TEVA

Teva Announces Positive Topline Results from Phase 2a Study in Celiac Disease for Its Anti-IL-15 Antibody Teva-discovered TEV ‘408, a novel anti-IL-15 monoclonal antibody, demonstrated statistically significant and clinically meaningful prevention of gluten-induced intestinal damage vs placebo following a single subcutaneous dose. TEV ‘408 was well-tolerated with no safety signals observed to date. Together with the vitiligo program, the celiac disease topline results further support TEV ‘408 as a potential pipeline-in-a-product opportunity in multiple diseases. Teva will hold an investor call and live webcast today,Wednesday, September 2, 2026, at 8:00 a.m. ET to discuss these data. TEL AVIV, Israel, Sept. 02, 2026 (GLOBE NEWSWIRE) -- Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) today announced positive topline results from an ongoing Phase 2a study of TEV ‘408, an investigational anti-interleukin-15 monoclonal antibody, in adults with celiac disease. The study met its primary endpoint, demonstrating statistically significant and clinically meaningful prevention of gluten-induced intestinal damage versus placebo at week 8. TEV ‘408 was well-tolerated, with no safety signals observed to date. “A strict gluten-free diet has long been the only option for people living with celiac disease. Yet, even with strict adherence to a gluten-free diet, many continue to experience symptoms, intestinal damage and a significant impact on their daily lives,” said Eric Hughes, MD, PhD, Executive Vice President, Global R&D and Chief Medical Officer at Teva. “These results underscore the potential to move beyond managing gluten exposure and address celiac disease at its biological source. They also strengthen our confidence in targeting the IL-15 pathway as an approach to reducing immune-driven intestinal damage.” The ongoing randomized, placebo-controlled study enrolled 50 adult participants with celiac disease on a gluten-free diet (GFD) with minimal intestinal damage at baseline as measured by the villous height-to-crypt depth ratio (Vh:Cd ≥2.0) and symptoms. Two weeks after receiving a single dose of TEV ‘408, participants began a six-week daily gluten challenge (GC). The study assessed biopsy-based measures of intestinal damage and inflammation along with patient-reported symptoms. At week 8 (the end of the GC) TEV ‘408: Showed statistically significant and clinically meaningful prevention of gluten-induced intestinal damage versus placebo, as measured by the trial’s primary endpoint of Vh:Cd ratio with a least squares (LS) mean change from baseline of -0.43 compared with -0.88 for placebo (treatment difference of 0.45, 95% CI: (0.06, 0.84), p<0.05). Showed a favorable effect on intestinal inflammation as measured by density of intraepithelial lymphocytes (IELs) compared with placebo; the LS Mean change from baseline in the density of IELs, was an increase of 27.60 for placebo compared to 0.37 for TEV ‘408 treated participants (treatment difference of -27.23, 95% CI: (-39.67, -14.79)). Demonstrated lower GI symptom scores versus placebo, as assessed using the Celiac Disease Symptom Diary (CDSD), a patient-reported outcome (PRO). Was well-tolerated with no emerging safety signals. Additional analyses from the ongoing Phase 2a study are underway. Teva plans to present further data from the study at a future scientific meeting. Teva Investor CallTeva will hold an investor call and live webcast today, Wednesday, September 2, 2026, at 8:00 a.m. ET/ 2:00 p.m. CET to discuss these data. To participate, please register in advance here. To access a live webcast of the presentation, visit Teva’s Investor Relations website. An archived version of the webcast will be available 24 hours after the end of the live discussion. About TEV ‘408TEV ‘408, discovered by Teva, is an investigational human monoclonal antibody designed to inhibit interleukin-15 (IL-15), a cytokine involved in immune-mediated pathways. TEV ‘408 has a high affinity and potency (in vitro) with a prolonged half-life that supports the potential for convenient subcutaneous dosing. TEV ‘408 is being studied as a potential therapy for celiac disease in a Phase 2a study and was granted Fast Track designation in that indication by the U.S. FDA in May 2025. By blocking IL-15 activity, TEV ‘408 aims to reduce the IL-15-driven intestinal inflammation and damage that are characteristic of celiac disease. TEV ‘408 is also being evaluated in a Phase 1b study as a treatment for vitiligo. Following encouraging results from the ongoing Phase 1b study in vitiligo, Teva is advancing the investigational asset into a Phase 2b study in vitiligo. By blocking IL-15 activity, TEV ‘408 aims to reduce the immune-mediated destruction of melanocytes (pigment-producing cells) resulting in white patches on the skin characteristic of vitiligo. Teva entered a strategic funding agreement with Royalty Pharma in January 2026. Under the agreement, Teva is eligible to receive up to $500 million to accelerate the clinical development of TEV ‘408. If approved and launched, Teva will pay a milestone to Royalty Pharma and a royalty on worldwide net sales of TEV ‘408. About Celiac DiseaseCeliac disease is a serious autoimmune disease in which exposure to gluten triggers an immune response that damages the small intestine. It affects approximately 1% of the global population, or more than three million people in the U.S. alone, although many individuals remain undiagnosed. Celiac disease can cause chronic digestive symptoms, fatigue, nutrient deficiencies, and other health complications that can significantly impact daily life. There are currently no approved therapies for celiac disease. A strict gluten-free diet (GFD) remains the standard of care, yet even with careful adherence, patients may continue to experience symptoms, reduced quality of life, and ongoing intestinal inflammation or damage due to inadvertent gluten exposure. For people living with celiac disease, managing the condition often requires constant vigilance around meals, travel, work, and social activities, creating significant daily burden. The limitations of current management approaches underscore the need for therapies that address the underlying drivers of disease and improve outcomes for patients. About TevaTeva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is transforming into 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. Cautionary Note Regarding Forward-Looking StatementsThis 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 expectations 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,” “estimate,” “target,” “may,” “intend,” “plan,” “believe” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance. Important factors that could cause or contribute to such differences include risks relating to: our ability to successfully develop and commercialize TEV-’408 for the treatment of celiac disease and for the treatment of vitiligo; our ability to successfully compete in the marketplace, including our ability to develop and commercialize additional pharmaceutical products; our ability to successfully execute on our Pivot to Growth strategy, including to expand our innovative and biosimilar medicines pipeline and profitably commercialize our innovative medicines and biosimilar portfolio, whether organically or through business development; and other factors discussed in our Quarterly Report on Form 10-Q for the second quarter of 2026 and in our Annual Report on Form 10-K for the year ended December 31, 2025, including in the sections captioned “Risk Factors,” and “Forward-Looking Statements.” Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements. Teva Media Inquiries: [email protected] Investor Relations Inquiries: [email protected] A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2392ceaa-b1f3-44a8-bd7e-4c775053e093

Teva Pharmaceutical Industries stock has delivered a very strong 284.4% gain over the past 5 years, yet current checks send mixed signals as the Discounted Cash Flow (DCF) estimate points to undervaluation while market based multiples screen the shares as expensive. Investors looking at Teva today see a stock with powerful recent momentum against a low overall value score that suggests it is not a straightforward bargain. A 284.4% return over 5 years highlights how much Teva has already rewarded long term holders, which can make fresh entry points more sensitive to valuation. Recent moves to expand the neuroscience portfolio, including the agreed acquisition of BioXcel Therapeutics' dexmedetomidine sublingual film and the FDA priority review for ecopipam in pediatric Tourette syndrome, can support expectations for future cash flows, while ongoing patent litigation outcomes and generic competition risk may still weigh on how durable those cash flows are seen to be. Teva scores 2 out of 6 on a broad value screen, which leans expensive overall even though the intrinsic value estimate suggests the share price trades at a 43.7% discount. The issue now is whether Teva Pharmaceutical Industries' current price already reflects the recent progress and pipeline news, or if the gap to the intrinsic value estimate leaves room for further upside. Spot opportunities beyond Teva Pharmaceutical Industries by scanning our hand picked list of 44 high quality undervalued stocks that also combine strong recent momentum with discounted cash flow support. The Discounted Cash Flow (DCF) model values Teva Pharmaceutical Industries by projecting future free cash flows and discounting them back to today. Teva currently reports latest twelve month free cash flow of about $1.37b, and the model assumes these cash flows continue to grow rather than contract over the coming decade. On this basis, the DCF framework points to an estimated intrinsic value of about $64.78 per share in $ terms. That compares to the current share price, which implies the stock trades at roughly a 43.7% discount and appears undervalued on this metric. The FDA priority review for ecopipam helps explain why some investors may already be optimistic, yet the share price still sits well below what the cash flow projections support. Overall, the DCF work suggests Teva Pharmaceutical Industries stock currently appears undervalued relative to its projected cash generation. Our Discounted Cash Flow (DCF) analysis suggests Teva Pharmaceutical Industries is undervalued by 43.7%. Track this in your watchlist or portfolio, or discover 44 more high quality undervalued stocks. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Teva Pharmaceutical Industries. P/E is often the go to check for Teva Pharmaceutical Industries because earnings are a key focus for established pharmaceutical businesses. On this measure, Teva trades on a P/E of about 60.1x, which is far above both the pharmaceuticals industry average of 16.7x and a peer group average of 19.3x. The tailored fair P/E ratio for Teva is estimated at 34.1x, which already reflects its sector, risk profile and business mix. The current 60.1x multiple sits well above that level. As a result, the stock screens as expensive compared with what this framework would typically support for Teva. On the P/E check, Teva Pharmaceutical Industries stock appears overvalued relative to both its fair multiple and its sector benchmarks. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives for Teva Pharmaceutical Industries pick up where this valuation puzzle leaves off and explain what future growth, margins and earnings would need to look like for the stock to be worth materially more or materially less than today's price. Each Narrative links a fair value to a specific storyline about Teva Pharmaceutical Industries' potential catalysts and risks so you can track which scenario seems to be unfolding over time on the Community page. Community narratives on Teva Pharmaceutical Industries sit far apart, with one side focused on a portfolio and margin story and the other on concentration and execution risk. Bull case: 11% undervalued Read the full Bull Case to see why Teva Pharmaceutical Industries could be undervalued Bear case: 10% overvalued Read the full Bear Case to see why Teva Pharmaceutical Industries could be overvalued Do you think there's more to the story for Teva Pharmaceutical Industries? Head over to our Community to see what others are saying! Teva Pharmaceutical Industries presents a split picture. The Discounted Cash Flow (DCF) work points to meaningful intrinsic value upside, while the P/E based view screens the stock as overvalued compared with sector and tailored fair multiples. That mismatch reflects a cash flow story that looks stronger than what current earnings multiples imply. However, the broader low value score signals that most other checks are not supportive. The key question from here is whether Teva can deliver the cash flow, margin and pipeline execution needed to close that gap, or whether the current discount to intrinsic value is the market pricing in ongoing risk around competition and legal outcomes. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include TEVA. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Alvotech? Here are five stocks we like better. First-half results declined as manufacturing slowed during facility and quality-system improvements, with revenue falling to $212 million and adjusted EBITDA to $47 million. Management said production returned to planned levels near the end of Q2 and reaffirmed 2026 guidance of $650 million–$700 million in revenue and $180 million–$220 million in adjusted EBITDA. Alvotech strengthened liquidity through a $165 million equity offering and a term loan facility of up to $75 million, providing approximately $240 million in new capital for manufacturing, pipeline investment and commercialization. The FDA closed its Reykjavik inspection with a VAI classification, and reviews are underway for biosimilar applications targeting Simponi Aria, EYLEA and Prolia/Xgeva. Potential U.S. approvals are expected in Q4 2026, while the company continues expanding its commercial portfolio and developing more than 30 pipeline candidates. Teva Pharmaceuticals Stock: Unlock Value in This Generic Drug Gem Alvotech (NASDAQ:ALVO) said its first-half 2026 results reflected a temporary manufacturing slowdown tied to facility and quality-system improvements at its Reykjavik site, while management reaffirmed full-year revenue and adjusted EBITDA guidance and highlighted upcoming regulatory decisions and product launches. The company reported first-half revenue of $212 million, down from $306 million a year earlier, as manufacturing output was constrained during work to address FDA inspection observations and prepare resubmissions for several biologics license applications. Adjusted EBITDA was reported at $47 million for the first six months, compared with $54 million in the prior-year period, while gross margin was 54%, versus 55% a year earlier. → Datavault AI Locks Down CyberCatch in $94M Security Rollup 2 Generic Drug Makers With Growing Runways CEO Lisa Graver said the revenue decline did not reflect weaker underlying demand for the company’s biosimilars. Because Alvotech supplies products to commercial partners under a business-to-business model, reported product revenue also depends on partner ordering patterns, inventory movements and product availability, she said. Manufacturing returned to planned operating levels near the end of the second quarter, and the company is now working to rebuild supply for customers. CFO Linda Jónsdóttir said Alvotech expects the fourth quarter to be its strongest period of 2026, with product revenue gaining momentum in the third quarter and a larger step-up expected in the fourth quarter. → Michael Burry Is Betting Against Palantir Again—Should Investors Care? Alvotech reaffirmed its 2026 guidance for total revenue of $650 million to $700 million and adjusted EBITDA of $180 million to $220 million. Management said the outlook assumes a strong fourth quarter, supported by increased manufacturing output, product shipments and milestone revenue. First-half product revenue was $106 million, while licensing revenue also totaled $106 million. Jónsdóttir said licensing and milestone revenue can be uneven because it depends on development progress, regulatory submissions and contractual events. → Home Depot Analysts See a Path to $375 and Beyond The company ended June with $143 million in cash. During the quarter, Alvotech completed an equity offering that generated approximately $165 million in gross proceeds. The company also secured an additional term loan facility of up to $75 million from existing lenders, which it said was drawn in the third quarter and therefore was not included in the June cash balance. Management said the equity and debt financing together provided approximately $240 million of new capital to support pipeline investment, manufacturing and supply needs, launch preparations and global commercialization. Jónsdóttir added that the company expects “healthy de-leveraging” in 2027. Founder and Executive Chairman Róbert Wessman said the company’s investments in its manufacturing facility and quality systems enabled it to resubmit U.S. BLAs in June. The FDA subsequently closed its May 2026 routine GMP surveillance inspection of the Reykjavik facility with a Voluntary Action Indicated, or VAI, classification in July. Chief Operating Officer Joseph McClellan said the FDA acknowledged the resubmissions as complete responses to prior action letters and assigned review completion dates consistent with a standard six-month review process. The applications cover proposed biosimilars to Simponi Aria, EYLEA and the dual Prolia/Xgeva products. Graver said the resubmissions position the company for potential FDA approvals in the fourth quarter of 2026. In particular, she said Alvotech expects to be first or among the first biosimilars approved for Simponi and Simponi Aria in the U.S. Regarding Simponi-related litigation, Graver said Alvotech expects a decision during the fourth quarter and said the company believes it has a strong intellectual-property position. She did not provide a precise U.S. launch date, noting that the company commercializes through partners. Management said Alvotech now has five biosimilars contributing to product revenue, expanding beyond its biosimilars to Humira and Stelara. Its biosimilars to Simponi, EYLEA, and Prolia/Xgeva have begun contributing to sales. In the U.S. adalimumab market, Graver said biosimilars now account for more than 60% of the market. SIMLANDI holds the No. 2 biosimilar position, she said, while the company’s European adalimumab product Hukyndra has continued to see demand four years after its launch. For ustekinumab, U.S. biosimilar penetration has reached roughly 60%, according to Graver. She said SELARSDI is participating in the expanding market, while European product Uzpruvo remains positioned in an established biosimilar market. AVT05 and AVT06 have launched in more than 10 European markets, including Germany, France, the U.K., Spain and Italy. Graver said AVT05 has shown encouraging early momentum in Germany and Spain and launched in Japan in July as the country’s only approved golimumab biosimilar. AVT06 also launched in Japan earlier this year and has seen what management described as strong early uptake. McClellan said Alvotech has more than 30 biosimilar candidates in development. The company expects its next wave of products to receive approvals during 2027 through 2029, including proposed biosimilars to Keytruda, Entyvio and EYLEA HD. Alvotech and Dr. Reddy’s have begun a randomized, double-blind pharmacokinetic similarity study of their proposed Keytruda biosimilar in participants with melanoma. For Entyvio, the company’s European marketing authorization application for intravenous AVT16 and high-concentration subcutaneous AVT80 has been validated. The FDA has accepted AVT16’s BLA, and management said it expects to announce a U.S. AVT80 submission soon. Decisions are expected in 2027. For AVT29, Alvotech’s proposed EYLEA HD biosimilar, the company plans its first regulatory submission in Europe during 2026. Its U.S. clinical study is underway, with a U.S. submission anticipated in 2028. Alvotech (NASDAQ:ALVO) is a global biopharmaceutical company specializing in the development, manufacturing and commercialization of biosimilar medicines. The company focuses on creating high‐quality, cost‐effective alternatives to established biologic therapies in areas such as immunology, oncology and other specialty care fields. By leveraging in‐house research and a vertically integrated manufacturing platform, Alvotech aims to bring approved biosimilars to market more rapidly and with greater cost efficiency than many traditional biosimilar developers. Since its founding in 2013, Alvotech has built a diversified pipeline of monoclonal antibody biosimilars, targeting blockbuster reference products including adalimumab (originally branded Humira), bevacizumab (Avastin) and ustekinumab (Stelara). This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Alvotech Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Image source: The Motley Fool. Wednesday, July 29, 2026 at 8:00 a.m. ET President and Chief Executive Officer - Richard Francis Executive Vice President and Chief Financial Officer - Eliyahu Kalif Head of Global R&D and Chief Medical Officer - Eric Hughes Investor Relations - Christopher Stevo Operator: Hello, everybody, and welcome to the Q2 2026 Teva Pharmaceutical Industries Earnings Conference Call. My name is Elliott. I'll be coordinating your call today. [Operator Instructions] I would now like to hand over to Christopher Stevo. Please go ahead. Christopher Stevo: Thank you, Elliot. Good morning and good afternoon, everyone. Thank you for joining us on our second quarter call. Obviously, our materials are posted to our website this morning. So please see those. . And before I turn the call over to our CEO, Richard Francis, I'd like to remind everyone that we will be making forward-looking statements on this call. The company cautions investors that any forward-looking statement involves risks and uncertainties and is not a guarantee of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. These factors are described in our earnings press release and our most recent forms 10-Q and 10-K filed with the SEC. Any statements that we make are only as of today, and we undertake no obligation to update these statements subsequently. With that, Richard Francis. Richard Francis: Thanks, Chris, and good morning and good afternoon, everybody. Thank you for joining the call today. And on me joining me on the call today will be Dr. Eric Hughes, Head of Global R&D and Chief Medical Officer; and Eli Kalif, our Chief Financial Officer. . Now, moving on to decide how we start with the pivot to growth side. Our strategy that we launched in 2023 just based on these 4 pillars. We'll summarize how we've performed against these 4 pillars in quarter 2. But just to give you a quick overview on delivery on our growth engines, AUSTEDO, AJOVY and UZEDY all delivered strong Q2 performance, and we are raising our full year revenue guidance for these products. It's worth reminding you that the innovative portfolio is reshaping our financial profile with stronger revenue growth, margins and free cash flow. As we move on to the second pillar step-up, innovation in our pipeline this year will provide 8 major milestones, and this now includes ecopipane, and this gives us the potential for 5 submissions over the next 5 years. With regard to creating the generics powerhouse, biosimilars are becoming a growth platform within generics. We now have 15 products in the market and 14 in our pipeline, and we see additional opportunities through further partnerships. And on our final pillar, focused the business, I think we made great progress on our capital allocation. We've had 1 of the agencies of greatest Fitch to Ingresso grade, and we see the other 2 doing this in the not-too-distant future. We also allocated capital to the acquisition of Amylyx. We closed that deal in June, and we're expecting the launch next year if FDA approves. And then finally, the conversion of the ADS to ordinary shares and the ability to list on the New York Stock Exchange should make investing in Teva accessible to more investors. Now, moving on to the financials. Now, I'm really proud of this slide and you may ask why, but let me walk you through why. Now we have stable revenues despite nearly 8% of headwinds from generic REVLIMID loss year-over-year. We're growing our profit margin as well, 80 basis points. improving gross margins year-over-year driven by strong innovative growth despite this loss of genetic REVLIMID. We've actually grown our EBITDA, obviously excluding the Amylyx acquisition. And our free cash flow is up 31% as a result of our disciplined capital allocation. Now if I go on to the next slide, I'll give you a bit more detail. As you can see, the innovative portfolio has had a strong quarter, up 43% year-on-year. AUSTEDO, up 40%; UZEDY, up 43% and AJOVY, up 56%. Generics is down 15%, and this is largely due to lower generic contribution versus 2025. But if I now go into a bit more detail, starting with the AUSTEDO, a core growth driver here. This is another strong quarter. In the U.S., revenue reached $676 million, up 33% year-over-year and global revenue up 40%. Our demand remained strong with TRx up 14% and milligram growth up 21%, supported by new patient starts and adherence. AUSTEDO XR now represents over 60% of new patients, strengthen convenience, adherence and long-term durability. And because of this strong quarter, we are now increasing our outlook by $50 million at the midpoint. So it's now $2.45 billion to $2.6 billion. It's worth noting that the midpoint there is $2.5 billion, which was the target we gave ourselves for 2027. So we have a chance of beating this year early. But I think more importantly, we see continued momentum and a significant untreated population that still could benefit from AUSTEDO, and hence, our confidence in greater than $3 billion of peak sales. Now moving on to UZEDY. UZEDY continues to grow with strong momentum. It is the fastest-growing long-acting injectable treatment for schizophrenia amongst atypical LAIs. Revenue grew 43% to $77 million in Q2 based on strong demand, and that was reflected in our TRx up 63% year-over-year. The commercial execution has been impressive, and this can be seen with UZEDY nearly doubling the risperidone long-acting share and has now gone from 5% to nearly 10%. And UZEDY is capturing nearly 80% of the risperidone LAI market. And because of this strong performance, we are increasing the outlook by $15 million at the midpoint, so the new guidance is $270 million to $290 million. Now, this continued excellent execution has given us great confidence in the upcoming launch of olanzapine, which I'll now move on to. So olanzapine represents a meaningful next growth opportunity with FDA action and U.S. launch anticipated in Q4 of this year. The unmet medical need is significant. Olanzapine holds roughly 20% of U.S. all prescriptions while olanzapine LAI uses less than 1% of the LAI market. Now, we know this market. We can really leverage the synergies with UZEDY, but also the deep knowledge of the schizophrenia market, whether that's physicians, patients, nest practitioners or some of the long-term care facilities. Our direction of travel is clear to deliver a best-in-class launch that expands treatment options and reinforces our leadership in the LAIS. Olanzapine together with UZEDY gives us a compelling path to expected peak sales of $1.5 billion to $2 billion of revenue. Now moving on to AJOVY. AJOVY demonstrates our ability to execute in competitive innovative markets wherever they may be. We continue to outpace the injectable market growth, and we lead in many of the markets despite entering late. Q2 global revenue reached $244 million, up 56% year-over-year. The U.S. revenue grew 83%, driven by improved contracting, favorable gross to net and market share gains. Ex U.S. momentum remained strong, supported by volume growth and leading brand shares across Europe and international