLX Basins acquisition in June (strategic CNS addition). Management highlighted disciplined capital allocation, ability to pursue BD, and potential for buybacks when appropriate. Plan to convert ADS to ordinary shares and list on NYSE to broaden investor access (planned September).
Balance Sheet Progress and Credit Upgrades
Net debt was $12.9B with net debt/EBITDA of 2.8x (2.3x excluding MLX), moving toward the <=2x target by 2027. Fitch upgraded Teva to investment-grade in May; S&P and Moody's also recently improved ratings/outlooks — management cites this as validation of transformation progress.
Underlying Generics Stability Excluding Revlimid
While headline generics declined, management notes that excluding the loss of generic REVLIMID, global generics were roughly stable: ex-REVLIMID generics down ~2% globally with U.S. up ~1%, indicating stability in the underlying generics business.
IL:TEVA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed