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Get filing alertsTeva acquires Tourette therapy ecopipam for ~$700M, raises 2026 outlook on innovative brands
Filed July 29, 2026 · Period ending July 29, 2026 · ~1 min read
Key Changes
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Acquired Emalex Biosciences and ecopipam (first-in-class Tourette therapy) for ~$700M cash; NDA submitted to FDA June 2026, accelerating late-stage neuroscience pipeline
Exhibit 99.1 view on EDGAR → -
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Raised 2026 revenue outlook for key innovative brands (AUSTEDO, AJOVY, UZEDY) to ~$3.7B combined, reflecting ~17% YoY growth at mid-point
Exhibit 99.1 view on EDGAR → -
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Q2 2026 revenues $4.1B (down 1% YoY), but three key innovative brands grew 43% YoY in local currency to over $1B, offsetting generic declines
Exhibit 99.1 view on EDGAR → -
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GAAP loss per share $0.49 includes $0.61 impact from $726M Emalex acquisition expenses; non-GAAP EPS $0.02; free cash flow $622M
Exhibit 99.1 view on EDGAR → -
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Replacing ADS program with direct NYSE listing of ordinary shares (one-for-one exchange) effective Sept 14, 2026 to broaden shareholder base and support index inclusion
Exhibit 99.1 view on EDGAR →
Summary
Teva reported Q2 2026 results that underscore its strategic pivot from generics to higher-margin innovative products. The company acquired Emalex Biosciences for approximately $700 million, gaining ecopipam, a first-in-class Tourette syndrome therapy with an NDA already submitted to the FDA in June 2026. This acquisition accelerates Teva's late-stage neuroscience pipeline and complements its existing CNS franchise.
The $726 million in acquisition-related expenses drove a GAAP loss of $0.49 per share, though the underlying business generated $622 million in free cash flow. The quarter's headline development is the performance of Teva's three key innovative brands—AUSTEDO, AJOVY, and UZEDY—which collectively grew 43% year-over-year in local currency to exceed $1 billion in quarterly revenue.
This strength prompted management to raise the 2026 combined revenue outlook for these brands to approximately $3.7 billion (roughly 17% year-over-year growth). Overall revenues of $4.1 billion declined 1% year-over-year due to generic erosion, particularly lenalidomide, but the innovative portfolio's momentum is reshaping the company's revenue mix. Separately, Teva is replacing its ADS structure with a direct NYSE listing of ordinary shares in September 2026, aiming to broaden its investor base and support potential inclusion in major indices.
Section-by-Section Diff
Event · Exhibit 99.1
Teva reports Q2 2026 results with key innovative brands exceeding $1B, acquires ecopipam for ~$700M, and raises 2026 outlook.
Added in current filing · view on EDGAR →
Q2 2026 revenues of $4.1 billion decreased by 1% in U.S. dollars year-over-year (YoY) and by 3% in local currency (LC) terms, mainly due to lower generics revenues. Our key innovative brands collectively grew 43% YoY in LC, to over $1 billion in revenues
Teva reported Q2 2026 revenues of $4.1 billion, down 1% year-over-year in U.S. dollars and 3% in local currency, primarily due to lower generic product revenues, particularly lenalidomide capsules. However, the company's three key innovative brands (AUSTEDO, AJOVY, UZEDY) collectively grew 43% year-over-year in local currency to over $1 billion, demonstrating a shift in portfolio mix toward higher-margin innovative products.
Added in current filing · view on EDGAR →
ecopipam: the acquisition of Emalex Biosciences (Emalex) and its primary asset, ecopipam (EBS-101), a first-in-class therapy for Tourette syndrome, for approximately $700 million in cash, reflects the acceleration of our late-stage innovative neuroscience pipeline, in line with Teva's Pivot to Growth Strategy; a New Drug Application for ecopipam was submitted to the U.S. FDA in June 2026, and expenses of $726 million for this acquisition were recorded in Q2 2026
Teva acquired Emalex Biosciences and its primary asset ecopipam (EBS-101), a first-in-class therapy for Tourette syndrome, for approximately $700 million in cash. The company submitted a New Drug Application to the FDA in June 2026 and recorded $726 million in expenses related to this acquisition in Q2 2026 ($724 million IPR&D charge plus $2 million operating expenses). This acquisition accelerates Teva's late-stage neuroscience pipeline and aligns with its Pivot to Growth strategy.
Added in current filing · view on EDGAR →
Teva announces the replacement of its American Depositary Share (ADS) program with the direct listing of its ordinary shares on the New York Stock Exchange (NYSE). ADSs will be exchanged on a one-for one-basis for our ordinary shares, which commence trading on the NYSE on Monday, September 14, 2026 after the ADSs cease trading on the NYSE at the close of trading on Friday, September 11, 2026. The transition aims to broaden Teva’s shareholder base, support its potential inclusion in leading indices, and optimize cost-of-capital.
Teva is replacing its American Depositary Share (ADS) program with a direct listing of ordinary shares on the NYSE. ADSs will be exchanged one-for-one for ordinary shares, with the transition occurring September 11-14, 2026. The company states this aims to broaden its shareholder base, support potential inclusion in leading indices, and optimize cost-of-capital. There is no impact to ordinary shares traded on the Tel Aviv Stock Exchange.
Added in current filing · view on EDGAR →
GAAP loss per share of $0.49, of which $726 million of expenses are attributable to Emalex ($724 million of IPR&D and $2 million of operating expenses), or a loss of $0.61 per share ... Non-GAAP diluted EPS of $0.02, that includes a per share impact of ($0.61) from the Emalex acquisition ... Cash flow generated from operating activities of $411 million ... Free cash flow of $622 million
Teva reported a GAAP loss per share of $0.49 in Q2 2026, with $726 million in expenses ($0.61 per share) attributable to the Emalex acquisition. Non-GAAP diluted EPS was $0.02, which includes the ($0.61) per share impact from Emalex. The company generated $411 million in operating cash flow and $622 million in free cash flow during the quarter, demonstrating continued cash generation despite the acquisition-related charges.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 30, 2026 · How we verify