Teva Pharmaceuticals 2Q Preview: Uneventful Print, Focus Remains On Branded Pipeline Updates

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Teva Pharmaceuticals 2Q Preview: Uneventful Print, Focus Remains On Branded Pipeline Updates

J P M O R G A N North America Equity Research

13 July 2026

Teva Pharmaceuticals Overweight

TEVA, TEVA US

2Q Preview: Uneventful Print, Focus Remains On Price (10 Jul 26):$32.95

Branded Pipeline Updates Price Target (Dec-26):$40.00

Overall we are expecting an uneventful update from TEVA with 2Q earnings, with the Pharmaceuticals — Major &

focus of the call on Austedo underlying growth as well as the company’s pipeline Specialty

(with several more updates expected this year following the positive IL-15 data last Chris Schott, CFA AC

week). Looking at revenues, we are modeling overall revenues of $4bn (inline with (1-212) 622-5676

cons) with a 35% decline for the US generic business (driven by erosion from christopher.t.schott@jpmorgan.com

gRevlimid) and with $569mm in revenues for Austedo in the US (15% YoY with Ekaterina V Knyazkova, CFA

inventory dynamics representing the key unknown heading into the print). Looking (1-212) 622-9576

at the EU and ROW businesses, we are expecting 6% growth and 10% growth ekaterina.v.knyazkova@jpmchase.com

respectively. Finally, on the expense side, we are shifting the Emalex $700mm Ethan Brown

(1-212) 622-4928

IPR&D charge into Q2 (with the transaction closing sooner than expected) which is ethan.brown@jpmchase.com

impacting reported EPS by ~$0.60.

Hardik Parikh, CFA

More broadly, we see the focus of the TEVA story increasingly shifting to its branded (1 212) 622-2875

portfolio with the company’s core assets growing nicely (led by Austedo) and with a hardik.k.parikh@jpmorgan.com

range of pipeline updates coming this year including olanzapine LAI (approval), IL- Taylor Hanley

15 (phase 2 data in celiac) and emrusolmin (futility analysis).