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EarningsQ2 2026 Earnings Report
TEVA Q2 2026 EPS Results
Actual EPS$0.02
Consensus EPS$0.05
Beat/MissMissed by -$0.03
One Year Ago EPS$0.72
TEVA Q2 2026 Revenue Results
Actual Revenue$3.99B
Expected Revenue$3.95B
Beat/MissBeat by +$44.72M
YoY Revenue Growth-18.48%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeBefore Open
Conference CallWednesday, July 29, 2026
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 skewed positive: the company showed strong, broad-based growth in its innovative portfolio (AUSTEDO, AJOVY, UZEDY) with multiple guidance increases, substantial free cash flow improvement (+31% YoY), margin expansion (gross margin +80 bps) and progressing pipeline and biosimilars commercialization that together materially reshape the company’s revenue mix and long-term outlook. Near-term challenges include a Q/Q revenue decline driven by the loss of generic REVLIMID, sizable one-time MLX acquisition charges that compressed reported margins and EPS, elevated AUSTEDO channel inventory and planned higher OpEx to support launches. Management framed these negatives as transitional (one-time or sequencing effects) while emphasizing durable growth drivers and credit-rating upgrades. On balance, the positive items (strong product growth, guidance raises, cash flow, pipeline progress and biosimilars momentum) outweigh the short-term headwinds.Company Guidance
Innovative Portfolio Strong Growth
Innovative revenue grew 43% YoY in Q2 2026. Key products: AUSTEDO up 40% YoY, UZEDY up 43% YoY, AJOVY up 56% YoY. Combined 2026 revenue outlook for AUSTEDO/AJOVY/UZEDY increased ~ $150M at the midpoint (~$3.7B combined, ~17% growth vs 2025).
AUSTEDO: Robust U.S. and Global Performance
AUSTEDO U.S. revenue $676M, up 33% YoY; global revenue up 40% YoY. TRx up 14% and milligram growth up 21%. AUSTEDO XR represents >60% of new patients. Full-year guidance for AUSTEDO raised $50M at the midpoint to $2.45B–$2.6B; management reiterated >$3B peak sales potential.
UZEDY Rapid Adoption
UZEDY revenue grew 43% YoY to $77M; TRx up 63% YoY. Risperidone LAI share nearly doubled from ~5% to ~10%; UZEDY capturing ~80% of the risperidone LAI market. Full-year guidance raised $15M at midpoint to $270M–$290M.
AJOVY Outperformance and Upsized Guidance
AJOVY Q2 global revenue $244M, up 56% YoY; U.S. revenue up 83% YoY driven by improved contracting, gross-to-net and market share gains. Full-year guidance increased $90M at midpoint to $850M–$870M with a path to $1B peak sales.
Pipeline and Near-Term Regulatory Catalysts
Company highlighted 5 potential submissions over 5 years and the potential to launch ~1 asset per year. Notable near-term catalysts: olanzapine LAI (FDA action anticipated Q4 2026; EU MAA accepted), ecopipane (submitted June for Tourette syndrome; potential H1 2027 launch), and multiple other Phase II/III readouts (DARI, duvaqito, anti-IL-15, celiac biopsy study).
Biosimilars Becoming a Growth Engine
Biosimilars portfolio expanded to 15 products in market and 14 in pipeline; management expects to double this in coming years. In the U.S., 2 of 5 products are #1 and a third is close; on track to exceed $800M by 2027.
Margin Improvement and Cash Generation
Non-GAAP gross margin increased by 80 basis points YoY to 55.4% in Q2 2026. Free cash flow was $622M in Q2, up 31% YoY. Management reiterated mid-single revenue growth goal, a 30% non-GAAP operating income target, net debt/EBITDA <2% by 2027, and 80% cash conversion.
Capital & Balance Sheet Progress and Ratings Upgrade
Net debt $12.9B (net debt/EBITDA 2.8x; excluding MLX impact 2.3x) with a clear path to the 2x target by 2027. Fitch upgraded Teva to investment grade and S&P/Moody’s outlooks improved, reflecting improved leverage and execution. Acquisition of Amylyx (MLX) closed in June; upfront consideration recorded as IP R&D expense but treated as investing cash flow (no FCF impact).
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