Teva Pharmaceutical Industries Limited · TASE:TEVA
Teva Pharmaceutical Industries — Q1 2026 Earnings Presentation
73 slides from Teva Pharmaceutical Industries's earnings presentation, Apr 29, 2026
Slide 1: Teva Pharmaceutical Industries Ltd. Q1 2026
April 29, 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: 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 strategy pillars
Deliver on Step up Sustain generics Focus our growth engines innovation powerhouse business 5|
Slide 6: Ecopipam is differentiated due to its efficacy and tolerability
ecopipam1 is differentiated due Unique commercial opportunity, Disciplined and consistent with to its efficacy and tolerability fueled by Teva CNS capabilities our BD ambitions • First-in-class investigational • High unmet need: • Known and de-risked MoA innovative asset • alpha-2s safer; less effec
Slide 7: Ecopipam Tourette syndrome treatment landscape
Non-Rx Treatments 1st Line Rx 2nd Line+ Rx Ecopipam can be an Cognitive Behavioral alpha-2 Adrenergic Antipsychotics excellent option for Intervention Therapy Agonists (Off-Label) Ecopipam those is who do not expected respond toto provide alpha-2s • Initial approach for • Often used first due to • P
Slide 8: Emalex transaction key terms and financial impact
Key Terms Financial Impact Upfront Cash Financing considerations $700 million Consideration • Acquisition financed with cash on hand • Balance sheet remains strong Royalties + up to $200 Potential Future million commercial Expected impact to 2026 outlook1 Consideration milestones • Lowers non-GAAP o
Slide 9: Q1'26 results
Revenues -1% Q1’26 Adjusted EBITDA +2% results Non-GAAP EPS +2% Free Cash Flow +76% Net Debt / EBITDA All compared to Q1 2025; Revenues, adjusted EBITDA and non-GAAP EPS exclude Japan BV impact in Q1’25 of $75 million; In local currency, Q1’26 revenues decreased 3% vs. Q1’25 9| including Japan BV. %
Slide 10: Revenues
Key innovative brands collectively grew 41%) $578M, +41% $63M, +62% Revenues $196M, +35% -1%* $2,088M, -13%* Global generics % growth In local currency, all compared to Q1 2025. Refer to Revenues by Activity and Geographical Area slide in Appendix for detailed revenue data by reporting segments 10 |
Slide 11: Teva revenue trajectory
Teva revenue trajectory 4-years CAGR illustrative ($B, % of total, % growth) Mid-single digit (2022-2026E) growth% FY’26 outlook ~5% Total Innovative $16.4-$16.8 Non-Innovative $14.9 21% ~38% Innovative 9% 91% 79% -1% Non-Innovative 2022 2026E 2030+ Gross 54.5% 54% >60% Margin (%) - 55.5% 11 | Innov
Slide 12: AUSTEDO 2026 revenue outlook
Reiterating $2,400M - $2,550M 2026 revenue outlook Continued growth of AUSTEDO U.S. revenue U.S. revenues of $559M, +41% YoY in AUSTEDO quarterly sales in $M Q1’26 ($578M global, +41% YoY) AUSTEDO growth driven by combined +41% effects of TRx and AUSTEDO XR® U.S. penetration (>60% of new patients) 8
Slide 13: UZEDY 2026 revenue outlook
Reiterating $250M - $280M 2026 revenue outlook Continued growth of UZEDY U.S. revenue UZEDY quarterly sales in $M Revenues of $63 million in Q1’26, +62% YoY, and continued growth of +62% TRx MoT, +75% YoY U.S. 70 63 UZEDY’s strong differentiation has 60 nearly doubled the risperidone LAI 50 market s
Slide 14: Preparing for our global product launch
Preparing for our global product launch U.S. launch expected in Q4’26, subject to 19% olanzapine share of oral atypical1 regulatory approval Global 2.1M Diagnosed patients2 Expected minimal ’26 revenues launch EU MAA acceptance expected in Q2’26 Strong synergies in capabilities Strong evidence of me
Slide 15: AJOVY 2026 revenue outlook
