Teva Pharmaceutical Industries Limited · TASE:TEVA
Teva Pharmaceutical Industries — Q3 2025 Earnings Presentation
73 slides from Teva Pharmaceutical Industries's earnings presentation, Nov 5, 2025
Slide 1: Teva Pharmaceutical Industries Ltd. – November 5, 2025
November 5, 2025 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: Business update
1 Business update President and Chief Executive Officer 3|
Slide 4: Agenda
1 Business update President and Chief Executive Officer 2 Pipeline update EVP, Global R&D & Chief Medical Officer 3 Financial update 4 Conclusion and Q&A EVP, Chief Financial Officer 4|
Slide 5: Pivot to Growth strategic pillars
Deliver on Step up Sustain generics Focus our growth engines innovation powerhouse business 5|
Slide 6: Q3'25 results
Revenues 4.5 3% Q3’25 results Adjusted EBITDA 1.4 6% Continued growth Non-GAAP EPS 0.78 14% Free Cash Flow 0.5 Net Debt / EBITDA 2.95 all compared to Q3 2024; Revenues, adjusted EBITDA and Non-GAAP EPS exclude Japan BV impact in Q3’24; In local currency, Q3’25 revenues increased 1% vs. Q3’24 includi
Slide 7: Quarterly Revenue Growth vs. Previous Year
8% CAGR Q3’23 – Q3’25 Quarterly Revenue Growth vs. Previous Year +15% +14% +11% +7% +7%* Mid- +5% +5% Single +4% +4% Digit % +2%* +3%** +1%** Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 23-'27 Target CAGR with Sanofi without Sanofi -5% Growth in local curr
Slide 8: Revenues
$618M, +38% $43M, +24% Revenues $168M, +19% +3%* $2,577M, +2%* Global generics $125M, -4% TAPI % growth In local currency, all compared to 2024. Refer to Revenues by Activity and Geographical Area slide in Appendix for detailed revenue data by reporting segments. 8| * Figures exclude Japan BV revenu
Slide 9: Reaffirming 2027 and peak year revenue expectations
Reaffirming 2027 and peak year revenue expectations CMS agreement in-line with our modeling expectations On track for 2027 revenue target >$2.5B >$3.0B and peak sales target in 2027 peak year The underserved TD market will continue to be driven by newly treated patient growth 9|
Slide 10: AUSTEDO revenue outlook update
$2,050M - $2,150M revenue outlook update (↑$50M - $100M from $2,000M - $2,050M) Continued growth of AUSTEDO U.S. revenue U.S. revenues of $601M, AUSTEDO quarterly sales in $M +38% YoY in Q3’25 ($618M global, +38% YoY) +38% in U.S. AUSTEDO growth driven by 700 combined effects of TRx, AUSTEDO 601 XR
Slide 11: UZEDY outlook and prescription growth
Reaffirming $190M - $200M ‘25 revenue outlook and L/T LAI franchise outlook of $1.5B – $2.0B Revenues of $43 million in Q3'25, Continued growth of UZEDY prescriptions +24% YoY: continued growth of TRx UZEDY TRx MoT (months of therapy) MoT, +119% YoY, partially offset by 16,000 Medicaid adjustments 1
Slide 12: Ready for U.S. launch of olanzapine LAI
Setting the stage for a successful launch • $1.5B-$2.0B peak sales LAI Franchise expectation for UZEDY and olanzapine LAI Ready for • Leveraging our field-force U.S. launch, Synergies with capabilities and go-to-market expertise expected in UZEDY • Deep understanding of the healthcare system and pat
Slide 13: Leveraging our go-to-market expertise in LAI
65%-80% of LAI patients with potential to switch to Teva’s best-in-class franchise Estimated olanzapine LAI prevalent schizophrenia TEV-’749 patients in the U.S. and Europe Aim to be the preferred LAI for: Anticipated for: Patients appropriate for oral LAI-suitable patients on oral olanzapine risper
Slide 14: AJOVY 2025 revenue outlook
