Teva Pharmaceutical Industries
Teva Pharmaceutical Industries Limited develops, manufactures, markets, and distributes generic and other medicines, and biopharmaceutical products in the United States, Europe, Israel, and internationally. Based in Tel Aviv-Yafo.
Teva Pharmaceutical Industries: net income sharply down (−46.2%), sales stable (−1.9%), cash flow sharply up (+32.2%).
- Net income sharply downQtr. as of 30/09/2026
Net income: $233M, vs. $433M a year earlier, i.e. −46.2%.
- Sales stableQtr. as of 30/09/2026
Revenue: $4,395M, vs. $4,480M a year earlier, i.e. −1.9%.
- Cash flow sharply upFY 2025
Operating cash flow: $1,649M, vs. $1,247M in 2024, i.e. +32.2%.
- Operating income sharply downQtr. as of 30/09/2026
Operating income: $714M, vs. $882M a year earlier, i.e. −19.0%.
- Gross margin upQtr. as of 30/09/2026
Gross margin: 55.5%, vs. 51.4% a year earlier.
How the share reacted to the results
After its results, Teva Pharmaceutical Industries shares rose 3.0%. Over the same period, the broad market (S&P 500) rose 0.4%, and companies in the same sector and country did −4.5% (median of 3 companies).
Results published on 03/11/2026 at 15:08 (Israel time), before the Wall Street open. Calculation: last close before the release (02/11/2026) compared with the first close after (03/11/2026). Source: Yahoo Finance. A share price moves for many reasons; the release is only one of them.
What the market pays, vs. the sector
P/E at fiscal year end, and today
Year-end price × shares / net income for the year; loss-making years are not shown
P/E calculated on net income (trailing 12 months to 30/09/2026). Sector median: companies in the Industry, health, defense and automotive group tracked here. Prices: Yahoo Finance; market cap cross-checked with the Tel Aviv Stock Exchange for Israeli stocks. These ratios describe a price, not a value: none of them says whether the share is expensive or cheap.
P/E ranking
Teva Pharmaceutical Industries is 1e Out of 4: one of the highest P/Es in the group.
- 1Teva Pharmaceutical Industries100.7
- 2
Elbit Systems63.4 - 3
Next Vision30.5 - 4
ICL Group26.2
P/E = market cap / net income over the last 12 months: how many years of earnings the market pays today. From highest to lowest; group median: 47.0. A high or low P/E alone does not say whether a share is expensive.
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Every report from a TA-125 company, analyzed the same day: key figures and year-on-year change, analysis in brief, share price reaction. One daily summary during earnings season.
Join the TA-125 groupDetailed figures and history
Business and results
Revenue
in $M
Net income
In $M, losses in red
Margins
Net debt
Financial debt − cash, in $M
Summary financial statements
Swipe the table to see previous years
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Revenue | 15,878 | 14,925 | 15,846 | 16,544 | 17,258 |
| Growth | — | −6.0% | +6.2% | +4.4% | +4.3% |
| Gross margin | 47.8% | 46.7% | 48.2% | 48.7% | 51.8% |
| Operating income | 1,716 | −2,197 | 433 | −303 | 2,157 |
| Operating margin | 10.8% | −14.7% | 2.7% | −1.8% | 12.5% |
| Net income | 417 | −2,446 | −559 | −1,639 | 1,410 |
| Net margin | 2.6% | −16.4% | −3.5% | −9.9% | 8.2% |
| Diluted EPS | 0.4 | −2.2 | −0.5 | −1.4 | 1.2 |
| EBITDA | 3,046 | −889 | 1,586 | 756 | 3,159 |
| Operating cash flow | 798 | 1,590 | 1,368 | 1,247 | 1,649 |
| Investments | 562 | 548 | 526 | 498 | 501 |
| Free cash flow | 236 | 1,042 | 842 | 749 | 1,148 |
| Cash | 2,165 | 2,801 | 3,226 | 3,300 | 3,556 |
| Financial debt | 23,043 | 21,212 | 19,833 | 17,783 | 16,806 |
| Net debt | 20,878 | 18,411 | 16,607 | 14,483 | 13,250 |
| Net debt / EBITDA | 6,9 x | n.s. | 10,5 x | 19,2 x | 4,2 x |
| Interest coverage | 1,9 x | negative | 0,4 x | negative | 2,4 x |
| Equity | 10,278 | 7,804 | 7,506 | 5,373 | 7,910 |
| Return on equity | 4.1% | −31.3% | −7.4% | −30.5% | 17.8% |
In $M unless stated. EBITDA = operating income + depreciation and amortization. Net debt = financial debt − cash. Free cash flow = operating cash flow − capital expenditure. n.m. = not meaningful.
Quality of the accounts: three cross-check models
Quality of the accounts, seen through three models
Three well-known academic models, calculated only from the published accounts (last fiscal year compared with the previous one). These are signals to cross-check, not verdicts: they say neither whether the company is reliable, nor whether the share is a good investment.
Financial strength · Piotroski
Nine simple tests on profitability, debt, liquidity and efficiency.
- ✓ Positive net income
- ✓ Positive operating cash flow
- ✓ Return on assets up
- ✓ Operating cash flow above net income
- ✓ Long-term debt stable or down (relative to assets)
- ✓ Current ratio up
- ✕ No significant share issuance (increase of less than 1%)
- ✓ Gross margin up
- ✓ Asset turnover up
Earnings manipulation · Beneish
Eight ratios that flag account profiles often associated with "embellished" results. Usual threshold: −1.78. Here, the score is below this threshold.
Distress risk · Altman Z″
Version without market data. Below 1.1: warning sign; above 2.6: healthy zone. The model penalizes an accumulated deficit or large share buybacks, which reduce equity.
Methods: Piotroski (2000), Beneish (1999, 8 variables), Altman Z″ (1995). Calculations redone from SEC XBRL data.
Company overview
Teva Pharmaceutical Industries Limited develops, manufactures, markets, and distributes generic and other medicines, and biopharmaceutical products in the United States, Europe, Israel, and internationally. It offers generic medicines in various dosage forms, such as tablets, capsules, injectables, inhalants, liquids, transdermal patches, ointments, and creams; sterile products, hormones, high-potency drugs, and cytotoxic substances in parenteral and solid dosage forms; and generic products with medical devices and combination products. The company also focuses on the central nervous system (CNS), respiratory, oncology, and other areas. It provides active pharmaceutical ingredients, as well as contract manufacturing services; and operates an out-licensing platform that offers a portfolio of products to other pharmaceutical companies. The company also offers BENDEKA and TREANDA injections for the treatment of chronic lymphocytic leukemia and indolent b-cell non-hodgkin's lymphoma; COPAXONE, glatiramer acetate injection to treat patients with relapsing forms of multiple sclerosis; AJOVY for the preventive treatment of migraine in adults; AUSTEDO for the treatment of tardive dyskinesia, chorea associated with Huntington's disease and tardive dyskinesia; UZEDY for the treatment of schizophrenia; QVAR RediHaler to treat asthma; BRALTUS, a long-acting muscarinic antagonist; CINQAIR/CINQAERO injection; DuoResp Spiromax budesonide and formoterol powder inhaler; AirDuo RespiClick fluticasone propionate and salmeterol inhalation powder; and ProAir RespiClick inhalation powder.
Source: official company profile (Yahoo Finance), summary. Website: www.tevapharm.com
No dividend paid over the past five years (source: Yahoo Finance).