Who Owns Teva Pharmaceuticals?

Teva traces its origins to 1901, when a small drug distribution business was established in Jerusalem. The company incorporated formally in 1944 and began manufacturing pharmaceutical products in Israel. By the 1950s and 1960s, Teva had established itself as Israel's primary domestic pharmaceutical manufacturer.

International expansion began in the 1980s. Teva entered the United States market through a series of acquisitions, recognizing that the 1984 Hatch-Waxman Act, which created the modern US generic drug approval system, offered significant commercial opportunity for a company with expertise in generic manufacturing.

The 1985 acquisition of Lemmon Company gave Teva a direct US manufacturing and distribution presence. Further US acquisitions followed over the following two decades. By the early 2000s, Teva was among the largest players in the US generic drug market.

The launch of generic copaxone, Teva's branded multiple sclerosis treatment, in biosimilar competition in the late 2010s was a turning point. Copaxone had been Teva's highest-margin product. Its revenue declined sharply as generic competition entered. This revenue loss coincided with rising debt from the 2016 Allergan Generics acquisition.

In 2016, Teva acquired Allergan plc's generic drug business (the former Actavis Generics) for approximately 40.5 billion US dollars, the largest acquisition in Teva's history and one of the largest pharmaceutical acquisitions globally. The deal made Teva the undisputed world leader in generic drugs by market share but also loaded the company with approximately 35 billion US dollars in debt.

From 2017 onward, Teva undertook a major restructuring program. The company sold non-core assets, closed manufacturing facilities, reduced its workforce by approximately 30%, and renegotiated debt. CEO Kare Schultz led the restructuring from 2017 to 2022. Richard Francis succeeded him in 2023.

Francis introduced the "Pivot to Growth" strategy, which prioritizes delivering on existing growth engines, stepping up innovation, sustaining the generics business, and focusing the company through transformation programs. The strategy has delivered results. Teva reported 15.8 billion US dollars in revenue in 2023, 16.5 billion in 2024, and 17.3 billion in 2025, marking three consecutive years of growth.

In Q2 2026, Teva's key innovative brands (Austedo, Ajovy, and Uzedy) collectively generated over 1 billion US dollars in quarterly revenue for the first time, growing 43% year over year in local currency terms. Austedo generated 696 million US dollars in the quarter, up 40%. Ajovy posted 56% growth to 244 million US dollars. Uzedy, Teva's newest branded medicine for schizophrenia, generated 77 million US dollars, up 43%.

Despite this branded growth, Teva's generics business continues to face pressure. In Q2 2026, generics sales fell 15% worldwide and 31% in the US market, primarily due to competition from generic Revlimid. The company expects 2026 revenue between 16.5 and 16.85 billion US dollars, reflecting a slowdown from 2025 as generics headwinds offset branded growth.

Teva's Teva Transformation programs, announced in May 2025, are expected to generate approximately 700 million US dollars in net savings through 2027. The company achieved 70 million in savings in 2025 and expects to realize two-thirds of the targeted savings by the end of 2026.

Looking ahead, Teva's pipeline includes several late-stage assets. The company anticipates FDA approval of olanzapine LAI (a long-acting injectable for schizophrenia and bipolar disorder), important clinical data for duvakitug (an anti-TL1A antibody for inflammatory bowel disease), and anti-IL-15 programs for vitiligo. Teva estimates these pipeline assets represent over 10 billion US dollars in potential revenue. The company also plans to launch 6 new biosimilars in 2026 and 2027, with 10 more in 2028 and beyond, putting it on track to double its biosimilar revenue from 2024 levels.