Reaffirming $630M - $640M 2025 revenue outlook Quarterly Global Net Sales Global revenues of $168 million in Q3'25, +19% YoY +19% 168 Demonstrated global leadership 142 155 30 #1 preventative aCGRP injectable in 137 139 IM 22 20 new prescriptions among top U.S. 24 28 headache centers combined1 66 58
Slide 15: Late-stage pipeline assets
Proven1 Peak sales Targeted Late-stage pipeline assets Best/First in class potential Next milestones MoA potential2 submission Consistent efficacy vs. oral olanzapine LAI (TEV-‘749) FDA submission: Q4 2025 First LAI with potential for no LAI franchise Schizophrenia Q4’25 For U.S. NDA; Europe to moni
Slide 16: Global Generics increase of 2%
Global Generics increase of 2% Global Generics 2-year CAGR of 10% +18% +1% +12% +15% +7% -5% +15% +3% $1,175 $1,094 $973 $982 $404 $421 Q3-24 Q3-25 Q3-24 Q3-25 Q3-24 Q3-25 United States Europe International Markets % growth in local currency, compared to Q3 2024 16 | All global generics and Internat
Slide 17: Launched the most biosimilars since 2020
We have launched the most biosimilars since 2020 & hold the industry's second-largest portfolio1 2028+ Q4’25 - ’27 Today 6 potential2 launches globally 10+ additional assets in early-stage pipeline 10 in-line assets globally bEylea3,4 bXgeva bProlia with potential to launch 2 biosimilars launched in
Slide 18: Principles to transform Teva
~20% to be achieved in ’252 3 principles to transform Teva Modernizing the 100bps organization ↓ G&A% Net savings by 2027, after reinvestment Prioritizing ~8% in growth and pipeline, resource allocation ↓ headcount1 while compensating gRevlimid profit loss and reaching 30% OPM Optimizing ~10% extern
Slide 19: On track to achieve two-thirds of ~$700M savings
revenue growth non-GAAP operating net debt/adjusted EBITDA (CAGR ’23 – ’27) income margin ’25E: ~3-4% ’25E: ~27% ’25E: ~2.8x IRA negotiations finalized Margins benefit from positive Continued rigorous capital Reaffirming AUSTEDO >$2.5B product shift allocation 2027 sales target Driven by key innovat
Slide 20: Pipeline Update
2 Pipeline Update Executive Vice President, Global R&D & Chief Medical Officer 20 |
Slide 21: Late-stage pipeline assets
Proven1 Peak sales Targeted Late-stage pipeline assets Best/First in class potential Next milestones MoA potential2 submission Consistent efficacy vs. oral olanzapine LAI (TEV-‘749) FDA submission: Q4 2025 First LAI with potential for no LAI franchise Schizophrenia Q4’25 For U.S. NDA; Europe to moni
Slide 22: UZEDY pharmacology, safety and efficacy in BD-1
Pharmacology Safety Efficacy Despite different PK profile Model-based meta-analysis shapes, concentration-time found a significant effect of profiles overlap at steady state risperidone vs placebo in 25 Existing safety data for acute and maintenance UZEDY and other treatment of BD-11 20 risperidone
Slide 23: SteadyTeq technology and olanzapine LAI updates
Technology with proven safety profile, deployed in UZEDY SteadyTeq® technology olanzapine LAI updates Teva’s olanzapine LAI met primary and key secondary efficacy endpoints, in all 3 doses in data from 2025 Psych Congress Annual Meeting1 Efficacy and systemic safety profile of Teva’s olanzapine LAI
Slide 24: DARI dual-action inhaler Phase 3 design
GINA guidelines recommend use of dual-action inhalers instead of single-action inhalers Illustrative example device Fluticasone propionate - Albuterol sulfate High Dose Patients with moderate Fluticasone propionate - Albuterol sulfate Primary to severe asthma Low Dose Endpoint –Patients >4 years of
Slide 25: First and only TL1A Phase 3 program
