Segments (Tables)

6 Months Ended

Jun. 30, 2026

Segment information:


	Three months ended June 30,
	2026
	United States			Europe			International Markets
	(U.S. $ in millions)
Revenues	$	1,702		$	1,263		$	550
Cost of sales		499			559			266
R&D expenses**		883			52			26
S&M expenses		294			222			128
G&A expenses		107			66			38
Other		(5	)		(3	)		(8	)

Segment profit*	$	(76	)	$	367		$	99

*	Segment profit includes depreciation expenses of $36 million in the United States, $33 million in Europe and $17 million in International Markets.

**	Mainly related to the acquisition of Emalex and its primary asset ecopipam (EBS-101) in the United States segment. See ‘Emalex Biosciences’ included in note 2.


	Three months ended June 30,
	2025
	United States			Europe			International Markets
	(U.S. $ in millions)
Revenues	$	1,786		$	1,298		$	495
Cost of sales		574			581			251
R&D expenses		152			59			24
S&M expenses		250			228			114
G&A expenses		111			66			32
Other			§			§		(1	)

Segment profit*	$	699		$	364		$	74

*	Segment profit includes depreciation expenses of $37 million in the United States, $31 million in Europe and $18 million in International Markets.

§	Represents an amount less than $0.5 million.


	Six months ended June 30,
	2026
	United States			Europe			International Markets
	(U.S. $ in millions)
Revenues	$	3,236		$	2,603		$	1,074
Cost of sales		995			1,165			547
R&D expenses**		1,030			97			49
S&M expenses		593			437			245
G&A expenses		197			139			77
Other		(9	)		(3	)		(7	)

Segment profit*	$	431		$	768		$	164

*	Segment profit includes depreciation expenses of $72 million in the United States, $65 million in Europe and $35 million in International Markets.

**	Mainly related to the acquisition of Emalex and its primary asset ecopipam (EBS-101) in the United States segment. See ‘Emalex Biosciences’ included in note 2.


	Six months ended June 30,
	2025
	United States		Europe			International Markets
	(U.S. $ in millions)
Revenues	$	3,322	$	2,492		$	1,077
Cost of sales		1,097		1,117			556
R&D expenses		306		120			49
S&M expenses		493		427			232
G&A expenses		206		135			72
Other		3			§		(2	)

Segment profit*	$	1,216	$	693		$	171

*	Segment profit includes depreciation expenses of $73 million in the United States, $61 million in Europe and $35 million in International Markets.

§	Represents an amount less than $0.5 million.

The following table presents a reconciliation of Teva’s segment profits to its consolidated operating income (loss) and to consolidated income (loss) before income taxes for the three and six months ended June 30, 2026 and 2025:


	Three months ended						Six months ended
	June 30,						June 30,
	2026			2025			2026			2025
	(U.S. $ in millions)						(U.S. $ in millions)
United States profit (loss)	$	(76	)	$	699		$	431		$	1,216
Europe profit		367			364			768			693
International Markets profit		99			74			164			171

Total reportable segments profit		391			1,136			1,363			2,080
Profit (loss) of Other Activities		(16	)		(3	)		(32	)		(1	)

Amounts not allocated to segments:
Amortization		139			148			276			292
Other assets impairments, restructuring and other items		147			232			173			210
Intangible assets impairments		22			42			30			163
Legal settlements and loss contingencies		230			166			302			249
Other unallocated amounts		68			91			128			190

Consolidated operating income (loss)		(231	)		455			421			975

Financial expenses, net		224			252			440			477

Consolidated income (loss) before income taxes	$	(455	)	$	203		$	(18	)	$	497

Schedule Of Consolidated Income Before Income Tax

Segment revenues by major products and activities:

The following tables present revenues by major products and activities for the three and six months ended June 30, 2026 and 2025:


United States	Three months ended June 30,
	2026		2025
	(U.S. $ in millions)
Generic products (including biosimilars)	$	660	$	961
AJOVY ®		116		63
AUSTEDO		676		495
BENDEKA ® and TREANDA ®		28		40
COPAXONE		61		62
UZEDY		77		54
Other		84		111

Total	$	1,702	$	1,786


United States	Six months ended June 30,
	2026		2025
	(U.S. $ in millions)
Generic products (including biosimilars)	$	1,272	$	1,809
AJOVY		203		117
AUSTEDO		1,236		891
BENDEKA and TREANDA		55		76
COPAXONE		124		116
UZEDY		140		93
Other		206		220

Total	$	3,236	$	3,322


Europe	Three months ended June 30,
	2026		2025
	(U.S. $ in millions)
Generic products (including OTC and biosimilars)	$	1,024	$	1,040
AJOVY		78		71
COPAXONE		49		50
Respiratory products		58		55
Other*		54		81

Total	$	1,263	$	1,298

*	Other revenues in the second quarter of 2025 include the sale of certain product rights.


Europe	Six months ended June 30,
	2026		2025
	(U.S. $ in millions)
Generic products (including OTC and biosimilars)	$	2,113	$	2,029
AJOVY		154		129
COPAXONE		89		92
Respiratory products		117		110
Other*		130		132

Total	$	2,603	$	2,492

*	Other revenues in the first six months of 2026 and 2025 include the sale of certain product rights.


International markets	Three months ended June 30,
	2026		2025
	(U.S. $ in millions)
Generic products (including OTC and biosimilars)	$	419	$	410
AJOVY		49		20
AUSTEDO		20		3
COPAXONE		8		7
Other*		55		55

Total	$	550	$	495

*	Other revenues in the second quarter of 2025 include the sale of certain product rights.


International markets	Six months ended June 30,
	2026		2025
	(U.S. $ in millions)
Generic products (including OTC and biosimilars)	$	805	$	878
AJOVY		83		48
AUSTEDO		39		18
COPAXONE		13		17
Other*		134		116

Total	$	1,074	$	1,077

*	Other revenues in the first six months of 2026 and 2025 include the sale of certain product rights.