markets. Because of this strong quarter, we're increasing our outlook by $90 million at the midpoint. So now the range is $850 million to $870 million. And looking beyond 2026, we see a clear part to $1 billion peak sales for AJOVY. Now moving on to the newest member of the innovative family, a first-in-class opportunity with compelling efficacy and favorable tolerability in Tourette syndrome, a serious pediatric neurological disorder with limited treatment options. We've already filed with the FDA with a potential launch in the first half of 2027. Now, the unmet medical need is clear. There are 100,000 pediatric patients who live with Tourette syndrome, only 50,000 are treated, and only 20% to 30% remain on therapy after 1 year. So this shows there is a real need for product like with compelling efficacy and favorable tolerability. Now, we're well positioned to execute on this, leveraging our CNS capabilities and the experience we've garnered with AUSTEDO, AJOVY and soon-to-be long-acting olanzapine. Now, this moves on to a slide, which I've never been able to show before actually in my rather long career. And I apologize for the small font, but we had to get everything on 1 slide. And what this highlights is just the innovative pipeline we have and our potential to launch 1 asset per year for the next 5 years, transforming Teva into a leading biopharma company. The near-term launches are clearly sequenced, olanzapine in '26, in '27, followed by DARI and the Q2 '28 to '30. Obviously, all subject to regulatory approvals. But looking up to '35, we see further upside from the additional indications that we've announced that for dubicictid as well as the additional indication of anti-I15 as well as our. We also are pursuing more business opportunities as well as development opportunities that is. Now, moving into our pipeline slide. I'll try and be short on this and allow Eric to talk more through this, but there are some points which I think are worth mentioning. One is, this is a near-term pipeline with many catalysts, as I mentioned in my opening remarks. With agile, we saw the Vitiligo data where we're going to see the CDEC data in the second half of the year. We've got this near-term launches with olanzapine and filed. DARI is progressing well. We've announced 2 new indications for Ducato. So together, all these assets represent over $10 billion of peak sales, although I have realized we said that before, and that was prior to actually adding to this slide as well as the 2 new indications of, so I must remember to update it. Now, what does this all do for Teva? Will it fundamentally transforms our growth profile. Our growth is really accelerating with revenue moving from $4.9 billion in 2022 to an expected $16.5 billion to $16.8 billion this year. And our portfolio is shifting towards higher value innovation with innovative revenue expected to reach 22% of total revenue in 2026, up from 9%, and you can see where it's heading to 2030. Now, with regards to margins, we are creating stronger margins with gross margins expected to expand from 54% to more than 60% by 2030 plus. And this is once again fueled by our inhibitive portfolio. Now, moving on to our generics business. Our generics business is down 15% versus Q2 2025. But I don't think that tells the full story. If you exclude generic REVLIMID, our generic business remained stable. Global Generics was down 2%, the U.S. up 1%, and our ex U.S. decrease mainly was due to lower product launches this year and the cost and cold season. While 2026 is expected to be somewhat softer, we continue to see a stable generics business capable of delivering 1% to 2% annual growth over the long term, supported by a steady flow of our new product launches. I remain very excited about the future of our generics business. And 1 of the main reasons I'm confident is the growth rate that is starting to emerge from our biosimilar portfolio and pipeline. Let me move on to this now. So biosimilars are transforming our generics portfolio. Before pivot to growth, we had 3 biosimilars. Today, we have 15 in the market. And in the next few years, we expect to double it. It's not just the size of our portfolio, it's the execution. In the U.S., 2 out of our 5 products are ranked #1, and our third is neck and neck, and I believe, soon to become number one. In the U.S. -- in the EU, where we have just launched 3 biosimilars, early signs are very positive. We continue to seek partnering to increase this portfolio, and I believe we are becoming the partner of choice because of this excellent execution. And based on our current momentum, we are on track to exceeding our $800 million by 2027. To conclude before I hand over to Eric, we're on track to hit our financial growth targets of mid-single revenue growth, non-GAAP operating income target of 30% and a net debt to EBITDA below 2% and cash conversion earnings of 80%. And with that, I will hand over to Eric. Eric Hughes: Thank you, Richard. Now moving on to our first slide here. I know Richard showed this briefly, but I first wanted to just say it's become very complicated, but it's become very complicated in a great way. We're looking at 5 potential submissions over 5 years. I'll just highlight a few important things on the slide. We've now added ecopitane, which was submitted in June for Tourette syndrome. And we've now added 2 new indications for Duvaqetob. That's hydrogenitis superteva and fibrosenatic Crohn's disease. Two very important indications that I'll get into with a little bit more detail later on. But it's great to see this pipeline and we're executing on it every day. First, I'll start with olanzapine LAI. We are on track for the action date in the fourth quarter of this year. We've had our EU MAA accepted earlier this year. And we just presented a number of different abstracts at the psych Elevate Conference and the Page conference. So all things are go right now on olanzapine LAI, and we're looking forward to an approval at the end of this year. On to ecopitane. Now, 1 of the things that gets me excited first, that this is a mechanism, a brand-new first-in-class mechanism of a D1 antagonist. But even more importantly, this is the first dedicated launch for a treatment for Tourette syndrome. So I think that's going to be a very important aspect of this launch with disease awareness and providing a new treatment for a large unmet medical need. I mean, I'm proud of the fact that we have 2 well-controlled studies, the Phase II showing a decrease in the tick syndrome, not only statistically significant, but clinically meaningful reductions. And we also showed in Phase III, a decrease in the relapse rate, statistically and clinically with a 50% reduction. Since they're all very good signs. But most importantly, this is a treatment that is well tolerated and durable. 66% of the patients in the long-term follow-up remained on treatment with a sustained tick reduction, and we're looking forward to that approval next year. So something to look forward to. Now, moving on to our DARI program, the dual action rescue inhaler for asthma. We have fully enrolled this study over 2,700 patients which includes pediatric, adolescents and adults. We're right on track to see that final event. This is an event-driven study. Our forecast is at the end of this year, and we'll be able to present that data in the early half of 2027. But this is a really great program for patients with asthma. It's answering an unmet medical need, answering the need and the treatment that's dictated in the guidelines. We'll be providing a great treatment with a dual action retail with a dry powder inhaler that's easy to use and with a label that includes pediatrics potentially. Now, moving on to Duvaqito, very exciting this year. We had our publication of our induction data in Nolans for both 2 parallel manuscripts for ulcerative colitis and Crohn's disease. It's great to see the team's work being recognized by such a high impact journal and kudos to their great work. So congratulations to the team. But now furthermore on Duviqita, our Phase III program being run with our partner, Sanofi, is right on track. Our Sunscape and Starscape program in ulcerative ions Crohn's disease. But today, we are very proud to announce the fact that we're adding 2 new indications into our research that includes hydrogeni superativa, which will unlock that non-T2-based indication group and fibrosin Crohn's disease, which unlocks the fibrotic bucket of indications, but also expands and doubles down on our intention and labeling for IBD in the future. So this is a very exciting announcement that we're doing with our partner, Sanofi. I'll get into a little bit more about the importance of these 2 indications next. First, hydrogen super tivo. This is an area I've worked in before. It's an important unmet medical need. This is a result of painful inflammatory abstasies that for skin folds in the body. These people suffer in silence with many different aspects of the disease can be disfiguring and really impact their daily life. It's not uncommon. It's about 1% of the adult population. And there's -- there are treatments out there that had been approved, but there's a long way to go with the amount of efficacy we can achieve. Anti-1 therapy in this area, I think, is perfectly suited. It's a complex disease with multiple different pathways involving both Th1 and Th17 cells, and it has a significant fibrotic component to it. So the pleiotropic effects of TL1A therapy might really be suited well for this. It's also important to note that 15% of people with IBD actually have hydro genius supertiba as well. So there's a lot of scientific rationale here and it's an important market that we can grow in. In addition, we talked about fibrosynotic Crohn's disease. Now this is a very important aspect of people with Crohn's. We've already posted Phase II data with great efficacy in our Phase II study with duvacitub. But now, we're looking at even worse cases of Crohn's disease. 50% of people with Crohn's disease have this fibrostynotic component. And this is where fibrosis, inflammation and edema causes almost total obstructions of the gut. This leads to more hospitalizations, more surgeries, increased health care cost. It's really a driver of some of the worst parts of Crohn's disease. So we're very happy to advance the science. No 1 has been approved for this indication at this point. And I think this is showing our confidence in Crohn's disease and how we want to double down and make that label as patient-friendly as possible. So I'm very excited to be exploring this indication with duvaqito. Now moving on, we showed some great data from our proof-of-concept study earlier last month. with patients with vitiligo and our anti IL-15 program. I always like to start out by saying, first and foremost, it was great to see the patient's perception of their disease change. So 75% of the patients reported an improvement in their facial vitiligo. And here, I'm showing 2 patients who gave a special consent to show the results that they've seen in the study. Now, remember, these 2 patients just had 2 shots of our anti IL-15 antibody. And over a 24-week period, you can see quite a change in both the woman on the left and the gentleman on the right, almost total depigmentation of the cheeks on the women filled in very nicely over 24 weeks. And then the patient on the right, some dramatic changes from total deep implementation with a darker skin care. So these are results that changed the perception of a patient and is very conveniently done with just 2 shots. But as happy as I am about the perception change for the patients. We also met the important regulatory end points. The numbers we posted for the 50, the F 75 and the T body are very competitive for systemic therapies in this area. And this really drove the fact that we went right into our Phase IIb/III study, which will be executed and started this year, so we're moving at speed. We're excited to see the data, and we're moving as quickly as possible. And finally, I'll just mention what's coming up next. So we'll have a readout in the second half of this year and our second Celiac proof-of-concept study. This study is important because it's actually looking at biopsy results after a gluten challenge. So remember, the basic pathology of Celiac disease is the fact that when you have an immune reaction to gluten, there's destruction of the normal bile in the gut and where you have this nice high surface area of villus that absorbs nutrients in the gut when a patient with CIC disease takes gluten that there's almost a complete destruction of that normal villus on -- as you see on histology. And we hope to see in the scrutiny challenge by the biopsies that in fact, we protect the villi from that destruction when we use the anti-IL-1 treatment. So we're looking forward to the readout. That will be the second half of this year, but I think this will be a great advance for patients with CAC potentially based on that data. So on my final slide, I just want to walk through the fact that we are marching through our milestones in 2026. We showed the maintenance data first this year for duvaqito. We did the filing for Ecopytan, our new player on the field. And then, we also showed the vitiligo data just recently for our anti-IL-5 program. We'll have the Celiac data in the second half of this year. DARI is on track for that last event, that last exacerbation by the end of this year, and we'll have that data to talk about in the early part of 2027. Emera Solman is on track to have the futility analysis at the end of the year. We're looking forward to the approval of olanzapine LAI at the end of this year, and then we'll have some anti-PD-1 IL-2 human data by the end of this year as well. So very exciting. We keep executing, and we're looking forward to all these events this year. And with that, I'm going to pass off to my colleague, Eli Kalif. Eliyahu Kalif: Thank you, Eric, and good morning and good afternoon to everyone. I would like to start my review of Q2 '26 results with the following key messages: First, we delivered a solid second quarter results, driven once again by the continued strength of our innovative portfolio. Second, with the increasing mix of innovative revenues, together with our transformation programs, we remain on track to achieve our 30% operating margin target by 2027. And lastly, our disciplined capital allocation strategy and the execution is increasingly recognized by the leading credit rating agencies, including the recent upgrade to investment grade by Fitch. Now moving to Slide 34. Before I discuss our Q2 results, let me briefly recap the MLX Basins acquisition, which closed in June. As Richard highlighted earlier, further strengthens our position in CNS, where we already have strong commercial and development capabilities. From an accounting perspective, as we discussed last quarter, the transaction was treated as an asset acquisition. As a result, we recorded a $724 million as IP R&D expenses during the second quarter. This included the upfront cash consideration, net liabilities acquired as well as the transaction costs. The upfront consideration flow through cash flow from investment activities and, therefore, does not impact free cash flow. As I go through our Q2 performance, I will be making reference to the MLX related impact on our financials to provide a better view of our underlying performance. Now starting with our Q2 GAAP performance on Slide 35. Q2 revenues were approximately $4.1 billion, down 1% in U.S. dollars or 3% in local currency compared to Q2 2025. This decrease was largely driven by lower generics, mainly generics reveled and was largely offset by continued strong growth of our key innovative products, AUSTEDO, AJOVY and UZEDY. GAAP net loss and loss per share were $576 million and $0.49, respectively. Turning now to our non-GAAP performance. Our non-GAAP gross margin in Q2 '26 was 55.4%, an increase of 80 basis points, reflecting a strong growth in our innovative portfolio. Non-GAAP operating margin was 9%, including the impact of MLX related expenses of $726 million. Excluding MLX, our non-GAAP margin would have been 26.6%, slightly below Q2 last year, mainly reflecting higher planned investments in sales and marketing in the first half of this year to support our innovative growth. Overall, we ended the quarter with a non-GAAP EPS of $0.02. The impact from MLX on EPS was $0.61, without which our non-GAAP EPS would have been $0.63. Our free cash flow in Q2 was strong at $622 million, up 31% versus last year. To provide you with some additional color, our Q2 '25 results included $318 million revenue and $223 million EBITDA contribution from our generic REVLIMID. Our financial results this quarter reflected a strong underlying performance if you exclude the impact of generics REVLIMID. Moving to the next slide. As a reminder, our operating margin expansion to 30% is driven by 2 structural elements. The first is a portfolio shift towards higher growth, higher margin innovative products. The second is our transformation program. Altogether, this is approximately 400 basis points of improvement since we announced this program in May last year, despite the impact of generic REVLIMID. This is our core of our financial transformation, moving from a company historically driven by generics to a bar from a company. We continue to make progress to achieve these targets as reflected in our 2026 guidance. Moving to Slide 37. Looking at the first half of 2026, the underlying business continues to demonstrate the strength of our strategy and execution. As you can see, the first half revenue performance reflects strong growth in our innovative portfolio and biosimilars, offsetting more than $600 million of revenue impact from generics REVLIMID. Our non-GAAP operating margin in the first half also demonstrate ongoing improvements in our gross margin profile. As I highlighted last quarter, we expected higher operating expenses in the first half of this year versus the second half, mainly due to the timing of planned investments to support our growing innovative portfolio and upcoming launches. We expect OpEx to normalize with operating leverage and higher impact of the transformation program savings in the second half. Moving to Slide 38. Our balance sheet continued to improve and this is a key enabler of our Pivot to Growth strategy, driving EPS and free cash flow. Over the last few years, we have made significantly improved our leverage profile. At the end of -- our net debt was $12.9 billion, with a net debt-to-EBITDA ratio of 2.8x. Excluding MLX, our net debt-to-EBITDA would have been 2.3x, well on track to achieve our 2x target by 2027. As we continue to pay down our debt, it is expected to result in significantly lower finance expenses by 2030. At the same time, we have continued to transform our working capital management, driving significant improvement as a percentage of revenue, resulting in lower cash conversion cycle. These efforts, combined with the fast-growing innovative portfolio and transformation programs are expected to drive long-term earnings and free cash flow growth. As you can see on the next slide, our execution is increasingly recognized by our leading credit hedging agencies. In May, Fitch upgrade Teva to an investment-grade rating, marking Teva returned to IG for the first time since 2017. This was our third upgrade from Fitch in less than 2 years, underscoring Teva transformation journey. About 2 quarters ago, S&P and Moody's has also upgraded our rating and outlook, respectively. These upgrades are another validation of our disciplined execution and stronger financial profile. With our continued transition to an innovative biopharma company, we are well positioned to get additional rating upgrades. Now, turning to our 2026 outlook on Slide 4. Based on our solid first half results and visibility into the second half, we are raising the midpoint of our full year revenue guidance range by $75 million, and reaffirming the outlook range for operating profit, adjusted EBITDA, EPS and free cash flow. Let me provide you some color on our guidance assumption starting with the revenue. First, our innovative portfolio is performing strongly across all 3 products, AUSTEDO, AJOVY and UZEDY. With the first strong half of performance, we are increasing the combined guidance of this product by approximately $150 million at the midpoint, reflecting a combined 2026 revenue outlook of approximately $3.7 billion and growth of approximately 17% over 2025. On the other hand, we expect our Global Generics revenue for the full year to be flat to down low single digit in local currency compared to 2025, excluding the impact of generic REVLIMID mid and the divestment Japan business. This is mainly due to a fewer high-value launches in '26, lower seasonal on OTC and increased competition in some markets. Moving to the other elements of our financial outlook. We continue to expect 2026 non-GAAP gross margin to be in the range of 54.5% to 55.5%. In addition to the MLX related expenses this year, our operating expenses are expected to be approximately 28% of the revenue for the full year. This is at the higher range on our overall 27% to 28% OpEx, reflecting a deliberate investment we are making to support our growing innovative portfolio and our biosimilars. Our guidance range for the operating income and EBITDA reflect this higher growth investment in OpEx and also a less expected in the second half. Now, let me provide you some additional thoughts on our quarterly phasing for the rest of the year. Overall revenue is expected to be increased over the rest of the year. For AUSTEDO, we continue to see elevated levels of inventory in the channel and expected normalization of this excess inventory in the next 2 quarters. We also continue to expect AUSTEDO revenue in Q4 '26 to be down year-over-year due to the expected changes in purchasing patterns and pricing environments ahead of the IRA implementation in January. In addition, we are preparing for a Q4 launch for our olanzapine LAI. Since the initial volume is expected to be largely samples or vouchers as we establish a payer coverage, you should expect no revenue in Q4. Our non-GAAP margin, we expected improvements in the second half, in line with revenue as well as higher savings from ongoing transformation programs, while gross margin are expected to decline slightly in Q4 versus Q3 due to the anticipated revenue dynamics related to AUSTEDO. Our operating margins are expected to improve sequentially in Q4, driven by the OpEx savings. Moving to the next slide on capital allocation. Over the last few years, we have made significant progress in strengthening our balance sheet. This progress allow us the financial flexibility to invest in our innovative portfolio and pipeline, evaluating value-accretive BD opportunities, along with the optionality of returning capital to our shareholders through a buyback when appropriate. And lastly, I would like to briefly touch on our planned transition to direct ordinary share listing on the New York Stock Exchange. We believe this change will make Teva shares more accessible to a broader investor base. who will be able to buy ordinary shares directly in a seamless manner in addition to the potential inclusion in the leading indexes. We look forward to completing this transition in September and believe it represents another example of our focus on creating a long-term shareholder value. With that, I will now hand it back to Richard for his closing remarks. Richard Francis: Thank you, Eli. So once again, I want to just highlight the fact that we are at a really exciting time at Teva delivering on our acceleration phase of the pivot to growth strategy. As you can see from this slide, we have multiple opportunities to drive the revenue in the short term, medium and long term, and this innovative portfolio is very extensive. I'd also like to add the number of biosimilars we'll be adding as we start to launch these into the market. as well going forward. So in the near future, our incremental growth will come from the next generation of innovation, but we'll have much more to come after that. And so to conclude, we continue our growth journey. The themes are very clear. In a critical year for Teva, we delivered exactly what we said we were going to do. Our pipeline is advancing at speed and our with disciplined capital allocation we believe, is what sets us apart. And with that, I look forward to answering some of your questions with the team here. Thank you very much. Christopher Stevo: And while Elliott is queuing up the questions, I just want to remind everyone if you could try to ask 1 question and 1 brief follow-up, and we'll be happy to take you back into the queue if you want to ask subsequent questions, but just so as many people get a chance to ask questions as possible. So Elliot, whenever you're ready, we can go ahead. Operator: [Operator Instructions] First question comes from Jason Gerberry with Bank of America. Jason Gerberry: Congrats on the quarter. So I just wanted to follow up. So strong performance on AUSTEDO. I think you mentioned 60% new patient start share. Trying to get a sense of your confidence level going into next year that AUSTEDO won't be disadvantaged in formularies as a lower WACC price drug, the payers will be observant of the fact that they shouldn't be using the IRA negotiated price point to advantage the competitor drug. So I just wanted to get your overall sense there. And just as my brief follow-up, any comments on the tariff update in the U.S. and how the supply chain is configured to potentially manage that risk? . Richard Francis: Thanks, Jason. So could you repeat the last question? I just missed it. Jason Gerberry: Yes. Sorry, the last question was just any thoughts on Trump's proposed tariffs in the U.S. and how the supply chain is configured to mitigate that risk? Richard Francis: Okay. Thanks for the question, Jason. So I'm glad you sort of recognize the strong performance of AUSTEDO of 40%. I do want to maybe slightly correct you. I think you said 60% of new starts. The 60% I referred to as 60% of new AUSTEDO starts on the AUSTEDO XR, just as a clarification. That said, we still have very good TRx growth and very good milligram growth, highlighting the impact that AUSTEDO XR does have on the ability for patients to get on the optimal dose and adhere and comply better. And then to your question on the payer dynamics for 2027. I think this is something that we spent a lot of time looking at. There's a few obviously scenarios that can play out this way. But it's worth highlighting that all Medicare plans are required to cover negotiated products in their Part D formularies. That would be like obviously AUSTEDO XR. And so based on that, I think based on the product profile and the significant patient demand as well as the physician excitement around AUSTEDO XR. I think we remain confident in our ability to continue to make sure we can capture a significant amount of patients as we move into 2027. Obviously, how this impacts revenue, we're not really talking about that. We've highlighted the fact that we'll give guidance. When we give guidance on the company, we'll get more data as we go through. And obviously, we end up having more discussions with some of the payers towards the end of the year. But we remain very confident about that. And I'd just like to highlight what I said in my notes, very committed and to above $3 billion of peak sales based on the significant untreated patient population and clearly the momentum that we have around the brand and the execution of the team. Now, with regard to your second question on the recent announcement from the administration on the Trump tariffs. Obviously, this news has only just come out, so we're digesting this and understanding what that could look like. But I would also point out that we do have a number of factories in the United States. I think we're 1 of the largest generic manufacturers in the U.S. But we have a bit of time to work this 1 out and understand what the administration is trying to do. And as you can imagine, we've