On July 29, 2026 PharmaMar Group (MSE: PHM) reported the close of first half of the year with an 18% increase in recurring revenue, defined as the sum of net sales and royalties received from our partners, reaching €85.1 million, despite the fact that the commercial launch of Zepzelca (lurbinectedin) in Europe had not yet commenced as of the end of the period.

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As of June 30th, 2026, net sales increased by 1.3% to €46.4 million. This growth was driven by lurbinectedin revenue in Europe, particularly through compassionate use programs, mainly in France, where revenue increased by 39.5% to €21.6 million. Sales of active pharmaceutical ingredients to our partners, for both lurbinectedin and Yondelis (trabectedin), rose 16.2% to €15.9 million.

At the end of the first half of 2026, oncology royalty income increased by 46.3% year-on-year to €38.7 million. This growth was primarily driven by a 50.5% increase in royalties received from our partners’ sales of lurbinectedin, which reached €31.6 million[1]. Meanwhile, royalties received from trabectedin sales in the United States increased by 30.1% to €7.1 million during the first six months of the year.

Non-recurring revenue totaled €7.4 million as of June 30th, 2026, compared with €23.0 million in the same period of the previous year. This difference is mainly explained by the fact that non-recurring revenue in the first half of 2025 included a €22 million upfront payment from Merck related to the licensing of lurbinectedin in Japan.

As a result, PharmaMar Group’s total revenue reached €92.5 million at the end of the first half of 2026, compared with €95.3 million as of June 30th, 2025. Consequently, the strong growth of the recurring business during the period largely offset the impact of the upfront payment recognized in the first half of the previous year.

During the first six months of 2026, PharmaMar Group’s R&D investment amounted to €47.3 million, compared with €47.5 million recorded as of June 30th, 2025.

Of the total R&D investment, the oncology segment accounted for €45.3 million, compared with €44.8 million in June 2025. Investment increased by 1% year-on-year, mainly due to spending on the Phase III SaLuDo trial evaluating lurbinectedin in combination with doxorubicin as a first-line treatment for leiomyosarcoma, for which patient recruitment was completed during the period, as well as increased investment in the early-stage compounds PM54 and PM534.

As of June 30th, 2026, PharmaMar Group’s EBITDA amounted to €3.6 million, compared with €25.1 million in the same period of the previous year. The difference between the two periods is attributable both to the income generated by the lurbinectedin licensing agreement in Japan and to the recognition in 2025 of €14.7 million in grants awarded to Sylentis under the European IPCEI program.

As a result of the above, PharmaMar Group reported net profit of €0.6 million, compared with €19.4 million in the first half of the previous year.

As of June 30th, 2026, PharmaMar Group’s cash and cash equivalents increased by €1.7 million to €169.5 million. At the same time, total financial debt decreased by €3.5 million to €43.0 million. As a result, the Group’s net cash position increased by €5.2 million to €126.4 million at the end of the period.

PharmaMar will host a conference call for analysts and investors on July 30th, 2026, at 13:00 CET. To join the conference call, participants are encouraged to register via the following link to receive dial-in details and a personalized PIN:

To access the call without prior registration, please use one of the following numbers:

• Spain: +34 91 901 16 44
• United States/Canada: +1 646 664 1960
• Other countries: +44 20 3936 2999

Participant access code: 442855

In addition, the presentation can be followed live through the following webcast link.

(Press release, PharmaMar, JUL 29, 2026, View Source [SID1234669495])

On July 29, 2026 Biodexa Pharmaceuticals PLC (Nasdaq: BDRX), a clinical stage biopharmaceutical company developing innovative products focused on the treatment or prevention of gastrointestinal cancers reported that it has held its first round table meeting in Paris, France as part of expanding its support for Familial Adenomatous Polyposis (FAP) patients and prescribers. The sharing of experience and expertise amongst patients, patient advocacy groups and clinicians is informing Biodexa’s goal of improving outcomes and quality of life for FAP patients. These activities will augment Biodexa previous step of making eRapa available for FAP patients via an Early Access Program and Named Patient prescribing. A global initiative which gives clinicians who treat FAP patients the opportunity to prescribe this investigational medicine outside of a clinical trial for the first time.

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Commenting, Stephen Stamp, Chief Executive Officer of Biodexa said "We are delighted to be expanding our support for the FAP community and are committed to improving the lives of patients. We are proud to be support clinicians and patients in this way in addition to making eRapa available to clinicians for whom there are no currently approved therapeutic options."

About Familial Adenomatous Polyposis

FAP is characterized as a proliferation of polyps in the colon and/or rectum, usually occurring in mid-teens. There is no approved therapeutic option for treating FAP patients, for whom active surveillance and surgical resection of the colon and/or rectum remain the standard of care. If untreated, FAP typically leads to cancer of the colon and/or rectum. There is a significant hereditary component to FAP with a reported incidence of one in 5,000 to 10,000 in the US and one in 11,300 to 37,600 in Europe. eRapa has received Orphan Designation in the US with plans to seek such designation in Europe. Importantly, mTOR has been shown to be over-expressed in FAP polyps – thereby underscoring the rationale for using a potent and safe mTOR inhibitor like eRapa to treat FAP.

About eRapa
eRapa is a proprietary oral capsule formulation of rapamycin, also known as sirolimus. Rapamycin is an mTOR (mammalian Target Of Rapamycin) inhibitor. mTOR has been shown to have a significant role in the signalling pathway that regulates cellular metabolism, growth and proliferation and is activated during tumorigenesis. Importantly, mTOR has been shown to be over-expressed in FAP polyps – thereby underscoring the rationale for using a potent and safe mTOR inhibitor like eRapa to treat FAP. Data from an open label Phase 2 trial were presented at Digestive Disease Week and InSIGHT 2024 in May and June 2024, respectively. Based on those data, Biodexa initiated a double-blind, placebo-controlled Phase 3 registrational trial which is planned to initiate 30 clinical sites across the US and Europe and to enrol 168 patients randomized 2:1, drug: placebo. The Phase 3 program is supported by a $20 million grant from the Cancer Prevention and Research Institute of Texas.

