TEVA PHARMACEUTICAL INDUSTRIES LTD, 10-Q filed on 4/29/2026
Quarterly Report
v3.26.1
Cover Page
 3 Months Ended
Mar. 31, 2026
shares
Cover [Abstract]  
Document Type 10-Q
Amendment Flag false
Document Fiscal Year Focus 2026
Document Transition Report false
Document Period End Date Mar. 31, 2026
Document Fiscal Period Focus Q1
Document Quarterly Report true
Entity Registrant Name TEVA PHARMACEUTICAL INDUSTRIES LIMITED
Entity Central Index Key 0000818686
Current Fiscal Year End Date --12-31
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Common Stock, Shares Outstanding 1,164,426,972
Title of 12(b) Security American Depositary Shares, each representing one Ordinary Share
Trading Symbol TEVA
Security Exchange Name NYSE
Entity File Number 001-16174
Entity Incorporation, State or Country Code L3
Entity Tax Identification Number 00-0000000
Entity Address, Address Line One 400 Interpace Parkway, #3
Entity Address, Address Line Two Parsippany
Entity Address, City or Town NJ
Entity Address, Postal Zip Code 07054
Entity Address, Country US
City Area Code +1-973
Local Phone Number 658-0301
Entity Filer Category Large Accelerated Filer
Smaller Reporting Company false
Entity Emerging Growth Company false
Entity Shell Company false
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 3,741 $ 3,556
Accounts receivables, net of allowance for credit losses of $86 million and $81 million as of March 31, 2026 and December 31, 2025, respectively. 3,393 3,709
Inventories 3,176 3,179
Prepaid expenses 1,070 1,122
Other current assets 535 539
Assets held for sale 1,794 1,842
Total current assets 13,710 13,946
Deferred income taxes 2,190 2,191
Other non-current assets 377 405
Property, plant and equipment, net 3,998 4,080
Operating lease right-of-use assets, net 335 345
Identifiable intangible assets, net 3,609 3,781
Goodwill 15,822 16,000
Total assets 40,040 40,748
Current liabilities:    
Short-term debt 2,612 1,820
Sales reserves and allowances 3,707 4,143
Accounts payables 2,596 2,531
Employee-related obligations 555 739
Accrued expenses 2,616 2,687
Other current liabilities 1,111 1,182
Liabilities held for sale 334 354
Total current liabilities 13,532 13,456
Long-term liabilities:    
Deferred income taxes 273 296
Other taxes and long-term liabilities 3,709 3,808
Senior notes and loans 14,015 14,986
Operating lease liabilities 280 288
Total long-term liabilities 18,277 19,379
Commitments and contingencies, see note 10
Total liabilities 31,809 32,834
Teva shareholders' equity:    
Ordinary shares of NIS 0.10 par value per share; March 31, 2026 and December 31, 2025: authorized 2,495 million shares; issued 1,271 million shares and 1,257 million shares, respectively. 59 58
Additional paid-in capital 28,203 28,133
Accumulated deficit (13,394) (13,762)
Accumulated other comprehensive loss (2,512) (2,391)
Treasury shares as of March 31, 2026 and December 31, 2025: 107 million ordinary shares. (4,128) (4,128)
Stockholders' equity attributable to Teva shareholders 8,228 7,910
Non-controlling interests 4 4
Total equity 8,232 7,914
Total liabilities and equity $ 40,040 $ 40,748
v3.26.1
Consolidated Balance Sheets (Parenthetical)
shares in Millions, $ in Millions
Mar. 31, 2026
USD ($)
shares
Mar. 31, 2026
₪ / shares
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2025
₪ / shares
Allowance for credit losses | $ $ 75   $ 81  
Common stock, par or stated value per share | ₪ / shares   ₪ 0.1   ₪ 0.1
Ordinary shares, authorized 2,495   2,495  
Ordinary shares, issued 1,271   1,257  
Treasury shares 107   107  
v3.26.1
Consolidated Statements of Income (Loss) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net revenues $ 3,982 $ 3,891
Cost of sales 2,011 2,014
Gross profit 1,972 1,877
Research and development expenses 222 247
Selling and marketing expenses 696 622
General and administrative expenses 304 297
Intangible assets impairments 8 121
Other assets impairments, restructuring and other items 26 (22)
Legal settlements and loss contingencies 72 86
Other loss (income) (9) 5
Operating income (loss) 652 519
Financial expenses, net 216 225
Income (loss) before income taxes 437 294
Income taxes (benefit) 67 74
Share in (profits) losses of associated companies – net [1] 1  
Net income (loss) 369 220
Net income (loss) attributable to redeemable and non-redeemable non-controlling interests   6
Net income (loss) attributable to Teva $ 369 $ 214
Earnings (loss) per share attributable to ordinary shareholders:    
Basic $ 0.32 $ 0.19
Diluted $ 0.31 $ 0.18
Weighted average number of shares (in millions):    
Basic 1,156 1,138
Diluted 1,179 1,159
[1] Represents an amount less than $0.5 million.
v3.26.1
Consolidated Statements of Income (Loss) (Parenthetical)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Share in (profits) losses of associated companies – net $ 1.0 [1]
Minimum [Member]  
Share in (profits) losses of associated companies – net $ 0.5
[1] Represents an amount less than $0.5 million.
v3.26.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net income (loss) $ 369 $ 220
Other comprehensive income (loss), net of tax:    
Currency translation adjustment (121) 494
Unrealized gain (loss) from derivative financial instruments, net 1 7
Unrealized loss on defined benefit plans (1) (1)
Total other comprehensive income (loss) (121) 500
Total comprehensive income (loss) 248 720
Comprehensive income (loss) attributable to redeemable and non-redeemable non-controlling interests   33
Comprehensive income (loss) attributable to Teva $ 248 $ 687
v3.26.1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Share in (profits) losses of associated companies – net $ 1.0 [1]
Minimum [Member]  
Share in (profits) losses of associated companies – net $ 0.5
[1] Represents an amount less than $0.5 million.
v3.26.1
Consolidated Statements of Changes in Equity - USD ($)
shares in Millions, $ in Millions
Total
Ordinary Shares [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Treasury Shares [Member]
Total Teva shareholders' equity [Member]
Non-controlling Interests [Member]
Beginning balance at Dec. 31, 2024 $ 5,380 $ 58 $ 27,764 $ (15,173) $ (3,148) $ (4,128) $ 5,373 $ 7
Beginning balance, shares at Dec. 31, 2024   1,240            
Net income (loss) 214     214        
Net income (loss) 214           214  
Other comprehensive income (loss) 473       473 [1]   473  
Issuance of Shares, shares   13            
Stock-based compensation expense 34   34       34  
Proceeds from exercise of options 3   3       3  
Purchase of shares from non-controlling interests [2] 165   165       165  
Ending balance at Mar. 31, 2025 6,269 $ 58 27,965 (14,958) (2,675) (4,128) 6,262 7
Ending balance, shares at Mar. 31, 2025   1,253            
Beginning balance at Dec. 31, 2025 7,914 $ 58 28,133 (13,762) (2,391) (4,128) 7,910 4
Beginning balance, shares at Dec. 31, 2025   1,256            
Net income (loss) 369     369        
Net income (loss) 369           369  
Other comprehensive income (loss) (121)       (121)   (121)  
Issuance of Shares, shares   15            
Stock-based compensation expense 43   43       43  
Proceeds from exercise of options 26   26       26  
Ending balance at Mar. 31, 2026 $ 8,232 $ 59 $ 28,203 $ (13,394) $ (2,512) $ (4,128) $ 8,228 $ 4
Ending balance, shares at Mar. 31, 2026   1,271            
[1] Amounts do not include a $27 million gain from foreign currency translation adjustments attributable to redeemable and non-redeemable non-controlling interests.
[2] In connection with the sale of Teva’s business venture in Japan.
v3.26.1
Consolidated Statements of Changes in Equity (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Maximum [Member] | Ordinary Shares [Member]    
Exercise of options by employees and vested RSUs $ 0.5 $ 0.5
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net income (loss) $ 369 $ 220
Adjustments to reconcile net income (loss) to net cash provided by operations:    
Depreciation and amortization 239 244
Impairment of long-lived assets and assets held for sale 10 77
Net change in operating assets and liabilities (617) (700)
Deferred income taxes – net and uncertain tax positions (22) 28
Stock-based compensation 43 34
Other items [1] (54) (10)
Net loss (gain) from sale of business and long-lived assets (8) 2
Net cash provided by (used in) operating activities (40) (105)
Investing activities:    
Beneficial interest collected in exchange for securitized accounts receivables 354 322
Purchases of property, plant and equipment and intangible assets (168) (127)
Proceeds from sale of businesses and long-lived assets, net 42 17
Purchases of investments and other assets 0 (11)
Other investing activities 1 0
Net cash provided by (used in) investing activities 229 201
Financing activities:    
Repayment of senior notes and loans and other long-term liabilities 0 (1,368)
Repayment of convertible debentures (23) 0
Purchase of shares from redeemable and non-redeemable non-controlling interests 0 (38)
Dividends paid to redeemable and non-redeemable non-controlling interests 0 (340)
Other financing activities 36 3
Net cash provided by (used in) financing activities 13 (1,744)
Effect of exchange rate changes on cash and cash equivalents (17) 45
Net change in cash and cash equivalents 185 (1,603)
Balance of cash and cash equivalents at beginning of period 3,556 3,300
Balance of cash and cash equivalents at end of period 3,741 1,697
Non-cash financing and investing activities:    
Beneficial interest obtained in exchange for securitized trade receivables 311 311
Net change in operating assets and liabilities:    
Other assets (302) (275)
Accounts payables, accrued expenses, employee-related obligations and other liabilities (144) (41)
Accounts receivables net of sales reserves and allowances (78) (264)
Inventories (93) (120)
Net Change In Items Comprising Supplemental Disclosure Of Cash Flow Information $ (617) $ (700)
[1] “Other items, net” in the year ended December 31, 2024 includes mainly amounts related to an agreement with the Israeli Tax Authorities.
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pay vs Performance Disclosure    
Net Income (Loss) $ 369 $ 214
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Basis of presentation
 3 Months Ended
Mar. 31, 2026
Basis of presentation
Note 1 – Basis of presentation:
 
 
a.
Basis of presentation
The accompanying unaudited consolidated financial statements have been prepared on the same basis as the
annual
consolidated financial statements. In the opinion of management, the financial statements reflect all normal and recurring adjustments necessary for a fair statement of the financial position and results of operations of Teva. The information included in this Quarterly Report on Form
10-Q
should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form
10-K
for the year ended December 31, 2025, as filed with the Securities and Exchange Commission (“SEC”). The
year-end
balance sheet data was derived from the audited consolidated financial statements as of December 31, 2025, but not all disclosures required by generally accepted accounting principles in the United States (“U.S. GAAP”) are included.
In preparing the Company’s consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity and disclosure of contingent liabilities and assets at the dates of the financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates.
In preparing the Company’s consolidated financial statements, management also considered the economic implications of inflation expectations on its critical and significant accounting estimates. Actions taken to address macroeconomic developments such as decisions regarding interest rates in the countries in which Teva operates, as well as their economic impact on Teva’s third-party manufacturers and suppliers, customers and markets, could also impact such estimates and may change in future periods. As applicable to these consolidated financial statements, the most significant estimates and assumptions relate to: determining the valuation and recoverability of marketed product rights and goodwill, assessing sales reserves and allowances in the United States, uncertain tax positions, valuation allowances and contingencies. Some of these estimates could be impacted by higher costs and the ability to pass on such higher costs to customers, which is highly uncertain.
In preparing the Company’s consolidated financial statements, management also considered the impact of geopolitical conflicts and developments in the Middle East, including the war involving Iran, and in Russia and Ukraine. Given Teva’s global operations, including personnel and several manufacturing and R&D facilities in Israel, as well as its exposure to international markets, continued instability in the region could adversely impact Teva’s business operations and financial condition. During the three months ended March 31, 2026, the impact of these conflicts on Teva’s results of operation and financial condition continued to be immaterial.
Teva’s results of operations for the three months ended March 31, 2026, are not necessarily indicative of results that could be expected for the entire fiscal year.
Certain amounts in the consolidated financial statements and associated notes may not add up due to rounding. All percentages have been calculated using unrounded amounts.
 
 
b.
Significant accounting policies
Recently adopted accounting pronouncements
None.
Recently issued accounting pronouncements, not yet adopted
In December 2025, the FASB issued ASU
2025-11,
“Interim Reporting (Topic 270) Narrow-Scope Im
prove
ments.” The amendments in this Update clarify interim disclosure requirements and the applicability of Topic 270. The objective of the update is to provide clarity about current interim requirements. The amendments in this update also include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this ASU are required to be adopted for interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company does not expect ASU
2025-11
to have a material impact on its consolidated financial statements disclosures.
In November 2025, the FASB issued ASU
2025-09
to amend the guidance in “Derivatives and Hedging” (Topic 815). The update provides targeted improvements intended to enhance the application of hedge accounting, including expanded eligibility of forecasted transactions, additional flexibility in measuring hedge effectiveness, and clarifications related to hedging
non-financial
items. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements.
 

 
In September 2025, the FASB issued ASU
2025-06,
“Intangibles—Goodwill and
Other—Internal-Use
Software (Topic
350-40):
Targeted Improvements.” This ASU
2025-06
provides updated guidance clarifying the capitalization of costs related to
internal-use
software, including enhanced guidance on cloud computing arrangements. ASU
2025-06
is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements.
In May 2025, the FASB issued ASU
2025-03
“Business Combinations and Consolidation: Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity,” which amends the guidance for determining the accounting acquirer in certain transactions. The guidance should be applied prospectively. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The adoption of this guidance will affect acquisition transactions of variable interest entities that occur after the initial application date.
In November 2024, the FASB issued ASU
2024-03
“Income Statement: Reporting Comprehensive Income—Expense Disaggregation Disclosures,” which requires more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the income statement, as well as disclosures about selling expenses. Additionally, in January 2025, the FASB issued ASU
2025-01
to clarify the effective date of ASU
2024-03.
ASU
2024-03
is effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements disclosures.
In October 2023, the FASB issued ASU
2023-06
“Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” which incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification (“Codification”). The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification topics, allow investors to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation
S-X
or Regulation
S-K
becomes effective, with early adoption prohibited. The amendments in this ASU should be applied prospectively. For all entities within the scope of the affected Codification subtopics, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation
S-X
or Regulation
S-K,
the pending content of the associated amendment will be removed from the Codification and will not become effective for any entities. The Company does not expect ASU
2023-06
to have a material impact on its consolidated financial statements.
v3.26.1
Certain transactions
 3 Months Ended
Mar. 31, 2026
Certain transactions
NOTE 2 – Certain transactions:
The Company has entered into alliances and other arrangements with third parties to acquire rights to products it does not have, to ac
ces
s markets it does not operate in and to otherwise share development costs or business risks. The Company’s most significant agreements of this nature are summarized below.
Emalex Biosciences
In April 2026, Teva entered into a definitive agreement to acquire all outstanding shares of Emalex Biosciences (“Emalex”), including its lead asset, ecopipam, which has completed Phase 3 for the treatment of Tourette syndrome in pediatric population. Upon closing, Teva will pay $700 million to Emalex’s existing shareholders, which is expected to be funded with existing cash on hand. In addition, Emalex’s existing shareholders may be eligible to receive milestone payments of up to $200 million, as well as royalties on global
net-sales
of ecopipam, upon commercialization and subject to regulatory approval. The transaction is subject to customary closing conditions, including receipt of necessary regulatory approvals, and is currently anticipated to close by the third quarter of 2026. This agreement does not have any impact on Teva’s consolidated financial statements as of the date of this Quarterly Report on
Form 10-Q.
Blackstone Life Sciences
On March 3, 2026, Teva entered into a funding agreement with Blackstone Life Sciences (“Blackstone”) to support development of Teva’s duvakitug (anti-TL1A,
TEV-’574).
Under the agreement, Blackstone will provide Teva up to $400 
million to fund ongoing and future develo
p
ment costs for duvakitug, spread over four years. In exchange, and subject to regulatory approval, Teva will pay Blackstone a milestone payment in an amount approximately equal to the total funding provided by Blackstone, in addition to commercial milestones and royalties upon commercialization. During the first quarter of 2026, Teva recognized $
30 million as reimbursement for R&D expenses incurred in connection with this agreement.
mAbxience
In April 2024, Teva announced it entered into a strategic licensing
agreement
 
with mAbxience for
TEV-‘316,
a biosimilar candidate currently in development for the treatment of multiple oncology indications. Under the terms of the licensing agreement, mAbxience will develop and produce the biosimilar product and Teva will lead the regulatory processes and commercialization in multiple global markets, including Europe and the U.S. In September 2024, Teva and mAbxience entered into an amendment to the licensing agreement whereby, similar to the initial licensing agreement, mAbxience will lead the development and production of
TEV-‘333,
an
anti-PD-1
oncology biosimilar candidate and Teva will manage regulatory approvals and oversee commercialization in the designated markets.
In 2024, Teva paid mAbxience upfront and milestone payments of $20 million under the initial agreement, and $15 million under the amendment to the licensing agreement, which were recorded as R&D expenses. In 2025, Teva paid milestone payments in the amount of $29 million, which were recorded as R&D expenses. mAbxience may be eligible for additional future development, regulatory and commercial milestone payments, in an aggregate amount of up to $291 million.
Launch Therapeutics and Abingworth
On March 28, 2024, Teva and Launch Therapeutics, Inc. (“Launch Therapeutics”) entered into a clinical collaboration agreement to further accelerate the clinical research program of Teva’s Dual-Action Asthma Rescue Inhaler (“DARI”)
(ICS-SABA;
TEV-‘248).
As part of this clinical collaboration agreement Teva also entered into a development funding agreement with funds affiliated with Abingworth LLP (“Abingworth”). Under the clinical collaboration agreement, Launch Therapeutics, a clinical development company backed by Abingworth and Carlyle, the global investment firm, will have the lead role in the operational execution and management of the planned clinical trials. Teva will retain primary responsibility for manufacturing, regulatory interactions in the U.S., and commercialization. DARI
(ICS-SABA)
is currently in Phase 3 for the treatment of asthma symptoms addressing both immediate symptoms and long-term inflammation.
Under the development funding agreement, Abingworth provided Teva $150 million to fund ongoing development costs for DARI
(ICS-SABA).
In exchange and subject to regulatory approval, Teva will pay Abingworth a milestone payment in the amount actually funded by Abingworth, as well as success payments based on DARI
(ICS-SABA)
sales. In January 2026, Teva and Abingworth signed an amendment to the development funding agreement to increase the total development funding by an additional $50 million. During 2025 and 2024, Teva
recognized
$98 million and $42 million, respectively, as reimbursement for R&D expenses incurred in connection with this agreement. During the first quarter of 2026, Teva
recognized
$30 million as reimbursement for R&D expenses incurred in connection with this agreement.
Biolojic Design
On November 26, 2023, Teva entered into a license agreement with Biolojic Design Ltd. (“Biolojic”), pursuant to which Teva received exclusive rights to develop, manufacture and globally commercialize BD9
(TEV-‘325)
multibody with potential indications including asthma and atopic dermatitis. In exchange, Teva paid an upfront payment of $10 
million in 2024. During 2025, Teva paid a milestone payment of $5 million, which was recorded as R&D expenses. During the first quarter of 2026, Teva recognized a milestone payment of $
5
 million as R&D expenses, which is expected to be paid in the second quarter of 2026. In the second quarter of 2025, investigational new drug (IND)-enabling studies of BD9
(TEV-‘325)
were initiated for this program. Biolojic may be eligible to receive additional development and commercial milestone payments of approximately $
500
 million, over the next several years, based on the achievement of certain
pre-clinical,
clinical and regulatory milestones, with the majority of payments based on future sales achievements.
 
 
Royalty Pharma
(TEV-‘749)
On November 9, 2023, Teva entered into a funding agreement with Royalty Pharma plc. (“Royalty Pharma”) to further accelerate the clinical research program for Teva’s olanzapine LAI
(TEV-’749).
Under the terms of the funding agreement, Royalty Pharma will provide Teva up to $
100
 million to fund ongoing development costs for olanzapine LAI
(TEV-‘749).
In exchange and subject to regulatory approval, Teva will pay Royalty Pharma a milestone payment in the amount actually funded by Royalty Pharma, paid over
5
years, in addition to royalties upon commercialization. Teva will continue to lead the development and commercialization of the product globally. During 2023 and 2024, Teva recorded $
100
 million as reimbursement for R&D expenses incurred in connection with this agreement, which collectively amounted to the total
fun
ding by Royalty Pharma. On December 9, 2025, Teva submitted a New Drug Application (“NDA”) to the FDA for olanzapine LAI
(TEV-’749),
based on the re
su
lts from the Phase 3 trial, which was accepted by the FDA in February 2026.
Royalty Pharma
(TEV-’408)
On January 11, 2026, Teva entered into an additional funding agreement with Royalty Pharma to further accelerate the clinical research program for Teva’s
anti-IL-15
antibody
(TEV-’408),
which is currently developed for the treatment of vitiligo and Celiac disease. Under the terms of the agreement, Royalty Pharma will provide Teva up to $500 
million to fund ongoing development costs for
TEV-’408.
This is comprised of two components: (i) based on Phase 1b results of TEV-’408 in vitiligo, Royalty Pharma will provide Teva with $
75 
million as R&D funding; and (ii) based on the future results from Phase 2b in vitiligo, which is expected to begin in the second half of 2026, Royalty Pharma will have an option to provide an additional $
425 
million. In exchange and subject to regulatory approval, Teva will pay Royalty Pharma a milestone payment in the amount actually funded by Royalty Pharma, which could reach up to
130%, subject to certain conditions, in addition to royalties upon commercialization of the product.
Sanofi
On October 3, 2023, Teva entered into an exclusive collaboration with Sanofi to
co-develop
and
co-
commercialize Teva’s duvakitug (anti-TL1A,
TEV-’574),
a novel anti-TL1A medicine for the potential treatment of Crohn’s disease and ulcerative colitis, two types of inflammatory bowel disease. Under the terms of the collaboration agreement, in partial consideration of the licenses granted to Sanofi, Teva received an upfront payment of $500 million in the fourth quarter of 2023, which was recognized as revenue. In October 2025, Sanofi and Teva initiated Phase 3 studies for duvakitug for Crohn’s disease and ulcerative colitis. Consequently, in the fourth quarter of 2025, Teva received two development milestone payments of $250 million for each indication, which were recognized as revenue. Additionally, Teva may receive up to $500 million in development and launch milestones. Under the terms of the collaboration agreement, each company equally shares the remaining development costs globally and profits and losses in major markets, with other markets subject to a royalty arrangement, and Sanofi leads the development of the Phase 3 program. Teva will lead commercialization of the product in Europe, Israel and specified other countries, and Sanofi will lead commercialization in North America, Japan, other parts of Asia and the rest of the world.
MODAG
In October 2021, Teva announced a license agreement with MODAG GmbH (“Modag”) providing Teva with an exclusive global license to develop, manufacture and commercialize Modag’s lead compound, emrusolmin
(TEV-’286)
and a related compound
(TEV-’287).
Teva paid an upfront payment of $10 million to Modag in the fourth quarter of 2021, recorded as
R&D expenses. Emrusolmin
(TEV-’286)
was developed for the treatment of Multiple System Atrophy (“MSA”) and Parkinson’s disease. In the third quarter of 2024, Teva initiated a Phase 2 clinical trial for emrusolmin
(TEV-’286).
On September 9, 2025, Teva announced it received Fast Track designation from the FDA for emrusolmin
(TEV-’286).
In the second quarter of 2025, Teva initiated a Phase 1 clinical trial for
TEV-‘287,
which is being developed for the treatment of Parkinson’s disease, and consequently paid a milestone payment of $10 million, which was recorded as R&D expenses. Modag may be eligible for additional future development milestone payments in an aggregate amount of up to $20 million, as well as future commercial milestones and royalties.
 