always been in close discussions with the administration being such a contributor to the health care system in the United States. So thanks for your question. Operator: We now turn to Uma Raffat with Evercore ISI. Umer Raffat: I just wanted to spend a second on the IL-15 ahead of the Celiac readout and just drill down a couple of dimensions. One, I believe the last patient in was April 7, which means they should have been done by early June with the week 8 end point. So I'm just trying to understand sort of the timing of data. I would have thought it could have been as early as today, perhaps along with earnings. I realize that's not what the expectation was, but just wanted to understand the timing and sort of where you are in data analysis. . Also, there's some prior disclosure you've shown on a Phase Ib exploratory celiac study, which shows this separation versus placebo. But the biomarker that it was shown for on the Y-axis was not laid out. What was the biomarker? And then finally, could you remind us what's the amount of gluten per day background that's being used in your ongoing celiac study or your already completed celiac study? Richard Francis: Thanks for the question. I feel you're almost as demanding as I am with regard to wanting to see results as fast as possible. But with that, I'll hand it over to Eric to answer. Eric Hughes: Thank you, Umer. Thank you for the very specific and up-to-date question. So first, the question about the enrollment. So the enrollment that you see on clinical drives. The changes you see there don't always correlate to when we're doing the database lock. So that's the simple answer. I have this. So there's nothing slow or fast about it. It's just as it is. So we'll have that data in the second half of this year. With regards to the question about the biomarker in the first POC, so that was an FSB free acid binding protein. I think I got that right, free acid binding protein. And that's a biomarker, it's not uncommonly used to measure gut inflammation, and that separation we saw from placebo versus active upon that gluten challenges. Really, I mean, it was exciting to me to see that because that really indicated that we're having an impact, and 1 of the things I always like to mention, if you speculate or overread the data, not only did we protect that got with this biomarker by that readout, but it seems to actually get better on -- from the baseline. So whether we are treating a smoldering celiac those patients is something fun to speculate about. So it was this free acid binding protein in that study. And then your final question was the amount of gluten challenge we're giving in the biopsy study that's going to read out in the second half of this year. So we're giving 3 grams every day for 6 weeks. That's a significant challenge in that study. And I think that team thought about there's various different ways you can do it, but that's a significant amount. I'm always impressed to see that we can enroll patients that are willing to do that. So hopefully, that answers all your questions. Operator: We now turn to Louise Chen with Scotiabank. Louise Chen: I wanted to ask you about your biosimilars opportunity. You seem to be talking about that more. And just curious if you could give us a little bit more color on why the growth opportunity is becoming more meaningful now to you? And is there anything in the U.S. market that's changing here any potential actions for the regulators or payers in the horizon that could open up this market even more? Richard Francis: Louise, thanks for the question. So you're right, we are excited. I am excited about the biosimilars. We've been working on this hard to get the portfolio and to get this to market. And I think there are a couple of reasons why I'm excited. One is just the performance of the team we have in the U.S. in the market. And to give you some context, we have not always been first to the market. But what we've shown and what I highlighted today is 2 out of our 5 products in the U.S. market are #1. And I think a third 1 is about to become #1. And that just shows, I think, our capability, which leads a bit into part of your second question, what has changed in the U.S. market? Well, actually, nothing really is changing. It's actually a very difficult complex, fragmented market. And why do I sound somewhat positive about that, I'm not. But what I know is with ever because of our reach and our scale and our scope of what we do, we're able to navigate what is a very fragmented complex market. And I think that's why you're seeing my excitement and about the performance we have in the U.S. If there's changes, I think that will be positive as well because we'll benefit from that. But we have more and more products coming to the U.S. Now in Europe, where we really have been starved of biosimilars. And now, we start to launch them in Europe. What we're seeing is the first indications are that when we launch them, as you would expect, once again from Teva, which is a major player in all European markets, our ability to perform very well early on early signs of saying that we can do that. So the reason why in totality I'm excited is, as you put these 15 biosims together, another 14 that are coming through and more partnerships we're doing. I think this will be a major growth driver for our generics business as a whole. And so that's where my enthusiasm lies, and I hope we'll have a lot more data points to highlight that. And maybe to conclude, we did set ourselves a target for $800 million by 2027, as I said today on the call. We're well on track to exceed that already. So thanks for the question, Louis. Operator: We now turn to Dennis Ding with Jefferies. Dennis Ding: I had a question on celiac. So you guys have talked about using 4 Phase Ib as the bar on CD but that was 0.127 placebo adjusted and had very wide error bars. So this is actually a 2-part question. Number one, why shouldn't we use the CALYPSO data as a bar, which is around I think 0.4 to 0.5 million? And then number two, if you can comment on the interpretability of your data, if you get, let's say, 0.15, 0.2 or 0.3, if you would consider that clinically meaningful? Or is there anything else in your data disclosure that you should point us to? Richard Francis: Over to you, Eric? Eric Hughes: Yes. Thank you, Richard. So Dennis, we're using the bars that we can refer it against. I'm sorry. Forte is the 1 that's reported the number of 0.127. The CALYPSO data, I'm not sure if that's something readily available to us right now. So if we can get that data, that would be great to compare it to. I think the important thing is that you have to remember, these are all somewhat artificial gluten challenge they are different from study to study. We designed a study that we think will give a nice result based on a single dose. Remember, we're doing a single dose looking at a 6-week challenge with a pretty good burden of gluten. The important thing is that we see that delta between the placebo, which should change the most. And hopefully, the active will stay similar. So the 1 that's document is the most and I think is the most comparable is the forte result of 0.127 that you mentioned, and that's the delta between placebo and active. So I'm still kind of saying that's going to be what we're going to measure ourselves against with regards to the results that we have access to. The CALYPSO data, I'm not familiar with that. I'm not sure if that was posted or is available right now. So maybe we can follow up with you on comparing that. There's a lot of different things we're going to get -- we're going to learn from this study, not only the biopsy data, which is critically important for determining how we set up the Phase II and III studies, but also experiential or symptomatology data. So a lot to come there, but I think we're going to stick with comparing to forte at this point. Operator: We now turn to David Amsellem with Piper Sandler. David Amsellem: So 1 on 408 and then 1 on ecopypane. On 408, particularly with Forte getting acquired, I wanted to get your thoughts, Eric, on how you view 408 mechanistically versus compounds that focus on CD122 and act on IL-15 and IL-2? And how you think those agents may or may not have an advantage with respect to 408. So that's a broad question. And I guess, multiple indications encompassing vitiligo and celiac and maybe others. . And then secondly, on ecopitane, can you talk to positioning in the marketplace? As you think about D1 antagonism activity, do you think that there's potential that this could be used ahead of the currently approved antipsychotics that are primarily D2 acting? How do you think about that and particularly considering that those agents are generically available? Richard Francis: Okay. Eric, do you want to start on the NGL50? Eric Hughes: Yes. Okay. Thank you for the question. So first, and maybe discuss the competition and how we approach the development of anti IL-15 versus how Forte approach it. There's nothing wrong with the 2 different approaches. You can hit the receptor like Forte has done or you can hit the leg and like we have with. There's a couple of things that we consider strategically when we design molecules. We like to go after the ligand. It's clean. You hit the free ligand and the cytokine in the system. When you hit a receptor, you run the risk of creating some off-target complications doing that. So we just by strategy, do it a different way, but there's nothing wrong with either way. One other more subtle thing that you can do when you hit the ligand is you can measure target engagement. We measure the free anti-IL-15 level in the system. So that gives us a good idea of how much activity we are seeing at any 1 point over time. So we've shown the suppression of free IL-15 for out to 80 or 90 days on a single dose. That really drives evidence-based way of choosing your dose selection and schedule. That's why we are interrogating a dose given once every 3 months. It is a quarterly shot that we're developing as a subcutaneous shut. So there's just strategic differences. Whether 1 is better than the other? We don't know. I'm just very confident in our modeling and simulation of how we'll move forward with a simple to get subcutaneous shot every 3 months. So that -- those are the biggest differences I see. It's great to see the acquisition. I mean, it shows the value people are putting in these indications like vitiligo and celiac disease. I'm fairly confident these will be indications that grow just like we saw psoriasis growth, just like we saw atopic dermatitis. Once we get good treatments that are easy to give, they will be used and the market will increase. So that's your first answer. For, the positioning of ecopipane, right now, people go through those first behavioral treatments for Tourette disease, then they try off-label drugs and like glyphenesene and other treatments that aren't approved, but actually have some modest effect. They're not great, but they're well tolerated. Then they advance on to antipsychotics, which have activity, but the tolerability is poor, particularly in a pediatric population. So the differentiation, the thing we're bringing to the table at is a brand-new mode of action. It's a D1 antagonist. It's much more tolerable. We believe in our hands. It was very tolerable in the Phase III and Phase II studies. And we think that at first, they might not be first-line therapies, but over time, when people see this tolerability and the efficacy that it would probably be advanced over time. So that's how I see the order of entry and the value proposition that we have with. Richard Francis: Yes. And if I can add to that, Eric. I think the numbers back it up. As I said, there's 100,000 pediatric patients who suffer from Tourette syndrome, only 50% are treated. And I think that highlights why are they not treated. And I think it goes to that -- there isn't a product that gives efficacy and safety. And then that theory is further endorsed by the fact that only 20% to 30% remain on therapy. And once again, an assumption around that is I'm not sure parents want their children to be on antipsychotic long term or some of the other drugs don't work that effectively. So either way you look at it, I think where there's a big unmet medical need for an efficacious safe, well-tolerated product. And I combine that with the expertise we have in the U.S. with AUSTEDO, UZEDY and AJOVY to how to treat certain patient populations and our experience with psychiatrists and neurologist. And I think that's why we have a lot of excitement around how we can help these patients, these children with this very distressing condition. Operator: We now turn to Ash Verma with UBS. Ashwani Verma: Great. Can you talk about the TL1A new indication just for the fibronostics indication that you mentioned, what type of addressable market is that in terms of U.S. and European patients? And then for HS, what would be the development path and trial design look like? Is it typical Phase II, Phase III with a focus on high 50 as a primary end point? Richard Francis: Thanks for the question. I'll hand that 1 to Eric, you are having a busy day today. Eric Hughes: Yes. So thanks for the question. The 2 indications I'm very excited about these 2 indications. And just to review how we think about the indications with our partner, Sanofi, first, the scientific justification has to be there, the market opportunity, the possibility of regulatory success, and of course, the speed. Those are the 4 benchmarks we use when choosing it. So why then HS and fibrosinotic cronies. There's a lot of great science around the fact that TL1A is upregulated in these disease areas, the fact that Th1 and Th17 cells are involved, you need a drug like do we keep to that has potential effects on multiple different pathways. And then you add in the fact that there's a potential direct effect on fibrosis. All those things add up to the fact that HS is probably a very good indication going to, not to mention the fact that 15% of patients who have IBD also have HS. So there's a