(Press release, Biodexa Pharmaceuticals, JUL 29, 2026, View Source [SID1234669513])

On July 29, 2026 Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) reported results for the quarter ended June 30, 2026.

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Mr. Richard Francis, Teva’s President and CEO, said: "Our second quarter reflects continued execution of our Pivot to Growth strategy. During the quarter, and into July, we advanced several value-creating assets, including two additional indications for duvakitug, demonstrating its pipeline-in-a-product potential, the acquisition and NDA submission of ecopipam (EBS-101), continued progress for olanzapine LAI, and expansion of our biosimilars pipeline through strategic collaborations."

Mr. Francis added, "Our key Innovative brands collectively generated over $1 billion in revenues, continuing to transform Teva’s portfolio mix and financial profile. The breadth of these milestones underscores the increasingly diversified nature of Teva’s growth profile. We are strengthening our neuroscience and immunology pipeline, expanding access through biosimilars, and continuing to modernize the business to support sustainable, innovation-driven growth and long-term value creation for patients and shareholders."

Pivot to Growth Strategy

In the second quarter of 2026, we continued to execute on the four key pillars of our "Pivot to Growth" strategy, announced in May 2023:

Delivering on our growth engines – Teva’s key innovative brands, AUSTEDO, AJOVY and UZEDY, collectively grew 43% YoY in LC in Q2 2026 to over $1 billion in revenues, continuing to transform the Company’s portfolio mix and financial profile. Each individual brand grew at least 40% YoY in LC in the quarter. Based on year-to-date performance, Teva is raising its outlook for all three key innovative brands.
Stepping up innovation – We advanced multiple assets in our late-stage innovative pipeline focused on well characterized compounds and validated disease targets. Teva submitted an NDA for ecopipam (EBS-101), a first-in-class investigational therapy for pediatric Tourette syndrome, acquired with Emalex. In May 2026, the EMA accepted the MAA for olanzapine LAI (TEV-’749). We announced encouraging Phase 1b results for TEV-’408 (anti-IL-15) in vitiligo and expect to initiate a vitiligo Phase 2 trial in Q4 2026. For duvakitug (anti-TL1A, developed in collaboration with Sanofi) we announced plans to initiate studies in two additional indications – hidradenitis suppurativa (HS) and fibrostenotic Crohn’s Disease (FSCD) – demonstrating its pipeline-in-a-product potential. Recruitment is on track for our Phase 3 studies for duvakitug in ulcerative colitis (UC) and Crohn’s disease (CD).
Sustaining our generics powerhouse – Teva continues to enhance its biosimilars portfolio, including the launch of AHZANTIVE in Europe and the collaboration agreement with Polpharma Biologics for a proposed biosimilar to Ocrevus covering both intravenous and subcutaneous formulations. On track with operational readiness for 3 additional biosimilars in 2027, building a robust portfolio of 18 biosimilars.
Focusing our business – We are actively transforming and modernizing our business through Teva Transformation programs and expect to realize two-thirds of the targeted savings in 2026, while maintaining disciplined capital allocation. During the quarter, Fitch Rating Agency raised the Company’s corporate credit rating to Investment Grade BBB-, recognizing Teva’s significantly improved balance sheet and successful execution of its Pivot to Growth strategy.
Second Quarter 2026 Consolidated Results

Revenues in the second quarter of 2026 were $4,142 million, a decrease of 1% in U.S. dollars, or 3% in local currency terms compared to the second quarter of 2025. This decrease was mainly due to lower revenues from generic products, primarily lenalidomide capsules (a generic version of Revlimid) in our U.S. segment, partially offset by higher revenues from our key innovative products, primarily AUSTEDO and AJOVY.

Exchange rate movements in the second quarter of 2026 including hedging effects, positively impacted revenues by $85 million, compared to the second quarter of 2025.

Gross profit in the second quarter of 2026 was $2,153 million, an increase of 2% compared to $2,102 million in the second quarter of 2025. Gross profit margin was 52.0% in the second quarter of 2026, compared to 50.3% in the second quarter of 2025. This increase was mainly due to higher revenues from AUSTEDO, partially offset by lower revenues from generic products in our United States segment, primarily lenalidomide capsules (a generic version of Revlimid). Non-GAAP gross profit was $2,293 million in the second quarter of 2026, an increase of 1% compared to $2,278 million in the second quarter of 2025. Non-GAAP gross profit margin was 55.4% in the second quarter of 2026, compared to 54.6% in the second quarter of 2025. The increase in both gross profit margin and non-GAAP gross profit margin was mainly due to a favorable mix of products, primarily higher revenues from AUSTEDO and AJOVY, partially offset by lower revenues from generic products, primarily lenalidomide capsules (a generic version of Revlimid).

Research and Development (R&D) expenses, net in the second quarter of 2026, were $970 million, an increase of 298% compared to $244 million in the second quarter of 2025, primarily due to our acquisition of Emalex Biosciences and its primary asset, ecopipam (EBS-101). This increase was partially offset by a decrease in our expenses related to our generic projects. Our R&D expenses, net in the second quarters of 2026 and 2025, were also impacted by reimbursements and cost sharing from our strategic partnerships and collaborations entered into in recent years.

Selling and Marketing (S&M) expenses in the second quarter of 2026 were $717 million, an increase of 10% compared to the second quarter of 2025. This increase was mainly due to promotional activities related to our key innovative products, primarily AUSTEDO, as well as a negative impact from exchange rate fluctuations.

General and Administrative (G&A) expenses in the second quarter of 2026 were $317 million, an increase of 4% compared to the second quarter of 2025.

Operating loss was $231 million in the second quarter of 2026, compared to an operating income of $455 million in the second quarter of 2025. Operating loss as a percentage of revenues was 5.6% in the second quarter of 2026, compared to operating income as a percentage of revenues of 10.9% in the second quarter of 2025. This change was mainly due to higher R&D expenses primarily related to the acquisition of Emalex and its primary asset ecopipam (EBS-101). Non-GAAP operating income in the second quarter of 2026 was $375 million representing a non-GAAP operating margin of 9.0% compared to $1,133 million representing 27.1%, respectively, in the second quarter of 2025. This decrease in non-GAAP operating margin in the second quarter of 2026 was mainly due to higher R&D expenses primarily related to the acquisition of ecopipam (EBS-101), as discussed above.

