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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Teva Pharmaceutical Industries
Teva Pharmaceutical Industries (TEVA) investor relations material
Teva Pharmaceutical Industries Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Q3 revenue was $4.395B, down 2% YoY; innovative brands grew 33% in local currency, partly offsetting lower generic revenue, led by lenalidomide erosion.
Non-GAAP gross margin rose to 58.7% (+345 bps) and non-GAAP EPS to $0.86 (+10%); GAAP net income was $233M versus $433M a year earlier.
2026 revenue and key brand outlooks were raised; WELTRUZA approval, biosimilar partnerships and pipeline progress supported the growth strategy.
Financial highlights
GAAP gross profit rose 6% to $2.440B and gross margin was 55.5% versus 51.4%; GAAP operating income was $714M versus $882M.
Non-GAAP operating income was $1.393B (+8%), with a 31.7% margin (+282 bps); non-GAAP net income was $1.013B and diluted EPS $0.86 versus $0.78.
Adjusted EBITDA grew 7% to $1.496B; free cash flow was $495M (-4%), while Q3 YTD free cash flow reached $1.305B (+19%).
Q3 revenue was $4.395B; 9M revenue was $12.519B, flat YoY, while 9M net income attributable fell to $26M from $930M.
Outlook and guidance
FY2026 revenue guidance rose to $16.7B-$17.0B; non-GAAP operating income is $3.8B-$3.9B and adjusted EBITDA $4.23B-$4.43B.
FY2026 diluted EPS guidance is $1.92-$2.11 and free cash flow $2.1B-$2.4B; guidance includes $0.87B acquired IPR&D charges in operating income and EBITDA.
2026 outlooks rose to $2.55B-$2.65B for AUSTEDO, $930M-$960M for AJOVY and $290M-$310M for UZEDY.
2027 targets include mid-single-digit 2023-27 revenue CAGR, 30% non-GAAP operating margin, 2.0x net debt/adjusted EBITDA and 80% cash-to-earnings; gross margin outlook is 57%-58%.
Transformation programs target ~$700M net savings and an ~8% workforce reduction from the 2024 baseline by end-2027; two-thirds of savings are expected in 2026.
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Latest events from Teva Pharmaceutical Industries
- Revenue grew 6%, supported by growth brands and a $500M anti-TL1A payment, as debt declined.TEVA
Q4 2023 - FDA approves WELTRUZA, a once-monthly olanzapine LAI for adults with schizophrenia.TEVAFDA announcement
- Investment grade status enables accelerated innovation, robust launches, and renewed generics growth.TEVABank of America Global Healthcare Conference
- Biopharma transformation drives growth, margin expansion, and robust pipeline execution.TEVAU.S. All Stars Conference
- Biopharma transformation accelerates as innovative launches and biosimilars drive growth.TEVABarclays 24th Annual Global Financial Services Conference
- Growth strategy delivers early milestones, with innovative products and biosimilars driving future value.TEVAMorgan Stanley 24th Annual Global Healthcare Conference
- TEV-408 significantly prevented gluten-induced intestinal damage and improved symptoms in celiac disease.TEVAStudy result
- Innovative brands surged 43% YoY, offsetting generics decline, with 2026 outlook raised.TEVAQ2 2026
- TEV-'408 achieved 42% F-VASI50 at 24 weeks in vitiligo with strong safety and quarterly dosing.TEVAStudy result
Next Teva Pharmaceutical Industries earnings date
R&D Day 202611 Nov, 2026
Teva Pharmaceutical Industries
Next Teva Pharmaceutical Industries earnings date
R&D Day 202611 Nov, 2026
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Frequently asked questions
Teva Pharmaceutical Industries Limited, a pharmaceutical company, develops, manufactures, markets and distributes generic medicines and a portfolio of specialty medicines worldwide. It operates in two segments, Generic Medicines and Specialty Medicines. The company offers various APIs and molecules for the treatment of various disorders in a range of therapeutic areas, including CNS, oncology, respiratory, cardiology and other specialty areas. The company was founded in 1901 and is headquartered in Tel Aviv-Yafo, Israel.