Reiterating $750M - $790M 2026 revenue outlook Quarterly Global Net Sales Global revenues of $196 million in +35% Q1’26, +35% YoY 211 196 30 U.S: AJOVY continues to drive growth with 168 33 IM double digit TRx growth on a 52-week MoT1 139 155 30 76 20 28 76 Europe 65 71 58 Europe: driven by 32% MAT
Slide 16: 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 LAI franchise DARI (ICS-SABA) Enrollment completed for Asthma exacerbation study Phase 3 duvakitug (anti-TL1A) UC/CD
Slide 17: Global Generics results
Global Generics: down 13% Q1’26 vs. Q1’25; 2-year -3% CAGR, mainly driven by Gx Revlimid® -13% +8% +1% +15% -28% -1% +15% -9% $1,089 $989 $849 $612 $394 $386 Q1-25 Q1-26 Q1-25 Q1-26 Q1-25 Q1-26 United States Europe International Markets % growth in local currency, compared to Q1 2025 17 | All global
Slide 18: Biosimilars in market and pipeline
Selected products Biosimilars 11 in market Built a scaled, global biosimilars Establishing presence in Biosimilars market including 2 launched in Europe in 2026 presence growing our biosimilar portfolio by 50% over the past 3 years $16B Originator1 value Biosimilars Bx aflibercept (Eylea®2,3) Biosim
Slide 19: 2027 financial 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 20: Pipeline Update
2 Pipeline Update Executive Vice President, Global R&D & Chief Medical Officer 20 |
Slide 21: 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 LAI franchise DARI (ICS-SABA) Enrollment completed for Asthma exacerbation study Phase 3 duvakitug (anti-TL1A) UC/CD
Slide 22: Olanzapine LAI regulatory updates
Expected FDA approval Q4 2026 olanzapine LAI SC updates EU MAA acceptance expected in Q2’26 NDA submitted to FDA in December 2025 and submission accepted in February 2026 We believe we remain on track for an FDA action in Q4’26 LAI = Long Acting Injectable; MAA = Marketing Authorisation Application
Slide 23: DARI Phase 3 FLAIR study enrollment complete
Phase 3 FLAIR Study Enrollment Complete Illustrative example device Patients ≥4 years of age with ≥ 1 exacerbation in the past year Patients with moderate Primary Endpoint: Time to first severe to severe asthma exacerbation (event-driven)2 n=>2,700 ~60% of events required in the study have been Easy
Slide 24: Duvakitug Phase 2 study design
Induction Study (14 weeks) Response Criteria • Clinical Remission (per mMS): UC SFS ≤ 1, RBS = 0, and ES ≤ 1 duvakitug 900mg Q2W (n = 92) without friability) or, Responders • Clinical Response (per mMS): Randomization duvakitug | 450mg Q2W (n = 93) reduction from baseline ≥2 points and ≥30% in mMS w
Slide 25: Duvakitug maintenance results in UC and CD
Ulcerative Colitis Crohn’s Disease Maintenance study clinical remission rates among Maintenance study endoscopic response rates responders after induction among responders after induction 58% 55% 47% 41% N = 34 N = 38 N = 27 N = 31 450 mg 900 mg 450 mg 900 mg Teva and Sanofi developed duvakitug in c
Slide 26: Cross-trial comparison of duvakitug data
Data reflect cross-trial comparisons and not head-to-head studies. Caution should be used when comparing data. Ulcerative Colitis Crohn’s Disease Maintenance study clinical remission rates Maintenance study endoscopic response rates Phase 2 Data Phase 3 Data Phase 2 Data Phase 3 Data 55% 58% 50% 51%
Slide 27: Duvakitug antibody design, induction and maintenance
Antibody Design1 Induction2 Maintenance3 Strong treatment effect Durability of remission with High potency achieved for primary Q4 weekly dosing endpoints in both UC and CD High response observed Consistent benefits observed High selectivity among advanced treatment- across additional efficacy exper
