Form 8-K
8-K — TEVA PHARMACEUTICAL INDUSTRIES LTD
Accession: 0001171843-26-002796
Filed: 2026-04-29
Period: 2026-04-29
CIK: 0000818686
SIC: 2834 (PHARMACEUTICAL PREPARATIONS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — f8k_042926.htm (Primary)
EX-99.1 — PRESS RELEASE (exh_991.htm)
EX-99.2 — EXHIBIT 99.2 (exh_992.htm)
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8-K — FORM 8-K
8-K (Primary)
Filename: f8k_042926.htm · Sequence: 1
Form 8-K
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0000818686
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2026-04-29
2026-04-29
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): April
29, 2026
_______________________________
TEVA
PHARMACEUTICAL INDUSTRIES LIMITED
(Exact name of registrant as specified in its charter)
_______________________________
Israel
001-16174
Not
Applicable
(State or other jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification Number)
400
Interpace Parkway, #3
Parsippany
New Jersey, 07054 USA
(Address of Principal Executive Offices, including
Zip Code)
+1-973-658-0301
(Registrant's Telephone Number, including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since
Last Report)
_______________________________
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant
to Section 12(b) of the Act:
Title of
each class
Trading Symbol(s)
Name of each
exchange on which registered
American Depositary Shares,
each representing one Ordinary Share
TEVA
New
York Stock Exchange
Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On April 29, 2026, Teva Pharmaceutical Industries Ltd. (the “Company) issued a press
release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1
to this Current Report on Form 8-K and the information contained therein is incorporated herein by reference.
Item 7.01. Regulation FD Disclosure.
In addition, on April 29, 2026, the Company issued a press release announcing that it
has entered into a definitive agreement to acquire Emalex Biosciences. This press release is being furnished as Exhibit 99.2 to this Form
8-K.
The information and exhibits included in this Form 8-K (including under Items 2.02, 7.01
and 9.01) are being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section
18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference
in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference
in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description of Document
99.1
Teva Reports 2026 First Quarter Financial Results
99.2
Teva to Acquire Emalex Biosciences
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned hereunto duly authorized.
TEVA PHARMACEUTICAL INDUSTRIES LIMITED
Date: April 29, 2026
By:
/s/ Eli Kalif
Eli Kalif
Executive Vice President, Chief Financial Officer
EX-99.1 — PRESS RELEASE
EX-99.1
Filename: exh_991.htm · Sequence: 2
EdgarFiling
EXHIBIT 99.1
Teva Delivers Strong Q1 2026 Results Driven by Innovative Portfolio Growth and Disciplined Execution
For an accessible version of this Press Release, please visit www.tevapharm.com
Q1 2026 revenues of ~$4.0 billion increased by 2% in U.S. dollars year-over-year
(YoY), and decreased by 3% in local currency terms (LC). Excluding the Japan business venture (BV) results, revenues decreased by 1% in
LC. These strong first quarter results were driven by our innovative portfolio growth and disciplined execution, even with lower revenues
from lenalidomide capsules (the generic version of Revlimid®) due to increased generic competition in the U.S.
Key Innovative brands continued to drive growth and provide value for patients, while transforming
Teva's portfolio mix and financial profile:
AUSTEDO® continued to show strong growth, with global revenues
of $578 million, growing 41% YoY in LC.
AJOVY® global revenues of $196 million, increased by 35%
YoY in LC.
UZEDY® revenues of $63 million, increased by 62% YoY in
LC. Fastest growing long-acting injectable (LAI)1 has nearly doubled the overall risperidone market since launch.
Collectively these brands’ revenues grew by 41% YoY in LC.
Generics revenues are lower in Q1 2026 vs.
Q1 2025, mainly due to lenalidomide capsules (the generic version of Revlimid®) impact;
Biosimilar portfolio increasingly important contributor to performance and on track to deliver $800 in revenues by 2027:
Global generics revenues decreased by 16% YoY in LC, mainly due to lower revenues from generic products in
the U.S., primarily lenalidomide capsules (the generic version of Revlimid®) due to increased generic competition in the
U.S., and the divestment of the business venture in Japan in Q1 2025.
Biosimilar PONLIMSI™, received FDA-approval across all indications of the reference product, Prolia®
(denosumab) and our biosimilar candidate to Xolair® (omalizumab) was accepted for review by U.S. FDA and EU EMA (link).
Innovative late-stage pipeline continued to drive transformation:
Four innovative product submissions targeted over the next 5 years.
duvakitug (anti-TL1A) Phase 2b maintenance data demonstrated clinically meaningful durable efficacy in ulcerative
colitis (UC) and Crohn’s disease (CD); Phase 2b induction data have been accepted for future publication in a leading journal; Phase
3 enrollment currently on target.
olanzapine LAI New Drug Application (NDA) accepted by the FDA in February 2026 for once-monthly treatment
of schizophrenia in adults; preparing for the launch of olanzapine LAI in Q4 2026, subject to regulatory approval. EU marketing authorization
application (MAA) acceptance expected in Q2 2026.
Teva to acquire Emalex Biosciences, adding NDA-Ready, first-in-class therapy to neuroscience pipeline and
accelerating Teva’s Pivot to Growth strategy. 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 (link).
Continuing to transform and modernize our business through Teva Transformation programs – combined with
innovative product growth, expected to achieve 30% non-GAAP operating income margin by 2027. On track to deliver ~$700 million of net
savings by 2027.
Teva’s Board of Directors instructed management to plan for a share repurchase program that may be implemented,
subject to meeting applicable legal requirements. Execution will be subject to certain factors, such as market conditions, share price
and other opportunities to invest capital for growth in alignment with the Company’s Pivot to Growth strategy, and are subject to
the approval by Teva’s Board of Directors.
Q1 2026 Highlights:
Revenues of $4.0 billion
GAAP diluted EPS of $0.31
Non-GAAP diluted EPS of $0.53
Cash flow used in operating activities of $40 million
Free cash flow of $188 million
2026 Business Outlook maintained; updated
exclusively for Emalex transaction:
Revenues of $16.4 - $16.8 billion
Non-GAAP operating income of $3.80 – $4.0 billion ($4.55 - $4.8 billion stand-alone), impacted by
an expected $700 million IPR&D charge and $75 million to reflect Emalex’s operating expenses and transaction-related expenses.
Adjusted EBITDA of $4.23 – $4.53 billion ($5.0 - $5.3 billion stand-alone)
Non-GAAP diluted EPS of $1.91 – $2.11 ($2.57 - $2.77 stand-alone)
Free cash flow of $2.0 - $2.4 billion
________________
1 IQVIA Monthly NPA, March 2026 MAT vs PY
TEL AVIV, Israel, April 29, 2026 (GLOBE NEWSWIRE) -- Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) today reported results
for the quarter ended March 31, 2026.
Mr. Richard Francis, Teva's President and CEO, said: "Our first quarter results are driven by strong growth in our
key innovative products, continuing to shift Teva’s portfolio mix and support improvement in its financial profile. These results
reflect disciplined execution of our Pivot to Growth strategy, and our focus remains unchanged: growing our innovative portfolio, improving
margins and advancing key value-unlocking portfolio milestones expected during 2026 and beyond.
Mr. Francis added, “In parallel, biosimilars are becoming an increasingly important growth contributor, alongside new product
launches in generics, reinforcing the foundational importance of Teva's generic powerhouse.
Pivot to Growth Strategy
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:
Delivering on our growth engines - Teva’s key innovative brands delivered strong
performance. In Q1 2026, AUSTEDO, AJOVY, and UZEDY revenues collectively grew by 41% YoY in LC to $838
million compared to Q1 2025. Based on our 2026 Outlook, these products are expected to generate an annual 4-year compound
growth rate of ~38% and comprise ~21% of Teva’s total revenues.
