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1、 Corrected Transcript 1-877-FACTSET Total Pages:17 Copyright 2001-2025 FactSet CallStreet,LLC 07-May-2025 Teva Pharmaceutical Industries Ltd.(TEVA)Q1 2025 Earnings Call Teva Pharmaceutical Industries Ltd.(TEVA)Q1 2025 Earnings Call Corrected Transcript 07-May-2025 1-877-FACTSET 2 Copyright 2001-2025

2、 FactSet CallStreet,LLC CORPORATE PARTICIPANTS Christopher J.Stevo Senior Vice President-Investor Relations&Competitive Intelligence,Teva Pharmaceutical Industries Ltd.Richard Francis President,Chief Executive Officer&Director,Teva Pharmaceutical Industries Ltd.Eli Kalif Executive Vice President&Chi

3、ef Financial Officer,Teva Pharmaceutical Industries Ltd.Eric A.Hughes Executive Vice President-Global R&D&Chief Medical Officer,Teva Pharmaceutical Industries Ltd.OTHER PARTICIPANTS David Amsellem Analyst,Piper Sandler&Co.Jason M.Gerberry Analyst,BofA Securities,Inc.Umer Raffat Analyst,Evercore ISI

4、Ashwani Verma Analyst,UBS Securities LLC Chris Schott Analyst,JPMorgan Securities LLC Yifeng Liu Analyst,HSBC Bank Plc .MANAGEMENT DISCUSSION SECTION Operator:Hello and welcome to the Q1 2025 Teva Pharmaceutical Industries Limited Earnings Conference Call.My name is Alex.Ill be coordinating the call

5、 today.Operator Instructions.Ill now hand it over to your host,Christopher Stevo,Head of Investor Relations,to begin.Please go ahead.Christopher J.Stevo Senior Vice President-Investor Relations&Competitive Intelligence,Teva Pharmaceutical Industries Ltd.Thank you,Alex.Good morning everyone.In the co

6、urse of this call,were going to be making some forward-looking statements and any statements we make are valid only as of today and we undertake no obligation to update them in the future.And if you have any additional questions on our forward-looking statements,you can see the relevant sections of

7、our SEC filings under Forms 10-K and 10-Q.Additionally,during todays call,all comments made to revenue growth year-over-year will be in local currency terms unless otherwise noted by one of us.And with that,I will turn it over to Richard Francis.Richard Francis President,Chief Executive Officer&Dire

8、ctor,Teva Pharmaceutical Industries Ltd.Thank you,Chris,and good morning,and good afternoon,everybody.Thank you for joining the call.Looking forward to talking to you through this agenda today are myself,Eli Kalif,my CFO,and Eric Hughes,the Head of Teva Pharmaceutical Industries Ltd.(TEVA)Q1 2025 Ea

9、rnings Call Corrected Transcript 07-May-2025 1-877-FACTSET 3 Copyright 2001-2025 FactSet CallStreet,LLC R&D.Im going to go through the business update for Q1,but also were going to give you an insight into the path towards our 2027 targets and the confidence and the high level of confidence we have

10、in achieving those.Now,as you remember,this all started in 2023 with the Pivot to Growth strategy being launched and this was to return the company to growth.And as you can now see,this is our ninth consecutive quarter of growth and this has been driven by executing on our pillars,deliver on our gro

11、wth engines,step up innovation,sustain new generics powerhouse and focus the business.And as youll see throughout the presentation,delivering on our growth engines,we continue to perform strongly with AUSTEDO,AJOVY,and UZEDY.Eric will give you some insight into the progress weve made on our pipeline

12、 and why were excited about it,the filing of olanzapine in the second half of this year and the progress of the Phase 3 trial for duvakitug.Youll see once again,our generics business continues to grow and that will soon to be supported by our biosimilar launches,which Ill talk to later in the presen

13、tation.Were constantly focused on capital allocation and allocating our capital to the highest areas of return to drive growth.As for TAPI,I can tell you that we are still in advanced discussions and I cant comment further until we make an announcement.So now moving on to the results.So,as you can s

14、ee,revenue was up 5%to$3.9 billion.Adjusted EBITDA was up 3%and our non-GAAP EPS was up to$0.52,up 8%.Good free cash flow for the quarter and our net debt-to-EBITDA is just above 3.Now to move on to the next slide.As you can see,and Ive mentioned it already,but I will mention it again.This is our ni

15、nth consecutive quarter of growth,reemphasizing the fact that the strategy,and the focus and the prioritization weve put around our innovative brands is driving growth on our ninth consecutive quarter.Now,let me go into a bit more detail as to what is driving this.And I think this is a really import

16、ant slide and a really important time for Teva to show this slide.What youll see is the growth was spearheaded by our innovative brands.They reached$589 million in sales,thats a 45%increase over last year.And this was led by AUSTEDO growing at 39%globally,AJOVY up 26%,globally,and UZEDY doubling to$

17、39 million.Now Im pleased to show that our generics business continues to grow in this quarter,up 3%,and we have another quarter of growth for TAPI.But let me double-click now and go into some of the detail here.So,starting with AUSTEDO.Really good performance across the world,but this is primarily

18、led by the US.And as you can see,the US business is up 40%,so congratulations to the team here.And this is really driven by two factors.First,the combined effects continues to grow at TRx,but also the continued penetration of AUSTEDO XR.And as you can see,we now have more than 60%of new patients on

19、AUSTEDO XR.Now the benefits are clear and I think Eric and I have talked about those quite a lot.It reduces pill burden,it creates an optimal dosing and subsequently leads to better patient adherence,and compliance and as you can see here,the US milligrams growth is up 38%.And because of this good s

20、tart to the year,we are narrowing the guidance here.Were just raising the bottom end by$50 million to$1.950 billion for the year.Now to move on to UZEDY.UZEDY continues with strong momentum,and Im pleased to show that the TRx continues to grow up 177%.Obviously this was on a small base.But I think w

21、hat is pleasing to see here is that weve now gained over 60%of the share of the risperidone long-acting market.Now what this means is going forward,we need to start to compete more broadly in the long-acting market,so thats including patients not treated with the oral or the long-acting risperidone.

22、Now,we believe we have confidence in doing this because of Teva Pharmaceutical Industries Ltd.(TEVA)Q1 2025 Earnings Call Corrected Transcript 07-May-2025 1-877-FACTSET 4 Copyright 2001-2025 FactSet CallStreet,LLC the strong product profile we have that Eric and I once again talk a lot about.The fac

23、t that you can reach therapeutic dose within 24 hours without supplementary therapy is a very big positive for physicians,as well as the subcutaneous needle,and the fact that it doesnt have to be stored in a fridge,so good growth there from UZEDY.Now moving on to AJOVY.AJOVY,up 26%,reconfirming our

24、guidance for$600 million.And once again,what pleases me about this is it shows that we can execute on our innovative brands globally,not just in the US.And good growth weve seen in Europe and good growth in international markets.And some nice data points here that I just want to reference.We are the

25、 number one preventative CGRP injectable in the top US headache centers,and we are the number one preventative CGRP injectables in 28 markets across Europe and international.So these three products really show our ability to drive innovative brands indiscernible(00:06:56)bring into the market,so con

26、gratulations to all the people that are responsible for this.Now as I move on to our generics business,as you can see,we continue to grow our generics business up 3%year-on-year.And as you can see,we grew this across all of our regions,5%in the US,1%in Europe,and 2%in international markets.Now this

27、is a slower growth than weve had in previous years,and this was really because of the prior comparisons,where we had a number of launches across all of our markets.And in Europe,we had a number of tenders,which will not be repeated in Q1.We also saw the slowdown in inflationary in many of our intern

28、ational and European markets,so that has also impacted us.Now,what Id like to point out,Q1 represents the high watermark,likely high watermark for 2025,so just factor that in as you consider our generics business going forward.Now Id like to take a moment to talk about our biosimilar business.And we

29、ve talked about this from a point of view that we have a portfolio strategy play,and were going to bring multiple products to the market and were starting to see that happen now.As you can see in Q1,we launched two products in the United States,biosimilar Humira and biosimilar SOLARIS,so congratulat

30、ions to the team for bringing those to the market.But in 2025 to 2027,we have another five products to launch.And some of these,depending on FDA approval,could actually come in 2025.But this just emphasizes the fact that we have a number of portfolio of biosimilars coming to the market,and this give

31、s us a real chance to grow our biosimilar business at a faster rate than we have in the past.Now I want to take a bit of time,thats Q1,and I focused on driving the business in Q1 and giving you an outlook on that.Now I want to take a moment to talk about why we are so confident about hitting our 202

32、7 targets.And this really comes down to two areas of focus.One is how do we keep driving the top line,and the second is how do we manage our OpEx and capital allocation.So let me start with the first one.So as you can see here,we have multiple growth drivers for 2027.Touching upon some of the brands

33、 Ive just spoken about,in our innovative portfolio of AUSTEDO and AJOVY,we see continued growth in these over this period,and were confident about hitting$2.5 billion of sales for AUSTEDO in 2027.But this will also be supported by UZEDY,as youve seen good growth with UZEDY,and that will be joined by

34、 olanzapine in the second half of next year as that comes to the market,so well have a nice long-acting franchise in schizophrenia.Now as you think about our generics business,we think about that being stable from 2025 to 2027.And in our generics business,we include OTC and biosimilars.But just like

35、 to point out,that means well be offsetting the Teva Pharmaceutical Industries Ltd.(TEVA)Q1 2025 Earnings Call Corrected Transcript 07-May-2025 1-877-FACTSET 5 Copyright 2001-2025 FactSet CallStreet,LLC generics Revlimid impact by 2027.And then if you factor in our legacy innovative brands like COPA

36、XONE and BENDEKA,we anticipate they will continue their slow decline.What is worth pointing out on this slide is that this growth is predominantly driven by our innovative portfolio,which is a high-margin business.Now,if I move on to the next slide,Id like to talk to you about how were thinking abou

37、t capital allocation and OpEx.But this is more fundamental than this.This is really about transforming Teva from a pure-play generics company into a leading biopharmaceutical company.And were going to do this by primarily focusing on three areas.First is modernizing the organization,leveraging our r