 
Alvotech
In August 2020, Teva entered into an agreement with biopharmaceutical company Alvotech for the exclusive commercialization in the U.S. of five biosimilar product candidates. The initial pipeline for this collaboration included biosimilar candidates addressing multiple therapeutic areas, including the then proposed biosimilars to Humira
®
(adalimumab) and Stelara
®
(ustekinumab). Under the terms of the agreement, Alvotech is responsible for the development, registration and supply of the biosimilar product candidates and Teva will exclusively commercialize the products in the U.S. In July 2023, Alvotech and Teva amended their collaboration agreement, adding two new biosimilar candidates as well as line extensions of two current biosimilar candidates to their collaboration.
Teva made upfront and milestone payments in an aggregate amount of $149 million between 2020 and the first quarter of 2026, including a milestone payment of $20 million which was recognized in the fourth quarter of 2025 and paid during the first quarter of 2026. Additional development and commercial milestone payments of up to approximately $325 million, in addition to royalty and milestone payments related to the amendment of the collaboration agreement entered into in July 2023, may be payable by Teva over the next few years. Teva and Alvotech will share revenue from the commercialization of these biosimilars.
The FDA approved SIMLANDI
®
(adalimumab-ryvk) injection, as an interchangeable biosimilar to Humira
®
in February 2024 and it became available in the U.S. in May 2024. On April 17, 2024, Alvotech and Teva amended their collaboration agreement to enable the purchase by Quallent of a private label adalimumab-ryvk injection from Alvotech for the U.S. market, with Alvotech sharing profits with Teva on the private label sales.
The FDA approved SELARSDI (ustekinumab-aekn) injection for subcutaneous use, as a biosimilar to Stelara
®
in April 2024, and it became available in the U.S. in February 2025, and in May 2025, the FDA approved SELARSDI (ustekinumab-aekn) injection in all presentations matching the reference product, effective as of April 30, 2025.
In January 2025, the FDA accepted for review the Biologic License Applications (“BLA”) for Alvotech’s proposed biosimilars to Simponi
®
and Simponi Aria
®
(golimumab), and in February 2025, the FDA accepted for review the BLA for Alvotech’s proposed biosimilar to Eylea
®
(aflibercept). In the fourth quarter of 2025, Alvotech announced that the FDA issued complete response letters “CRL” for these BLAs of Alvotech’s proposed biosimilars to Simponi
®
and Simponi Aria
®
(golimumab) and to Eylea
®
(aflibercept). On December 19, 2025, Alvotech and Teva announced that they have reached a settlement and license agreement with Regeneron Pharmaceuticals Inc., concerning the launch of Alvotech’s proposed biosimilar to Eylea
®
(aflibercept) in the United States, granting it a license entry date in the fourth quarter of 2026, or earlier, under certain circumstances.
MedinCell
In November 2013, Teva entered into an agreement with MedinCell for the development and commercialization of multiple long-acting injectable (“LAI”) products. Teva leads the clinical development and regulatory process and is responsible for the commercialization of these products. The lead product is risperidone LAI (formerly known as
TV-46000).
On April 28, 2023, the FDA approved UZEDY
®
(risperidone) extended-release injectable suspension for the treatment of schizophrenia in adults, which was launched in the U.S. in May 2023. On October 10, 2025, Teva and MedinCell announced that the FDA approved UZEDY as a once-monthly extended-release injectable suspension as monotherapy or as adjunctive therapy to lithium or valproate for the maintenance treatment of bipolar 1 disorder
(BD-1)
in adults. MedinCell may be eligible for future sales-based milestone payments of up to
 $
105
 million with respect to UZEDY. Teva also pays MedinCell royalties on net sales.
The second selected product candidate is olanzapine LAI
(TEV-’749)
for the treatment of schizophrenia. In the third quarter of 2022, Teva decided to progress development of the product candidate to Phase 3 and, as a result, paid a milestone payment of $3 million to MedinCell, which was recognized as R&D expenses. On May 8, 2024, Teva and MedinCell announced positive Phase 3 efficacy results from a trial evaluating olanzapine LAI as a once-monthly subcutaneous long-acting injectable in adults with schizophrenia, and on March 31, 2025, Teva announced survey results demonstrating patient and healthcare satisfaction with olanzapine LAI. Additional safety and efficacy results were presented during the third quarter of 2025, showing no incidence of post-injection delirium/sedation syndrome (PDSS) in study participants taking olanzapine LAI
(TEV-‘749).
On December 9, 2025, Teva submitted an NDA to the FDA for olanzapine LAI
(TEV-‘749)
based on the results from the Phase 3 trial, which was accepted by the FDA in February 2026. Teva paid a $5 million milestone payment to MedinCell in the first quarter of 2025, which was recognized as R&D expenses. MedinCell may become eligible for further development and commercial milestones of up to $112 million, as well as royalties on sales of olanzapine LAI
(TEV-’749).
 
12
 
Assets and Liabilities Held for Sale:
General
Assets and liabilities held for sale as of March 31, 2026 and December 31, 2025, mainly included Teva’s API business.
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 agreed or completed at all.
In connection with the held for sale classification of Teva’s API business, in the first quarter of 2026, no expenses were recorded. In 2025, Teva recorded expenses of $8 million in other assets impairments, restructuring and other items. See note 1
2
.
On March 31, 2025, Teva divested its business venture in Japan, for which Teva recorded a marginal gain in the first quarter of 2025.
Teva has elected the accounting policy to include the currency translation adjustment related to the disposal group as part of the asset carrying amount.
The Company has determined that the intended divestiture of its business does not represent a strategic shift that would have a major effect on the Company’s operations and financial results and therefore it did not meet the criteria for discontinued operations classification.
The table below summarizes all of Teva’s assets and liabilities included as held for sale as of March 31, 2026 and December 31, 2025:
 
    
March 31,
     
December 31,
  
    
2026
     
2025
  
    
(U.S. $ in millions)
  
Accounts receivables
    $ 47      $ 86  
Inventories
      527     
506  
Property, plant and equipment, net
      1,017        1,020  
Identifiable intangible assets, net
      19        29  
Goodwill
      207        213  
Other current assets
      86        87  
Other
non-current
assets
      174        184  
Expected loss on sale*
      (283 )       (283 ) 
  
 
 
     
 
 
  
Total assets of the disposal group classified as held for sale in the consolidated balance sheets
    $ 1,794      $ 1,842  
  
 
 
     
 
 
  
Accounts payables
      (252 )       (261 ) 
Other current liabilities
      (12 )       (16 ) 
Other
non-current
liabilities
      (70 )       (77 ) 
Total liabilities of the disposal group classified as held for sale in the consolidated balance sheets
    $ (334 )     $ (354 ) 
  
 
 
     
 
 
  
 
*
Includes an expected loss from reclassification of currency translation adjustments to the consolidated statements of income (loss) upon sale.
v3.26.1
Revenue from contracts with customers
 3 Months Ended
Mar. 31, 2026
Revenue from contracts with customers
NOTE 3 – Revenue from contracts with customers:
Disaggregation of revenue
The following table disaggregates Teva’s revenues by major revenue streams. For additional information on disaggregation of revenues, see note 15.
In alignment with 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.
 
 
  
Three months ended March 31, 2026
 
 
  
United States
 
  
Europe
 
  
International
Markets
 
  
Other Activities
 
  
Total
 
 
  
(U.S.$ in millions)
 
Sale of goods
      1,493        1,312        476        109        3,389  
Licensing arrangements
      21        10        8        §        39  
Distribution
      —         §        18        378        396  
Other
      20        18        22        97        157  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
   $ 1,534      $ 1,340      $ 524      $ 584      $ 3,982  

  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
  
 
§
Represents an amount less than $0.5 million.
 
 
  
Three months ended March 31, 2025
 
 
  
United States
 
  
Europe
 
 
International

Markets
 
  
Other Activities
 
  
Total
 
 
  
(U.S.$ in millions)
 
Sale of goods
      1,514        1,198       553        129        3,395  
Licensing arrangements
      22        7       6        1        36  
Distribution
      —         §       11        373        384  
Other
      1        (12 )      12        76        76  
  
 
 
     
 
 
    
 
 
     
 
 
     
 
 
  
   $ 1,536      $ 1,194     $ 582      $ 579      $ 3,891  
  
 
 
     
 
 
    
 
 
     
 
 
     
 
 
  
 
§
Represents an amount less than $0.5 million.
Variable consideration
Variable consideration mainly includes sales reserves and allowances (“SR&A”), comprised of rebates (including Medicaid and other governmental program discounts), chargebacks, returns and other promotional (including shelf stock adjustments) items. Provisions for prompt payment discounts are netted against accounts receivables.
The Company recognizes these provisions at the time of sale and adjusts them if the actual amounts differ from the estimated provisions.
 
 
SR&A to U.S. customers comprised approximately 67% of the Company’s t
otal
SR&A as of March 31, 2026, with the remaining balance primarily related to customers in Canada and Germany. The changes in SR&A for third-party sales for the three months ended March 31, 2026 and 2025 were as follows:
 
 
  
Sales Reserves and Allowances
 
 
  
Reserves
included in
Accounts
Receivable, net
 
 
Rebates
 
 
Medicaid and
other
governmental
allowances
 
 
Chargebacks
 
 
Returns
 
 
Other
 
 
Total
reserves
included in
Sales
Reserves and
Allowances
 
 
Total
 
 
  
(U.S.$ in millions)
 
Balance at January 1, 2026
    $ 63     $ 1,954     $ 701     $ 937     $ 445     $ 106     $ 4,143     $ 4,206  
Provisions related to sales made in current year period
   
88
    1,164  
292
  
1,849
  
65
  
38
     3,408       3,496  
Provisions related to sales made in prior periods
   —    (29
)
  
(8
)
   (11
)
   (8
)
   (3
)
     (59 )     (59 )
Credits and payments
   
(91
)
  
(1,419
)
   
(297
)
   
(1,939
)
  
(73
)

   
(35
)
      (3,763 )      (3,854 )
Translation differences
    —    
(13
)
   
(3
)
   
(3
)
   
(1
)
   
(2
)
      (22 )      (22 )
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Balance at March 31, 2026
    $ 60     $ 1,657     $ 685     $ 833     $ 428     $ 104     $ 3,707      $ 3,767  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
  
Sales Reserves and Allowances
 
 
  
Reserves
included in
Accounts
Receivable, net
 
 
Rebates
 
 
Medicaid and
other
governmental
allowances
 
 
Chargebacks
 
 
Returns
 
 
Other
 
 
Total
reserves
included in
Sales
Reserves and
Allowances
 
 
Total
 
 
  
(U.S.$ in millions)
 
Balance at January 1, 2025
    $ 56     $ 1,674     $ 561     $ 936     $ 399     $ 108     $ 3,678     $ 3,734  
Provisions related to sales made in current year period
      99       1,250       219       1,988       69       30       3,556       3,655  
Provisions related to sales made in prior periods
      —        (37 )     9       (20 )     (3 )     (4 )     (55 )     (55 )
Credits and payments
      (83 )      (1,224 )      (193 )      (2,035 )      (55 )      (16 )      (3,523 )      (3,606 ) 
Translation differences
      —        19       5       6       2       8       40       40  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at March 31, 2025
    $ 72     $ 1,682     $ 601     $ 875     $ 412     $ 126     $ 3,696     $ 3,768  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
v3.26.1
Inventories
 3 Months Ended
Mar. 31, 2026
Inventories
NOTE 4 – Inventories:
Inventories, net of reserves, consisted of the following:
 
    
March 31,
     
December 31,
  
    
2026
     
2025
  
    
(U.S. $ in millions)
  
Finished products
    $ 1,848      $ 1,904  
Raw and packaging materials
      730        745  
Products in process
      386        364  
Materials in transit and payments on account
      213        166  
  
 
 
     
 
 
  
   $ 3,176      $ 3,179  
  
 
 
     
 
 
  
v3.26.1
Identifiable Intangible Assets
 3 Months Ended
Mar. 31, 2026
Identifiable Intangible Assets
NOTE 5 – Identifiable intangible assets:
Identifiable intangible assets consisted of the following:

 
 
  
Gross carrying amount net
of impairment
 
  
Accumulated amortization
 
  
Net carrying amount
 
 
  
March 31,
 
  
December 31,
 
  
March 31,
 
  
December 31,
 
  
March 31,
 
  
December 31,
 
 
  
2026
 
  
2025
 
  
2026
 
  
2025
 
  
2026
 
  
2025
 
    
(U.S. $ in millions)
  
Product rights
  
$
16,174
 
  
$
16,308
 
  
$
13,010
 
  
$
12,990
 
  
$
3,164
 
  
$
3,318
 
Trade names
      591        597        347        340        244        257  
In process research and development
      201        206        —         —         201        206  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 16,966      $ 17,111      $ 13,357      $ 13,330      $ 3,609      $ 3,781  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Product rights and trade names
Product rights and trade names are assets presented at amortized cost. Product rights and trade names represent a portfolio of pharmaceutical products in various therapeutic categories from various acquisitions with a weighted average life period of approximately 7 years.
Amortization of intangible assets was $137 million and $145 million in the three months ended March 31, 2026 and 2025, respectively.
IPR&D
Teva’s IPR&D are assets that have not yet been approved in its major markets. IPR&D carries intrinsic risks that the asset might not succeed in advanced phases and may be impaired in future periods.
Intangible assets impairments
Impairments of long-lived intangible assets
for the three months ended March 31, 2026 and 2025 were $8 million and $121 million, respectively.
Impairments in the first quarter of 2026 primarily consisted of identifiable product rights of $7 million, mainly related to updated market assumptions regarding price and volume of products in Europe and in the U.S.
Impairments in the first quarter of 2025 consisted of:
 
 
(a)
Identifiable product rights of
$
112 million due to: (i) $72 million mainly related to a change in Teva’s commercial plan regarding certain products as part of its optimization efforts, mainly in the U.S., and (ii) $40 million mainly related to updated market assumptions regarding price and volume of products in Europe; and
 
 
  (b)
IPR&D assets of $9 million, mainly related to generic pipeline products resulting from development progress and changes in other key valuation indications mainly in the U.S. (e.g., market size, competition assumptions, legal landscape and launch date).
The fair value measurement of the impaired intangible assets in the first three months ended March 31, 2026, is based on significant unobservable inputs in the market and thus represents a Level 3 measurement within the fair value hierarchy. The discount rate applied ranged between 8.25% to 11.25%. A probability of success factor of 90% was used in the fair value calculation to reflect inherent regulatory and commercial risk of IPR&D.
 
v3.26.1
Goodwill
 3 Months Ended
Mar. 31, 2026
Goodwill
 
NOTE 6 – Goodwill:
Changes in the carrying amount of goodwill for the period ended March 31, 2026, were as follows:

 
 
  
United
States
 
 
Europe
 
 
International
Markets
 
 
Other
Activities
 
 
Total
 
 
  
(U.S. $ in millions)
 
Balance as of December 31, 2025
(1)
  
$
5,732
 
 
$
8,812
 
 
$
1,166
 
 
$
292
 
 
$
16,000
 
Goodwill allocation related to the shift of Anda to Other Activities
  
 
(184
) 
 
 
 
 
184
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of January 1, 2026
  
$
5,548
 
 
$
8,812
 
 
$
1,166
 
 
$
476
 
 
$
16,000
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other changes during the period:
  
 
 
 
 
Translation differences and other
  
 
— 
 
 
 
(167
) 
 
 
(1
) 
 
 
(11
) 
 
 
(179
) 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of March 31, 2026
(1)
  
$
5,548
 
 
$
8,645
 
 
$
1,165
 
 
$
465
 
 
$
15,822
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Cumulative goodwill impairment as of March 31, 2026 and December 31, 2025, was approximately $29.6 billion
 in both periods
.
Teva operates its business through three reporting segments: United States, Europe and International Markets. Each of these business segments is a reporting unit.
Additional reporting units include Teva’s distribution business in the United States through Anda; Teva’s sale of APIs to third parties (“Teva API”); and an
out-licensing
platform offering a portfolio of products to other pharmaceutical companies through its affiliate Medis. Anda, Teva’s API and Medis reporting units are included under “Other Activities” in the table above. See note 15 for additional segment information.
As further discussed in note 15, commencing January 1, 2026, Anda is reported as part of Teva’s Other Activities and not as part of Teva’s United States segment. As a result, Teva aligned its segment reporting and its reporting units in accordance with this change, and reallocated its goodwill to the adjusted reporting units using a relative fair value allocation. In conjunction with the goodwill reallocation, Teva performed a goodwill impairment test for the balances in its adjusted United States and Anda’s reporting units and concluded that the fair value of each reporting unit was in excess of its carrying value.
Teva determines the fair value of its reporting units using the income approach. The income approach is a forward-looking approach for estimating fair value. Within the income approach, the method used is the discounted cash flow method. Teva begins with a forecast of all the expected net cash flows associated with the reporting unit, which includes the application of a terminal value, and then applies a discount rate to arrive at a net present value amount. Cash flow projections are based on Teva’s estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rate used is based on the weighted average cost of capital (“WACC”), adjusted for the relevant risk associated with country-specific and business-specific characteristics. If any of these expectations were to vary materially from Teva’s assumptions, Teva may record an impairment of goodwill allocated to these reporting units in the future.
v3.26.1
Debt obligations
 3 Months Ended
Mar. 31, 2026
Debt obligations
NOTE 7 —Debt obligations:
 
a.
Short-term debt:
 
 
  
 
 
 
 
 
  
March 31,
 
  
December 31,
 
 
  
Weighted average
interest rate as of
December 31, 2025
 
 
Maturity
 
  
2026
 
  
2025
 
 
  
 
 
 
 
 
  
(U.S. $ in millions)
 
Convertible debentures
(1)
      0.25 %      2026      $ —       $ 23  
Current maturities of long-term liabilities
           2,600        1,798  
Other short-term liabilities
           12        —   
       
 
 
     
 
 
  
Total short-term debt
         $ 2,612      $ 1,820  
 
(1)
In February 2026, Teva repaid $23 million of the 0.25% convertible senior debentures at maturity.

 
b.
Long-term debt:
 
 
  
Interest rate as of
March 31, 2026
 
 
Maturity
 
  
March 31,
2026
 
  
December

31, 2025
 
 
  
 
 
 
 
 
  
(U.S. $ in millions)
 
Senior notes USD 3,500 million
  
 
3.15
% 
 
 
2026
 
  
 
1,798
 
  
 
1,798
 
Senior notes EUR 700 million
  
 
1.88
% 
 
 
2027
 
  
 
803
 
  
 
823
 
Sustainability-linked senior notes USD 1,000 million (1)
  
 
4.75
% 
 
 
2027
 
  
 
649
 
  
 
649
 
Sustainability-linked senior notes EUR 1,100 million (1)
  
 
3.75
% 
 
 
2027
 
  
 
1,262
 
  
 
1,292
 
Senior notes USD 1,250 million
  
 
6.75
% 
 
 
2028
 
  
 
1,250
 
  
 
1,250
 
Senior notes EUR 750 million
  
 
1.63
% 
 
 
2028
 
  
 
858
 
  
 
880
 
Sustainability-linked senior notes USD 1,000 million (2)
  
 
5.13
% 
 
 
2029
 
  
 
1,000
 
  
 
1,000
 
Sustainability-linked senior notes USD 600 million (3)
  
 
7.88
% 
 
 
2029
 
  
 
398
 
  
 
398
 
Sustainability-linked senior notes EUR 800 million (3)
  
 
7.38
% 
 
 
2029
 
  
 
760
 
  
 
779
 
Sustainability-linked senior notes EUR 1,500 million (2)
  
 
4.38
% 
 
 
2030
 
  
 
1,721
 
  
 
1,762
 
Senior notes USD 700 million
  
 
5.75
% 
 
 
2030
 
  
 
696
 
  
 
696
 
Sustainability-linked senior notes USD 500 million (3)
  
 
8.13
% 
 
 
2031
 
  
 
500
 
  
 
500
 
Sustainability-linked senior notes EUR 500 million (3)
  
 
7.88
% 
 
 
2031
 
  
 
574
 
  
 
587
 
Senior notes EUR 1,000 million
  
 
4.13
% 
 
 
2031
 
  
 
1,140
 
  
 
1,168
 
Senior notes USD 500 million
  
 
6.00
% 
 
 
2032
 
  
 
496
 
  
 
496
 
Senior notes USD 789 million
  
 
6.15
% 
 
 
2036
 
  
 
784
 
  
 
784
 
Senior notes USD 2,000 million
  
 
4.10
% 
 
 
2046
 
  
 
1,988
 
  
 
1,988
 
  
 
  
 
 
 
  
 
 
 
Total senior notes
 
  
 
16,677
 
  
 
16,850
 
Less current maturities
 
  
 
(2,600
) 
  
 
(1,798
) 
Less debt issuance costs
 
  
 
(62
) 
  
 
(66
) 
  
 
 
 
  
 
 
 
Total senior notes and loans
 
  
$
14,015
 
  
$
14,986
 
  
 
 
 
  
 
 
 
(1)
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.
(2)
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.
(3)
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.
Long-term debt was issued by several indirect wholly-owned subsidiaries of the Company and is fully and unconditionally guaranteed by the Company as to payment of all principal, interest, discount and additional amounts, if any. The long-term debt outlined in the above table is generally redeemable at any time at varying redemption prices plus accrued and unpaid interest.
Teva’s debt as of March 31, 2026 was 57% denominated in U.S. dollars, with the remainder denominated in euro. 
Teva’s principal sources of short-term liquidity are its cash on hand, existing cash investments, liquid securities and available credit facilities, primarily its $
1.8
 billion unsecured syndicated sustainability-linked revolving credit facility entered into in April 2022, as most recently amended in December 2025 (“RCF”).
The RCF had an initial maturity date of April 2026 with two
one-year
extension options. In April 2024, an extension option was exercised and the RCF maturity date was extended to April 2027.
On December 10, 2025, the terms of the RCF were amended to extend the maturity from April 2027 to April 2028, using the second extension option and to update the Company’s maximum permitted leverage ratio under the RCF for certain periods. Under the terms of the RCF, as amended, the Company’s leverage ratio shall not exceed
 
4.25
x
.
The RCF contains certain covenants, including certain limitations on incurring liens and indebtedness and maintenance of certain financial ratios. The RCF permits the Company to increase the maximum leverage ratio if it consummates or commences certain material transactions.

