Teva earnings date
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Teva (TEVA) Q3 2026 Earnings Report
TEVA Q3 2026 EPS Results
- Actual EPS
- $0.86
- Consensus EPS
- $0.72
- Beat/Miss
- Beat by +$0.14
- One Year Ago EPS
- $0.78
TEVA Q3 2026 Revenue Results
- Actual Revenue
- $4.16B
- Expected Revenue
- $4.23B
- Beat/Miss
- Missed by -$75.41M
- YoY Revenue Growth
- -12.21%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/03/2026
- Time
- Before Open
- Conference Call
- Tuesday, November 3, 2026
Teva's next earnings date is estimated for February 10, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Teva reported robust growth across its innovative portfolio, raised product and company-wide guidance, expanded its biosimilar business, improved margins and cash generation, strengthened its balance sheet, and highlighted multiple pipeline catalysts. The main negatives were the 2% revenue decline caused by lower generic REVLIMID revenue, the discontinued emrusolmin study, near-term IRA-related pressure on AUSTEDO, the delayed WELTRUZA revenue ramp, and biosimilar litigation and tariff uncertainty. Management nevertheless characterized these issues as manageable within its broader pivot-to-growth strategy.
Teva raised 2026 full year revenue guidance to $16.7 billion-$17 billion, expects global generics revenue to be flat to slightly up in local currency compared to 2025, excluding the impact of generics revenue and the divested Japan business, and increased product guidance to $2.55 billion-$2.65 billion for AUSTEDO, $930 million-$960 million for AJOVY, and $290 million-$310 million for UZEDY; non-GAAP gross margin is expected to be 54.5%-55.5%, operating income $3.8 billion-$3.9 billion, operating margin 22.6%-23.1%, or 27.8%-28.2% excluding IPR&D, adjusted EBITDA $4.23 billion-$4.43 billion, or $5.1 billion-$5.3 billion excluding IPR&D, finance expenses approximately $800 million, tax rate 20%-23%, diluted EPS $1.92-$2.11, and free cash flow $2.1 billion-$2.4 billion. Teva expects no major revenue contribution from WELTRUZA in Q4 2026, revenue expectations for WELTRUZA in the latter half of next year, and no revenue of any particular value in the first half of next year; it expects mid-single digit growth on revenue CAGR from 2023-2027, a 30% operating margin by 2027, 57%-58% gross margin in 2027 while keeping the 27%-28% OpEx, net debt to EBITDA 2x by the end of 2027, approximately $2.7 billion free cash flow in 2027, and $800 million of biosimilar sales in 2026.
- Innovative Portfolio Delivered Strong GrowthThe innovative portfolio grew 32%-33% year-over-year in Q3, led by AUSTEDO, AJOVY, and UZEDY. Teva raised full-year guidance for all three products.
- Improved Profitability and Biopharma MixQ3 revenue was approximately $4.4 billion, while gross margin reached 58.7%. Management cited a 345-basis-point increase in its financial summary, while the CFO reported a 245-basis-point increase in non-GAAP gross margin. EBITDA grew 7%, non-GAAP EPS increased 10% to $0.86, and GAAP operating margin increased 282 basis points to 31.7%.
- AUSTEDO Reached Target Ahead of ScheduleAUSTEDO reached its $2.5 billion revenue target one year ahead of schedule. Global Q3 revenue increased 21% to $751 million, U.S. revenue increased 21% to $727 million, U.S. TRX grew 18%, and milligram dispense grew 23%. Full-year guidance was raised to $2.55 billion-$2.65 billion.
- AUSTEDO Has Further Growth PotentialManagement said approximately 85% of patients remain untreated and reiterated its expectation that AUSTEDO can achieve greater than $2 billion in peak sales, with confidence that it can reach greater than $3 billion at peak.
- UZEDY Continued Rapid GrowthUZEDY revenue increased 96% year-over-year to $85 million in Q3, while TRX and LAT each grew 62%. UZEDY nearly doubled its risperidone LAI share from 5% to 10% and captured approximately 83% of risperidone LAI. Full-year guidance was raised to $290 million-$310 million.
- AJOVY Momentum AcceleratedAJOVY global revenue increased 61% year-over-year to $269 million, including 89% growth in the U.S. Management cited volume growth and market-share gains internationally, and raised full-year guidance to $930 million-$960 million. Teva sees a path to greater than $1 billion in peak sales.
- WELTRUZA FDA Approval and Launch OpportunityManagement highlighted the FDA approval of WELTRUZA as a major milestone. The product is a once-monthly subcutaneous olanzapine injectable with no loading dose, no oral supplementation, and no post-injection monitoring. Teva cited approximately 2.2 million diagnosed schizophrenia patients in the U.S., approximately 1.7 million treated patients, and oral olanzapine prescriptions representing approximately 20% of prescriptions.
- UZEDY and WELTRUZA Franchise OpportunityManagement expects the complementary UZEDY and WELTRUZA portfolio, based on risperidone and olanzapine, to achieve peak sales of $1.5 billion-$2 billion. Teva said UZEDY's commercial execution provides a foundation for the WELTRUZA launch.
- Pipeline Milestones and Neuroscience ExpansionTeva reported eight major milestone readouts in 2026. Ecopipam received priority review, with regulatory approval anticipated in Q1 2027, and dexmedetomidine has a PDUFA date expected in Q4 2026. The company also acquired BXCL501 from BioXcel, which it expects could address acute agitation at home for nearly 7 million patients pending regulatory approval.