38、egional hubs,driving more automation,reducing layers,and then prioritizing resource allocation,reducing costs in functions like G&A and TGO,and making sure we allocate them to the growth drivers I just mentioned on the previous slide,and then optimizing our external spend.We have a lot of suppliers

39、and that we have an opportunity to consolidate those and really optimize our procurement.Now when we do that,were going to end up with,in 2027,$700 million of net savings.And that is after the reinvestment in our growth portfolio that Ive just mentioned,and our pipeline,while offsetting the generic

40、Revlimid profit/loss in 2026.So as you can see,we have a very clear path to achieving 30%operating margin in 2027.Now with that,I would like to hand over to Eli Kalif,whos going to walk you through the financials and a bit more detail on that 30%operating margin.Over to you,Eli.Eli Kalif Executive V

41、ice President&Chief Financial Officer,Teva Pharmaceutical Industries Ltd.Thank you,Richard,and good morning and good afternoon to everyone.I really would like to start with the following key messages that I believe are important,and I would like you to take away from our call today.Firstly,Q1 came w

42、ith a solid performance,demonstrating our constant execution.Secondly,our continued improvements on strengthening our balance sheet and more specifically our working capital and leverage.Third,our confidence in the targeted programs to deliver approximately$700 million of net savings,in line with ou

43、r Pivot to Growth strategy,solidifying our 30%operating profit margin targeted by 2027.And lastly,the new confirmed US tariff have been absorbed within our full year updated guidance for 2025.Now moving to slide 18 to review our Q1 2025 financial results.Starting with our GAAP performance.Please not

44、e that throughout my remarks,I will refer to revenue growth mainly in local currency terms,unless I specify otherwise.Q1 was financially solid,with revenue of approximately$3.9 billion,growing at 2%in US dollars,or 5%in local currency,net of negative FX impact of approximately$100 million after hedg

45、ing.This is our ninth consecutive quarter of growth since we established our Pivot to Growth strategy in May 23.We saw a strong momentum in our innovative products,particular on AUSTEDO,AJOVY,and UZEDY.For generics,we saw broad-based growth across all the regions.GAAP net income and earnings per sha

46、re were$240 million and$0.18 respectively.Now,lets look on our non-GAAP performance.Our non-GAAP gross margin grew by 140 basis points year-over-year to 52.8%.The main drivers of this increase were positive shift in the portfolio mix,especially AUSTEDO,strong continued growth,partially offset by neg

47、ative FX impact.Our gross margin in Q1 was slightly better than our normal seasonality and our internal expectation for Q1,benefiting from favorable timing of shipments and improved product mix towards the end of the quarter.About two-thirds of that gross margin improved flow through to operating ma

48、rgins,which grew by 100 basis points year-over-year.We ended the quarter with a non-GAAP earnings per share of$0.52,an increase of$0.04,or 8%year-over-year,but the non-GAAP adjustment in the first quarter of 2025 were$388 million.Teva Pharmaceutical Industries Ltd.(TEVA)Q1 2025 Earnings Call Correct

49、ed Transcript 07-May-2025 1-877-FACTSET 6 Copyright 2001-2025 FactSet CallStreet,LLC Turning to slide 19.We have significantly transformed our balance sheet and cash generation capability over the last five years to enable growth.Im really proud of our teams efforts across operational and commercial

50、 processes,which have led to improved net working capital as a percentage of revenue and reduced cash conversion days,while at the same time creating a more nimble supply chain.These efforts have unlocked approximately$1.7 billion of capital since the end of 2021,which we have consistently deployed

51、to reduce leverage and reinvest in the business.Our gross debt at the end of Q1 was$16.7 billion compared to$17.8 billion at the end of the year.This decrease in our gross debt was mainly due to a repayment of$1.4 billion of notes at maturity,partially offset by exchange rate fluctuations.Our net de

52、bt was$15 billion and the net debt to EBITDA remained just over three times.As I mentioned in January,our free cash flow guidance represent a slight decrease compared to 2024,mainly due to our deliberate efforts to streamline our account receivable securitization program,as well as taking into accou

53、nt higher scheduled legal settlement outflow this year.I believe excluding such legal payments highlights the improvement in our underlying cash generation,which has consistently led to a cash conversion in line with our long-term targets of 80%or more.As we have moved into our growth acceleration p

54、hase of our strategy,we are now focusing on further enhancement to free up additional capital,which can reinvest in our business.On slide 20,I know that all of you have questions about tariffs,and I wanted to address this for you.While the situation regarding trade and tariffs remain dynamic,based o

55、n what we know today and the tariffs that are already in place on China,we have absorbed this impact in our revised guidance for 2025.And we not see any material impact on our business.Importantly,I want to remind everyone that Teva has a substantial US manufacturing footprint.A significant amount o

56、f the US innovative revenue is US manufactured,include AUSTEDO,our largest product.Our US manufacturing footprint includes eight manufacturing sites,the largest among the generics players.Teva is also uniquely positioned given our very limited exposure to China and India from a sourcing perspective.

