Teva Crushes Earnings as Pfizer Struggles to Replace COVID Revenue

3 days ago 7

William Temple

Sat, December 6, 2025 astatine 8:52 AM CST 4 min read

An infographic showing Pfizer (PFE) connected the near with a downward reddish arrow and -5.9% YoY gross diminution post-COVID, contrasted with Teva (TEVA) connected the close showing an upward greenish arrow and +3.4% YoY gross maturation implicit 11 quarters owed to innovation.

Pfizer (PFE) posted Q3 gross of $16.65B down 5.9% arsenic COVID products declined sharply. Paxlovid dropped 55% and Comirnaty fell 20%.
Teva (TEVA) delivered its 11th consecutive 4th of maturation with gross up 3.4% to $4.48B. AUSTEDO surged 38% to $618M and drove the innovative portfolio expansion.
Teva crushed EPS estimates by 16% astatine $0.78 versus $0.67 consensus. Pfizer bushed by 36% but inactive faces contraction crossed its halfway business.
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Pfizer (NYSE: PFE) and Teva Pharmaceutical Industries (NYSE: TEVA) conscionable reported third-quarter net that uncover 2 pharmaceutical companies moving successful other directions. Pfizer is stabilizing aft its COVID gross illness portion Teva is accelerating done an innovation-led turnaround that has delivered 11 consecutive quarters of growth.

Pfizer posted Q3 gross of $16.65 billion, down 5.9% year-over-year, arsenic COVID merchandise income continued declining. Paxlovid dropped 55% operationally and Comirnaty fell 20%. The institution bushed estimates connected gross and adjusted EPS of $0.87, but the concern is inactive contracting. Non-COVID products grew conscionable 4% operationally, with Eliquis up 22% and Vyndaqel up 7% providing the main lift.

Teva delivered $4.48 cardinal successful revenue, up 3.4% year-over-year, and crushed estimates with adjusted EPS of $0.78 versus statement of $0.67. AUSTEDO, Teva's tardive dyskinesia treatment, surged 38% to $618 million. AJOVY climbed 19% to $168 cardinal and UZEDY roseate 24% to $43 million. The U.S. conception jumped 12% portion Europe declined 2%. CEO Richard Francis pointed to momentum down the "Pivot to Growth" strategy, shifting Teva from a generics location into a neuroscience and immunology specialist.

Metric	Pfizer	Teva
Revenue Growth YoY	-5.9%	+3.4%
EPS Beat	+36%	+16%
Main Growth Driver	Non-COVID portfolio (+4%)	Innovative portfolio (+11th quarter)
Operating Margin	35.3%	28.9% non-GAAP

Pfizer operates astatine a 35.3% operating borderline with monolithic standard crossed cardiovascular, oncology, and vaccines. The institution generates $4.60 cardinal successful quarterly operating currency travel and pays a 6.6% dividend yield. But it carries $61.71 cardinal successful indebtedness and faces the situation of replacing $56 cardinal successful yearly COVID gross with integrated growth.

Teva is targeting 30% non-GAAP operating margins by 2027, up from 28.9% today. The institution conscionable launched a generic liraglutide injection, entering the GLP-1 value nonaccomplishment marketplace with a lower-cost alternative. Teva terminated exclusive discussions to merchantability its API concern and is restarting that process, which could unlock superior for indebtedness reduction. The institution carries $17.09 cardinal successful indebtedness but nary dividend, allowing afloat reinvestment into the turnaround. Operating currency travel of $369 cardinal successful Q3 was down 46.8% year-over-year.