v3.26.3
Segments
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segments SEGMENTS:
Teva operates its business and reports its financial results in the following three segments:
(a)United States segment.
(b)Europe segment, which includes the European Union, the United Kingdom and certain other European countries.
(c)International Markets segment, which includes all countries other than the United States and countries included in the Europe segment.
In addition to these three segments, Teva has other sources of revenues included in Other Activities that do not meet the criteria for a reportable segment, primarily Teva’s distribution business in the United States through Anda, the sale of APIs to third parties, an out-licensing platform offering a portfolio of products to other pharmaceutical companies through Teva's affiliate, Medis, and certain contract manufacturing services.
In alignment with Teva’s Pivot to Growth strategy, commencing January 1, 2026, Anda is no longer reported under Teva’s United States segment. 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. As a result, from that date, Anda is reported as part of the Company’s Other Activities. Prior period amounts were recast to reflect this change.
Teva’s Chief Executive Officer (“CEO”), who is the chief operating decision maker (“CODM”), reviews financial information prepared on a consolidated basis, accompanied by disaggregated information about revenues and contributed profit by the three identified reportable segments, namely the United States, Europe and International Markets, to make decisions about resources to be allocated to the segments and assess their performance.
The key areas of focus by the CODM for allocation of resources are revenues from each reportable segment, as well as operating expenses (cost of sales, R&D expenses, S&M expenses, G&A expenses, and other expenses (income)). While the CODM analyzes each of these categories, the CODM focuses particularly on period-over-period fluctuations and budget-to-actual variances to determine the right allocation of resources to be attributed to each segment to ensure profitability is maximized.
Segment profit is comprised of revenues for the segment less cost of sales, R&D expenses, S&M expenses, G&A expenses and other expenses (income) related to the segment. Segment profit does not include amortization and certain other items.
Teva manages its assets on a company basis, not by segments, as many of its assets are shared or commingled. Teva’s CODM does not regularly review asset information by reportable segment and, therefore, Teva does not report asset information by reportable segment.
Teva’s CEO may review its strategy and organizational structure from time to time. Based on such review, in May 2023 Teva launched its new Pivot to Growth strategy. Any additional changes in strategy may lead to a reevaluation of the Company’s segments and goodwill allocation to reporting units, as well as fair value attributable to its reporting units. See note 6.
On December 31, 2024, Teva classified its API business (including its R&D, manufacturing and commercial activities) as held for sale. The intention to divest is in alignment with Teva’s Pivot to Growth strategy, and Teva is conducting a sales process for this matter. However, there can be no assurance regarding the ultimate timing or structure of a potential divestiture or whether a divestiture will be completed at all. See note 2.
 a.    Segment information:
Three months ended September 30,
2026
United StatesEuropeInternational Markets
(U.S. $ in millions)
Revenues$1,870 $1,319 $592 
Cost of sales467 562 276 
R&D expenses196 62 31 
S&M expenses306 211 125 
G&A expenses109 64 34 
Other§§§
Segment profit*$791 $420 $125 
__________

* Segment profit includes depreciation expenses of $39 million in the United States, $33 million in Europe,             and $18 million in International Markets.
§     Represents an amount less than $0.5 million.
Three months ended September 30,
2025
United StatesEuropeInternational Markets
(U.S. $ in millions)
Revenues$2,090 $1,235 $557 
Cost of sales645 570 280 
R&D expenses161 62 26 
S&M expenses248 225 122 
G&A expenses113 75 36 
Other(3)§§
Segment profit*$927 $303 $95 
__________

*    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

Nine months ended September 30,
2026
United StatesEuropeInternational Markets
(U.S. $ in millions)
Revenues$5,106$3,922$1,666
Cost of sales1,4621,727823
R&D expenses**1,22615980
S&M expenses898648370
G&A expenses307203111
Other(9)(3)(8)
Segment profit*$1,222$1,188$289
__________

*    Segment profit includes depreciation expenses of $111 million in the United States, $99 million in Europe, and $53 million in International Markets.
** Including expenses 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.

