Earnings Release • Jul 30, 2025
Earnings Release
Open in ViewerOpens in native device viewer
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 30, 2025
(Exact name of registrant as specified in its charter)
Israel 001-16174 00-0000000 (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.)
124 Dvora Hanevi'a Street Tel Aviv 6944020, Israel (Address of Principal Executive Offices, including Zip Code)
+972-3-914-8213
(Registrant's Telephone Number, including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
| Securities registered pursuant to Section 12(b) of the Act: | ||||
|---|---|---|---|---|
| Title of each class | Trading Symbol(s) |
Name of each exchange on which registered | ||
| American Depositary Shares, each representing one Ordinary Share |
TEVA | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On July 30, 2025, Teva Pharmaceutical Industries Ltd. issued a press release announcing its financial results for the period ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and the information contained therein is incorporated herein by reference.
The information included in this Item 2.02 is being furnished to the Securities and Exchange Commission and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
(d) Exhibits
Exhibit No. Description of Document 99.1 Teva Reports 2025 Second Quarter Financial Results
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 30, 2025 By:/s/ Eli Kalif
Name:Eli Kalif Title: Executive Vice President, Chief Financial Officer
•
•
•
December 31, 2024, Teva classified its API business (including its R&D, manufacturing and commercial activities) as held for sale.
Revenues in the second quarter of 2025 were \$4,176 million, flat in U.S. dollars, or a decrease of 1% in local currency terms compared to the second quarter of 2024. This decrease was mainly due to a decrease from generic products in our International Markets seqment associated with the divestment of our business venture in Japan, as well as in our U.S. segment, and a decrease in revenues from COPAXONE®, partially offset by an increase in revenues from our key innovative products. Exchange rate movements during the second quarter of 2025, net of hedging effects, positively impacted revenues by \$49 million, compared to the second quarter of 2024.
Exchange rate movements during the second quarter of 2025, net of hedging effects, had a negligible impact on our operating income and non-GAAP operatinq income compared to the second quarter of 2024.
Gross profit in the second quarter of 2025 was \$2,102 million, an increase of 4% compared to \$2,024 million in the second quarter of 2024. Gross profit margin was 50.3% in the second quarter of 2025, compared to 48.6% in the second quarter of 2024. Non-GAAP gross profit was \$2,278 million in the second quarter of 2025, an increase of 3% compared to \$2,205 million in the second quarter of 2024. Non-GAAP gross profit marqin was 54.6% in the second quarter of 2025, compared to 52.9% in the second quarter of 2024. The increase in both qross profit marqin and non-GAAP gross profit marqin was mainly due to a favorable mix of products, primarily driven by higher revenues from AUSTEDO, the sale of certain product rights in our Europe Segment, and the divestment of our business venture in Japan, partially offset by lower revenues from COPAXONE.
Research and Development (R&D) expenses, net in the second quarter of 2025 were \$244 million, a decrease of 9% compared to \$269 million in the second quarter of 2024. Our lower R&D expenses, net in the second quarter of 2025 compared to the second quarter of 2024, were mainly due to a decrease in non-recurring milestone payments related to certain biosimilar projects, and a decrease in our generics projects.
Selling and Marketing (S&M) expenses in the second quarter of 2025 were \$654 million, flat compared to the second quarter of 2024.
General and Administrative (G&A) expenses in the second quarter of 2025 were \$305 million, an increase of 8% compared to the second quarter of 2024. This increase was mainly due to costs related to optimization activities of our global organization and operations in connection with Teva's Transformation programs.
Operating Income in the second quarter of 2025 was \$455 million, compared to an operating loss of \$5 million in the second quarter of 2024. Operating income as a percentage of revenues was 10.9% in the second quarter of 2025, compared to an operating loss as a percentage of revenues of 0.1% in the second quarter of 2024. This increase was mainly due to a goodwill impairment charge recorded in the second quarter of 2024, as well as higher gross profit in the second quarter of 2025, partially offset by higher legal settlements and loss contingencies in the second quarter of 2025. Non-GAAP operating income in the second quarter of 2025 was \$1,133 million representing a non-GAAP operating marqin of 27.1% compared to non-GAAP operatinq income of \$1,056 million representing a non-GAAP operating marqin of 25.3% in the second quarter of 2024. The increase in non-GAAP operating marqin in the
The following table presents revenues, expenses and profit for our United States segment for the three months ended June 30, 2025 and 2024:
| Three months ended June 30 | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| (U.S. \$ in millions / % of Seqment Revenues) | |||||||
| Revenues \$ | 2.151 | 100% S | 2,110 | 100% | |||
| Cost of sales | 901 | 41.9% | 943 | 44.7% | |||
| Gross profit | 1.250 | 58.1% | 1,167 | 55.3% | |||
| R&D expenses | 152 | 7.0% | 170 | 8.1% | |||
| S&M expenses | 279 | 13.0% | 270 | 12.8% | |||
| G&A expenses | 113 | 5.2% | 100 | 4.7% | |||
| Other | ന | ഗ | (1) | S | |||
| Seqment profit* \$ | 706 | 32.8% 5 | 629 | 29.8% |
* Segment profit does not include amortization and certain other items.
§ Represents an amount less than \$0.5 million or 0.5%, as applicable.
Revenues from our United States segment in the second quarter of 2025 were \$2,151 million, an increase of \$41 million, or 2%, compared to the second quarter of 2024. This increase was mainly due to higher revenues from our innovative products, mainly AUSTEDO, UZEDY and AJOVY, partially offset by lower revenues from generic products and COPAXONE.
The following table presents revenues for our United States segment by major products and activities for the three months ended June 30, 2025 and 2024:
| Three months ended June 30, |
Percentage Change |
||||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025-2024 | |||
| (U.S. \$ in millions) | |||||
| Generic products (including | 961 | ട് | |||
| biosimilars) \$ | 1,023 | (6%) | |||
| AJOVY | 63 | 42 | 53% | ||
| AUSTEDO | 495 | 407 | 22% | ||
| BENDEKA® and TREANDA® | 40 | 41 | (3%) | ||
| COPAXONE | 62 | 81 | (23%) | ||
| UZEDY | 54 | 24 | 120% | ||
| Anda | 365 | 373 | (2%) | ||
| Other | 111 | 119 | (7%) | ||
| Total | 후 | 2,151 | 후 | 2,110 | 2% |
Generic products (including biosimilars) revenues in our United States segment in the second quarter of 2025 were \$961 million, a decrease of 6% compared to the second quarter of 2024. This decrease was mainly driven by lower revenues from lenalidomide capsules (the generic version of Revlimid®) and liraglutide injection 1.8mg (an authorized generic of Victoza®), driven primarily by increased competition, partially offset by higher revenues from our portfolio of biosimilar products.
