true0000818686L300-0000000NJCumulative goodwill impairment as of December 31, 2025, 2024 and 2023, was approximately $29.6 billion, $29.6 billion and $28.3 billion, respectively.Revenues from licensing arrangements in United States segment were mainly comprised of development milestone payments of $500 million received in the fourth quarter of 2025, in connection with the initiation of Phase 3 studies for duvakitug (anti-TL1A). See note 2.“Other” revenues in Europe and International Markets segments include revenues related to sales of certain product rights.“Other” revenues in all segments include revenues related to sales of certain product rights.Contingent consideration represents liabilities recorded at fair value in connection with acquisitions. The contingent consideration liability is recorded under accrued expenses and other taxes and long term liabilities.“Other” revenues in Europe segment mainly related to the sale of certain product rights.The fair value was estimated based on quoted market prices.Teva’s long-term employee-related obligations are presented in the Consolidated Balance Sheet under other taxes and long-term liabilities.Revenues from licensing arrangements in United states segment were mainly comprised of $500 million upfront payment received in connection with the collaboration on Teva’s anti-TL1A asset. See note 2.“Other” revenues in United States, Europe and International Markets segments include revenues related to sales of certain product rights.Amounts do not include $27 million gain in 2025, $61 million loss in 2024 and $50 million loss in 2023 from foreign currency translation adjustments attributable to redeemable and non-redeemable non-controlling interests.On May 2025, Teva entered into a $500 million notional amount of fixed to fixed cross-currency interest rate swaps relating to its 5.75% senior notes due 2030 to hedge the foreign currency exchange risk of future principal and interest payments associated with the USD denominated notes. The cross-currency swaps synthetically convert part of the USD debt into CHF, aligning debt servicing costs with Teva’s inflows and reducing economic volatility. These swaps have been designated as cash flow hedges and the gain or loss on these swaps will be reported as a component of other comprehensive income and reclassified into earnings in each period during which the swaps affect earnings in the same line item associated with the USD denominated bonds.Other revenues in 2025 were mainly comprised of milestone payments of $500 million received in the fourth quarter of 2025, in connection with the initiation of Phase 3 studies for duvakitug (anti-TL1A) (see note 2 to our consolidated financial statements). Other revenues in 2024 include the sale of certain product rights. Other revenues in 2023 were mainly comprised of a $500 million upfront payment received in the fourth quarter of 2023, in connection with the collaboration on Teva’s duvakitug (anti-TL1A) asset.The amounts are shown after reduction for unrecognized tax benefits of $445 million and $163 million as of December 31, 2025 and 2024, respectively. The amount as of December 31, 2025 represents the tax effect of gross carryforward losses and deductions with the following expirations: 2026-2027 — $59 million; 2028-2035 — $552 million; 2036 and thereafter—$453 million. The remaining balance—$1,170 million—can be utilized with no expiration date.Amortization of issuance costs and terminated derivative instruments.Including impairments related to exit and disposal activities.Includes adjustments for foreign currency translation.In January 2025, Teva repaid $426 million of the 6.00% senior notes due 2025 at maturity.In January 2025, Teva repaid $427 million of the 7.13% senior notes due 2025 at maturity.In March 2025, Teva repaid $515 million of the 4.50% senior notes due 2025 at maturity.In July 2025, Teva repaid $444 million of the 1% senior notes due 2025 at maturity.In June 2025, Teva consummated a cash tender offer and extinguished $1,579 million aggregate principal amount of its 3.15% senior notes due 2026; $351 million aggregate principal amount of its 4.75% senior notes due 2027; $202 million aggregate principal amount of its 7.88% senior notes due in 2029; and $157 million aggregate principal amount of its 7.38% senior notes due in 2029. The extinguishment resulted in a loss of $10 million which was recorded under financial expenses, net. If Teva fails to achieve certain sustainability performance targets, a one-time premium payment of 0.15%-0.45% out of the principal amount will be paid at maturity or upon earlier redemption, if such redemption is on or after May 9, 2026.Interest rate adjustments and a potential one-time premium payment related to the sustainability-linked bonds are treated as bifurcated embedded derivatives. See note 10c.If Teva fails to achieve certain sustainability performance targets, the interest rate shall increase by 0.125%-0.375% per annum, from and including May 9, 2026.If Teva fails to achieve certain sustainability performance targets, the interest rate shall increase by 0.100%-0.300% per annum, from and including September 15, 2026.In May 2025, Teva issued senior notes in an aggregate principal amount of $700 million bearing 5.75% annual interest and due December 2030. In May 2025, Teva issued senior notes in an aggregate principal amount of €1,000 million bearing 4.125% annual interest and due June 2031. In May 2025, Teva issued senior notes in an aggregate principal amount of $500 million bearing 6.00% annual interest and due December 2032. Debt issuance costs as of December 31, 2025 include $20 million in connection with the issuance of the senior notes in May 2025, partially offset by $6 million acceleration of issuance costs related to the cash tender offer. Other revenues in 2025, 2024 and 2023 include the sale of certain product rights.Other revenues in 2025 and 2024 include the sale of certain product rights.Mainly in connection with a declaration of dividends to non-controlling interests in Teva’s business venture in Japan.In connection with a declaration of dividends to non-controlling interests in Teva’s subsidiary in Bulgaria.