Teva earns its money in two very different ways. The first is volume. In the United States alone, it sells more than 350 generic prescription medicines, mostly to drugstore chains, mail-order pharmacies and wholesalers. A large chain may order the same common tablet from Teva again and again, for thousands of customers. Each box brings in little; the business works because there are so many of them.
The second way rests on a small group of medicines that Teva owns and protects with patents. Austedo treats jerking movements caused by Huntington's disease or by some psychiatric drugs. Ajovy, an injection, helps prevent migraines in adults and children. The others include a long-acting injection for schizophrenia and an older treatment for multiple sclerosis.
Around these two pillars sit smaller lines. Teva sells biosimilars, that is, close copies of complex drugs made from living cells. In Europe it also sells everyday remedies such as nasal sprays and skin creams.
The United States is Teva's largest market. In 2025 it brought in $9.2 billion, or 53.2% of revenue.
Today, Teva describes itself as a biopharmaceutical company backed by a large generics business. Its plan, which it calls Pivot to Growth, includes cost cuts that Teva expects to save about $700 million by 2027. The company has also bought new neuroscience drugs and intends to sell the unit that makes raw ingredients for medicines.
In our reading, the order of the words in Teva's description shows where it is heading: the generics now come second.