Among the most significant generic products we sold in the United States in the second quarter of 2025 were lenalidomide capsules (the generic version of Revlimid®), epinephrine injectable solution (the qeneric equivalent of EpiPen® and EpiPen Jr®) and Truxima® (the biosimilar to Rituxan®). In the second quarter of 2025, our total prescriptions were approximately 266 million (based on trailing twelve months), representing 6.9% of total U.S. generic prescriptions, compared to approximately 303 million (based on trailing twelve months), representing 7.9% of total U.S. generic prescriptions in the second quarter of 2024, all according to IQVIA data.
On April 7 2025, Teva and Samsung Bioepis Co., Ltd. announced the availability of, and subsequently launched, EPYSQL® (eculizumab-aagh), a biosimilar to Soliris® (eculizumab) in the U.S., for the treatment of paroxysmal nocturnal hemoqlobinuria (PNH), atypical hemolytic uremic syndrome (aHUS) and generalized myasthenia gravis (gMG) in adult patients who are anti-acetylcholine receptor (AchR) antibody positive.
AJOVY revenues in our United States segment in the second quarter of 2025 were \$63 million, an increase of 53% compared to the second quarter of 2024, mainly due to an increase in sales allowance due to a non-recurring item in the second quarter of 2024 and growth in volume in the second quarter of 2025. In the second quarter of 2025, AJOVY's exit market share in the United States in terms of total number of prescriptions was 31.0% of the subcutaneous injectable anti- CGRP class, compared to 28.6% in the second quarter of 2024.
AUSTEDO revenues in our United States segment in the second quarter of 2025 were \$495 million, an increase of 22%, compared to \$407 million in the second quarter of 2024. This increase was mainly due to growth in volumes, including the approval of AUSTEDO XR as a one pill, once-daily treatment in 2024.
AUSTEDO XR (deutetrabenazine) extended-release tablets were approved by the FDA on February 17, 2023 in three doses of 6, 12 and 24 mg, and became commercially available in the U.S. in May 2023. The FDA approved AUSTEDO XR as a one pill, once-daily treatment option in doses of 30, 36, 42, and 48 mg in May 2024 and in 18 mq in July 2024. AUSTEDO XR is a once-daily formulation indicated in adults for tardive dyskinesia and chorea associated with Huntington's disease, which is additional to the currently marketed twice-daily AUSTEDO. AUSTEDO XR is protected by 11 Oranqe Book patents expiring between 2031 and 2041.
On January 17, 2025, the Centers for Medicaid Services ("CMS") released a list of prescription medicines selected for price-setting discussions, which included AUSTEDO and AUSTEDO XR. The price-setting process has commenced, and the revised prices set by the U.S. Government, which will apply to eligible Medicare patients, are expected to become effective on January 1, 2027. As the price-setting process is still in its early stages, the extent to which prices for AUSTEDO and AUSTEDO XR will change as a result of such discussions remains uncertain.
UZEDY (risperidone) extended-release injectable suspension revenues in our United States segment in the second quarter of 2025 were \$54 million, an increase of 120% compared to the second quarter of 2024, mainly due to growth in volume.
BENDEKA and TREANDA combined revenues in our United States segment in the second quarter of 2025 were \$40 million, a decrease of 3% compared to the second quarter of 2024, mainly due to competition from alternative therapies, as well as from generic bendamustine products.
COPAXONE revenues in our United States segment in the second quarter of 2025 were \$62 million, a decrease of 23% compared to the second quarter of 2024, mainly due to market share erosion and competition.
Anda revenues from third-party products in our United States segment in the second quarter of 2025 were \$365 million, a decrease of 2%, compared to \$373 million in the second quarter of 2024. This decrease was mainly due to lower volumes. Anda, our distribution business in the United States, distributes generic and innovative medicines and OTC pharmaceutical products from Teva and various third-party manufacturers to independent retail pharmacy retail chains, hospitals and physician offices in the United States.
Gross profit from our United States segment in the second quarter of 2025 was \$1,250 million, an increase of 7%, compared to \$1,167 million in the second quarter of 2024.
Gross profit margin for our United States segment in the second quarter of 2025 increased to 58.1%, compared to 55.3% in the second quarter of 2024. This increase was mainly due to a favorable mix of products primarily driven by higher revenues from AUSTEDO.
Profit from our United States segment consists of revenues less cost of sales, R&D expenses, S&M expenses, G&A expenses and other expenses (income) related to this segment. Segment profit does not include amortization and certain other items.
Profit from our United States segment in the second quarter of 2025 was \$706 million, an increase of 12% compared to \$629 million in the second quarter of 2024. This increase was mainly due to higher gross profit, as discussed above.
Our Europe segment includes the European Union, the United Kinqdom and certain other European countries.
The following table presents revenues, expenses and profit for our Europe seqment for the three months ended June 30, 2025 and 2024:
| Three months ended June 30, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| (U.S. \$ in millions / % of Segment Revenues) | ||||||
| Revenues S | 1,298 | 100% Ş | 1.213 | 100% | ||
| Cost of sales | 581 | 44.8% | 536 | 44.2% | ||
| Gross profit | 717 | 55.2% | 677 | 55.8% | ||
| R&D expenses | ਦੇ ਰੋ | 4.6% | 62 | 5.1% | ||
| S&M expenses | 228 | 17.5% | 209 | 17.2% | ||
| G&A expenses | ୧୧ | 5.1% | 64 | 5.3% | ||
| Other | ട് | ನ | ||||
| Segment profit* \$ | 364 | 28.0% \$ | 342 | 28.2% |
* Seqment profit does not include amortization and certain other items.
§ Represents an amount less than \$0.5 million or 0.5%, as applicable.
Revenues from our Europe segment in the second quarter of 2025 were \$1,298 million, an increase of 7%, or \$85 million, compared to the second quarter of 2024. In local currency terms, revenues increased by 3% compared to the second quarter of 2024, mainly due to the sale of certain product rights, higher revenues from AJOVY and higher revenues from generic products.