Stepping up innovation - We continued to advance our innovative late-stage
pipeline. In February 2026, we shared topline results from the maintenance period of our Phase 2b study of duvakitug in
UC and CD. The data demonstrated robust, durable efficacy over the course of 44 weeks, and positions duvakitug to
potentially be the “best-in-class” anti-TL1A. Phase 3 enrollment is currently on target. Teva’s NDA
for olanzapine LAI was accepted by the FDA in February 2026. Teva is preparing for the anticipated launch of olanzapine
LAI in Q4 2026, subject to receiving regulatory approval. During the remainder of 2026, Teva expects meaningful data updates on
five other key innovative programs, including: emrusolmin in MSA, IL-15 (TEV-‘408) in Celiac
disease and vitiligo, DARI (Dual-action Asthma Rescue Inhaler) in asthma, and Anti-PD-1/IL-2 in oncology.
Sustaining our generics powerhouse - Recently launched biosimilars, including SELARSDI® (ustekinumab-aekn)
the biosimilar to Stelara® and EPYSQLI®(eculizumab-aagh) the biosimilar to Soliris®, along
with the rest of our biosimilar portfolio, showed continued strong growth in the Q1 2026. In March
2026, PONLIMSI (denosumab-adet) has been approved by the FDA as a biosimilar to Prolia®, and
Teva’s applications for a proposed biosimilar candidate to Xolair® (omalizumab) have been
accepted by both the U.S. FDA and the European Medicines Agency (EMA).
Focusing our business - We are actively transforming
and modernizing our business through Teva Transformation programs. On May 7, 2025, we announced that these programs are expected to generate
~$700 million of net savings through 2027, and expect to realize two-thirds of the targeted savings in 2026. In April 2026, Teva entered
into a definitive agreement to acquire Emalex Biosciences, including its lead asset ecopipam. Emalex has completed Phase 3 development
of ecopipam for the treatment of Tourette syndrome in a pediatric population. 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 (link).
First Quarter 2026 Consolidated Results
Revenues in the first quarter of 2026 were $3,982 million, an increase of 2% in U.S. dollars, or a decrease of 3%
in local currency terms compared to the first quarter of 2025. This decrease in local currency terms was mainly due to lower revenues
from generic products, primarily lenalidomide capsules (the generic version of Revlimid®) in our U.S. segment as well
as the divestment of our business venture in Japan in our International Markets segment, partially offset by higher revenues from our
key innovative products, primarily AUSTEDO.
Exchange rate movements during the first quarter of 2026, including hedging effects, positively impacted revenues
by $219 million, compared to the first quarter of 2025.
Gross profit in the first quarter of 2026 was $1,972 million, an increase of 5% compared to $1,877 million in the
first quarter of 2025. Gross profit margin was 49.5% in the first quarter of 2026, compared to 48.2% in the first quarter
of 2025. Non-GAAP gross profit was $2,108 million in the first quarter of 2026, an increase of 3% compared to $2,054
million in the first quarter of 2025. Non-GAAP gross profit margin was 52.9% in the first quarter of 2026, compared to
52.8% in the first quarter of 2025. The increase in both gross profit margin and non-GAAP gross profit margin was mainly due to higher
revenues from AUSTEDO, partially offset by lower revenues from generic products in our United States segment, primarily lenalidomide capsules
(the generic version of Revlimid®).
Research and Development (R&D) expenses, net in the first quarter of 2026, were $222 million,
a decrease of 10% compared to $247 million in the first quarter of 2025. Our lower R&D expenses, net in the first quarter of 2026
compared to the first quarter of 2025, were mainly due to a decrease in our generics pipeline and in our late-stage innovative pipeline
in neuroscience, partially offset by an increase in immunology projects. Our R&D expenses, net in the first quarter of 2026 and 2025,
were also impacted by reimbursements and cost sharing from our strategic partnerships and collaborations entered into in recent years.
Selling and Marketing (S&M) expenses in the first quarter of 2026, were $696 million, an increase
of 12% compared to the first quarter of 2025. This increase was mainly due to promotional activities related to our key innovative products
in our US segment, primarily AUSTEDO, as well as a negative impact from exchange rate fluctuations.
General and Administrative (G&A) expenses in the first quarter of 2026 were $304 million, an increase of 2% compared
to the first quarter of 2025.
Other Income (Loss) in the first quarter of 2026 was $9 million, compared to other
loss of $5 million in the first quarter of 2025.
Operating Income in the first quarter of 2026 was $652 million, compared to $519 million in the first
quarter of 2025. Operating income as a percentage of revenues was 16.4% in the first quarter of 2026, compared to 13.3% in the first quarter
of 2025. This increase was mainly due to lower intangible assets impairments and higher gross profit, partially offset by higher S&M
expenses. Non-GAAP operating income in the first quarter of 2026 was $956 million representing a non-GAAP
operating margin of 24.0% compared to $946 million representing 24.3%, respectively, in the first quarter of 2025. The decrease in non-GAAP
operating margin in the first quarter of 2026 was due to higher S&M expenses as a percentage of revenues, partially offset by higher
gross profit margin, as discussed above.
Exchange rate movements in the first quarter of 2026, including hedging effects, had a positive impact of $71 million
on our operating income and non-GAAP operating income compared to the first quarter of 2025.
Financial expenses, net in the first quarter of 2026, were $216 million, mainly comprised of net interest expenses
of $201 million. In the first quarter of 2025, financial expenses, net were $225 million, mainly comprised of net interest expenses of
$212 million.
In the first quarter of 2026, we recognized a tax expense of $67 million, on pre-tax income of $437 million. In the
first quarter of 2025, we recognized a tax expense of $74 million, on pre-tax income of $294 million.
Tax rate in the first quarter of 2026 was 15.5% compared to a tax rate of 25.1% for the first quarter
of 2025. Non-GAAP tax rate in the first quarter of 2026 was 17.5%, same as in the first quarter of 2025.
Our tax rate and non-GAAP tax rate in the first quarter of 2026 was mainly affected by the generation of profits in various jurisdictions
in which tax rates are different than the Israeli tax rate, infrequent or non-recurring items, including internal legal entities reorganization.
Our tax rate and non-GAAP tax rate in the first quarter of 2025 was mainly affected by the generation of profits in various jurisdictions
in which tax rates are different than the Israeli tax rate as well as infrequent or non-recurring items.
We expect our annual non-GAAP tax rate for 2026 to be between 20%-23% (16%-19% stand-alone), higher than our non-GAAP tax rate for
2025, which was 15.8%.
Net income attributable to Teva and diluted earnings per
share in the first quarter of 2026 were $369 million and $0.31, respectively, compared to $214 million and $0.18, respectively,
in the first quarter of 2025. This increase was mainly due to higher operating income as discussed above. Non-GAAP net income
attributable to Teva and non-GAAP diluted earnings per share in the first quarter of 2026 were $621
million and $0.53, respectively, compared to $602 million and $0.52, respectively, in the first quarter of 2025.
Adjusted EBITDA was $1,055 million in the first quarter of 2026, an increase of 1%, compared to $1,041 million in
the first quarter of 2025.
As of March 31, 2026 and 2025, the fully diluted share count for purposes of calculating our market capitalization
was approximately 1,192 million shares and 1,178 million shares, respectively.
Non-GAAP information: non-GAAP adjustments in the first quarter of 2026 were $252 million.
Non-GAAP net income attributable to Teva and non-GAAP diluted EPS for the first quarter of 2026 were adjusted to exclude the following
items:
Amortization of purchased intangible assets of $137 million, of which $128 million is included in cost
of sales and the remaining $9 million in S&M expenses;
Legal settlements and loss contingencies of $72 million;
Restructuring expenses of $25 million;
Impairment of long-lived assets of $9 million;
Contingent consideration expenses of $5 million;
Gain on sale of business of $5 million;
Equity compensation expenses of $43 million;
Financial expenses of $13 million;
Other non-GAAP items of $17 million; and
Corresponding tax effects and unusual tax items of $65 million.
We believe that excluding such items facilitates investors’ understanding of our business including underlying trends, thereby
improving the comparability of our business performance results between reporting periods.
