Teva Pharmaceutical Industries (TEVA) FY2025 results: revenue $17.3 billion, up 4.3% on the year

Teva makes and sells generic medicines and a smaller range of branded ones, in neuroscience, immunology, respiratory and oncology. It was incorporated in Israel on 13 February 1944 and is the successor to a number of Israeli corporations, the oldest of which was established in 1901. It is headquartered in Israel and reports about 34,000 employees across 57 markets.

Three regions

The business is run as three segments, United States, Europe and International Markets, and each one manages the whole product range in its own region rather than a single product line. International Markets covers everything outside the first two and reaches more than 35 countries, among them Canada and Israel on the regulated generic side and Russia and parts of Latin America where branded generics dominate. Alongside the three sit other activities: selling active pharmaceutical ingredients to other companies, contract manufacturing, and an out-licensing platform run through an affiliate called Medis. Roughly 43% of what the company took in during 2025 was denominated in currencies other than the US dollar, with the euro, the British pound and the Swiss franc among the main ones.

The generics side

In the United States the company markets more than 350 generic prescription products in more than 1,100 dosage strengths, packaging sizes and forms, covering oral solids, injectables, inhaled products, liquids, transdermal patches, ointments and creams. Most of those American generic sales go to retail drug chains, mail order distributors and wholesalers. Anda, its American distribution arm, carries generic, biosimilar and branded medicines and over-the-counter products, its own and other manufacturers', out to independent pharmacies, pharmacy chains, hospitals and physician offices. In Europe the over-the-counter range runs under SUDOCREM as a global brand alongside local ones such as NasenDuo, DICLOX FORTE, OLFEN Max and FLEGAMINA.

The branded medicines

The filing describes this half as the innovative portfolio, and it is concentrated in the central nervous system. AUSTEDO and AUSTEDO XR, for chorea in Huntington's disease and for tardive dyskinesia, sold $2,217 million in the United States in 2025, 35% more than in 2024. AJOVY, for preventing migraine, sold $295 million in the United States, $270 million in Europe and $108 million in International Markets, and the company reports its American exit market share at 33.3% of the subcutaneous injectable anti-CGRP class. UZEDY, for schizophrenia and bipolar 1 disorder in adults, sold $191 million in the United States, 63% more than in 2024. COPAXONE treats relapsing forms of multiple sclerosis, and the filing notes that alternative therapies to glatiramer acetate products have been introduced in various European markets. Oncology runs through TRUXIMA and BENDEKA, and the recently launched biosimilars are SELARSDI and EPYSQLI.

Making it

The company operates 33 finished dosage and packaging plants in 21 countries, turning out roughly 66 billion tablets and capsules and about 600 million sterile units in 2025. Most of that capacity sits in North America, Europe, Latin America, India and Israel, and external contract manufacturers are used alongside it. A separate estate of 13 production facilities makes about 350 active pharmaceutical ingredients, which are fed into its own plants and sold on. In recent years plants in the United States, Europe, Israel, Japan and India have been closed or sold as the manufacturing network was consolidated.

What is changing

The company announced a plan it calls Pivot to Growth in May 2023 and says 2025 was the year it entered that plan's Accelerate Growth phase. The company states that it intends to divest the active pharmaceutical ingredients business to concentrate on what it treats as its core. It divested its Teva-Takeda business venture in Japan on 31 March 2025, having held 51% of the venture, and stopped consolidating it from that date. On 7 May 2025 the company announced that its transformation programmes are expected to generate about $700 million of net savings through 2027.

From Teva's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 3 February 2026: read the full 10-K.