57、While we continue to closely watch on ongoing development,we are taking a proactive measure in our supply chain to mitigate potential risk.At this point,we feel well positioned in our ability to navigate the potential impacts from the US tariffs.Moving to slide 21.As Richard mentioned earlier,we are

58、 transforming Teva with a targeted program to become a world-class biopharma company.Our commitment remains clear:to deliver sustainable margin improvement without compromising our ability to innovate and to invest in our long-term growth.What you see from this slide is that overall,this transformat

59、ion program will deliver approximately$700 million of net savings between 2025 and 2027 and provide us a clear path to our 30%operating margin targeted by expanding gross margins to be between 57%to 58%by 2027,while keeping operating expenses at the range of 27%to 28%of revenue despite continuous in

60、vestment in growth and pipeline.On slide 22,I really want to spend time and to show you the bridge between our current margins and our 30%targets in 2027 and how savings from this transformation program,as well as the ongoing portfolio shift towards high-growth and margin innovative products,are ena

61、bling us to achieve our operating margin goals.Over the next couple of years,we expect to expand our operating margin by approximately 400 basis points.As we have communicated before,during this period,we will experience the impact of revenue cliff from generic Revlimid in 2026 as well as headwinds

62、in 2027 related IRA Medicare Part D negotiation for AUSTEDO.While we are not providing specific revenue and operating profit guidance for 2026 and 2027 today,the transformation programs and our expected growth trajectory,led by our innovative portfolio,give us the confidence to grow EBITDA in 2026 a

63、nd in 2027,both in dollars and margin terms.Teva Pharmaceutical Industries Ltd.(TEVA)Q1 2025 Earnings Call Corrected Transcript 07-May-2025 1-877-FACTSET 7 Copyright 2001-2025 FactSet CallStreet,LLC We are transforming Teva into a structurally higher gross margin business through improvement in our

64、portfolio mix and transforming of our manufacturing cost base,network simplification and procurement optimization.With a significant gross margin expansion,our OpEx from transforming programs will allow us to keep OpEx as a percentage of revenue stable through 2027,as we redirect significant savings

65、 in our G&A towards our innovative portfolio and pipeline,which in turn enable us to drive both short-term and long-term growth.With these dynamics,we expect to expand our operating margin in 2026 by 125 basis points to 200 basis points,more than offsetting profit headwinds related to generic Revlim

66、id within the same year and by another 125 basis points to 260 basis points in 2027.It is also empowering to note that our strong revenue growth and margin trajectory alongside our ongoing deleveraging during this period will allow us to achieve our target of two times net debt-to-EBITDA ratio by 20

67、27.Now,lets discuss our updated 2025 non-GAAP outlook on slide 23.As I mentioned earlier,our performance in Q1 was solid,delivering revenue growth,improved margin and cash flow,while navigating the impact of macroeconomic headwinds,including negative FX movements.Before I get into the details of our

68、 revised guidance,you may recall from our Q4 call in January that 2025 guidance included a full-year contribution from both Teva API and the Japanese generics business.It excluded any milestone payments from Sanofi,but did include Tevas 50%share of duvakitug R&D expenses.While we are still in ongoin

69、g discussion on the sales of Teva API business,Teva concluded the divestiture of its business venture in Japan,as planned on March 31,2025.Accordingly,we are revising our 2025 guidance today to reflect the inclusion of only the actual Q1 contribution from the Japan business venture and removing the

70、nine-month expected contribution from the divested business.For the rest of the year,we have now excluded approximately$250 million and$40 million for the revenue and operating profit,respectively,for the Japan business venture.Next to the 2024 actual result,we have included a 2024 pro forma reflect

71、ing Japan contribution in the equivalent period to assist you with the modeling a year-over-year comparison.In terms of the underlying changes in the guidance,as Richard highlighted earlier,with a strong Q1 performance,we have increased the low end of our expected revenue range by$50 million for AUS

72、TEDO.With this element in mind,we now expect our 2025 revenue to be between$16.8 billion and$17.2 billion.This reflects a reduction of$200 million to the top end of our range or$100 million at the midpoint of our original revenue guidance from$17.1 billion to$17 billion.Our revised guidance reflects

73、 slightly higher growth of approximately 4%at the midpoint versus 2024 pro forma given the lower growth and margin profile of the divested Japan business.While we are going to see majority of the savings from our transformation programs materialize between 2026 and 2027,we do expect to start seeing

74、the savings in the second half of 2025.Combining that with our Q1 performance and the visibility we have today,we are raising the lower end of our 2025 non-GAAP outlook for operating income and EBITDA by$200 million or by$100 million at the midpoint.Accordingly,our earnings per share guidance range

75、is increased by$0.10 to between$2.45 and$2.65.Now,let me double-click on some thoughts on the quarterly phasing for the rest of the year,especially as it relates to Q2.We continue to expect our non-GAAP gross margin to be between 53%to 54%for the full year.Given that the timing of the shipments and

76、our product mix help our Q1 margins slightly,we expect flat to slightly higher gross margin in the second quarter when compared to the first,with the further progress expected in the second half of the year,driven by revenue trajectory and portfolio mix.As a reminder,our fourth quarter gross margin

77、are expected to reflect a step-down in the generic Revlimid revenue,consistent with the quarterly cadence we have seen in recent years.In addition,we continue to expect our operating expenses to be between 27%to 28%of Teva Pharmaceutical Industries Ltd.(TEVA)Q1 2025 Earnings Call Corrected Transcrip