For a reconciliation of the U.S. GAAP results to the adjusted non-GAAP figures and for additional information, see the tables below
and the information included under “Non-GAAP Financial Measures.” Investors should consider non-GAAP financial measures in
addition to, and not as replacement for, or superior to, measures of financial performance prepared in accordance with GAAP.
Cash flow used in operating activities during the first quarter of 2026 was $40 million compared to $105 million in
the first quarter of 2025. The lower cash flow used in operating activities in the first quarter of 2026 was mainly due to favorable timing
and mix of sales and collections in our U.S. segment as well as lower payments of interest, partially offset by higher performance incentive
payments to employees.
During the first quarter of 2026, we generated free cash flow of $188 million, which we define as comprising $40 million
in cash flow used in operating activities, $354 million in beneficial interest collected in exchange for securitized accounts receivables
(under our EU securitization program) and $42 million of proceeds from sale of businesses and long-lived assets, partially offset by $168
million in cash used for capital investments. During the first quarter of 2025, we generated free cash flow of $107 million, which we
define as comprising $105 million in cash flow used in operating activities, $322 million in beneficial interest collected in exchange
for securitized accounts receivables (under our EU securitization program) and $17 million proceeds from sale of businesses and long-lived
assets, partially offset by $127 million in cash used for capital investments. The increase in the first quarter of 2026 resulted mainly
from lower cash flow used in operating activities, as discussed above.
As of March 31, 2026, our debt was $16,627 million, compared to $16,807 million as of December
31, 2025. This decrease was mainly due to $174 million of exchange rate fluctuations. The portion of total debt classified as short-term
as of March 31, 2026 was 16% compared to 11% as of December 31, 2025. Our financial leverage, which is the ratio between our debt and
the sum of our debt and equity, was 67% as of March 31, 2026, compared to 68% as of December 31, 2025. Our average debt maturity was approximately
5.4 years as of March 31, 2026, compared to 5.6 years as of December 31, 2025.
Segment Results for the First Quarter of 2026
United States Segment
In alignment with our Pivot to Growth strategy, commencing January 1, 2026, Anda is no longer reported under our United States segment.
This shift allows the United States segment to continue to manage its entire product portfolio in the region, while strengthening focus
on its biopharmaceutical business, growth engines and innovation. As a result, from that date, Anda is reported as part of the Company’s
Other Activities. Prior period amounts have been recast to reflect this change.
The following table presents revenues, expenses and profit for our United States segment for the three months ended March 31, 2026
and 2025:
Three
months ended March 31,
2026
2025
(U.S. $ in millions / % of Segment
Revenues)
Revenues
$
1,534
100%
$
1,536
100%
Cost of sales
496
32.3%
523
34.1%
Gross profit
1,038
67.7%
1,013
65.9%
R&D expenses
147
9.6%
154
10.1%
S&M expenses
298
19.4%
244
15.9%
G&A expenses
90
5.9%
95
6.2%
Other
(4)
§
3
§
Segment profit*
$
507
33.0%
$
518
33.7%
* Segment profit does not include amortization
and certain other items.
§ Represents an amount less than 0.5%.
Revenues from our United States segment in the first quarter of 2026 were $1,534 million, flat compared
to the first quarter of 2025, mainly due to lower revenues from our generic products, primarily lenalidomide capsules (the generic version
of Revlimid®), offset by higher revenues from our key innovative products, primarily AUSTEDO.
Revenues by Major Products and Activities
The following table presents revenues for our United States segment by major products and activities for the three months
ended March 31, 2026 and 2025:
Three
months ended
March 31,
Percentage
Change
2026
2025
2026-2025
(U.S.
$ in millions)
Generic products
(including biosimilars)
$
612
$
849
(28%)
AJOVY®
87
53
64%
AUSTEDO
559
396
41%
BENDEKA®and TREANDA®
27
36
(26%)
COPAXONE®
62
54
16%
UZEDY
63
39
62%
Other*
123
109
13%
Total
$
1,534
$
1,536
§
*Other revenues in the first quarter of
2026 include the sale of certain product rights.
§ Represents an amount less than 0.5%.
Generic products (including biosimilar products) revenues in our United States segment in the first
quarter of 2026 were $612 million, a decrease of 28% compared to the first quarter of 2025. This decrease was mainly driven by lower revenues
from lenalidomide capsules (the generic version of Revlimid®) due to increased generic competition in the U.S., partially
offset by higher revenues from our portfolio of biosimilar products.
Among the most significant generic products we sold in the United States in the first quarter of 2026 were Truxima®
(the biosimilar to Rituxan®), epinephrine injectable solution (the generic equivalent of EpiPen® and EpiPen
Jr®) and SIMLANDI® (the biosimilar to Humira®). In the first quarter of 2026, our total
prescriptions were approximately 246 million (based on trailing twelve months), representing 6.3% of total U.S. generic prescriptions,
compared to approximately 273 million (based on trailing twelve months), representing 7.1% of total U.S. generic prescriptions in the
first quarter of 2025, all according to IQVIA data.
AJOVY revenues in our United States segment in the first quarter of 2026 were $87 million, an increase
of 64% compared to the first quarter of 2025, mainly due to a reduction in sales allowance. In the first quarter of 2026, AJOVY’s
exit market share in the United States in terms of total number of prescriptions was 32.0% out of the subcutaneous injectable anti- CGRP
class, compared to 30.2% in the first quarter of 2025.
AUSTEDO revenues (which include AUSTEDO XR®) in our United States segment in the first
quarter of 2026 were $559 million, an increase of 41%, compared to in the first quarter of 2025. This increase was mainly due to growth
in volume.
AUSTEDO XR (deutetrabenazine) extended-release tablets was approved by the FDA on February 17, 2023
in three doses of 6, 12 and 24 mg, and became commercially available in the U.S. in May 2023. The FDA approved AUSTEDO XR as a one pill,
once-daily treatment option in doses of 30, 36, 42, and 48 mg in May 2024 and in doses of 18 mg in July 2024. AUSTEDO XR is a once-daily
formulation indicated in adults for tardive dyskinesia and chorea associated with Huntington’s disease, which is additional to the
twice-daily AUSTEDO. AUSTEDO XR is protected by 11 Orange Book patents expiring between 2031 and 2041.
UZEDY (risperidone) extended-release injectable suspension revenues in our United States segment in
the first quarter of 2026 were $63 million, an increase of 62% compared to the first quarter of 2025, mainly due to growth in volume.
BENDEKA and TREANDA combined revenues in our United States segment in the first quarter
of 2026 were $27 million, a decrease of 26% compared to the first quarter of 2025, mainly due to competition from alternative therapies,
as well as from generic bendamustine products.
COPAXONE revenues in our United States segment in the first quarter of 2026 were $62 million, an increase
of 16% compared to the first quarter of 2025, mainly due to a reduction in sales allowance, partially offset by lower volumes. COPAXONE
continues to face competition from existing alternative therapies, generic versions of COPAXONE, and generic treatments for multiple sclerosis,
injectable products, as well as from monoclonal antibodies.
United States Gross Profit
Gross profit from our United States segment in the first quarter of 2026 was $1,038 million, an increase
of 2%, compared to the first quarter of 2025.
Gross profit margin for our United States segment in the first quarter of 2026 increased to 67.7%, compared
to 65.9% in the first quarter of 2025. This increase was mainly due to higher revenues from AUSTEDO, partially offset by lower revenues
from generic products, primarily lenalidomide capsules (the generic version of Revlimid®).
United States Profit
Profit from our United States segment consists of revenues less cost of sales, R&D expenses, S&M expenses, G&A
expenses and other expenses (income) related to this segment. Segment profit does not include amortization and certain other items.
Profit from our United States segment in the first quarter of 2026 was $507 million, a decrease of 2%
compared to the first quarter of 2025. This decrease was mainly due to higher S&M expenses, partially offset by higher gross profit,
as discussed above.