 

Under the RCF, as amended, the applicable margin used to calculate the interest rate under the RCF is linked to one sustainability performance target, the number of new regulatory submissions in low and middle-income countries. Proceeds from borrowings under the RCF can be used for general corporate purposes, including repaying existing debt. As of March 31, 2026, and as of the date of this Quarterly Report on Form
10-Q,
no amounts were outstanding under the RCF. Based on current and forecasted results, the Company expects that it will not exceed the financial covenant thresholds set forth in the RCF within one year from the date the financial statements are issued.
Under specified circumstances, including
non-compliance
with any of the covenants described above and the unavailability of any waiver, amendment or other modification thereto, the Company will not be able to borrow under the RCF. Additionally, violations of the covenants, under the circumstances referred to above, would result in an event of default in all borrowings under the RCF and, when greater than a specified threshold amount as set forth in each series of senior notes and sustainability-linked senior notes is outstanding, could lead to an event of default under the Company’s senior notes and sustainability-linked senior notes due to cross-acceleration provisions.
Teva expects that it will continue to have sufficient cash resources to support its debt service payments and all other financial obligations within one year from the date that the financial statements are issued.
v3.26.1
Derivative instruments and hedging activities
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities
NOTE 8 – Derivative instruments and hedging activities:
 
a.
Foreign exchange risk management:
In the first three months of 2026, approximately 48% of Teva’s revenues were denominated in currencies other than the U.S. dollar. As a result, Teva is subject to significant foreign currency risks.
The Company enters into forward exchange contracts and purchases and writes options in order to hedge the currency exposure on balance sheet items, revenues and expenses. In addition, the Company takes measures to reduce its exposure by using natural hedging. The Company also acts to offset risks in opposite directions among the subsidiaries within Teva. The currency hedged items are usually denominated in the following main currencies: euro, Swiss franc, British pound, Russian ruble, Canadian dollar, Polish złoty, Japanese yen, new Israeli shekel, Indian. Depending on market conditions, foreign currency risk is also managed through the use of foreign currency debt.
The Company may choose to hedge against possible fluctuations in foreign subsidiaries net assets (“net investment hedge”) and has entered into cross-currency swaps and forward-contracts in the past in order to hedge such an exposure.
Most of the counterparties to the derivatives are major banks and the Company is monitoring the associated inherent credit risks. The Company enters into derivative transactions for hedging purposes only.
 
b.
Interest risk management:
The Company raises capital through various debt instruments, including senior notes, sustainability-linked senior notes, bank loans and convertible debentures that bear fixed or variable interest rates, as well as a syndicated sustainability-linked revolving credit facility and securitization programs that bear a variable interest rate. In some cases, the Company has swapped from a fixed to a variable interest rate (“fair value hedge”) and from a fixed to a fixed interest rate with an exchange from a currency other than the functional currency (“cash flow hedge”), thereby reducing overall interest expenses or hedging risks associated with interest rate fluctuations. As of March 31, 2026, all outstanding senior notes and sustainability-linked senior notes bear a fixed interest rate.
 
 
c.
Derivative instruments outstanding:
The following table summarizes the classification and fair values of derivative instruments:
 
    
Fair value
     
Fair value
  
    
Designated as hedging

instruments
     
Not designated as hedging

instruments
  
    
March 31,

2026
     
December 31,

2025
     
March 31,

2026
     
December 31,

2025
  
Reported under
   
(U.S. $ in millions)
     
(U.S. $ in millions)
  
Asset derivatives:
            
Other current assets:
            
Option and forward contracts
    $ —       $ —       $ 68      $ 86  
Liability derivatives:
            
Other current liabilities:
            
Option and forward contracts
      —         —         (66 )       (38 ) 
Other
non-current
liabilities:
            
Cross-currency interest rate swap-cash flow hedge (1)
      (18 )       (19 )       —         —   
The table below provides information regarding the location and amount of
pre-tax
(gains) losses from derivatives designated in cash flow hedging relationships:
 
    
Financial expenses, net
     
Other comprehensive
income (loss)
  
    
Three months ended,
     
Three months ended,
  
    
March 31,

2026
     
March 31,
2025
     
March 31,

2026
     
March 31,
2025
  
Reported under
   
(U.S. $ in millions)
  
Line items in which effects of hedges are recorded
    $ 216      $ 225      $ (121 )     $ 500  
Cross-currency interest rate swap - cash flow hedge (1)
      (10 )       —         1        —   
The table below provides information regarding the location and amount of
pre-tax
(gains) losses from derivatives not designated as hedging instruments:
 
    
Financial expenses, net
     
Net revenues
  
    
Three months ended,
     
Three months ended,
  
    
March 31,
2026
     
March 31,
2025
     
March 31,
2026
     
March 31,
2025
  
Reported under
   
(U.S. $ in millions)
  
Line items in which effects of hedges are recorded
    $ 216      $ 225      $ (3,982 )     $ (3,891 ) 
Option and forward contracts (2)
      11        62        —         —   
Option and forward contracts economic hedge (3)
      —         —         (11 )       27  
 

(1)
In 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.
(2)
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.
(3)
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
in
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.

 
d.
Amortizations due to terminated derivative instruments:
Forward-starting interest rate swaps and treasury lock agreements
In 2015, Teva entered into forward-starting interest rate swaps and treasury lock agreements to protect the Company from interest rate fluctuations in connection with a future debt issuance the Company was planning. These forward-starting interest rate swaps and treasury lock agreements were terminated in July 2016 upon the debt issuance. Termination of these transactions resulted in a loss position of $
493
 million, which was recorded as other comprehensive income (loss) and is amortized under financial expenses, net over the life of the debt.
With respect to these forward-starting interest rate swaps and treasury lock agreements, losses of $5 million and $7 million were recognized under financial expenses, net, for three months ended March 31, 2026 and 2025, respectively. 
 
e.
Securitization:

U.S. securitization program
On November 7, 2022, Teva and a bankruptcy-remote special purpose vehicle (“SPV”) entered into an accounts receivable securitization facility (“AR Facility”) with PNC Bank, National Association (“PNC”) with a
three-year
term. The AR Facility initially provided for purchases of accounts receivable by PNC in an amount of up to $
1
 billion was later adjusted through amendments to reflect changes in receivables purchaser participation and commitment amounts totaling up to $
950
 million. In November 2025, the AR facility was extended for an additional three-year term. The commitment amount remained $
950
 million.
Pledged accounts receivables
In connection with the U.S. securitization program, accounts receivables, net of allowance for credit losses, include $462 million and $799 million as of March 31, 2026 and December 31, 2025, respectively, which are pledged by the SPV to PNC.
 
f.
Supplier Finance Program Obligation
Teva maintains supply chain finance agreements with participating financial institutions. Under these agreements, participating suppliers may voluntarily elect to sell their accounts receivable with Teva to these financial institutions. Teva’s suppliers negotiate their financing agreements directly with the respective financial institutions and Teva is not a party to these agreements. Teva has no economic interest in its suppliers’ decisions to participate in the program and Teva pays the financial institutions the stated amount of confirmed invoices on the maturity dates, which is generally within 120 days from the date the invoice was received.
The agreements with the financial institutions do not require Teva to provide assets pledged as security or other forms of guarantees for the supplier finance programs.
Substantially all outstanding
 amounts related to suppliers participating in the supplier finance program are recorded under accounts payables in Teva’s consolidated balance sheets. As of March 31, 2026 and December 31, 2025, the outstanding
accounts payables to suppliers
participating in these supplier finance programs were $251 million and $225 million, respectively.
v3.26.1
Legal Settlements and Loss Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Legal Settlements and Loss Contingencies
NOTE 9 – Legal settlements and loss contingencies:
In the first quarter of 2026, Teva recorded expenses of $72 million in legal settlements and loss contingencies, compared to expenses of $86 million in the first quarter of 2025. Expenses in the first quarter of 2026 and 2025 were mainly related to an update to the estimated settlement provision for the opioid cases (mainly the effect of the passage of time on the net present value of the discounted payments). See note 10.
 
 
As of March 31, 2026 and December 31, 2025, Teva’s provision for legal settlements and loss contingencies recorded under accrued expenses and other taxes and long-term liabilities was $4,680 million and $4,753 million, respectively.
v3.26.1
Commitments and contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies
NOTE 10 – Commitments and contingencies:
Overview
From time to time, Teva and/or its subsidiaries are subject to claims for damages and/or equitable relief arising in the ordinary course of business. In addition, as described below, in large part as a result of the nature of its business, Teva is frequently subject to litigation. Teva generally believes that it has meritorious defenses to the actions brought against it and vigorously pursues the defense or settlement of each such action.
Teva records a provision in its consolidated financial statements to the extent that it concludes that a contingent liability is probable and the amount thereof is reasonably estimable. Except as noted below, no material provision has been made regarding any matter disclosed in this note, based upon the case status, management’s assessments of the likelihood of damages, and the advice of legal counsel. Litigation outcomes and contingencies are unpredictable, and substantial damages or other relief may be awarded. Accordingly, management’s assessments involve complex judgments about future events and often rely heavily on estimates and assumptions. Teva continuously reviews the matters described below and may, from time to time, remove a previously disclosed matter where the exposure was fully resolved in the prior year, or determined to no longer meet the materiality threshold for disclosure (including, in some circumstances, because such matter has been substantially resolved).
If one or more of the legal proceedings described below were to result in final judgments against Teva, such judgments could be material to its results of operations and cash flows in a given period. In addition, Teva incurs significant legal fees and related expenses in the course of defending its positions, even if the facts and circumstances of a particular litigation do not give rise to a provision in the consolidated financial statements.
In connection with certain agreements, Teva may, under certain circumstances, be required to indemnify, and may be indemnified by, in unspecified amounts, the parties to such agreements against third-party claims. Among other things, Teva’s agreements with such parties may require Teva to indemnify them, or require them to indemnify Teva, for the costs and damages incurred in connection with product liability claims.
As further described below, Teva’s legal contingencies include, but are not limited to patent litigation, product liability, competition-related matters, government investigations, and litigations relating to pricing and marketing. Except as otherwise noted, all of the litigation matters disclosed involve claims arising in the United States, and all third-party sales figures given below are based on IQVIA data.
Patent Litigation
Teva is involved in patent litigation relating to the development, manufacture, and commercialization of pharmaceutical products, including proceedings under the
Hatch-Waxman
Act, Biologics Price and Competition Act, and comparable frameworks outside the United States. Such matters may involve claims of patent infringement, validity, or enforceability.
In July 2014, GlaxoSmithKline (“GSK”) filed claims against Teva in the U.S. District Court for the District of Delaware for infringement of a patent directed to using carvedilol in a specified manner to decrease the risk of mortality in patients with congestive heart failure. Teva began selling its carvedilol tablets (the generic version of GSK’s Coreg
®
) in September 2007. A jury returned a $235.5 million verdict in GSK’s favor, finding Teva liable for patent infringement in 2017. On February 9, 2026, Teva and GSK entered a settlement, and all pending litigation regarding this matter has been dismissed pursuant to that settlement.
On April 30, 2018, Vanda sued Teva in the U.S. District Court for the District of Delaware asserting infringement of six
Orang
e-Book listed patents expiring between January 2033 and May 2034 related to Vanda’s Hetlioz
®
. On May 10, 2023, the U.S. Appeals Court for the Federal Circuit affirmed the invalidity of four patents asserted by Vanda and held that one patent had not been infringed by Teva. In December 2022, Teva launched its tasimelteon product (the generic version of Hetlioz
®
). Vanda filed a second lawsuit, again asserting the infringement of certain patents related to Hetlioz
®
that is currently pending in the U.S. District Court for the District of Delaware. Teva has counterclaims for non-infringement, invalidity, and unenforceability of Vanda’s patents. There is no trial date set for this second case. Should Teva be found liable for patent infringement, it could be subject to monetary damages and enjoined from further selling its tasimelteon product.
 
 
Product Liability Litigation
Teva is subject to product liability claims arising from the manufacture, distribution, and sale of pharmaceutical products, including claims related to alleged adverse events or product quality issues.
Since July 2018, Teva and its subsidiaries have been parties to litigation relating to nitrosamine impurities allegedly found in the active pharmaceutical ingredient (“API”) supplied to Teva by multiple API manufacturers.
Teva is currently defending against nitrosamine claims related to its valsartan, losartan, metformin and ranitidine products, including in a multi-district litigation (“MDL”) in the U.S. District Court for the District of New Jersey, related to valsartan and losartan. Another MDL is pending in the U.S. District Court for the Southern District of Florida related to ranitidine, as well as several inactive cases in state courts.
A previously-scheduled trial in the New Jersey MDL on valsartan-related claims made by certain
third-party
payers, has been postponed indefinitely, and discovery on the losartan-related claims pending against Teva in that same MDL has been paused indefinitely as well. There are also 229 valsartan-related personal injury cases pending against Teva in the New Jersey MDL, with bellwether trials expected no earlier than the first half of 2027.
Certain generic manufacturers, including Teva, have also been named in state court actions brought by single plaintiffs asserting valsartan-related claims similar to those in the aforementioned New Jersey MDL. All such state court matters have been stayed, aside from a single case pending in New Jersey. Similar lawsuits are pending in Canada.
The claims against Teva and other generic manufacturers in the ranitidine MDL have been dismissed on preemption and additional grounds and are currently under appeal in the Eleventh Circuit Court of Appeals.
Teva was also named in a consolidated proceeding pending in the U.S. District Court for the District of New Jersey brought by individuals and end payors seeking economic damages on behalf of purported classes of consumers and end payors who purchased Teva’s and other generic manufacturers’ metformin products. In December 2024, Teva reached a settlement on this matter that resolved all of the plaintiffs’ claims against Teva and the settlement agreement is awaiting court approval.
Teva has also been named as a defendant in product liability actions involving Paragard
®
, an Intrauterine device (“IUD”) product that Teva divested to Cooper Surgical in 2017. These actions have been consolidated by the Judicial Panel on Multidistrict Litigation in the United States District Court for the Northern District of Georgia (“MDL”). The first MDL bellwether trial concluded on February 3, 2026, with a defense verdict in Teva’s favor. In February 2026, the MDL Court entered an order scheduling the second bellwether trial to begin on September 28, 2026. There is also one Paragard case pending in state court in New Jersey.
Competition Matters
Teva is involved in antitrust and competition proceedings in various jurisdictions, including matters relating to patent settlements, pricing, marketing, and commercial practices. These proceedings may involve governmental authorities, private plaintiffs, or both.
In December 2011, three groups of plaintiffs filed claims against Wyeth and Teva for alleged violations of the U.S. antitrust laws in connection with their November 2005 settlement of patent litigation involving extended-release venlafaxine (generic Effexor XR
®
). The cases were filed by a purported class of direct purchasers, a purported class of indirect purchasers and certain chain pharmacies in the U.S. District Court for the District of New Jersey. The plaintiffs claim that the settlement agreement between Wyeth and Teva unlawfully delayed generic entry. On August 19, 2025, the district court approved a settlement agreement between Teva and one group of plaintiffs (the indirect purchaser plaintiffs), while the case is proceeding with respect to the other plaintiffs. Annual sales of Effexor XR
®
were approximately $2.6 billion at the time of settlement and at the time Teva launched its generic version of Effexor XR
®
in July 2010.
In February 2012, two purported classes of direct-purchaser plaintiffs filed claims against GSK and Teva in the U.S. District Court for the District of New Jersey for alleged violations of the antitrust laws in connection with their February 2005 settlement of patent litigation involving lamotrigine (generic Lamictal
®
). The plaintiffs claimed that the settlement agreement unlawfully delayed generic entry and sought unspecified damages. In February 2023, a number of direct purchasers who were denied class certification filed suit as individual plaintiffs, which action was transferred to the U.S. District Court for the District of New Jersey. Discovery of the newly added individual plaintiffs is ongoing. Annual sales of Lamictal
®
were approximately $950 million at the time of the settlement and approximately $2.3 billion at the time Teva launched its generic version of Lamictal
®
in July 2008.
 
 
In April 2013, purported classes of direct purchasers and indirect purchasers of Niaspan
®
(extended-release niacin) filed claims against Teva and Abbott for violating the antitrust laws by entering into a settlement agreement in April 2005 to resolve patent litigation over the product. A multidistrict litigation was established in the U.S. District Court for the Eastern District of Pennsylvania. Throughout 2015 and in January 2016, several individual direct-purchaser
opt-out
plaintiffs filed complaints with allegations nearly identical to those of the direct purchasers’ class. The indirect purchasers’ motion for class certification was denied by the district court, and that denial was subsequently (in 2023) affirmed by the Court of Appeals for the Third Circuit. The litigation remains ongoing. In October 2016, the District Attorney for Orange County, California, filed a similar complaint in California state court, alleging violations of state law and seeking restitution and civil penalties. The California state court case has been stayed. Annual sales of Niaspan
®
were approximately $416 million at the time of the settlement and approximately $1.1 billion at the time Teva launched its generic version of Niaspan
®
in September 2013.
Between September 2021 and April 2022, several private plaintiffs including retailers and health insurance providers filed claims in various courts against Teva and certain other defendants related to various medicines used to treat HIV, which were all removed and/or consolidated into the U.S. District Court for the Northern District of California. As they relate to Teva, the lawsuits challenged settlement agreements Teva entered into with Gilead in 2013 and/or 2014 to resolve patent litigation relating to Teva’s generic versions of Viread
®
and/or Truvada
®
and Atripla
®
, although plaintiffs later abandoned any claim for damages relating to the Viread
®
settlement. In May 2023, Teva and Gilead reached a settlement agreement with the retailer plaintiffs and Teva recognized a provision for this matter based on such settlement. On June 30, 2023, the jury in the trial against the remaining plaintiffs issued a verdict in favor of Teva and Gilead, rejecting all of the remaining plaintiffs’ claims, and on February 12, 2024, the court entered a judgment consistent with the jury verdict as to all claims against Teva. The plaintiffs appealed to the U.S. Court of Appeals for the Ninth Circuit, and oral argument on the appeal occurred on October 9, 2025. A decision remains pending. Annual sales in the United States at the time of the settlement of Viread
®
, Truvada
®
and Atripla
®
were approximately $582 million, $2.4 billion, and $2.9 billion, respectively. Annual sales in the United States at the time Teva launched its generic version of Viread
®
in 2017, Truvada
®
in 2020 and Atripla
®
in 2020 were approximately $728 million, $2.1 billion and $444 million, respectively.
On October 31, 2024, the European Commission, following a formal antitrust investigation, issued a final decision alleging that Teva had engaged in anticompetitive practices with respect to COPAXONE
®
in certain European member states by (i) filing and withdrawing certain divisional patents, and (ii) raising concerns about competitors’
follow-on
versions of COPAXONE. The decision also includes a fine of 462.6 million euros, potentially subject to post-decision interest. In January 2025, Teva filed an appeal against the decision with the General Court of the European Union, and that appeal remains pending. In accordance with Accounting Standards Codification 450 “Accounting for Contingencies,” Teva recognized a provision in its financial statements in the third quarter of 2024, based on management’s best estimate of the outcome within a range of outcomes for the final resolution of this case. Teva has provided the European Commission with surety underwritten guarantees in an amount of 462.6 million euros, together with specified post-decision interest, to cover the fine amount. Certain generic competitors in Europe have also brought similar antitrust claims against Teva in Germany and in the Netherlands, which have been stayed. Teva could face additional claims from generic competitors, payors, or other private plaintiffs in Europe related to this matter.
 
 
On June 29, 2021, Mylan Pharmaceuticals (“Mylan”) filed claims against Teva in the U.S. District Court for the District of New Jersey. On March 11, 2022 and March 15, 2022, purported purchasers of COPAXONE filed claims against Teva in the U.S. District Court for the District of New Jersey on behalf of themselves and similarly situated direct and indirect purchasers of COPAXONE. On August 22, 2022, additional purported purchasers of COPAXONE sued Teva in the U.S. District Court for the District of Vermont on behalf of themselves and similarly situated indirect purchasers of COPAXONE. The complaints variously assert claims for alleged violations of the Lanham Act, state and federal unfair competition and monopolization laws, tortious interference, trade libel, and a violation of the Racketeer Influenced and Corrupt Organizations Act (“RICO Act”). Additionally, plaintiffs claim Teva was involved in an unlawful scheme to delay and hinder generic competition concerning COPAXONE sales. On April 3, 2025, certain retailer plaintiffs, as
opt-outs
of the purported direct purchaser plaintiffs’ (“DPP”) class in the District of New Jersey, filed a complaint against Teva in the District of Vermont alleging claims similar to those filed by other plaintiffs and asserting a claim under the Sherman Act. On September 24, 2025, the Vermont court granted Teva’s motion to transfer the retailers’ case to the District Court for the District of New Jersey, where it has been consolidated with the other pending cases for pretrial purposes. Plaintiffs seek damages for lost profits and expenses, disgorgement, restitution, treble damages, attorneys’ fees and costs, and injunctive relief. Teva moved to dismiss all of the complaints, and on January 22, 2024, Teva’s motion to dismiss the complaint in the District of Vermont was granted as to certain state law claims but was otherwise denied. On April 13, 2026, adopting in full prior reports and recommendations issued by the Special Master in the District of New Jersey (the “Special Master”), the New Jersey District Court dismissed certain claims and allegations of the retailers and Mylan with prejudice. On May 30, 2025, the DPPs filed an amended complaint, which drops its class allegations and adds several new direct purchaser plaintiffs. Teva submitted its renewed motion to dismiss certain of DPPs’ allegations to the Special Master for resolution, which is fully briefed and remains pending. On October 20, 2025, the indirect purchasers filed an amended complaint similar to the DPPs’ amended complaint, and Teva submitted its renewed motion to dismiss those allegations to the Special Master for resolution, which remains pending.
On July 15, 2021, the U.K. Competition and Markets Authority (“CMA”) issued a decision imposing fines for breaches of U.K. competition law by Allergan, Actavis UK, Auden Mckenzie and a number of other companies in connection with the supply of 10mg and 20mg hydrocortisone tablets in the U.K. The decision combines the CMA’s three prior investigations into the supply of hydrocortisone tablets in the U.K., as well as the CMA’s subsequent investigation relating to an alleged anticompetitive agreement with Waymade. On January 9, 2017, Teva completed the sale of Actavis UK to Accord Healthcare Limited, in connection with which Teva agreed to indemnify Accord Healthcare for potential fines imposed by the CMA and/or damages awarded by a court against Actavis UK in relation to two of the three statements of objection from the CMA (dated December 16, 2016 and March 3, 2017), and resulting from conduct prior to the closing date of the sale. In addition, following Teva’s acquisition of the Actavis generics business from Allergan, Teva agreed to indemnify Allergan against losses arising from this matter in the event of any such fines or damages. On October 6, 2021, Accord UK (previously Actavis UK) and Auden Mckenzie appealed to the U.K. Competition Appeal Tribunal (the “Tribunal”) the CMA’s decisions that the prices of hydrocortisone were unfair and excessive and that the agreements amounted to infringements of the U.K.’s Competition Act as
so-called
pay-for-delay
arrangements. The Tribunal handed down partial judgments on September 18, 2023 (judgment on unfair pricing), March 8, 2024 (judgments on
pay-for-delay
and due process) and April 29, 2024 (judgment on fines). On September 6, 2024, the U.K. Court of Appeal overturned the Tribunal’s judgment on due process and, as a result, the Tribunal will consider and issue a further judgment on fines. In March 2025, the Tribunal gave Accord UK and Auden Mckenzie permission to appeal to the Court of Appeal certain other issues relating to unfair pricing and fines. The appeal hearing has been scheduled for June 23, 2026. A provision for the estimated exposure for Teva related to the fines and/or damages has been recorded in the financial statements.
 
In November 2022, two complaints filed by plaintiffs purporting to represent retailer purchasers and a putative class of
end-payor
purchasers were filed in the U.S. District Court for the District of New Jersey against Teva and its marketing partner Natco Pharma Limited (“Natco”) alleging violations of the antitrust laws in connection with their December 2015 settlement of patent litigation with Celgene Corporation (which was subsequently acquired by BMS) involving the drug Revlimid
®
(lenalidomide). The complaints also name Celgene and BMS as defendants. On January 24, 2023, the complaints were consolidated for
pre-trial
purposes only with an earlier-filed, already consolidated action filed against BMS and Celgene. On February 16, 2023, plaintiffs filed amended complaints adding additional plaintiffs. Additionally, on October 6, 2023, two individual payor plaintiffs brought claims similar to those described above in the U.S. District Court for the Northern District of California, which were consolidated with the pending consolidated actions and transferred to the U.S. District Court for the District of New Jersey. On June 6, 2024, the court granted in full Celgene’s motion to dismiss claims brought by certain insurer plaintiffs, but allowed plaintiffs leave to amend most of their claims. The court had previously administratively terminated Teva’s, Natco’s, and Celgene’s motions to dismiss the retailer and
end-payor
complaints pending the decision on the Insurer
Opt-Out
Action. On August 5, 2024, plaintiffs filed amended complaints to which the defendants subsequently filed motions to dismiss, which remain pending. On December 16, 2024, five individual Insurer Opt-Out plaintiffs, each of whom had added Teva and Natco as defendants in the Insurer Amended Complaint filed on August 5, 2024, filed new standalone complaints naming Teva, Natco and others as defendants. Annual sales of Revlimid
®
in the United States were approximately $
3.5 
billion at the time of the settlement.
On December 2, 2022, plaintiffs purporting to represent putative classes of indirect purchasers of EpiPen
®
(epinephrine injection) and NUVIGIL
®
(armodafinil) filed a complaint in the U.S. District Court for the District of Kansas against Teva, Cephalon, and a former Teva executive. Teva owns the New Drug Application (“NDA”) for NUVIGIL and sold the brand product, for which generic entry occurred in 2016. Teva filed an Abbreviated New Drug Application (“ANDA”) to sell generic EpiPen
®
, which Teva launched in 2018 following receipt of FDA approval. The complaint alleges, among other things, that the defendants violated federal antitrust laws, the RICO Act, and various state laws in connection with settlements resolving patent litigation relating to those products. Plaintiffs seek injunctive relief, compensatory and punitive damages, interest, attorneys’ fees and costs. On September 26, 2023, plaintiffs filed a brief in which plaintiffs limited their claims only to those relating to the alleged delay of generic NUVIGIL. On March 26, 2024, the court dismissed plaintiffs’ RICO claims and certain state law claims but denied Teva’s motion to dismiss plaintiffs’ antitrust claims. On June 14, 2024, the court entered orders bifurcating discovery and limiting the first phase to the question of the timeliness of plaintiffs’ claims. On April 9, 2026, Teva filed a motion for summary judgement seeking dismissal based on the timelines of plaintiffs’ claims, and that motion remains pending. Substantially similar complaints were filed in the U.S. District Courts for the Central District of California and the Eastern District of New York on June 19, 2025 and June 23, 2025, respectively, and both litigations were subsequently transferred to the District of Kansas. On January 26, 2026, the court consolidated the transferred cases and plaintiffs filed a virtually identical, amended consolidated complaint on February 20, 2026. On March 20, 2026, Teva filed its motion to dismiss the amended consolidated complaint. Annual sales of NUVIGIL in the United States were approximately $
300 
million at the time Teva entered into the first settlement with an ANDA filer in 2012.
In May 2023, certain
end-payor
plaintiffs filed putative class action complaints in the U.S. District Court for the District of Massachusetts against Teva and a number of its affiliates, alleging that Teva engaged in anticompetitive conduct to suppress generic competition to its branded QVAR asthma inhalers in violation of state and federal antitrust laws and state consumer protection laws. The court dismissed plaintiffs’ claim that Teva had engaged in “sham litigation” and certain of plaintiffs’ state antitrust and consumer protection claims, but permitted the case to proceed on the remainder of plaintiffs’ allegations. Teva recognized a provision for this matter in 2025. On August 4, 2025, the parties informed the court that they had reached a settlement in principle, which was subsequently finalized and filed, and on April 2, 2026, the Court granted preliminary approval of the settlement.
In September, October, and December 2025, private plaintiffs representing (i) a putative class of
end-payor
purchasers, (ii) a putative class of direct purchasers; (iii) Walgreen Co., The Kroger Co., Albertsons Companies, Inc., HEB, L.P., and Supervalu, Inc., and (iv) CVS Pharmacy, Inc., filed complaints in the United States District Court for the District of Rhode Island against Bausch Health Companies Inc., Teva, and their related entities. In December 2025, certain of the plaintiff groups identified above filed an amended complaint. The operative complaints allege violations of the antitrust laws and various state laws in connection with the companies’ September 2018 settlement of patent litigation concerning the drug Xifaxan
®
(rifaximin). Plaintiffs seek declaratory and injunctive relief, treble damages, attorneys’ fees, and costs of suit. On January 28, 2026 and March 25, 2026, respectively, the putative classes of
end-payor
purchasers and direct purchasers voluntarily dismissed their claims without prejudice. On April 16, 2026, CVS Pharmacy Inc. filed an amended complaint and Walgreen Co., The Kroger Co., Albertsons Companies, Inc., HEB, L.P., and Supervalu, Inc. filed a motion to amend their complaint. Annual sales of Xifaxan
®
were approximately $
1.5 
billion at the time of the settlement.
Government Investigations and Litigation Relating to Pricing and Marketing
Teva is involved in government investigations and litigation arising from the marketing and promotion of its pharmaceutical products in the United States.
In 2015 and 2016, Actavis and Teva USA each respectively received subpoenas from the U.S. Department of Justice (“DOJ”) Antitrust Division seeking documents and other information relating to the marketing and pricing of certain Teva USA generic products and communications with competitors about such products. On August 25, 2020, a federal grand jury in the Eastern District of Pennsylvania returned a three-count indictment charging Teva USA with criminal felony Sherman Act violations. On August 21, 2023, Teva USA entered into a
3-year
deferred prosecution agreement (“DPA”) with the DOJ. Under the terms of the DPA, Teva USA: (i) admitted to violating the antitrust laws by agreeing with competitors, in three instances between 2013 and 2015 involving three separate customers, not to bid on an opportunity to supply a customer with a particular generic product (in the first instance pravastatin, in the second clotrimazole, and in the third tobramycin); (ii) agreed to divest the pravastatin that it sells in the United States to a third-party buyer; (iii) agreed to donate $50 million worth of clotrimazole and tobramycin, valued at wholesale acquisition cost (“WAC”), to humanitarian organizations over five years; and (iv) agreed to pay a fine in the amount of $225 million over 5 years, with $22.5 million due each year from 2024 through 2027, and $135 million due in 2028. Teva recognized a provision for the resolution of this case and divested pravastatin in November 2024 pursuant to the DPA.
 
