Teva Pharmaceutical Industries Limited · TASE:TEVA
Teva Pharmaceutical Industries — Q4 2025 Earnings Presentation
71 slides from Teva Pharmaceutical Industries's earnings presentation, Jan 28, 2026
Slide 1: Teva Pharmaceutical Industries Ltd. January 28, 2026
January 28, 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: Business update, Pipeline update, Financial update
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: four pillars
Deliver on Step up Sustain generics Focus our growth engines innovation powerhouse business 5|
Slide 6: 2025 results
2025 as 2025 excl. duvakitug 2025 Nov 5th reported (anti-TL1A) milestones Financial outlook Revenues 5% 2025 Adjusted EBITDA 12% results Continued Non-GAAP EPS 19% growth Free Cash Flow 16% Net Debt / EBITDA All compared to FY 2024; Revenues, adjusted EBITDA and non-GAAP EPS exclude Japan BV impact
Slide 7: Quarterly Revenue Growth vs. Previous Year
3% CAGR Quarterly Revenue Growth vs. Previous Year Q4’23 – Q4’251,2 +15% +14% +112% +11% +7% +7%* Mid- +5% +5% Single +4% +4% Digit % +2%1 +3%2 +1%2 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 23-'27 Target CAGR -1%1 with Sanofi without Sanofi -5%
Slide 8: Annual revenue and growth
6%6%CAGRCAGR FY’22 FY’23 – – 1,2 FY’25 Q4’25 1,2 +4% +11% +22% (excl. Sanofi milestones1) Mid- Single Digit % $16.8B $16.5B (excl. Sanofi milestone) $15.4B (excl. Sanofi milestone) $14.9B 2022 2023 2024 2025 23-’27 Target CAGR YoY revenue & growth $15.9B $16.5B $17.3B incl. duvakitug $14.9B mileston
Slide 9: Revenues
$2,260M, +34% $191M, +63% Revenues $673M, +30% +5%* $9,421M, flat* Global generics % 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 * Figures exclude Japan BV revenues of $236 milli
Slide 10: AUSTEDO 2026 revenue outlook
$2,400M - $2,550M 2026 revenue outlook Continued growth of AUSTEDO U.S. revenue U.S. revenues of $725M, +40% YoY in AUSTEDO quarterly sales in $M Q4'25 ($734M global, +40% YoY) U.S. revenues of $2,217M, +35% FY’25 vs. FY’24 ($2,260M global, +34% FY) +40% in U.S. 800 AUSTEDO growth driven by combined
Slide 11: UZEDY 2026 revenue outlook
$250M - $280M 2026 revenue outlook Revenues of $55 million in Q4'25, +28% UZEDY is the Fastest Growing LAI YoY, and continued growth of TRx MoT, UZEDY TRx MoT (months of therapy) +123% YoY 18,000 Revenues of $191 million in FY'25, +63% vs. FY’24 16,000 14,000 UZEDY positioned as LAI of choice and 12
Slide 12: AJOVY 2026 revenue outlook
$750M - $790M 2026 revenue outlook Quarterly Global Net Sales Global revenues of $211 million in Q4'25, +43% YoY +48% Global revenues of $673 million in FY'25, +30% vs. FY’24 211 Demonstrated global leadership 30 #1 preventative αCGRP injectable in 168 IM 142 155 new prescriptions among top U.S. 139
Slide 13: 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 (anti-TL1A) UC/CD UC
Slide 14: Global Generics: flat 2025 vs. 2024
Global Generics: flat 2025 vs. 2024; 2-year 6% CAGR +8% +2% +11% +15% +2% -2% +15% +1% $3,926 $4,044 $3,599 $3,657 $1,704 $1,721 FY-24 FY-25 FY-24 FY-25 FY-24 FY-25 United States Europe International Markets % growth in local currency, compared to FY 2024 14 | All global generics and International M
Slide 15: Biosimilars portfolio
2028+ 2026 Most biosimilars launched - 2027 since 20201 2025 Hold the industry's second- 6 potential2 launches globally largest portfolio1 10+ additional assets 10 in-line assets globally in early-stage pipeline 2 biosimilars launched in 2025 Bx Eylea3,4 Bx Xgeva Bx Prolia with potential to launch O
Slide 16: Long-term 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 17: Pipeline Update
2 Pipeline Update Executive Vice President, Global R&D & Chief Medical Officer 17 |
Slide 18: 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 (anti-TL1A) UC/CD UC
Slide 19: Olanzapine LAI SC updates
SteadyTeq® technology designed to avoid the risk of PDSS olanzapine LAI SC updates Expected EU submission Q2 2026 Efficacy and systemic safety profile of Teva’s olanzapine LAI SC similar to daily oral olanzapine1, with no PDSS observed2 Patient and HCP expressed satisfaction with a single monthly in