Nine months ended September 30,
2025
United StatesEuropeInternational Markets
(U.S. $ in millions)
Revenues$5,413 $3,726 $1,634 
Cost of sales1,742 1,687 835 
R&D expenses467 181 75 
S&M expenses741 652 353 
G&A expenses319 210 107 
Other(1)§(3)
Segment profit*$2,143 $996 $266 
__________

*    Segment profit includes depreciation expenses of $110 million in the United States, $93 million in Europe, and $53 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 nine months ended September 30, 2026 and 2025:
 
Three months ended September 30,Nine months ended September 30,
2026202520262025
(U.S. $ in millions)(U.S. $ in millions)
United States profit$791 $927 $1,222 $2,143 
Europe profit 420 303 1,188 996 
International Markets profit 125 95 289 266 
Total reportable segments profit 1,336 1,325 2,699 3,405 
Profit of Other Activities 57 (31)25 (32)
Amounts not allocated to segments:
       Amortization139 144 415 436 
       Other assets impairments, restructuring and other items264 62 438 272 
       Intangible assets impairments24 64 54 227 
       Legal settlements and loss contingencies201 60 503 309 
       Other unallocated amounts 51 82 179 272 
Consolidated operating income (loss) 714 882 1,135 1,857 
Financial expenses, net414 237 854 714 
Consolidated income (loss) before income taxes $300 $646 $282 $1,143 
 
b. Segment revenues by major products and activities:
The following tables present revenues by major products and activities for the three and nine months ended September 30, 2026 and 2025:
 
United StatesThree months ended
September 30,
20262025
(U.S. $ in millions)
Generic products (including biosimilars) $718 $1,175 
AJOVY
138 73 
AUSTEDO 727 601 
BENDEKA and TREANDA
30 35 
COPAXONE 58 62 
UZEDY 85 43 
Other 114 101 
Total $1,870 $2,090 
United StatesNine months ended
September 30,
20262025
(U.S. $ in millions)
Generic products (including biosimilars)$1,990 $2,984 
AJOVY341 190 
AUSTEDO1,963 1,492 
BENDEKA and TREANDA85 111 
COPAXONE182 179 
UZEDY225 136 
Other321 321 
Total$5,106 $5,413 

 
EuropeThree months ended
September 30,
20262025
(U.S. $ in millions)
Generic products (including OTC and biosimilars) $1,033 $982 
AJOVY 84 66 
COPAXONE 38 44 
Respiratory products 54 52 
Other* 111 91 
Total $1,319 $1,235 
__________
*    Other revenues in the third quarter of 2026 and 2025 include the sale of certain product rights.

EuropeNine months ended
September 30,
20262025
(U.S. $ in millions)
Generic products (including OTC and biosimilars) $3,146 $3,011 
AJOVY 238 195 
COPAXONE 127 135 
Respiratory products 171 162 
Other* 241 223 
Total $3,922 $3,726 
__________
*    Other revenues in the first nine months of 2026 and 2025 include the sale of certain product rights.
 
International marketsThree months ended
September 30,
20262025
(U.S. $ in millions)
Generic products (including OTC and biosimilars) $407 $421 
AJOVY 48 30 
AUSTEDO 24 17 
COPAXONE 8 8 
Other* 105 82 
Total $592 $557 
__________
*    Other revenues in the third quarter of 2026 and 2025 include the sale of certain product rights.
International marketsNine months ended
September 30,
20262025
(U.S. $ in millions)
Generic products (including OTC and biosimilars) $1,212 $1,298 
AJOVY 130 78 
AUSTEDO 63 34 
COPAXONE 22 25 
Other* 239 199 
Total $1,666 $1,634 
__________
*    Other revenues in the first nine months of 2026 and 2025 include the sale of certain product rights.