TEVA PHARMACEUTICAL INDUSTRIES LTD
For the period ended Mar 31, 2026. Filed Apr 29, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 29, 2026
TEVA$42.61+2.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001193125-25-266895
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-29.
0001193125-26-191513
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 12 previous paragraphs and 15 current paragraphs.
6 unchanged; 5 reworded; 4 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 16 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Teva Enters into a Definitive Agreement with Emalex Biosciences
Current report
In April 2026, Teva entered into a definitive agreement to acquire all outstanding shares of Emalex Biosciences (“Emalex”), including its lead asset, ecopipam, which has completed Phase 3 for the treatment of Tourette syndrome in pediatric population. Upon closing, Teva will pay $700 million to Emalex’s existing shareholders, which is expected to be funded with existing cash on hand. In addition, Emalex’s existing shareholders may be eligible to receive milestone payments of up to $200 million, as well as royalties on globalnet-sales of ecopipam, upon commercialization and subject to regulatory approval. The transaction is subject to customary closing conditions, including receipt of necessary regulatory approvals, and is currently anticipated to close by the third quarter of 2026. See note 2 to our consolidated financial statements.
Current report
Macroeconomic and Geopolitical Environment
Current report
The ongoing war involving Iran has contributed to increased uncertainty and volatility in global economic conditions. The conflict has affected financial markets, foreign exchange rates and energy prices, and has disrupted international trade routes, supply chains and logistics. In particular, the conflict has disrupted critical global logistics corridors, maritime shipping routes, and air cargo hubs, including those used for the transportation of pharmaceutical products and key inputs. In some cases, such disruptions have resulted in and may continue to result in delays in our production and distribution processes, impacting product availability and our ability to timely respond to consumer demand. Although we have taken measures to mitigate and offset these impacts, the situation remains fluid and the duration, severity and broader economic consequences of the conflict are difficult to predict. Given our global operations, including personnel and several manufacturing and R&D facilities in Israel, as well as our exposure to international markets, continued instability in the region could adversely impact our business operations and financial condition. As of the date of this quarterly report on Form 10-Q, the impact of this conflict on our results of operation and financial condition was immaterial.
Removed paragraphs (1)
Previous report
Macroeconomic Environment
Reworded paragraphs (5)
Previous wording
We are transforming into a leading innovative biopharmaceutical company, enabled by a world-class generics business. For over 120 years, our 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, we are dedicated to addressing patients’ needs, now and in the future.
Current wording
We are a biopharmaceutical company, enabled by a world-class generics business. For over 120 years, our 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, we are dedicated to addressing patients’ needs, now and in the future.
Previous wording
In addition to these three segments, we have other activities, primarily the sale of API to third parties, certain contract manufacturing services and anout-licensing platform offering a portfolio of products to other pharmaceutical companies through our affiliate Medis. Such activities are included under “Other Activities” below. For additional segment information, see note 15 to our consolidated financial statements.
Current wording
In addition to these three segments, we have other activities, primarily our distribution business in the U.S. through Anda, the sale of APIs to third parties, certain contract manufacturing services and anout-licensing platform offering a portfolio of products to other pharmaceutical companies through our affiliate Medis. Such activities are included under “Other Activities” below. For additional segment information, see note 15 to our consolidated financial statements.
Previous wording
In the third quarter of 2025, we continued to execute on the four key pillars of our “Pivot to Growth” strategy, announced in May 2023, which entered into its second phase in 2025. During this second phase of “Accelerate Growth,” we expect to focus on growing our innovative portfolio, aligning capital allocation to invest in activities we expect to have the highest value, and modernizing our organization and operations to drive both efficiency and cost savings. Under Teva’s Transformation programs announced on May 7, 2025, we expect to achieve such cost savings through a variety of initiatives including examining practices and efficiencies in methods of working, reduction in headcount and optimizing external spend in the following years.
Current wording
In the first quarter of 2026, we continued to execute on the four key pillars of our “Pivot to Growth” strategy, announced in May 2023, which entered into its second phase in 2025. During this second phase of “Accelerate Growth,” we expect to focus on growing our innovative portfolio, aligning capital allocation to invest in activities we expect to have the highest value, and modernizing our organization and operations to drive both efficiency and cost savings. Under Teva’s Transformation programs announced on May 7, 2025, we expect to achieve such cost savings through a variety of initiatives including examining practices and efficiencies in methods of working, reduction in headcount and optimizing external spend in the following years.
Previous wording
In recent years, the global economy has been impacted by fluctuating foreign exchange rates. In the third quarter of 2025, a significant portion of our revenues were denominated in currencies other than the U.S. dollar and we manufacture many of our products outside of the United States. Fluctuations in the U.S. dollar versus other currencies in which we operate have in the past and may in the future materially impact our revenues, results of operations, profits and cash flows. Additionally, in recent years, in many of the markets in which we operate, we experienced higher levels of inflation resulting in higher interest rates, though in certain other markets, such as the EU, we recently experienced a decrease in inflation which resulted in lower interest rates. Although inflationary and other macroeconomic pressures have and may continue to ease, the higher costs we have experienced during recent periods have already impacted our operations and may continue to have an effect on our financial results. Recent U.S. tariffs imposed or threatened to be imposed on materials and products from countries where we do business and any responsive or reciprocal actions taken by such countries could impact our costs and our global operations. The countries which will be subject to tariffs and the tariff rate that may be imposed on each country is uncertain and dynamic, and we continue to monitor and assess the potential impact on our supply chain and global operations.
Current wording
Moreover, recent U.S. tariffs imposed, or threatened to be imposed, on materials and products from countries where we do business may impact our business. Any responsive or reciprocal actions taken by such countries, as well as heightened sanctions regimes and trade restrictions arising from geopolitical conflicts, as discussed above, could impact our costs and global operations. The countries subject to tariffs or other trade restrictions, and the tariff rate imposed on each country or scope of applicable restrictions, is uncertain and dynamic, and we continue to monitor and assess the potential impact on our supply chain and global operations, which could be material, and to evaluate pathways to mitigate such potential impact.
Previous wording
Significant highlights in the third quarter of 2025 included:
Current wording
Significant highlights in the first quarter of 2026 included: