Revenue growth remains highly erratic, evidenced by a swing from a 5.1% contraction in 2024Q4 to a 14.8% expansion in 2023Q4, while gross margins remain sensitive to product mix, oscillating between 46.4% and 56.4%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 17.35B | 17.26B | 16.54B | 15.85B | 14.93B | 15.88B | 16.66B | 16.89B | 18.85B | 22.39B | 21.9B | 19.65B | 20.27B | 20.31B | 20.32B | 18.31B | 16.12B | 13.9B | 11.09B | 9.41B | 8.41B | 5.25B | 4.8B | 3.28B | 2.52B | 2.08B | 1.75B | 1.28B | 1.12B | 1.12B | 953.8M |
| Revenue Growth % | 4.41% | 4.31% | 4.41% | 6.16% | -6% | -4.69% | -1.35% | -10.43% | -15.77% | 2.2% | 11.45% | -3.06% | -0.21% | -0.01% | 10.95% | 13.59% | 15.99% | 25.39% | 17.83% | 11.89% | 60.14% | 9.41% | 46.47% | 30.09% | 21.24% | 18.72% | 36.45% | 14.92% | -0.09% | 17.1% | 42.85% |
| Cost of Goods Sold | 8.32B | 8.32B | 8.48B | 8.2B | 7.95B | 8.28B | 8.93B | 9.35B | 10.56B | 11.56B | 10.04B | 8.3B | 9.22B | 9.61B | 9.66B | 8.8B | 7.06B | 6.53B | 5.12B | 4.53B | 4.15B | 2.77B | 2.56B | 1.76B | 1.42B | 1.23B | 962.99M | 699.2M | 636.1M | 628.9M | 550.4M |
| COGS % of Revenue | - | 48.21% | 51.26% | 51.75% | 53.28% | 52.17% | 53.62% | 55.37% | 56% | 51.64% | 45.86% | 42.21% | 45.46% | 47.29% | 47.57% | 48.04% | 43.77% | 47% | 46.16% | 48.16% | 49.35% | 52.75% | 53.34% | 53.64% | 56.51% | 59.21% | 55.03% | 54.52% | 57% | 56.31% | 57.71% |
| Gross Profit | 9.03B | 8.94B | 8.06B | 7.64B | 6.97B | 7.59B | 7.73B | 7.54B | 8.3B | 10.82B | 11.86B | 11.36B | 11.06B | 10.71B | 10.65B | 9.52B | 9.06B | 7.37B | 5.97B | 4.88B | 4.26B | 2.48B | 2.24B | 1.52B | 1.1B | 847.29M | 786.86M | 583.2M | 479.8M | 488M | 403.4M |
| Gross Margin % | 52.08% | 51.79% | 48.74% | 48.25% | 46.72% | 47.83% | 46.38% | 44.63% | 44% | 48.36% | 54.14% | 57.79% | 54.54% | 52.71% | 52.43% | 51.96% | 56.23% | 53% | 53.84% | 51.84% | 50.65% | 47.25% | 46.66% | 46.36% | 43.49% | 40.79% | 44.97% | 45.48% | 43% | 43.69% | 42.29% |
| Gross Profit Growth % | - | 10.85% | 5.47% | 9.64% | -8.18% | -1.71% | 2.52% | -9.16% | -23.36% | -8.72% | 4.43% | 2.71% | 3.26% | 0.52% | 11.95% | 4.96% | 23.05% | 23.44% | 22.37% | 14.51% | 71.69% | 10.78% | 47.43% | 38.66% | 29.28% | 7.68% | 34.92% | 21.55% | -1.68% | 20.97% | 32.87% |
| Operating Expenses | 6.74B | 6.78B | 8.37B | 7.21B | 9.17B | 5.88B | 11.3B | 7.98B | 5.43B | 6.83B | 7.21B | 6.24B | 6.57B | 6.75B | 6.47B | 5.5B | 4.77B | 4.3B | 4.82B | 2.48B | 2.16B | 1.17B | 1.06B | 634.1M | 571.4M | 470.84M | 411.65M | 384.16M | 334.8M | 314.2M | 274.1M |
| OpEx % of Revenue | - | 39.29% | 50.57% | 45.52% | 61.44% | 37.02% | 67.82% | 47.25% | 28.78% | 30.53% | 32.9% | 31.76% | 32.39% | 33.21% | 31.86% | 30.06% | 29.56% | 30.94% | 43.51% | 26.38% | 25.73% | 22.24% | 22.19% | 19.35% | 22.69% | 22.67% | 23.52% | 29.96% | 30% | 28.13% | 28.74% |
| Selling, General & Admin | 4.05B | 3.97B | 3.7B | 3.5B | 3.44B | 3.53B | 3.67B | 3.81B | 4.21B | 4.99B | 5.1B | 4.72B | 5.08B | 5.32B | 5.12B | 4.41B | 3.83B | 3.5B | 2.51B | 1.9B | 1.57B | 798.8M | 696.5M | 520.6M | 406.4M | 363.56M | 307.08M | 233.89M | 208M | 197M | 167.6M |
| SG&A % of Revenue | - | 23.02% | 22.38% | 22.08% | 23.08% | 22.22% | 22.04% | 22.54% | 22.35% | 22.27% | 23.27% | 24% | 25.05% | 26.18% | 25.19% | 24.08% | 23.78% | 25.17% | 22.65% | 20.21% | 18.7% | 15.21% | 14.51% | 15.89% | 16.14% | 17.5% | 17.55% | 18.24% | 18.64% | 17.64% | 17.57% |
| Research & Development | 989M | 1.01B | 1.05B | 953M | 838M | 1.09B | 1.79B | 1.01B | 1.21B | 1.85B | 2.11B | 1.52B | 1.49B | 1.43B | 1.36B | 1.09B | 933M | 802M | 786M | 581M | 495M | 368.9M | 338.4M | 213.5M | 165M | 107.27M | 104.58M | 81.84M | 68.1M | 65.2M | 62.8M |
| R&D % of Revenue | - | 5.87% | 6.38% | 6.01% | 5.61% | 6.89% | 10.77% | 5.98% | 6.43% | 8.26% | 9.64% | 7.76% | 7.34% | 7.02% | 6.67% | 5.98% | 5.79% | 5.77% | 7.09% | 6.18% | 5.89% | 7.03% | 7.05% | 6.52% | 6.55% | 5.16% | 5.98% | 6.38% | 6.1% | 5.84% | 6.58% |
| Other Operating Expenses | 4M | 1.79B | 3.61B | 2.76B | 4.89B | 1.26B | 5.83B | 3.16B | 0 | 0 | 0 | 23M | -17M | -36M | 40M | 0 | 0 | 0 | 0 | 0 | 96M | 0 | 30M | -100M | 0 | 0 | 0 | 68.42M | 58.7M | 52M | 43.7M |
| Operating Income | 2.29B | 2.16B | -303M | 433M | -2.2B | 1.72B | -3.57B | -443M | -1.64B | -17.48B | 2.15B | 3.35B | 3.95B | 1.65B | 2.21B | 3.11B | 3.87B | 2.4B | 1.15B | 2.4B | 801M | 1.31B | 577.8M | 877.4M | 524M | 360.79M | 244.53M | 199.05M | 145M | 173.8M | 129.3M |
| Operating Margin % | 13.19% | 12.5% | -1.83% | 2.73% | -14.72% | 10.81% | -21.44% | -2.62% | -8.68% | -78.11% | 9.83% | 17.06% | 19.49% | 8.12% | 10.85% | 16.98% | 24.01% | 17.3% | 10.33% | 25.46% | 9.53% | 25.01% | 12.04% | 26.78% | 20.81% | 17.37% | 13.97% | 15.52% | 12.99% | 15.56% | 13.56% |
| Operating Income Growth % | - | 811.88% | -169.98% | 119.71% | -228.03% | 148.04% | -706.32% | 72.94% | 90.64% | -911.7% | -35.74% | -15.16% | 139.6% | -25.22% | -29.08% | -19.68% | 60.96% | 110.04% | -52.19% | 199% | -38.99% | 127.22% | -34.15% | 67.44% | 45.24% | 47.55% | 22.85% | 37.27% | -16.57% | 34.42% | 12.24% |
| EBITDA | 3.29B | 3.16B | 756M | 1.59B | -889M | 3.05B | -2.02B | 1.28B | 205M | -15.41B | 3.65B | 4.66B | 5.46B | 3.29B | 3.91B | 4.18B | 4.85B | 3.31B | 1.64B | 2.92B | 1.23B | 1.56B | 798.2M | 1.01B | 620.9M | 469.92M | 339.51M | 267.47M | 203.7M | 225.8M | 173M |
| EBITDA Margin % | 18.95% | 18.31% | 4.57% | 10.01% | -5.96% | 19.18% | -12.1% | 7.57% | 1.09% | -68.83% | 16.66% | 23.71% | 26.93% | 16.2% | 19.26% | 22.82% | 30.07% | 23.84% | 14.78% | 30.99% | 14.65% | 29.62% | 16.63% | 30.68% | 24.65% | 22.62% | 19.4% | 20.86% | 18.25% | 20.22% | 18.14% |
| EBITDA Growth % | 124.44% | 317.86% | -52.33% | 278.4% | -129.19% | 251.17% | -257.55% | 523.9% | 101.33% | -522.37% | -21.72% | -14.64% | 65.88% | -15.9% | -6.34% | -13.82% | 46.33% | 102.26% | -43.83% | 136.69% | -20.79% | 94.86% | -20.59% | 61.88% | 32.13% | 38.41% | 26.93% | 31.31% | -9.79% | 30.52% | 23.04% |
| D&A (Non-Cash Add-back) | 999M | 1B | 1.06B | 1.15B | 1.31B | 1.33B | 1.56B | 1.72B | 1.84B | 2.08B | 1.49B | 1.31B | 1.51B | 1.64B | 1.71B | 1.07B | 977M | 908M | 493M | 521M | 431M | 242.5M | 220.4M | 127.7M | 96.9M | 109.13M | 94.98M | 68.42M | 58.7M | 52M | 43.7M |
| EBIT | 2.27B | 2.14B | 3.37B | 405M | -2.23B | 3.08B | 3.06B | 2.72B | -1.66B | -17.59B | 1.37B | 2.62B | 3.94B | 1.56B | 2.17B | 3.19B | 3.85B | 2.4B | 1.15B | 2.4B | 2.1B | 1.31B | 1.18B | 884.8M | 524M | 376.46M | 375.21M | 267.47M | 203.73M | 173.8M | 129.3M |
| Net Interest Income | -905M | -916M | -941M | -961M | -930M | -891M | -731M | -916M | -881M | -872M | -548M | -431M | -276M | -282M | 329M | -234M | -202M | -202M | -318M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 68M | 0 | 0 | 24M | 41M | 0 | 3M | 0 | 34M | 0 | 0 | 329M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 905M | 916M | 941M | 1.03B | 930M | 891M | 755M | 957M | 881M | 895M | 1.33B | 465M | 276M | 282M | 0 | 153M | 225M | 230M | 318M | 0 | 2.7B | 4.4M | 1.2B | 0 | 16.8M | 43.13M | 193.07M | 44.35M | 67.3M | 42.9M | 46M |
| Other Income/Expense | -910M | -919M | -980M | -1.05B | -945M | -1.05B | -359M | -280M | -959M | -895M | -1.33B | -1B | -313M | -399M | -386M | -153M | -225M | -202M | -318M | -42M | -95M | -3.9M | -588.27M | -5M | -24.6M | -18.93M | -36.54M | -36.88M | -45.28M | -33.6M | -35M |
| Pretax Income | 1.38B | 1.24B | -1.28B | -622M | -3.14B | 667M | -3.93B | -723M | -2.6B | -18.38B | 824M | 2.35B | 3.64B | 1.25B | 1.82B | 2.96B | 3.65B | 2.2B | 827M | 2.35B | 706M | 1.31B | 603.7M | 872.4M | 499.4M | 341.86M | 207.99M | 162.17M | 99.7M | 140.2M | 94.3M |
| Pretax Margin % | 7.95% | 7.17% | -7.76% | -3.93% | -21.05% | 4.2% | -23.6% | -4.28% | -13.77% | -82.1% | 3.76% | 11.97% | 17.95% | 6.15% | 8.95% | 16.14% | 22.62% | 15.85% | 7.46% | 25.01% | 8.4% | 24.92% | 12.58% | 26.63% | 19.83% | 16.46% | 11.89% | 12.65% | 8.93% | 12.55% | 9.89% |
| Income Tax | -187M | -180M | 676M | -7M | -643M | 211M | 168M | 278M | -195M | -1.93B | 521M | 634M | 591M | -43M | -137M | 127M | 283M | 166M | 185M | 397M | 155M | 236.2M | 267.2M | 181.5M | 84.8M | 63.65M | 59.57M | 44.34M | 30.9M | 38.7M | 20.9M |
| Effective Tax Rate % | -13.56% | -14.54% | -52.69% | 1.13% | 20.46% | 31.63% | -4.27% | -38.45% | 7.51% | 10.52% | 63.23% | 26.96% | 16.25% | -3.44% | -7.53% | 4.3% | 7.76% | 7.54% | 22.37% | 16.87% | 21.95% | 18.05% | 44.26% | 20.8% | 16.98% | 18.62% | 28.64% | 27.34% | 30.99% | 27.6% | 22.16% |
| Net Income | 1.56B | 1.41B | -1.64B | -559M | -2.45B | 417M | -3.99B | -999M | -2.15B | -16.27B | 329M | 1.59B | 3.06B | 1.27B | 1.96B | 2.76B | 3.33B | 2B | 635M | 1.95B | 546M | 1.07B | 331.8M | 691M | 410.3M | 278.21M | 148.42M | 117.83M | 68.8M | 101.5M | 73.4M |
| Net Margin % | 9.02% | 8.17% | -9.91% | -3.53% | -16.39% | 2.63% | -23.95% | -5.92% | -11.4% | -72.66% | 1.5% | 8.08% | 15.07% | 6.25% | 9.66% | 15.07% | 20.66% | 14.39% | 5.73% | 20.75% | 6.49% | 20.42% | 6.91% | 21.09% | 16.29% | 13.39% | 8.48% | 9.19% | 6.17% | 9.09% | 7.7% |