In the second quarter of 2025, revenues were positively impacted by exchange rate fluctuations of \$46 million, net of hedqing effects, compared to the second quarter of 2024. Revenues in the second quarter of 2025, included \$25 million from a negative hedging impact, which is included in "Other" in the table below. Revenues in the second quarter of 2024 included \$3 million from a positive hedging impact, which is included in "Other" in the table below.
The following table presents revenues for our Europe segment by major products and activities for the three months ended June 30, 2025 and 2024:
| Three months ended June 30, |
Percentag Change |
|||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025-2024 | ||||
| (U.S. \$ in millions) | ||||||
| Generic products (including OTC and | ||||||
| biosimilars) \$ | ഗ | 970 | 7% | |||
| AJOVY | 71 | 52 | 38% | |||
| COPAXONE | 50 | 53 | (6%) | |||
| Respiratory products | 55 | 57 | (3%) | |||
| Other* | 81 | 81 | 1% | |||
| Total ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… | 후 | 1,298 | Ş | 7% | ||
*Other revenues in the second quarter of 2025 include the sale of certain product rights.
Generic products revenues (including OTC and biosimilar products) in our Europe seqment in the second quarter of 2025, were \$1,040 million, an increase of 7% compared to the second quarter of 2024. In local currency terms, revenues increased by 1%, mainly due to OTC price increases, as well as revenues from recently launched products, partially offset by lower volumes.
AJOVY revenues in our Europe segment in the second quarter of 2025 increased by 38% to \$71 million, compared to \$52 million in the second quarter of 2024. In local currency terms, revenues increased by 30% due to growth in volume.
COPAXONE revenues in our Europe segment in the second quarter of 2025 were \$50 million, a decrease of 6% compared to the second quarter of 2024. In local currency terms revenues decreased by 11%, due to price reductions and a decline in volume resulting from the availability of alternative therapies and competing glatiramer acetate products.
Respiratory products revenues in our Europe segment in the second quarter of 2025 were \$55 million, a decrease of 3% compared to the second quarter of 2024. In local currency terms, revenues decreased by 8%, mainly due to net price reductions and lower volumes.
Gross profit from our Europe segment in the second quarter of 2025 was \$717 million, an increase of 6% compared to \$677 million in the second quarter of 2024.
Gross profit margin for our Europe segment in the second quarter of 2025 decreased to 55.2%, compared to 55.8% in the second quarter of 2024. This decrease was mainly due to a negative impact from hedging activities, and an unfavorable mix of products, partially offset by the sale of certain product rights.
Profit from our Europe seqment consists of revenues less cost of sales, R&D expenses, G&A expenses and other expenses (income) related to this segment profit does not include amortization and certain other items.
Profit from our Europe segment in the second quarter of 2025 was \$364 million, an increase of 6%, compared to \$342 million in the second quarter of 2024. This increase was mainly due to higher gross profit, partially offset by higher S&M expenses.
Our International Markets segment includes all countries in which we operate other than the United States and the countries included in our Europe seqment. The International Markets seqment covers a substantial portion of the global pharmaceutical industry, including more than 35 countries.
The countries in our International Markets segment include highly regulated, mainly generic markets, such as Canada and Israel, and branded generics-oriented markets, such as Russia and certain Latin America markets.
As previously disclosed, on March 31, 2025, we closed the agreement with JKI Co. Ltd., established by the fund managed and operated by private equity firm J-Will Partners Co. Ltd., to sell our Teva-Takeda business venture in Japan, which includes generic and legacy products.
| Three months ended June 30 | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| (U.S. S in millions / % of Segment Revenues) | |||||||
| Revenues S | 495 | 100% 5 | ਦੇ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੋਂ ਤੇ ਕਿ ਉੱਤੇ ਸਾਰ ਦੇ ਕੇ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿ | 100% | |||
| Cost of sales | 251 | 50.8% | 307 | 51.7% | |||
| Gross profit | 243 | 49.2% | 286 | 48.3% | |||
| R&D expenses | 24 | 4.9% | 30 | 5.1% | |||
| S&M expenses | 114 | 23.0% | 145 | 24.5% | |||
| G&A expenses | 32 | 6.6% | 38 | 6.4% | |||
| Other | (1) | S | ട് | S | |||
| Segment profit* \$ | 74 | 14.9% \$ | 73 | 12.3% |
The following table presents revenues, expenses and profit for our International Markets segment for the three months ended June 30, 2025 and 2024:
* Segment profit does not include amortization and certain other items.
Revenues from our International Markets segment in the second quarter of 2025 were \$495 million, a decrease of 17% compared to the second quarter of 2024. In local currency terms, revenues decreased by 16% compared to the second quarter of 2024. This decrease was mainly due to the divestment of our business venture in Japan.
In the second quarter of 2025, revenues were neqatively impacted by exchange rate fluctuations of \$2 million, including hedging effects, compared to the second quarter of 2024. Revenues in the second quarter of 2025 included \$8 million from a negative hedging impact, compared to a negative hedging impact of \$5 million in the second quarter of 2024, which are included in "Other" in the table below.
The following table presents revenues for our International Markets segment by major products and activities for the three months ended June 30, 2025 and 2024:
| Three months ended June 30, |
Percentage Change |
||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025-2024 | |||||
| (U.S. \$ in millions) | |||||||
| Generic products (including OTC and | |||||||
| biosimilars) | 410 | ટે | 486 | (16%) | |||
| AJOVY | 20 | 22 | (7%) | ||||
| AUSTEDO | 3 | 12 | (76%) | ||||
| COPAXONE | 7 | 14 | (50%) | ||||
| Other | 55 | ਦੇ ਰੋ | (6%) | ||||
| Total | 495 | 593 | (17%) |
Generic products revenues (including OTC and biosimilar products) in our International Markets segment were \$410 million in the second quarter of 2025, a decrease of 16%, in both U.S. dollars and local currency terms compared to the second quarter of 2024, mainly due to the divestment of our business venture in Japan.
AJOVY was launched in certain markets in our International Markets segment, including in Canada, Japan, Australia, Israel, South Korea, Brazil and others. AJOVY revenues in our International Markets segment in the second quarter of 2025 were \$20 million, compared to \$22 million in the second quarter of 2024, mainly due to timing of shipments.
AUSTEDO was launched in China and Israel in 2021 and in Brazil in 2022, for the treatment of chorea associated with Huntington's disease and for the treatment of tardive dyskinesia. In February 2024, we announced a strategic partnership for the marketing and distribution of AUSTEDO in China. In April 2025, AUSTEDO received marketing authorization in South Korea. We continue to pursue additional submissions in various other markets.