78、t 07-May-2025 1-877-FACTSET 8 Copyright 2001-2025 FactSet CallStreet,LLC revenue for the full year,with the second half being lower than the first,driven by ope4rating leverage,in line with expected ramp up in revenue.Our guidance continue to ph exclude(00:25:36)any contribution from potential devel

79、opment milestone payments from our partner Sanofi for the Phase 3 initiation of our anti-TL1A program,duvakitug.We will revise our guidance to include these milestone payments when they earned.And also,as I just said earlier,the revised guidance already absorbed the immaterial impact of the confirme

80、d tariff.Moving to slide 24,we showcased our consistent capital allocation strategy,which is clear and designed to fuel our long-term growth and innovation,while strengthening our balance sheet through further deleveraging and meeting our financial commitments.And finally,before I conclude my review

81、 of the first quarter results and hand it over to Eric,I want to reconfirm our 2027 financial targets.And based on what I just said on 2026 and 2027,we are laser-focused on our execution and are on track to achieve these targets.With this,I will now hand it over to Eric to discuss our pipeline.Eric

82、A.Hughes Executive Vice President-Global R&D&Chief Medical Officer,Teva Pharmaceutical Industries Ltd.Thank you,Eli.Let me start by going over our progress of our programs in development.So starting with olanzapine LAI,were excited to be presenting the long-term safety data for our Period 2 of our P

83、hase 3 study this month at the Psych Elevate meeting.And were on track for our submission in the second half of this year.Our DARI program,our dual-action rescue inhaler program in asthma,Im happy to say that the study is initiating around the globe.Ive been on three different continents and racked

84、up the frequent flyer miles and Im happy to see that we progressed above our targets on site initiations and were on target for full enrollment of the study by the end of this year,with the results in the second half of next year.Our duvakitug program is on target for start of Phase III with our par

85、tner Sanofi in both ulcerative colitis and Crohns disease.And finally,emrusolmin is a very important unmet medical need in multiple system atrophy.We believe we have a differentiated product and were actively enrolling that study now with a target of full enrollment by the second half of next year.A

86、nd were advancing our IL15 and our anti-PD1-IL2 program in the clinic now.So,a lot of great progress,good work by the team and our programs in development.Now,development and clinical work doesnt end with approval of a drug.Our lifecycle management is an active role of what we do here.And Im very pr

87、oud to talk about where weve come with AUSTEDO XR.As an illustration,on the top here,I show you know what we launched the product with,with a b.i.d.medication,with multiple different pill sizes.And then on the bottom,I show what weve achieved with AUSTEDO XR by introducing a titration kit and a one-

88、pill-once-a-day presentation.So,what does that mean?So,you can see with the AUSTEDO b.i.d.,to get the top dose,you have to write nine different prescriptions.With the titration kit and the single pill once-a-day AUSTEDO XR,that just takes four prescriptions.So,thats a reduction of five prescriptions

89、 to get to the top dose.That means its a lot easier for a physician to get the patient at their optimal dose and also decreases the co-pays the patient has to deal with.So,weve really made it a lot easier to get people started on AUSTEDO and I think that thats a great benefit for patients.AUSTEDO XR

90、 means a lot of other things too.When,depending on the dose you run,you can have a 50%to 75%reduction in your pill burden,which is very meaningful for patients.Also whats very important that in our studies of our titration kit,we now get 95%of our patients up into the dose range according to our lab

91、el greater than 24 mg.So,thats a real benefit,making sure that the optimal dose based on the patients experience is Teva Pharmaceutical Industries Ltd.(TEVA)Q1 2025 Earnings Call Corrected Transcript 07-May-2025 1-877-FACTSET 9 Copyright 2001-2025 FactSet CallStreet,LLC achieved and that that helps

92、with not only getting the best efficacy,but also potentially improving their adherence.And finally as one would expect,AUSTEDO XR is really easy to use as reported by our patients in 98%of them.So altogether,this means that for new prescriptions,greater than 60%of the patients are choosing AUSTEDO X

93、R.Were very proud of this work weve done in lifecycle management.Something else that weve been very proud of and there was a lot of excitement about was our duvakitug program.We presented our Phase 2 results at the ECCO conference,and we actually just represented some of the data at the DDW conferen

94、ce this month.But back in ECCO,when Dr.Reinisch and Dr.Jairath presented the ulcerative colitis and Crohns disease data and the late breakers,there was a lot of excitement.It was really the talk of the town when it comes to new treatments in ulcerative colitis and Crohns disease.But I want to emphas

95、ize we are on track for starting our Phase 3 program with Sanofi second half of this year,and were in development of our strategy of new indications in the future.And finally,I just want to emphasize olanzapine LAI.We believe this is a great new product in development that will build upon our franch

96、ise in long-acting injectables on top of UZEDY.UZEDY has been doing great,as Richard had progressed,and were very happy with the activity of our olanzapine LAI.Its similar to oral olanzapine.As I mentioned,well be presenting the Psych,the data at Psych Elevate with our Period 2 safety later this mon

97、th.We had a productive meeting with the FDA for the pre-NDA meeting on April 9.And finally,were on track for our NDA submission second half of this year.And with that,Ill pass it off to Richard for final comments.Richard Francis President,Chief Executive Officer&Director,Teva Pharmaceutical Industri

