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TEVA · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Teva Pharmaceutical Industries Limited (TEVA) stock moving?
Teva's Q3 2026 report on Nov 3 beat expectations, with revenue of $4.395B and adjusted EPS of $0.86, and the company raised its Austedo, Ajovy and Uzedy FY26 revenue outlooks. Gross margin reached 58.7%, up 345 bps year over year. Adjusted EPS guidance moved to $1.92-$2.11 from $1.91-$2.11, but the adjusted operating income and EBITDA ranges were trimmed at the top end, and both include large acquired IPR&D charges ($0.71 per share and $0.87B). The stock rose from a $40.70 close on Nov 2 to $41.91 on Nov 3, with volume of 11.7M against a typical 4-6M, and traded between $41.8 and $43.0 through Nov 9 before closing at $42.40 on Nov 10. Trading volume eased to 4.6M-6.2M after Nov 6. Four brokers raised price targets to $52-$57 between Nov 4 and Nov 5, implying roughly 23%-35% upside from the Nov 10 close. The main risks are management's guidance that the new schizophrenia drug Weltruza will not add significant revenue until 2H 2027 and the expected Medicare/IRA pricing pressure on Austedo in 2027. The 30-day trading range is $39.11-$43.34, and the stock is near the upper part of that range.
News behind the analysis
- Teva Pharmaceutical Industries Reports Q3 2026 Financial Results and Raises Full-Year OutlookTeva reported Q3 2026 revenue of $4.395 billion and adjusted EPS of $0.86, above analyst expectations, and raised its full-year 2026 revenue and earnings guidance.
- Teva CEO Sees Strong Austedo Demand Cushioning Medicare Pricing Blow in 2027The stock rose after the Q3 beat and a 2026 outlook boost, driven by 33% branded drug growth; management expects Austedo demand to offset Medicare pricing pressure in 2027.
- Teva Raises FY26 Austedo Revenue Outlook To $2.55B-$2.65B From $2.45B-$2.60BTeva lifted its FY26 Austedo revenue guidance at both ends, with Q3 Austedo revenue of $751M up 21% year over year in local currency.
- Teva Narrows FY26 Adj. EBITDA Guidance To $4.23B-$4.43B From $4.23B-$4.53B; Includes $0.87B IPR&D ChargesTeva narrowed its FY26 adjusted EBITDA guidance by lowering the top end, and the range includes $0.87B of acquired IPR&D charges.
- Teva Acquires BXCL-501 From BioXcel Therapeutics; Under FDA Review For At-Home Treatment Of AgitationTeva acquired BXCL-501 from BioXcel Therapeutics, an asset under FDA review for at-home treatment of agitation, adding to its pipeline.
- Teva Pharmaceutical Industries CEO Says Just-Launched Schizophrenia Drug Weltruza Won't See Significant Revenue Until Second Half Of 2027, In Good Position For 2028; Despite Growth In Branded Drugs, Generics To Continue To Grow And Be Profitable Due To Biosimilars Pipeline; Co. Aims To Grow In 2027 Despite U.S. Inflation Reduction Act Impact On Its Austedo DrugManagement said the newly launched schizophrenia drug Weltruza will not contribute significant revenue until the second half of 2027 and that growth in 2027 is targeted despite the IRA impact on Austedo.
- Leerink Partners Maintains Outperform on Teva Pharmaceutical Indus, Raises Price Target to $52Leerink Partners kept its Outperform rating on Teva and raised its price target to $52.
- TD Cowen Maintains Buy on Teva Pharmaceutical Indus, Raises Price Target to $57TD Cowen reiterated its Buy rating on Teva and raised its price target to $57.
- HC Wainwright & Co. Maintains Buy on Teva Pharmaceutical Indus, Raises Price Target to $54HC Wainwright kept its Buy rating on Teva and raised its price target to $54.
- Oppenheimer Raises Price Target on Teva Pharmaceutical IndustriesOppenheimer raised its price target on Teva from $52 to $54 and kept its Outperform rating.
About Teva Pharmaceutical Industries Limited
Teva Pharmaceutical Industries is an Israel-based drugmaker and one of the world's biggest makers of generic medicines. Under its "Pivot to Growth" strategy it is turning into a branded, innovation-led drug company, with the generics business still at its core.
How it makes money
Most of its revenue, which management expects to be roughly $16.7–17 billion in 2026, comes from selling generic and biosimilar drugs around the world, including harder-to-make complex generics. A growing share comes from its own branded medicines: AUSTEDO (movement disorders), AJOVY (migraine) and UZEDY (schizophrenia). Teva expects these three to bring in about $3.7 billion combined in 2026. It also earns money from older brands and over-the-counter products, and it recently launched WELTRUZA for schizophrenia in the US.
What usually moves TEVA
- Growth of AUSTEDO, AJOVY and UZEDY sales
- Pipeline results, e.g. duvakitug for bowel disease and olanzapine LAI
- US generic drug pricing and policy
- Paying down its large debt load
- Biosimilar launches and legal settlements