AUSTEDO revenues in our International Markets segment in the second quarter of 2025 were \$3 million compared to \$12 million in the second quarter of 2024. In local currency terms, revenues decreased by 75%, mainly due to timing of shipments.
COPAXONE revenues in our International Markets segment in the second quarter of 2025 were \$7 million compared to \$14 million in the second quarter of 2024.
Gross profit from our International Markets segment in the second quarter of 2025 was \$243 million, a decrease of 15% compared to \$286 million in the second quarter of 2024.
Gross profit margin for our International Markets segment in the second quarter of 2025 increased to 49.2%, compared to 48.3% in the second quarter of 2024. This increase was primarily due to a favorable mix of products, mainly in connection with the divestment of our business venture in Japan.
Profit of our International Markets segment consists of revenues less cost of sales, R&D expenses, S&M expenses, G&A expenses and other expenses (income) related to this segment. Segment profit does not include amortization and certain other items.
Profit from our International Markets segment in the second quarter of 2025 was \$74 million, an increase of 1%, compared to \$73 million in the second quarter of 2024. This increase was mainly due to lower operating expenses, partially offset by a decrease in gross profit, mainly as a result of the divestment of our business venture in Japan.
We have other sources of revenues, primarily the sale of APIs to third parties, certain contract manufacturing services and an out-licensing platform offering a portfolio of products to other pharmaceutical companies through our affiliate Medis. Our other activities are not included in our United States, Europe or International Markets segments described above.
On January 31, 2024, we announced that we intend to divest our API business (including its R&D, manufacturing and commercial activities) through a sale. The intention to divest is in alignment with our Pivot to Growth strategy. However, there can be no assurance regarding the ultimate timing or structure of a potential divestiture or that a divestiture will be agreed or completed at all.
Revenues from other activities in the second quarter of 2025 were \$232 million, a decrease of 7% in U.S. dollars compared to the second quarter of 2024. In local currency terms, revenues decreased by 9%.
API sales to third parties in the second quarter of 2025 were \$135 million, reflecting a decrease of 11% in both U.S. dollars and local currency terms, compared to the second quarter of 2024, mainly due to lower demand and timing of shipments.
| \$ billions, except EPS or as noted |
January 2025 Outlook |
May 2025 Outlook | July 2025 Outlook | |
|---|---|---|---|---|
| Revenues* | \$16.8 - \$17.4 | \$16.8 - \$17.2 | \$16.8 - \$17.2 | |
| AUSTEDO (\$m)* | 1,900-2,050 | 1,950-2,050 | 2,000-2,050 | |
| AJOVY (Sm)* | ~600 | ~600 | 630-640 | |
| UZEDY (Şm)* | ~160 | ~160 | 190-200 | |
| COPAXONE (Sm)* | ~370 | ~370 | ~370 | |
| Operating Income | 4.1 - 4.6 | 4.3 - 4.6 | 4.3 - 4.6 | |
| Adjusted EBITDA | 4.5 - 5.0 | 4.7 - 5.0 | 4.7 - 5.0 | |
| Tax Rate | 15%-18% | 15%-18% | 15%-18% | |
| Finance Expenses | ~0.9 | ~0.9 | ~0.9 | |
| Diluted EPS (\$) | 2.35 - 2.65 | 2.45 - 2.65 | 2.50 - 2.65 | |
| Free Cash Flow** | 1.6 - 1.9 | 1.6 - 1.9 | 1.6 – 1.9 | |
| CAPEX* | ~0.5 | ~0.5 | ~0.5 | |
| Volatilo cuinar in EV can noastiuniu immact |
Foreign Exchange
Volatile swings in FX can negatively impact revenue and income
* Revenues and CAPEX presented on a GAAP basis.
** Free Cash Flow includes cash flow generated from operating activities net of capital expenditures and deferred purchase price cash component collected for securitized trade receivables.
Teva will host a conference call and live webcast along with a slide presentation on Wednesday, July 30, 2025 at 8:00 a.m. ET to discuss its second quarter 2025 financial results and overall business environment. A question & answer session will follow.
In order to participate, please register in advance here to obtain a local or tollfree phone number and your personal pin.
A live webcast of the call will be available on Teva's website at: www.tevapharm.com
Following the conclusion of the call, a replay of the webcast will be available within 24 hours on Teva's website.
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a leading innovative biopharmaceutical company, enabled by a world-class generics business. For over 120 years, Teva's commitment to bettering health has never wavered. From innovating in the fields of neuroscience and immunology to providing complex generic medicines, biosimilars and pharmacy brands worldwide, Teva is dedicated to addressing patients' needs, now and in the future. At Teva, We Are All In For Better Health. To learn more about how, visit www.tevapharm.com.
Some amounts in this press release may not add up due to rounding. All percentages have been calculated using unrounded amounts.