Exchange rate movements in the second quarter of 2026, net of hedging effects, had a positive impact of $26 million on our operating loss and non-GAAP operating income compared to the second quarter of 2025.

Financial expenses, net in the second quarter of 2026, were $224 million, mainly comprised of net interest expenses of $195 million. In the second quarter of 2025, financial expenses, net were $252 million, mainly comprised of net interest expenses of $203 million.

In the second quarter of 2026, we recognized a tax expense of $121 million, on pre-tax loss of $455 million. In the second quarter of 2025, we recognized a tax benefit of $78 million, on pre-tax income of $203 million.

Our tax rate in the second quarter of 2026 was negative 26.5%, compared to negative 38.4% in the second quarter of 2025. Non-GAAP tax rate in the second quarter of 2026 was 86.7%, compared to 16.4% in the second quarter of 2025. Our tax rate and non-GAAP tax rate in the second quarter of 2026 were mainly affected by an unfavorable tax impact of a non-deductible acquired IPR&D charge related to the acquisition of Emalex and its primary asset ecopipam (EBS-101), the generation of profits in various jurisdictions in which tax rates are different than the Israeli tax rate and other infrequent or non-recurring items. Our tax rate and non-GAAP tax rate in the second quarter of 2025 were mainly affected by releases of uncertain tax positions, foreign exchange impact on deferred tax positions and interest and inflation adjustments related to the agreement with the Israeli Tax Authorities.

Considering the above, we expect our annual non-GAAP tax rate for 2026 to be between 20%-23%, higher than our non-GAAP tax rate for 2025, which was 15.8%.

Net loss attributable to Teva and loss per share in the second quarter of 2026 were $576 million and $0.49, respectively, compared to net income attributable to Teva and earning per share of $282 million and $0.24, respectively, in the second quarter of 2025. This change was mainly due to the change in operating loss as well as higher income taxes, primarily due to the acquisition of Emalex and its primary asset, ecopipam (EBS-101), as discussed above. Non-GAAP net income attributable to Teva and non-GAAP diluted earnings per share in the second quarter of 2026 were $21 million and $0.02, respectively, compared to $769 million and $0.66, respectively, in the second quarter of 2025.

Adjusted EBITDA was $474 million in the second quarter of 2026, a decrease of 62%, compared to $1,233 million in the second quarter of 2025.

As of June 30, 2026 and 2025, the fully diluted share count for purposes of calculating our market capitalization was approximately 1,191 million shares and 1,179 million shares, respectively.

Non-GAAP information: non-GAAP adjustments in the second quarter of 2026 were $597 million. Non-GAAP net income attributable to Teva and non-GAAP diluted EPS for the second quarter of 2026 were adjusted to exclude the following items:

Amortization of purchased intangible assets of $139 million, of which $129 million is included in cost of sales and the remaining $9 million in S&M expenses;
Legal settlements and loss contingencies of $230 million;
Restructuring expenses of $38 million;
Impairment of long-lived assets of $113 million;
Contingent consideration expenses of $17 million;
Equity compensation expenses of $40 million;
Financial expenses of $8 million;
Other non-GAAP items of $29 million; and
Corresponding tax effects and unusual tax items of $17 million.
We believe that excluding such items facilitates investors’ understanding of our business including underlying trends, thereby improving the comparability of our business performance results between reporting periods.

For a reconciliation of the U.S. GAAP results to the adjusted non-GAAP figures and for additional information, see the tables below and the information included under "Non-GAAP Financial Measures." Investors should consider non-GAAP financial measures in addition to, and not as replacement for, or superior to, measures of financial performance prepared in accordance with GAAP.

Cash flow generated from operating activities during the second quarter of 2026 was $411 million compared to $227 million in the second quarter of 2025. The higher cash flow generated from operating activities in the second quarter of 2026 was mainly due to lower contingent consideration payments and lower tax payments, partially offset by higher legal settlement payments.

During the second quarter of 2026, we generated free cash flow of $622 million, which we define as comprising: $411 million in cash flow generated from operating activities, $311 million in beneficial interest collected in exchange for securitized accounts receivables (under our EU securitization program) and $4 million of proceeds from the sale of businesses and long-lived assets, partially offset by $104 million in cash used for capital investments. During the second quarter of 2025, we generated free cash flow of $476 million, which we define as comprising $227 million in cash flow generated from operating activities, $336 million in beneficial interest collected in exchange for securitized accounts receivables (under our EU securitization program) and $9 million of proceeds from the sale of businesses and long-lived assets, partially offset by $96 million in cash used for capital investments. The increase in the second quarter of 2026 resulted mainly from higher cash flow generated from operating activities, as discussed above.

As of June 30, 2026, our debt was $16,593 million, compared to $16,807 million as of December 31, 2025. This decrease was mainly due to $201 million of exchange rate fluctuations. The portion of total debt classified as short-term as of June 30, 2026, was 27% compared to 11% as of December 31, 2025. Our financial leverage, which is the ratio between our debt and the sum of our debt and equity, was 68% as of June 30, 2026 and December 31, 2025. Our average debt maturity was approximately 5.1 years as of June 30, 2026, compared to 5.6 years as of December 31, 2025.

Segment Results for the second quarter of 2026

United States Segment

In alignment with our Pivot to Growth strategy, commencing January 1, 2026, Anda is no longer reported under our United States segment. This shift allows the United States segment to continue to manage its entire product portfolio in the region, while strengthening focus on its biopharmaceutical business, growth engines and innovation. As a result, from that date, Anda is reported as part of the Company’s Other Activities. Prior period amounts were recast to reflect this change.