Slide 28: Duvakitug Phase 3 program
UC Phase 3 Program • Sanofi initiated Phase 3 UC Sunscape & CD Starscape Studies in October 2025 • Site activations and enrollment are on target CD Phase 3 Program • EU CTA for UC & CD Phase 3 approved Induction Maintenance Open-label Feeder duvakitug | Dose 1 duvakitug | Dose 1 R duvakitug | Dose 2
Slide 29: Anti-IL-15 in vitiligo and celiac disease
Royalty Pharma deal signed providing vitiligo Phase 2/3 funding and external validation Vitiligo Celiac Disease Large unmet need with no systemic treatment approved Large unmet need with no approved drug Vitiligo Ph1b topline results expected in Celiac Ph2a topline results expected in H1 2026 H2 202
Slide 30: Anti-IL-15 Phase 1b and Phase 2a designs
Primary efficacy Anti-IL-15 SC endpoint Phase 1b • Two subcutaneous doses given 12 weeks Day 0 Week 12 Week 24 Week 40 Week 80 apart (Day 0 and week 12) • Vitiligo Area Severity Index (VASI) is the primary efficacy assessment measure at Screening Treatment Washout Follow up week 24 • Patients follow
Slide 31: Emrusolmin in MSA: high unmet need
High unmet need with no approved treatment Progressive MSA emrusolmin MoA TOPAS-MSA Trial4 Faster than anticipated enrollment (>200 patients) allowing larger sample size Futility analysis for internal decisions on track for Q4 2026 Potential for accelerated approval Symptom onset to diagnosis Differ
Slide 32: Key anticipated milestones for 2026
Assets Key anticipated 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 ola
Slide 33: Financial update
3 Financial update Executive Vice President, Chief Financial Officer 33 |
Slide 34: Solid Q1'26 results; margin expansion to 30%
Solid Q1’26 results led by strong innovative growth Well-positioned for margin expansion to 30% OPM in ‘27 Geopolitical: Operations remain uninterrupted with no material impact Emalex transaction and the potential share buyback program aligned with capital allocation strategy 34 | OPM = Non-GAAP Ope
Slide 35: Q1 2026 GAAP and non-GAAP results
$ millions, except EPS Q1 2026 Q1 2025 ΔYoY* Q1 2026 Q1 2025 ΔYoY* GAAP Non-GAAP Revenues 3,982 3,891 +2% 3,982 3,891 +2% Gross profit 1,972 1,877 +5% 2,108 2,054 +3% Gross profit margin 49.5% 48.2% +127 bps 52.9% 52.8% +16 bps Operating income (loss) 652 519 +25% 956 946 +1% Operating income margin
Slide 36: Growing operating profit and margin every year
Growing OP$ and OPM every year 2024-2027 (in %) 2025 +330-440 bps 30% Growth and mix effect driving margin expansion 25.6 – 26.3% 26.7% 2026 (+125 - 200bps YoY) Accelerated transformation offsetting Gx Revlimid® impact, innovative growth driving expansion 2027 (+125 - 250bps YoY) Gx Revlimid® revenu
Slide 37: 2026 operating margin on track
2026 Operating margin on track , +80bps-160bps YoY Q1’26 vs. Q1’25 OPM ’26E vs. ’25 OPM 28.1%** 26.8%* 24.3% 24.0% 23.4% Q1-2024 Q1-2024 Q1-2025 Q1-2025 Gx Gx Revlimid® Innovative Innovative Q1-2026 Growth & MixQ1-2026 2025 2025 Gx gRevlimid Innovative Transformation Innovative Transformation 2026E
Slide 38: Principles to transform Teva
20% achieved in ’25 3 principles to transform Teva Modernizing the 100bps organization ↓ G&A% Net savings Prioritizing ~8% by 2027, after reinvestment resource allocation ↓ headcount1 in growth and pipeline and reaching 30% OPM Optimizing ~10% external spend ↓ spend ⅔’s of savings expected to be rea
Slide 39: Emalex transaction key terms and financial impact
Key Terms Financial Impact Upfront Cash Financing considerations $700 million Consideration • Acquisition financed with cash on hand • Balance sheet remains strong Royalties + up to $200 Potential Future million commercial Expected impact to 2026 outlook1 Consideration milestones • Lowers non-GAAP o
Slide 40: 2026 outlook including Emalex
2025 2026 Excl. duvakitug milestones Stand-alone outlook As Reported1 & Japan BV2 (Jan 28) Emalex5 April 29 Outlook Revenues3 $17.3B $16.7B $16.4 - $16.8B $16.4 - $16.8B AUSTEDO ($m) 2,260 2,400 - 2,550 2,400 - 2,550 AJOVY ($m) 673 750 – 790 750 – 790 UZEDY ($m) 191 250 – 280 250 – 280 $4.9B $4.5B $
Slide 41: Capital allocation and leverage
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 Create ability to return capital
Slide 42: Conclusion & Q&A
4 Conclusion & Q&A President and Chief Executive Officer 42 |
Slide 43: BD criteria and Emalex transaction
BD Criteria Emalex Transaction Within Focus TAs Rare disease in neuroscience (CNS, immunology, rare) Commercial Leverages commercial infrastructure and operations with our existing neuropsych Synergies medicines (especially AUSTEDO® and UZEDY®) and pipeline (olanzapine LAI) Financially Subject to re
Slide 44: Growth phases and peak sales potential
2028+ 2025-2027 2022-2024 Sustain growth AUSTEDO: >$3B peak sales1 AJOVY: ~$1B peak sales Accelerate growth LAI Franchise (UZEDY and AUSTEDO: >$2.5B (in '27) olanzapine LAI): $1.5-2B peak sales1 AJOVY Biosimilars (sustained growth) Return to growth duvakitug: $2-5B peak sales1,2 LAI Franchise (UZEDY
Slide 45: Conclusion
Solid Q1’26 results led by strong innovative growth of 41% vs. Q1’25 Ecopipam is an attractive, first-in-class neuroscience treatment aligned with our strategy and financial targets Near-term value-unlocking milestones for our world-class pipeline Biosimilars portfolio growth driving generics powerh
Slide 46: Q&A
Q8A
Slide 47: Innovative and Biosimilar Pipeline
teva Innovative and Biosimilar Pipeline
Slide 48: Innovative medicine pipeline by stage
Under Regultory Preclinical Phase 1 Phase 2 Phase 3 Review TEV-’279 Anti-IL-15 Anti-IL-15 Dual Action Rescue Olanzapine LAI Neuroscience (TEV-’408) (TEV-’408) Inhaler (DARI) (TEV-’749)2 Vitiligo Celiac TEV-’288 ICS/SABA3 Schizophrenia Neuroscience TEV-’192 (TEV-’248) Immunology & Asthma TEV-’325 Emr
Slide 49: Biosimilar pipeline and select commercial products
Under Regulatory Select Commercial Preclinical Clinical Approved Review Biosimilar Products Biosimilar to Biosimilar to Entyvio® Biosimilar to TEV-’285 Simponi® Prolia® 4 (vedolizumab)1 (denosumab)6 TEV-’289 (golimumab)1 4 Biosimilar to Biosimilar to TEV-’2921 Entyvio® SC Simponi Aria® (vedolizumab)
Slide 50: Additional Information
teva Additional Information
Slide 51: Q1-26 income statement
$ millions, except EPS Q1-26 Q1 2026 Margins Q1-25 Q1 2025 Margins Change Revenues 3,982 3,891 2% COGS 2,011 50.5% 2,014 51.8% (0%) Gross profit 1,972 1,877 5% Gross margin 49.5% 48.2% +127bps R&D 222 5.6% 247 6.3% (10%) S&M 696 17.5% 622 16.0% 12% G&A 304 7.6% 297 7.6% 2% Legal settlements and loss
Slide 52: FX effect on results
Q1 Q1 FX Diff net $ millions Diff 2026 2025 Effect FX Revenues 3,982 3,891 91 219 (128) Gross Profit GAAP 1,972 1,877 95 124 (29) Gross Profit Non-GAAP 2,108 2,054 55 124 (70) Operating income (loss) 648 519 128 71 57 GAAP Operating income 956 946 10 71 (61) Non-GAAP 52 |
Slide 53: Quarterly revenues and margins
4,711 4,480 $ millions 4,332 4,229 4,164 4,176 3,982 3,891 3,819 60.3% 52.9% 53.7% 54.8% 52.8% 54.6% 55.3% 52.9% 51.4% 32.5% 28.0% 27.6% 27.1% 28.9% 23.4% 25.3% 24.3% 24.0% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net Revenues Non-GAAP Gross Profit Margin Non-GAAP Oper
Slide 54: Revenues by segment and product
