Teva Pharmaceutical Industries Limited · TASE:TEVA
Teva Pharmaceutical Industries — 44th Annual J.P. Morgan Healthcare Conference 2026
20 slides from Teva Pharmaceutical Industries's conference presentation, Jan 13, 2026
Slide 1: Teva Pharmaceutical Industries Ltd.
January 13, 2026 Teva Pharmaceutical Industries Ltd.
Slide 2: Forward-looking statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our futu
Slide 3: President and Chief Executive Officer
President and Chief Executive Officer 3|
Slide 4: Pivot to Growth strategy pillars
Deliver on Step up Sustain generics Focus our growth engines innovation powerhouse business 4|
Slide 5: Return to growth, accelerate growth, sustain growth
2028+ 2025-2027 2022-2024 Sustain growth Accelerate growth Return to growth 5|
Slide 6: From leading generics company to innovative biopharma
2030 2027 2022 Leading innovative Innovative biopharma biopharma company Leading global generics company Mid – single digit GM >60% company Low - single digit revenue growth GM 57% - 58% revenue growth -5% revenue FCF >$3.5B GM 54% CAGR1 FCF >$2.7B FCF $2.2B Net debt to EBITDA <2x, IG Net debt to EB
Slide 7: Growth engines: 2022 versus today (2025E)
2022 Today (2025E) • More than doubled revenue in 3 years1 • $1.0B sales • In-line IRA outcome • $1.4B consensus peak potential2 >$3B • Successful XR penetration (>60% of • No XR formulation new patient in '252 ) • More than 1.5x revenue in 3 years1 • $377M sales in ‘22 • #1 preventative aCGRP injec
Slide 8: Teva revenue trajectory 2022-2030
Teva revenue trajectory - 2022 Actuals, 2025 Estimates, 2030 illustrative ($B, % of total, % growth) Mid-single digit 2022-2025E CAGR growth FY’25 outlook ~4% Total Innovative 16.8-17.0 Non-Innovative +2%-+3% 14.9 -6% 17% ~30% Innovative 9% 83% Non- 91% ~1% Innovative 2022 2025E 2030+ Gross 53% 54%
Slide 9: Innovative revenue targets and peak potential
>$10B Actual revenue >$5B $3.5B - $4.0B $2.3B $1.3B 2022 2024 2027 2030 Peak Potential DARI, duvakitug, Incl >$10B peak olanzapine LAI emrusolmin potential pipeline (non-risk adjusted) Global expansion LAI: Long Acting Injectables; BD: Business Development; DARI: Dual-Action Asthma Rescue Inhaler; N
Slide 10: Late-stage pipeline assets
Peak sales Estimated Targeted submission Late-stage pipeline assets potential1 Market size2 Ambition to grow and accelerate pipeline olanzapine LAI Schizophrenia Preparing for launch Submitted Q4’25 LAI franchise DARI (ICS-SABA) Asthma Development at speed 2027 Phase 3 duvakitug UC/CD UC/CD phase 2
Slide 11: Key milestones for 2026
Assets Key milestone for 2026 Timing duvakitug UC/CD Phase 2 maintenance data H1’26 Vitiligo Phase 1b topline results H1'26 Anti IL-15 Celiac Phase 2a topline results H2'26 DARI Targeted completion of pivotal Phase 3 studies H2'26 (ICS/SABA) emrusolmin Phase 2 futility analysis H2'26 olanzapine LAI
Slide 12: Valuation versus large biopharma peers
Average of Large Biopharma Innovative Revenue Durability (15)% +34% 2025-2032 total estimated growth for top 5 branded products Teva Shares: Innovative Pipeline ~30% discount Impact 0.8x 1.3x despite stronger 2035 sales estimates for current pipeline vs. 2025 top 5 branded outlook relative products
Slide 13: Duvakitug antibody design and study results
Maintenance Studies Antibody Design1 Induction2 Assessing3 Strong treatment effect Durability of High potency response/remission with Q4 achieved for primary endpoints in both UC and CD weekly dosing High response observed Sustained effect among among advanced treatment- advanced treatment- High sel
Slide 14: Multiple System Atrophy (MSA)
MSA is a fatal, fast-progressing, orphan disease with no approved treatment Multiple System Atrophy (MSA) Characterized by loss of body functions, balance, gait, and can lead to death from respiratory failure and other causes Global Peak sales Prevalence1 • 60% of patients wheelchair-bound 5 years M
Slide 15: Vitiligo and Celiac
Highly potent with prolonged half-life with opportunity for sustained efficacy, convenient self administration and quarterly dosing Estimated • Unmet need for patients with significant Prevalence1 Market size2 Peak sales psychological burden and social stigma Vitiligo • No systemic treatment availab
Slide 16: Expected generics revenue evolution
Expected generics revenue evolution A global leading generics company Illustrative • Covering 60-80% of small molecule LoEs in our pipeline • Diversified global footprint with EU & IM Low single- ~2/3’s of revenues outside the U.S. digit % • 16 biosimilars in portfolio expected by 2027; Revenue expe
Slide 17: Expected 2025 performance relative to outlook
Expected 2025 performance relative to Outlook Additional contribution from 2025 Outlook (excluding duvakitug milestones) expected duvakitug milestones Lower point of $500M Revenues ~$16.8B - $17.0B the range Mid - high point of OP margin ~26.2% - 27.1% ~80% - 85% the range Midpoint of Adj. EBITDA $4
Slide 18: 2026, 2027 and 2030 outlook
2026 2027 2030 Flat to slightly down Low-single Mid-single Revenues vs. 2025 digit growth digit CAGR Operating Profit 30% >30% Growing vs. 2025 in $ and margin terms Growing vs. Adj. EBITDA Growing 2026 FCF Growing vs. 2025 >$2.7B >$3.5B Net leverage ~2.0x - 2.2x <2x <2x Cumulative Transformation $4
Slide 19: Sustained continuous growth and innovative portfolio mix
Non-Innovative Innovative Sustained continuous growth Significant positive shift in innovative portfolio mix olanzapine LAI DARI Revenue breakdown per duvakitug Growing high-value, de-risked pipeline type – illustrative only emrusolmin Anti IL-15 TSLP/IL-13 Focused capital allocation on growth and A
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Teva Pharmaceutical Industries — 44th Annual J.P. Morgan Healthcare Conference 2026 on 6ix