# Teva Pharmaceutical Industries Limited (TEVA)

> Source: Nexqual · https://nexqual.com/TEVA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Teva Pharmaceutical Industries Limited (TEVA), nexqual.com/TEVA" · informational, not investment advice.

**Price:** USD 40.21 (-1.01% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 40.62 · day 39.59–40.45 · 52w 18.85–42.02 · market cap $46.9B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $14.1B, net income $706M (5.0% margin), free cash flow $1.35B (SEC filings).
- Valuation: P/E 66.4x (avg 25.7x at the last 1 fiscal year-ends).
- Earnings quality: non-operating income -$897M vs operating income $1.60B over the last four quarters; P/E excluding non-operating income ≈29.5x (estimate: non-operating income taxed at the company's 1.7% effective rate).
- Insider open-market sales, last ~7 months: 18 Form 4 filings, $35.9M; 10 not under a Rule 10b5-1 plan ($22.6M); 4 by opportunistic insiders (2 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.77 on a 1–5 scale) (13 analysts), mean target USD 47.58 (range 42–55).
- Total return with dividends: 1Y +111.4% vs S&P 500 +14.9%; 5Y +296.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.73, revenue estimate $4.24B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $15.9B | $14.9B | $15.8B | $16.5B | $17.3B | $14.1B |
| Gross profit | $7.59B | $6.97B | $7.64B | $8.06B | $8.94B | — |
| Operating income | $1.72B | -$2.20B | $433M | -$303M | $2.16B | $1.60B |
| Net income | $417M | -$2.45B | -$559M | -$1.64B | $1.41B | $706M |
| EPS (diluted) | $0.38 | -$2.20 | -$0.50 | -$1.45 | $1.21 | — |
| Free cash flow | $236M | $1.04B | $842M | $749M | $1.15B | $1.35B |
| Gross margin | 47.8% | 46.7% | 48.2% | 48.7% | 51.8% | — |
| Operating margin | 10.8% | -14.7% | 2.7% | -1.8% | 12.5% | 11.4% |
| Net margin | 2.6% | -16.4% | -3.5% | -9.9% | 8.2% | 5.0% |
| Revenue growth | -4.7% | -6.0% | +6.2% | +4.4% | +4.3% | — |
| Cash + short-term investments | $2.17B | $2.80B | $3.23B | $3.30B | $3.56B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 66.4x · P/E ex non-operating (est.) ≈29.5x · P/S 3.3x · P/FCF 34.8x · P/B 6.0x · FCF yield 2.87% · Earnings yield 1.51%
P/E at fiscal year-ends: Dec 2025 25.7x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
8 of 18 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-18 | Savage Brian | Interim Chief Legal Officer | 7,342 | $285K | 46.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Mignone Roberto | Director | 367,600 | $14.4M | 75.4% | No | Too little history (no open-market trades in 2023) |
| 2026-08-21 | Weiss Amir | Chief Accounting Officer | 9,445 | $355K | 41.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-21 | Satchi-Fainaro Ronit | Director | 415 | $15K | 0.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-17 | Lippman Evan | EVP, Business Development | 18,600 | $680K | 42.1% | Yes (adopted May 16, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-05 | Zaks Tal Zvi | Director | 17 | $1K | 0% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Jover Placid | See "Remarks" | 12,827 | $447K | 65.4% | Yes (adopted November 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-03 | Hughes Eric A | See "Remarks" | 25,578 | $892K | 15.9% | Yes (adopted November 10, 2025) | Routine (sold in Aug each year 2023–2025) |
| 2026-06-18 | Shields Matthew | EVP, Global Operations | 9,989 | $322K | 100% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-11 | Kalif Eliyahu Sharon | EVP, Chief Financial Officer | 106,563 | $3.6M | 61.9% | Yes (adopted November 26, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-05 | Francis Richard D | President and CEO | 6,153 | $211K | 0.5% | Yes (adopted November 14, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-03 | Shields Matthew | EVP, Global Operations | 16,195 | $532K | 61.9% | Yes (adopted November 10, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-14 | Lippman Evan | EVP, Business Development | 41,658 | $1.5M | 48.5% | Yes (adopted November 10, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Kalif Eliyahu Sharon | EVP, Chief Financial Officer | 153,251 | $5.5M | 47.1% | Yes (adopted November 26, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-06 | Weiss Amir | Chief Accounting Officer | 10,679 | $384K | 34.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-05 | Daniell Richard | EVP, Europe Commercial | 30,000 | $1.1M | 35% | No | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-05-01 | Sabag Mark | See "Remarks" | 144,180 | $5.0M | 64.1% | No | Too little history (no open-market trades in 2023) |
| 2026-04-30 | Fox Christine | EVP, U.S. Commercial | 21,258 | $751K | 25% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.77 on a 1–5 scale), 13 analysts; mean target USD 47.58 (low 42, high 55).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Barclays | Target raised | Overweight | $42 → $47 |
| 2026-10-12 | JP Morgan | Target raised | Overweight | $40 → $50 |
| 2026-10-01 | TD Cowen | Initiated | Buy | $55 |
| 2026-09-23 | Oppenheimer | Initiated | Outperform | $50 |
| 2026-09-09 | Leerink Partners | Initiated | Outperform | $45 |
| 2026-09-04 | UBS | Target raised | Buy | $42 → $48 |
| 2026-08-12 | Barclays | Target raised | Overweight | $40 → $42 |
| 2026-07-28 | Piper Sandler | Target raised | Overweight | $42 → $44 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +111.4% | +296.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +112.0% | +31.7% |
| Volatility (annualized) | 37.9% | 43.6% |
| Max drawdown | -21.8% (Feb 2026→Mar 2026) | -40.9% (Dec 2024→Apr 2025) |

