Teva Pharmaceuticals (TEVA): Continued commercial momentum into catalyst-rich 2H+

研报英文原文证据摘录

Teva Pharmaceuticals (TEVA): Continued commercial momentum into catalyst-rich 2H+

Goldman Sachs Teva Pharmaceuticals (TEVA)

Exhibit 1: FY26 guidance summary

Source: Company data

Key branded growth products. Driven by a strong first half, TEVA raised the combined

2026 revenue outlook for its three key innovative brands by ~$150 million at the

midpoint:

n Austedo: Guidance raised by $50 million at the midpoint to $2.45 billion – $2.6

billion. Reaching the midpoint would achieve TEVA’s original 2027 target (>$2.5bn) a

year ahead of schedule.

n Ajovy: Guidance raised by $90 million at the midpoint to $850 million – $870 million.

n Uzedy: Guidance raised by $15 million at the midpoint to $270 million – $290

million.

Phasing and quarterly dynamics. Management highlighted several key operational

dynamics expected to influence 3Q and 4Q:

n Austedo inventory normalization: Elevated channel inventory from late-2025 is

expected to fully normalize over the next two quarters.

n Austedo 4Q headwinds: 4Q26 revenue for Austedo is projected to be down

year-over-year due to anticipated changes in purchasing patterns and pricing

environments ahead of the Inflation Reduction Act (IRA) implementation in January

2027.

n Olanzapine LAI launch: While the launch is planned for 4Q26, initial volumes will

consist primarily of samples and vouchers to establish payer coverage.

Consequently, TEVA does not expect meaningful revenue for the product in 4Q26.

n Margin sequential improvement: Operating margins are expected to improve

sequentially in 4Q26, driven by back-half OpEx savings and ongoing transformation

program efficiencies, despite a slight sequential decline in gross margins from Q3 to

Q4.

Management outlined several offsetting factors that prevent the top-line revenue