98、es Ltd.Thank you Eric,and thank you Eli.So,I would just like to remind everybody that the growth weve seen in Q1 and the last two years,we have plans to continue that as part of the Pivot to Growth strategy.As you can see,were in the acceleration phase.And this will be driven by AUSTEDO,AJOVY,UZEDY,

99、olanzapine as weve highlighted.And that will soon be supported by DARI,our asthma product.And then as you see beyond 2028,we have multiple opportunities to continue to drive growth in our innovative portfolio,as well as this being supported by the growth in generics,which includes our biosimilars bu

100、siness.So we have a clear target to hitting our 30%operating profit beyond 2027.Now,final thoughts,Q1 good solid start to the year,revenue up 5%,great contribution from our innovative portfolio.I think weve highlighted a very clear path towards 30%operating margin,and youll see that start to come th

101、rough next year and then finalize in 2027,and also the fact that were on track for olanzapine submission and the start of our Phase 3 in duvakitug.Now,to close,I just wanted to invite everybody to attend the Accelerate and Innovation Strategy Day later this month in New York.This is where well highl

102、ight in even more detail this second phase of the Pivot to Growth strategy where we accelerate growth,so I look forward to seeing many of you there in person.And with that,Ill hand it over for questions.Thank you.Teva Pharmaceutical Industries Ltd.(TEVA)Q1 2025 Earnings Call Corrected Transcript 07-

103、May-2025 1-877-FACTSET 10 Copyright 2001-2025 FactSet CallStreet,LLC QUESTION AND ANSWER SECTION Operator:Thank you.Operator Instructions.Our first question for today comes from David Amsellem of Piper Sandler.Your line is now open.Please go ahead.David Amsellem Analyst,Piper Sandler&Co.Q Thanks.So,

104、I wanted to take a step back from the details on the savings and how you get there in 2027,and ask a general question regarding what Teva wants to be.On one hand,you talk about being a generics powerhouse;on the other hand,theres this transition to being a global biopharma company.And I realize its

105、not an either or,but can you help us better understand where your generics business,particularly your oral solids business,fits in with the overall strategy?And particularly how youre thinking about generics R&D,as it relates to,again,this new Teva going forward?So thats number one.And then number t

106、wo,regarding the savings,is this sort of the beginning or sort of the destination,if you will,in terms of savings?In other words,is there the potential to extract even more efficiencies as we think longer term beyond 2027?Thanks.Richard Francis President,Chief Executive Officer&Director,Teva Pharmac

107、eutical Industries Ltd.A Hi,David,thanks for the question.So to answer the first question,when we started this Pivot to Growth journey,Teva was a pure-play generics company.And now,I think weve shown,and this quarter is a great example of the amount of progress weve made on driving our innovative po

108、rtfolio in the market,as well as the pipeline which Eric just highlighted.So I think were well on our way to becoming a leading biopharmaceutical company.But I would remind you that in Pivot to Growth,we have four pillars.And the third pillar on Pivot to Growth is a sustainable generics powerhouse.A

109、nd we think thats an important part of this journey that were on.We see the benefits of having a powerhouse generics in our company.It helps fuel our innovation,fuel discipline to our cost base,so we think they are complementary.So I hope that answers your question.With regard to savings,is this$700

110、 million a destination or is it a journey?It is a journey.I think what youve seen with the last 2.5 years at Teva,capital allocation is really important to us.And so were always thinking about how do we fuel our long-term growth drivers,and to do that,we have to be very thoughtful about how we spend

111、 our money.And so I think this era of cost efficiency,harmonization,frugality will continue.Obviously,this is the first big step forward,but its something which well constantly look at.Because we have so many opportunities to drive this company forward from a growth perspective,we have to think care

112、fully about making sure we think about costs and our allocation care specifically.So,hopefully that answers your question,David.Thank you for the question.Operator:Thank you.Our next question comes from Jason Gerberry of Bank of America.Your line is now open.Please go ahead.Jason M.Gerberry Analyst,

113、BofA Securities,Inc.Q Teva Pharmaceutical Industries Ltd.(TEVA)Q1 2025 Earnings Call Corrected Transcript 07-May-2025 1-877-FACTSET 11 Copyright 2001-2025 FactSet CallStreet,LLC Hey,guys.Thanks for taking my questions.So,Richard,one for you.Just when you read the Section 232 investigation into pharm

114、a,Id love to get your perspective on sort of the core issue in that,which is an overreliance on critical medicines.Theres an insinuation that I guess theres subsidies coming from the Chinese government regarding certain medicines.And so what do you think is the practical solution here because its ex

115、pensive,more expensive to make these products in the US?And so,do you think it requires governmental subsidies to truly achieve the solution thats desired here?I know its probably not a question you want to answer,but given youre the leader in the US generic space,I think you offer some unique persp

116、ective here on an issue thats caused a lot of consternation in the markets?And then so my second question is just with AUSTEDO.It is sold in Israel,which is an OECD country.So,just curious,whats the price there,because under Most Favored Nations,whatever that looks like,I just wonder if that price i

117、s meaningfully below the US price level?Thanks.Richard Francis President,Chief Executive Officer&Director,Teva Pharmaceutical Industries Ltd.A Hi,Jason.Thanks for the question.And so when we think about what could happen in the US,let me just reiterate what Eli said.I think indiscernible(00:38:02)wh

