Teva Pharmaceuticals (TEVA): First Take: 2Q beat and raise as key brands continue to lead the way

PDF 第一页内容摘录（原文）

Equity Research

29 July 2026 | 7:54AM EDT

Teva Pharmaceuticals (TEVA): First Take: 2Q beat and raise as key

brands continue to lead the way

TEVA reported 2Q revenue of $4.14bn (vs. GSe/consensus of $4.01bn/$4.02bn),

driven by significant beats across its key brands: Austedo ($696mn vs. consensus of

$585mn), Ajovy ($243mn vs. consensus of $189mn), and Uzedy ($77mn vs.

consensus of $69mn) - with the GRx segment and OpEx broadly in-line with

expectations (Exhibit 1). Recall 2Q earnings were impacted by IPR&D related to the

Emalex acquisition.

The company also raised FY26 topline $16.5bn-$16.85bn (vs. GSe/consensus of

$16.5bn/$16.5bn) and product-level guidance for key growth assets Austedo, Ajovy,

and Uzedy (Exhibit 1), while leaving earnings guidance unchanged (we look for

details on the call), and reiterated well as longer-term growth targets.

Beyond the numbers, we note: (i) the announcement to initiate PoC Ph2 studies for

SNY-partnered duvakitug (anti-TL1A) in two additional indications – hidradenitis

suppurativa (HS) and fibrostenotic Crohn’s Disease (FSCD), and (ii) the replacement

of its American Depository Share (ADS) program with the direct listing of its ordinary

shares on the New York Stock Exchange (NYSE) - potential to broaden the

shareholder base and support inclusion in leading indices.

Overall, we are encouraged by the strong print (and expect shares to trade up), given

the significant out-performance on the branded side of the business. More broadly,

we remain highly constructive on shares as continued execution (both commercial

and pipeline) increasingly de-risks the long-term growth outlook and should support

both upward estimate revisions and further multiple expansion heading into a

catalyst-rich 2H26+.

Matt Dellatorre, Ph.D.

+1(212)855-0830 |

Goldman Sachs & Co. LLC

Salveen Richter, CFA

+1(212)934-4204 |

Goldman Sachs & Co. LLC

Elizabeth Webster, Ph.D.

+1(212)357-9925 |

Goldman Sachs & Co. LLC

Tommie Reerink, CFA

+1(212)357-2470 |

Goldman Sachs & Co. LLC

Shrunatra Mishra

+1(332)245-7673 |

Goldman Sachs India SPL

Lydia Erdman

+1(212)357-6383 |

Goldman Sachs & Co. LLC

Mark Aleynick, Ph.D.

+1(212)357-6820 |

Goldman Sachs & Co. LLC

…