| Net Income Growth % | 221.62% | 186.03% | -193.2% | 77.15% | -686.57% | 110.45% | -299.4% | 53.53% | 86.78% | -5043.77% | -79.28% | -48.02% | 140.74% | -35.35% | -28.85% | -17.17% | 66.55% | 214.96% | -67.47% | 257.51% | -49.08% | 223.18% | -51.98% | 68.41% | 47.48% | 87.45% | 25.96% | 71.27% | -32.22% | 38.28% | -8.02% |
| Net Income (Continuing) | 1.57B | 1.42B | -1.96B | -615M | -2.5B | 456M | -4.1B | -1B | -2.47B | -16.45B | 311M | 1.6B | 3.04B | 1.29B | 1.95B | 2.81B | 3.36B | 2.03B | 641M | 1.95B | 546M | 1.07B | 336.66M | 691M | 410.3M | 278.21M | 148.42M | 116.78M | 70.8M | 101.5M | 73.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.68M | -4.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 4M | 4M | 347M | 620M | 794M | 966M | 1.03B | 1.09B | 1.09B | 1.39B | 1.66B | 158M | 42M | 71M | 99M | 148M | 55M | 37M | 60M | 36M | 35M | 8M | 10.9M | 6.7M | 4.9M | 2.16M | 1.64M | 17K | 800K | 800K | 1M |
| EPS (Diluted) | 1.33 | 1.20 | -1.45 | -0.50 | -2.20 | 0.38 | -3.64 | -0.92 | -2.11 | -16.01 | 0.07 | 1.82 | 3.56 | 1.49 | 2.25 | 3.09 | 3.67 | 2.23 | 0.78 | 2.38 | 0.69 | 1.59 | 0.50 | 1.20 | 0.76 | 0.51 | 0.28 | 0.24 | 0.14 | 0.21 | 0.15 |
| EPS Growth % | 216.67% | 182.76% | -190% | 77.27% | -678.95% | 110.44% | -295.65% | 56.4% | 86.82% | -22971.43% | -96.15% | -48.88% | 138.93% | -33.78% | -27.18% | -15.8% | 64.57% | 185.9% | -67.23% | 244.93% | -56.6% | 218% | -58.33% | 57.89% | 49.02% | 82.14% | 16.67% | 71.43% | -33.33% | 40% | 7.14% |
| EPS (Basic) | - | 1.23 | -1.45 | -0.50 | -2.20 | 0.38 | -3.64 | -0.92 | -2.11 | -16.01 | 0.07 | 1.84 | 3.58 | 1.49 | 2.25 | 3.10 | 3.72 | 2.29 | 0.81 | 2.54 | 0.72 | 1.73 | 0.54 | 1.29 | 0.78 | 0.53 | 0.29 | 0.24 | 0.14 | 0.21 | 0.15 |
| Diluted Shares Outstanding | 1.18B | 1.17B | 1.13B | 1.12B | 1.11B | 1.11B | 1.09B | 1.09B | 1.02B | 1.02B | 961M | 864M | 858M | 850M | 873M | 893M | 921M | 896M | 820M | 830M | 805M | 681M | 688M | 590M | 561.6M | 545.51M | 520.76M | 491.7M | 488.3M | 489.16M | 489.33M |
| Basic Shares Outstanding | 1.16B | 1.15B | 1.13B | 1.12B | 1.11B | 1.1B | 1.09B | 1.09B | 1.02B | 1.02B | 955M | 855M | 853M | 849M | 872M | 890M | 896M | 872M | 780M | 768M | 756M | 618M | 612.7M | 536.8M | 529M | 529.93M | 516.23M | 491.7M | 488.3M | 489.16M | 489.33M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | 396.05% | 72.73% | 37.84% | 85.82% | 43.56% | 29% | 20.05% | 26.35% | 60.78% | 15.22% | 41.73% | 15.15% | 36.39% | 11.04% | 11.36% | 11.78% | 18.63% | 15.08% | 29.27% | 21.38% | 19.89% |
High Debt Refinancing Burden
According to recent financial disclosures, Teva's quarterly revenue growth has fluctuated significantly, ranging from a 5.1% contraction in 2024Q4 to a 14.8% expansion in 2023Q4, reflecting the inherent instability of generic tender cycles and the lumpy nature of specialty product launches within the North American market.
The inconsistency in top-line performance suggests that Teva remains heavily reliant on the timing of generic launches rather than a predictable organic growth engine. Investors should monitor whether the specialty portfolio, specifically Austedo, can provide a more stable revenue floor to offset the ongoing erosion of legacy generic assets.