The following table presents revenues, expenses and profit for our United States segment for the three months ended June 30, 2026 and 2025:

Three months ended June 30,
2026
2025
(U.S. $ in millions / % of Segment Revenues)
Revenues $ 1,702 100 % $ 1,786 100 %
Cost of sales 499 29.3 % 574 32.2 %
Gross profit 1,203 70.7 % 1,211 67.8 %
R&D expenses* 883 51.9 % 152 8.5 %
S&M expenses 294 17.3 % 250 14.0 %
G&A expenses 107 6.3 % 111 6.2 %
Other (5 ) § § §
Segment profit (loss)** $ (76 ) (4.5 %) $ 699 39.1 %

* Mainly related to the acquisition of Emalex and its primary asset ecopipam (EBS-101) in the United States segment.
** Segment profit does not include amortization and certain other items.
§ Represents an amount less than $0.5 million or 0.5%, as applicable.

Revenues from our United States segment in the second quarter of 2026 were $1,702 million, a decrease of 5% compared to the second quarter of 2025, mainly due to lower revenues from generic products, primarily lenalidomide capsules (a generic version of Revlimid), partially offset by higher revenues from our key innovative products, primarily AUSTEDO.

Revenues by Major Products and Activities

The following table presents revenues for our United States segment by major products and activities for the three months ended June 30, 2026 and 2025:

Three months ended
June 30, Percentage
Change
2026 2025 2026-2025
(U.S. $ in millions)

Generic products (including biosimilars) $ 660 $ 961 (31%)
AJOVY 116 63 83%
AUSTEDO 676 495 37%
BENDEKA and TREANDA 28 40 (30%)
COPAXONE 61 62 (2%)
UZEDY 77 54 43%
Other 84 111 (25%)
Total $ 1,702 $ 1,786 (5%)

Generic products (including biosimilar products) revenues in our United States segment in the second quarter of 2026 were $660 million, a decrease of 31% compared to the second quarter of 2025. This decrease was mainly driven by lower revenues from lenalidomide capsules (a generic version of Revlimid) due to increased generic competition in the U.S., partially offset by higher revenues from our portfolio of biosimilar products.

Among the most significant generic products we sold in the United States in the second quarter of 2026 were Truxima (a biosimilar to Rituxan), epinephrine injectable solution (a generic equivalent of EpiPen and EpiPen Jr) and SIMLANDI (a biosimilar to Humira). In the second quarter of 2026, our total prescriptions were approximately 237 million (based on trailing twelve months), representing 6.1% of total U.S. generic prescriptions, compared to approximately 266 million (based on trailing twelve months), representing 6.9% of total U.S. generic prescriptions in the second quarter of 2025, all according to IQVIA data.

AJOVY revenues in our United States segment in the second quarter of 2026 were $116 million, an increase of 83% compared to the second quarter of 2025, mainly due to a reduction in sales allowance as well as growth in volume. In the second quarter of 2026, AJOVY’s exit market share in the United States in terms of total number of prescriptions was 32.5% out of the subcutaneous injectable anti-CGRP class, compared to 31.0% in the second quarter of 2025.

AUSTEDO revenues (which include AUSTEDO XR) in our United States segment in the second quarter of 2026 were $676 million, an increase of 37%, compared to the second quarter of 2025. This increase was mainly due to growth in volume and a favorable business mix including improved net-price realization.

AUSTEDO XR (deutetrabenazine) extended-release tablets was approved by the FDA on February 17, 2023 in three doses of 6, 12 and 24 mg, and became commercially available in the U.S. in May 2023. The FDA approved AUSTEDO XR as a one pill, once-daily treatment option in doses of 30, 36, 42, and 48 mg in May 2024 and in 18 mg in July 2024. AUSTEDO XR is a once-daily formulation indicated in adults for tardive dyskinesia and chorea associated with Huntington’s disease, which is additional to the twice-daily AUSTEDO.

UZEDY (risperidone) extended-release injectable suspension revenues in our United States segment in the second quarter of 2026 were $77 million, an increase of 43% compared to the second quarter of 2025, mainly due to growth in volume, partially offset by higher sales allowances.

BENDEKA and TREANDA combined revenues in our United States segment in the second quarter of 2026 were $28 million, a decrease of 30% compared to the second quarter of 2025, mainly due to competition from alternative therapies, as well as from branded and generic bendamustine products.

COPAXONE revenues in our United States segment in the second quarter of 2026 were $61 million, a decrease of 2% compared to the second quarter of 2025, mainly due to lower volumes, partially offset by a reduction in sales allowance.

United States Gross Profit

Gross profit from our United States segment in the second quarter of 2026 was $1,203 million, a decrease of 1%, compared to the second quarter of 2025.

Gross profit margin for our United States segment in the second quarter of 2026 increased to 70.7%, compared to 67.8% in the second quarter of 2025. This increase was mainly due to a favorable mix of products, primarily due to higher revenues from our key innovative products, largely AUSTEDO, partially offset by lower revenues from lenalidomide capsules (a generic version of Revlimid).

United States Profit

Profit from our United States segment consists of revenues less cost of sales, R&D expenses, S&M expenses, G&A expenses and other expenses (income) related to this segment. Segment profit does not include amortization and certain other items.

Loss from our United States segment in the second quarter of 2026 was $76 million, compared to a profit of $699 million in the second quarter of 2025. This change was mainly due to higher R&D expenses, primarily related to the acquisition of Emalex and its primary asset ecopipam (EBS-101).

Europe Segment

Our Europe segment includes the European Union, the United Kingdom and certain other European countries.

The following table presents revenues, expenses and profit for our Europe segment for the three months ended June 30, 2026 and 2025:

Three months ended June 30,
2026 2025
(U.S. $ in millions / % of Segment Revenues)
Revenues $ 1,263 100 % $ 1,298 100 %
Cost of sales 559 44.3 % 581 44.8 %
Gross profit 704 55.7 % 717 55.2 %
R&D expenses 52 4.1 % 59 4.6 %
S&M expenses 222 17.6 % 228 17.5 %
G&A expenses 66 5.2 % 66 5.1 %
Other* (3 ) § § §
Segment profit* $ 367 29.1 % $ 364 28.0 %

* Segment profit does not include amortization and certain other items.
§ Represents an amount less than $0.5 million or 0.5%, as applicable.