Europe Segment
Our Europe segment includes the European Union, the United Kingdom and certain other European countries.
The following table presents revenues, expenses and profit for our Europe segment for the three months ended March 31,
2026 and 2025:
Three
months ended March 31,
2026
2025
(U.S. $ in millions / % of Segment
Revenues)
Revenues
$
1,340
100%
$
1,194
100%
Cost of sales
606
45.2%
536
44.9%
Gross profit
734
54.8%
658
55.1%
R&D expenses
45
3.4%
60
5.1%
S&M expenses
215
16.0%
199
16.7%
G&A expenses
73
5.4%
69
5.8%
Other
§
§
§
§
Segment profit*
$
401
29.9%
$
329
27.6%
* Segment profit does not include amortization
and certain other items.
§ Represents an amount less than $0.5 million or 0.5%, as applicable.
Revenues from our Europe segment in the first quarter of 2026 were $1,340 million, an increase of 12%,
compared to the first quarter of 2025. In local currency terms, revenues decreased by 1% compared to the first quarter of 2025, mainly
due to lower revenues from generic products, partially offset by higher revenues from AJOVY.
In the first quarter of 2026, revenues were positively impacted by exchange rate fluctuations of $159 million, including
hedging effects, compared to the first quarter of 2025. Revenues in the first quarter of 2026 included $10 million from a positive hedging
impact, which is included in “Other” in the table below. Revenues in the first quarter of 2025 included $12 million from a
negative hedging impact, which is included in “Other” in the table below.
Revenues by Major Products and Activities
The following table presents revenues for our Europe segment by major products and activities for the three months ended
March 31, 2026 and 2025:
Three
months ended
March 31,
Percentage
Change
2026
2025
2026-2025
(U.S.
$ in millions)
Generic products
(including OTC and biosimilars)
$
1,089
$
989
10%
AJOVY
76
58
31%
COPAXONE
40
42
(4%)
Respiratory products
59
55
8%
Other*
76
50
52%
Total
$
1,340
$
1,194
12%
* Other revenues in the first quarter of
2026 and 2025 include the sale of certain product rights.
Generic products revenues (including OTC and biosimilar products) in our Europe segment in the first
quarter of 2026 were $1,089 million, an increase of 10% compared to the first quarter of 2025. In local currency terms, revenues decreased
by 1%, mainly due to lower sales of seasonal OTC products, partially offset by higher revenues from recently launched products.
AJOVY revenues in our Europe segment in the first quarter of 2026 were $76 million, an increase of 31%
compared to the first quarter of 2025. In local currency terms revenues increased by 17% due to growth in volume.
COPAXONE revenues in our Europe segment in the first quarter of 2026 were $40 million, a decrease of
4% compared to the first quarter of 2025. In local currency terms revenues decreased by 14%, mainly due to price reductions and lower
volumes resulting from the availability of alternative therapies.
Respiratory products revenues in our Europe segment in the first quarter of 2026 were $59 million, an
increase of 8% compared to the first quarter of 2025. In local currency terms, revenues decreased by 2%, mainly due to net price reductions
and lower volumes.
Europe Gross Profit
Gross profit from our Europe segment in the first quarter of 2026 was $734 million, an increase of 12%
compared to the first quarter of 2025.
Gross profit margin for our Europe segment in the first quarter of 2026 decreased to 54.8%, compared
to 55.1% in the first quarter of 2025.
Europe Profit
Profit from our Europe segment consists of revenues less cost of sales, R&D expenses, S&M expenses, G&A expenses
and other expenses (income) related to this segment. Segment profit does not include amortization and certain other items.
Profit from our Europe segment in the first quarter of 2026 was $401 million, an increase of 22%, compared
to the first quarter of 2025. This increase was mainly due to higher gross profit, as discussed above.
International Markets Segment
Our International Markets segment includes all countries in which we operate other than the United States and the countries
included in our Europe segment. The International Markets segment covers a substantial portion of the global pharmaceutical industry,
including more than 35 countries. The countries in our International Markets segment include highly regulated, mainly generic markets,
such as Canada and Israel, and branded generics-oriented markets, such as Russia and certain Latin America markets.
On March 31, 2025, we divested our Teva-Takeda business venture in Japan, which included generic products and legacy
products. Since the establishment of the business venture and until the completion of its sale, Teva held 51% of the outstanding common
stock of the business venture. On March 31, 2025, we deconsolidated the business venture from our financial statements.
The following table presents revenues, expenses and profit for our International Markets segment for the three months
ended March 31, 2026 and 2025:
Three
months ended March 31,
2026
2025
(U.S. $ in millions / % of Segment
Revenues)
Revenues
$
524
100%
$
582
100%
Cost of sales
280
53.6%
304
52.3%
Gross profit
243
46.4%
278
47.7%
R&D expenses
22
4.3%
25
4.3%
S&M expenses
117
22.3%
118
20.2%
G&A expenses
39
7.5%
39
6.7%
Other
§
§
(1)
§
Segment profit*
$
65
12.3%
$
97
16.7%
* Segment profit does not include amortization
and certain other items.
§ Represents an amount less than $0.5 million or 0.5%, as applicable.
Revenues from our International Markets segment in the first quarter of 2026 were $524 million, a decrease
of 10% compared to the first quarter of 2025. In local currency terms, revenues decreased by 19% compared to the first quarter of 2025,
mainly due to the divestment of our business venture in Japan.
In the first quarter of 2026, revenues were positively impacted by exchange rate fluctuations of $50 million, including
hedging effects, compared to the first quarter of 2025. Revenues in the first quarter of 2026 included $1 million from a positive hedging
impact, compared to a negative hedging impact of $15 million in the first quarter of 2025, which are included in “Other” in
the table below.
The following table presents revenues for our International Markets segment by major products and activities for the
three months ended March 31, 2026 and 2025:
Three
months ended
March 31,
Percentage
Change
2026
2025
2026-2025
(U.S.
$ in millions)
Generic products
(including OTC and biosimilars)
$
386
$
468
(18%)
AJOVY
33
28
20%
AUSTEDO
19
15
30%
COPAXONE
6
10
(43%)
Other*
79
61
30%
Total
$
524
$
582
(10%)
*Other revenues in the first quarter of
2026 and 2025 include the sale of certain product rights.
Generic products revenues (including OTC and biosimilar products) in our International Markets segment
in the first quarter of 2026 were $386 million, a decrease of 18% compared to the first quarter of 2025. In local currency terms, revenues
decreased by 23%, mainly due to the divestment of our business venture in Japan.
AJOVY revenues in our International Markets segment in the first quarter of 2026 were $33 million, an
increase of 20%, compared to $28 million in the first quarter of 2025. In local currency terms, revenues increased by 15%, mainly due
to growth in existing markets in which AJOVY was launched. AJOVY was launched in certain markets in our International Markets segment,
including in Canada, Japan, Australia, Israel, South Korea, Brazil and others. In April 2026, we announced a strategic partnership for
the marketing and distribution of AJOVY in China with Neurogen (Zhuhai) Pharmaceutical Company Ltd.
AUSTEDO revenues in our International Markets segment in the first quarter of 2026 were $19 million
an increase of 30%, compared to the first quarter of 2025. In local currency terms, revenues increased by 22% compared to the first quarter
of 2025. AUSTEDO was launched in China and Israel in 2021 and in Brazil in 2022, for the treatment of chorea associated with Huntington’s
disease and for the treatment of tardive dyskinesia. In February 2024, we announced a strategic partnership for the marketing and distribution
of AUSTEDO in China with Jiangsu Nhwa Hexin Pharmaceutical Marketing Co., Ltd. In April 2025, AUSTEDO received marketing authorization
in South Korea. We continue to evaluate additional submissions in various other markets.
COPAXONE revenues in our International Markets segment in the first quarter of 2026 were $6 million
a decrease of 43% compared to the first quarter of 2025.
