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- **Revenue Growth**: 3% Q3 growth, 33% innovative portfolio expansion (AUSTEDO +38%, UZEDY +24%). 
- **Margin & Debt**: 28.9% operating margin, net debt-to-EBITDA 2.8x (target 2x by 2027). 
- **Strategic Wins**: 11th straight quarter of growth; $2.5 billion AUSTEDO 2027 target reaffirmed. 
- **Pipeline Momentum**: Olanzapine LAI FDA submission Q4 2025; duvakitug Phase III underway. 
- **Cost Efficiency**: $700M savings program 50% achieved in 2025, driving 2027 margin goals.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue reached $4.5 billion, up 3% year-over-year, driven by 33% growth in the innovative portfolio (AUSTEDO, UZEDY, AJOVY). AUSTEDO revenue surged 38% to $618 million, UZEDY grew 24%, and AJOVY rose 19%. 
- **Strategic Milestones**: 11th consecutive quarter of revenue growth; 2027 targets include mid-single-digit growth, 30% operating margin, and $2.5 billion AUSTEDO revenue. 
- **Pipeline Progress**: Olanzapine LAI FDA submission planned for Q4 2025; DARI and duvakitug Phase III studies on track. 
- **Cost Optimization**: $700 million cost savings program on track, with $70 million achieved in 2025. Net debt-to-EBITDA ratio dropped to 2.8x, below 3x for the first time since 2016.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income $433 million, non-GAAP EPS $0.78 (up 14% YoY). Free cash flow $515 million. 
- **Margin Expansion**: Non-GAAP gross margin 55.3% (up 120bps YoY), operating margin 28.9% (up 70bps YoY). 
- **2025 Outlook**: Tightened revenue guidance to $16.8–$17 billion; AUSTEDO updated to $2.05–$2.15 billion. 2027 targets reaffirmed: $2.5 billion AUSTEDO, 30% operating margin, 2x net debt-to-EBITDA.

**【Q&A Highlights】**
- **AUSTEDO IRA Negotiations**: CMS agreement aligns with 2023 forecasts, supporting $2.5 billion 2027 target. AUSTEDO XR included in negotiations. 
- **Competitive Dynamics**: Emphasized underserved TD market (85% untreated patients). Biosimilar pipeline expansion and TAPI sale process restart noted. 
- **Pipeline Updates**: Olanzapine LAI Phase III data positive; duvakitug Phase III IBD studies initiated. 
- **Free Cash Flow**: 2027 free cash flow inflection driven by innovative growth, cost savings, and debt reduction.

Teva Pharmaceutical Industries Limited (TEVA) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Net Interest Expense

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Net Income

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Preferred Stock Dividends

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Diluted EPS from Discontinued Operations

TEVA

TEVA fundamentals

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