Monitor the H2 ramp implied by maintained full-year EPS guidance ($1.91-$2.11) given Q1 non-GAAP EPS of $0.53 and Q2 of $0.02. The innovative brand growth trajectory (43% LC YoY) and raised brand outlook suggest underlying business momentum. Key catalysts: olanzapine LAI launch in Q4 2026, duvakitug Phase 3 updates, and the NYSE direct listing in September. The generics erosion (especially lenalidomide) remains a headwind to watch.
Price Chart
Executive Summary
Teva reported Q2 2026 revenue of $4.14B (-1% YoY) and non-GAAP EPS of $0.02, both below consensus ($0.05). The headline GAAP loss of $0.49/share was driven by a $726M Emalex acquisition charge ($724M IPR&D). However, key innovative brands (AUSTEDO, AJOVY, UZEDY) collectively grew 43% YoY in local currency to over $1B, and the company raised its 2026 revenue outlook for all three brands. Full-year non-GAAP EPS guidance of $1.91-$2.11 was maintained, implying a strong H2 ramp. A credit rating upgrade to investment-grade BBB- by Fitch and the planned ADS-to-direct-listing conversion add to the positive narrative.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $4,142M, down 1% YoY ($4,176M) and 3% in local currency
- GAAP loss per share $0.49 vs $0.24 EPS in Q2 2025; includes $726M Emalex-related expenses
- Non-GAAP diluted EPS $0.02 vs $0.66 a year ago, also impacted by ($0.61)/share from Emalex
- Key innovative brands (AUSTEDO $696M, AJOVY $244M, UZEDY $77M) grew 43% LC YoY; 2026 revenue outlook raised to ~$3.7B combined
- Full-year 2026 guidance maintained: revenue $16.5-$16.85B, non-GAAP EPS $1.91-$2.11, FCF $2.0-$2.4B
- Fitch upgraded corporate credit rating to investment grade BBB-
- ADS program replaced with direct listing of ordinary shares on NYSE, effective September 14, 2026
- Emalex acquisition closed (ecopipam NDA submitted); pipeline advancing: duvakitug, olanzapine LAI, TEV-408
- Operating cash flow $411M, free cash flow $622M; debt $16.6B, leverage 68%
- Legal settlements and loss contingencies of $230M in Q2, including $117M antitrust provision and $49M opioid update
Financial Impact
Q2 revenue $4.14B vs consensus $4.03B (beat implied); non-GAAP EPS $0.02 vs consensus $0.05 (miss). GAAP loss $0.49 vs $0.24 EPS last year. Full-year guidance maintained.
Risk Factors
- Generics revenue decline (U.S. segment -31% YoY for generics) due to lenalidomide competition may persist
- Emalex integration costs and IPR&D charges could pressure near-term margins
- Legal exposure: opioid settlements and antitrust litigation provisions remain elevated ($230M in Q2)
- Foreign exchange volatility ($85M positive impact in Q2, but swings can be unpredictable)
- High debt load ($16.6B) with 68% leverage and 27% of debt maturing short-term
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001171843-26-004974 |
| Document: f8k_072926.htm | 0001171843-26-004974 |
| Document: 0001171843-26-004974-index-headers.html | 0001171843-26-004974 |
| Document: 0001171843-26-004974-index.html | 0001171843-26-004974 |
| Document: 0001171843-26-004974.txt | 0001171843-26-004974 |
| 8-K Data (Synthetic) | 0001171843-26-004974 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | Press Release | $36.35 $39.19 | ▲ +7.81% | ▲ +8.31% | $39.69 (+9.19%) |
Sep 8, 2026 24d ago | 424B5 | $36.76 $39.25 | ▲ +6.77% | ▲ +7.89% | $39.69 (+7.97%) |
Sep 2, 2026 4w ago | Court Ruling | $37.49 $36.35 | ▼ −3.04% | ▼ −2.08% | $39.69 (+5.87%) |
Aug 28, 2026 5w ago | Press Release | $36.44 $36.36 | ▼ −0.22% | ▼ −0.33% | $39.69 (+8.92%) |
Aug 25, 2026 5w ago | Court Ruling | $38.10 $36.20 | ▼ −4.99% | ▼ −4.46% | $39.69 (+4.17%) |
Aug 25, 2026 5w ago | Insider Cluster | $38.10 $36.20 | ▼ −4.99% | ▼ −4.46% | $39.69 (+4.17%) |
Aug 10, 2026 7w ago | Insider Cluster | $36.14 $36.46 | ▲ +0.89% | ▲ +0.93% | $39.69 (+9.82%) |
Aug 5, 2026 8w ago | Insider Cluster | $34.81 $36.45 | ▲ +4.70% | ▲ +3.49% | $39.69 (+14.02%) |
Jul 31, 2026 9w ago | Court Ruling | $35.01 $35.36 | ▲ +1.00% | ▼ −2.51% | $39.69 (+13.37%) |
Jul 29, 2026 9w ago | 8-K | $34.71 $34.72 | ▲ +0.03% | ▼ −5.50% | $39.69 (+14.35%) |
US Market Status
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