This press release contains certain financial information that differs from what is reported under accounting principles generally accepted in the United States ("GAAP"). These non-GAAP financial measures, including, but not limited to, non-GAAP operating income, non-GAAP operating margin, non-GAAP gross profit, non-GAAP gross profit margin, Adjusted EBITDA, free cash flow, non-GAAP tax rate, non-GAAP net income (loss) attributable to Teva and non-GAAP diluted EPS, are presented in order to facilitate investors' understanding of our business. We utilize certain non-GAAP financial measures to evaluate performance, in conjunction with other performance metrics. The following are examples of how we utilize the non-GAAP measures: our management and board of directors use the non-GAAP measures to evaluate our operational performance, to compare against work plans and budgets, and ultimately to evaluate the performance of management; our annual budgets are prepared on a non-GAAP basis; and senior management's annual compensation is derived, in part, using these non-GAAP measures. See the attached tables for a reconciliation of the GAAP results to the adjusted non-GAAP measures. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. We are not providing forward looking guidance for GAAP reported financial measures or a quantitative reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP measure because we are unable to predict with reasonable certainty the ultimate outcome of certain significant items including, but not limited to, the amortization of purchased intangible assets, legal settlements and loss contingencies, impairment of long-lived assets and goodwill impairment, without unreasonable effort. These items are uncertain, depend on various factors, and could be material to our results computed in accordance with GAAP.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management's current beliefs and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. You can identify these forward-looking statements by the use of words such as "should," "expect," "anticipate," "target," "may," "project," "guidance," "intend," "plan," "believe" and other words and terms of similar meaning and expression with any discussion of future operating or financial performance. These forward-looking statements concerning our plans, strategies, objectives, future performance and financial and operating targets, and any other information information. Important factors that could cause or contribute to such differences include risks relating to:
· our ability to successfully compete in the marketplace, including; that we are substantially dependent on our generic products; concentration of our customer base and commercial alliances among our customers; competition faced by our generic medicines from other pharmaceutical companies and changes in regulatory policy that may result in additional costs and delays; delays in launches of new generic products; our ability to develop and commercialize additional pharmaceutical products; competition for our innovative medicines; our ability to achieve expected results from investments in our product pipeline; our ability to successfully execute our Pivot to Growth strategy, including to expand our innovative and biosimilar medicines pipeline and profitably commercialize the innovative medicines and biosimilar portfolio, whether organically or through business development, and to sustain and focus our portfolio of generics medicines, and to execute on our organizational transformation and to achieve expected cost savings; and the effectiveness of our patents and other measures to protect our intellectual property rights, including any potential challenges to our Orange Book patent listings in the U.S .;
(U.S. dollars in millions, except share and per share data) (Unaudited)
| Three months ended | Six months ended June 30, |
||||
|---|---|---|---|---|---|
| June 30, | |||||
| 2025 | 2024 | 2025 | 2024 | ||
| Net revenues | 4,176 | 4,164 | 8,067 | 7,983 | |
| Cost of sales | 2,074 | 2,140 | 4,088 | 4,188 | |
| Gross profit | 2,102 | 2,024 | 3,979 | 3,795 | |
| Research and development expenses | 244 | 269 | 490 | 511 | |
| Selling and marketing expenses | 654 | 656 | 1,276 | 1,265 | |
| General and administrative expenses | 305 | 283 | 603 | 561 | |
| Intangible assets impairments | 42 | 61 | 163 | 141 | |
| Goodwill impairment | - | 400 | - | 400 | |
| Other asset impairments, restructuring and other items | 232 | 280 | 210 | 954 | |
| Legal settlements and loss contingencies | 166 | 83 | 252 | 188 | |
| Other loss (income) | 4 | (2) | 9 | (1) | |
| Operating income (loss) | 455 | (5) | 975 | (223) | |
| Financial expenses, net | 252 | 241 | 477 | 491 | |
| Income (loss) before income taxes | 203 | (246) | 497 | (713) | |
| Income taxes (benefit) | (78) | 630 | (4) | 578 | |
| Share in (profits) losses of associated companies, net | (1) | (2) | (1) | 2 | |
| Net income (loss) | 283 | (874) | 503 | (1,294) | |
| Net income (loss) attributable to redeemable and non-redeemable non-controlling interests | § | (29) | 6 | (309) | |
| Net income (loss) attributable to Teva | 282 | (846) | 497 | (985) |
| Earnings (loss) per share attributable to Teva: | Basic (\$) | 0.25 | (0.75) | 0.43 | (0.87) |
|---|---|---|---|---|---|
| Diluted (\$) | 0.24 | (0.75) | 0.43 | (0.87) | |
| Weighted average number of shares (in millions): | Basic | 1,147 | 1,133 | 1,142 | 1,128 |
| Diluted | 1,161 | 1,133 | 1,159 | 1,128 | |
| Non-GAAP net income attributable to Teva for diluted earnings per share:* | 769 | 697 | 1,371 | 1,245 | |
| Non-GAAP earnings per share attributable to Teva:* | Diluted (\$) | 0.66 | 0.61 | 1.18 | 1.09 |
| Non-GAAP average number of shares (in millions): | Diluted | 1,161 | 1,151 | 1,159 | 1,146 |
Amounts may not add up due to rounding.
§ Represents an amount less than \$0.5 million.
* See reconciliation attached.
| June 30, 2025 |
December 31, 2024 |
|||
|---|---|---|---|---|
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | S | 2,161 | S | 3,300 |
| Accounts receivables, net of allowance for credit losses of \$84 million and \$78 | ||||
| million as of June 30, 2025 and December 31, 2024, respectively. | 3,564 | 3,059 | ||
| Inventories | 3,497 | 3,007 | ||
| Prepaid expenses | 1,084 | 1,006 | ||
| Other current assets. | 472 | 409 | ||
| Assets held for sale | 1,842 | 1,771 | ||
| Total current assets | 12,620 | 12,552 | ||
| Deferred income taxes | 1,781 | 1,799 | ||
| Other non-current assets | 470 | 462 | ||
| Property, plant and equipment, net | 4,810 | 4,581 | ||
| Operating lease right-of-use assets, net | 358 | 367 | ||
| ldentifiable intangible assets, net | 4,142 | 4,418 | ||
| Goodwill | 15,949 | 15,147 | ||
| Total assets | રિ | 40,131 | ਦੇ ਤੇ | 39,326 |
| LIABILITIES AND EQUITY | ||||
| Current liabilities: | ||||
| Short-term debt | S | 464 | ಲ್ಲಿ | 1,781 |
| Sales reserves and allowances | 4,050 | 3,678 | ||
| Accounts payables | 2,498 | 2,203 | ||
| Employee-related obligations | 481 | 624 | ||
| Accrued expenses | 3,095 | 2,792 | ||
| Other current liabilities | 940 | 1,020 | ||
| Liabilities held for sale | 334 | ર્ભ રહ્યારે સ્વિક્ષ્ઠ | ||
| Total current liabilities | 11,861 | 12,796 | ||
| Long-term liabilities: | ||||
| Deferred income taxes | 440 | 483 | ||
| Other taxes and long-term liabilities | 3,938 | 4,028 | ||
| Senior notes and loans | 16,763 | 16,002 | ||
| Operating lease liabilities | 296 | 296 | ||
| Total long-term liabilities | 21,436 | 20,809 | ||
| Redeemable non-controlling interests | 340 | |||
| Equity: | ||||
| Teva shareholders' equity | 6,827 | 5,373 | ||
| Non-controlling interests | 7 | 7 | ||
| Total equity | 6,834 | 5,380 | ||
| Total liabilities and equity | S | 40,131 | ਦਿ | 39,326 |
Amounts may not add up due to rounding.