“Other items, net” in the year ended December 31, 2024 includes mainly amounts related to an agreement with the Israeli Tax Authorities.In connection with the sale of Teva’s business venture in Japan.Teva uses foreign exchange contracts (mainly option and forward contracts) to hedge balance sheet items from currency exposure. These foreign exchange contracts are not designated as hedging instruments for accounting purposes. In connection with these foreign exchange contracts, Teva recognizes gains or losses that offset the revaluation of the balance sheet items also recorded under financial expenses, net.Teva entered into option and forward contracts designed to limit the exposure of foreign exchange fluctuations on projected revenues and expenses recorded in euro, Swiss franc, British pound, Russian ruble, Canadian dollar, Polish złoty, new Israeli shekel, Indian rupee and some other currencies to protect its projected operating results for 2025 and 2026. These derivative instruments do not meet the criteria for hedge accounting, however, they are accounted for as an economic hedge. These derivative instruments, which may include hedging transactions of future projected revenues and expenses, are recognized on the balance sheet at their fair value on a quarterly basis, while the foreign exchange impact on the underlying revenues and expenses may occur in subsequent quarters.. Changes in the fair value of the derivative instruments are recognized in the same line item in the statements of income as the underlying exposure being hedged. Cash flows associated with these derivatives are reflected as cash flows from operating activities in the consolidated statements of cash flows.In connection with the sale of Teva’s business venture in Japan. See note 22.Purchase of shares from non-controlling interests in a Teva’s subsidiary in Switzerland.Mainly related to deduction of interest expenses in the United States.Includes an expected loss from reclassification of currency translation adjustments to the consolidated statements of income (loss) upon sale.On September 29, 2023, Teva purchased $40 million of subordinated convertible bonds of Alvotech. 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SECURITIES AND EXCHANGE COMMISSION
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 3, 2026
TEVA PHARMACEUTICAL INDUSTRIES LIMITED
(Exact name of registrant as specified in its charter)
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(State or Other Jurisdiction |
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400 Interpace Parkway
, #3 (Address of principal executive offices, zip code and telephone number, including area code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Name of each exchange on which registered |
American Depositary Shares, each representing one Ordinary Share |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 8.01 Other Events
Teva Pharmaceutical Industries Limited (the “Company”) is filing this Current Report on Form 8-K to recast historical segment information as set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 3, 2026 (the “Original Report”).
As previously disclosed and as reflected in the Original Report, in alignment with Teva’s Pivot to Growth strategy, commencing January 1, 2026, Anda, Teva’s distribution business in the U.S., is no longer reported under the Company’s United States segment, and, from that date, Anda is reported as part of the Company’s Other Activities. This shift allows the United States segment to continue to manage its entire product portfolio in the region, while strengthening focus on its biopharmaceutical business, growth engines and innovation. The Company has aligned its internal financial and segment reporting and its reporting units in accordance with this change in Teva’s reporting segments effective for the quarter ended March 31, 2026.
Exhibit 99.1 to the Current Report on Form 8-K provides recast segment information within the following items of the Company’s Original Report to reflect the changes made to its segment reporting:
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Part I Item 1. Business – solely to reflect changes under the captions “Our Business Segments,” “United States Segment,” and “Other Activities.” |
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Part II Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – solely to reflect changes under the captions “Our Business Segments,” “Highlights,” “United States Segment,” “Other Activities,” and “Reconciliation Table to Consolidated Income (Loss) Before Income Taxes.” |
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Part II Item 8. Financial Statements and Supplementary Data – solely to reflect changes in the “Notes to Consolidated Financial Statements,” specifically, “Note 1—Significant accounting policies—w. Segment reporting,” “Note 3—Revenue from contracts with customers—Disaggregation of revenue,” and “Note 19—Segments.” |
The items above included in Exhibit 99.1 of this Current Report on Form 8-K update the same items presented in the Original Report solely for changes in the Company’s reportable segment information and the related impacts to segment disclosures as a result of the recast described above and is not an amendment to, or a restatement of, the Original Report. There are no changes to other disclosures presented in the Original Report, including the Company’s previously reported consolidated balance sheets, statements of income (loss), statements of comprehensive income (loss), statements of changes in equity, and statements of cash flows.
This Current Report on Form 8-K does not reflect changes or events occurring subsequent to the Original Report filed with the SEC and does not modify or update the disclosures in any way, other than as required to retrospectively recast for the change in segment reporting. Therefore, this Current Report on Form 8-K should be read in conjunction with the Company’s Original Report as filed, and Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2026 and June 30, 2026.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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TEVA PHARMACEUTICAL INDUSTRIES LIMITED |
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| Date: September 3, 2026 |
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By: |
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/s/ Eli Kalif |
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Name: |
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Eli Kalif |
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Title: |
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Executive Vice President, |
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Chief Financial Officer |