118、en it comes down to the tariffs,I think weve mitigated where what we currently see in front of us now.And weve worked hard to think about how we would adjust that if anything changes.And I think weve shown the agility in our organization to address certain macro changes like this,so Id say that for

119、one.The second,which is a slightly more philosophical question because what could happen?I really like to talk about what could happen.What I would say is where is Teva positioned within this world?Well,I think because we do not rely on China,from a manufacturing point of view,and we have a very lim

120、ited exposure to India.I think that,coupled with the fact that we have nine sites in the United States and by the way,AUSTEDO,which Im going to talk a bit about later is manufactured in the United States.I think that footprint gives us,and that supply chain gives us a real strength in this dynamic m

121、arket.But to your point,how should we think about medicines in the United States?How should we think about generic medicines in the United States?I think there is a good opportunity for debate.I think we are one of the largest suppliers,I think 1-in-14 scripts in the United States is a Teva script.A

122、nd I think wed like to definitely be part of that conversation,which we are,to make sure that the US does continue to benefit from our generics portfolio,but its very dynamic.So,its one that seems to be changing almost on a daily basis,but we are definitely in the conversation trying to help the adm

123、inistration on that.With regard to AUSTEDO,I think its just worth pointing out,we have very limited sales outside the United States.And so I think the pricing discussions there are really not going to impact us.Our focus is on driving the US business.I would like to point out,though that as we do st

124、art to expand our innovative portfolio,it will go globally,but it will always start in the US,and it will be very thoughtful about the dynamic situation when we come to launch in other markets,but thanks for your question,Jason.Jason M.Gerberry Analyst,BofA Securities,Inc.Q Thank you.Operator:Thank

125、you.Our next question comes from Umer Raffat of Evercore ISI.Your line is now open.Please go ahead.Teva Pharmaceutical Industries Ltd.(TEVA)Q1 2025 Earnings Call Corrected Transcript 07-May-2025 1-877-FACTSET 12 Copyright 2001-2025 FactSet CallStreet,LLC Umer Raffat Analyst,Evercore ISI Q Thanks for

126、 taking my question,guys.I have two,if I may.First,I just wanted to be super,super,super clear about 2026 and what youre saying.Should we be expecting a flattish EBITDA versus 2025 as our base case,because I noticed you said the transformation cost cuts,offset the generic Revlimid.But when you spoke

127、 about 2027,you use the words generics Revlimid is compensated.So presumably generic Revlimid is only partially offset in 2026 and youd need help from other stuff like AUSTEDO to offset the other half.So at best,is that a flattish EBITDA in 2026 as a base case?And then secondly,Eli,I noticed net deb

128、t went up by$500 million versus where it was in December.And I can see why it could be flattish because there wasnt a lot of free cash flow generated in 1Q,but why would it go up by$500 million?Thank you.Richard Francis President,Chief Executive Officer&Director,Teva Pharmaceutical Industries Ltd.A

129、Hi,Umer,thanks for the question.So,I can be very clear on 2026.EBITDA will go up in absolute dollars and our OP will go up,so just to be very clear about that.And what Id like to highlight is that some of these organizational effectiveness programs were putting in place will move very rapidly on the

130、m,so a significant amount of those will hit in 2026.And dont forget,we have the innovative business continue to show strong growth as that will play into it.But to be very clear,our EBITDA in absolute dollars will go up next year as it will in a percentage.Over to you,Eli,for the next question.Eli K

131、alif Executive Vice President&Chief Financial Officer,Teva Pharmaceutical Industries Ltd.A Yes,Umer,thank you for the question.Yeah,youre right.And what we saw this quarter mainly due to the close of Japan business,we actually,as part of it,we need to share the cash between the ph BV(00:42:02).So,if

132、 you actually refer to slide 55 in the appendix,when you see the trend on the net debt and the component of that one,you usually were sitting on around$2 billion of cash balance this quarter.It went down to$1.7 billion because we distribute the residual cash that belong to the partner post the close

133、 as the dividend around$280 million.And then if you think about how the euro got kind of reevaluate by the end of March,we actually also got kind of a$200 million of FX.So,those element versus the how we end up year-end at$40.5 million give us this$0.5 billion to the ph$15 million(00:42:44).Thank yo

134、u.Richard Francis President,Chief Executive Officer&Director,Teva Pharmaceutical Industries Ltd.A Thanks for the question,Umer.Operator:Thank you.Our next question comes from Ash Verma of UBS.Your line is now open.Please go ahead.Ashwani Verma Analyst,UBS Securities LLC Q Teva Pharmaceutical Industr

135、ies Ltd.(TEVA)Q1 2025 Earnings Call Corrected Transcript 07-May-2025 1-877-FACTSET 13 Copyright 2001-2025 FactSet CallStreet,LLC Hi.Thanks for taking our questions as well here.So maybe just on the potential tariff scenario,can you talk about your ability to pass through potential price increases fo

136、r generics to PBMs and how does that vary for commercial versus government channel?And then secondly,on the cost optimization bucket that you talked about,can you expand a little bit on what sits within the second bucket here,prioritizing the resource allocation.Just want to make sure that the inves