 
In May 2018, Teva received a civil investigative demand from the DOJ Civil Division pursuant to its investigation concerning allegations that generic pharmaceutical manufacturers, including Teva, engaged in market allocation and/or price-fixing agreements, paid illegal remuneration, and caused false claims to be submitted in violation of the False Claims Act. On October 10, 2024, Teva entered into a settlement agreement with the Civil Division to resolve these allegations. Under the terms of the settlement, which includes no admission of wrongdoing, Teva is required to pay $25 million, consisting of $10 million that was paid in the fourth quarter of 2024 and $15 million that was paid in January 2026. Teva has recognized a provision for the resolution of this matter.
In 2015 and 2016, Actavis and Teva USA each respectively received a subpoena from the Connecticut Attorney General seeking documents and other information relating to potential state antitrust law violations. On December 15, 2016, and as subsequently amended, a civil action was brought by the attorneys general of 49 states, as well as the District of Columbia and Puerto Rico, which includes claims against both Actavis and Teva. On May 10, 2019, and as subsequently amended, most of these attorneys general filed another antitrust complaint against Actavis, Teva and other companies and individuals alleging that Teva was at the center of a conspiracy in the generic pharmaceutical industry and asserting that Teva and others allegedly fixed prices, rigged bids, and allocated customers and market share with respect to certain products. The second complaint was amended on November 22, 2024, to add California as a plaintiff as well as to add additional defendants. On June 10, 2020, most of the same states, with the addition of the U.S. Virgin Islands, filed a separate, third complaint in the U.S. District Court for the District of Connecticut naming, among other defendants, Actavis, in a similar complaint relating to dermatological generic products, and that complaint was later amended to, among other things, add California as a plaintiff.
For the complaints described above, which also include claims against certain former employees of Actavis and Teva USA, the states seek a finding that the defendants’ actions violated federal antitrust law and state antitrust and consumer protection laws, as well as injunctive relief, disgorgement, damages on behalf of various state and governmental entities and consumers, civil penalties and costs. In April 2024, all three of the attorneys general’s lawsuits were transferred back to the U.S. District Court for the District of Connecticut where they were originally filed, and fact discovery in all three complaints was completed in 2025. The court has denied, in large part, each of the defendants’ joint motions for summary judgment as to the attorney general’s third complaint. Additional motions for summary judgment filed by certain defendants (including Actavis) remain pending.
In addition, for the complaints described above, Teva has settled with the states of Mississippi (in June 2021), Louisiana (in March 2022), Georgia (in September 2022), Arkansas (in October 2022), Florida (in February 2023), Kentucky (in June 2023), South Dakota (in June 2024), and New Mexico (in June 2024). Teva paid each state an amount proportional to its share of the national population (approximately $1,000,000 for each 1% share of the national population), and such states have dismissed their claims against Actavis and Teva USA, as well as certain former employees of Actavis and Teva USA, pursuant to these settlements. These settlements, in addition to the status of negotiations with several other U.S. state attorneys general to settle on comparable terms, caused management to consider settlement of the claims filed by the remaining attorneys general to be probable, and management recorded an estimated provision in the third quarter of 2022. In the second quarter of 2025, Teva updated the provision based on recent developments in its ongoing negotiations with certain remaining U.S. state attorneys general. The States of Alabama (in March 2022) and Hawaii (in August 2023) and the territories of American Samoa (in July 2020) and Guam (in February 2023) have all voluntarily dismissed all of their claims in the litigation against Actavis and Teva USA. The dismissals by Alabama, Hawaii and Guam were with prejudice and the dismissal by American Samoa was without prejudice.
 
 
Beginning on March 2, 2016, and through June 2025, numerous complaints have been filed in the United States on behalf of putative classes of direct and indirect purchasers of several generic drug products, as well as several individual direct and indirect purchaser
opt-out
plaintiffs, including most recently a complaint filed by an indirect opt out plaintiff on December 2, 2025. All such complaints (other than the December 2025 complaint, as detailed below) have been transferred to the generic drug multidistrict litigation in the Eastern District of Pennsylvania (“Pennsylvania MDL”). These complaints have been brought against various manufacturer defendants, including Teva USA and Actavis, alleging that these defendants engaged in conspiracies to fix prices and/or allocate market share of generic products, and generally seeking injunctive relief and damages under federal antitrust law, as well as damages under various state laws. With limited exceptions, all fact discovery in the Pennsylvania MDL was completed in December 2025. The Pennsylvania MDL court selected two single-drug cases brought by putative classes of direct-purchaser plaintiffs (“DPPs”) and
end-payor
plaintiffs (“EPPs”) as bellwethers. Actavis (but not Teva) is a defendant in those cases. After selecting those two bellwether cases, the Pennsylvania MDL court certified them as class actions and proposed holding a trial in the EPP bellwether case starting in August 2025. However, on June 17, 2025, the United States Court of Appeals for the Third Circuit gave defendants permission to immediately appeal the Pennsylvania MDL court’s grant of class certification and the Pennsylvania MDL court thereafter stayed the EPPs and DPPs bellwether cases. Briefing on the appeal was completed in December 2025. The Third Circuit tentatively scheduled oral arguments on the appeal for June 1, 2026. The Pennsylvania MDL court has since selected five additional bellwethers: (i) Humana Inc.’s (“Humana”) indirect
opt-out
case, involving claims on various drugs, with trial expected in September 2026; (ii) a case filed by a putative class of indirect reseller plaintiffs (“IRPs”) involving claims on a single drug (pravastatin), with the trial expected in December 2026; (iii) Kroger Co. (“Kroger”), a direct
opt-out
case, involving claims on various drugs, with the trial expected in August 2027; (iv) Cigna Corp. (“Cigna”), an indirect
opt-out
case, involving claims on various drugs, with the trial expected in January 2028; and (v) CVS Pharmacy Inc. (“CVS”), a direct
opt-out
case, involving claims on various drugs, where a trial date has not yet been set.
From 2019 to 2021, certain individual plaintiffs commenced civil actions in the Pennsylvania Court of Common Pleas of Philadelphia County against many of the defendants in the Pennsylvania MDL, including Teva and Actavis. Following defendants’ request, the cases filed in the Court of Common Pleas of Philadelphia County have all been placed in deferred status. One plaintiff, Aetna Inc., filed a complaint in Connecticut state court on December 30, 2024. Certain counties in New York and Texas have also commenced civil actions against many of the defendants in the Pennsylvania MDL, including Teva and Actavis, and the complaints have been transferred to the Pennsylvania MDL. On March 14, 2025 and June 9, 2025, respectively, Walmart Inc. and Southwest Airlines, Inc. filed lawsuits against various manufacturers, including Teva and Actavis, in the Eastern District of Pennsylvania which has been transferred to the Pennsylvania MDL. On May 19, 2025, New York Quality Healthcare Corporation filed a lawsuit against various manufacturers, including Teva and Actavis, in New York Supreme Court, County of New York. On December 2, 2025, AT&T Services, Inc. filed a lawsuit against various manufacturers, including Teva and Actavis, in the Eastern District of Pennsylvania, and that action has been transferred to the Pennsylvania MDL. On December 12, 2025, Taurus Acquisition Group filed a lawsuit against various manufacturers, including Teva and Actavis, in the Eastern District of Pennsylvania, and that action has been transferred to the Pennsylvania MDL.
One similar complaint has also been brought in Canada, with allegations that the defendants engaged in conspiracies to fix prices and/or allocate market share of generic drug products to the detriment of a class of private payors. The court held a class certification hearing in October 2025 and, in February 2026, issued its decision denying class certification. Plaintiffs’ time to appeal has since expired. The case is still pending with only one individual plaintiff remaining.
In March 2017, Teva received a subpoena from the U.S. Attorney’s office in Boston, Massachusetts requesting documents related to Teva’s donations to patient assistance programs. In August 2020, the U.S. Attorney’s office in Boston, Massachusetts brought a civil action in the U.S. District Court for the District of Massachusetts alleging causes of action under the federal False Claims Act and for unjust enrichment (the “DOJ PAP Complaint”). It was alleged that Teva’s donations to certain 501(c)(3) charities that provided financial assistance to multiple sclerosis patients violated the Anti-Kickback Statute. On October 10, 2024, Teva entered into a settlement agreement with the DOJ to resolve these claims. Under the terms of the settlement, which includes no admission of wrongdoing, Teva is required to pay $425 million over 6 years – $19 million was paid in December 2024, $34 million was paid in January 2026, $49 million is due to be paid in each of December 2026 and December 2027, $99 million is due to be paid in December 2028, and $175 million is due to be paid in December 2029. The case was dismissed with prejudice on November 19, 2024. Teva has recognized a provision for the resolution of this case. Additionally, on January 8, 2021, Humana filed an action against Teva in the U.S. District Court for the Middle District of Florida based on the allegations raised in the DOJ PAP Complaint. On April 29, 2025, the court granted Teva’s motion to dismiss. On May 28, 2025, Humana
re-filed
the case in Kentucky circuit court, alleging the same facts alleged in the Florida district court action. On July 29, 2025, Teva filed a motion to dismiss, which the court granted in part and denied in part on January 15, 2026, leaving only claims for breach of various rebate agreements remaining. On November 17, 2022, United Healthcare filed an action against Teva in the U.S. District Court for the District of New Jersey based on the conduct alleged in the DOJ PAP Complaint, followed by an amended complaint filed on February 29, 2024. On March 28, 2025, Teva moved for summary judgment limited to the statute of limitations defense as per the court’s order, and that motion is pending.
 
 
In April 2021, a city and county in Washington filed claims against Teva in the U.S. District Court for the Western District of Washington for alleged violations of the RICO Act, Washington’s Consumer Protection Act, and unjust enrichment concerning Teva’s sale of COPAXONE. Plaintiffs purport to represent a nationwide class of health plans and a subclass of Washington-based health plans that purchased and/or reimbursed health plan members for COPAXONE. Plaintiffs allege that Teva engaged in several fraudulent schemes that resulted in plaintiffs and the putative class members purchasing and/or reimbursing plan members for additional prescriptions of COPAXONE and/or at inflated COPAXONE prices. Plaintiffs seek treble damages for the excess reimbursements and inflated costs, as well as injunctive relief. On November 17, 2021, Teva moved to dismiss the suit on the grounds that plaintiffs’ claims are barred by the applicable statutes of limitations and the direct purchaser rule, suffer from jurisdictional defects, and fail to plausibly allege fraud or other elements of their claims. On March 9, 2023, the court held a hearing on the motion to dismiss, and a decision remains pending. On June 27, 2025, Teva filed a motion to lift the stay of discovery. That motion is fully briefed and remains pending.
On December 1, 2022, Teva received a civil subpoena from the U.S. Attorney’s office in Boston, Massachusetts requesting certain documents related to the sale and marketing of AUSTEDO
®
and risperidone LAI. Teva is cooperating with the request for documents and information.
On October 1, 2024, Teva received a civil investigative demand from the U.S. Attorney’s office in Boston, Massachusetts and the Civil Division of the Department of Justice requesting certain documents and information related to the manufacturing practices at its former manufacturing facility in Irvine, California, which Teva closed in 2022. Teva is cooperating with the request for documents and information.
Opioids Litigation
Since May 2014, more than 3,500 complaints have been filed by various governmental agencies and private plaintiffs in U.S. state and federal courts with respect to opioid sales and distribution against various Teva affiliates and several other pharmaceutical companies, the vast majority of which have been resolved. The majority of the remaining cases are consolidated in the multidistrict litigation in the Northern District of Ohio (the “MDL Opioid Proceeding”). These cases assert claims under similar provisions of different state laws and generally allege that the defendants engaged in improper marketing and distribution of Teva’s branded opioids, including ACTIQ
®
and FENTORA
®
, and also assert claims related to Teva’s generic opioid products. In the first quarter of 2026, Teva and representatives for a class of third-party payers (“TPPs”) reached an agreement in principle to settle the TPPs’ opioid-related claims. Teva’s settlement agreement with the TPPs is contingent upon Teva’s, in the exercise of its sole discretion, satisfaction with the level of participation by the TPPs in the proposed settlement agreement.
In addition, over 950 personal injury plaintiffs, including various putative class actions of individuals, have asserted personal injury and wrongful death claims in over 600 complaints, nearly all of which are consolidated in the MDL Opioid Proceeding. Furthermore, approximately 100 personal injury complaints allege that Anda (in addition to naming other distributors and manufacturers) failed to develop and implement systems sufficient to identify suspicious orders of opioid products and prevent their abuse and diversion. Plaintiffs seek a variety of remedies, including restitution, civil penalties, disgorgement of profits, treble damages,
non-economic
damages, attorneys’ fees and injunctive relief. Certain plaintiffs seek damages for all costs associated with addressing the abuse of opioids and opioid addiction and certain plaintiffs specify multiple billions of dollars in the aggregate as alleged damages. In many of these cases, plaintiffs are seeking joint and several damages among all defendants. All but a handful of these cases are stayed in the MDL Opioid Proceedings.
In June 2023, Teva finalized and fully resolved its nationwide settlement agreement with the states and litigating subdivisions. Under the financial terms of the nationwide settlement agreement with the states and subdivisions, Teva will pay up to $4.25 billion (including the already settled cases), spread over 13 years. This total includes the supply of up to $1.2 billion of Teva’s generic version of Narcan
®
(naloxone hydrochloride nasal spray), valued at wholesale acquisition cost, over 10 years or cash at 20% of the wholesale acquisition cost ($240 million) in lieu of product.
Teva has settled claims brought by 100% of the U.S. states and their litigating political subdivisions, the Native American tribes (the “Tribes”), and approximately 500 U.S. hospitals and other healthcare providers asserting opioid-related claims, including public nuisance. Teva’s estimated cash payments between 2026 and 2030 for all opioids settlements are: $379 million to be paid in 2026 (of which $30 million was paid as of March 31, 2026), $365 million payable in 2027; $416 million payable in 2028; $339 million payable in 2029; and $337 million payable in 2030. These payments are subject to change based on various factors including, but not limited to, timing of payments, most favored nations clauses associated with prior settlements, and the states’ elections to take Teva’s generic version of Narcan
®
(naloxone hydrochloride nasal spray). The remaining payments, subject to adjustments, will be paid beyond 2030.
 
 
In light of the nationwide settlement agreement between Teva and the States’ Attorneys General and their subdivisions, Teva’s indemnification obligations arising from Teva’s acquisition of the Actavis Generics business for opioid-related claims, prior settlements reached with Louisiana, Texas, Rhode Island, Florida, San Francisco, West Virginia, New York, the Tribes, Nevada and the City of Baltimore, the agreement with the hospitals discussed above, Teva’s agreement in principle with the TPPs, as well as an estimate for a number of items including, but not limited to, costs associated with administering injunctive terms, and most favored nations clauses associated with prior settlements, the Company has recorded a provision. The provision is a reasonable estimate of the ultimate costs for Teva’s opioids settlements, after discounting payments to their net present value. Opioid-related lawsuits brought against Teva by dozens of TPPs, such as unions and welfare funds, are expected to remain pending unless Teva finalizes its TPP settlement agreement. A reasonable upper end of a range of loss cannot be determined for the entirety of the remaining opioid-related cases. An adverse resolution of any of these lawsuits or investigations may involve large monetary penalties, damages, and/or other forms of monetary and
non-monetary
relief and could have a material and adverse effect on Teva’s reputation, business, results of operations and cash flows.
In addition, Teva, certain of its subsidiaries and other defendants, are defending claims and putative class action lawsuits in Canada related to the manufacture, sale, marketing and distribution of opioid medications. The lawsuits include: (i) a claim brought by the Province of British Columbia on behalf of itself and a putative class of other federal and provincial governments, (ii) claims of municipalities, (iii) claims on behalf of various First Nations groups, and (iv) consumer class actions on behalf of persons who used opioids on behalf of themselves and putative classes. On January 22, 2025, the British Columbia Supreme Court certified the class of federal and provincial governments. Defendants appealed this decision, a hearing on this appeal was held in December 2025, and a decision remains pending. The court in Quebec certified the class in the consumer class action in 2024 (and denied leave to appeal). In the first quarter of 2026, Teva reached an agreement in principle to settle claims by one national consumer class, brought in Ontario on behalf of persons who used opioids. Teva expects to memorialize the terms of the settlement during 2026 and to evaluate class participation before deciding whether to finalize the settlement. Other Canadian opioid actions remain in their preliminary stages.
Shareholder Litigation
In November and December 2016, two putative securities class actions were filed in the U.S. District Court for the Central District of California against Teva and certain of its current and former officers and directors, which were subsequently consolidated and transferred to the U.S. District Court for the District of Connecticut (the “Ontario Teachers Securities Litigation”). On December 13, 2019, the lead plaintiff filed an amended complaint, purportedly on behalf of purchasers of Teva’s securities between February 6, 2014 and May 10, 2019, asserting that Teva and certain of its current and former officers and directors violated federal securities and common laws in connection with Teva’s alleged failure to disclose pricing strategies for various drugs in its generic drug portfolio and by making allegedly false or misleading statements in certain offering materials. From July 2017 to June 2019, other putative securities class actions were filed in other federal courts based on similar allegations and claims, and were transferred to the U.S. District Court for the District of Connecticut. Between August 2017 and January 2022, twenty-three complaints were filed against Teva and certain of its current and former officers and directors on behalf of plaintiffs in various forums across the country, and many of those plaintiffs had
“opted-out”
of the Ontario Teachers Securities Litigation. On January 18, 2022, Teva entered into a settlement in the Ontario Teachers Securities Litigation for $420 million, which received final approval from the court on June 2, 2022. The vast majority of the total settlement amount was covered by the Company’s insurance carriers, with a small portion contributed by Teva. Additionally, as part of the settlement, Teva admitted no liability as part of the settlement and has denied all allegations of wrongdoing. Teva has settled the vast majority of
“opt-out”
claims including a class settlement with shareholders in Israel. One
opt-out
case remains pending in the U.S., with a trial scheduled for January 2027.
 
 
On September 23, 2020, a putative securities class action was filed in the U.S. District Court for the Eastern District of Pennsylvania against Teva and certain of its former officers. On August 10, 2021, the lead plaintiff filed a corrected amended class action complaint, purportedly on behalf of persons who purchased or otherwise acquired Teva securities between October 29, 2015 and August 18, 2020. The corrected amended complaint alleges that Teva and certain of its current and former officers violated federal securities laws by allegedly making false and misleading statements regarding the commercial performance of COPAXONE, namely, by failing to disclose that Teva had allegedly caused the submission of false claims to Medicare through Teva’s donations to bona fide independent charities that provide financial assistance to patients, which allegedly impacted COPAXONE’s commercial success and the sustainability of Teva’s revenues and resulted in the DOJ PAP Complaint filed by the DOJ. The corrected amended complaint seeks unspecified damages and legal fees. On November 3, 2023, the court granted plaintiff’s motion for class certification, and a motion to approve a securities class action with similar allegations was also filed in September 2022 in the Central District Court in Israel, which has been stayed pending the U.S. litigation.
Environmental Matters
Teva or its subsidiaries are party to environmental proceedings under the federal Superfund law or other federal, provincial or state and local laws relating to alleged noncompliance, the investigation and remediation of releases of hazardous substances and natural resource damages. Many of these proceedings and claims seek to require the generators of hazardous waste disposed of at a third party-owned site, or the party responsible for a release of hazardous substances, including
per-and
polyfluoroalkyl substances (PFAS), to investigate and
clean-up
the site or to pay or reimburse others for such activities, including for oversight by governmental authorities and any related damages to natural resources. Teva or its subsidiaries have been made a party to these claims and proceedings, along with others, as an alleged generator of waste disposed of or treated at third-party waste disposal sites or as a result of an alleged release from one of Teva’s facilities or former facilities.
Although liability among responsible parties may be joint and several under certain circumstances, these proceedings are frequently resolved so that the allocation of
clean-up
and other costs among the parties reflects the relative contribution of each party to site conditions, also taking into account other relevant factors. In addition, enforcement proceedings relating to alleged violations of federal, state, commonwealth or local requirements at some of Teva’s facilities could result in the imposition of penalties (in amounts not expected to materially adversely affect Teva’s results of operations) and the recovery of certain costs and natural resource damages, and may require that corrective actions and enhanced compliance measures be implemented.
The following matter is disclosed pursuant to Item 103 of Regulation
S-K
because a governmental authority is a party and it involves monetary sanctions that could exceed $300,000. On July 8, 2021, the National Green Tribunal Principal Bench, New Delhi, issued an order against Teva’s subsidiary in India, Teva API India Private Limited, finding
non-compliance
with environmental laws in India and assessing a penalty of $1.4 million. Teva filed an appeal before the Hon’ble Supreme Court of India, disputing certain of the findings and the amount of the penalty. On August 5, 2021, the Supreme Court of India granted a stay of the judgment by the National Green Tribunal Principal Bench. On April 8, 2025, the Supreme Court of India accepted the appeal filed by Teva’s subsidiary and a hearing will be scheduled in due course. Teva does not believe that the eventual outcome of this matter will have a material effect on its business and results of operations.
Other Matters
On January 15, 2025, Teva filed a lawsuit against the Centers for Medicare and Medicaid Services (“CMS”) in the U.S. District Court for the District of Columbia, alleging that CMS’s implementation of the Drug Price Negotiation Program portion of the Inflation Reduction Act (“IRA”) of 2022 is arbitrary and contrary to the plain meaning of the statute, in violation of the Administrative Procedure Act (“APA”), and is therefore unconstitutional. On November 20, 2025, the U.S. District Court for the District of Columbia granted CMS’s motion for summary judgement. Teva has appealed this decision. The appeal hearing is scheduled for May 5, 2026.
Gain Contingencies
From time to time, Teva may directly or indirectly pursue claims against certain parties, including but not limited to patent infringement lawsuits against other pharmaceutical companies to protect its patent rights, as well as derivative actions brought on behalf of Teva. Teva recognizes gain contingencies from such lawsuits when they are realized or when all related contingencies have been resolved, subject to a signed or legally enforceable agreement, where applicable. No gain has been recognized regarding any matter disclosed below, unless mentioned otherwise.
In October 2017, Teva filed a lawsuit in the U.S. District Court for the District of Massachusetts alleging that Eli Lilly & Co.’s (“L
illy
”) marketing and sale of its galcanezumab product for the treatment of migraine infringes on nine Teva patents, including three method of treatment patents and six composition of matter patents. Lilly then submitted inter partes review (“IPR”) petitions to the Patent Trial and Appeal Board (“PTAB”), challenging the validity of the nine Teva patents. The PTAB issued decisions upholding the three method of treatment patents but finding the six composition of matter patents invalid, which decisions were affirmed by the Court of Appeals for the Federal Circuit on August 16, 2021. A jury trial regarding the three method of treatment patents resulted in a verdict in Teva’s favor on November 9, 2022. The jury’s verdict found that the three method of treatment patents were valid and infringed by Lilly and awarded Teva $176.5 million in damages. On September 26, 2023, the U.S. District Court for the District of Massachusetts issued a decision that reversed the jury’s verdict and damages award, finding Teva’s method of treatment patents to be invalid. Teva appealed and a hearing was held on September 5, 2025. On April 16, 2026, the U.S. Appeals Court for the Federal Circuit issued a decision in Teva’s favor, reinstating the jury’s verdict of infringement and award of damages. Lilly may seek further review of this decision.
 