Revenues from our Europe segment in the second quarter of 2026 were $1,263 million, a decrease of 3% compared to the second quarter of 2025. In local currency terms, revenues decreased by 8% compared to the second quarter of 2025, mainly due to lower proceeds from the sale of certain product rights, and lower revenues from generic products. In the second quarter of 2026, revenues were positively impacted by exchange rate fluctuations of $63 million, including hedging effects, compared to the second quarter of 2025. Revenues in the second quarter of 2026, included $3 million from a positive hedging impact, while revenues in the second quarter of 2025 included $25 million from a negative hedging impact, which is included in "Other" in the table below.

Revenues by Major Products and Activities

The following table presents revenues for our Europe segment by major products and activities for the three months ended June 30, 2026 and 2025:

Three months ended
June 30, Percentage
Change
2026 2025 2026-2025
(U.S. $ in millions)
Generic products (including OTC and biosimilars) $ 1,024 $ 1,040 (2%)
AJOVY 78 71 10%
COPAXONE 49 50 (2%)
Respiratory products 58 55 6%
Other* 54 81 (34%)
Total $ 1,263 $ 1,298 (3%)
* Other revenues in the second quarter of 2025 include the sale of certain product rights.

Generic products revenues (including OTC and biosimilar products) in our Europe segment in the second quarter of 2026, were $1,024 million, a decrease of 2% compared to the second quarter of 2025. In local currency terms, revenues decreased by 4%, mainly due to lower sales of generic products and seasonal OTC products, partially offset by higher revenues from recently launched products.

AJOVY revenues in our Europe segment in the second quarter of 2026 were $78 million, an increase of 10%, compared to the second quarter of 2025. In local currency terms revenues increased by 7% due to growth in volume. COPAXONE revenues in our Europe segment in the second quarter of 2026 were $49 million, a decrease of 2% compared to the second quarter of 2025. In local currency terms revenues decreased by 5%, mainly due to price reductions and lower volumes resulting from the availability of alternative therapies, partially offset by a decrease in sales allowance due to a non-recurring item. Respiratory products revenues in our Europe segment in the second quarter of 2026 were $58 million, an increase of 6% compared to the second quarter of 2025. In local currency terms, revenues increased by 3%, mainly due to higher volumes as a result of increased supply.

Europe Gross Profit

Gross profit from our Europe segment in the second quarter of 2026 was $704 million, a decrease of 2% compared to the second quarter of 2025. Gross profit margin for our Europe segment in the second quarter of 2026 increased to 55.7%, compared to 55.2% in the second quarter of 2025. This increase was mainly due to a positive impact from hedging activities, partially offset by lower proceeds from the sale of certain product rights in the second quarter of 2026.

Europe Profit

Profit from our Europe segment consists of revenues less cost of sales, R&D expenses, S&M expenses, G&A expenses and other expenses (income) related to this segment. Segment profit does not include amortization and certain other items.

Profit from our Europe segment in the second quarter of 2026 was $367 million, an increase of 1%, compared to the second quarter of 2025.

International Markets Segment

Our International Markets segment includes all countries in which we operate other than the United States and the countries included in our Europe segment. The International Markets segment covers a substantial portion of the global pharmaceutical industry, including more than 35 countries. The countries in our International Markets segment include highly regulated, mainly generic markets, such as Canada and Israel, and branded generics-oriented markets, such as Russia and certain Latin America markets. The following table presents revenues, expenses and profit for our International Markets segment for the three months ended June 30, 2026 and 2025:

Three months ended June 30,
2026 2025
(U.S. $ in millions / % of Segment Revenues)
Revenues $ 550 100 % $ 495 100 %
Cost of sales 266 48.3 % 251 50.8 %
Gross profit 284 51.7 % 243 49.2 %
R&D expenses 26 4.8 % 24 4.9 %
S&M expenses 128 23.3 % 114 23.0 %
G&A expenses 38 6.9 % 32 6.6 %
Other (8 ) (1.4 %) (1 ) §
Segment profit* $ 99 18.0 % $ 74 14.9 %

* Segment profit does not include amortization and certain other items.
§ Represents an amount less than $0.5 million or 0.5%, as applicable.

Revenues from our International Markets segment in the second quarter of 2026 were $550 million, an increase of 11% compared to the second quarter of 2025. In local currency terms, revenues increased by 7% compared to the second quarter of 2025, mainly due to higher revenues from our key innovative products AJOVY and AUSTEDO, primarily in China.

In the second quarter of 2026, revenues were positively impacted by exchange rate fluctuations of $19 million, net of hedging effects, compared to the second quarter of 2025. Revenues in the second quarter of 2026 included $11 million from a negative hedging impact, compared to a negative hedging impact of $8 million in the second quarter of 2025, which are included in "Other" in the table below. The following table presents revenues for our International Markets segment by major products and activities for the three months ended June 30, 2026 and 2025:

Three months ended
June 30, Percentage
Change
2026 2025 2026-2025
(U.S. $ in millions)
Generic products (including OTC and biosimilars) $ 419 $ 410 2%
AJOVY 49 20 146%
AUSTEDO 20 3 571%
COPAXONE 8 7 7%
Other* 55 55 (1%)
Total $ 550 $ 495 11%

*Other revenues in the second quarter of 2025 include the sale of certain product rights.

Generic products revenues (including OTC and biosimilar products) in our International Markets segment in the second quarter of 2026 were $419 million, an increase of 2% compared to the second quarter of 2025. In local currency terms, revenues decreased by 1%.

AJOVY revenues in our International Markets segment in the second quarter of 2026 were $49 million, an increase of 146% compared to the second quarter of 2025. In local currency terms, revenues increased by 141%, mainly due to milestone payments received in China, as well as growth in other markets. In April 2026, we announced a strategic partnership for the marketing and distribution of AJOVY in China with Nuerogen (Zhuhai) Pharmaceutical Company Ltd.

