Jul 29, 2026 earnings call — Pivot to growth and innovative product momentum
Raised the midpoint of full year revenue guidance by $75 million.
Revenue $4.1B (est $4.0B) · EPS $0.02 (est $0.08)
Key quotes
"AUSTEDO, AJOVY and UZEDY all delivered strong Q2 performance, and we are raising our full year revenue guidance for these products."
"innovation in our pipeline this year will provide 8 major milestones, and this now includes ecopipane, and this gives us the potential for 5 submissions over the next 5 years."
"Before pivot to growth, we had 3 biosimilars. Today, we have 15 in the market."
Analyst Q&A 9
AUSTEDO coverage and US tariffs
Q (Jason Gerberry · BofA): Analyst asked if AUSTEDO XR will keep good formulary coverage in 2027 despite IRA-negotiated prices, and about risk from proposed US tariffs and supply chain setup.
A: Management said Medicare plans must cover negotiated drugs in Part D, and they are confident in AUSTEDO XR demand and physician support. They are reviewing the proposed tariffs and noted Teva has US factories and is engaging with the administration.
"All Medicare plans are required to cover negotiated products in their Part D formularies." — Richard Francis (CEO)
IL-15 celiac study timing and measures
Q (Umer Raffat · Evercore): Analyst asked why the celiac readout wasn't earlier, what biomarker showed separation in the Phase Ib study, and how much gluten was used in the ongoing study.
A: Management said the database lock timing can differ from enrollment dates and they expect data in the second half of this year. The biomarker in the Phase Ib study was free acid binding protein, and the biopsy study uses 3 grams of gluten every day for 6 weeks.
"So it was this free acid binding protein in that study." — Eric Hughes
Biosimilars opportunity
Q (Louise Chen · Scotiabank): Analyst asked why biosimilars have become a more meaningful growth opportunity now and whether US market changes could help.
A: Management said Teva's US team performance and market reach let them perform well even in a complex market, and launching more biosimilars in Europe is encouraging. They set a target of $800 million by 2027 and said they are on track to exceed it.
"We did set ourselves a target for $800 million by 2027, as I said today on the call." — Richard Francis (CEO)
Celiac study comparison and interpretability
Q (Dennis Ding · Jefferies): Analyst asked why Teva uses the Forte Phase Ib result (0.127) as a benchmark instead of CALYPSO, and how to interpret results like 0.15–0.3.
A: Management said studies use different artificial gluten challenges so direct comparisons are hard, and they will compare mainly to the Forte result of 0.127. They expect to learn from biopsy and symptom data to plan later trials.
"The important thing is that you have to remember, these are all somewhat artificial gluten challenge they are different from study to study." — Eric Hughes
Mechanism of 408 vs IL-15 drugs and ecopipane use
Q (David Amsellem · Piper Sandler): Analyst asked how 408 (anti-IL-15 ligand) compares to receptor blockers like CD122-targeting drugs, and how ecopipane (D1 antagonist) might be positioned versus D2 antipsychotics.
A: Management said targeting the ligand is a clean strategy and allows measurement of free anti-IL-15 to guide dosing; they are developing a quarterly subcutaneous dose. For ecopipane, they see a novel D1 mechanism with better tolerability that could move up usage over time versus poorly tolerated antipsychotics.
"We measure the free anti-IL-15 level in the system." — Eric Hughes
TL1A indications and HS trial design
Q (Ashwani Verma · UBS): Analyst asked the addressable market for the TL1A fibrotic indications and what the development path and endpoints for hidradenitis suppurativa (HS) would look like.
A: Management said they chose HS and fibrostenotic Crohn's because TL1A is upregulated and may affect fibrosis, and these indications have high unmet need. For HS they expect a typical Phase IIb then Phase III path, with primary endpoints around 16 weeks.
"Usually, these primary endpoints are around 16 weeks." — Eric Hughes
Inventory drawdown and EBITDA outlook
Q (Glen Santangelo · Barclays): Analyst asked why osteo inventory hasn't fully drawn down yet and how to think about 3Q/4Q; and why EBITDA guidance held despite strong brand performance.
A: Management said some drawdown happened in the first half but the rest must come down in the second half and Q4, and they are managing the IRA timing into Q1 2026. Finance said EBITDA guidance assumes higher OpEx around 28% due to investments in innovation and biosimilars, offsetting some revenue strength.
"We saw some of that drawdown occur in the first half of the year, but not fully complete." — Richard Francis (CEO)
TL1A future fibrotic targets and launches
Q (Matthew Dellatorre · Goldman Sachs): Analyst asked if TL1A could move into other fibrotic diseases, whether fibrostenotic Crohn's could be a separate label, and for launch preparation status for olanzapine and ecopipane.
A: Management said they need to prove antifibrotic effect first in HS and fibrostenotic Crohn's, and if proven they could target pure fibrotic diseases later; they hope fibrostenotic Crohn's could become a labeled indication. They said olanzapine launch prep is well underway and ecopipane could be approved in later Q2 next year, with teams building launch capability.
"based on the time of the FDA, this will probably could come out in the later part of Q2 next year." — Richard Francis (CEO)
AJOVY performance and Europe softness
Q (JPMorgan): Analyst asked how much AJOVY growth is volume versus price and for color on Europe coming in lighter and expectations for H2.
A: Management said AJOVY is growing across all regions with U.S. contracting favorability and market share gains, and they are growing above the market in all regions. European softness was due to fewer high-value launches last year and a mild cough and cold season; more biosimilars are launching in Europe later.
"we are growing above the market in all of our regions." — Richard Francis (CEO)