 
In March 2024, Teva filed a lawsuit in the U.S. District Court for the District of New Jersey alleging that Amarin Pharma, Inc., Amarin Pharmaceuticals Ireland Limited, and Amarin Corporation plc (collectively “Amarin”) engaged in a decade-long scheme to lock up the supply of icosapent ethyl to prevent and delay generic competition to its branded Vascepa
®
drug product. Teva’s lawsuit coincides with four other lawsuits brought by generic drug manufacturers and purchasers of branded Vascepa
®
alleging the same or similar conduct by Amarin. Teva’s requested relief includes compensatory damages for lost sales and lost profits from generic icosapent ethyl drug sales that Teva could have made absent Amarin’s alleged interference. On May 24, 2024, Amarin filed a motion in the U.S. District Court for the District of Nevada, seeking to enforce the terms of an earlier Teva-Amarin agreement to settle patent litigation regarding Vascepa
®
, which Amarin asserted precluded Teva from filing the present antitrust action. On December 4, 2024, the Nevada court denied Amarin’s motion. On October 8, 2025, Amarin filed a motion with the U.S. District Court of the District of New Jersey, where the case is pending, seeking judgment on the pleadings on the same grounds as its motion in Nevada. On February 2, 2026, the Court denied Amarin’s motion for judgment on the pleadings. As the lawsuit is still in its initial stages, it is not possible to predict its outcome and there is no guarantee that Teva will be granted its requested relief.
In June 2024, Teva filed a lawsuit in the U.S. District Court for the Northern District of California alleging that Corcept Therapeutics, Inc. (“Corcept”) and Optime Care Inc. (“Optime”) engaged in a multifaceted, years-long scheme to stifle generic competition to Corcept’s branded Korlym
®
(mifepristone) drug product, which is indicated to treat endogenous Cushing’s syndrome. Teva alleges that Corcept and Optime have suppressed competition by abusing the patent and judicial systems, entering a long-term, blanket exclusive-dealing agreement that has locked up a key pharmaceutical distribution channel, and making illicit payments to physicians as compensation for prescribing Korlym
®
. Teva’s requested relief includes compensatory damages for lost sales and lost profits from generic mifepristone drug sales that Teva could have made absent Corcept and Optime’s alleged interference, as well as injunctive relief to remove the unlawful barriers to generic competition created by Corcept and Optime. Teva filed an amended complaint in September 2024. Defendants filed a joint motion to dismiss in October 2024, which the court denied in substantial part on September 12, 2025. On September 26, 2025, Teva filed an amended complaint amending certain claims that were dismissed. On October 31, 2025, Corcept and Optime filed a motion to dismiss certain claims in Teva’s second amended complaint. Briefing on that motion is now complete and a decision remains pending. On January 29, 2026, Teva filed an amended complaint, adding a new claim for unlawful exclusive dealing against Corcept. On February 5, 2026, Corcept and Optime filed supplemental briefs in support of their joint motion to dismiss. Briefing on that motion is complete and a decision remains pending. Discovery is ongoing. As the lawsuit is still in its initial stages, it is not possible to predict its outcome and there is no guarantee that Teva will be granted its requested relief.
Motions to approve derivative actions seeking monetary damages against certain past and present directors and officers have been filed in Israeli Courts alleging negligence and recklessness, as well as motions for document disclosure prior to initiating derivative actions. These motions were filed with respect to several U.S. and EU settlement agreements, allegations related to the DOJ PAP Complaint, and with respect to the European Commission’s proceedings relating to COPAXONE.
 
v3.26.1
Income taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income taxes
NOTE 11 – Income taxes:
In the first quarter of 2026, Teva recognized a tax expense of $67 million, on
pre-tax
income of $437 million. In the first quarter of 2025, Teva recognized a tax expense of $74 million, on
pre-tax
income of $294 million.
Teva’s tax rate for the first quarter of 2026 was mainly affected by the generation of profits in various jurisdictions in which tax rates are different than the Israeli tax rate, infrequent or
non-recurring
items, including internal legal entities reorganization.
Teva’s tax rate for the first quarter of 2025 was mainly affected by the generation of profits in various jurisdictions in which tax rates are different than the Israeli tax rate, as well as infrequent or
non-recurring
items.
The statutory Israeli corporate tax rate is 23% in 2026. Teva’s global tax rate differs from the Israeli statutory tax rate, mainly due to generation of profits in various jurisdictions in which tax rates are different than the Israeli tax rate, tax benefits, as well as infrequent or
non-recurring
items.
Teva filed a claim seeking the refund of withholding taxes paid to the Indian tax authorities in 2012. A trial for this case is currently ongoing. A final and binding decision against Teva in this case may lead to a charge of $111 million.
On June 23, 2024, Teva entered into an agreement with the Israeli Tax Authorities (“ITA”) to settle certain litigation with respect to taxes payable for the Company’s taxable years 2008 through 2020 (the “Agreement”). Pursuant to the terms of the Agreement, the Company will pay a total amount of approximately $750 million (based on exchange rates at the date of the Agreement) to the ITA spread over a
six-year
period beginning in 2024. Additionally, under the terms of the Agreement, it was further agreed that in the future event the Company pays dividends on, or repurchases, its equity interests, the Company will pay an additional
5%-7%
of the amount of such dividends or repurchases in corporate taxes, up to a maximum tax payment amount of approximately $500 million. Any amounts due under this provision of the Agreement will be recorded in the future as incurred.
Teva periodically assesses the need for valuation allowances against its deferred tax assets, and considers available evidence including, but not limited to, the Company’s recent earnings history, forecasted future taxable income to the extent it is objectively verifiable, and significant nonrecurring items impacting those amounts. To the extent Teva’s operating results improve or deteriorate, or to the extent changes in tax laws and other factors affect Teva’s ability to utilize deferred tax assets, Teva may need to adjust its valuation allowance.
Teva believes it has adequately provided for all of its uncertain tax positions, including items currently under dispute, however, adverse outcomes to any of these positions or disputes could be material.
The OECD introduced Base Erosion and Profit Shifting (“BEPS”) Pillar Two rules that impose a global minimum tax rate of 15% for large multinational corporations. On December 12, 2022, the EU Council announced that EU member states had reached an agreement to implement the minimum taxation component of 15% of the OECD’s reform of international taxation. Teva has evaluated the potential impact on its 2026 consolidated financial statements and related disclosures and does not expect Pillar Two to have a material impact on its effective tax rate or consolidated financial statements in the foreseeable future.
v3.26.1
Other assets impairments, restructuring and other items
 3 Months Ended
Mar. 31, 2026
Text Block [Abstract]  
Other assets impairments, restructuring and other items
NOTE 12 – Other assets impairments, restructuring and other items:
 
 
  
Three months ended

March 31,
 
 
  
2026
 
  
2025
 
 
  
(U.S. $ in millions)
 
Impairments of long
-
lived tangible assets
(*)
    $ 1      $ (44 ) 
Contingent consideration
      5        11  
Restructuring
      25        14  
Other
      (4 )       (2 ) 
  
 
 
     
 
 
  
Total
    $ 26      $ (22 ) 
  
 
 
     
 
 
  
 
(*)
Including impairments related to exit and disposal activities.
Impairments
In the three months ended March 31, 2026, Teva recorded an expense of $1 million under impairments of tangible assets, compared to an income of $44 million in the three months ended March 31, 2025. The income for the three months ended March 31, 2025, was mainly related to the held for sale measurement of the API business (including its R&D, manufacturing and commercial activities), which includes a favorable impact related to the expected gain from the reclassification of currency translation adjustments.
In addition, as part of the Company’s efforts to optimize its portfolio and global manufacturing footprint to achieve additional operational efficiencies, the Company, from time to time, evaluates strategic alternatives for certain individual assets or asset groups. These strategic alternatives may include partnerships, joint ventures, redeployment of assets or divestitures. Such actions may involve substantial impairment charges in the future depending on the ultimate course of action for these long-lived assets, which are recorded in the period in which there is a triggering event or commitment to a probable transaction.
Teva may record additional impairments in the future, to the extent it changes its plans on any given asset and/or the assumptions underlying such plans as a result of its network consolidation activities and its “Pivot to Growth Strategy.”
Contingent consideration
In the three months ended March 31, 2026, Teva recorded an expense of $5 million for contingent consideration, compared to an expense of $11 million in the three months ended March 31, 2025. The expenses in the three months ended March 31, 2025 were mainly related to lenalidomide capsules (the generic version of Revlimid
®
) (mainly the effect of the passage of time on the net present value of the discounted payments).
Restructuring
In the three months ended March 31, 2026, Teva recorded $25 million of
restructuring expenses
, compared to $14 million in the three months ended March 31, 2025. Expenses in the three months ended March 31, 2026 were primarily related to optimization activities in connection with Teva’s Transformation programs related to Teva’s global organization and operations, mainly through headcount reductions. Expenses in the three months ended March 31, 2025 primarily related to network consolidation activities.
Under Teva’s Transformation programs announced on May 7, 2025, Teva expects to achieve cost savings through a variety of initiatives including examining practices and efficiencies in methods of working, reduction in headcount and optimizing external spend in the following years. These Transformation programs are expected to result in the reduction of approximately 8% of Teva’s total work force as of December 31, 2024, by the end of 2027.
 
 
The following tables provide the components of the Company’s restructuring costs:
 
 
  
Three months ended March 31,
 
 
  
2026
 
  
2025
 
 
  
(U.S. $ in millions)
 
Restructuring
      
Employee termination
    $ 22      $ 12  
Other
      3        2  
  
 
 
     
 
 
  
Total
    $  25      $  14  
  
 
 
     
 
 
  
The following table provides the components of and changes in the Company’s restructuring accruals:
 
 
  
Employee
termination

costs
 
  
Other
 
  
Total
 
 
  
(U.S. $ in millions)
 
Balance as of January 1, 2026
    $ (124 )     $ (14 )     $ (138 ) 
Provision
      (22 )       (3 )       (25 ) 
Utilization and other*
        42          3          45  
  
 
 
     
 
 
     
 
 
  
Balance as of March 31, 2026
    $ (104 )     $ (14 )     $ (118 ) 
  
 
 
     
 
 
     
 
 
  
    
Employee
termination

costs
     
Other
     
Total
  
    
(U.S. $ in millions)
  
Balance as of January 1, 2025
    $ (55 )     $ (13 )     $ (68 ) 
Provision
      (12 )       (2 )       (14 ) 
Utilization and other*
        23          2          25  
  
 
 
     
 
 
     
 
 
  
Balance as of March 31, 2025
    $ (44 )     $ (13 )     $ (57 ) 
  
 
 
     
 
 
     
 
 
  
 
*
Includes adjustments for foreign currency translation.
v3.26.1
Earnings (Loss) per share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings (Loss) per share
NOTE 13 – Earnings (Loss) per share:
Basic earnings and loss per share are computed by dividing net income (loss) attributable to Teva’s ordinary shareholders by the weighted average number of ordinary shares outstanding, net of treasury shares.
Basic and diluted earnings (loss) per share attributable to Teva’s ordinary shareholders for the three months ended March 31, 2026 and 2025, are calculated as follows:
 
 
  
Three Months Ended

March 31,
 
 
  
(U.S. $ in millions except per share amounts)
 
 
  
2026
 
  
2025
 
Basic earnings (loss) attributable to Teva’s ordinary shareholders (numerator):
  
Net income (loss) attributable to Teva’s ordinary shareholders
    $ 369      $ 214  
  
 
 
     
 
 
  
Shares (denominator):
      
Weighted average shares outstanding
      1,156        1,138  
  
 
 
     
 
 
  
Basic earnings (loss) attributable to Teva’s ordinary shareholders
    $ 0.32      $ 0.19  
  
 
 
     
 
 
  
Diluted earnings (loss) attributable to Teva’s ordinary shareholders (numerator):
      
Net income (loss) attributable to Teva’s ordinary shareholders
    $ 369      $ 214  
  
 
 
     
 
 
  
Shares (denominator):
      
Weighted average shares outstanding
      1,156        1,138  
Diluted effect of stock options, RSUs and PSUs
      23        21  
  
 
 
     
 
 
  
Total dilutive shares outstanding
      1,179        1,159  
  
 
 
     
 
 
  
Diluted earnings (loss) attributable to Teva’s ordinary shareholders
    $ 0.31      $ 0.18  
  
 
 
     
 
 
  
In computing diluted earnings per share for the three months ended March 31, 2026 and 2025, basic earnings per share were adjusted to take into account the potential dilution that could occur upon the exercise of options and
non-vested
RSUs and PSUs granted under employee stock compensation plans. No account was taken of the potential dilution that could occur upon the exercise of convertible senior debentures, since they had an anti-dilutive effect on earnings per share
 for the three months ended March 31, 2026 and 2025
. Additionally, an amount of 9.4 million and 24.3 million dilutive shares of ordinary shares from the conversion of outstanding stock options, RSUs and PSUs were excluded from the computation of diluted earnings per share attributable to Teva’s ordinary shareholders for the three months ended March 31, 2026 and 2025, respectively.
 
v3.26.1
Accumulated other comprehensive income (loss)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Accumulated other comprehensive income (loss)
NOTE 14 – Accumulated other comprehensive income (loss):
The components of, and changes within, accumulated other comprehensive income (loss) attributable to Teva are presented in the table below:
 
 
  
Net Unrealized Gains (Losses)
 
  
Benefit Plans
 
  
 
 
 
  
Foreign
currency
translation
adjustments
 
  
Derivative
financial
instruments
 
  
Actuarial gains
(losses) and
prior service
(costs) credits
 
  
Total
 
 
  
(U.S. $ in millions)
 
Balance as of December 31, 2025, net of taxes
    $ (2,152 )     $ (199 )     $ (39 )     $ (2,391 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Other comprehensive income (loss) before reclassifications
      (107 )       (4 )       —         (111 ) 
Amounts reclassified to the statements of income
      —         5        (1 )       4  
Release of cumulative translation adjustments
      (6 )       —         —         (6 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net other comprehensive income (loss) before tax
      (113 )       1        (1 )       (113 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Corresponding income tax
      (8 )       —         —         (8 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net other comprehensive income (loss) after tax
      (121 )       1        (1 )       (121 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Balance as of March 31, 2026, net of taxes
    $ (2,273 )     $ (198 )     $ (40 )     $ (2,512 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
    
Net Unrealized Gains (Losses)
     
Benefit Plans
         
    
Foreign
currency
translation
adjustments
     
Derivative
financial
instruments
     
Actuarial gains
(losses) and
prior service
(costs) credits
     
Total
  
    
(U.S. $ in millions)
  
Balance as of December 31, 2024, net of taxes
    $ (2,857 )     $ (238 )     $ (52 )     $ (3,148 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Other comprehensive income (loss) before reclassifications
      307        —         —         307  
Amounts reclassified to the statements of income
      —         7        (1 )       6  
Release of cumulative translation adjustments**
      181        —         —         181  
  
 
 
     
 
 
     
 
 
     
 
 
  
Net other comprehensive income (loss) before tax
      488        7        (1 )       494  
  
 
 
     
 
 
     
 
 
     
 
 
  
Corresponding income tax
      (21 )       —         —         (21 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net other comprehensive income (loss) after tax*
      467        7        (1 )       473  
  
 
 
     
 
 
     
 
 
     
 
 
  
Balance as of March 31, 2025, net of taxes
    $ (2,390 )     $ (231 )     $ (53 )     $ (2,675 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  

*
Amounts do not include a $27 million gain from foreign currency translation adjustments attributable to redeemable and
non-redeemable
non-controlling
interests.
**
In connection with the sale of Teva’s business venture in Japan.
v3.26.1
Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segments
NOTE 15 – 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, primarily Teva’s distribution business in the United States through Anda, sale of APIs to third parties, certain contract manufacturing services and an
out-licensing
platform offering a portfolio of products to other pharmaceutical companies through its affiliate Medis.
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 agreed or completed at all. See note 2.
 
 
 
a.
Segment information:
 
 
  
Three months ended March 31,

2026
 
 
  
United States
 
  
Europe
 
  
International Markets
 
 
  
(U.S. $ in millions)
 
Revenues
    $ 1,534      $ 1,340      $ 524  
Cost of sales
      496        606        280  
R&D expenses
      147        45        22  
S&M expenses
      298        215        117  
G&A expenses
      90        73        39  
Other
      (4 )       §        §  
  
 
 
     
 
 
     
 
 
  
Segment profit*
    $ 507      $ 401      $ 65  
  
 
 
     
 
 
     
 
 
  
 
*
Segment profit includes depreciation expenses of $36 million in the United States
 segment
, $33 million in
the 
Europe
segment, 
and $17 million in
the 
International Markets
 segment
.
§
Represents an amount less than $0.5 million.
 
 
 
 
 
  
Three months ended March 31,

2025
 
 
  
United States
 
  
Europe
 
  
International Markets
 
 
  
(U.S. $ in millions)
 
Revenues
    $ 1,536      $ 1,194      $ 582  
Cost of sales
      523        536        304  
R&D expenses
      154        60        25  
S&M expenses
      244        199        118  
G&A expenses
      95        69        39  
Other
      3        §        (1 ) 
  
 
 
     
 
 
     
 
 
  
Segment profit*
    $ 518      $ 329      $ 97  
  
 
 
     
 
 
     
 
 
  

*
Segment profit includes depreciation expenses of $36 million in the United States
 segment
, $30 million in
the 
Europe
segment, 
and $17 million in
the 
International Markets
 segment
.
§
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 months ended March 31, 2026 and 2025:
 
 
  
Three months ended
March 31,
 
 
  
2026
 
  
2025
 
 
  
(U.S. $ in millions)
 
United States profit
    $ 507      $ 518  
Europe profit
      401        329  
International Markets profit
      65        97  
  
 
 
     
 
 
  
Total reportable segments profit
      972        944  
Profit (loss) of Other Activities
      (16 )       2  
  
 
 
     
 
 
  
Amounts not allocated to segments:
      
Amortization
      137        145  
Other assets impairments, restructuring and other items
      26        (22 ) 
Intangible assets impairments
      8        121  
Legal settlements and loss contingencies
      72        83  
Other unallocated amounts
      60        99  
  
 
 
     
 
 
  
Consolidated operating income (loss)
      652        519  
  
 
 
     
 
 
  
Financial expenses, net
      216        225  
  
 
 
     
 
 
  
Consolidated income (loss) before income taxes
    $ 437      $ 294  
  
 
 
     
 
 
  
 
 
b. Segment revenues by major products and activities:

The following tables present revenues by major products and activities for the three months ended March 31, 2026 and 2025:
 
United States
   
Three months ended

March 31,
  
 
   
2026
     
2025
  
    
(U.S. $ in millions)
  
Generic products (including biosimilars)
    $ 612      $ 849  
AJOVY
®
      87        53  
AUSTEDO
      559        396  
BENDEKA
®
and TREANDA
®
      27        36  
COPAXONE
      62        54  
UZEDY
      63        39  
Other*
      123        109  
  
 
 
     
 
 
  
Total
    $ 1,534      $ 1,536  
  
 
 
     
 
 
  
 
*
Other revenues in the first quarter of 2026 include the sale of certain product rights.
 
Europe
   
Three months ended

March 31,
  
    
2026
     
2025
  
    
(U.S. $ in millions)
  
Generic products (including OTC and biosimilars)
    $ 1,089      $ 989  
AJOVY
      76        58  
COPAXONE
      40        42  
Respiratory products
      59        55  
Other*
      76        50  
  
 
 
     
 
 
  
Total
    $ 1,340      $ 1,194  
  
 
 
     
 
 
  

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


 
International markets
  
Three months ended

March 31,
 
 
  
2026
 
  
2025
 
 
  
(U.S. $ in millions)
 
Generic products (including OTC and biosimilars)
    $ 386      $ 468  
AJOVY
      33        28  
AUSTEDO
      19        15  
COPAXONE
      6        10  
Other*
      79        61  
  
 
 
     
 
 
  
Total
    $ 524      $ 582  
  
 
 
     
 
 
  
 
*
Other revenues in the first quarter of 2026 and 2025 include the sale of certain product rights.
v3.26.1
Fair value measurement
 3 Months Ended
Mar. 31, 2026
Fair value measurement
NOTE 16 – Fair value measurement:
Financial items carried at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 are classified in the tables below in one of the three categories of fair value levels:
  
    
March 31, 2026
  
    
Level 1
     
Level 2
     
Level 3
     
Total
  
    
(U.S. $ in millions)
  
Cash and cash equivalents:
            
Money markets
    $ 2,979      $ —       $ —       $ 2,979  
Cash, deposits and other
      762        —         —         762  
Investment in securities:
            
Equity securities
      15        —         —         15  
Other
      3        —         —         3  
Derivatives:
            
Asset derivatives:
            
Options and forward contracts
      —         68        —         68  
Liability derivatives:
            
Options and forward contracts
      —         (66 )       —         (66 ) 
Cross currency interest rate swap
      —         (18 )       —         (18 ) 
Contingent consideration*
      —         —         (40 )       (40 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 3,759      $ (16 )     $ (40 )     $ 3,703  
  
 
 
     
 
 
     
 
 
     
 
 
  
    
December 31, 2025
  
    
Level 1
     
Level 2
     
Level 3
     
Total
  
    
(U.S. $ in millions)
  
Cash and cash equivalents:
            
Money markets
    $ 2,678      $ —       $ —       $ 2,678  
Cash, deposits and other
      878        —         —         878  
Investment in securities:
            
Equity securities
      16        —         —         16  
Other
      3        —         —         3  
Derivatives:
            
Asset derivatives:
            
Options and forward contracts
      —         86        —         86  
Liability derivatives:
            
Options and forward contracts
      —         (38 )       —         (38 ) 
Cross currency interest rate swap
      —         (19 )       —         (19 ) 
Contingent consideration*
   
—         —         (51 )       (51 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 3,575      $ 29      $ (51 )     $ 3,553  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
*
Contingent consideration represents liabilities recorded at fair value in connection with acquisitions.
 