AUSTEDO revenues in our International Markets segment in the second quarter of 2026 were $20 million, compared to $3 million in the second quarter of 2025. This increase was mainly due to timing of shipments, as well as growth in China.

COPAXONE revenues in our International Markets segment in the second quarter of 2026 were $8 million, an increase of 7% compared to the second quarter of 2025.

International Markets Gross Profit

Gross profit from our International Markets segment in the second quarter of 2026 was $284 million, an increase of 17% compared to the second quarter of 2025.

Gross profit margin for our International Markets segment in the second quarter of 2026 increased to 51.7%, compared to 49.2% in the second quarter of 2025. This increase was mainly due to higher revenues from AJOVY and AUSTEDO as discussed above.

International Markets Profit

Profit from our International Markets segment consists of revenues less cost of sales, R&D expenses, S&M expenses, G&A expenses and other expenses (income) related to this segment. Segment profit does not include amortization and certain other items.

Profit from our International Markets segment in the second quarter of 2026 was $99 million, an increase of 34%, compared to the second quarter of 2025. This increase was mainly due to higher revenues, as discussed above.

Other Activities

We have other sources of revenues, primarily our distribution business in the United States through Anda, the sale of APIs to third parties, an out-licensing platform offering a portfolio of products to other pharmaceutical companies through our affiliate Medis and certain contract manufacturing services. Our Other Activities are not included in our United States, Europe or International Markets segments described above.

In alignment with our Pivot to Growth strategy, commencing January 1, 2026, Anda is no longer reported under our United States segment. As a result, from that date, Anda is reported as part of our Other Activities. Prior period amounts were recast to reflect this change.

In 2024, we announced that we intend to divest our API business (including its R&D, manufacturing and commercial activities) through a sale. The intention to divest is in alignment with our Pivot to Growth strategy, and Teva is conducting a sales process for this matter. However, there can be no assurance regarding the ultimate timing or structure of a potential divestiture or that a divestiture will be completed at all.

Our revenues from Other Activities in the second quarter of 2026 were $627 million, an increase of 5% in both U.S. dollars and local currency terms, compared to the second quarter of 2025.

Anda revenues from third-party products in the second quarter of 2026 were $413 million, an increase of 13%, compared to the second quarter of 2025, mainly due to higher volumes. Anda, our distribution business in the United States, operates independently and distributes generic and innovative medicines and OTC pharmaceutical products from various manufacturers to independent retail pharmacies, pharmacy retail chains, hospitals and physician offices in the United States. Anda competes in the distribution market by maintaining a broad portfolio of products, competitive pricing and delivery throughout the United States.

API sales to third parties in the second quarter of 2026 were $118 million, a decrease of 12% in both U.S. dollars and local currency terms, compared to the second quarter of 2025. This decrease was mainly due to lower demand resulting from market dynamics and price reductions.

Revenues from additional other activities, mainly from Medis and certain contract manufacturing services, in the second quarter of 2026 were $95 million, a decrease of 3% in U.S. dollars, or 5% in local currency terms compared to the second quarter of 2025.

2026 Financial Outlook

$ billions, except diluted EPS or as noted April 2026
(Including Emalex) July 29 Outlook
(Including Emalex) Emalex impact
Revenues 16.4 – 16.8 $16.5 – $16.85B
AUSTEDO ($m) 2,400 – 2,550 2,450 – 2,600
AJOVY ($m) 750 – 790 850 – 870
UZEDY ($m) 250 – 280 270 – 290
Operating Income* 3.8 – 4.0 3.8 – 4.0 (0.77)
Adjusted EBITDA* 4.23 – 4.53 4.23 – 4.53 (0.77)
Finance Expenses* ~$0.8B ~$0.8B
Tax Rate* 20% – 23% 20% – 23% (+400 bps to ETR)
Diluted EPS* ($) 1.91 – 2.11 1.91 – 2.11 (0.66)
Free Cash Flow* 2.0 – 2.4 2.0 – 2.4
CAPEX 0.5 0.5
Foreign Exchange Volatile swings in FX can negatively impact revenue and income

*Certain items above are non-GAAP financial measures. For more information, see "Non-GAAP Financial Measures" below. Free Cash Flow includes cash flow generated from operating activities net of capital expenditures and deferred purchase price cash component collected for securitized trade receivables.

Conference Call

Teva will host a conference call and live webcast along with a slide presentation on Wednesday, July 29, 2026 at 8:00 a.m. ET to discuss its second quarter 2026 financial results and overall business environment.
A question & answer session will follow.
In order to participate, please register in advance here to obtain a local or toll‐free phone number and your personal pin.
A live webcast of the call will be available on Teva’s website at: www.tevapharm.com
Following the conclusion of the call, a replay of the webcast will be available within 24 hours on Teva’s website.

(Press release, Teva, JUL 29, 2026, View Source [SID1234669496])

On July 29, 2026 Ionis Pharmaceuticals, Inc. (Nasdaq: IONS) (the "Company") reported financial results and provided key updates for the second quarter ended June 30, 2026.

"With the approval of TRYNGOLZA in late June, Ionis is bringing the first and only treatment to reduce triglycerides and acute pancreatitis to people living with severe hypertriglyceridemia. We are encouraged by the early launch momentum and look forward to accelerating growth from TRYNGOLZA and our other wholly owned medicines in the quarters and years to come," said Brett P. Monia, Ph.D., chief executive officer of Ionis. "In the second half of this year, we expect multiple important milestones, including approval of zilganersen for Alexander disease, positioning us for our first independent launch from our leading neurology portfolio. We also expect results from the landmark pelacarsen Lp(a) HORIZON cardiovascular outcomes trial and the global launch of bepirovirsen for chronic hepatitis B. With our advancing pipeline and growing commercial momentum, Ionis is on track to deliver accelerating value to patients and all Ionis stakeholders."