International Markets Gross Profit
Gross profit from our International Markets segment in the first quarter of 2026 was $243 million, a
decrease of 12% compared to the first quarter of 2025.
Gross profit margin for our International Markets segment in the first quarter of 2026 decreased to
46.4%, compared to 47.7% in the first quarter of 2025. This decrease was mainly due to unfavorable mix of products, partially offset by
a positive impact from hedging activities.
International Markets Profit
Profit from our International Markets segment consists of revenues less cost of sales, R&D expenses, S&M expenses,
G&A expenses and other expenses (income) related to this segment. Segment profit does not include amortization and certain other items.
Profit from our International Markets segment in the first quarter of 2026 was $65 million, a decrease
of 33%, compared to the first quarter of 2025. This decrease was mainly due to lower gross profit, as discussed above.
Other Activities
We have other sources of revenues, primarily the sale of APIs to third parties, certain contract manufacturing services
and an out-licensing platform offering a portfolio of products to other pharmaceutical companies through our affiliate Medis. Our other
activities are not included in our United States, Europe or International Markets segments described above.
In alignment with our Pivot to Growth strategy, commencing January 1, 2026, Anda is no longer reported under our United
States segment. This shift allows the United States segment to continue to manage its entire product portfolio in the region, while strengthening
focus on its biopharmaceutical business, growth engines and innovation. As a result, from that date, Anda is reported as part of the Company’s
Other Activities. Prior period amounts were recast to reflect this change.
Our revenues from other activities in the first quarter of 2026 were $584 million, an increase of 1%
compared to the first quarter of 2025. In local currency terms, revenues decreased by 1% compared to the first quarter of 2025.
Anda revenues from third-party products in the first quarter of 2026 were $378 million, an increase of 1%, compared to
the first quarter of 2025. Anda, our distribution business in the United States operates independently and distributes generic and innovative
medicines and OTC pharmaceutical products from various manufacturers to independent retail pharmacies, pharmacy retail chains, hospitals
and physician offices in the United States. Anda competes in the distribution market by maintaining a broad portfolio of products, competitive
pricing and delivery throughout the United States.
API sales to third parties in the first quarter of 2026 were $109 million, a decrease of 17% in both U.S. dollars and
local currency terms, compared to the first quarter of 2025. This decrease was mainly due to price reductions and lower demand due to
market dynamics.
Revenues from additional other activities, mainly from Medis and certain contract manufacturing services, in the first
quarter of 2026 were $97 million, an increase of 28% in U.S. dollars compared to the first quarter of 2025. In local currency terms, revenues
increased by 16% compared to the first quarter of 2025, mainly due to higher demand.
2026 Financial Outlook
$
billions, except diluted
EPS or as noted
Stand-Alone
Outlook
(Jan. 2026)
Emalex
April
2026
Revenues
16.4 - 16.8
16.4 - 16.8
AUSTEDO ($m)
2,400 - 2,550
2,400 - 2,550
AJOVY ($m)
750 - 790
750 - 790
UZEDY ($m)
250 - 280
250 - 280
Operating Income*
4.55 - 4.8
(0.77)
3.8 - 4.0
Adjusted EBITDA*
5.0 - 5.3
(0.77)
4.23 – 4.53
Finance Expenses* ($m)
~800
~800
Tax Rate*
16% - 19%
(+400 bps to ETR)
20% - 23%
Diluted EPS* ($)
2.57 - 2.77
(0.66)
1.91 - 2.11
Free Cash Flow*
2.0 - 2.4
2.0 - 2.4
CAPEX
0.5
0.5
Foreign Exchange
Volatile swings in FX can negatively impact
revenue and income
*Certain items above are non-GAAP financial measures. For more information, see “Non-GAAP Financial
Measures” below. Free Cash Flow includes cash flow generated from operating activities net of capital expenditures and deferred
purchase price cash component collected for securitized trade receivables.
Conference Call
Teva will host a conference call and live webcast along with a slide presentation on Wednesday, April 29, 2026 at 8:00
a.m. ET to discuss its first quarter 2026 financial results and overall business environment.
A question & answer session will follow.
In order to participate, please register in advance here to obtain a local or toll‐free phone number and your personal pin.
A live webcast of the call will be available on Teva's website at: www.tevapharm.com
Following the conclusion of the call, a replay of the webcast will be available within 24 hours on Teva's website.
About Teva
Teva 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.
Some amounts in this press release may not add up due to rounding. All percentages have been calculated using unrounded
amounts.
Non-GAAP Financial Measures
This press release contains certain financial information that differs from what is reported under accounting principles
generally accepted in the United States ("GAAP"). These non-GAAP financial measures, including, but not limited to, non-GAAP operating
income, non-GAAP operating margin, non-GAAP gross profit, non-GAAP gross profit margin, Adjusted EBITDA, free cash flow, non-GAAP tax
rate, non-GAAP net income (loss) attributable to Teva and non-GAAP diluted EPS, are presented in order to facilitate investors' understanding
of our business. We utilize certain non-GAAP financial measures to evaluate performance in conjunction with other performance metrics.
The following are examples of how we utilize the non-GAAP measures: our management and board of directors use the non-GAAP measures to
evaluate our operational performance and, to compare our results against work plans and budgets, and ultimately to evaluate the performance
of management; our annual budgets are prepared on a non-GAAP basis; and senior management’s annual compensation is derived, in part,
using these non-GAAP measures. See the attached tables for a reconciliation of the GAAP results to the adjusted non-GAAP measures. Investors
should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance
prepared in accordance with GAAP. We are not providing the most comparable forward-looking GAAP measures for non-GAAP metrics included
in our financial outlook or a quantitative reconciliation of forward-looking non-GAAP financial measures to the most directly comparable
GAAP measures because we are unable to predict with reasonable certainty the ultimate outcome of certain significant items including,
but not limited to, the amortization of purchased intangible assets, legal settlements and loss contingencies, impairment of long-lived
assets and goodwill impairment, without unreasonable effort. These items are uncertain, depend on various factors, and could be material
to our results computed in accordance with GAAP.