 
Teva determined the fair value of the liabilities for contingent consideration based on a probability-weighted discounted cash flow analysis. This fair value measurement is based on significant unobservable inputs in the market and thus represents a Level 3 measurement within the fair value hierarchy. The fair value of contingent consideration is based on several factors, such as cash flows projected from the success of unapproved product candidates; probability of success of product candidates, including risks associated with uncertainty regarding achievement and payment of milestone events; time and resources required to complete the development and approval of product candidates; life of the potential commercialized products and associated risks with obtaining regulatory approvals in the United States and Europe, and the risk adjusted discount rate for fair value measurement. The discount rate applied ranged from 8.25% to 11%. The weighted average discount rate, calculated based on the relative fair value of Teva’s contingent consideration liabilities, was 9.1%. Contingent consideration is evaluated quarterly, or more frequently, if circumstances dictate. Changes in the fair value of contingent consideration are recorded in the consolidated statements of income. Significant changes in unobservable inputs, mainly the probability of success and cash flows projected, could result in material changes to the contingent consideration liabilities. A change of the discount rate by 1% would not have resulted in material changes to the contingent consideration liabilities.
The
 following table summarizes the activity for the financial assets and liabilities where fair value measurem
en
ts are estimated utilizing Level 3 inputs:
 
    
Three months
ended March 31,
2026
     
Three months
ended March 31,
2025
  
    
(U.S. $ in millions)
  
Fair value at the beginning of the period
    $ (51 )     $ (401 ) 
Adjustments to provisions for contingent consideration:
      
Allergan transaction
      —         (9 ) 
Eagle transaction
      (1 )       (1 ) 
Novetide transaction
      (1 )       (1 ) 
Settlement of contingent consideration:
      
Allergan transaction
      —         4  
Eagle transaction
      11        12  
Novetide transaction
      2        2  
  
 
 
     
 
 
  
Fair value at the end of the period
    $ (40 )     $ (394 ) 
  
 
 
     
 
 
  
 
 
Financial
 instruments not measured at fair value
Financial instruments measured on a basis other than fair value mostly consist of senior notes, sustainability-linked senior notes and convertible senior debentures (see note 7) and are presented in the table below in terms of fair value (level 1 inputs):
 
    
Estimated fair value*
  
    
March 31,
2026
     
December 31,
2025
  
    
(U.S. $ in millions)
  
Senior notes and sustainability-linked senior notes included under senior notes and loans
    $ 13,886      $ 15,128  
Senior notes and convertible senior debentures included under short-term debt
      2,572        1,801  
  
 
 
     
 
 
  
Total
    $ 16,458      $ 16,929  
  
 
 
     
 
 
  
 
*
The fair value was estimated based on quoted market prices.
v3.26.1
Certain transactions (Tables)
 3 Months Ended
Mar. 31, 2026
Summary of Major Classes of Assets and Liabilities Included as Held for Sale
The table below summarizes all of Teva’s assets and liabilities included as held for sale as of March 31, 2026 and December 31, 2025:
 
    
March 31,
     
December 31,
  
    
2026
     
2025
  
    
(U.S. $ in millions)
  
Accounts receivables
    $ 47      $ 86  
Inventories
      527     
506  
Property, plant and equipment, net
      1,017        1,020  
Identifiable intangible assets, net
      19        29  
Goodwill
      207        213  
Other current assets
      86        87  
Other
non-current
assets
      174        184  
Expected loss on sale*
      (283 )       (283 ) 
  
 
 
     
 
 
  
Total assets of the disposal group classified as held for sale in the consolidated balance sheets
    $ 1,794      $ 1,842  
  
 
 
     
 
 
  
Accounts payables
      (252 )       (261 ) 
Other current liabilities
      (12 )       (16 ) 
Other
non-current
liabilities
      (70 )       (77 ) 
Total liabilities of the disposal group classified as held for sale in the consolidated balance sheets
    $ (334 )     $ (354 ) 
  
 
 
     
 
 
  
 
*
Includes an expected loss from reclassification of currency translation adjustments to the consolidated statements of income (loss) upon sale.
v3.26.1
Revenue from contracts with customers (Tables)
 3 Months Ended
Mar. 31, 2026
Summary of disaggregates revenues by major revenue streams
The following table disaggregates Teva’s revenues by major revenue streams. For additional information on disaggregation of revenues, see note 15.
In alignment with 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.
 
 
  
Three months ended March 31, 2026
 
 
  
United States
 
  
Europe
 
  
International
Markets
 
  
Other Activities
 
  
Total
 
 
  
(U.S.$ in millions)
 
Sale of goods
      1,493        1,312        476        109        3,389  
Licensing arrangements
      21        10        8        §        39  
Distribution
      —         §        18        378        396  
Other
      20        18        22        97        157  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
   $ 1,534      $ 1,340      $ 524      $ 584      $ 3,982  

  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
  
 
§
Represents an amount less than $0.5 million.
 
 
  
Three months ended March 31, 2025
 
 
  
United States
 
  
Europe
 
 
International

Markets
 
  
Other Activities
 
  
Total
 
 
  
(U.S.$ in millions)
 
Sale of goods
      1,514        1,198       553        129        3,395  
Licensing arrangements
      22        7       6        1        36  
Distribution
      —         §       11        373        384  
Other
      1        (12 )      12        76        76  
  
 
 
     
 
 
    
 
 
     
 
 
     
 
 
  
   $ 1,536      $ 1,194     $ 582      $ 579      $ 3,891  
  
 
 
     
 
 
    
 
 
     
 
 
     
 
 
  
 
§
Represents an amount less than $0.5 million.
Summary of Sales Reserves and Allowances
 
  
Sales Reserves and Allowances
 
 
  
Reserves
included in
Accounts
Receivable, net
 
 
Rebates
 
 
Medicaid and
other
governmental
allowances
 
 
Chargebacks
 
 
Returns
 
 
Other
 
 
Total
reserves
included in
Sales
Reserves and
Allowances
 
 
Total
 
 
  
(U.S.$ in millions)
 
Balance at January 1, 2026
    $ 63     $ 1,954     $ 701     $ 937     $ 445     $ 106     $ 4,143     $ 4,206  
Provisions related to sales made in current year period
   
88
    1,164  
292
  
1,849
  
65
  
38
     3,408       3,496  
Provisions related to sales made in prior periods
   —    (29
)
  
(8
)
   (11
)
   (8
)
   (3
)
     (59 )     (59 )
Credits and payments
   
(91
)
  
(1,419
)
   
(297
)
   
(1,939
)
  
(73
)

   
(35
)
      (3,763 )      (3,854 )
Translation differences
    —    
(13
)
   
(3
)
   
(3
)
   
(1
)
   
(2
)
      (22 )      (22 )
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Balance at March 31, 2026
    $ 60     $ 1,657     $ 685     $ 833     $ 428     $ 104     $ 3,707      $ 3,767  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
  
Sales Reserves and Allowances
 
 
  
Reserves
included in
Accounts
Receivable, net
 
 
Rebates
 
 
Medicaid and
other
governmental
allowances
 
 
Chargebacks
 
 
Returns
 
 
Other
 
 
Total
reserves
included in
Sales
Reserves and
Allowances
 
 
Total
 
 
  
(U.S.$ in millions)
 
Balance at January 1, 2025
    $ 56     $ 1,674     $ 561     $ 936     $ 399     $ 108     $ 3,678     $ 3,734  
Provisions related to sales made in current year period
      99       1,250       219       1,988       69       30       3,556       3,655  
Provisions related to sales made in prior periods
      —        (37 )     9       (20 )     (3 )     (4 )     (55 )     (55 )
Credits and payments
      (83 )      (1,224 )      (193 )      (2,035 )      (55 )      (16 )      (3,523 )      (3,606 ) 
Translation differences
      —        19       5       6       2       8       40       40  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at March 31, 2025
    $ 72     $ 1,682     $ 601     $ 875     $ 412     $ 126     $ 3,696     $ 3,768  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
v3.26.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2026
Summary of Inventories
Inventories, net of reserves, consisted of the following:
 
    
March 31,
     
December 31,
  
    
2026
     
2025
  
    
(U.S. $ in millions)
  
Finished products
    $ 1,848      $ 1,904  
Raw and packaging materials
      730        745  
Products in process
      386        364  
Materials in transit and payments on account
      213        166  
  
 
 
     
 
 
  
   $ 3,176      $ 3,179  
  
 
 
     
 
 
  
v3.26.1
Identifiable Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Summary of Identifiable Intangible Assets
Identifiable intangible assets consisted of the following:

 
 
  
Gross carrying amount net
of impairment
 
  
Accumulated amortization
 
  
Net carrying amount
 
 
  
March 31,
 
  
December 31,
 
  
March 31,
 
  
December 31,
 
  
March 31,
 
  
December 31,
 
 
  
2026
 
  
2025
 
  
2026
 
  
2025
 
  
2026
 
  
2025
 
    
(U.S. $ in millions)
  
Product rights
  
$
16,174
 
  
$
16,308
 
  
$
13,010
 
  
$
12,990
 
  
$
3,164
 
  
$
3,318
 
Trade names
      591        597        347        340        244        257  
In process research and development
      201        206        —         —         201        206  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 16,966      $ 17,111      $ 13,357      $ 13,330      $ 3,609      $ 3,781  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
v3.26.1
Goodwill (Tables)
 3 Months Ended
Mar. 31, 2026
Summary of Changes in the Carrying Amount of Goodwill by Segment
Changes in the carrying amount of goodwill for the period ended March 31, 2026, were as follows:

 
 
  
United
States
 
 
Europe
 
 
International
Markets
 
 
Other
Activities
 
 
Total
 
 
  
(U.S. $ in millions)
 
Balance as of December 31, 2025
(1)
  
$
5,732
 
 
$
8,812
 
 
$
1,166
 
 
$
292
 
 
$
16,000
 
Goodwill allocation related to the shift of Anda to Other Activities
  
 
(184
) 
 
 
 
 
184
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of January 1, 2026
  
$
5,548
 
 
$
8,812
 
 
$
1,166
 
 
$
476
 
 
$
16,000
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other changes during the period:
  
 
 
 
 
Translation differences and other
  
 
— 
 
 
 
(167
) 
 
 
(1
) 
 
 
(11
) 
 
 
(179
) 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of March 31, 2026
(1)
  
$
5,548
 
 
$
8,645
 
 
$
1,165
 
 
$
465
 
 
$
15,822
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Cumulative goodwill impairment as of March 31, 2026 and December 31, 2025, was approximately $29.6 billion
 in both periods
.
v3.26.1
Debt obligations (Tables)
 3 Months Ended
Mar. 31, 2026
Schedule of Short-term Debt
 
a.
Short-term debt:
 
 
  
 
 
 
 
 
  
March 31,
 
  
December 31,
 
 
  
Weighted average
interest rate as of
December 31, 2025
 
 
Maturity
 
  
2026
 
  
2025
 
 
  
 
 
 
 
 
  
(U.S. $ in millions)
 
Convertible debentures
(1)
      0.25 %      2026      $ —       $ 23  
Current maturities of long-term liabilities
           2,600        1,798  
Other short-term liabilities
           12        —   
       
 
 
     
 
 
  
Total short-term debt
         $ 2,612      $ 1,820  
Schedule of Long-term debt
b.
Long-term debt:
 
 
  
Interest rate as of
March 31, 2026
 
 
Maturity
 
  
March 31,
2026
 
  
December

31, 2025
 
 
  
 
 
 
 
 
  
(U.S. $ in millions)
 
Senior notes USD 3,500 million
  
 
3.15
% 
 
 
2026
 
  
 
1,798
 
  
 
1,798
 
Senior notes EUR 700 million
  
 
1.88
% 
 
 
2027
 
  
 
803
 
  
 
823
 
Sustainability-linked senior notes USD 1,000 million (1)
  
 
4.75
% 
 
 
2027
 
  
 
649
 
  
 
649
 
Sustainability-linked senior notes EUR 1,100 million (1)
  
 
3.75
% 
 
 
2027
 
  
 
1,262
 
  
 
1,292
 
Senior notes USD 1,250 million
  
 
6.75
% 
 
 
2028
 
  
 
1,250
 
  
 
1,250
 
Senior notes EUR 750 million
  
 
1.63
% 
 
 
2028
 
  
 
858
 
  
 
880
 
Sustainability-linked senior notes USD 1,000 million (2)
  
 
5.13
% 
 
 
2029
 
  
 
1,000
 
  
 
1,000
 
Sustainability-linked senior notes USD 600 million (3)
  
 
7.88
% 
 
 
2029
 
  
 
398
 
  
 
398
 
Sustainability-linked senior notes EUR 800 million (3)
  
 
7.38
% 
 
 
2029
 
  
 
760
 
  
 
779
 
Sustainability-linked senior notes EUR 1,500 million (2)
  
 
4.38
% 
 
 
2030
 
  
 
1,721
 
  
 
1,762
 
Senior notes USD 700 million
  
 
5.75
% 
 
 
2030
 
  
 
696
 
  
 
696
 
Sustainability-linked senior notes USD 500 million (3)
  
 
8.13
% 
 
 
2031
 
  
 
500
 
  
 
500
 
Sustainability-linked senior notes EUR 500 million (3)
  
 
7.88
% 
 
 
2031
 
  
 
574
 
  
 
587
 
Senior notes EUR 1,000 million
  
 
4.13
% 
 
 
2031
 
  
 
1,140
 
  
 
1,168
 
Senior notes USD 500 million
  
 
6.00
% 
 
 
2032
 
  
 
496
 
  
 
496
 
Senior notes USD 789 million
  
 
6.15
% 
 
 
2036
 
  
 
784
 
  
 
784
 
Senior notes USD 2,000 million
  
 
4.10
% 
 
 
2046
 
  
 
1,988
 
  
 
1,988
 
  
 
  
 
 
 
  
 
 
 
Total senior notes
 
  
 
16,677
 
  
 
16,850
 
Less current maturities
 
  
 
(2,600
) 
  
 
(1,798
) 
Less debt issuance costs
 
  
 
(62
) 
  
 
(66
) 
  
 
 
 
  
 
 
 
Total senior notes and loans
 
  
$
14,015
 
  
$
14,986
 
  
 
 
 
  
 
 
 
(1)
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.
(2)
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.
(3)
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.
v3.26.1
Derivative instruments and hedging activities (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Classification and Fair Values of Derivative Instruments
The following table summarizes the classification and fair values of derivative instruments:
 
    
Fair value
     
Fair value
  
    
Designated as hedging

instruments
     
Not designated as hedging

instruments
  
    
March 31,

2026
     
December 31,

2025
     
March 31,

2026
     
December 31,

2025
  
Reported under
   
(U.S. $ in millions)
     
(U.S. $ in millions)
  
Asset derivatives:
            
Other current assets:
            
Option and forward contracts
    $ —       $ —       $ 68      $ 86  
Liability derivatives:
            
Other current liabilities:
            
Option and forward contracts
      —         —         (66 )       (38 ) 
Other
non-current
liabilities:
            
Cross-currency interest rate swap-cash flow hedge (1)
      (18 )       (19 )       —         —   
Summary of Pre-tax (Gains) Losses From Derivatives Designated in Cash Flow Hedging Relationships
The table below provides information regarding the location and amount of
pre-tax
(gains) losses from derivatives designated in cash flow hedging relationships:
 
    
Financial expenses, net
     
Other comprehensive
income (loss)
  
    
Three months ended,
     
Three months ended,
  
    
March 31,

2026
     
March 31,
2025
     
March 31,

2026
     
March 31,
2025
  
Reported under
   
(U.S. $ in millions)
  
Line items in which effects of hedges are recorded
    $ 216      $ 225      $ (121 )     $ 500  
Cross-currency interest rate swap - cash flow hedge (1)
      (10 )       —         1        —   
Summary of Pre-tax (Gains) Losses From Derivatives Not Designated in as Hedging Instruments
The table below provides information regarding the location and amount of
pre-tax
(gains) losses from derivatives not designated as hedging instruments:
 
    
Financial expenses, net
     
Net revenues
  
    
Three months ended,
     
Three months ended,
  
    
March 31,
2026
     
March 31,
2025
     
March 31,
2026
     
March 31,
2025
  
Reported under
   
(U.S. $ in millions)
  
Line items in which effects of hedges are recorded
    $ 216      $ 225      $ (3,982 )     $ (3,891 ) 
Option and forward contracts (2)
      11        62        —         —   
Option and forward contracts economic hedge (3)
      —         —         (11 )       27  
 

(1)
In 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.
(2)
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.
(3)
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
in
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.
v3.26.1
Other assets impairments, restructuring and other items (Tables)
 3 Months Ended
Mar. 31, 2026
Text Block [Abstract]  
Schedule of Other Assets Impairments, Restructuring and Other Items
 
  
Three months ended

March 31,
 
 
  
2026
 
  
2025
 
 
  
(U.S. $ in millions)
 
Impairments of long
-
lived tangible assets
(*)
    $ 1      $ (44 ) 
Contingent consideration
      5        11  
Restructuring
      25        14  
Other
      (4 )       (2 ) 
  
 
 
     
 
 
  
Total
    $ 26      $ (22 ) 
  
 
 
     
 
 
  
 
(*)
Including impairments related to exit and disposal activities.
Summary of Restructuring Plan Including Costs Related to Exit and Disposal
The following tables provide the components of the Company’s restructuring costs:
 
 
  
Three months ended March 31,
 
 
  
2026
 
  
2025
 
 
  
(U.S. $ in millions)
 
Restructuring
      
Employee termination
    $ 22      $ 12  
Other
      3        2  
  
 
 
     
 
 
  
Total
    $  25      $  14  
  
 
 
     
 
 
  
Summary of Restructuring Accruals
The following table provides the components of and changes in the Company’s restructuring accruals:
 
 
  
Employee
termination

costs
 
  
Other
 
  
Total
 
 
  
(U.S. $ in millions)
 
Balance as of January 1, 2026
    $ (124 )     $ (14 )     $ (138 ) 
Provision
      (22 )       (3 )       (25 ) 
Utilization and other*
        42          3          45  
  
 
 
     
 
 
     
 
 
  
Balance as of March 31, 2026
    $ (104 )     $ (14 )     $ (118 ) 
  
 
 
     
 
 
     
 
 
  
    
Employee
termination

costs
     
Other
     
Total
  
    
(U.S. $ in millions)
  
Balance as of January 1, 2025
    $ (55 )     $ (13 )     $ (68 ) 
Provision
      (12 )       (2 )       (14 ) 
Utilization and other*
        23          2          25  
  
 
 
     
 
 
     
 
 
  
Balance as of March 31, 2025
    $ (44 )     $ (13 )     $ (57 ) 
  
 
 
     
 
 
     
 
 
  
 
*
Includes adjustments for foreign currency translation.
v3.26.1
Earnings (Loss) per share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings per Share
Basic and diluted earnings (loss) per share attributable to Teva’s ordinary shareholders for the three months ended March 31, 2026 and 2025, are calculated as follows:
 
 
  
Three Months Ended

March 31,
 
 
  
(U.S. $ in millions except per share amounts)
 
 
  
2026
 
  
2025
 
Basic earnings (loss) attributable to Teva’s ordinary shareholders (numerator):
  
Net income (loss) attributable to Teva’s ordinary shareholders
    $ 369      $ 214  
  
 
 
     
 
 
  
Shares (denominator):
      
Weighted average shares outstanding
      1,156        1,138  
  
 
 
     
 
 
  
Basic earnings (loss) attributable to Teva’s ordinary shareholders
    $ 0.32      $ 0.19  
  
 
 
     
 
 
  
Diluted earnings (loss) attributable to Teva’s ordinary shareholders (numerator):
      
Net income (loss) attributable to Teva’s ordinary shareholders
    $ 369      $ 214  
  
 
 
     
 
 
  
Shares (denominator):
      
Weighted average shares outstanding
      1,156        1,138  
Diluted effect of stock options, RSUs and PSUs
      23        21  
  
 
 
     
 
 
  
Total dilutive shares outstanding
      1,179        1,159  
  
 
 
     
 
 
  
Diluted earnings (loss) attributable to Teva’s ordinary shareholders
    $ 0.31      $ 0.18  
  
 
 
     
 
 
  
v3.26.1
Accumulated other comprehensive income (loss) (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Accumulated Other Comprehensive Income/(Loss) (Net of Tax)
The components of, and changes within, accumulated other comprehensive income (loss) attributable to Teva are presented in the table below:
 
 
  
Net Unrealized Gains (Losses)
 
  
Benefit Plans
 
  
 
 
 
  
Foreign
currency
translation
adjustments
 
  
Derivative
financial
instruments
 
  
Actuarial gains
(losses) and
prior service
(costs) credits
 
  
Total
 
 
  
(U.S. $ in millions)
 
Balance as of December 31, 2025, net of taxes
    $ (2,152 )     $ (199 )     $ (39 )     $ (2,391 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Other comprehensive income (loss) before reclassifications
      (107 )       (4 )       —         (111 ) 
Amounts reclassified to the statements of income
      —         5        (1 )       4  
Release of cumulative translation adjustments
      (6 )       —         —         (6 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net other comprehensive income (loss) before tax
      (113 )       1        (1 )       (113 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Corresponding income tax
      (8 )       —         —         (8 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net other comprehensive income (loss) after tax
      (121 )       1        (1 )       (121 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Balance as of March 31, 2026, net of taxes
    $ (2,273 )     $ (198 )     $ (40 )     $ (2,512 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
    
Net Unrealized Gains (Losses)
     
Benefit Plans
         
    
Foreign
currency
translation
adjustments
     
Derivative
financial
instruments
     
Actuarial gains
(losses) and
prior service
(costs) credits
     
Total
  
    
(U.S. $ in millions)
  
Balance as of December 31, 2024, net of taxes
    $ (2,857 )     $ (238 )     $ (52 )     $ (3,148 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Other comprehensive income (loss) before reclassifications
      307        —         —         307  
Amounts reclassified to the statements of income
      —         7        (1 )       6  
Release of cumulative translation adjustments**
      181        —         —         181  
  
 
 
     
 
 
     
 
 
     
 
 
  
Net other comprehensive income (loss) before tax
      488        7        (1 )       494  
  
 
 
     
 
 
     
 
 
     
 
 
  
Corresponding income tax
      (21 )       —         —         (21 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net other comprehensive income (loss) after tax*
      467        7        (1 )       473  
  
 
 
     
 
 
     
 
 
     
 
 
  
Balance as of March 31, 2025, net of taxes
    $ (2,390 )     $ (231 )     $ (53 )     $ (2,675 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  

*
Amounts do not include a $27 million gain from foreign currency translation adjustments attributable to redeemable and
non-redeemable
non-controlling
interests.
**
In connection with the sale of Teva’s business venture in Japan.
v3.26.1
Segments (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Summary of Segment Profit
 
a.
Segment information:
 
 
  
Three months ended March 31,

2026
 
 
  
United States
 
  
Europe
 
  
International Markets
 
 
  
(U.S. $ in millions)
 
Revenues
    $ 1,534      $ 1,340      $ 524  
Cost of sales
      496        606        280  
R&D expenses
      147        45        22  
S&M expenses
      298        215        117  
G&A expenses
      90        73        39  
Other
      (4 )       §        §  
  
 
 
     
 
 
     
 
 
  
Segment profit*
    $ 507      $ 401      $ 65  
  
 
 
     
 
 
     
 
 
  
 
*
Segment profit includes depreciation expenses of $36 million in the United States
 segment
, $33 million in
the 
Europe
segment, 
and $17 million in
the 
International Markets
 segment
.
§
Represents an amount less than $0.5 million.
 
 
 
 
 
  
Three months ended March 31,

2025
 
 
  
United States
 
  
Europe
 
  
International Markets
 
 
  
(U.S. $ in millions)
 
Revenues
    $ 1,536      $ 1,194      $ 582  
Cost of sales
      523        536        304  
R&D expenses
      154        60        25  
S&M expenses
      244        199        118  
G&A expenses
      95        69        39  
Other
      3        §        (1 ) 
  
 
 
     
 
 
     
 
 
  
Segment profit*
    $ 518      $ 329      $ 97  
  
 
 
     
 
 
     
 
 
  

*
Segment profit includes depreciation expenses of $36 million in the United States
 segment
, $30 million in
the 
Europe
segment, 
and $17 million in
the 
International Markets
 segment
.
§
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 months ended March 31, 2026 and 2025:
 
 
  
Three months ended
March 31,
 
 
  
2026
 
  
2025
 
 
  
(U.S. $ in millions)
 
United States profit
    $ 507      $ 518  
Europe profit
      401        329  
International Markets profit
      65        97  
  
 
 
     
 
 
  
Total reportable segments profit
      972        944  
Profit (loss) of Other Activities
      (16 )       2  
  
 
 
     
 
 
  
Amounts not allocated to segments:
      
Amortization
      137        145  
Other assets impairments, restructuring and other items
      26        (22 ) 
Intangible assets impairments
      8        121  
Legal settlements and loss contingencies
      72        83  
Other unallocated amounts
      60        99  
  
 
 
     
 
 
  
Consolidated operating income (loss)
      652        519  
  
 
 
     
 
 
  
Financial expenses, net
      216        225  
  
 
 
     
 
 
  
Consolidated income (loss) before income taxes
    $ 437      $ 294  
  
 
 
     
 
 
  
Schedule Of Consolidated Income Before Income Tax
b. Segment revenues by major products and activities:

The following tables present revenues by major products and activities for the three months ended March 31, 2026 and 2025:
 
United States
   
Three months ended

March 31,
  
 
   
2026
     
2025
  
    
(U.S. $ in millions)
  
Generic products (including biosimilars)
    $ 612      $ 849  
AJOVY
®
      87        53  
AUSTEDO
      559        396  
BENDEKA
®
and TREANDA
®
      27        36  
COPAXONE
      62        54  
UZEDY
      63        39  
Other*
      123        109  
  
 
 
     
 
 
  
Total
    $ 1,534      $ 1,536  
  
 
 
     
 
 
  
 
*
Other revenues in the first quarter of 2026 include the sale of certain product rights.
 
