Research · Sep 3, 2026
[TEVA] Teva Pharmaceutical Thesis 2026: Austedo Becomes Growth Engine as Turnaround Matures
Teva Pharmaceutical FY25 (Dec 31, 2025) at $17.26B revenue (+4%). NI $1.41B; EPS $1.20 (major turnaround from FY24 -$1.45). Op income flipped from -$303M to +$2.16B. Innovative portfolio: AUSTEDO $2.26B (+35%); UZEDY $191M (+63%); AJOVY $673M (+30%). 3 consecutive years of growth. FY26: revenue $16.4-$16.8B, GM 54.5-55.5%, EPS $2.57-$2.77, FCF $2-$2.4B; AUSTEDO $2.4-$2.55B.