Slide 20: DARI Phase 3 FLAIR study
Phase 3 FLAIR Study Achieved Initial Enrollment Target End of 2025 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 Easy-to-use DPI Continuing enroll
Slide 21: Duvakitug UC/CD maintenance data expected H1 2026
UC/CD maintenance data results expected in H1 2026 UC/CD Positive induction data UC/CD Maintenance data 27.4%a 34.8%a 60% UC CD p=0.003 p<0.001 • Results expected H1 2026 Participants Achieving Endpoint (%) 50% 47.8% 47.8% 15.7%a p=0.05 Placebo • Assessing durability of efficacy, a critical success
Slide 22: Anti IL-15: 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 23: Emrusolmin in MSA
High unmet need with no approved treatment Progressive MSA emrusolmin MOA TOPAS-MSA Trial4 Faster than anticipated enrollment allowing larger sample size Futility analysis on track for Q4 2026 Potential for accelerated approval Symptom onset to diagnosis Differentiated, orally- (~3 years)1; mean sur
Slide 24: AJOVY in pediatric episodic migraine
AJOVY is efficacious and safe in pediatric patients with episodic migraine1 Migraine affects 1 in 10 children Least-Squares Mean Change in Average Reduction of ≥50% in Number of and adolescents in the U.S. Number of Migraine Days per Month Migraine Days per Month 53.7 Treatment with fremanezumab2 49
Slide 25: 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 26: Financial update
3 Financial update Executive Vice President, Chief Financial Officer 26 |
Slide 27: Three years of consecutive growth with 6% CAGR
Three years’ consecutive growth with 6% 3-year CAGR1 Continued improvements in working capital and leverage On track for 30% OPM by ’27 with significant progress in Teva Transformation programs long-term financial targets well-positioned to achieve for 2030 OPM = Non-Gaap Operating margin 27 | 1. CA
Slide 28: Q4 and FY 2025 financial results
$ millions, except EPS* Q4 2025 ΔYoY Q4 2025 ΔYoY FY 2025 ΔYoY FY 2025 ΔYoY GAAP Non-GAAP GAAP Non-GAAP Revenues 4,711 +11% 4,711 +11% 17,258 +4% 17,258 +4% Gross profit 2,656 +25% 2,840 +22% 8,938 +11% 9,647 +9% Gross profit margin 56.4% +623 bps 60.3% +544 bps 51.8% 305 bps 55.9% 262 bps Operating
Slide 29: Principles to transform Teva
20% achieved in ’252 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 re
Slide 30: 2026 outlook
2025 2026 Excl. duvakitug milestones As Reported1 Outlook & Japan BV2 Revenues3 $17.3B $16.7B $16.4 - $16.8B AUSTEDO ($m) 2,260 2,400 - 2,550 AJOVY ($m) 673 750 - 790 UZEDY ($m) 191 250 – 280 $4.9B $4.5B $4.55 - $4.8B Operating Income 28.4% 26.9% 27.7% - 28.5% Adjusted EBITDA $5.3B $4.9B $5.0 - $5.3
Slide 31: FCF evolution 2022-2030
FCF evolution 2022 - 2030 Drivers of 2027 - 2030 FCF FCF in $B >3.5 Maximizing profitability and growth: • Innovative portfolio as core FCF driver • ~$700M net savings from Teva >2.7 Transformation programs by ‘27 ~2.0 Optimal balance sheet management: • Net working capital freed-up • Reduced capita
Slide 32: Cash flow use and leverage reduction
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 4 Create ability to return capit
Slide 33: Outlook 2026, 2027 and 2030
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 34: Conclusion & Q&A
4 Conclusion & Q&A President and Chief Executive Officer 34 |
Slide 35: 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 36: Sustain, accelerate and return to growth
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 37: Accelerating Pivot to Growth
Three years of consecutive growth with 6% 3-year CAGR1 Innovative brands double-digit growth with upcoming launches Near-term value-unlocking milestones for our world-class pipeline Stable outlook for our generics powerhouse Accelerating Pivot to Growth 37 | 1. CAGR in local currencies for the years
Slide 38: Q&A
Q&A
Slide 39: Innovative and Biosimilar Pipeline
teva Innovative and Biosimilar Pipeline