lot of science and reason to believe that this is a good treatment. HS is another market that's growing. You see this out there with the competition. It's a high unmet medical need. This will continue to grow. So the market opportunity is definitely there. I think we have a good chance on the probability of success, and it's something we can execute very quickly. Usually, these primary endpoints are around 16 weeks. You can -- that's how we'll approach it most likely. And at this point in the development, we'll do a traditional Phase IIb study that will drive then a Phase III program. So that's what the timelines are looking at for HS. Now, turning to fibrostynatic Crohn disease. This is another 1 I really think is a great idea. This is an area that's great unmet medically. There's no approved therapies for the indication of fibrostononic Crohn disease. And this is really 1 of the main drivers of the complications of Crohn's disease, where you have potential obstruction. You have hospitalizations. You have increased costs, increased symptomatology. So if you can have a drug that potentially not only blocks the inflammation, but then really starts to work on these majorly obstructive fibrotic indemitist lesions in patients with Crohn's disease, that's a major differentiator for a drug launching into IBD. So hopefully, someday, we're not just talking about turning off inflammation in Crohn's disease, we're talking about changing the structure and the major complications within the disease. So when I think about the opportunity here, it's not just scientific unlocking fibrosis, it's driving a better label, a broader opportunity for patients and a broader opportunity for the market for the company. So that's the thinking behind the 2 indications, I think that they're spot on. Richard Francis: I think we have time for 1 more question. Is that right? Operator: Our next question comes from Sneha with Barclays. Glen Santangelo: Yes. This is Glen Santangelo. I think you got the name wrong. But essentially, Elliot, I just had 2 quick questions for you, if I could. I mean essentially, last quarter, I think you talked about the Osteo inventory sort of issues. And I thought the expectation was that those inventory levels would come down a little bit this quarter, but it seems like that wasn't the case. And I think you suggested that those inventory levels remain sort of elevated. So how should we think about that in 3Q and 4Q within the guidance expectations that you laid out? And then secondly, I did want to ask about EBITDA. I mean given the strength in the innovative brands this quarter and how well you did on revenues and gross margin, you maintained the EBITDA guidance. And I was just kind of curious if there was anything different in terms of your expense outlook, that's kind of worth calling out given that you maintain that EBITDA guidance? Richard Francis: Glenn, Richard, thanks for the question. I'll start with the stat and then I'll hand to Eli for the EBITDA question. So with regard to this inventory, you're right, we had that inventory build in Q4 2025. And we're expecting to draw down. We saw some of that drawdown occur in the first half of the year, but not fully complete. And so we need to see the rest of that come down in the second half of the year and Q4. And then just to reiterate what I think we've also been saying is how will Q4 levels play out anyway, knowing that the IRA price effectuation comes in, in Q1 2026. And I think that sort of is something that we also are keeping in mind when we think about guidance in AUSTEDO. And then I go back to the fundamentals, is the TRx good? Yes. Is the milligram is growth good? Yes. Is our breadth and depth of prescribers good? Yes. So I think that gives us, obviously, confidence about where the product is heading, why we feel confident about $3 billion plus in peak sales. But just those are the dynamics as we manage through this inventory, both the early part of it from Q4 '25 and then understanding how that's going to play out in Q4 of this year. And then on the EBITDA, I'll hand that 1 to Eli. Eliyahu Kalif: Thanks for the question. Yes. So look, as I mentioned in our prepared remarks and you saw from the slide the 3 main products, AUSTEDO, AJOVY and UZEDY at the midpoint now moving to $150 million. But net-net-net, what you see on the top of our top line, you see a midpoint of EUR 75 million, and this is related to kind of an offset that we see due to some softness in generics, as I mentioned. All in all, it's very important to remember, like this is a really strong performance mainly when you think about the context on a tough prior year comp with removing $1.1 billion revenue and $700 million equivalent EBITDA from REVLIMID. Now, if you go to the range on the EBITDA that we said, and we need to understand that I mentioned that we're going to be at the higher range of the OpEx, around 28%, and this is related to some continuous investment that we are doing in order to make sure that our innovative portfolio in biosimilars are performing. And also we had slightly a bit on less, I will mention, and some other in-lines costs that we had in our first half and going to have in the second half. You saw the announcement on OCREVUS and small here, small there. So it's kind of a maybe a very small 20, 30 basis points on the total, if you look on annual revenue. But this is all dynamics related to investment related to supporting our innovative and biosimilars portfolio. Richard Francis: Thanks for the question, Glen. And I have realized actually -- we're actually going to take some more questions there. So 2 more questions. So next question. Operator: We now turn to Matt Dellatorre with Goldman Sachs. Matthew Dellatorre: Great. Maybe coming back to TL1A, -- it seems like you guys are leaning kind of fairly heavily into these fibrosis heavy diseases. So I guess maybe how far could you go in that direction in terms of additional fibrotic indications? Are you going to kind of see how these play out and then go from there? And then Eric, you touched on this briefly, but I guess, how should we think about in the sense of would this be primarily a differentiator on your CD label? Or could it be a separately indication different label? And then maybe just briefly touching on the commercial side. I know you guys are prepping for 2 major launches over the next 12 months with olanzapine and EcoPPAM. Maybe just walk us through launch preparations so far? And what you guys are just most focused on from an execution perspective for both of those launches? Richard Francis: I'll let Eric start with TL1A 22. Over to you, Eric. Eric Hughes: Yes. So thanks for the questions, Matt. And first, to start with the TL1A, the choice of HS and fibers Crohn's disease, first and foremost, they are inflammatory diseases with a major fibrotic component to it. So these are great ways to get into the field and show whether we're having a true effect. We still have to prove that TL1A has that antifibrotic effect. But these are great avenues to get in there and learn. Once we've shown that, yes, maybe we could in the future go to truly only antifibrotic or fibrotic diseases such as IPF or something like that. But right now, we need to prove the principle. And these are great indications because -- on the way to learning those things, we will show the great value in indications that have a high unmet medical need. Now, going on to the question of fibrostenotic Crohn's disease, and what is our for what those will do in the future? I believe and I hope to have that as a labeled indication someday if we show good results. So that's the intention of those. So that really could differentiate us within the space of inflammatory bowel disease. So that's the intention. And then the question about the launch of the ecopipane and our preparations, maybe, Richard, did you want to take that? Richard Francis: Yes. No. We do -- as you framed it, I had 2 major launches, we're very excited about. I think with regard to olanzapine, I think it's worth noting that we've been preparing for this launch for some time, thinking about how best to approach it, but that preparation has really been high quality, not just because of the team's thinking because we're out in the market every day, understanding the physicians, the patients, the payers, the intricacies of this market. And so the team has put a huge amount of effort into preparing for this, which is why we are very optimistic and enthusiastic about our ability to really help these patients who need a long-acting therapy for these severe schizophrenia patients. So I think very confident and looking forward to seeing that launch. With regard to icopipane, based on the time of the FDA, this will probably could come out in the later part of Q2 next year. So once again, the asset has been transacted. We have it. We've been working and thinking about this for some time when we got close to the transaction. And we think this falls into our wheelhouse again. It's a rare disease, undertreated patient population, how do we get these patients motivated to seek therapy, how do we educate the physicians on a new therapy. This probably sounds very much like the things we've been saying around AUSTEDO because it is. And so that capability and that knowledge will leverage significantly. Obviously, putting the resources in place and getting the right people in place, we're very good at that. The unmet need is significant. So very excited about that. And I think the timing actually works out, these are over a year apart. And we've got to get used to this because as I said in my remarks, we'll be launching a new product every year. So this is a muscle that we've been building. We're enthusiastic about it. We're not in all of it. We're leaning into it. And so I think you'll see an excellent launch of. But obviously, we'll give you more update as we get closer to that. So thanks for your questions, Matt. Next question, I think is this last question? This is our last question. So who is it. Operator: Our next question comes from Chris Schott with JPMorgan. Unknown Analyst: Just this is a Catarina on for Chris. Just 2 very quick ones. So first, just on AJOVY guidance for the year is coming up nicely. Just how much of this is volume versus price? And any other kind of color you can provide in terms of the trends you're seeing for that product? And then just on Europe very quickly, coming in a little lighter than expected. Just again, anything to call out there? And how should we think about results in the second half for Europe? Richard Francis: Thanks for your question. So on a go, we're very pleased with the performance of this. And as I said, this is across all markets. So we've got good growth in international, good growth in Europe and good growth in the U.S. As I highlighted in my remarks, in the U.S., there is some favorability on the contracting and what we've done there on gross to net, but also market share gains in the U.S. We've also got market share gains in Europe and in international markets. And it's important to note that we are growing above the market in all of our regions. So that, I think, gives us an underlying good trajectory across all regions, but some good work down. I always remind people, when we started this journey with pivot to growth, AJOVY had been forgotten about. And now we're talking $1 billion asset. I think that's credit to the teams across all 3 of the regions that they've been able to do that. Now, you also asked a question around Europe and the softness in Europe. And I think this goes back to something I mentioned also is we don't have as many high-value launches as we had last year. We also had a very low cough and cold season, and we have a particularly significant portfolio in cough and cold, so that impacted us. On the positive side, we are launching more biosimilars. They've only just started, so we haven't really seen the traction of those. But we have more and more to come into Europe, which is a very attractive biosimilar market and is 1 that I've been disappointed that we haven't been in. But we've done a lot of work on this portfolio, and we're bringing more and more biosimilar to the market almost year-on-year. As I said, we have 14 more to launch, and we're going to consistently add more to that portfolio, and we'll end up with a portfolio mid-30s, close to 40%. That's our ambition. So hopefully, that answers your questions, Katherine, but thanks for the questions. And then do we have 1 more, a bit confused? No, we don't have any more. So thank you, everybody, for your time and attention today. Thanks for the questions, and thank you, as always, for the interest in Teva. Operator: Ladies and gentlemen, today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines. Before you buy stock in Teva Pharmaceutical Industries, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Teva Pharmaceutical Industries wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,405!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,344,091!