$ millions Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 U.S. Segment 1,536 1,786 2,090 2,278 1,534 Generic products 849 961 1,175 673 612 AJOVY® 53 63 73 105 87 AUSTEDO® 396 495 601 725 559 BENDEKA®/TREANDA® 36 40 35 35 27 COPAXONE® 54 62 62 77 62 UZEDY® 39 54 43 55 63 Other(1) 109 111 101 608 123 Europe Segment 1
Slide 55: Non-GAAP net income, operating income and EPS
$ millions, EPS in $ 1,532 1,294 1,214 1,168 1,133 1,056 946 956 892 1,130 910 798 816 769 697 602 621 548 0.96 0.69 0.71 0.66 0.78 0.48 0.61 0.52 0.53 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Non-GAAP Net Income Non-GAAP Operating Income Non-GAAP EPS 55 | Figures incl
Slide 56: Operating income bridge by segment
$ millions +10 (+1.1%) -61 in Local currency (-6%) 72 -32 -18 956 946 -11 Q1 25 US EU IM Other Q1 26 Commencing January 1, 2026, Anda is no longer reported under our United States segment. From that date, Anda is reported as part of Other Activities. Prior period amounts were recast to 56 | reflect
Slide 57: Operating income by segment
$ millions 1,532 70 (5%) 1,294 308 95 (20%) (7%) 1,133 74 303 946 (6%) (23%) 956 2 65 97 (0%) 364 (7%) (10%) (32%) 329 401 (35%) (42%) 1,170 (76%) 927 (72%) 699 518 (62%) 507 (55%) (53%) -3 -31 -16 -16 (0%) (-2%) (-1%) (-2%) Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Revenues 3,891 4,176 4,480 4,711 3,982 Other
Slide 58: Revenues, COGS and OPEX
+81 (+3%) In local currency -24 (-1%) 2,945 3,026 $ millions 1,837 1,874 (62%) (62%) COGS OPEX 1,108 1,152 (38%) (38%) Q1-25 Q1-26 Revenues 3,891 3,982 GP% 52.8% 52.9% OP% 24.3% 24.0% 58 |
Slide 59: Adjusted EBITDA
$ millions 1,637 1,394 1,233 1,041 1,055 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 59 | Please see our press release reporting our financial results this quarter for a reconciliation of Adjusted EBITDA to its nearest GAAP equivalent Figures include the development milestone payments of $500 million re
Slide 60: Free cash flow
$ millions 2024 Total: $2,068m 2025 Total: $2,396m 1,298 922 790 476 515 324 188 107 32 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Free cash flow includes cash flow from operating activities, beneficial interest collected in exchange for securitized accounts receivables,
Slide 61: EBITDA to free cash flow bridge
$ millions -867 (-82%) (119) (183) (33) (93) 1,055 (148) (121) 42 (168) (399) 354 188 (40) Non-GAAP Interest Tax payments ΔA/R ΔInventory Legal ΔA/P & Other ΔSecuritization Operating Securitization Asset sales, Free cash flow EBITDA payments, net settlements paid cash flow reclass net; Capex gross 6
Slide 62: Gross profit, OPEX, operating income and free cash flow
Non-GAAP Gross Profit ($m) Non-GAAP OPEX ($m) Non-GAAP Operating Income ($m) Free Cash Flow ($m) 52.9% 52.8% 28.9% 24.3% 24.0% 30.3% $2,108 28.5% $2,054 17.9% $1,152 $946 $956 $1,108 $336 $248 $148 $120 $188 $107 Q1 25 Q1 26 Q1 25 Q1 26 Q1 25 Q1 26 Q1 25 Q1 26 % represents chart metric as a % of rev
Slide 63: Sustaining cash conversion while unlocking capital
Sustaining cash conversion above 80% while unlocking capital of ~$1.7B NWC % of revenues Cash generation Cash Conversion excl. 92% 89% ~100% ~100% legal settlements 15.9% Scheduled Legal 11.9% ~0.4 ~0.6 <0.7 <0.6 settlements $bn 6.6% 2.7% >3.5 Free Cash Flow 2.4 >2.7 2.2 $bn 2019 2024 2025 2027 2030
Slide 64: Balance sheet
$ billions March 31, 2026 December 31, 2025 Diff Cash and Cash Equivalents 3.7 3.6 0.2 AR Trade 3.4 3.7 (0.3) Pre-paid Expenses and Other Current Assets 3.4 3.5 (0.1) Inventory 3.2 3.2 (0.0) Fixed Assets 4.0 4.1 (0.1) Intangible Assets 3.6 3.8 (0.2) Goodwill 15.8 16.0 (0.2) Other Long-Term Assets 2.