Slide 40: Innovative medicine 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)2 Vitiligo Celiac disease Schizophrenia TEV-’288 Neuroscience TEV-’192 Immunology & Dual Action Rescue TEV-’325 Neuroscience emrusolmin Immunology (TEV-’286)1 Inhaler (DARI)
Slide 41: Biosimilar pipeline
Under Regulatory Select Commercial Preclinical Clinical Approved Review Biosimilar Products Biosimilar to Biosimilar to 4 TEV-’285 Xolair® Prolia® (omalizumab) (denosumab)6 TEV-’289 4 Biosimilar to Biosimilar to TEV-’2921 Entyvio® Simponi® TEV-’2951 (vedolizumab)1 (golimumab)1 5 TEV-’2961 Biosimilar
Slide 42: Additional Information
teva Additional Information
Slide 43: Q4 2025 vs Q4 2024 results
$ millions, except EPS Q4 2025 Q4 2024 ΔYoY Q4 2025 Q4 2024 ΔYoY GAAP Non-GAAP Revenues 4,711 4,229 +11% 4,711 4,229 +11% Gross profit 2,656 2,120 +25% 2,840 2,319 +22% Gross profit margin 56.4% 50.1% +623 bps 60.3% 54.8% +544 bps Operating income (loss) 300 (29) n.a 1,532 1,168 +31% Operating incom
Slide 44: FY 2025 vs FY 2024 results
$ millions, except EPS FY 2025 FY 2024 ΔYoY FY 2025 FY 2024 ΔYoY GAAP Non-GAAP Revenues 17,258 16,544 +4% 17,258 16,544 +4% Gross profit 8,938 8,064 +11% 9,647 8,814 +9% Gross profit margin 51.8% 48.7% 305 bps 55.9% 53.3% 262 bps Operating income (loss) 2,149 (303) n.a. 4,905 4,329 +13% Operating in
Slide 45: FY 2025 income statement and margins
$ millions, except EPS FY-25 FY 2025 Margins FY-24 FY 2024 Margins Change Revenues 17,258 16,544 4% COGS 8,320 48.2% 8,481 51.3% (2%) Gross profit 8,938 8,064 11% Gross margin 51.8% 48.7% +305bps R&D 1,013 5.9% 998 6.0% 2% S&M 2,686 15.6% 2,541 15.4% 6% G&A 1,287 7.5% 1,161 7.0% 11% Legal settlement
Slide 46: FX impact on results
Q4 Q4 FX Diff net FY FY FX Diff net $ millions Diff Diff 2025 2024 Effect FX 2025 2024 Effect FX Revenues 4,711 4,229 482 99 383 17,258 16,544 714 152 561 Gross Profit GAAP 2,656 2,120 535 27 509 8,938 8,064 874 24 850 Gross Profit Non-GAAP 2,840 2,319 521 27 494 9,647 8,814 833 24 809 Operating inc
Slide 47: Quarterly revenues and margins
4,711 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% 60.3% 53.5% 52.9% 53.7% 54.8% 52.8% 54.6% 55.3% 52.2% 51.4% 49.1% 34.7% 32.5% 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 Q
Slide 48: Revenues by segment and product
$ millions Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 FY-24 FY-25 U.S. Segment 1,975 1,910 2,151 2,483 2,643 8,034 9,186 Generic products 674 849 961 1,175 673 3,599 3,657 AJOVY® 63 53 63 73 105 207 295 AUSTEDO® 518 396 495 601 725 1,642 2,217 BENDEKA®/TREANDA® 41 36 40 35 35 168 147 COPAXONE® 63 54 62 62 77 242
Slide 49: Non-GAAP net income, operating income and EPS
$ millions, EPS in $ 1,546 1,532 1,294 1,214 1,168 1,133 1,020 1,056 1,011 946 892 785 1,135 1,130 910 798 816 769 677 697 629 602 548 457 1.00 0.96 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 Q4 2025 Non-G
Slide 50: Q4 operating income bridge
$ millions +365 (31%) +382 in Local Currency (33%) 612 -130 -71 -46 1,532 1,168 Q4 24 US EU IM Other Q4 25 50 | Figures include the development milestone payments of $500 million received in Q4’25, in connection with the initiation of Phase 3 studies for duvakitug, recorded as revenue
Slide 51: FY operating income bridge
$ millions +576 (13%) +622 in Local Currency (14%) 1,060 -271 -104 -109 4,905 4,329 FY 24 US EU IM Other FY 25 51 | Figures include the development milestone payments of $500 million received in Q4’25, in connection with the initiation of Phase 3 studies for duvakitug, recorded as revenue
Slide 52: Operating income by segment
$ millions 1,532 70(5%) 1,294 308 95 (7%) (20%) 1,168 1,133 19 (2%) 141 (12%) 74 (6%) 303 (23%) 946 97 (10%) 364 (32%) 438 (37%) 329 (35%) 1,181 (77%) 937 (72%) 706 (62%) 569 (49%) 532 (56%) -13 (-1%) -11 (-1%) -40 (-3%) -27(-2%) Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Revenues 4,229 3,891 4,176 4,480 4,711 O
Slide 53: COGS and OPEX