## Peers (Drug Manufacturers - Specialty & Generic)
HLN (Haleon plc) USD 10.37 +3.49% · TAK (Takeda Pharmaceutical Company L) USD 20.36 +2.16% · ZTS (Zoetis Inc.) USD 82 +2.99% · UTHR (United Therapeutics Corporation) USD 584.79 +3.78% · VTRS (Viatris Inc.) USD 18.48 +0.16% · NBIX (Neurocrine Biosciences, Inc.) USD 143.29 +1.40%

## More
Full page: https://nexqual.com/TEVA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TEVA's own 10-K filed 2026-02-03 (https://www.sec.gov/Archives/edgar/data/818686/000119312526034532/d93612d10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Royalty Pharma plc (RPRX) | "In line with our Pivot to Growth strategy, and our focus on internal growth that leverages our R&D capabilities, we have entered into, and expect to pursue, in-licensing, acquisition, collaboration, funding and other str…" |
| Partner | TAKEDA PHARMACEUTICAL CO LTD (TAK) | "In December 2016, Teva entered into a license agreement with a subsidiary of Takeda Pharmaceutical Company Ltd. ("Takeda"), for the research, development, manufacture and commercialization of ATTENUKINE" |
| Partner | MODAG | "In line with our Pivot to Growth strategy, and our focus on internal growth that leverages our R&D capabilities, we have entered into, and expect to pursue, in-licensing, acquisition, collaboration, funding and other str…" |
| Partner | Biolojic Design | "In line with our Pivot to Growth strategy, and our focus on internal growth that leverages our R&D capabilities, we have entered into, and expect to pursue, in-licensing, acquisition, collaboration, funding and other str…" |
| Partner | Samsung Electronics | "On January 10, 2025, we announced that we entered into a strategic partnership with Samsung Bioepis for the commercialization of EPYSQLI® (eculizumab), Samsung Bioepis's biosimilar to Soliris® (eculizumab-aagh) in the U.…" |