Europe
   
Three months ended

March 31,
  
    
2026
     
2025
  
    
(U.S. $ in millions)
  
Generic products (including OTC and biosimilars)
    $ 1,089      $ 989  
AJOVY
      76        58  
COPAXONE
      40        42  
Respiratory products
      59        55  
Other*
      76        50  
  
 
 
     
 
 
  
Total
    $ 1,340      $ 1,194  
  
 
 
     
 
 
  

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


 
International markets
  
Three months ended

March 31,
 
 
  
2026
 
  
2025
 
 
  
(U.S. $ in millions)
 
Generic products (including OTC and biosimilars)
    $ 386      $ 468  
AJOVY
      33        28  
AUSTEDO
      19        15  
COPAXONE
      6        10  
Other*
      79        61  
  
 
 
     
 
 
  
Total
    $ 524      $ 582  
  
 
 
     
 
 
  
 
*
Other revenues in the first quarter of 2026 and 2025 include the sale of certain product rights.
v3.26.1
Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2026
Summary of Financial Items Carried at Fair Value
Financial items carried at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 are classified in the tables below in one of the three categories of fair value levels:
  
    
March 31, 2026
  
    
Level 1
     
Level 2
     
Level 3
     
Total
  
    
(U.S. $ in millions)
  
Cash and cash equivalents:
            
Money markets
    $ 2,979      $ —       $ —       $ 2,979  
Cash, deposits and other
      762        —         —         762  
Investment in securities:
            
Equity securities
      15        —         —         15  
Other
      3        —         —         3  
Derivatives:
            
Asset derivatives:
            
Options and forward contracts
      —         68        —         68  
Liability derivatives:
            
Options and forward contracts
      —         (66 )       —         (66 ) 
Cross currency interest rate swap
      —         (18 )       —         (18 ) 
Contingent consideration*
      —         —         (40 )       (40 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 3,759      $ (16 )     $ (40 )     $ 3,703  
  
 
 
     
 
 
     
 
 
     
 
 
  
    
December 31, 2025
  
    
Level 1
     
Level 2
     
Level 3
     
Total
  
    
(U.S. $ in millions)
  
Cash and cash equivalents:
            
Money markets
    $ 2,678      $ —       $ —       $ 2,678  
Cash, deposits and other
      878        —         —         878  
Investment in securities:
            
Equity securities
      16        —         —         16  
Other
      3        —         —         3  
Derivatives:
            
Asset derivatives:
            
Options and forward contracts
      —         86        —         86  
Liability derivatives:
            
Options and forward contracts
      —         (38 )       —         (38 ) 
Cross currency interest rate swap
      —         (19 )       —         (19 ) 
Contingent consideration*
   
—         —         (51 )       (51 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 3,575      $ 29      $ (51 )     $ 3,553  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
*
Contingent consideration represents liabilities recorded at fair value in connection with acquisitions.
Summary of Fair Value of Financial Liabilities Measured Using Level 3 Inputs
The
 following table summarizes the activity for the financial assets and liabilities where fair value measurem
en
ts are estimated utilizing Level 3 inputs:
 
    
Three months
ended March 31,
2026
     
Three months
ended March 31,
2025
  
    
(U.S. $ in millions)
  
Fair value at the beginning of the period
    $ (51 )     $ (401 ) 
Adjustments to provisions for contingent consideration:
      
Allergan transaction
      —         (9 ) 
Eagle transaction
      (1 )       (1 ) 
Novetide transaction
      (1 )       (1 ) 
Settlement of contingent consideration:
      
Allergan transaction
      —         4  
Eagle transaction
      11        12  
Novetide transaction
      2        2  
  
 
 
     
 
 
  
Fair value at the end of the period
    $ (40 )     $ (394 ) 
  
 
 
     
 
 
  
Summary of Financial Instrument Measured on a Basis Other Than Fair Value
Financial instruments measured on a basis other than fair value mostly consist of senior notes, sustainability-linked senior notes and convertible senior debentures (see note 7) and are presented in the table below in terms of fair value (level 1 inputs):
 
    
Estimated fair value*
  
    
March 31,
2026
     
December 31,
2025
  
    
(U.S. $ in millions)
  
Senior notes and sustainability-linked senior notes included under senior notes and loans
    $ 13,886      $ 15,128  
Senior notes and convertible senior debentures included under short-term debt
      2,572        1,801  
  
 
 
     
 
 
  
Total
    $ 16,458      $ 16,929  
  
 
 
     
 
 
  