+138 (+1%) In local currency -61 (0%) +118 (+4%) In local currency +2 (0%) 12,215 12,353 $ millions 3,062 3,179 7,730 7,611 (63%) (62%) 1,910 1,871 (62%) (59%) 4,485 4,742 1,152 1,308 (37%) (38%) COGS (41%) (38%) OPEX Q4-24 Q4-25 FY-24 FY-25 Revenues 4,229 4,711 16,544 17,258 GP% 54.8% 60.3% 53.3% 5
Slide 54: Adjusted EBITDA
$ millions 1,637 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 Q4 2025 54 | 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 develop
Slide 55: Free cash flow
$ millions 2024 Total: $2,068m 2025 Total: $2,396m 1,298 922 790 476 515 324 107 32 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Free cash flow includes cash flow from operating activities, beneficial interest collected in exchange for securitized accounts receivables, proceeds fr
Slide 56: Q4 EBITDA to free cash flow
$ millions -339 (-21%) (77) (191) 168 (66) (156) 184 (142) (341) 282 1,637 1,298 1,158 Non-GAAP Interest Tax payments ΔA/R ΔInventory Legal ΔA/P & Other ΔSecuritization Operating Securitization Capex gross Free cash flow EBITDA payments, net settlements cash flow reclass paid 56 | Q4 securitization
Slide 57: FY EBITDA to free cash flow
$ millions -2,909 (-55%) (831) (558) (72) 152 (642) (390) 34 5,305 (501) (1,315) 1,214 2,396 1,649 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
Slide 58: Cash conversion
3500 120% 3,038 3000 2,852 100% 2,589 2,438 2,387 2,396 2500 2,243 80% 2,068 2000 60% 1500 40% 1000 642 465 522 20% 500 195 80% 87% 82% 98% 72% 91% 70% 89% 0 0% 2022 2023 2024 2025 Cash conversion Cash conversion excl. legal settlements FCF Legal settlements FCF excl. legal settlements Free cash flo
Slide 59: 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) 55.9% 28.4% 53.3% 27.1% 27.5% 26.2% 72.3% 70.2% $4,742 $4,485 $4,905 $9,647 $8,814 $3,038 $4,329 $2,589 $642 $522 $2,396 $2,068 FY 24 FY 25 FY 24 FY 25 FY 24 FY 25 FY 24 FY 25 % represents chart metric a
Slide 60: Cash conversion and net working capital
Option 1 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
Slide 61: Balance sheet
$ billions December 31, 2025 September 30, 2025 Diff Cash and Cash Equivalents 3.6 2.2 1.4 AR Trade 3.7 3.8 (0.1) Pre-paid Expenses and Other Current Assets 3.5 3.4 0.1 Inventory 3.2 3.3 (0.1) Fixed Assets 4.1 4.8 (0.7) Intangible Assets 3.8 3.9 (0.2) Goodwill 16.0 15.9 0.1 Other Long-Term Assets 2.
Slide 62: Gross debt to net debt
$ billions 0.02 16.8 16.8 (3.6) 13.3 Sep 30, FX and Other Dec 31, Cash balance Dec 31, 2025 2025 2025 Gross Debt Gross Debt Net Debt 62 |
Slide 63: Net debt / EBITDA
$ billions Net Debt 15.0 15.1 14.5 14.6 13.3 4.9 4.9 5.3 EBITDA MAT 4.8 4.8 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Debt / EBITDA MAT (x) 3.03 3.10 3.09 2.95 2.50 Leverage 77% 73% 72% 70% 68% 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 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 $13.3 $13.0 $11.0 $9.0 64 |
Slide 65: Q4 2025 non-GAAP adjustments
$ millions Q4 2025 Comments Amortization 145 Impairment of long-lived assets 773 Mainly related to a manufacturing facility in Europe Legal settlements 164 Equity compensation plans 51 Restructuring 29 Mainly related to FTE reduction as part of transformation programs Other 81 Corresponding tax effe
Slide 66: Japan business venture results
$ 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 67: 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 $13.3B Duration 5.59 WAC ~4.8% 67 |
Slide 68: Sanofi duvakitug consideration milestones
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 in Q4 2023) CD & UC (received in Q4 2025) $100m tota
Slide 69: Transformation programs and OP margin by 2027
’25 impact 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 in finance
Slide 70: Credit rating upgrades
December 2025 December 2025 May 2025 Upgraded rating to BB+ Affirmed Ba1 rating Upgraded rating to BB+ with stable outlook revised to positive with stable outlook outlook (from stable) 70 |
Slide 71: We are all in for better health
v We are all in for better health
Teva Pharmaceutical Industries — Q4 2025 Earnings Presentation on 6ix