Slide 65: Gross debt to net debt bridge
$ billions 16.8 16.6 (0.02) (0.16) -3.7 12.9 Dec 31, Debt Repay FX and Other Mar 31, Cash balance Mar 31, 2025 2026 2026 Gross Debt Gross Debt Net Debt 65 |
Slide 66: Net debt and leverage
$ billions Net Debt 15.0 15.1 14.6 13.3 12.9 4.9 4.9 5.3 5.3 EBITDA MAT 4.8 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net Debt / EBITDA MAT (x) 3.10 3.09 2.95 2.50 2.42 Leverage 73% 72% 70% 68% 67% 66 | Teva's Net Debt/EBITDA MAT covenant ratio limit is 4.00x for Q1-Q4 2025; MAT = Moving Annual Total
Slide 67: Net debt trend
$ billions $35.0 $34.0 $33.0 $31.0 $29.0 $27.0 $25.0 $23.0 $21.0 $19.0 $17.0 $15.0 $12.9 $13.0 $11.0 $9.0 67 |
Slide 68: Non-GAAP adjustments Q1 2026
$ millions Q1 2026 Amortization 137 Legal settlements 72 Restructuring 25 Impairment of long-lived assets 9 Equity compensation plans 43 Other 31 Corresponding tax effect (65) Total adjustments 252 68 |
Slide 69: Japan BV contribution
$ millions Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Revenues 91 75 73 88 327 75 Gross profit 29 27 27 26 110 22 Gross profit margin 32.1% 36.4% 36.7% 30.0% 33.6% 29.6% Operating income (loss) 15 14 14 13 56 10 Operating income margin 16.3% 18.9% 19.2% 14.5% 17.1% 12.8% Minority 5 5 5 4 19 4 C
Slide 70: Debt maturity profile
$ billions EUR 2.7 USD 2.4 2.1 2.2 2.2 2.0 1.8 0.8 0.5 - - 26 27 28 29 30 31 32 ... 36 … 46 Gross Debt $16.6B Net Debt $12.9B Duration 5.38 WAC ~4.8% 70 |
Slide 71: New versus old P&L segment reporting
Q1-25 Act Q2-25 Act Q3-25 Act Q4-25 Act FY-25 Act Rev/OP ($B) Rev/OP ($B) Rev/OP ($B) Rev/OP ($B) Rev/OP ($B) U.S. (incl. Anda) 1.9/0.5 2.2/0.7 2.5/0.9 2.6/1.2 9.2/3.4 Old P&L EU 1.2/0.3 1.3/0.4 1.2/0.3 1.3/0.3 5.0/1.3 IM 0.6/0.1 0.5/0.1 0.6/0.1 0.5/0.1 2.2/0.3 Total Core 3.7/1.0 3.9/1.1 4.3/1.3 4.5
Slide 72: UZEDY IQVIA NPA data chart
20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Source: IQVIA NPA (TRx normalized into patient months of therapy equivalent volume based on dosing regimen) March 2026 72 | * Oral treatments initiated in inpatient setting may not be captured in the data and are not identifiable if
Slide 73: We are all in for better health
v We are all in for better health
Teva Pharmaceutical Industries — Q1 2026 Earnings Presentation on 6ix