 
*
The fair value was estimated based on quoted market prices.
v3.26.1
Certain Transactions - Other Transactions - Additional Information (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 03, 2026
Jan. 11, 2026
Nov. 09, 2023
Apr. 30, 2026
Jan. 31, 2026
Jan. 31, 2024
Oct. 31, 2021
Nov. 30, 2013
Mar. 31, 2026
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Sep. 30, 2022
Dec. 31, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Mar. 28, 2024
Oct. 03, 2023
Noncash or Part Noncash Acquisitions [Line Items]                                            
Other commitment                                         $ 150  
Sanofi [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
Milestone payment                   $ 250                        
Sanofi [Member] | Collaborative Arrangement [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
Milestone payment receivable                                           $ 500
Development and launch milestone payment receivable                                           $ 500
Biolojic Design Ltd [Member] | Collaborative Arrangement [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
Additional development and milestone payments receivable                   500           $ 500            
Biolojic Design Ltd [Member] | Research and Development Expense [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
Milestone payment           $ 10     $ 5                          
Royalty Pharma [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
Collaborative agreement milestone payments   $ 500 $ 100                                      
Milestone payment percentage cap   130.00%                                        
Phase 3 funding option amount   $ 425                                        
Phase 2b funding option amount   $ 75                                        
Term of royalty payment     5 years                                      
Royalty Pharma [Member] | Research and Development Expense [Member] | Collaborative Arrangement [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
Reimbursement of research and development expenses incurred                                 $ 100 $ 100        
Blackstone Life Sciences [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
Collaborative agreement milestone payments $ 400                                          
Blackstone Life Sciences [Member] | Research and Development Expense [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
Reimbursement of research and development expenses incurred                 30                          
Teva's API business [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax                 0             8            
Abingworth [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
Increase in development funding commitment         $ 50                                  
Abingworth [Member] | Research and Development Expense [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
Reimbursement of research and development expenses incurred                 30             98 42          
Alvotech [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
Milestone payment                 149 20           149 $ 149 $ 149 $ 149 $ 149    
Collaborative agreement milestone payments                   $ 325                        
mAbxience [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
Collaborative agreement milestone payments                 291                          
mAbxience [Member] | Research and Development Expense [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
Milestone payment                 $ 29                          
Aggregate upfront and milestone payments                       $ 15       $ 20            
MedinCell [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
Milestone payment                           $ 3                
Collaborative agreement milestone payments               $ 105         $ 112                  
MedinCell [Member] | Research and Development Expense [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
Milestone payment                           $ 5                
MODAG [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
License agreement potential aggregate milestone payments amount             $ 20                              
MODAG [Member] | Research and Development Expense [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
Milestone payment                             $ 10              
Milestone Payment To Be Paid                     $ 10                      
Subsequent Event [Member] | Emalex Biosciences [Member]                                            
Noncash or Part Noncash Acquisitions [Line Items]                                            
Agreement Milestone Payments       $ 200                                    
Payments to Acquire Businesses, Gross       $ 700                                    
v3.26.1
Certain Transactions - Business Acquisitions - Summary of Major Classes of Assets and Liabilities Included as Held for Sale (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Business Combinations [Abstract]    
Accounts receivables $ 47 $ 86
Inventories 527 506
Property, plant and equipment, net 1,017 1,020
Identifiable intangible assets, net 19 29
Goodwill 207 213
Other current assets 86 87
Other non-current assets 174 184
Expected loss on sale [1] (283) (283)
Total assets of the disposal group classified as held for sale in the consolidated balance sheets 1,794 1,842
Accounts payables (252) (261)
Other current liabilities (12) (16)
Other non-current liabilities (70) (77)
Total liabilities of the disposal group classified as held for sale in the consolidated balance sheets $ (334) $ (354)
[1] Includes an expected loss from reclassification of currency translation adjustments to the consolidated statements of income (loss) upon sale.
v3.26.1
Revenue from Contracts with Customers - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2026
United States [Member]  
Revenue Recognition [Line Items]  
Percentage sales reserves and allowances to U.S. customers 67.00%
v3.26.1
Revenue from Contracts with Customers - Summary of Disaggregation of Revenues by Major Revenue Streams (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Total revenue $ 3,982 $ 3,891
Sale of Goods [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 3,389 3,395
Licensing Arrangements [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 39 [1] 36
Distribution [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 396 384
Other [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 157 [2] 76 [3]
International Markets [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 524 582
International Markets [Member] | Sale of Goods [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 476 553
International Markets [Member] | Licensing Arrangements [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 8 [1] 6
International Markets [Member] | Distribution [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 18 11
International Markets [Member] | Other [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 22 [2] 12 [3]
Other Activities [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 584 579
Other Activities [Member] | Sale of Goods [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 109 129
Other Activities [Member] | Licensing Arrangements [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue   1
Other Activities [Member] | Distribution [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 378 373
Other Activities [Member] | Other [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 97 [2] 76 [3]
United States [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 1,534 1,536
United States [Member] | Sale of Goods [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 1,493 1,514
United States [Member] | Licensing Arrangements [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 21 [1] 22
United States [Member] | Distribution [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 0 0
United States [Member] | Other [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 20 [2] 1 [3]
Europe [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 1,340 1,194
Europe [Member] | Sale of Goods [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 1,312 1,198
Europe [Member] | Licensing Arrangements [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 10 [1] 7
Europe [Member] | Other [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue $ 18 [2] $ (12) [3]
[1] Revenues from licensing arrangements in United States segment were mainly comprised of development milestone payments of $500 million received in the fourth quarter of 2025, in connection with the initiation of Phase 3 studies for duvakitug (anti-TL1A). See note 2.
[2] “Other” revenues in Europe and International Markets segments include revenues related to sales of certain product rights.
[3] “Other” revenues in United States, Europe and International Markets segments include revenues related to sales of certain product rights.
v3.26.1
Revenue from Contracts with Customers - Schedule of Sales Reserves and Allowances (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue Recognition [Line Items]    
Balance at beginning of period $ 4,206 $ 3,734
Provisions related to sales made in current year period 3,496 3,655
Provisions related to sales made in prior periods (59) (55)
Credits and payments (3,854) (3,606)
Translation differences (22) 40
Balance at end of period 3,767 3,768
Reserves Included in Accounts Receivable, net [Member]    
Revenue Recognition [Line Items]    
Balance at beginning of period 63 56
Provisions related to sales made in current year period 88 99
Provisions related to sales made in prior periods 0 0
Credits and payments (91) (83)
Translation differences 0 0
Balance at end of period 60 72
Rebates [Member]    
Revenue Recognition [Line Items]    
Balance at beginning of period 1,954 1,674
Provisions related to sales made in current year period 1,164 1,250
Provisions related to sales made in prior periods (29) (37)
Credits and payments (1,419) (1,224)
Translation differences (13) 19
Balance at end of period 1,657 1,682
Medicaid and other governmental allowances [Member]    
Revenue Recognition [Line Items]    
Balance at beginning of period 701 561
Provisions related to sales made in current year period 292 219
Provisions related to sales made in prior periods (8) 9
Credits and payments (297) (193)
Translation differences (3) 5
Balance at end of period 685 601
Chargebacks [Member]    
Revenue Recognition [Line Items]    
Balance at beginning of period 937 936
Provisions related to sales made in current year period 1,849 1,988
Provisions related to sales made in prior periods (11) (20)
Credits and payments (1,939) (2,035)
Translation differences (3) 6
Balance at end of period 833 875
Returns [Member]    
Revenue Recognition [Line Items]    
Balance at beginning of period 445 399
Provisions related to sales made in current year period 65 69
Provisions related to sales made in prior periods (8) (3)
Credits and payments (73) (55)
Translation differences (1) 2
Balance at end of period 428 412
Other [Member]    
Revenue Recognition [Line Items]    
Balance at beginning of period 106 108
Provisions related to sales made in current year period 38 30
Provisions related to sales made in prior periods (3) (4)
Credits and payments (35) (16)
Translation differences (2) 8
Balance at end of period 104 126
Total reserves included in sales reserves and allowances [Member]    
Revenue Recognition [Line Items]    
Balance at beginning of period 4,143 3,678
Provisions related to sales made in current year period 3,408 3,556
Provisions related to sales made in prior periods (59) (55)
Credits and payments (3,763) (3,523)
Translation differences (22) 40
Balance at end of period $ 3,707 $ 3,696
v3.26.1
Inventories - Summary of Inventories (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Inventories [Line Items]    
Finished products $ 1,848 $ 1,904
Raw and packaging materials 730 745
Products in process 386 364
Materials in transit and payments on account 213 166
Total $ 3,176 $ 3,179
v3.26.1
Identifiable Intangible Assets - Additional Information (Detail)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]        
Amortization of intangible assets useful life       7 years
Amortization of intangible assets $ 137 $ 145    
Impairment of intangible assets excluding goodwill $ 8 $ 121    
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] Intangible Assets Impairments Intangible Assets Impairments    
Minimum [Member] | Measurement input, discount rate [Member]        
Finite-Lived Intangible Assets [Line Items]        
Business combination, contingent consideration, liability, measurement input 8.25      
Maximum [Member] | Measurement input, discount rate [Member]        
Finite-Lived Intangible Assets [Line Items]        
Business combination, contingent consideration, liability, measurement input 11      
Generic Pipeline Products [Member] | In Process Research And Development To Product Rights [Member] | Development Progress And Changes In Other Key Valuation Assumptions [Member]        
Finite-Lived Intangible Assets [Line Items]        
Impairment of intangible assets excluding goodwill     $ 9  
In process research and development [Member] | Minimum [Member]        
Finite-Lived Intangible Assets [Line Items]        
Business combination, contingent consideration, liability, measurement input 8.25      
In process research and development [Member] | Maximum [Member]        
Finite-Lived Intangible Assets [Line Items]        
Business combination, contingent consideration, liability, measurement input 11.25      
In process research and development [Member] | Maximum [Member] | Measurement input, discount rate [Member]        
Finite-Lived Intangible Assets [Line Items]        
Business combination, contingent consideration, liability, measurement input 90      
Identifiable product rights [Member]        
Finite-Lived Intangible Assets [Line Items]        
Impairment of intangible assets excluding goodwill $ 7 $ 112    
Identifiable product rights [Member] | Regulatory Price And Volume Of Products [Member]        
Finite-Lived Intangible Assets [Line Items]        
Impairment of intangible assets excluding goodwill   72    
Identifiable product rights [Member] | Updated Market Assumptions [Member]        
Finite-Lived Intangible Assets [Line Items]        
Impairment of intangible assets excluding goodwill   $ 40    
v3.26.1
Identifiable Intangible Assets - Summary of Identifiable Intangible Assets (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount net of impairment $ 16,966 $ 17,111
Accumulated amortization 13,357 13,330
Net carrying amount 3,609 3,781
Product rights [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount net of impairment 16,174 16,308
Accumulated amortization 13,010 12,990
Net carrying amount 3,164 3,318
Trade names [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount net of impairment 591 597
Accumulated amortization 347 340
Net carrying amount 244 257
In process research and development [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount net of impairment 201 206
Accumulated amortization 0 0
Net carrying amount $ 201 $ 206
v3.26.1
Goodwill - Summary of Changes in the Carrying Amount of Goodwill by Segment (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Goodwill [Line Items]    
Beginning balance $ 16,000 $ 16,000
Translation differences and other (179)  
Ending balance 15,822 16,000
United States [Member]    
Goodwill [Line Items]    
Beginning balance 5,548 5,732
Goodwill allocation related to the shift of Anda to Other Activities   (184)
Translation differences and other 0  
Ending balance 5,548 5,548
Europe [Member]    
Goodwill [Line Items]    
Beginning balance 8,812 8,812
Translation differences and other (167)  
Ending balance 8,645 8,812
International Markets [Member]    
Goodwill [Line Items]    
Beginning balance 1,166 1,166
Translation differences and other (1)  
Ending balance 1,165 1,166
Other [Member]    
Goodwill [Line Items]    
Beginning balance 476 292
Goodwill allocation related to the shift of Anda to Other Activities   184
Translation differences and other (11)  
Ending balance $ 465 $ 476
v3.26.1
Goodwill - Summary of Changes in the Carrying Amount of Goodwill by Segment (Parenthetical) (Detail) - USD ($)
$ in Billions
Mar. 31, 2026
Dec. 31, 2025
Goodwill [Line Items]    
Accumulated goodwill impairment $ 29.6 $ 29.6
v3.26.1
Debt Obligations - Schedule of Short-term Debt (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Other short-term liabilities $ 12 $ 0
Current maturities of long-term liabilities 2,600 1,798
Total short term debt $ 2,612 1,820
Convertible senior debentures [Member]    
Debt Instrument [Line Items]    
Weighted average interest rate [1] 0.25%  
Maturity [1] 2026  
Convertible debentures [1] $ 0 $ 23
[1] In February 2026, Teva repaid $23 million of the 0.25% convertible senior debentures at maturity.
v3.26.1
Debt Obligations - Schedule of Senior Notes and Loans (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Total senior notes $ 16,677 $ 16,850
Less current maturities (2,600) (1,798)
Less debt issuance costs (62) (66)
Total senior notes and loans $ 14,015 14,986
Senior notes USD 3,500 million [Member]    
Debt Instrument [Line Items]    
Weighted average interest rate 3.15%  
Maturity 2026  
Total senior notes $ 1,798 1,798
Senior notes EUR 700 million [Member]    
Debt Instrument [Line Items]    
Weighted average interest rate 1.88%  
Maturity 2027  
Total senior notes $ 803 823
Sustainability-linked senior notes USD 1,000 million [Member]    
Debt Instrument [Line Items]    
Weighted average interest rate [1] 4.75%  
Maturity [1] 2027  
Total senior notes [1] $ 649 649
Sustainability-linked senior notes EUR 1,100 million [Member]    
Debt Instrument [Line Items]    
Weighted average interest rate [1] 3.75%  
Maturity [1] 2027  
Total senior notes [1] $ 1,262 1,292
Senior notes USD 1,250 million [Member]    
Debt Instrument [Line Items]    
Weighted average interest rate 6.75%  
Maturity 2028  
Total senior notes $ 1,250 1,250
Senior notes EUR 750 million [Member]    
Debt Instrument [Line Items]    
Weighted average interest rate 1.63%  
Maturity 2028  
Total senior notes $ 858 880
Sustainability-linked senior notes USD 1,000 million [Member]    
Debt Instrument [Line Items]    
Weighted average interest rate [2] 5.13%  
Maturity [2] 2029  
Total senior notes [2] $ 1,000 1,000
Sustainability-linked senior notes USD 600 million [Member]    
Debt Instrument [Line Items]    
Weighted average interest rate [3] 7.88%  
Maturity [3] 2029  
Total senior notes [3] $ 398 398
Sustainability-linked senior notes EUR 800 million [Member]    
Debt Instrument [Line Items]    
Weighted average interest rate [3] 7.38%  
Maturity [3] 2029  
Total senior notes [3] $ 760 779
Sustainability-linked senior notes EUR 1,500 million [Member]    
Debt Instrument [Line Items]    
Weighted average interest rate [2] 4.38%  
Maturity [2] 2030  
Total senior notes [2] $ 1,721 1,762
Senior notes USD 700 million [Member]    
Debt Instrument [Line Items]    
Weighted average interest rate 5.75%  
Maturity 2030  
Total senior notes $ 696 696
Sustainability-linked senior notes USD 500 million [Member]    
Debt Instrument [Line Items]    
Weighted average interest rate [3] 8.13%  
Maturity [3] 2031  
Total senior notes [3] $ 500 500
Sustainability-linked senior notes EUR 500 million [Member]    
Debt Instrument [Line Items]    
Weighted average interest rate [3] 7.88%  
Maturity [3] 2031  
Total senior notes [3] $ 574 587
Senior notes EUR 1000 Million [Member]    
Debt Instrument [Line Items]    
Weighted average interest rate 4.13%  
Maturity 2031  
Total senior notes $ 1,140 1,168
Senior notes USD 500 million [Member]    
Debt Instrument [Line Items]    
Weighted average interest rate 6.00%  
Maturity 2032  
Total senior notes $ 496 496
Senior notes USD 789 million [Member]    
Debt Instrument [Line Items]    
Weighted average interest rate 6.15%  
Maturity 2036  
Total senior notes $ 784 784
Senior notes USD 2,000 million [Member]    
Debt Instrument [Line Items]    
Weighted average interest rate 4.10%  
Maturity 2046  
Total senior notes $ 1,988 $ 1,988
[1] 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.
[2] 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.
[3] 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.
v3.26.1
Debt Obligations - Schedule of Senior Notes and Loans (Parenthetical) (Detail) - 3 months ended Mar. 31, 2026
€ in Millions, $ in Millions
USD ($)
EUR (€)
Senior notes USD 3,500 million [Member]    
Debt Instrument [Line Items]    
Debt instrument face amount $ 3,500  
Senior notes EUR 700 million [Member]    
Debt Instrument [Line Items]    
Debt instrument face amount | €   € 700
Sustainability-linked senior notes USD 1,000 million [Member]    
Debt Instrument [Line Items]    
Debt instrument face amount 1,000  
Sustainability-linked senior notes EUR 1,100 million [Member]    
Debt Instrument [Line Items]    
Debt instrument face amount | €   1,100
Senior notes USD 1,250 million [Member]    
Debt Instrument [Line Items]    
Debt instrument face amount 1,250  
Senior notes EUR 750 million [Member]    
Debt Instrument [Line Items]    
Debt instrument face amount | €   750
Sustainability-linked senior notes USD 1,000 million [Member]    
Debt Instrument [Line Items]    
Debt instrument face amount 1,000  
Sustainability-linked senior notes USD 600 million [Member]    
Debt Instrument [Line Items]    
Debt instrument face amount $ 600  
Sustainability-linked senior notes USD 600 million [Member] | Maximum [Member] | From September Fifteenth Two Thousand And Twenty Six [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Increase (Decrease) (0.30%)  
Sustainability-linked senior notes USD 600 million [Member] | Minimum [Member] | From September Fifteenth Two Thousand And Twenty Six [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Increase (Decrease) 0.10%  
Sustainability-linked senior notes EUR 800 million [Member]    
Debt Instrument [Line Items]    
Debt instrument face amount | €   800
Sustainability-linked senior notes EUR 1,500 million [Member]    
Debt Instrument [Line Items]    
Debt instrument face amount | €   1,500
Senior notes USD 700 million [Member]    
Debt Instrument [Line Items]    
Debt instrument face amount $ 700  
Sustainability-linked senior notes USD 500 million [Member]    
Debt Instrument [Line Items]    
Debt instrument face amount 500  
Sustainability-linked senior notes EUR 500 million [Member]    
Debt Instrument [Line Items]    
Debt instrument face amount | €   500
Senior notes EUR 1000 Million [Member]    
Debt Instrument [Line Items]    
Debt instrument face amount | €   € 1,000
Senior notes USD 500 million [Member]    
Debt Instrument [Line Items]    
Debt instrument face amount 500  
Senior notes USD 789 million [Member]    
Debt Instrument [Line Items]    
Debt instrument face amount 789  
Senior notes USD 2,000 million [Member]    
Debt Instrument [Line Items]    
Debt instrument face amount $ 2,000  
Interest Rate Increase [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Increase (Decrease) (0.375%)  
Interest Rate Increase [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Increase (Decrease) 0.125%  
One Time Premium Payment [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Increase (Decrease) (0.45%)  
One Time Premium Payment [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Increase (Decrease) 0.15%  
v3.26.1
Debt Obligations - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Jan. 31, 2025
Debt Instrument [Line Items]      
Long term debt currency portion USD 57.00%    
Convertible Debt [Member]      
Debt Instrument [Line Items]      
Weighted average interest rate 0.25%    
Repayments of convertible senior debentures $ 23    
Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Line of Credit Facility, Maximum Borrowing Capacity     $ 1,800
Revolving Credit Facility [Member] | Amended Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Leverage Ratio   4.25  
v3.26.1
Derivative Instruments and Hedging Activities - Summary of Classification and Fair Values of Derivative Instruments (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member]    
Derivative [Line Items]    
Asset derivatives $ 0 $ 0
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Liabilities [Member]    
Derivative [Line Items]    
Liability derivatives 0 0
Designated as Hedging Instrument [Member] | Cross Currency Swap Cash Flow Hedge [Member] | Other Noncurrent Liabilities [Member]    
Derivative [Line Items]    
Asset derivatives [1] (18) (19)
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member]    
Derivative [Line Items]    
Asset derivatives 68 86
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Liabilities [Member]    
Derivative [Line Items]    
Liability derivatives (66) (38)
Not Designated as Hedging Instrument [Member] | Cross Currency Swap Cash Flow Hedge [Member] | Other Noncurrent Liabilities [Member]    
Derivative [Line Items]    
Asset derivatives [1] $ 0 $ 0
[1] In May 2025, Teva entered into a $500 million notional amount of fixed to fixed cross-currency interest rate swaps relating to its 5.75% senior notes due 2030 to hedge the foreign currency exchange risk of future principal and interest payments associated with the USD denominated notes. The cross-currency swaps synthetically convert part of the USD debt into CHF, aligning debt servicing costs with Teva’s inflows and reducing economic volatility. These swaps have been designated as cash flow hedges and the gain or loss on these swaps will be reported as a component of other comprehensive income and reclassified into earnings in each period during which the swaps affect earnings in the same line item associated with the USD denominated bonds.
v3.26.1
Derivative Instruments and Hedging Activities - Summary of Pre-tax (Gains) Losses From Derivatives Designated in Cash Flow Hedging Relationships (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative [Line Items]    
Financial expenses, net [1] $ (10) $ 0
Other comprehensive income (loss) [1] 1 0
Other Comprehensive Income [Member] | Designated as Hedging Instrument [Member]    
Derivative [Line Items]    
Other comprehensive income (loss) (121) 500
Financial expenses [Member] | Designated as Hedging Instrument [Member]    
Derivative [Line Items]    
Financial expenses, net $ 216 $ 225
[1] In May 2025, Teva entered into a $500 million notional amount of fixed to fixed cross-currency interest rate swaps relating to its 5.75% senior notes due 2030 to hedge the foreign currency exchange risk of future principal and interest payments associated with the USD denominated notes. The cross-currency swaps synthetically convert part of the USD debt into CHF, aligning debt servicing costs with Teva’s inflows and reducing economic volatility. These swaps have been designated as cash flow hedges and the gain or loss on these swaps will be reported as a component of other comprehensive income and reclassified into earnings in each period during which the swaps affect earnings in the same line item associated with the USD denominated bonds.
v3.26.1
Derivative Instruments and Hedging Activities - Summary of Pre-tax (Gains) Losses From Derivatives Not Designated in as Hedging Instruments (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net Revenues [Member] | Not Designated as Hedging Instrument [Member]    
Derivative [Line Items]    
Gain (Loss) on Derivative Instruments, Net, Pretax $ (3,982) $ (3,891)
Net Revenues [Member] | Not Designated as Hedging Instrument, Trading [Member]    
Derivative [Line Items]    
Gain (Loss) on Derivative Instruments, Net, Pretax [1] 0 0
Net Revenues [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]    
Derivative [Line Items]    
Gain (Loss) on Derivative Instruments, Net, Pretax [2] (11) 27
Financial expenses [Member] | Not Designated as Hedging Instrument [Member]    
Derivative [Line Items]    
Gain (Loss) on Derivative Instruments, Net, Pretax 216 225
Financial expenses [Member] | Not Designated as Hedging Instrument, Trading [Member]    
Derivative [Line Items]    
Gain (Loss) on Derivative Instruments, Net, Pretax [1] 11 62
Financial expenses [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]    
Derivative [Line Items]    
Gain (Loss) on Derivative Instruments, Net, Pretax [2] $ 0 $ 0
[1] 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.
[2] 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 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.
v3.26.1
Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Nov. 07, 2022
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
May 31, 2025
Derivative [Line Items]          
Revenues other than USD   48.00%      
Transactions termination loss settled   $ 493      
Forward starting interest rate swaps and treasury lock agreements losses   5 $ 7    
Accounts receivables, net   $ 3,393   $ 3,709  
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]   Liabilities   Liabilities  
Supplier finance program obligation   $ 251   $ 225  
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | 5.75% senior notes due 2030 [Member]          
Derivative [Line Items]          
Debt, Weighted Average Interest Rate         5.75%
Debt Instrument, Face Amount         $ 500
Accounts Receivable Securitization Facility [Member]          
Derivative [Line Items]          
Accounts receivables, net   $ 462   $ 799  
Accounts Receivable Securitization Facility [Member] | PNC Bank [Member]          
Derivative [Line Items]          
Derivatives term of contract 3 years        
Accounts Receivable Securitization Facility [Member] | PNC Bank [Member] | November 2023 [Member]          
Derivative [Line Items]          
Derivative notional amount $ 1,000        
Accounts Receivable Securitization Facility [Member] | PNC Bank [Member] | SPV Amendment Agreement October Two Thousand And Twenty Four [Member]          
Derivative [Line Items]          
Derivative notional amount 950        
Accounts Receivable Securitization Facility [Member] | PNC Bank [Member] | Initial Commitment [Member]          
Derivative [Line Items]          
Derivative notional amount $ 950        
v3.26.1
Legal Settlements and Loss Contingencies - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Loss Contingencies [Line Items]      
Legal settlements and loss contingencies, expenses $ 72 $ 86  
Accrued amount for legal settlements and loss contingencies $ 4,680   $ 4,753
Opioid Litigation [Member] | United States [Member]      
Loss Contingencies [Line Items]      
Restructuring expense and income Expenses in the first quarter of 2026 and 2025 were mainly related to an update to the estimated settlement provision for the opioid cases (mainly the effect of the passage of time on the net present value of the discounted payments) Expenses in the first quarter of 2026 and 2025 were mainly related to an update to the estimated settlement provision for the opioid cases (mainly the effect of the passage of time on the net present value of the discounted payments)  
v3.26.1
Commitments and Contingencies - Contingencies - Additional Information (Detail)
€ in Millions
 1 Months Ended 12 Months Ended
Oct. 10, 2024
USD ($)
Jun. 14, 2024
USD ($)
Nov. 09, 2022
USD ($)
Jun. 02, 2022
USD ($)
Jun. 30, 2023
USD ($)
Feb. 28, 2021
USD ($)
Jul. 31, 2014
USD ($)
Nov. 30, 2013
USD ($)
Sep. 30, 2013
USD ($)
Apr. 30, 2013
USD ($)
Dec. 31, 2011
USD ($)
Mar. 31, 2023
USD ($)
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
Jan. 31, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Oct. 31, 2024
EUR (€)
Mar. 28, 2024
USD ($)
Aug. 21, 2023
USD ($)
Jul. 08, 2021
USD ($)
Feb. 29, 2012
USD ($)
Jul. 31, 2008
USD ($)
Commitment And Contingencies [Line Items]                                              
Annual sales of Effexor                     $ 2,600,000,000                        
Annual sales of Lamictal                                           $ 950,000,000 $ 2,300,000,000
Annual sales of Niaspan                 $ 1,100,000,000 $ 416,000,000                          
Litigation settlement amount         $ 4,250,000,000                                    
Litigation settlement amount awarded distribution period         13 years                                    
Generic modafinil, and imposed fines amount                         $ 4,680,000,000 $ 4,753,000,000                  
Loss Contingency Accrual, Provision             $ 235,500,000                                
Annual sales of the time of settlement of viread           $ 582,000,000                                  
Annual sales of the time of settlement of Truvada           2,400,000,000                                  
Annual sales of the time of settlement of Atripla           2,900,000,000                                  
Annual sales of the time of New launch of viread           728,000,000                                  
Annual sales of the time of New launch of Truvada           2,100,000,000                                  
Annual sales of the time of New launch of Atripla           $ 444,000,000                                  
Litigation Settlement Amount Distributable In Kind         $ 1,200,000,000                                    
Accrual for Environmental Loss Contingencies                                 $ 300,000,000,000            
Loss Contingencies On Environmental Laws Penalty                                         $ 1,400,000    
AnnualSalesOfXifaxan                             $ 1,500,000,000                
CommissionSuretyUnderwrittenGuarantees | €                               € 462.6              
Litigation fine amount of copaxone | €                                   € 462.6          
Other commitment                                     $ 150,000,000        
Annual Sales Of Revlimid               $ 3,500,000,000                              
Annual Sales At The Time Of Nuvigil Entered Into First Settlement Of With AN ANDA Filer   $ 300,000,000                                          
Loss Contingency Claims Dismissed Value Paid To Each State Proportional To Its Share Of National Population                       $ 1,000,000                      
Percentage Of Share Of The National Population                       1.00%                      
Percentgae of amount in cash settlement         20.00%                                    
Litigation Settlement Amount Distributable in cash         $ 240,000,000                                    
Loss Contingency, Damages Awarded, Value     $ 176,500,000                                        
Deferred Prosecution Agreement With U.S. Department of Justice [Member] | Donation of Clotrimazole and Tobramycin [Member]                                              
Commitment And Contingencies [Line Items]                                              
Other commitment                                       $ 50,000,000      
Deferred Prosecution Agreement With U.S. Department of Justice [Member] | Fine for Violating the Antitrust Laws [Member]                                              
Commitment And Contingencies [Line Items]                                              
Other commitment, to be paid, year five                                       135,000,000      
Other commitment to pay for each year                                       22,500,000      
Other commitment                                       $ 225,000,000      
Opioid Litigation [Member]                                              
Commitment And Contingencies [Line Items]                                              
Loss contingency aggregate payments paid                         $ 30,000,000                    
Loss contingency accrual, product liability, undiscounted, to be paid, year five         337,000,000                                    
Loss contingency accrual, product liability, undiscounted, to be paid, year four         339,000,000                                    
Loss contingency accrual, product liability, undiscounted, to be paid, year three         416,000,000                                    
Loss contingency accrual, product liability, undiscounted, to be paid, year two         365,000,000                                    
Loss contingency accrual, product liability, undiscounted, to be paid, year one         $ 379,000,000                                    
Modafinil Settlement Agreement [Member]                                              
Commitment And Contingencies [Line Items]                                              
Settlement as a percentage of aggregate subdivisions and tribes         100.00%                                    
Civil Action In Respect Of Donations To Patient Assistance Programmers [Member]                                              
Commitment And Contingencies [Line Items]                                              
Generic modafinil, and imposed fines amount $ 425,000,000                                            
Loss contingency accrual due in fifth year 175,000,000                                            
Loss contingency accrual due in fourth year 99,000,000                                            
Loss contingency accrual due in third year 49,000,000                                            
Loss contingency accrual next twelve months 34,000,000                                            
Loss contingency accrual remainder of fiscal year 19,000,000                                            
Civil Investigative Demand From Department Of Justice Civil Division [Member]                                              
Commitment And Contingencies [Line Items]                                              
Loss Contingency Accrual, Provision 25,000,000                                            
Civil Investigative Demand From Department Of Justice Civil Division [Member] | Two Thousand And Twenty Five [Member]                                              
Commitment And Contingencies [Line Items]                                              
Loss contingency accrual current 15,000,000                                            
Civil Investigative Demand From Department Of Justice Civil Division [Member] | Two Thousand And Twenty Four [Member]                                              
Commitment And Contingencies [Line Items]                                              
Loss contingency accrual current $ 10,000,000                                            
Ontario Teachers Securities Litigation [Member] | Settled Litigation [Member]                                              
Commitment And Contingencies [Line Items]                                              
Litigation settlement amount       $ 420,000,000                                      
v3.26.1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax [Line Items]    
Tax benefit $ 67 $ 74
Pre-tax income (loss) 437 $ 294
Expected impairment of income tax benefit $ 111  
Minimum tax rate 15.00%  
Israel Tax Authority [Member]    
Income Tax [Line Items]    
Statutory tax rate in Israel 23.00%  
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount, Total $ 750  
Minimum tax rate 15.00%  
Israel Tax Authority [Member] | Two Thousand Eight Through Tax Payable [Member]    
Income Tax [Line Items]    
Number of years spread to pay tax payable 6 years  
Maximum tax payment limit $ 500  
Minimum [Member] | Israel Tax Authority [Member] | Two Thousand Eight Through Tax Payable [Member]    
Income Tax [Line Items]    
Effective income tax rate reconciliation, tax settlement, other, percent 5.00%  
Maximum [Member] | Israel Tax Authority [Member] | Two Thousand Eight Through Tax Payable [Member]    
Income Tax [Line Items]    
Effective income tax rate reconciliation, tax settlement, other, percent 7.00%  
v3.26.1
Other assets impairments, restructuring and other items - Schedule of Other Assets Impairments, Restructuring and Other Items (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring and Impairment Costs [Line Items]    
Impairment of long-lived tangible assets [1] $ 1 $ (44)
Contingent consideration 5 11
Restructuring 25 14
Other (4) (2)
Total $ 26 $ (22)
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] Other assets impairments, restructuring and other items Other assets impairments, restructuring and other items
[1] Including impairments related to exit and disposal activities.
v3.26.1
Other assets impairments, restructuring and other items - Components of costs associated with restructuring plan including costs related to exit and disposal activities (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 25 $ 14
Employee termination [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 22 12
Other [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 3 $ 2
v3.26.1
Other assets impairments, restructuring and other items - Summary of Restructuring Accruals (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]    
Beginning balance $ (138) $ (68)
Provision (25) (14)
Utilization and other [1] 45 25
Ending balance (118) (57)
Employee termination costs [Member]    
Restructuring Cost and Reserve [Line Items]    
Beginning balance (124) (55)
Provision (22) (12)
Utilization and other [1] 42 23
Ending balance (104) (44)
Other Exit and Disposal [Member]    
Restructuring Cost and Reserve [Line Items]    
Beginning balance (14) (13)
Provision (3) (2)
Utilization and other [1] 3 2
Ending balance $ (14) $ (13)
[1] Includes adjustments for foreign currency translation.
v3.26.1
Other assets impairments, restructuring and other items - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring and Impairment Costs [Line Items]    
Impairments of property, plant and equipment $ 1 $ 44
Business combination contingent consideration arrangements change in amount of contingent consideration liability 5 11
Restructuring costs $ 25 $ 14
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Operating Income (Loss) Operating Income (Loss)
v3.26.1
Earnings (Loss) per share - Schedule of Earnings per Share (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]    
Net income (loss) attributable to Teva's ordinary shareholders $ 369 $ 214
Weighted average shares outstanding 1,156 1,138
Basic earnings (loss) attributable to Teva's ordinary shareholders $ 0.32 $ 0.19
Diluted effect of stock options, RSUs and PSUs 23 21
Total dilutive shares outstanding 1,179 1,159
Diluted earnings (loss) attributable to Teva's ordinary shareholders $ 0.31 $ 0.18
v3.26.1
Earnings (Loss) per share - Additional Information (Detail) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Weighted average shares with anti-dilutive effect on earnings per share 23.0 21.0
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock 9.4 24.3
Convertible Preferred Stock [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Weighted average shares with anti-dilutive effect on earnings per share 0.0 0.0
v3.26.1
Accumulated other comprehensive income (loss) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Net other comprehensive income (loss) after tax $ (121) $ 473
Foreign Currency Translation Adjustments [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning Balance (2,152) (2,857)
Other comprehensive income (loss) before reclassifications (107) 307
Release of cumulative translation adjustments (6) 181 [1]
Net other comprehensive income (loss) before tax (113) 488
Corresponding income tax (8) (21)
Net other comprehensive income (loss) after tax (121) 467 [2]
Ending Balance (2,273) (2,390)
Derivative Financial Instruments [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning Balance (199) (238)
Other comprehensive income (loss) before reclassifications (4)  
Amounts reclassified to the statements of income 5 7
Net other comprehensive income (loss) before tax 1 7
Net other comprehensive income (loss) after tax 1 7 [2]
Ending Balance (198) (231)
Benefit Plans [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning Balance (39) (52)
Amounts reclassified to the statements of income (1) (1)
Net other comprehensive income (loss) before tax (1) (1)
Net other comprehensive income (loss) after tax (1) (1) [2]
Ending Balance (40) (53)
AOCI Attributable to Parent [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning Balance (2,391) (3,148)
Other comprehensive income (loss) before reclassifications (111) 307
Amounts reclassified to the statements of income 4 6
Release of cumulative translation adjustments (6) 181 [1]
Net other comprehensive income (loss) before tax (113) 494
Corresponding income tax (8) (21)
Net other comprehensive income (loss) after tax (121) 473 [2]
Ending Balance $ (2,512) $ (2,675)
[1] In connection with the sale of Teva’s business venture in Japan.
[2] Amounts do not include a $27 million gain from foreign currency translation adjustments attributable to redeemable and non-redeemable non-controlling interests.
v3.26.1
Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Foreign currency translation attributable to non-controlling interests $ 27
v3.26.1
Segments - Summary of Segment Profit (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Amounts Allocated To Segments [Abstract]    
Consolidated operating income (loss) $ 652 $ 519
Amounts Not Allocated To Segments [Abstract]    
Amortization 137 145
Other asset impairments, restructuring and other items 26 (22)
Intangible asset impairments 8 121
Legal settlements and loss contingencies 72 83
Other Unallocated Amounts 60 99
Revenues 3,982 3,891
R&D expenses 222 247
S&M expenses 696 622
G&A expenses 304 297
Segment profit 652 519
Financial expenses, net 216 225
Consolidated income (loss) before income taxes 437 294
United States [Member]    
Amounts Allocated To Segments [Abstract]    
Consolidated operating income (loss) 507 [1] 518 [2]
Amounts Not Allocated To Segments [Abstract]    
Revenues 1,534 1,536
Cost of Sales 496 523
R&D expenses 147 154
S&M expenses 298 244
G&A expenses 90 95
Other loss (income) (4) 3
Segment profit 507 [1] 518 [2]
Europe [Member]    
Amounts Allocated To Segments [Abstract]    
Consolidated operating income (loss) 401 [1] 329 [2]
Amounts Not Allocated To Segments [Abstract]    
Revenues 1,340 1,194
Cost of Sales 606 536
R&D expenses 45 60
S&M expenses 215 199
G&A expenses 73 69
Segment profit 401 [1] 329 [2]
International Markets [Member]    
Amounts Allocated To Segments [Abstract]    
Consolidated operating income (loss) 65 [1] 97 [2]
Amounts Not Allocated To Segments [Abstract]    
Revenues 524 582
Cost of Sales 280 304
R&D expenses 22 25
S&M expenses 117 118
G&A expenses 39 39
Other loss (income)   (1)
Segment profit 65 [1] 97 [2]
Corporate Segment [Member]    
Amounts Allocated To Segments [Abstract]    
Consolidated operating income (loss) 972 944
Amounts Not Allocated To Segments [Abstract]    
Segment profit 972 944
Other Segments [Member]    
Amounts Allocated To Segments [Abstract]    
Consolidated operating income (loss) (16) 2
Amounts Not Allocated To Segments [Abstract]    
Segment profit $ (16) $ 2
[1] Segment profit includes depreciation expenses of $36 million in the United States segment, $33 million in the Europe segment, and $17 million in the International Markets segment.
[2] Segment profit includes depreciation expenses of $36 million in the United States segment, $30 million in the Europe segment, and $17 million in the International Markets segment.
v3.26.1
Segments - Schedule of Revenues by Major Products and Activities (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Product Information [Line Items]    
Revenues $ 3,982 $ 3,891
United States [Member]    
Product Information [Line Items]    
Revenues 1,534 1,536
Europe [Member]    
Product Information [Line Items]    
Revenues 1,340 1,194
International Markets [Member]    
Product Information [Line Items]    
Revenues 524 582
Generic products (including OTC and biosimilars) [Member] | United States [Member]    
Product Information [Line Items]    
Revenues 612 849
Generic products (including OTC and biosimilars) [Member] | Europe [Member]    
Product Information [Line Items]    
Revenues 1,089 989
Generic products (including OTC and biosimilars) [Member] | International Markets [Member]    
Product Information [Line Items]    
Revenues 386 468
AJOVY [Member] | United States [Member]    
Product Information [Line Items]    
Revenues 87 53
AJOVY [Member] | Europe [Member]    
Product Information [Line Items]    
Revenues 76 58
AJOVY [Member] | International Markets [Member]    
Product Information [Line Items]    
Revenues 33 28
AUSTEDO [Member] | United States [Member]    
Product Information [Line Items]    
Revenues 559 396
AUSTEDO [Member] | International Markets [Member]    
Product Information [Line Items]    
Revenues 19 15
BENDEKA and TREANDA [Member] | United States [Member]    
Product Information [Line Items]    
Revenues 27 36
COPAXONE [Member] | United States [Member]    
Product Information [Line Items]    
Revenues 62 54
COPAXONE [Member] | Europe [Member]    
Product Information [Line Items]    
Revenues 40 42
COPAXONE [Member] | International Markets [Member]    
Product Information [Line Items]    
Revenues [1] 6 10
UZEDY [Member] | United States [Member]    
Product Information [Line Items]    
Revenues 63 39
Respiratory Product [Member] | Europe [Member]    
Product Information [Line Items]    
Revenues 59 55
Other [Member] | United States [Member]    
Product Information [Line Items]    
Revenues [2] 123 109
Other [Member] | Europe [Member]    
Product Information [Line Items]    
Revenues [1] 76 50
Other [Member] | International Markets [Member]    
Product Information [Line Items]    
Revenues [1] $ 79 $ 61
[1] Other revenues in the first quarter of 2026 and 2025 include the sale of certain product rights.
[2] Other revenues in the first quarter of 2026 include the sale of certain product rights.
v3.26.1
Segments - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2026
Segment
Segment Reporting Information [Line Items]  
Number of reportable segments 3
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] Chief Executive Officer [Member]
Segment Reporting, Expense Information Used by CODM, Description 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)).
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description 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.
v3.26.1
Segments (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
United States Segment [Member]    
Segment Reporting Information [Line Items]    
Depreciation $ 36 $ 36
Europe Segment [Member]    
Segment Reporting Information [Line Items]    
Depreciation 33 30
International Markets [Member]    
Segment Reporting Information [Line Items]    
Depreciation $ 17 $ 17
v3.26.1
Fair Value Measurement - Summary of Financial Items Carried at Fair Value (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration [1] $ (40) $ (51)
Total 3,703 3,553
Asset Derivatives - Options and Forward Contracts [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 68 86
Cross Currency Interest Rate Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives (18) (19)
Liabilities Derivatives Options and Forward Contracts [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives (66) (38)
Money Markets [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 2,979 2,678
Cash, Deposits and Other [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 762 878
Equity Securities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investment in securities 15 16
Other [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investment in securities 3 3
Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 3,759 3,575
Level 1 [Member] | Money Markets [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 2,979 2,678
Level 1 [Member] | Cash, Deposits and Other [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 762 878
Level 1 [Member] | Equity Securities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investment in securities 15 16
Level 1 [Member] | Other [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investment in securities 3 3
Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total (16) 29
Level 2 [Member] | Asset Derivatives - Options and Forward Contracts [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 68 86
Level 2 [Member] | Cross Currency Interest Rate Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives (18) (19)
Level 2 [Member] | Liabilities Derivatives Options and Forward Contracts [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives (66) (38)
Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration [1] (40) (51)
Total $ (40) $ (51)
[1] Contingent consideration represents liabilities recorded at fair value in connection with acquisitions.
v3.26.1
Fair value measurement - Additional Information (Detail)
Mar. 31, 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Percentage of increase decrease in contingent consideration liabilities 1.00%
Maximum [Member] | Measurement input, discount rate [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 11
Minimum [Member] | Measurement input, discount rate [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 8.25
Weighted Average [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Business combination, contingent consideration, liability, measurement input 9.1
v3.26.1
Fair Value Measurement - Summary of Fair Value of Financial Liabilities Measured Using Level 3 Inputs (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value at the beginning of the period $ (51) $ (401)
Fair value at the end of the period (40) (394)
Nove Tide Acquisition [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Adjustments to provisions for contingent consideration (1) (1)
Settlement of contingent consideration 2 2
Allergan transaction [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Adjustments to provisions for contingent consideration 0 (9)
Settlement of contingent consideration 0 4
Eagle Transaction [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Adjustments to provisions for contingent consideration (1) (1)
Settlement of contingent consideration $ 11 $ 12
v3.26.1
Fair Value Measurement - Summary of Financial Instrument Measured on a Basis Other Than Fair Value (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total [1] $ 16,458 $ 16,929
Senior Notes And Sustainability Linked Senior Notes [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total [1] 13,886 15,128
Senior Notes and Convertible Senior Debentures Included Under Short-Term Debt [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total [1] $ 2,572 $ 1,801
[1] The fair value was estimated based on quoted market prices.