Based on reported income statements, Teva's gross margin has oscillated between 46.4% and 56.4% over the last ten quarters, indicating that the company's profitability is highly sensitive to shifts in product mix between low-margin commodity generics and higher-margin specialty therapeutic assets like Ajovy and Austedo.
The wide variance in gross margins implies that Teva lacks the pricing power of a pure-play specialty firm, as it remains tethered to the competitive dynamics of the generic drug market. Sustained margin expansion appears contingent on the successful scaling of complex generics and specialty products, which may help insulate the company from broader industry-wide generic price compression.
As reported in recent filings, Teva's operating income has shown extreme volatility, swinging from a $218 million loss in 2024Q1 to an $882 million profit in 2025Q3, largely due to the company's inability to consistently scale operating expenses relative to the fluctuations in gross profit.
The persistent high level of SG&A expenses, often exceeding $900 million per quarter, suggests that the company's operating structure remains bloated despite recent cost-cutting initiatives. This lack of operating leverage indicates that significant revenue growth is required just to maintain positive operating margins, leaving little room for error in a competitive pricing environment.
Based on the provided income statement data, Teva's net income has frequently shifted between deep losses and modest profitability, with EPS ranging from a $0.74 loss in 2024Q2 to a $0.41 gain in 2025Q4, highlighting the impact of non-operating items and legal reserves on bottom-line results.
The frequent divergence between operating income and net income suggests that investors should be cautious of headline EPS figures, which are often distorted by one-time charges and impairment cycles. The reliance on non-operating adjustments warrants further investigation into the sustainability of current earnings, as the company continues to navigate significant legal and debt-related headwinds.
Quick answers to the most common questions about buying TEVA stock.
For fiscal year 2025, Teva Pharmaceutical Industries Limited (TEVA) reported total revenue of $17.26B. This represents a 1709.3% increase compared to $953.8M in 1996.
Teva Pharmaceutical Industries Limited (TEVA) is profitable, generating $1.41B in net income for the fiscal year ending 2025 with a net profit margin of 8.2%.
Teva Pharmaceutical Industries Limited (TEVA) reported an operating income of $2.16B, resulting in an operating profit margin of 12.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Teva Pharmaceutical Industries Limited (TEVA) generated $8.94B in gross profit for the year, representing a gross profit margin of 51.8%. This demonstrates the company's core pricing power and production efficiency.