Teva reported fourth-quarter revenue of $4.71 billion, topping the consensus view of $4.37 billion and representing 11% year-over-year growth in U.S. dollars (9% in local currency). The upside was driven by milestone payments tied to Phase 3 initiation of duvakitug (anti-TL1A) and stronger sales of key innovative products, which more than offset lower proceeds from asset sales and a divestiture in Japan. On a per-share basis, adjusted EPS came in at $0.96, well above the $0.71 reported a year earlier and the $0.68 analysts had projected. CEO Richard Francis highlighted that this marks Teva’s third consecutive year of growth under its Pivot to Growth strategy, underscoring the successful transformation into a leading biopharma company.

For the first time, Teva’s trio of flagship drugs—Austedo, Ajovy and Uzedy—collectively generated roughly $1 billion in quarterly revenue. Austedo sales climbed 34% to $2.26 billion, surpassing management guidance of $2.05–2.15 billion; Ajovy grew 30% in local currency to $673 million, above the $630–640 million range; and Uzedy rose 63% to $191 million, marginally ahead of expectations. These performance metrics underscore the growing commercial momentum of Teva’s neurology portfolio and its ability to sustain margin expansion.

Teva projects full-year 2026 sales between $16.4 billion and $16.8 billion, compared with the Street’s $16.89 billion estimate, and anticipates adjusted EPS of $2.57–2.77 versus consensus of $2.73. The company expects operating income of $4.55–4.8 billion and adjusted EBITDA of $5.0–5.3 billion. Management pointed to multiple anticipated late-stage readouts across immunology and neurology, including the FDA decision on olanzapine LAI and pivotal data for duvakitug and anti-IL-15 programs, which together represent a potential $10 billion revenue opportunity and bolster confidence in sustainable growth.