Cautionary Note Regarding Forward-Looking Statements
This 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,” “project,”
“guidance,” “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 compete in the marketplace, including: that we are substantially dependent on our generic products; concentration
of our customer base and commercial alliances among our customers; competition faced by our generic medicines from other pharmaceutical
companies and changes in regulatory policy that may result in costs and delays; delays in launches of new generic products; our ability
to develop and commercialize additional pharmaceutical products in a timely manner; intense competition for our innovative medicines;
our ability to achieve expected results from investments in our product pipeline; our ability to successfully execute 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 to sustain and focus our portfolio of generics medicines,
and to execute on our organizational transformation and to achieve expected cost savings; and the effectiveness of our patents and other
measures to protect our intellectual property rights;
our significant indebtedness, which may limit our ability to incur additional indebtedness, engage in additional transactions or make
new investments; and our potential need to raise additional funds in the future, which may not be available on acceptable terms or at
all;
our business and operations in general, including: the impact of global economic conditions and other macroeconomic developments and
the governmental and societal responses thereto, and our exposure to changes in international trade policies, including the imposition
of tariffs in the jurisdictions in which we operate, and any effects of such developments on sales of our products and the pricing and
availability of raw materials; effectiveness of our optimization efforts; significant disruptions of information technology systems, including
cybersecurity attacks, as well as risks and uncertainties related to the adoption of artificial intelligence technologies, and breaches
of our data security; interruptions in our supply chain or problems with internal or third party manufacturing; challenges associated
with conducting business globally, including political or economic instability, prolonged government shutdowns, widespread outbreaks of
major diseases and major hostilities or acts of terrorism, ongoing global conflicts, including in the Middle East with the war involving
Iran, and the war between Russia and Ukraine; our ability to attract, hire, integrate and retain highly skilled personnel; our ability
to successfully bid for suitable acquisition targets or licensing opportunities, or to consummate and integrate acquisitions; and our
prospects and opportunities for growth if we sell assets or business units and close or divest plants and facilities, as well as our ability
to successfully and cost-effectively consummate such sales and divestitures, including our planned divestiture of our API business;
compliance, regulatory and litigation matters, including: failure to comply with complex legal and regulatory requirements, the effects
of regulatory uncertainty and changes and the results of increased regulatory oversight, including expenditures required to ensure compliance
with research, production and quality control regulations and remedial actions taken to address product issues, such as delayed product
launches, product recalls, and facility shutdowns; the effects of governmental, regulatory and civil proceedings and litigation which
we are, or in the future become, party to; the effects of reforms in healthcare regulation and related reductions in pharmaceutical pricing,
reimbursement and coverage, including as a result of the One Big Beautiful Bill signed into law in the U.S. in July 2025 (“OBBBA”),
which will likely reduce the number of insured in Medicaid and Health Insurance Exchange markets, which may alter utilization patterns
and shift negotiating leverage among payors, U.S. Executive Orders issued in April and May 2025 intended to reduce the prices paid by
Americans for prescription medicines, including most-favored-nation pricing and related regulatory efforts; legal and regulatory actions
in connection with public concern over the abuse of opioid medications; our ability to timely make payments required under our nationwide
opioids settlement agreement and provide our generic version of Narcan® (naloxone hydrochloride nasal spray) in the amounts
and at the times required under the terms of such agreement; scrutiny from competition and pricing authorities around the world, including
our ability to comply with and operate under our deferred prosecution agreement (“DPA”) with the U.S. Department of Justice
(“DOJ”); potential liability for intellectual property right infringement; significant product liability claims; claims brought
by regulatory agencies; failure to comply with complex Medicare, Medicaid and other governmental programs’ reporting and payment
obligations; compliance with sanctions and trade control laws; environmental risks; and the impact of sustainability issues;
other financial and economic risks, including: our exposure to currency fluctuations and restrictions as well as credit risks; impairments
of our long-lived assets; potential significant increases in tax liabilities; the effect on our overall effective tax rate of the termination
or expiration of governmental programs or tax benefits, or of a change in our business; and the impact of any failure to maintain effective
internal control over our financial reporting;
and other factors discussed in this press release, in our Quarterly Report on Form 10-Q for the first quarter of 2026
and in our Annual Report on Form 10-K for the year ended December 31, 2025, including in the section captioned “Risk Factors.”
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.
Consolidated Statements of Income
(U.S. dollars in millions, except share
and per share data)
(Unaudited)
Three months ended
March
31,
2026
2025
Net revenues
3,982
3,891
Cost of sales
2,011
2,014
Gross profit
1,972
1,877
Research and development expenses
222
247
Selling and marketing expenses
696
622
General and administrative expenses
304
297
Intangible assets impairments
8
121
Other asset impairments, restructuring and other items..............
26
(22)
Legal settlements and loss contingencies......................
72
86
Other loss (income) ...................................................................
(9)
5
Operating income (loss)
652
519
Financial expenses, net
216
225
Income (loss) before income taxes
437
294
Income taxes (benefit)..........................................................
67
74
Share in (profits) losses of associated companies, net
1
§
Net income (loss)
369
220
Net income (loss) attributable to redeemable and non-redeemable
non-controlling interest
§
6
Net income (loss) attributable to Teva
369
214
§ Represents an amount less than $0.5 million.
Earnings
(loss) per share attributable to Teva:
Basic ($)
0.32
0.19
Diluted ($)
0.31
0.18
Weighted
average number of shares (in millions):
Basic
1,156
1,138
Diluted
1,179
1,159
Non-GAAP
net income attributable to Teva for diluted earnings per share:*
621
602
Non-GAAP
earnings per share attributable to Teva:*
Diluted ($)
0.53
0.52
Non-GAAP
average number of shares (in millions):
Diluted
1,179
1,159
Amounts may not add up due to rounding.
§ Represents an amount less than $0.5 million.
* See reconciliation attached.
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in millions, except for share
data)
(Unaudited)
March 31,
December 31,
2026
2025
ASSETS
Current assets:
Cash and cash equivalents
$
3,741
$
3,556
Accounts receivables, net of allowance for credit losses
of $75 million and $81 million as of March 31, 2026 and December 31, 2025, respectively.
3,393
3,709
Inventories
3,176
3,179
Prepaid expenses
1,070
1,122
Other current assets
535
539
Assets held for sale
1,794
1,842
Total current assets
13,710
13,946
Deferred income taxes
2,190
2,191
Other non-current assets
377
405
Property, plant and equipment, net
3,998
4,080
Operating lease right-of-use assets, net
335
345
Identifiable intangible assets, net
3,609
3,781
Goodwill
15,822
16,000
Total assets
$
40,040
$
40,748
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt
$
2,612
$
1,820
Sales reserves and allowances
3,707
4,143
Accounts payables
2,596
2,531
Employee-related obligations
555
739
Accrued expenses
2,616
2,687
Other current liabilities
1,111
1,182
Liabilities held for sale
334
354
Total current liabilities
13,532
13,456
Long-term liabilities:
Deferred income taxes
273
296
Other taxes and long-term liabilities
3,709
3,808
Senior notes and loans
14,015
14,986
Operating lease liabilities
280
288
Total long-term liabilities
18,277
19,379
Equity:
Teva shareholders’ equity:
8,228
7,910
Non-controlling interests
4
4
Total equity
8,232
7,914
Total liabilities and equity
$
40,040
$
40,748
Amounts may not add up due to rounding.
TEVA PHARMACEUTICAL INDUSTRIES LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in millions)
(Unaudited)
Three months ended
March
31,
2026
2025
Operating activities:
Net income (loss)...........................................................................................
$
369
220
Adjustments to reconcile net income (loss) to net cash provided
by operations:
Depreciation and amortization
239
244
Impairment of long-lived assets and assets held for sale
10
77
Net change in operating assets and liabilities
(617)
(700)
Deferred income taxes – net and uncertain tax positions
(22)
28
Stock-based compensation
43
34
Other items
(54)
(10)
Net loss (gain) from sale of business and long-lived assets
(8)
2
Net cash provided by (used in) operating activities
(40)
(105)
Investing activities:
Beneficial interest collected in exchange for securitized
accounts receivables
354
322
Purchases of property, plant and equipment and intangible
assets
(168)
(127)
Proceeds from sale of business and long-lived assets, net
42
17
Purchases of investments and other assets .
-
(11)
Other investing activities
1
-
Net cash provided by (used in) investing activities
229
201
Financing activities:
Repayment of senior notes and loans and other long-term liabilities
-
(1,368)
Repayment of convertible debentures
(23)
-
Purchase of shares from redeemable and non-redeemable non-controlling
interests
-
(38)
Dividends paid to redeemable and non-redeemable non-controlling
interests
-
(340)
Other financing activities
36
3
Net cash provided by (used in) financing activities
13
(1,744)
Effect of exchange rate changes on cash and cash
equivalents
(17)
45
Net change in cash and cash equivalents
185
(1,603)
Balance of cash and cash equivalents at beginning
of period
3,556
3,300
Balance of cash and cash equivalents at end of period
$
3,741
1,697
Non-cash financing and investing activities:
Beneficial interest obtained in exchange for securitized
accounts receivables
$
311
311
Reconciliation of net income (loss)
attributable to Teva
to Non-GAAP net income (loss) attributable
to Teva
(Unaudited)
Three months ended
March 31,
($ in millions except per share amounts)
2026
2025
Net income (loss) attributable to Teva
$
369
214
Increase (decrease) for excluded items:
Amortization of
purchased intangible assets
137
145
Legal settlements and loss contingencies(1)
72
83
Impairment of long-lived assets
9
77
Restructuring costs
25
14
Equity compensation
43
34
Contingent consideration
5
11
Loss (gain) on sale of business
(5)
7
Financial expenses
13
14
Other non-GAAP items(2)
17
57
Corresponding tax effects and unusual tax items(3)
(65)
(55)
Non-GAAP net income attributable to Teva
$
621
602
Non-GAAP tax rate(4)
17.5%
17.5%
GAAP diluted earnings (loss) per share attributable
to Teva
$
0.31
0.18
EPS difference(5)
0.21
0.33
Non-GAAP diluted EPS attributable to Teva(5)
$
0.53
0.52
Non-GAAP average number of shares (in millions)(5)
1,179
1,159
(1)
For the three months ended
March 31, 2026 and 2025, adjustments for legal settlements and loss contingencies primarily consisted of $48 million and $50 million,
respectively, related to the provision for the opioid cases (mainly the effect of the passage of time on the net present value of the
discounted payments).
