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Segments | 9 Months Ended
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Sep. 30, 2025
Segments | NOTE 15 – Segments: Teva operates its business and reports its financial results in the following three segments:
| (a) | United States segment.
| (b) | Europe segment, which includes the European Union, the United Kingdom and certain other European countries.
| (c) | International Markets segment, which includes all countries other than the United States and countries included in the Europe segment.
In addition to these three segments, Teva has other sources of revenues included in other activities, primarily the sale of APIs to third parties, certain contract manufacturing services and an out-licensing platform offering a portfolio of products to other pharmaceutical companies through its affiliate Medis. Teva’s Chief Executive Officer (“CEO”), who is the chief operating decision maker (“CODM”), reviews financial information prepared on a consolidated basis, accompanied by disaggregated information about revenues and contributed profit by the three identified reportable segments, namely the United States, Europe and International Markets, to make decisions about resources to be allocated to the segments and assess their performance. The key areas of focus by the CODM for allocation of resources are revenues from each reportable segment, as well as operating expenses (cost of sales, R&D expenses, S&M expenses, G&A expenses, and other expenses (income)). While the CODM analyzes each of these categories, the CODM focuses particularly on period-over-period fluctuations and budget-to-actual variances to determine the right allocation of resources to be attributed to each segment to ensure profitability is maximized. Segment profit is comprised of revenues for the segment less cost of sales, R&D expenses, S&M expenses, G&A expenses and other expenses (income) related to the segment. Segment profit does not include amortization and certain other items. Teva manages its assets on a company basis, not by segments, as many of its assets are shared or commingled. Teva’s CODM does not regularly review asset information by reportable segment and, therefore, Teva does not report asset information by reportable segment. Teva’s CEO may review its strategy and organizational structure from time to time. Based on such review, in May 2023 Teva launched its new Pivot to Growth strategy. Any additional changes in strategy may lead to a reevaluation of the Company’s segments and goodwill allocation to reporting units, as well as fair value attributable to its reporting units. See note 6. On January 31, 2024, Teva announced that it intends to divest its API business (including its R&D, manufacturing and commercial activities) through a sale. The intention to divest is in alignment with Teva’s Pivot to Growth strategy. As of the date of this Quarterly Report on Form 10-Q, exclusive discussions with a selected buyer on the sale have terminated. Teva is initiating a renewed sales process, maintaining its strategic intention to divest its API business. However, there can be no assurance regarding the ultimate timing or structure of a potential divestiture or that a divestiture will be agreed or completed at all. See note 2.
| a. | Segment information:
|  | Three months ended September 30, |
|  | 2025 |
|  | United States |  |  | Europe |  |  | International Markets |
|  | (U.S. $ in millions) |
Revenues |  | $ | 2,483 |  |  | $ | 1,235 |  |  | $ | 557 |
Cost of sales |  |  | 996 |  |  |  | 570 |  |  |  | 280 |
R&D expenses |  |  | 161 |  |  |  | 62 |  |  |  | 26 |
S&M expenses |  |  | 278 |  |  |  | 225 |  |  |  | 122 |
G&A expenses |  |  | 114 |  |  |  | 75 |  |  |  | 36 |
Other |  |  | (3 | ) |  |  | § |  |  |  | § |
Segment profit |  | $ | 937 |  |  | $ | 303 |  |  | $ | 95 |
§ | Represents an amount less than $0.5 million.
|  | Three months ended September 30, |
|  | 2024 |
|  | United States |  |  | Europe |  |  | International Markets |
|  | (U.S. $ in millions) |
Revenues |  | $ | 2,225 |  |  | $ | 1,265 |  |  | $ | 613 |
Cost of sales |  |  | 960 |  |  |  | 566 |  |  |  | 307 |
R&D expenses |  |  | 151 |  |  |  | 55 |  |  |  | 27 |
S&M expenses |  |  | 259 |  |  |  | 203 |  |  |  | 134 |
G&A expenses |  |  | 107 |  |  |  | 67 |  |  |  | 36 |
Other |  |  | § |  |  |  | 1 |  |  |  | § |
Segment profit |  | $ | 748 |  |  | $ | 373 |  |  | $ | 109 |
§ | Represents an amount less than $0.5 million.
|  | Nine months ended September 30, |
|  | 2025 |
|  | United States |  |  | Europe |  |  | International Markets |
|  | (U.S. $ in millions) |
Revenues |  | $ | 6,543 |  |  | $ | 3,726 |  |  | $ | 1,634 |
Cost of sales |  |  | 2,748 |  |  |  | 1,687 |  |  |  | 835 |
R&D expenses |  |  | 467 |  |  |  | 181 |  |  |  | 75 |
S&M expenses |  |  | 831 |  |  |  | 652 |  |  |  | 353 |
G&A expenses |  |  | 323 |  |  |  | 210 |  |  |  | 107 |
Other |  |  | (1 | ) |  |  | § |  |  |  | (3 | )
Segment profit |  | $ | 2,175 |  |  | $ | 996 |  |  | $ | 266 |
§ | Represents an amount less than $0.5 million.
|  | Nine months ended September 30, |
|  | 2024 |
|  | United States |  |  | Europe |  |  | International Markets |
|  | (U.S. $ in millions) |
Revenues |  | $ | 6,060 |  |  | $ | 3,749 |  |  | $ | 1,802 |
Cost of sales |  |  | 2,769 |  |  |  | 1,637 |  |  |  | 914 |
R&D expenses |  |  | 475 |  |  |  | 173 |  |  |  | 85 |
S&M expenses |  |  | 789 |  |  |  | 605 |  |  |  | 397 |
G&A expenses |  |  | 300 |  |  |  | 197 |  |  |  | 109 |
Other |  |  | (1 | ) |  |  | 1 |  |  |  | (1 | )
Segment profit |  | $ | 1,727 |  |  | $ | 1,137 |  |  | $ | 299 |
The following table presents a reconciliation of Teva’s segment profits to its consolidated operating income (loss) and to consolidated income (loss) before income taxes for the three months ended September 30, 2025 and 2024:
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (U.S. $ in millions) |  |  | (U.S. $ in millions) |
United States profit |  | $ | 937 |  |  | $ | 748 |  |  | $ | 2,175 |  |  | $ | 1,727 |
Europe profit |  |  | 303 |  |  |  | 373 |  |  |  | 996 |  |  |  | 1,137 |
International Markets profit |  |  | 95 |  |  |  | 109 |  |  |  | 266 |  |  |  | 299 |
Total reportable segments profit |  |  | 1,334 |  |  |  | 1,230 |  |  |  | 3,437 |  |  |  | 3,163 |
Profit (loss) of other activities |  |  | (40 | ) |  |  | (16 | ) |  |  | (64 | ) |  |  | (1 | )
Amounts not allocated to segments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization |  |  | 144 |  |  |  | 146 |  |  |  | 436 |  |  |  | 444 |
Other assets impairments, restructuring and other items |  |  | 62 |  |  |  | (23 | ) |  |  | 272 |  |  |  | 931 |
Goodwill impairment |  |  | — |  |  |  | 600 |  |  |  | — |  |  |  | 1,000 |
Intangible assets impairments |  |  | 64 |  |  |  | 28 |  |  |  | 227 |  |  |  | 169 |
Legal settlements and loss contingencies |  |  | 60 |  |  |  | 450 |  |  |  | 309 |  |  |  | 638 |
Other unallocated amounts |  |  | 82 |  |  |  | 64 |  |  |  | 272 |  |  |  | 254 |
Consolidated operating income (loss) |  |  | 882 |  |  |  | (51 | ) |  |  | 1,857 |  |  |  | (274 | )
Financial expenses, net |  |  | 237 |  |  |  | 272 |  |  |  | 714 |  |  |  | 763 |
Consolidated income (loss) before income taxes |  | $ | 646 |  |  | $ | (324 | ) |  | $ | 1,143 |  |  | $ | (1,037 | )
b. Segment revenues by major products and activities: The following tables present revenues by major products and activities for the three months ended September 30, 2025 and 2024:
United States |  | Three months ended September 30, |
|  | 2025 |  |  | 2024 |
|  | (U.S. $ in millions) |
Generic products (including biosimilars) |  | $ | 1,175 |  |  | $ | 1,094 |
AJOVY ® |  |  | 73 |  |  |  | 58 |
AUSTEDO |  |  | 601 |  |  |  | 435 |
BENDEKA ® and TREANDA ® |  |  | 35 |  |  |  | 40 |
COPAXONE |  |  | 62 |  |  |  | 69 |
UZEDY |  |  | 43 |  |  |  | 35 |
Anda |  |  | 392 |  |  |  | 380 |
Other |  |  | 101 |  |  |  | 115 |
Total |  | $ | 2,483 |  |  | $ | 2,225 |
United States |  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |
|  | (U.S. $ in millions) |
Generic products (including biosimilars) |  | $ | 2,984 |  |  | $ | 2,924 |
AJOVY |  |  | 190 |  |  |  | 144 |
AUSTEDO |  |  | 1,492 |  |  |  | 1,124 |
BENDEKA and TREANDA |  |  | 111 |  |  |  | 127 |
COPAXONE |  |  | 179 |  |  |  | 179 |
UZEDY |  |  | 136 |  |  |  | 75 |
Anda |  |  | 1,130 |  |  |  | 1,134 |
Other |  |  | 321 |  |  |  | 352 |
Total |  | $ | 6,543 |  |  | $ | 6,060 |
Europe |  | Three months ended September 30, |
|  | 2025 |  |  | 2024 |
|  | (U.S. $ in millions) |
Generic products (including OTC and biosimilars) |  | $ | 982 |  |  | $ | 973 |
AJOVY |  |  | 66 |  |  |  | 56 |
COPAXONE |  |  | 44 |  |  |  | 53 |
Respiratory products |  |  | 52 |  |  |  | 60 |
Other* |  |  | 91 |  |  |  | 124 |
Total |  | $ | 1,235 |  |  | $ | 1,265 |
* | Other revenues in the third quarter of 2025 and 2024 include the sale of certain product rights.
Europe |  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |
|  | (U.S. $ in millions) |
Generic products (including OTC and biosimilars) |  | $ | 3,011 |  |  | $ | 2,947 |
AJOVY |  |  | 195 |  |  |  | 158 |
COPAXONE |  |  | 135 |  |  |  | 163 |
Respiratory products |  |  | 162 |  |  |  | 183 |
Other* |  |  | 223 |  |  |  | 299 |
Total |  | $ | 3,726 |  |  | $ | 3,749 |
* | Other revenues in the first nine months of 2025 and 2024 include the sale of certain product rights.
International markets |  | Three months ended September 30, |
|  | 2025 |  |  | 2024 |
|  | (U.S. $ in millions) |
Generic products (including OTC and biosimilars) |  | $ | 421 |  |  | $ | 477 |
AJOVY |  |  | 30 |  |  |  | 24 |
AUSTEDO |  |  | 17 |  |  |  | 13 |
COPAXONE |  |  | 8 |  |  |  | 13 |
Other* |  |  | 82 |  |  |  | 86 |
Total |  | $ | 557 |  |  | $ | 613 |
* | Other revenues in the third quarter of 2025 and 2024 include the sale of certain product rights.
International markets |  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |
|  | (U.S. $ in millions) |
Generic products (including OTC and biosimilars) |  | $ | 1,298 |  |  | $ | 1,440 |
AJOVY |  |  | 78 |  |  |  | 63 |
AUSTEDO |  |  | 34 |  |  |  | 39 |
COPAXONE |  |  | 25 |  |  |  | 38 |
Other* |  |  | 199 |  |  |  | 222 |
Total |  | $ | 1,634 |  |  | $ | 1,802 |
* | Other revenues in the first nine months of 2025 and 2024 include the sale of certain product rights.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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