First and only TL1A Phase 3 program to include1: Open-label feeder provides active treatment to all patients & facilitates enrollment UC Phase 3 Program Favorable randomization ratio provides active treatment to more patients Re-randomized responder design to optimize the evaluation of multiple dose
Slide 26: emrusolmin targeting alpha-synuclein aggregation in MSA
emrusolmin is an orally-administered small molecule designed to target alpha-synuclein aggregation, one of the core pathogenic mechanisms of MSA TOPAS-MSA: Ph 2 Study* Target enrollment ~200 participants Treatment period Follow-up period (~48 weeks) (4 weeks) Primary endpoint Screening emrusolmin ch
Slide 27: Potential best-in-class IL-15 antibody
Potential best-in-class IL-15 antibody engineered by Teva Celiac disease Ph2a interim analysis and Vitiligo Ph1b topline results expected in H1 2026 Prevalence1 IL-15 is an attractive target with pipeline in a Celiac Disease In Ph II ~5.2M product potential Gastroenterology Eosinophilic Esophagitis
Slide 28: Financial update
3 Financial update Executive Vice President, Chief Financial Officer 28 |
Slide 29: 11th consecutive quarter of revenue growth
Q3‘25 11th consecutive quarter of revenue growth Continued improvements in working capital and leverage Significant progress with Teva Transformation programs; On track for 30% OPM by ’27 CMS agreement for AUSTEDO in-line with our forecasted expectations 29 | OPM = Non-GAAP Operating Profit Margin R
Slide 30: Q3 2025 GAAP and non-GAAP results
ΔYoY $ millions, except EPS Q3 2025 Q3 2024 ΔYoY Q3 2025 Q3 2024 ΔYoY Excluding Japan BV GAAP Non-GAAP Revenues 4,480 4,332 +3% 4,480 4,332 +3% +5% Gross profit 2,304 2,148 +7% 2,475 2,327 +6% +8% Gross profit margin 51.4% 49.6% +182 bps 55.3% 53.7% +153 bps +124 bps Operating income (loss) 882 (51)
Slide 31: Teva Transformation progress toward 30% OP margin
Expected ’25 Progress Net Savings Impact 57%-58% Non-GAAP GPM ~100bps G&A reduction driven by shift to innovative and • ~20 bps reduction expected in ’25* manufacturing lean program Modernizing ~20% • Headcount reduction and optimizing layers the Organization • Wide AI-digital based impact delivered
Slide 32: TAPI renewed sale process
Terminated exclusive discussions Continuing to strengthen TAPI's with a selected buyer for a deal business, consistent with its return to growth since 2023 Discussed terms did not meet Maintaining strategic intention to Teva’s strategic & financial divest, in line with Pivot to Growth objectives str
Slide 33: 2025 outlook
2024 2025 Expected duvakitug As Reported1 ex-Japan BV2 July 30, 20252 Nov 5, 20252 milestone (not included in Outlook) Revenues3 ↓ +$0.25B AUSTEDO® ($m) 1,688 2,000-2,050 2,050-2,150 ↑ AJOVY® ($m) 507 630-640 630-640 UZEDY® ($m) 117 190-200 190-200 COPAXONE® ($m) 503 ~370 ~370 ↑ Operating Income ~+$
Slide 34: Capital allocation and debt alignment
Better alignment of debt maturities with FCF 1 and reaching 2.0x leverage Cash flow from operations Increase S&M to support Innovative franchise 2 growth 3 Continue investments in Innovative R&D and potential value-creative Business Development Portfolio optimization Exit Japan BV and TAPI 4 Create
Slide 35: 2027 long-term targets
Revenue growth Operating income Net debt / adjusted Cash-to-earnings2,3,4 (CAGR ’23 – ’27) margin1,2 EBITDA2 Mid-single digit % 30% 2.0x 80% 1. Operating income margin = Non-GAAP operating income divided by net revenues; excluding potential impact of business development deals depending on timing 2.