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Teva (TEVA) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Teva Pharmaceutical Industries Limited TEVA reported second-quarter 2026 adjusted earnings of 2 cents per share, which missed the Zacks Consensus Estimate of 8 cents. Adjusted earnings declined 97% year over year due to higher acquisition costs. Adjusted earnings included an impact of a loss of 61 cents per share, related to the acquisition of Emalex Biosciences. Revenues for the second quarter were $4.14 billion, which marginally beat the Zacks Consensus Estimate of $4.10 billion. Total revenues decreased 1% from the year-ago quarter on a reported basis and 3% on a constant currency basis due to lower generic product revenues The company’s branded drugs Austedo, Ajovy and Uzedy witnessed strong momentum in the quarter. Sales in the United States segment were $1.70 billion, declining 5% year over year, mainly due to weaker sales of generic products notably lenalidomide capsules (generic Revlimid) in the United States, partly offset by higher revenues from key innovative products, notably Austedo. The segment’s sales beat the Zacks Consensus Estimate of $1.65 billion. Generic/biosimilar product revenues were down 31% year over year to $660 million in the United States, mainly due to lower revenues from lenalidomide capsules as a result of increased generic competition in the United States, partially offset by higher revenues from Teva’s portfolio of biosimilar products. The figure missed the Zacks Consensus Estimate of $720 million. Huntington's disease drug Austedo recorded sales of $676 million in the United States, up 37% year over year. Sales were mainly driven by volume growth as prescription trends continued to grow. Austedo sales beat the Zacks Consensus Estimate of $576 million. Ajovy recorded sales of $116 million in the quarter, up 83% year over year, driven by a reduction in sales allowance as well as volume growth. Ajovy sales surpassed the Zacks Consensus Estimate of $81 million. Uzedy (risperidone), a long-acting subcutaneous atypical antipsychotic injection for the treatment of schizophrenia, generated sales of $77 million in the second quarter, up 43% year over year, mainly driven by volume growth. Uzedy sales surpassed the Zacks Consensus Estimate of $71 million. Copaxone recorded sales of $61 million in the United States, down 2% year over year, mainly due to lower volumes. Copaxone sales, however, beat the Zacks Consensus Estimate of $59 million. The Europe segment recorded revenues of $1.26 billion, down 3% year over year on a reported basis. Sales declined 8% on a constant currency basis, mainly due to lower revenues from generic products and lower proceeds from the sale of certain product rights. Teva launched Austedo in European markets earlier this year. Europe revenues missed the Zacks Consensus Estimate of $1.36 billion. The International Markets segment recorded revenues of $550 million, up 11% year over year on a reported basis and 7% in constant currency terms. The increase was due to higher revenues from Ajovy and Austedo sales, primarily in China. International Markets revenues beat the Zacks Consensus Estimate of $537 million. The Other segment (comprising the sales of active pharmaceutical ingredients to third parties and certain contract manufacturing services) recorded revenues of $627 million, up 5% year over year on both a reported basis and a constant currency basis. Adjusted gross margin was 55.4% in the quarter, up 80 basis points (bps) year over year. The rise was mainly driven by higher Austedo and Ajovy revenues, partially offset by lower revenues from generic products in the United States segment. Adjusted research & development expenses increased 298% year over year to $970 million, reflecting higher costs related to the acquisition of Emalex Biosciences. Selling and marketing (S&M) expenditure increased 10% year over year to $717 million. General and administrative expenses increased 4% from the prior-year level to $317 million. Adjusted operating income declined to $375 million from $1.13 billion in the year-ago quarter. Adjusted operating margin contracted to 9% from 27.1%, mainly due to higher research and development expenses related to the acquisition of Emalex Biosciences. Teva expects an adjusted operating margin of 30% by 2027 to be achieved through cost savings and the continued growth of its branded drugs. Teva raised its 2026 revenue outlook to $16.50-$16.85 billion from the previous range of $16.40-$16.80 billion. Despite the mixed earnings results, shares of Teva were up 9.6% yesterday, driven by the company's raised 2026 revenue outlook for its innovative portfolio, particularly Austedo, Ajovy and Uzedy. Year to date, shares of Teva have risen 11.2% against the industry’s 1.2% decline. Image Source: Zacks Investment Research The company increased its Austedo revenue forecast to $2.45-$2.60 billion from $2.40-$2.55 billion. Ajovy guidance was raised to $850-$870 million from $750-$790 million, while Uzedy guidance was increased to $270-$290 million from $250-$280 million. Teva expects combined 2026 revenues of approximately $3.7 billion for Austedo, Ajovy and Uzedy, reflecting around 17% yearly growth at the midpoint. The company maintained adjusted EPS guidance of $1.91-$2.11 for 2026. Teva continues to expect adjusted operating income in the band of $3.8-$4 billion in 2026. The company also maintained its adjusted EBITDA guidance in the range of $4.23-$4.53 billion. Free cash flow is projected to be in the range of $2-$2.4 billion, and capital expenditures are expected to be $500 million in 2026, both unchanged from the previous expectation. Teva completed the acquisition of Emalex Biosciences in June 2026. The transaction added ecopipam, a first-in-class investigational treatment for pediatric Tourette syndrome, to its neuroscience pipeline. The acquisition strengthened Teva’s innovative medicines pipeline. In June, Teva submitted a new drug application (NDA) to the FDA seeking approval for ecopipam for treating pediatric Tourette syndrome. The company expects the potential launch of ecopipam in the first half of 2027, subject to approval. Teva also remains on track for the anticipated launch of olanzapine long-acting injectable in the United States in the fourth quarter of 2026 upon potential approval from the FDA. Along with the earnings release, Teva announced that it will replace its American Depositary Shares (ADSs) with its regular ordinary shares on the New York Stock Exchange (NYSE), which will commence trading on the NYSE from Sept. 14, 2026. By replacing ADSs with ordinary shares listed directly on the NYSE, Teva aims to make its stock more accessible to investors, which could increase investor interest and trading activity as well as reduce the company's financing costs over time. Teva Pharmaceutical Industries Ltd. price-consensus-eps-surprise-chart | Teva Pharmaceutical Industries Ltd. Quote Teva currently carries a Zacks Rank #4 (Sell). Some better-ranked stocks in the biotech sector are Harmony Biosciences HRMY, Kiniksa Pharmaceuticals KNSA and Liquidia Corporation LQDA, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Over the past 60 days, estimates for Harmony Biosciences’ 2026 earnings per share have risen from $3.20 to $3.30, while estimates for 2027 have increased from $3.64 to $3.87 during the same time. HRMY shares have lost 4.2% year to date. Harmony Biosciences’ earnings missed estimates in each of the trailing four quarters, with the average negative surprise being 25.16%. Over the past 60 days, estimates for Kiniksa Pharmaceuticals’ 2026 earnings per share have risen from $1.24 to $1.39, while estimates for 2027 have increased from $1.70 to $2.12 during the same time. KNSA shares have soared 96.1% year to date. Kiniksa Pharmaceuticals’ earnings beat estimates in one of the trailing four quarters, met the same once and missed the same on the remaining two occasions, with the average negative surprise being 5.42%. Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have risen from $2.97 to $3.02, while estimates for 2027 have increased from $4.81 to $5.31 during the same time. LQDA shares have surged 159.7% year to date. Liquidia’s earnings beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion, with the average surprise being 54.40%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Teva Pharmaceutical Industries Ltd. (TEVA) : Free Stock Analysis Report Liquidia Corporation (LQDA) : Free Stock Analysis Report Kiniksa Pharmaceuticals International, plc (KNSA) : Free Stock Analysis Report Harmony Biosciences Holdings, Inc. (HRMY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Teva Pharmaceutical Industries (NYSE:TEVA) is back in focus after reporting second quarter 2026 results, combining a reported net loss of US$576 million with slightly higher full year revenue guidance. See our latest analysis for Teva Pharmaceutical Industries. The earnings announcement and slightly higher full year revenue guidance have coincided with a sharp move in Teva Pharmaceutical Industries' shares, with a 1 day share price return of 9.6% and a 7 day share price return of 15.1%. Despite that short term surge, the 90 day share price return is slightly lower, while the 1 year total shareholder return of 106.2% and 3 year total shareholder return of more than 2.7x reflect a strong multi year recovery. If this kind of renewed interest in Teva has you looking beyond a single stock, it can be useful to widen the lens and uncover other opportunities through the 19 top founder-led companies The share price is up sharply while Teva Pharmaceutical Industries still trades below both analyst targets and one intrinsic value estimate. So where might fair value actually sit within that spread after this latest move? Teva Pharmaceutical Industries closed at $34.71, while the most followed narrative pegs fair value at $40.90. That gap rests on a detailed long term earnings and margin story. Read the complete narrative. Want to see what sits behind that valuation gap for Teva Pharmaceutical Industries? The narrative focuses on higher margins, steadier revenue and a higher future earnings multiple. Curious which moving parts matter most and how they interact over time? The full story brings those assumptions together into one clear fair value path. Result: Fair Value of $40.90 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Teva Pharmaceutical Industries still faces concentration risk around key branded drugs and a sizeable debt load that could pressure its flexibility if conditions become less supportive. Find out about the key risks to this Teva Pharmaceutical Industries narrative. The mix of optimism and concern around Teva Pharmaceutical Industries is clear, so it can be useful to review the details yourself and move quickly while sentiment is fresh. To weigh the potential upsides against the issues investors are watching, start by looking at the 3 key rewards and 2 important warning signs. If you want to keep building on the momentum from Teva Pharmaceutical Industries, use the Simply Wall Street Screener to quickly surface fresh stock ideas that fit your style. Target potential mispricings by scanning for quality companies that still look overlooked through the 49 high quality undervalued stocks. Strengthen your focus on financial resilience by zeroing in on businesses highlighted in the solid balance sheet and fundamentals stocks screener (48 results). Spot opportunities that others might miss by running the screener containing 21 high quality undiscovered gems before the next wave of attention arrives. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include TEVA. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Teva Pharmaceutical Industries Ltd.? Here are five stocks we like better. Innovative medicines drove momentum: AUSTEDO, AJOVY and UZEDY revenue grew a combined 43% year over year, prompting Teva to raise product forecasts and increase the midpoint of its 2026 revenue guidance by $75 million. Generics remained under pressure: Global generics revenue fell 15%, mainly due to declining generic Revlimid sales, though Teva highlighted biosimilars as a growth platform with 15 products marketed and 14 in development. Cash flow improved despite an acquisition-related loss: Teva posted a $576 million GAAP net loss following a $724 million Emalex-related charge, while free cash flow rose 31% to $622 million and leverage stood at 2.8 times net debt to EBITDA. MarketBeat Week in Review – 02/03 - 02/07 Teva Pharmaceutical Industries (NYSE:TEVA) reported second-quarter 2026 revenue of approximately $4.1 billion, down 1% from a year earlier in U.S. dollars, as lower sales from generic Revlimid were largely offset by growth in its innovative medicines portfolio. Chief Executive Officer Richard Francis said Teva’s growth strategy is increasingly being driven by AUSTEDO, AJOVY and UZEDY, whose combined revenue rose 43% year over year during the quarter. The company raised its full-year revenue outlook for all three products and increased the midpoint of its overall 2026 revenue guidance by $75 million. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Teva Pharma: Why This Generic Drug Giant Is a Smart Buy Now AUSTEDO, Teva’s treatment for tardive dyskinesia and Huntington’s disease chorea, generated $676 million in U.S. revenue during the quarter, up 33% year over year. Global revenue increased 40%, supported by a 14% increase in total prescriptions and 21% growth in milligrams dispensed, Francis said. AUSTEDO XR accounted for more than 60% of new AUSTEDO patient starts. Teva raised AUSTEDO’s 2026 revenue guidance to a range of $2.45 billion to $2.6 billion, an increase of $50 million at the midpoint. Francis said the midpoint of the revised range reaches the company’s previously stated 2027 target of $2.5 billion and reiterated Teva’s expectation for more than $3 billion in peak sales. → 3 Value ETFs to Consider as Growth Stocks Lag Behind 2 Generic Drug Stocks Ready to Surge in 2025 UZEDY, a long-acting injectable treatment for schizophrenia, posted quarterly revenue of $77 million, up 43% from a year earlier. Total prescriptions and monthly order trends increased 63%, according to Francis. Teva raised its full-year UZEDY forecast by $15 million at the midpoint to a range of $270 million to $290 million. AJOVY, Teva’s migraine treatment, generated global revenue of $244 million, an increase of 56% year over year. U.S. revenue climbed 83%, aided by improved contracting, favorable gross-to-net trends and market-share gains, Francis said. The company lifted AJOVY’s full-year outlook by $90 million at the midpoint to $850 million to $870 million and said it sees a path to $1 billion in peak sales. → 5 AI Stocks Are Pulling Back—Which Growth Catalysts Still Look Strongest? Teva is preparing for a potential fourth-quarter FDA action and U.S. launch of its long-acting injectable olanzapine product. The company said it expects no revenue contribution from the product in the fourth quarter because initial use would largely consist of samples or vouchers while payer coverage is established. Global generics revenue fell 15% year over year, primarily because of a lower contribution from generic Revlimid. Excluding generic Revlimid, Francis said the generics business was stable, with global generics down 2% and U.S. generics up 1%. Management said lower launch activity, a softer cough-and-cold season and increased competition in some markets are expected to weigh on 2026 generics results. Teva expects global generics revenue, excluding generic Revlimid and the divestment of its Japan business, to range from flat to down low single digits in local currency for the full year. Still, the company identified biosimilars as an emerging growth platform. Teva has 15 biosimilar products on the market and 14 in its pipeline. Francis said two of its five U.S. biosimilars are market leaders, while a third is close to taking the top position. The company expects to exceed its target of $800 million in biosimilar revenue by 2027. Teva reported a GAAP net loss of $576 million, or $0.49 per share, for the second quarter. The results included $724 million in in-process research and development expense related to Teva’s June acquisition of Emalex Biosciences, which was accounted for as an asset acquisition. On a non-GAAP basis, Teva reported earnings per share of $0.02. Excluding the Emalex-related impact, non-GAAP EPS would have been $0.63, Chief Financial Officer Eli Kalif said. Non-GAAP gross margin increased 80 basis points to 55.4%, while non-GAAP operating margin was 9% including Emalex-related expenses. Excluding those expenses, operating margin would have been 26.6%. Free cash flow rose 31% year over year to $622 million. Teva ended the quarter with net debt of $12.9 billion and a net-debt-to-EBITDA ratio of 2.8 times. Excluding the Emalex acquisition, the ratio would have been 2.3 times, Kalif said, putting the company on track toward its target of below 2 times by 2027. Fitch upgraded Teva to investment grade in May, marking the company’s return to investment-grade status for the first time since 2017, according to Kalif. Teva submitted ecopipam to the FDA in June for Tourette syndrome and expects a potential launch in the first half of 2027 if approved. The company said it sees an unmet need among pediatric patients, citing an estimated 100,000 children with Tourette syndrome in the U.S., with about half receiving treatment. The company also outlined upcoming pipeline events, including a second-half readout from its anti-IL-15 celiac disease proof-of-concept study, an expected year-end event-driven study milestone for its dual-action rescue inhaler program in asthma, and a planned fourth-quarter regulatory action for long-acting olanzapine. Teva and partner Sanofi also added hidradenitis suppurativa and fibrostenotic Crohn’s disease as research indications for duvakitug. Eric Hughes, Teva’s head of global research and development and chief medical officer, said the company expects to pursue a traditional Phase 2b study in hidradenitis suppurativa, with primary endpoints likely assessed around 16 weeks. Looking ahead, Teva reaffirmed its 2026 outlook for operating profit, adjusted EBITDA, EPS and free cash flow. Management said it continues to target mid-single-digit revenue growth, a 30% non-GAAP operating margin, net debt to EBITDA below 2 times and cash conversion of 80% by 2027. Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) is an Israeli multinational pharmaceutical company and one of the world's largest manufacturers of generic medicines. The company's core activities include the development, production and marketing of generic pharmaceuticals alongside a portfolio of specialty branded medicines. Teva supplies finished dosage forms and active pharmaceutical ingredients (APIs) to markets around the globe and operates manufacturing and research facilities in multiple countries. Teva's product range covers oral solids, injectables, inhalation products and other dosage forms across therapeutic areas such as central nervous system disorders, respiratory, oncology, pain and infectious disease. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Teva Pharmaceutical Industries Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Teva Pharmaceutical Industries Ltd. (TEVA) reported $4.14 billion in revenue for the quarter ended June 2026, representing a year-over-year decline of 0.8%. EPS of $0.02 for the same period compares to $0.66 a year ago. The reported revenue represents a surprise of +1.43% over the Zacks Consensus Estimate of $4.08 billion. With the consensus EPS estimate being $0.08, the EPS surprise was -75%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Teva Pharmaceutical Industries performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Geographic Revenue- International Markets- AJOVY: $49 million compared to the $31 million average estimate based on two analysts. The reported number represents a change of +145% year over year. Geographic Revenue- United States- Other: $84 million versus the two-analyst average estimate of $112.5 million. The reported number represents a year-over-year change of -24.3%. Geographic Revenue- International Markets- COPAXONE: $8 million compared to the $7.25 million average estimate based on two analysts. The reported number represents a change of +14.3% year over year. Geographic Revenue- International Markets- Generic products (including OTC and biosimilars): $419 million versus the two-analyst average estimate of $425.38 million. The reported number represents a year-over-year change of +2.2%. Geographic Revenue- International Markets- Other: $55 million compared to the $60.65 million average estimate based on two analysts. The reported number represents a change of 0% year over year. Geographic Revenue- Europe- AJOVY: $78 million compared to the $79.05 million average estimate based on two analysts. The reported number represents a change of +9.9% year over year. Geographic Revenue- Europe- COPAXONE: $49 million versus the two-analyst average estimate of $38.75 million. The reported number represents a year-over-year change of -2%. Geographic Revenue- Europe- Generic products (including OTC and biosimilars): $1.02 billion versus $1.1 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -1.5% change. Geographic Revenue- Europe- Other: $54 million versus $82.6 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -33.3% change. Geographic Revenue- Europe- Respiratory products: $58 million versus $57.59 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +5.5% change. Geographic Revenue- United States: $1.7 billion versus $1.65 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -20.9% change. Geographic Revenue- Europe: $1.26 billion compared to the $1.36 billion average estimate based on two analysts. The reported number represents a change of -2.7% year over year. View all Key Company Metrics for Teva Pharmaceutical Industries here>>> Shares of Teva Pharmaceutical Industries have returned -6.5% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Teva Pharmaceutical Industries Ltd. (TEVA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Revenue: Approximately $4.1 billion, down 1% in U.S. Dollars or 3% in local currency compared to Q2 2025. Net Loss: $576 million. Non-GAAP Gross Margin: 55.4%, an increase of 80 basis points year-over-year. Non-GAAP Operating Margin: 9%, including MLX-related expenses; 26.6% excluding MLX. Non-GAAP EPS: $0.02; would have been $0.63 excluding MLX impact. Free Cash Flow: $622 million, up 31% versus last year. Innovative Portfolio Revenue Growth: Up 43% year-on-year. Estedi Revenue: $676 million in the US, up 33% year-over-year; global revenue up 40%. USEDI Revenue: Grew 43% to $77 million in Q2. Ajovy Revenue: $244 million, up 56% year-over-year. Generics Revenue: Down 15% versus Q2 2025. Net Debt: $12.9 billion with a net debt-to-EBITDA ratio of 2.8 times; 2.3 times excluding MLX. 2026 Revenue Guidance: Midpoint raised by $75 million. Innovative Product Revenue Guidance: Increased by approximately $150 million at the midpoint, reflecting a combined 2026 revenue outlook of approximately $3.7 billion. Warning! GuruFocus has detected 2 Warning Sign with TEVA. Is TEVA fairly valued? Test your thesis with our free DCF calculator. Release Date: July 29, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Teva Pharmaceutical Industries Ltd (NYSE:TEVA) reported strong Q2 performance for its growth engines, ASTEDO, AJOVY, and USETI, leading to an increase in full-year revenue guidance for these products. The innovative portfolio is reshaping Teva's financial profile with stronger revenue growth, margins, and free cash flow. Teva's biosimilars are becoming a growth platform within generics, with 15 products in the market and 14 in the pipeline. The company has made significant progress in capital allocation, including the acquisition of Amalex and the conversion of ADS to ordinary shares for listing on the New York Stock Exchange. Teva's innovative portfolio has had a strong quarter, with a 43% year-on-year increase, driven by products like Estedo and Ajovy. Teva's generics business is down 15% compared to Q2 2025, largely due to lower generics Revlimid contribution. Despite strong innovative growth, Teva faces nearly 8% headwinds from generic Revlimid loss year over year. The company expects a softer performance in 2026 for its generics business due to fewer high-value launches and a soft cough and cold season. Teva's Q2 revenues were down 1% in U.S. Dollars or 3% in local currency compared to Q2 2025, driven by lower generics. The company recorded a GAAP net loss of $576 million, impacted by MLX-related expenses. Q: Can you provide insights on ASTEDO's performance and its future outlook, especially concerning payer dynamics and potential tariff impacts? A: Richard Francis, CEO, clarified that ASTEDO's strong performance, with 60% of new starts on ASTEDO XR, is supported by significant patient demand and physician excitement. He expressed confidence in maintaining a significant market share despite potential IRA impacts. Regarding tariffs, Teva is assessing the situation but has a strong U.S. manufacturing presence to mitigate risks. Q: Could you elaborate on the timing and expectations for the IL-15 celiac study readout? A: Eric Hughes, Chief Medical Officer, explained that the data is expected in the second half of the year. The study involves a significant gluten challenge, and the biomarker used in previous studies was free acid binding protein, indicating gut inflammation protection. Q: What is driving the increased focus on biosimilars, and are there any changes in the U.S. market that could enhance this opportunity? A: Richard Francis highlighted Teva's strong execution in the U.S. biosimilars market, with two out of five products ranked number one. Despite the complex market, Teva's scale and reach allow it to navigate effectively. The company is on track to exceed its $800 million target by 2027. Q: How do you view the competitive landscape for your anti-IL-15 program compared to other approaches, and what is the potential positioning for Ecopipan in the market? A: Eric Hughes noted that Teva's strategy targets the ligand for a cleaner approach with measurable target engagement. Ecopipan, a D1 antagonist, offers a new mode of action with better tolerability, potentially positioning it ahead of current antipsychotics for Tourette syndrome. Q: Can you discuss the potential market impact of TL1A's new indications, particularly for fibrostenotic Crohn's disease and HS? A: Eric Hughes emphasized the scientific rationale and unmet needs in these areas. TL1A's potential antifibrotic effects could differentiate it in the IBD space, while HS represents a growing market with significant unmet needs. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) reported mixed second-quarter results, with revenue exceeding Wall Street expectations while adjusted earnings fell short due to acquisition-related costs. Investors focused on the company’s strong sales growth from its key branded medicines, sending shares about 3% higher. The drugmaker reported adjusted earnings of $0.02 per share, well below analysts’ consensus estimate of $0.62. Quarterly revenue totalled $4.14 billion, ahead of the market forecast of $4.05 billion, while declining just 1% from the same period last year. Teva said the earnings shortfall was largely the result of $726 million in expenses linked to its acquisition of Emalex Biosciences and its lead therapy, ecopipam, a first-in-class treatment for Tourette syndrome. The acquisition-related charges reduced quarterly earnings by approximately $0.61 per share. The company’s three flagship branded medicines generated more than $1 billion in combined revenue during the quarter, delivering 43% year-over-year growth in local currency. AUSTEDO remained Teva’s largest growth product, with global revenue rising 40% to $696 million. AJOVY generated revenue of $244 million, an increase of 56% from a year earlier, while UZEDY recorded sales of $77 million, up 43%. Reflecting the continued momentum, Teva increased its 2026 revenue outlook for the three products and now expects combined annual sales of approximately $3.7 billion, representing around 17% year-over-year growth at the midpoint of its guidance. Performance in Teva’s generics division remained under pressure during the quarter. Global generics revenue declined 15% year over year in local currency, primarily because of increased competition for lenalidomide capsules in the U.S. market. Teva maintained its adjusted earnings guidance for fiscal 2026 at between $1.91 and $2.11 per share. The midpoint of that range, $2.01, remains below analysts’ consensus estimate of $2.16 and includes a $0.66 per-share impact from costs associated with the Emalex acquisition. The company also increased its full-year revenue guidance to between $16.5 billion and $16.85 billion, compared with its previous forecast of $16.4 billion to $16.8 billion. President and Chief Executive Officer Richard Francis said: “Our second quarter reflects continued execution of our Pivot to Growth strategy.” Teva Pharmaceutical Industries