(2)
Other non-GAAP items include
other exceptional items that we believe are sufficiently large that their exclusion is important to facilitate an understanding of trends
in our financial results, primarily related to the rationalization of our plants, accelerated depreciation, material litigation fees and
other unusual events.
(3)
For the three months ended
March 31, 2026 and 2025, adjustments for corresponding tax effects and unusual tax items exclusively consisted of the tax impact directly
attributable to the pre-tax items that are excluded from non-GAAP net income included in the other adjustments to this table.
(4)
Non-GAAP tax rate is tax
expenses (benefit) excluding the impact of non-GAAP tax adjustments presented above as a percentage of income (loss) before income taxes
excluding the impact of non-GAAP adjustments presented above.
(5)
EPS difference and diluted
non-GAAP EPS are calculated by dividing our non-GAAP net income attributable to Teva by our non-GAAP diluted weighted average number of
shares.
Reconciliation of gross profit to Non-GAAP
gross profit
(Unaudited)
Three months ended
March 31,
($ in millions)
2026
2025
Gross profit
$
1,972
1,877
Gross profit margin
49.5%
48.2%
Increase (decrease) for excluded items:(1)
Amortization of purchased intangible assets
128
135
Equity compensation
6
6
Other non-GAAP items
3
37
Non-GAAP gross profit
$
2,108
2,054
Non-GAAP gross profit margin(2)
52.9%
52.8%
(1) For further explanations, refer to the footnotes
under the "Reconciliation of net income (loss) attributable to Teva to Non-GAAP net income (loss) attributable to Teva" table.
(2) Non-GAAP gross profit margin is non-GAAP
gross profit as a percentage of revenue.
Reconciliation of operating income
(loss) to Non-GAAP operating income (loss)
(Unaudited)
Three months ended
March 31,
($ in millions)
2026
2025
Operating income (loss)
$
652
519
Operating margin
16.4%
13.3%
Increase (decrease) for excluded items:(1)
Amortization of purchased intangible assets
137
145
Legal settlements and loss contingencies
72
83
Impairment of long-lived assets
9
77
Restructuring costs
25
14
Equity compensation
43
34
Contingent consideration
5
11
Loss (gain) on sale of business
(5)
7
Other non-GAAP items
17
56
Non-GAAP operating income (loss)
$
956
946
Non-GAAP operating margin(2)
$
24.0%
24.3%
(1) For further explanations, refer to the footnotes
under the "Reconciliation of net income (loss) attributable to Teva to Non-GAAP net income (loss) attributable to Teva" table.
(2) Non-GAAP operating margin is Non-GAAP operating
income as a percentage of revenues.
Reconciliation of net income (loss)
to adjusted EBITDA
(Unaudited)
Three months ended
March 31,
($ in millions)
2026
2025
Net income (loss)
$
369
220
Increase (decrease) for excluded items:(1)
Financial expenses
216
225
Income taxes
67
74
Share in profits (losses) of associated companies –net
1
§
Depreciation
102
99
Amortization
137
145
EBITDA
892
763
Legal settlements and loss contingencies
72
83
Impairment of long lived assets
9
77
Restructuring costs
25
14
Equity compensation
43
34
Contingent consideration
5
11
Loss (Gain) on sale of Business
(5)
7
Other non-GAAP items
15
52
Adjusted EBITDA
$
1,055
1,041
(1) For further explanations, refer to the footnotes
under the "Reconciliation of net income (loss) attributable to Teva to Non-GAAP net income (loss) attributable to Teva" table.
§ Represents an amount of less than $0.5
million.
Segment Information
(Unaudited)
United
States
Europe
International
Markets
Three
months ended
March 31,
Three
months ended
March 31,
Three
months ended
March 31,
2026
2025
2026
2025
2026
2025
(U.S. $ in millions)
(U.S. $ in millions)
(U.S. $ in millions)
Revenues
$
1,534
$
1,536
$
1,340
$
1,194
$
524
$
582
Cost of sales
496
523
606
536
280
304
Gross profit
1,038
-
1,013
-
734
-
658
-
243
-
278
R&D expenses
147
154
45
60
22
25
S&M expenses
298
244
215
199
117
118
G&A expenses
90
95
73
69
39
39
Other
(4)
3
§
§
§
(1)
Segment profit*
$
507
$
518
$
401
$
329
$
65
$
97
* Segment profit does not include amortization
and certain other items.
§ Represents an amount less than $0.5 million.
Reconciliation of our segment profit
to consolidated income (loss) before
income taxes
Three months ended
March
31,
2026
2025
(U.S.$ in millions)
United States profit
$
507
$
518
Europe profit
401
329
International Markets profit
65
97
Total reportable segment profit
972
944
Profit (loss) of other activities
(16)
2
Amounts not allocated to segments:
Amortization
137
145
Other asset impairments, restructuring and other items
26
(22)
Intangible asset impairments
8
121
Legal settlements and loss contingencies
72
83
Other unallocated amounts
60
99
Consolidated operating income (loss)
652
519
Financial expenses - net
216
225
Consolidated income (loss) before income taxes
$
437
$
294
Segment revenues by major products
and activities
(Unaudited)
Three
months ended
Percentage
March
31,
Change
2026
2025
2026-2025
(U.S.$
in millions)
United States segment
Generic products (including biosimilars)
$
612
$
849
(28%)
AJOVY
87
53
64%
AUSTEDO
559
396
41%
BENDEKA and TREANDA
27
36
(26%)
COPAXONE
62
54
16%
UZEDY
63
39
62%
Other*
123
109
13%
Total
1,534
1,536
§
*Other revenues in the first quarter of 2026
include the sale of certain product rights.
§ Represents an amount less than 0.5%.
Three
months ended
Percentage
March
31,
Change
2026
2025
2026-2025
(U.S.$
in millions)
Europe segment
Generic products (including OTC and biosimilars)
$
1,089
$
989
10%
AJOVY
76
58
31%
COPAXONE
40
42
(4%)
Respiratory products
59
55
8%
Other*
76
50
52%
Total
1,340
1,194
12%
*Other revenues in the first quarter of 2026
and 2025 include the sale of certain product rights.
Three
months ended
Percentage
March
31,
Change
2026
2025
2026-2025
(U.S.$
in millions)
International Markets segment
Generic products (including OTC and biosimilars)
$
386
$
468
(18%)
AJOVY
33
28
20%
AUSTEDO
19
15
30%
COPAXONE
6
10
(43%)
Other*
79
61
30%
Total
524
582
(10%)
*Other revenues in the first quarter of 2026
and 2025 include the sale of certain product rights.
Free cash flow reconciliation
(Unaudited)
Three
months ended March 31,
2026
2025
(U.S. $ in millions)
Net cash provided by (used in) operating activities
(40)
(105)
Beneficial interest collected in exchange for securitized
account receivables
354
322
Capital investment
(168)
(127)
Proceeds from divestitures of businesses and other assets,
net
42
17
Free cash flow
$
188
$
107
Net debt reconciliation
unaudited
March
31,
2026
Short-term debt
2,612
Senior notes and loans
14,015
Total debt
16,627
Net of cash and cash equivalents
3,741
Net debt
$
12,886
Teva Media Inquiries
TevaCommunicationsNorthAmerica@tevapharm.com
Teva Investor Relations Inquiries
TevaIR@Tevapharm.com
EX-99.2 — EXHIBIT 99.2
EX-99.2
Filename: exh_992.htm · Sequence: 3
EdgarFiling
EXHIBIT 99.2
Teva to Acquire Emalex Biosciences, Adding NDA-Ready, First-in-Class Therapy to Neuroscience
Pipeline and Accelerating Teva’s Pivot to Growth Strategy
Ecopipam, Emalex’s investigational asset for pediatric Tourette syndrome (TS), is a first-in-class selective dopamine
D1 receptor antagonist with FDA Orphan Drug and Fast Track designations.