Slide 36: Conclusion & Q&A
4 Conclusion & Q&A President and Chief Executive Officer 36 |
Slide 37: Growth phases and peak sales potential
Sustain growth Sustain growth 2028+ 2028+ AUSTEDO: >$3B peak sales1 AJOVY Accelerate growth Accelerate growth 2025-2027 2025-27 LAI Franchise (UZEDY and olanzapine LAI): $1.5B-$2B peak sales1 AUSTEDO: >$2.5B (in '27) Biosimilars (~$0.8B in ’27) Return Return to growth to growth AJOVY 2022-2024 2022-
Slide 38: 11th consecutive quarter of growth
11th consecutive quarter of growth Growing 33% in our Innovative franchise Clear path towards 30% OPM and our other 2027 targets Through expected continued innovative growth, stable generics business, and Teva Transformation programs with ~$700M in expected net savings Advancing our innovative pipel
Slide 39: Q&A
Q&A
Slide 40: Innovative and Biosimilar Pipeline
teva Innovative and Biosimilar Pipeline
Slide 41: Innovative pipeline by development stage
Preclinical Phase 1 Phase 2 Phase 3 TEV-’279 Anti-IL-15 Anti-IL-15 olanzapine LAI Neuroscience (TEV-’408) (TEV-’408) (TEV-’749) Vitiligo Celiac desease Schizophrenia TEV-’288 Neuroscience TEV-’192 Immunology & TEV-’325 emrusolmin Dual Action Rescue Neuroscience Immunology Inhaler (DARI) (TEV-’286)1
Slide 42: Biosimilar pipeline by development stage
Under Regulatory Select Commercial Preclinical Clinical Approved Review Biosimilar Products Biosimilar to Biosimilar to 4 TEV-’285 Xolair® Prolia® (omalizumab) (denosumab) TEV-’261 4 Biosimilar to Biosimilar to TEV-’289 Entyvio® Simponi® (vedolizumab)1 (golimumab)1 TEV-’2921 5 Biosimilar to Biosimil
Slide 43: Additional Information
teva Additional Information
Slide 44: Q3 YTD 2025 GAAP and non-GAAP results
$ millions, except EPS Q3 YTD 2025 Q3 YTD 2024 ΔYoY* Q3 YTD 2025 Q3 YTD 2024 ΔYoY* GAAP Non-GAAP Revenues 12,547 12,315 +2% 12,547 12,315 +2% Gross profit 6,282 5,943 +6% 6,807 6,495 +5% Gross profit margin 50.1% 48.3% 181 bps 54.3% 52.7% 152 bps Operating income (loss) 1,857 (274) n.a. 3,373 3,162
Slide 45: Q3 2025 income statement
$ millions, except EPS Q3-25 Q3 2025 Margins Q3-24 Q3 2024 Margins Change Revenues 4,480 4,332 3% COGS 2,176 48.6% 2,183 50.4% (0%) Gross profit 2,304 2,148 7% Gross margin 51.4% 49.6% +182 bps R&D 256 5.7% 240 5.5% 7% S&M 656 14.7% 626 14.5% 5% G&A 317 7.1% 298 6.9% 6% Legal settlements and loss co
Slide 46: YTD 2025 income statement
$ millions, except EPS YTD-25 YTD 2025 Margins YTD-24 YTD 2024 Margins Change Revenues 12,547 12,315 2% COGS 6,264 49.9% 6,372 51.7% (2%) Gross profit 6,282 5,943 6% Gross margin 50.1% 48.3% +181 bps R&D 746 5.9% 751 6.1% (1%) S&M 1,933 15.4% 1,891 15.4% 2% G&A 920 7.3% 859 7.0% 7% Legal settlements
Slide 47: FX impact on results
Q3 Q3 FX Diff net YTD YTD FX Diff net $ millions Diff Diff 2025 2024 Effect FX 2025 2024 Effect FX Revenues 4,480 4,332 148 106 42 12,547 12,315 231 53 178 Gross Profit GAAP 2,304 2,148 155 48 107 6,282 5,943 339 (2) 341 Gross Profit Non-GAAP 2,475 2,327 148 48 100 6,807 6,495 312 (2) 314 Operating
Slide 48: Quarterly revenues and margins
4,457 4,480 $ millions 4,332 4,229 4,164 4,176 3,878 3,850 3,891 3,819 3,661 58.2% 53.5% 52.9% 53.7% 54.8% 52.8% 54.6% 55.3% 52.2% 51.4% 49.1% 34.7% 26.5% 28.0% 27.6% 27.1% 28.9% 26.1% 23.4% 25.3% 24.3% 21.4% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net
Slide 49: Revenues by activity and geographical area
$ millions Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 U.S. Segment 2,225 1,975 1,910 2,151 2,483 Generic products 1,094 674 849 961 1,175 AJOVY® 58 63 53 63 73 AUSTEDO® 435 518 396 495 601 BENDEKA®/TREANDA® 40 41 36 40 35 COPAXONE® 69 63 54 62 62 UZEDY® 35 43 39 54 43 Anda 380 402 373 365 392 Other 115 171 109 1
