Teva Pharmaceutical Industries delivered its 11th consecutive quarter of growth, driven by continued momentum across its innovative medicines, stable performance in generics, and advancement of its strategic transformation initiatives.

Teva reported third quarter revenues of $4.5 billion, an increase of 3 per cent year-over-year. Growth in the United States segment, which increased 12 per cent year-over-year, was partially offset by declines in Europe and International Markets, largely related to comparisons with Japan BV in 2024.

Teva’s innovative portfolio continued to deliver strong performance, with revenues totaling $830 million in the quarter, up 33 per cent in local currency year-over-year. AUSTEDO led the portfolio with global revenues of $618 million, reflecting 38 per cent growth. In light of this performance, Teva has raised its full-year 2025 revenue outlook for AUSTEDO to a range of $2.05 billion to $2.15 billion. The conclusion of Inflation Reduction Act price-setting reinforces Teva’s confidence in its longer-term AUSTEDO revenue targets, including more than $2.5 billion in 2027 and more than $3 billion in peak-year sales thereafter.

AJOVY achieved global revenues of $168 million, reflecting 19 per cent growth in local currency compared to the prior year. UZEDY, used in the treatment of schizophrenia, generated $43 million in revenues and remains aligned with a long-term franchise target of $1.5 billion to $2.0 billion, which includes future potential launches such as olanzapine LAI, pending regulatory approval. Teva recently reported positive Phase 3 results for the olanzapine LAI investigational therapy with no observed PDSS cases and the FDA granted Fast Track designation to emrusolmin (TEV-286) for Multiple System Atrophy. Additionally, Phase 3 programs for duvakitug (anti-TL1A) in ulcerative colitis and Crohn’s disease have commenced in collaboration with Sanofi.

Teva’s global generics portfolio delivered stable performance, growing 2 per cent year-over-year in local currency excluding Japan BV, supported by the launch of liraglutide injection, the first generic GLP-1 treatment for weight management. The company’s biosimilars portfolio continues to progress in line with expectations, pending regulatory approvals.

Teva’s strategic transformation remains on schedule, with anticipated net savings of approximately $700 million by 2027 and targeted savings for 2025 expected to be met. Discussions regarding the potential sale of Teva’s API business, TAPI, have concluded without agreement; however, the company will initiate a renewed sale process consistent with its strategic intent to divest the business.

For the third quarter of 2025, GAAP diluted earnings per share were $0.37 and non-GAAP diluted EPS were $0.78. Operating cash flow for the quarter was $369 million and free cash flow was $515 million.

Reflecting improved performance in the quarter, Teva has updated its full-year 2025 outlook. The company now expects revenues between $16.8 billion and $17.0 billion.

Richard Francis, Teva’s President and CEO, stated: “Our performance this quarter reflects the accelerating momentum of our transformation and the strength of our innovation-led Pivot to Growth strategy. Our innovative portfolio continues to drive material impact for patients and supports our financial progress. With disciplined execution, a strong product pipeline, and a resilient generics foundation, we remain confident in our outlook and our ability to deliver sustainable value for all stakeholders.”