Teva is a global pharmaceutical company that operates two complementary businesses: a large generics franchise and a growing innovative medicines portfolio. Teva is one of the largest generic drug manufacturers in the world, with top-three market positions in the U.S. and key European markets. The generics business sells chemical equivalents of off-patent branded drugs across a wide range of dosage forms, distributed through retail chains, wholesalers, and mail-order distributors. Teva focuses increasingly on complex generics — products requiring difficult formulation or manufacturing — which carry higher barriers to entry and better margins. Teva's innovative portfolio is concentrated in CNS conditions, led by AUSTEDO (deutetrabenazine) for tardive dyskinesia and Huntington's-associated chorea, which is Teva's largest product. AJOVY (fremanezumab) is a preventive migraine treatment, and UZEDY (risperidone) is a long-acting injectable for schizophrenia, launched in 2023 and growing. Teva also has a growing biosimilars business, built largely through partnerships where partners handle development and manufacturing while Teva handles commercialization. Teva operates through three geographic segments: U.S., Europe, and International Markets. The core financial dynamic is mix shift — innovative products carry significantly higher gross margins than generics, so as AUSTEDO, UZEDY, and pipeline products grow as a share of revenue, Teva's blended margins expand. Teva's "Pivot to Growth" strategy targets growing the innovative portfolio, advancing a late-stage pipeline, expanding biosimilars, and cutting costs through manufacturing network rationalization and G&A reduction.