Slide 50: Non-GAAP net income, operating income and EPS
$ millions, EPS in $ 1,546 1,294 1,214 1,168 1,133 1,020 1,056 1,011 946 892 785 1,135 910 798 816 769 677 697 629 602 548 457 1.00 0.69 0.71 0.66 0.78 0.40 0.56 0.60 0.48 0.61 0.52 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Non-GAAP Net Income Non-GAAP O
Slide 51: Q3 operating income bridge by segment
5% CAGR Q2’23 – Q2’25 $ millions +80 (7%) +59 in Local Currency (5%) 188 -70 -14 -25 1,294 1,214 Q3-24 US Europe IM Other Q3-25 51 |
Slide 52: YTD operating income bridge by segment
5% CAGR Q2’23 – Q2’25 $ millions +211 (7%) +262 in Local Currency (8%) 448 -141 -33 -63 3,373 3,162 OP Q3 YTD-24 US Europe IM Other Q3 YTD-25 52 |
Slide 53: Operating income by segment
$ millions 1,294 1,214 1,168 95 (7%) 1,133 109 (9%) 19 (2%) 141 (12%) 74 (6%) 303 (23%) 946 373 (31%) 97 (10%) 364 (32%) 438 (37%) 329 (35%) 937 (72%) 748 (62%) 706 (62%) 569 (49%) 532 (56%) -16 (-1%) -13 (-1%) -11 (-1%) -40 (-3%) Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Revenues 4,332 4,229 3,891 4,176 4,480
Slide 54: COGS and OPEX
+20 (+0%) In local currency -63 (-1%) +68 (+2%) In local currency -16 (-1%) 9,153 9,174 $ millions 3,118 3,186 5,820 5,740 (64%) (63%) 2,005 2,005 (64%) (63%) 3,333 3,434 1,113 1,181 (37%) COGS (37%) (36%) (36%) OPEX Q3-24 Q3-25 YTD-24 YTD-25 Revenues 4,332 4,480 12,315 12,547 GP% 53.7% 55.3% 52.7%
Slide 55: Adjusted EBITDA
$ millions 1,394 1,327 1,282 1,233 1,168 1,041 1,005 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 55 | Please see our press release reporting our financial results this quarter for a reconciliation of Adjusted EBITDA to its nearest GAAP equivalent
Slide 56: Free cash flow
$ millions 2024 Total: $2,068m YTD 2025 Total: $1,098m 922 790 515 476 324 107 32 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Free cash flow includes cash flow from operating activities, beneficial interest collected in exchange for securitized accounts receivables, proceeds from divesti
Slide 57: EBITDA to free cash flow bridge
$ millions -879 (-63%) (166) (44) (133) 165 (420) 1,394 (140) 8 (136) (286) 274 515 369 Non-GAAP Interest Tax payments ΔA/R ΔInventory Legal ΔA/P & Other ΔSecuritization Operating Securitization Asset sales, Free cash flow EBITDA payments, net settlements cash flow reclass net; paid Capex gross 57 |
Slide 58: Cash conversion, net debt and leverage
Sustaining cash conversion above 80% while unlocking capital of ~$1.7B NWC % of revenues Cash generation Cash Conversion excl. 82% 94% ~80% legal settlements 15.9% Scheduled Legal ~0.1 ~0.5 ~0.6-0.7 11.9% settlements $bn 6.6% 2.8% Free Cash Flow 2.2 2.2 1.6-1.9 $bn 2019 2024 Q3 ’25 ‘19 – ‘22 Avg ‘23
Slide 59: Cash conversion and free cash flow
3000 2,852 120% 2,589 2,438 2,387 2500 2,300-2,500 100% 2,243 2,068 2000 1,600-1,900 80% 1500 60% 1000 40% 600-700 465 522 500 20% 195 80% 87% 82% 98% 72% 91% 0 0% 2022 2023 2024 2025 Cash conversion Cash conversion excl. legal settlements FCF Legal settlements FCF excl. legal settlements Free cash
Slide 60: Q3 gross profit, OPEX, operating income and FCF
Non-GAAP Gross Profit ($m) Non-GAAP OPEX ($m) Non-GAAP Operating Income ($m) Free Cash Flow ($m) 55.3% 28.9% 53.7% 26.4% 28.0% 115.5% 25.7% $1,294 56.6% $1,214 $2,475 $1,181 $1,113 $2,327 $1,206 284 $935 420 $922 $515 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 % represents chart metric as a % o
Slide 61: Balance sheet
