Pivot to Growth: The Teva Journey
Mapping the journey of Teva’s Pivot to Growth strategy
In May 2023, Teva President and CEO Richard Francis revealed the company’s new Pivot to Growth strategy.
One year on, its success has been clearly demonstrated by four consecutive quarters of growth and a strong financial performance as Teva grew by 7% in 2023, with revenues of $15.85 billion.
What is Pivot to Growth?
Formerly known for its strong generics' portfolio, Teva is now increasingly focused on innovative medicines from an established pipeline.
The Pivot to Growth strategy is an ambitious plan surrounding four main pillars:
- Deliver on growth engines and support patients with conditions including schizophrenia, migraine and involuntary movements
- Step up innovation by working on breakthrough treatments for diseases that are on the rise worldwide, such as IBD, asthma and rheumatoid arthritis
- Sustain Teva’s position as a generics powerhouse and continue to provide affordable medicines globally
- Focus Teva’s business towards growth drivers by optimizing its portfolio
A year from launch, Teva is showing progress across all four pillars of the strategy, a strategy backed by the company’s new purpose: We are all in for better health. Read more.
With revenue figures showing a return to sustainable growth, the future looks promising as Teva continues to build a strong biosimilars portfolio and creates momentum for new launches, demonstrates proven capabilities in key therapeutic areas, progresses with an exciting late-stage pipeline and shows generics growth across all markets as of Q1 2024.
“Entering a new era of growth, innovation and transformation after several years of ‘playing defense’ with our stabilization efforts truly requires an all-hands-on-deck effort, but with a clear strategy and the right teams in place, we are building on our 120+ year heritage and making exceptional progress in reaching our goals,” says Teva CEO Richard Francis. Read more.
“We set clear directions and made timely decisions around our business priorities to achieve, and at times overachieve, the goals set in place, such as with two of our key innovative products that surpassed revenue guidance and beat investors’ expectations.”
Where do we go from here?
But it’s not just about applauding our achievements, it’s about moving forward and continuing to grow, serving our patients and communities better – working stronger, working bolder and working simpler.
"We look forward to seeing continued progress across our key innovative growth drivers, while also executing on our high-value, complex generics business with new product launches, and achieving the exciting clinical milestones of our late-stage pipeline assets," continues Richard.
Our strategy speaks to our Teva nature – being all in for better health, we work together to achieve remarkable things. Our direction is clear, and we are committed to keep raising the bar, in service of our patients, customers and healthcare systems.
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Read about the milestones on the journey
Teva Reports Growth in Fourth Quarter and Full Year 2023 (tevapharm.com)
Teva Reports Third Quarter 2023 Financial Results and Increases Revenue Guidance (tevapharm.com)
Teva Reports Second Quarter 2023 Financial Results (tevapharm.com)
Teva Launches New “Pivot to Growth” Strategy (tevapharm.com)
