New York, Jan 12, 2026, 10:13 ET — Regular session
- Teva shares jumped roughly 4% following a new funding agreement for a vitiligo drug with Royalty Pharma
- A weekend SEC filing offered a glimpse into Teva’s 2025 outlook before its J.P. Morgan Healthcare Conference presentation
- Traders focus on Tuesday’s presentation, seeking details on the 2026 outlook and pipeline timelines
Teva Pharmaceutical Industries’ U.S.-listed shares jumped roughly 4% to $33.29 in Monday morning trading. The boost came after the drugmaker unveiled new funding for an experimental vitiligo treatment and offered a glimpse of its year-end outlook.
This move is crucial as Teva aims to prove to investors that its growth story is both genuine and well-funded, even as it ramps up focus on branded medicines and a late-stage pipeline amid a hefty debt load.
The timing is notable, arriving right before a crucial investor week when major pharmaceutical companies take to conference stages to outline their objectives and potential challenges for the year.
Teva revealed in an SEC filing that it released a press statement connected to its Jan. 13 presentation at the J.P. Morgan Healthcare Conference, outlining its 2025 performance outlook. 1
Late Sunday, Teva and Royalty Pharma revealed a funding deal worth up to $500 million to back Teva’s anti-IL-15 antibody, TEV-408, aimed at treating vitiligo. Royalty Pharma will kick in $75 million to help co-fund a Phase 2b trial planned for 2026, with an option to add another $425 million for Phase 3, Teva said. Should the drug make it to market, Teva will owe milestone payments plus royalties on global sales. 2
“Strategic collaborations fuel innovation,” Teva CEO Richard Francis said in the statement, describing vitiligo as a “significant unmet need.” Royalty Pharma CEO Pablo Legorreta called current treatment options “insufficient.” 2
Vitiligo, a chronic autoimmune disorder, leads to loss of skin pigment. According to the American Academy of Dermatology, the only FDA-approved treatment in the U.S. to restore skin color for vitiligo patients is ruxolitinib cream (Opzelura). Notably, this treatment is topical—applied to the skin—not taken as a pill or injection. 3
Teva provided a fresh outlook tied to its conference update, forecasting 2025 revenue between $16.8 billion and $17.0 billion. Adjusted EBITDA is expected in the range of $4.8 billion to $5.0 billion, with adjusted diluted EPS sitting between $2.55 and $2.65. Free cash flow projections stand at $1.6 billion to $1.9 billion. The adjusted EBITDA figure excludes one-time charges, while free cash flow accounts for cash generated after capital expenditures. The company also highlighted an “additional contribution” from anticipated duvakitug milestones, pegging revenue at roughly $500 million and adjusted EBITDA around $400 million to $430 million. 4
The broader market barely moved, with the SPDR S&P 500 ETF slipping roughly 0.1%. The Health Care Select Sector SPDR ETF edged down as well, while Viatris, a generic-drug rival, gained a bit.
Teva has relied on its migraine and neuroscience brands to offset volatility in generics pricing and boosted cash flow to reduce its debt load. Still, the market remains unforgiving when drugmakers face delays in clinical timelines or underwhelming trial outcomes.
There are strings attached. Royalty Pharma’s larger payout hinges on Teva’s results in a Phase 2b trial, and TEV-408 remains in early vitiligo testing, carrying the typical development and regulatory uncertainties.
Teva CEO Francis takes the floor Tuesday, with investors eager for tighter 2026 guidance, updates on pipeline sequencing, and a better sense of how much 2025’s “milestone” gains will stick in the base business.
Teva will unveil its fourth-quarter results on Jan. 28, with a conference call set to follow—marking the next major trigger for the stock. 5