$ billions September 30, 2025 June 30, 2025 Diff Cash and Cash Equivalents 2.2 2.2 0.0 AR Trade 3.8 3.6 0.2 Pre-paid Expenses and Other Current Assets 3.4 3.4 0.0 Inventory 3.3 3.5 (0.2) Fixed Assets 4.8 4.8 0.0 Intangible Assets 3.9 4.1 (0.2) Goodwill 15.9 15.9 (0.0) Other Long-Term Assets 2.4 2.6
Slide 62: Gross debt and net debt change
$ billions 0.4 0.0 17.2 16.8 2.2 14.6 Jun 30, Debt repay FX and Other Sep 30, Cash balance Sep 30, 2025 2025 2025 Gross Debt Gross Debt Net Debt 62 |
Slide 63: Net debt and leverage
$ billions Net Debt 15.7 15.0 15.1 14.5 14.6 EBITDA MAT 5.2 4.8 4.8 4.9 4.9 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Debt / EBITDA MAT (x) 3.04 3.03 3.10 3.09 2.95 Leverage 75% 77% 73% 72% 70% 63 | Teva's Net Debt/EBITDA MAT covenant ratio limit is 4.00x for Q1-Q4 2025; MAT = Moving Annual Total
Slide 64: Net debt and debt capacity
$ billions $35.0 $34.0 $33.0 $31.0 $29.0 $27.0 $25.0 $23.0 $21.0 $19.0 $17.0 $14.6 $15.0 $13.0 $11.0 $9.0 64 |
Slide 65: Credit rating upgrades
May 2025 May 2025 November 2024 Upgraded rating to Ba1, Upgraded rating to BB+, Upgraded rating to BB, with stable outlook with stable outlook with positive outlook 65 |
Slide 66: Non-GAAP adjustments Q3 2025
$ millions Q3 2025 Comments Amortization 144 Impairment of long-lived Mainly related to products in the U.S. and Europe 79 assets Legal settlements 60 Equity compensation plans 34 Restructuring 29 Mainly related to FTE reductions as part of Teva Transformation programs Other 74 Corresponding tax eff
Slide 67: Japan BV financials
$ millions Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Revenues 91 75 73 88 75 Gross profit 29 27 27 26 22 Gross profit margin 32.1% 36.4% 36.7% 30.0% 29.6% Operating income (loss) 15 14 14 13 10 Operating income margin 16.3% 18.9% 19.2% 14.5% 12.8% Minority 5 5 5 4 4 Contribution to Teva’s earnings per
Slide 68: Debt maturity profile
$ billions EUR 2.8 USD 2.5 2.2 2.3 2.1 2.0 1.8 0.8 0.5 - - 26 27 28 29 30 31 32 ... 36 … 46 Gross Debt $16.8B Net Debt $14.6B Duration 5.85 WAC ~4.8% 68 |
Slide 69: Sanofi duvakitug collaboration key terms
Key Terms Overall economics accelerated and enhanced by 50/50 Upfront signing $500 million in cash worldwide profit share Worldwide 50:50 R&D cost & profit sharing Up to $600 million upon Phase in major markets 3 studies’ initiations, including • In other territories, selling party pays partner a Mi
Slide 70: Up to $1.5 billion in consideration from Sanofi
Up to $1.5 billion in consideration payable to Teva by Sanofi: $400m $600m $500m Total launch milestones Development milestones $100m for each of 1st four $500m for IBD Phase 3 indications1 Paid after signing initiations - $250m each for (received Q4 2023) CD & UC $100m total for other Ph3s - $50m e
Slide 71: Outlook evolution and potential duvakitug milestones
Potential duvakitug January 29, 20251 May 7, 20252 July 30, 20252 Nov 5, 20252 milestones (not included in Outlook) Revenues3 ↓ +$0.25B AUSTEDO® ($m) 1,900-2,050 1,950-2,050 2,000-2,050 2,050-2,150 ↑ AJOVY® ($m) ~600 ~600 630-640 630-640 UZEDY® ($m) ~160 ~160 190-200 190-200 COPAXONE® ($m) ~370 ~370
Slide 72: Financial impact of duvakitug milestone
Q3 '25 Q4 '25 Q1 '26 2025 2026 Financial + $250m + $250m Revenue Statement recognition of duvakitug’s Adjusted No impact ~+$200m ~+$200m EBITDA (~80% EBITDA Margin) (~80% EBITDA Margin) development milestone from ~+$0m-$200m ~+$200m-$400m FCF (cash received Q4’25 or Q1’26) Sanofi ($400m if cash for
Slide 73: We are all in for better health
v We are all in for better health
Teva Pharmaceutical Industries — Q3 2025 Earnings Presentation on 6ix