Teva Pharmaceutical Industries Ltd. commenced direct trading of its ordinary shares on the New York Stock Exchange (NYSE) on September 14, 2026, completing its transition from an American Depositary Shares (ADSs) program. The shares continue to trade under the ticker symbol "TEVA" on both the NYSE and the Tel Aviv Stock Exchange (TASE). This move is a key part of Teva's "Pivot to Growth" strategy, aiming to broaden investor access to its shares and enhance its standing in the U.S. capital markets. Each ADS was exchanged for one ordinary share upon the program's termination.
Richard Francis, President and CEO of Teva, stated that this milestone reflects the company's momentum in transforming into a leading innovative biopharmaceutical company. Eli Kalif, Executive Vice President and Chief Financial Officer, highlighted that the direct listing, coupled with recent investment-grade credit ratings from all three major agencies, demonstrates Teva's financial strength and expands its access to investors for long-term growth.
The direct listing is expected to improve Teva's access to U.S. equity indexes and reduce capital-market friction. The company's three flagship innovative brands—AUSTEDO®, AJOVY®, and UZEDY®—have collectively grown by over 40% year-over-year, with expected 2026 revenues of approximately $3.7 billion. Teva anticipates 2026 revenues between $16.5 billion and $16.85 billion, and free cash flow of $2.0 billion to $2.4 billion. The stock gained 4.3% on the day of the announcement, closing at $38.67, up from Friday's $37.09, though analysts note the conversion itself does not create new revenue or cash flow.
Teva's financial outlook also includes the acquisition of Emalex, which is projected to incur about $770 million in adjusted EBITDA related expenses and a 66-cent reduction to non-GAAP earnings per share in 2026. This leaves projected non-GAAP EPS at $1.91 to $2.11. The company's innovative pipeline holds potential for over $10 billion in peak revenues, positioning Teva for margin expansion and earnings growth.