- Ecopipam Clinical ProfileManagement described ecopipam as a first-in-class opportunity for Tourette syndrome. The company cited two well-controlled studies showing a 30% reduction in tic experience and a 50% reduction in relapse rate, along with favorable tolerability, no metabolic effects, and no abnormal movement disorders. In long-term follow-up, 66% of patients stayed on the drug for approximately one year.
- Immunology Pipeline ProgressDARI is nearing completion of its Phase III study, duvakitug is in Phase III for colitis and Crohn's disease, and Teva plans to initiate hidradenitis suppurativa and subclinical Crohn's disease studies with Sanofi. The anti-IL-15 program generated proof-of-concept data in vitiligo and celiac disease and received FDA fast-track designation for celiac disease.
- Long-Term Pipeline PotentialManagement described a decade-long runway of growth catalysts, including four additional potential submissions over the next five years. Teva said its current pipeline could deliver more than $10 billion in sales going forward.
- Biosimilars Became a Major Growth DriverTeva has 15 biosimilar products on the market and 16 more in its pipeline, with the broader portfolio expected to reach potentially 18 assets in 2027. The company also announced a strengthened Samsung partnership involving two FDA-approved anti-TNF-alpha biosimilars.
- Biosimilar Revenue Target Reached EarlyTeva expects to achieve its $800 million biosimilar sales target in 2026, one year ahead of the original 2027 schedule. The portfolio expanded from nine assets in 2024 to 15 currently, and the company said three of its five U.S. biosimilars are ranked number one.
- Generics Business Showed Underlying Resilience Excluding REVLIMIDAlthough reported global generics revenue declined, the business grew 1% excluding generic REVLIMID, with U.S. generics down 3%, Europe up 7%, and emerging markets down 4%. Management expects the generics business to be flat to slightly up in 2026 and projects 1%-2% long-term growth.
- Raised 2026 Financial GuidanceTeva raised full-year revenue guidance to $16.7 billion-$17 billion, an increase of $175 million at the midpoint. Adjusted EBITDA guidance was raised to $4.23 billion-$4.43 billion, diluted EPS guidance to $1.92-$2.11, and free cash flow guidance to $2.1 billion-$2.4 billion.
- Operating Margin Expansion Remains on TrackTeva expects 2026 operating income of $3.8 billion-$3.9 billion and an operating margin of 22.6%-23.1%, or 27.8%-28.2% excluding IPR&D. Management expects an additional 180 basis points-220 basis points of improvement in 2027 and reiterated a credible path to a 30% operating margin by 2027.
- Cash Generation and Balance Sheet StrengthenedFrom 2022 through 2026, working-capital improvements generated approximately $1.3 billion of incremental cash, with approximately $160 million from lower interest expenses. Teva repaid approximately $12 billion of debt since 2019, repaid approximately $1.8 billion of debt maturity in October 2026, refinanced $4.9 billion of senior notes, and has no amounts outstanding under its revolving credit facility.
- Investment-Grade Credit ProfileFollowing the latest S&P upgrade, Teva achieved investment-grade status across all three major rating agencies. Management said the company remains on a clear path to net debt-to-EBITDA of 2x by the end of 2027.
- Future Financial FlexibilityTeva expects approximately $2.7 billion of free cash flow in 2027 and approximately $2.5 billion in 2030. It expects less than $1 billion of annual maturities from 2028-2030 and estimates an accumulated cash-generation opportunity of approximately $3.4 billion-$4 billion by 2030.
- Capital Allocation and R&D StrategyManagement said the stronger balance sheet provides flexibility for value-accretive business development, potential M&A, accelerated innovative R&D, and potentially shareholder returns through buybacks when appropriate. The stated R&D approach emphasizes known science, speed and execution, disciplined capital allocation, and partnerships where they increase bandwidth and funding.
- Expanded Investor AccessTeva opened the opportunity for broader investor access through a direct ordinary-share listing on the New York Stock Exchange, which management said strengthens its position in the U.S. capital market.
TEVA Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 10, 2027 | 2026 (Q4) | 0.66- | 0.96 | ― | ― |
| Nov 03, 2026 | 2026 (Q3) | 0.720.86 | 0.78 | 10.26% (+0.08) | |
| Jul 29, 2026 | 2026 (Q2) | 0.050.02 | 0.66 | -96.97% (-0.64) | |
| Apr 29, 2026 | 2026 (Q1) | 0.470.53 | 0.52 | 1.92% (+0.01) | |
| Jan 28, 2026 | 2025 (Q4) | 0.640.96 | 0.71 | 35.21% (+0.25) | |
| Nov 05, 2025 | 2025 (Q3) | 0.690.78 | 0.69 | 13.04% (+0.09) | |
| Jul 30, 2025 | 2025 (Q2) | 0.620.66 | 0.61 | 8.20% (+0.05) | |
| May 07, 2025 | 2025 (Q1) | 0.460.52 | 0.48 | 8.33% (+0.04) | |
| Jan 29, 2025 | 2024 (Q4) | 0.710.71 | 1 | -29.00% (-0.29) | |
| Nov 06, 2024 | 2024 (Q3) | 0.660.69 | 0.6 | 15.00% (+0.09) |
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.