Other companies that name TEVA in their own reports (relationship from TEVA's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | TAKEDA PHARMACEUTICAL CO LTD (TAK) | 20-F 2026-06-17 | "•During the fiscal year ended March 31, 2025, Takeda decided to enter into discussions with Teva Pharmaceutical Industries Ltd. to dissolve a joint venture business in Japan primarily focused on gener…" |
| partner | Intercure Ltd. (INCR) | 20-F 2026-04-30 | "September 2019, we entered into a distribution agreement with SLE, a subsidiary of Teva Group Pharmaceutical Industries Ltd. (NYSE: TEVA)" |
| partner | Alto Neuroscience, Inc. (ANRO) | 10-K 2026-03-16 | "Effective October 4, 2021, the Company entered into an agreement with Teva Pharmaceutical Industries, Ltd to acquire patents, know-how and other rights to ALTO-203 and a specified related compound (th…" |
| partner | Sagimet Biosciences Inc. (SGMT) | 10-K 2026-03-11 | "In December 2025, we entered into a license agreement with Assia Chemical Industries Ltd., doing business as TAPI Technology & API Services (TAPI), a subsidiary of Teva Pharmaceutical Industries Ltd. …" |
| customer | Axsome Therapeutics, Inc. (AXSM) | 10-K 2026-02-23 | "Provigil and Nuvigil, which are manufactured by Teva." |
| customer | HALOZYME THERAPEUTICS, INC. (HALO) | 10-K 2026-02-17 | "Teva License, Development and Supply Agreements" |
| partner | Royalty Pharma plc (RPRX) | 10-K 2026-02-11 | "(2)We entered into a funding agreement with Teva Pharmaceuticals for TEV-'408 in January 2026." |
| partner | CEL SCI CORP (CVM) | 10-K 2025-12-29 | "In August 2008, CEL-SCI signed an agreement with Teva Pharmaceutical Industries Ltd., or Teva, that gives Teva the exclusive right and license to market, distribute and sell Multikine, if approved, in…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| United States | $1.70B | 41.1% | -4.7% | -$76.0M | -4.5% |
| Europe | $1.26B | 30.5% | -2.7% | $367.0M | 29.1% |
| Other Activities | $627.0M | 15.1% | +5.0% | — | — |
| International Markets | $550.0M | 13.3% | +11.1% | $99.0M | 18.0% |
| Total revenue | $4.14B | 100% | — | -$231.0M | -5.6% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Austedo | $676.0M | 16.3% | +36.6% |
| — Product (part of Austedo) | $527.0M | 12.7% | +12.4% |
| — Other Products (part of Austedo) | $84.0M | 2.0% | -24.3% |
| — Respiratory Product (part of Austedo) | $58.0M | 1.4% | +5.5% |
| — License (part of Austedo) | $7.0M | 0.2% | -22.2% |
| Generics Medicians Including Otc & Biosimilars | $660.0M | 15.9% | -31.3% |
| Ajovy | $116.0M | 2.8% | +84.1% |
| Uzedy | $77.0M | 1.9% | +42.6% |
| COPAXONE | $61.0M | 1.5% | -1.6% |
| Bendeka & Treanda | $28.0M | 0.7% | -30.0% |
| Distribution Service | $20.0M | 0.5% | +66.7% |
| Total revenue | $4.14B | 100% | — |
The lines above cover 39.5% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.70B | 41.1% | -4.7% |
| Europe | $1.26B | 30.5% | -2.7% |
| Total revenue | $4.14B | 100% | — |
The lines above cover 71.6% of total revenue.

## Company outlook (8-K filed 2026-07-29)

- "Outlook for All Three Key Innovative Brands, Reflecting Continued Execution of Its Pivot to Growth Strategy Q2 2026 revenues of $4.1 billion decreased by 1% in U.S. dollars year-over-year (YoY) and by 3% in local currency (LC) terms, mainly due to lower generics revenues."
- "Our key innovative brands collectively grew 43% YoY in LC, to over $1 billion in revenues, and we raised our 2026 outlook for all three, highlighting Teva's continued execution of its Pivot to Growth strategy."
- "UZEDY continues to be the fastest growing LAI amongst atypical LAI's for schizophrenia, creating a strong foundation for Teva's schizophrenia franchise. 1 Teva is raising its 2026 revenue outlook for each of these key innovative brands, and now expects combined 2026 revenue of ~$3.7 billion reflecting a ~17% YoY growth at the mid-point."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.73 | $0.00 | — | $4.24B | 10 |
| Next quarter (ends 2026-12-31) | $0.75 | $0.00 | — | $4.22B | 10 |
| Current fiscal year (ends 2026-12-31) | $2.11 | $0.00 | — | $16.66B | 13 |
| Next fiscal year (ends 2027-12-31) | $3.09 | $0.00 | — | $17.23B | 13 |