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Second Quarter 2026 Summary Financial Results(1):

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(amounts in millions)

Total revenue

$
268

$
452

$
514

$
584

Operating expenses

$
370

$
312

$
734

$
591

Operating expenses on a non-GAAP basis

$
325

$
282

$
645

$
532

Income (loss) from operations

$
(102
)

$
140

$
(220
)

$
(7
)
Income (loss) from operations on a non-GAAP basis

$
(57
)

$
170

$
(131
)

$
52

(1)
Reconciliation of GAAP to non-GAAP basis contained later in this release.

1
Second Quarter 2026 Financial Highlights

•
Revenue in the second quarter and first half of 2026 increased by 56% and 69% respectively, compared to the same periods last year, excluding the one-time sapablursen upfront payment recognized in the second quarter of 2025, driven by continued commercial success and substantial R&D revenue from multiple partnerships

•
Operating expenses for the second quarter and first half of 2026 were in line with expectations and increased year over year primarily from investments related to the commercialization efforts for TRYNGOLZA and DAWNZERA and launch preparations for zilganersen in Alexander disease

•
Ended the second quarter of 2026 with cash and short-term investments of $2.1 billion as of June 30, 2026, enabling continued investments to drive value in Ionis’ wholly owned portfolio

Second Quarter 2026 Financial Results

"Our performance in the first half of this year reflects the strength and resilience of our business. We delivered significantly increased commercial revenue from our independent launches, substantial R&D revenue from multiple partnered medicines and invested in our advancing wholly owned pipeline," said Elizabeth L. Hougen, chief financial officer of Ionis. "Even with the outcome of the CARDIO-TTRansform study of eplontersen in ATTR-CM, our first-half execution and positive outlook for the second half of the year keep us on track to achieve our 2026 financial guidance. We also remain on track to achieve our goal of cashflow breakeven in 2028 and deliver substantial growth and long-term value-creation."

Recent Highlights – Wholly Owned Medicines

•
TRYNGOLZA (olezarsen), the first FDA-approved treatment to reduce triglycerides and acute pancreatitis risk in adults with severe hypertriglyceridemia (sHTG) as an adjunct to diet

o
Generated U.S. net product sales of $5 million and $32 million in the second quarter and first half of 2026, respectively

■
Demonstrated continued strong demand in FCS, offset by the reduced net price effective April 1, 2026

■
On track to achieve full year 2026 product sales of $100-110 million, in line with revenues generated in 2025

o
sHTG U.S. launch demonstrating early momentum following June 2026 approval

o
FCS launch outside the U.S. underway; sHTG marketing application under review in the European Union (EU) with potential launch in 2027

o
Results from the CORE and CORE2 open-label extension study (CORE-OLE) will be presented at the European Society of Cardiology (ESC) Congress in August 2026

•
DAWNZERA (donidalorsen), the first and only RNA-targeted prophylactic therapy for hereditary angioedema (HAE) in patients 12 years of age and older

o
Generated U.S. net product sales of $26 million and $42 million in the second quarter and first half of 2026, respectively; second quarter net product sales increased 63% compared to the first quarter of 2026

o
On track to achieve full year 2026 product sales of $110-120 million, representing a continuing driver of year-over-year revenue growth

o
Launch outside the U.S. underway, with new market approvals in the EU

2
•
Zilganersen on track to launch this year as the first and only medicine to demonstrate clinically meaningful and disease-modifying benefit in children and adults with Alexander disease (AxD), assuming approval

o
New Drug Application (NDA) under FDA Priority Review with PDUFA target action date of September 22, 2026

o
Entered a license agreement with Recordati to develop and commercialize zilganersen outside the U.S.

•
Obudanersen, a potential treatment for Angelman syndrome, completed enrollment in the Phase 3 REVEAL study, with data anticipated in the second half of 2027

•
ION775, a potential treatment for sHTG, entered a Phase 2 study in people with sHTG and moderately elevated triglycerides (HTG) based on Phase 1 results showing robust triglyceride lowering with potential for extended dosing intervals

o
Results from the Phase 1 study of ION775 will be presented at ESC in August 2026

Recent Highlights – Partnered Medicines

•
SPINRAZA (nusinersen) for the treatment of spinal muscular atrophy (SMA) generated global sales of $402 million in the second quarter of 2026, resulting in royalty revenue of $54 million

•
WAINUA (eplontersen) (WAINZUA in EU) for the treatment of adults with polyneuropathy of hereditary transthyretin-mediated amyloidosis (ATTRv-PN) generated global sales of $70 million in the second quarter of 2026, resulting in royalty revenue of $16 million

o
Global WAINUA ATTRv-PN launches continuing with additional submissions in progress to further expand global WAINUA access

o
Phase 3 CARDIO-TTRansform study of eplontersen for the treatment of transthyretin-mediated amyloid cardiomyopathy (ATTR-CM) missed the primary composite endpoint in the overall population, demonstrated nominal significance in the pre-specified monotherapy population, and a favorable safety and tolerability profile

o
Results from the CARDIO-TTRansform study will be presented at the ESC Congress in August 2026

•
Bepirovirsen, a potential first-in-class treatment of chronic hepatitis B (CHB), on track for global launch this year

o
Under regulatory review in multiple countries, including the U.S., EU, Japan, and China

o
Granted Priority Review in the U.S. and PDUFA target action date of October 26, 2026

o
Positive data from the Phase 3 B-Well studies showing unprecedented functional cure rates presented at the European Association for the Study of the Liver (EASL) Congress 2026

•
Salanersen, a potential treatment for SMA, entered Phase 3 development and granted Breakthrough Therapy Designation by the FDA, based on positive interim Phase 1 results demonstrating potential to achieve high efficacy with annual dosing

•
Sapablursen, a potential treatment for polycythemia vera, entered Phase 3 development based on positive Phase 2 data

•
Diranersen (IONIS-MAPTRx / BIIB080), a potential treatment for Alzheimer’s disease, demonstrated benefit in measures of cognition with favorable safety and tolerability in the Phase 2 CELIA study; Biogen plans to advance diranersen into Phase 3 development

3
Revenue

Ionis’ revenue was comprised of the following:

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

Revenue:

(amounts in millions)

Commercial revenue:

Product sales, net:

TRYNGOLZA sales, net

$
5

$
19

$
32

$
26

DAWNZERA sales, net

26

–

42

–

Total product sales, net

31

19

74

26

Royalty revenue:

SPINRAZA royalties

53

54

97

102

WAINUA royalties

16

10

27

20

Other royalties

7

6

10

12

Total royalty revenue

76

70

134

134

Other commercial revenue

12

14

18

19

Total commercial revenue

119

103

226

179

Research and development revenue:

Collaborative agreement revenue

133

337

254

382

WAINUA joint development revenue

16

12

34

23

Total research and development revenue

149

349

288

405

Total revenue

$
268

$
452

$
514

$
584

Commercial revenue for the second quarter and first half of 2026 increased 15% and 27%, respectively, compared to the same periods in 2025. This increase was primarily driven by DAWNZERA product sales. Research and development revenue was also higher in the second quarter and first half of 2026, compared to the same periods in 2025, driven by multiple payments for programs advancing under its R&D collaborations, and excluding the $280 million upfront payment for the global license of sapablursen to Ono Pharmaceutical Co., Ltd. the Company received in the second quarter of 2025.

Operating Expenses

Operating expenses for the second quarter and first half of 2026 increased year over year, in line with expectations, primarily from investments related to the commercialization efforts for TRYNGOLZA and DAWNZERA and launch preparations for zilganersen in Alexander disease, with full-year expenses remaining on track for low-teens percentage growth year-over-year.

Balance Sheet

As of June 30, 2026, Ionis’ cash, cash equivalents and short-term investments decreased to $2.1 billion, compared to $2.7 billion on December 31, 2025, primarily due to repayment of the 0% convertible notes on April 1, 2026.

4
Webcast and Other Updates

Management will host a conference call and webcast to discuss Ionis’ second quarter 2026 results at 8:30 a.m. Eastern time on Wednesday, July 29, 2026. Interested parties may access the webcast here. A webcast replay will be available for a limited time at the same address. To access the Company’s second quarter 2026 earnings slides click here.

Ionis’ Marketed Medicines

TRYNGOLZA (olezarsen): TRYNGOLZA was approved by the U.S. Food and Drug Administration as an adjunct to diet to reduce triglycerides (TG) and the risk of acute pancreatitis in adults with severe hypertriglyceridemia (sHTG: TG ≥500 mg/dL) and as an adjunct to diet to reduce TG in adults with familial chylomicronemia syndrome (FCS). For more information about TRYNGOLZA, including the full U.S. Prescribing Information, visit tryngolza.com.

DAWNZERA (donidalorsen): DAWNZERA was approved by the U.S. Food and Drug Administration for prophylaxis to prevent attacks of hereditary angioedema (HAE) in adult and pediatric patients 12 years of age and older. For more information about DAWNZERA, including the full U.S. Prescribing Information, visit dawnzera.com.

WAINUA (eplontersen): WAINUA was approved by the U.S. Food and Drug Administration for the treatment of the polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults. For more information about WAINUA, including the full U.S. Prescribing Information, visit wainua.com.

For more information about SPINRAZA and QALSODY, visit View Source and View Source, respectively. QALSODY is approved under accelerated approval based on reduction in plasma neurofilament light chain (NfL) observed in patients treated with QALSODY. Continued approval may be contingent upon verification of clinical benefit in confirmatory trial(s).

(Press release, Ionis Pharmaceuticals, JUL 29, 2026, View Source [SID1234669498])

On July 29, 2026 TScan Therapeutics, Inc. (Nasdaq: TCRX), a clinical-stage biotechnology company focused on the development of T cell receptor (TCR)-engineered T cell (TCR-T) therapies for the treatment of patients with cancer, reported that the first patient has been infused with TSC-101 in the pivotal Phase 3 ALLOHA-2 trial (NCT07702578). The patient, who was enrolled in June, has now received their first infusion of TSC-101 following successful stem cell engraftment. The trial is investigating the efficacy and safety of TSC-101 for the treatment of residual disease to prevent relapse following allogeneic hematopoietic cell transplantation (allo-HCT) in patients with acute myeloid leukemia (AML) and myelodysplastic syndromes (MDS).

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"Dosing our first patient in the ALLOHA-2 study is a significant milestone for TScan. Having been a part of TScan as we moved TSC-101 from an idea to Discovery, through Phase 1 clinical development, and now to a Phase 3 study, I want to acknowledge all the hard work that went into bringing TSC-101 to this integral step and congratulate all current and previous members of the TScan team," said Gavin MacBeath, Ph.D., Chief Executive Officer. "I would also like to thank the investigators, the patients, and their families for participating in our Phase 1 ALLOHA trial. In June, we reported initial data from Cohort C of that study, in which patients were treated with our commercial-ready manufacturing process. The strong clinical efficacy and positive safety profile observed in this cohort gives us added confidence in our Phase 3 trial and future clinical development plans."

"TSC-101 has demonstrated a safety profile and clinical results that continue to excite the transplant community," said Chrystal U. Louis, M.D., Chief Medical Officer. "The pace of Cohort C enrollment highlights the growing interest in TSC-101 as a potential therapeutic option for people with AML or MDS, and we look forward to working with our investigators to address residual disease and improve survival in patients after allo-HCT."

The Phase 3 ALLOHA-2 pivotal trial is a study evaluating TSC-101 administered after standard of care HCT vs HCT alone in patients with AML or MDS. Treatment is based on biological assignment (genetic randomization), with A*02:01-positive subjects with an appropriate donor assigned to the treatment arm, and A*02:01-negative subjects, or A*02:01-posititve subjects without an appropriate donor, assigned to the control arm. All subjects will receive HCT with reduced intensity conditioning. Subjects in the treatment arm will receive two infusions of TSC-101 following engraftment. The primary endpoint for the study is relapse-free survival, and key secondary endpoints include overall survival and event-free survival.

To learn more about the ALLOHA-2 clinical trial, visit clinicaltrials.gov (identifier: NCT07702578).

(Press release, TScan Therapeutics, JUL 29, 2026, View Source [SID1234669515])