| Three months ended June 30, |
Six months ended June 30, |
|||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||
| Operating activities: | ||||||
| Net income (loss) \$ | 283 | (874) | \$ | 503 | (1,294) | |
| Adjustments to reconcile net income (loss) to net cash provided by operations: | ||||||
| Depreciation and amortization | 251 | 259 | 494 | 531 | ||
| Impairment of goodwill | - | 400 | - | 400 | ||
| Impairment of long-lived assets and assets held for sale | 99 | 130 | 177 | 809 | ||
| Net change in operating assets and liabilities | (336) | (10) | (1,035) | (507) | ||
| Deferred income taxes – net and uncertain tax positions | (211) | (424) | (183) | (613) | ||
| Stock-based compensation | 38 | 32 | 72 | 60 | ||
| Other items* | 105 | 592 | 94 | 594 | ||
| Net loss (gain) from sale of business and long-lived assets | (2) | (1) | - | (1) | ||
| Net cash provided by (used in) operating activities | 227 | 103 | 122 | (21) | ||
| Investing activities: | ||||||
| Beneficial interest collected in exchange for securitized trade receivables | 336 | 317 | 658 | 612 | ||
| Purchases of property, plant and equipment and intangible assets | (96) | (97) | (223) | (221) | ||
| Proceeds from sale of business and long-lived assets, net | 9 | 1 | 26 | 1 | ||
| Acquisition of businesses, net of cash acquired | - | - | - | (15) | ||
| Purchases of investments and other assets | (16) | (43) | (27) | (55) | ||
| Other investing activities | 3 | - | 3 | - | ||
| Net cash provided by (used in) investing activities | 236 | 178 | 437 | 322 | ||
| Financing activities: | ||||||
| Repayment of senior notes and loans and other long-term liabilities | (2,300) | (956) | (3,668) | (956) | ||
| Proceeds from senior notes, net of issuance costs | 2,305 | - | 2,305 | - | ||
| Purchase of shares from redeemable and non-redeemable non-controlling interests | - | - | (38) | (64) | ||
| Dividends paid to redeemable and non-redeemable non-controlling interests | - | - | (340) | (78) | ||
| Other financing activities | 1 | (10) | 3 | (19) | ||
| Net cash provided by (used in) financing activities | 6 | (966) | (1,738) | (1,117) | ||
| Translation adjustment on cash and cash equivalents | (5) | (49) | 40 | (153) | ||
| Net change in cash and cash equivalents | 464 | (733) | (1,139) | (969) | ||
| Balance of cash, cash equivalents at beginning of period | 1,697 | 2,991 | 3,300 | 3,227 | ||
| Balance of cash, cash equivalents at end of period \$ | 2,161 | 2,258 | \$ | 2,161 | 2,258 | |
| Non-cash financing and investing activities: | ||||||
| Beneficial interest obtained in exchange for securitized accounts receivables \$ |
329 | 320 | \$ | 641 | 632 |
*Adjustment in the three months period ended June 30, 2024 was mainly related to an agreement with the Israeli Tax Authorities.
Amounts may not add up due to rounding.
The accompanying notes are an integral part of the financial statements.
| Three months ended June 30, |
Six months ended June 30, |
||||||
|---|---|---|---|---|---|---|---|
| (\$ in millions except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||
| Net income (Loss) attributable to Teva | (\$) | 282 | (846) (\$) | 497 | (985) | ||
| Increase (decrease) for excluded items: | |||||||
| Amortization of purchased intangible assets | 148 | 146 | 292 | 298 | |||
| Legal settlements and loss contingencies(1) | 166 | 83 | 249 | 188 | |||
| Goodwill impairment(2) | - | 400 | - | 400 | |||
| Impairment of long-lived assets(3) | 99 | 130 | 177 | 809 | |||
| Restructuring costs(4) | 154 | 18 | 168 | 31 | |||
| Equity compensation | 38 | 32 | 72 | 60 | |||
| Contingent consideration(5) | 19 | 192 | 30 | 271 | |||
| Accelerated depreciation | - | - | - | 7 | |||
| Financial expenses | 37 | 12 | 51 | 24 | |||
| Redeemable and non-redeemable non-controlling interests(6) | - | (33) | 2 | (317) | |||
| Other non-GAAP items(7) | 53 | 59 | 116 | 106 | |||
| Corresponding tax effects and unusual tax items(8) | (228) | 503 (\$) | (283) | 353 | |||
| Non-GAAP net income attributable to Teva | (\$) | 769 | 697 | 1,371 | 1,245 | ||
| Non-GAAP tax rate(9) | 16.4% | 15.4% (\$) | 16.9% | 15.2% | |||
| GAAP diluted earnings (loss) per share attributable to Teva | (\$) | 0.24 | (0.75) | 0.43 | (0.87) | ||
| EPS difference(10) | 0.42 | 1.35 (\$) | 0.75 | 1.96 | |||
| Non-GAAP diluted EPS attributable to Teva(10) | (\$) | 0.66 | 0.61 | 1.18 | 1.09 | ||
| Non-GAAP average number of shares (in millions)(10) | 1,161 | 1,151 | 1,159 | 1,146 |
(1) For the three and six months ended June 30, 2025, adjustments of legal settlements and loss contingencies mainly consisted of (a) an update to the estimated settlement provision for the opioid cases (mainly the effect of the passage of time on the net present value of the discounted payments) in the amount of \$47 million and \$97 million, respectively (b) an update to the estimated provision recorded for the claims brought by attorneys general representing states and territories throughout the United States in the generic drug antitrust litigation in the amount of \$55 million.
(2) A goodwill impairment charge of \$400 million related to our Teva's API reporting unit was recognized in the three and six months ended June 30, 2024.
| (Unaudited) | |||||||
|---|---|---|---|---|---|---|---|
| Three months ended | Six months ended | ||||||
| June 30, | June 30, | ||||||
| (\$ in millions) | 2025 | 2024 | 2025 | 2024 | |||
| Gross profit | \$ | 2,102 | 2,024 | \$ 3,979 |
3,795 | ||
| Gross profit margin | 50.3% | 48.6% | 49.3% | 47.5% | |||
| Increase (decrease) for excluded items: (1) | |||||||
| Amortization of purchased intangible assets | 138 | 136 | 273 | 273 | |||
| Equity compensation | 6 | 7 | 12 | 13 | |||
| Other non-GAAP items | 32 | 37 | 69 | 87 | |||
| Non-GAAP gross profit | \$ | 2,278 | 2,205 | \$ 4,332 |
4,168 | ||
| Non-GAAP gross profit margin (2) | 54.6% | 52.9% | 53.7% | 52.2% |
(1) For further explanations, refer to the footnotes under the "Reconciliation of net income (loss) attributable to Teva to Non-GAAP net income (loss) attributable to Teva" table.