The late-stage program in a high-need, specialized area of neuroscience expands Teva’s
innovative medicines pipeline, aligns with commercial strengths and supports both near- and long-term growth.
Upon closing, Emalex shareholders to receive $700 million in cash with the possibility of up to an additional $200 million
in commercial milestone payments, as well as net sales-based royalties, subject to regulatory approval
PARSIPPANY, N.J. and CHICAGO, April 29, 2026 (GLOBE NEWSWIRE) -- Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical
Industries Ltd. (NYSE and TASE: TEVA), and Emalex Biosciences (“Emalex”) today announced a definitive agreement for Teva to
acquire Emalex, including its lead asset, ecopipam. The positive Phase 3 data of ecopipam in children with Tourette syndrome demonstrated
statistically significant results on the study’s primary efficacy endpoint, and the NDA submission is anticipated in 2H 2026.
Upon closing, Teva will pay $700 million, and Emalex’s shareholders will be eligible to receive
up to $200 million based on future commercial milestones as well as royalties on global net sales of
ecopipam, subject to regulatory approval.
“This is a prime example of our Pivot to Growth strategy in action, advancing focused, capital-efficient agreements that
expand our late-stage innovative pipeline and commercial portfolio, while delivering on our unrelenting commitment
to patients,” said Richard Francis, President and Chief Executive Officer of Teva. “There is a real unmet need in Tourette
syndrome, and families deserve additional options that can help manage symptoms while minimizing side effects. With our
deep neuroscience expertise, we are well-positioned to advance this first-in-class investigational compound.”
Ecopipam is a registration-ready selective dopamine D1 receptor antagonist for the treatment of pediatric Tourette
syndrome. Currently approved Tourette syndrome medications act primarily on D2 receptors.
Eric Messner, Chief Executive Officer of Emalex, said, “This moment reflects years of focused work to
advance a first-in-class therapy for patients with Tourette syndrome who need better options. I’m deeply grateful
to the Emalex team for the rigor and urgency they’ve brought to this program, and to the patients, families,
and investigators who made this progress possible. Teva’s global scale and neuroscience leadership position will help ecopipam
reach patients as quickly and broadly as possible, which is our goal.”
Paragon Biosciences, which founded Emalex, creates, builds and funds innovative biology-based companies.
“We built Emalex around a clear patient need and advanced ecopipam to late-stage readiness with speed and
precision. At Paragon, we take companies with proven science and a clear path to patients, then choose the fastest way to reach them.
Teva brings the scale and neuroscience expertise to execute globally and accelerate access for patients,” said Jeff Aronin, Paragon
Biosciences CEO and Emalex Chairman.
Teva is hosting its quarterly earnings call today, April 29, 2026, at 8:00 a.m. EDT, [link] to share its Q1 2026 financial
results. During that call, Teva will also discuss this acquisition.
The transaction is subject to customary closing conditions, including receipt of necessary regulatory approvals, and is
currently anticipated to close by Q3 2026. Teva will fund the upfront payment using cash on hand. Teva intends to mitigate the near-term
margin dilutive impact of this acquisition and remains on track to meet its 2027 financial targets.
About Tourette Syndrome
Tourette syndrome is a chronic, childhood-onset neurodevelopmental disorder
characterized by involuntary motor and vocal tics. It begins in childhood, often between 5 and 10 years old. For people living with Tourette
syndrome, symptoms can be frequent, visible, and disruptive, affecting everyday life. Current treatment approaches can help, but many
patients still do not get the level of control they need, or are limited by side effects, underscoring the need for additional options.
In the U.S., ecopipam has Orphan Drug designation for pediatric patients with Tourette syndrome. Orphan Drug designation
is reserved for patient populations of 200,000 or fewer. A substantial proportion of people with TS experience moderate
to severe symptoms. While FDA-approved and off-label medicines are used today, many patients and families still need additional options.
About ecopipam
Ecopipam is a first-in-class investigational compound studied as a potential treatment for
certain central nervous system disorders. It is designed to block dopamine signaling at the D1 receptor. The D1 receptor family includes
subtypes D1 and D5. D1 receptor hypersensitivity may contribute to repetitive and compulsive behaviors associated with Tourette syndrome.
Ecopipam has received Orphan Drug and Fast Track designations from the FDA for the treatment of pediatric patients with Tourette syndrome.
Emalex announced the results of the Phase 3 Tourette Syndrome Study of ecopipam last year. The primary efficacy endpoint in the study
was time to relapse for pediatric patients following randomization to ecopipam or placebo. The topline data showed statistical significance
between ecopipam and placebo for the primary efficacy endpoint in pediatric patients (p = 0.0084). Ecopipam was generally well tolerated
in the study and the most common adverse events related to ecopipam therapy were somnolence (10.2%), insomnia (7.4%), anxiety (6.0%),
fatigue (5.6%), and headache (5.1%).
Advisors
Evercore served as financial advisor and Faegre Drinker served as legal advisor to Teva. Centerview
Partners LLC and PHCP, LLC served as financial advisors and Bradley Arant Boult Cummings, LLP, served as legal advisor to Emalex.
About Teva
Teva 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.
About Emalex
Emalex Biosciences was created by Paragon Biosciences to develop new treatments for central
nervous system disorders. The company is advancing a new class of therapy for patients with Tourette syndrome and other conditions
with limited treatment options.
About Paragon Biosciences
Paragon Biosciences, founded by Jeff Aronin, creates, builds and
funds innovative biology-based companies. Its portfolio companies advance scientific breakthroughs aimed at addressing significant
unmet medical needs. Learn more at https://www.paragonbiosci.com.
Paragon Media Inquiries:
Sheridan Chaney
312.847.1323
sc@paragonbiosci.com
Cautionary Note Regarding Forward-Looking Statements
This 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 Teva’s future results, performance
or achievements to differ significantly from that expressed or implied by such forward-looking statements. All statements other than statements
of historical fact are, or may be deemed to be, forward-looking statements. In some cases, you can identify these forward-looking
statements by the use of words such as “should,” “expect,” “anticipate,” “developing,”
“target,” “may,” “expand,” “intend,” “plan,” “believe” and other
words and terms of similar meaning and expression in connection with any discussion of future performance. Important factors that could
cause or contribute to such differences include risks and uncertainties relating to: the ability of the parties to consummate the proposed
transaction in a timely manner or at all; the ability of the parties to satisfy the closing conditions under the merger agreement for
the proposed transaction; potential delays in consummating the proposed transaction; our ability to successfully meet the payment obligations
under the agreement with Emalex; our ability to successfully develop, obtain regulatory approval for and commercialize ecopipam;
our ability to successfully compete in the marketplace including our ability to develop and commercialize ecopipam and additional pharmaceutical
products; our ability to successfully execute our Pivot to Growth strategy, including to expand our innovative and biosimilar medicines
pipeline and profitably commercialize the innovative medicines and biosimilar portfolio, whether organically or through business development,
and to execute on our organizational transformation and to achieve expected cost savings; our significant indebtedness, which may limit
our ability to incur additional indebtedness, engage in additional transactions or make new investments; and other factors discussed in
this press release and in our Annual Report on Form 10-K for the year ended December 31, 2025 and in our Quarterly Reports on
Form 10-Q, including in the section captioned “Risk Factors” and Cautionary Note Regarding 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.
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