(2) Non-GAAP gross profit margin is non-GAAP gross profit as a percentage of revenue.
| Three months ended June 30, |
Six months ended June 30, |
||||||
|---|---|---|---|---|---|---|---|
| (\$ in millions) | 2025 | 2024 | 2025 | 2024 | |||
| Operating income (loss) | (\$) | 455 | (5) | (\$) | 975 | (223) | |
| Operating margin | 10.9% | (0.1%) | 12.1% | (2.8%) | |||
| Increase (decrease) for excluded items: (1) | |||||||
| Amortization of purchased intangible assets | 148 | 146 | 292 | 298 | |||
| Legal settlements and loss contingencies | 166 | 83 | 249 | 188 | |||
| Goodwill impairment | - | 400 | - | 400 | |||
| Impairment of long-lived assets | 99 | 130 | 177 | 809 | |||
| Restructuring costs | 154 | 18 | 168 | 31 | |||
| Equity compensation | 38 | 32 | 72 | 60 | |||
| Contingent consideration | 19 | 192 | 30 | 271 | |||
| Loss (gain) on sale of business | - | - | 13 | § | |||
| Other non-GAAP items | 53 | 59 | 103 | 113 | |||
| Non-GAAP operating income (loss) | (\$) | 1,133 | 1,056 | (\$) | 2,079 | 1,948 | |
| Non-GAAP operating margin(2) | 27.1% | 25.3% | 25.8% | 24.4% |
§ Represents an amount less than \$0.5 million.
(1) For further explanations, refer to the footnotes under the "Reconciliation of net income (loss) attributable to Teva to Non-GAAP net income (loss) attributable to Teva" table.
(2) Non-GAAP operating margin is Non-GAAP operating income as a percentage of revenues.
| Three months ended | Six months ended | |||||
|---|---|---|---|---|---|---|
| June 30, | June 30, | |||||
| (\$ in millions) | 2025 | 2024 | 2025 | 2024 | ||
| Net income (loss) | \$ 283 |
(874) | \$ | 503 | (1,294) | |
| Increase (decrease) for excluded items:(1) | ||||||
| Financial expenses | 252 | 241 | 477 | 491 | ||
| Income taxes | (78) | 630 | (4) | 578 | ||
| Share in profits (losses) of associated companies –net | (1) | (2) | (1) | 2 | ||
| Depreciation | 103 | 113 | 201 | 233 | ||
| Amortization | 148 | 146 | 292 | 298 | ||
| EBITDA | 705 | 254 | 1,468 | 308 | ||
| Legal settlements and loss contingencies | 166 | 83 | 249 | 188 | ||
| Goodwill impairment | - | 400 | - | 400 | ||
| Impairment of long lived assets | 99 | 130 | 177 | 809 | ||
| Restructuring costs | 154 | 18 | 168 | 31 | ||
| Equity compensation | 38 | 32 | 72 | 60 | ||
| Contingent consideration | 19 | 192 | 30 | 271 | ||
| Other non-GAAP items | 50 | 59 | 110 | 106 | ||
| Adjusted EBITDA | \$ 1,233 |
1,168 | 2,274 | 2,173 |
(1) For further explanations, refer to the footnotes under the "Reconciliation of net income (loss) attributable to Teva to Non-GAAP net income (loss) attributable to Teva" table.
| United States Three months ended June 30, |
Europe Three months ended June 30, |
International Markets | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three months ended June 30, | |||||||||||||
| 2025 2024 |
2025 2024 |
2025 | 2024 | ||||||||||
| (U.S. \$ in millions) | (U.S. \$ in millions) | (U.S. \$ in millions) | |||||||||||
| Revenues \$ | 2,151 | \$ | 2,110 | \$ | 1,298 | \$ | 1,213 | \$ | 495 | \$ | 593 | ||
| Cost of sales | 901 | 943 | 581 | 536 | 251 | 307 | |||||||
| Gross profit | 1,250 | 1,167 | 717 | 677 | 243 | 286 | |||||||
| R&D expenses | 152 | 170 | 59 | 62 | 24 | 30 | |||||||
| S&M expenses | 279 | 270 | 228 | 209 | 114 | 145 | |||||||
| G&A expenses | 113 | 100 | 66 | 64 | 32 | 38 | |||||||
| Other | § | (1) | § | § | (1) | § | |||||||
| Segment profit \$ | 706 | \$ | 629 | \$ | 364 | \$ | 342 | \$ | 74 | \$ | 73 |
§ Represents an amount less than \$0.5 million.
Unaudited
| United States | Europe Six months ended June 30, |
International Markets | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six months ended June 30, | Six months ended June 30, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||
| (U.S. \$ in millions) | (U.S. \$ in millions) | (U.S. \$ in millions) | |||||||||||
| Revenues \$ | 4,060 | \$ | 3,835 | \$ | 2,492 | \$ | 2,485 | \$ | 1,077 | \$ | 1,190 | ||
| Cost of sales | 1,752 | 1,809 | 1,117 | 1,070 | 556 | 607 | |||||||
| Gross profit | 2,308 | 2,025 | 1,374 | 1,415 | 521 | 583 | |||||||
| R&D expenses | 306 | 324 | 120 | 118 | 49 | 58 | |||||||
| S&M expenses | 552 | 530 | 427 | 403 | 232 | 263 | |||||||
| G&A expenses | 208 | 193 | 135 | 130 | 72 | 73 | |||||||
| Other income | 3 | (1) | § | § | (2) | (1) | |||||||
| Segment profit \$ | 1,239 | \$ | 979 | \$ | 693 | \$ | 764 | \$ | 171 | \$ | 190 |
§ Represents an amount less than \$0.5 million.
| Three months ended June 30, |
||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| (U.S.\$ in millions) | ||||
| United States profit | \$ 706 |
\$ | 629 | |
| Europe profit | 364 | 342 | ||
| International Markets profit | 74 | 73 | ||
| Total reportable segment profit | 1,144 | 1,043 | ||
| Profit (loss) of other activities | (11) | 12 | ||
| Total segment profit | 1,133 | 1,056 | ||
| Amounts not allocated to segments: | ||||
| Amortization | 148 | 146 | ||
| Other asset impairments, restructuring and other items | 232 | 280 | ||
| Goodwill impairment | - | 400 | ||
| Intangible asset impairments | 42 | 61 | ||
| Legal settlements and loss contingencies | 166 | 83 | ||
| Other unallocated amounts | 91 | 91 | ||
| Consolidated operating income (loss) | 455 | (5) | ||
| Financial expenses - net | 252 | 241 | ||
| Consolidated income (loss) before income taxes | \$ 203 |
\$ | (246) |
| Six months ended June 30, |
||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| (U.S.\$ in millions) | ||||
| United States profit | \$ | 1,239 | \$ | 979 |
| Europe profit | 693 | 764 | ||
| International Markets profit | 171 | 190 | ||
| Total reportable segment profit | 2,102 | 1,933 | ||
| Profit (loss) of other activities | (23) | 15 | ||
| Total segment profit | 2,079 | 1,948 | ||
| Amounts not allocated to segments: | ||||
| Amortization | 292 | 298 | ||
| Other asset impairments, restructuring and other items | 210 | 954 | ||
| Goodwill impairment | - | 400 | ||
| Intangible asset impairments | 163 | 141 | ||
| Legal settlements and loss contingencies | 249 | 188 | ||
| Other unallocated amounts | 190 | 190 | ||
| Consolidated operating income (loss) | 975 | (223) | ||
| Financial expenses - net | 477 | 491 | ||
| Consolidated income (loss) before income taxes | \$ | 497 | \$ | (713) |
| Three months ended | |||||
|---|---|---|---|---|---|
| June 30, | Percentage Change |
||||
| 2025 | 2024 | 2025-2024 | |||
| (U.S.\$ in millions) | |||||
| United States segment | |||||
| Generic products (including biosimilars) | \$ | 961 | \$ | 1,023 | (6%) |
| AJOVY | 63 | 42 | 53% | ||
| AUSTEDO | 495 | 407 | 22% | ||
| BENDEKA and TREANDA | 40 | 41 | (3%) | ||
| COPAXONE | 62 | 81 | (23%) | ||
| UZEDY | 54 | 24 | 120% | ||
| Anda | 365 | 373 | (2%) | ||
| Other | 111 | 119 | (7%) | ||
| Total | 2,151 | 2,110 | 2% |
| Percentage Change |
|||||
|---|---|---|---|---|---|
| June 30, | |||||
| 2025 | 2024 | 2025-2024 | |||
| (U.S.\$ in millions) | |||||
| Europe segment | |||||
| Generic products (including OTC and biosimilars) | \$ | 1,040 | \$ | 970 | 7% |
| AJOVY | 71 | 52 | 38% | ||
| COPAXONE | 50 | 53 | (6%) | ||
| Respiratory products | 55 | 57 | (3%) | ||
| Other* | 81 | 81 | 1% | ||
| Total | 1,298 | 1,213 | 7% |
*Other revenues in the second quarter of 2025 include the sale of certain product rights.
| Three months ended | |||||
|---|---|---|---|---|---|
| June 30, | Percentage Change 2025-2024 |
||||
| 2025 2024 |
|||||
| (U.S.\$ in millions) | |||||
| International Markets segment | |||||
| Generic products (including OTC and biosimilars) | \$ | 410 | \$ | 486 | (16%) |
| AJOVY | 20 | 22 | (7%) | ||
| AUSTEDO | 3 | 12 | (76%) | ||
| COPAXONE | 7 | 14 | (50%) | ||
| Other* | 55 | 59 | (6%) | ||
| Total | 495 | 593 | (17%) |
(Unaudited)
| June 30, | Percentage Change |
||||
|---|---|---|---|---|---|
| 2025 2024 |
2025-2024 | ||||
| (U.S.\$ in millions) | |||||
| United States segment | |||||
| Generic products | \$ | 1,809 | \$ | 1,831 | (1%) |
| AJOVY | 117 | 87 | 34% | ||
| AUSTEDO | 891 | 689 | 29% | ||
| BENDEKA / TREANDA | 76 | 87 | (12%) | ||
| COPAXONE | 116 | 111 | 5% | ||
| UZEDY | 93 | 40 | 134% | ||
| Anda | 738 | 754 | (2%) | ||
| Other | 220 | 237 | (7%) | ||
| Total | 4,060 | 3,835 | 6% |
| Six months ended | |||||||
|---|---|---|---|---|---|---|---|
| June 30, | Percentage Change |
||||||
| 2025 | 2024 | 2025-2024 | |||||
| (U.S.\$ in millions) | |||||||
| Europe segment | |||||||
| Generic products | \$ | 2,029 | \$ | 1,974 | 3% | ||
| AJOVY | 129 | 102 | 26% | ||||
| COPAXONE | 92 | 110 | (17%) | ||||
| Respiratory products | 110 | 123 | (11%) | ||||
| Other* | 132 | 175 | (25%) | ||||
| Total | 2,492 | 2,485 | 0% |
*Other revenues in the first six months of 2025 include the sale of certain product rights.
| Six months ended | ||||||
|---|---|---|---|---|---|---|
| June 30, | Percentage Change |
|||||
| 2025 | 2024 | 2025-2024 | ||||
| (U.S.\$ in millions) | ||||||
| International Markets segment | ||||||
| Generic products | \$ | 878 | \$ | 963 | (9%) | |
| AJOVY | 48 | 39 | 25% | |||
| AUSTEDO | 18 | 26 | (33%) | |||
| COPAXONE | 17 | 25 | (32%) | |||
| Other* | 116 | 136 | (15%) | |||
| Total | 1,077 | 1,190 | (9%) |
*Other revenues in the first six months of 2025 include the sale of certain product rights.
(Unaudited)
| Three months ended June 30, | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| (U.S. \$ in millions) | ||||
| Net cash provided by (used in) operating activities | 227 | Net cash provided (used in) by operating activities 103 |
||
| Beneficial interest collected in exchange for securitized accounts receivables Capital investment |
336 (96) |
317 (97) |
||
| Proceeds from divestitures of businesses and other assets, net | 9 | 1 | ||
| Free cash flow \$ | 476 | \$ | 324 |
(Unaudited)
| Six months ended June 30, | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| (U.S. \$ in millions) | ||||
| Net cash provided by (used in) operating activities | 122 | (21) | ||
| Beneficial interest collected in exchange for securitized trade receivables | 658 | 612 | ||
| Capital investment | (223) | (221) | ||
| Proceeds from divestitures of businesses and other assets, net | 26 | 1 | ||
| Acquisition of businesses, net of cash acquired | - | (15) | ||
| Free cash flow | \$ 583 |
\$ 356 |
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.