137、tment in the business continues despite the initiatives?.Richard Francis President,Chief Executive Officer&Director,Teva Pharmaceutical Industries Ltd.A Okay.Hi,Ash.Good to hear from you.Im probably going to tag team this with Eli.So I think,broadly speaking,on the tariffs,probably the simplest way

138、to think about this is weve had the ability to mitigate tariffs as they stand here.And we also,as Ive said,contingency planned for any other eventuality that could happen.And I think thats an important aspect of it.Now,the opportunity to pass through and have that as the simplistic approach is somet

139、hing that weve leveraged less.I think we need to think a bit more about the ability to leverage other aspects of our supply chain and the fact that we do have a significant footprint in the United States,so thats ph sort of once Ill(00:44:23)start with that on the tariffs.On the second part,on the e

140、fficiency savings,and the OpEx,what is really important to understand as we drive our Pivot to Growth strategy,we see the opportunity to drive significant revenue in our innovative business going forward.And to do that,we really need to think about how we allocate capital,where we drive efficiencies

141、.So,when you think about it and I think your question was,are we cutting too much,and are we not able to invest in our business?Absolutely not.The reason why weve driven this and weve driven this with such purpose is to make sure that we do think about capital allocation.And so,the innovative portfo

142、lio that we have in the United States,that will also start to be launched in other European markets in the next couple of years and the pipeline that Eric has will be resourced appropriately.That is why were taking this action now to improve our capital allocation across the organization.But maybe E

143、li,I can hand it to you to add any other comment.Eli Kalif Executive Vice President&Chief Financial Officer,Teva Pharmaceutical Industries Ltd.A Yes.And I think Ash,you mentioned into the second paragraph related to prioritization and resources allocation from Richards slide.And I think the main ele

144、ment there is that we are constantly looking on how were able to rationalize our manufacturing footprint.And today,we are actually running the 35 sites if I exclude the TAPI sites and were actually planning to get it below 30 sites by 2027.And with this one coming a few other elements thats driving

145、also our ability to run a more lean manufacturing activities and our ability to also structure some organizational element inside our manufacturing cost base.So,all in all,according to what Richard mentioned,this is about our ability to really become biopharma company and to react to actually any el

146、ement related to cost.Richard Francis President,Chief Executive Officer&Director,Teva Pharmaceutical Industries Ltd.A Yeah.And I think maybe just to close out,I think the simplistic way to think about,Ash,is G&A and TGO down in costs that allows us to invest more in R&D and sales and marketing.And b

147、ecause that TGO cost reduction impacts COGS,that also gives us a nice lift in our gross margin.Thanks for the question,Ash.Teva Pharmaceutical Industries Ltd.(TEVA)Q1 2025 Earnings Call Corrected Transcript 07-May-2025 1-877-FACTSET 14 Copyright 2001-2025 FactSet CallStreet,LLC Operator:Thank you.Ou

148、r next question comes from Chris Schott of JPMorgan.Your line is now open.Please go ahead.Chris Schott Analyst,JPMorgan Securities LLC Q Hi.Great.Thanks so much for the questions and all the color on the restructuring details today.Maybe just building on some of the earlier comments on the timing of

149、 the$700 million as we think about 2026 versus 2027,I guess I was a bit surprised.The magnitude of operating margin improvement in 2026 is somewhat similar to 2027 despite it seems like most of the REVLIMID headwinds hitting next year.So,can you maybe just help me get my hands a little bit around th

150、e gating of the improvements there?And then the second question,maybe on the same theme on the net savings,I know there is some reinvestment,what is the gross number were talking about here?So,I guess how much is being freed up to be reinvested?I know$700 million is flowing through,but whats the rei

151、nvestment kind of scale that were thinking about here as well?Thanks so much.Richard Francis President,Chief Executive Officer&Director,Teva Pharmaceutical Industries Ltd.A Hi Chris.Nice to hear from you.So,Ill once again tag team this with Eli.So,starting with the question on how we make an impact

152、such an impact in 2026.So,I think its best to think of this in three ways.Were driving this improvement in EBITDA and operating margin by three aspects.One is our revenue,one is our cost of goods,and one is our OpEx management.And so if you think about the revenue,as youve seen,our innovative revenu

153、e continues to perform really well,AUSTEDO,UZEDY and AJOVY.And we see no reason why we cant continue to grow those products well into 2026.And those are high gross margin products.Its important to remember that.Then when we think about some of the impacts of what Eli just mentioned about,manufacturi

154、ng and our improvement in efficiencies there,that will reduce our cost of goods,which once again will start to impact 2026.We do get more of that in 2027,but it does start to impact in 2026.That improves our gross margin there.And then finally,the OpEx savings that we make,a significant amount of th

155、ose do hit us in 2026.And dont forget,some of that does allow us to continue to invest in our innovative portfolio to make sure we can continue to grow that.So that sort of amplifies that.So,we have a very clear plan on this,Chris,its very well laid out.We know exactly what we need to execute.I thin

156、k we have a high degree of confidence that we can do that in 2026 and definitely by 2027.But I hope that answers most of your questions.But Im going to hand it to Eli to maybe take that question around net savings.Eli Kalif Executive Vice President&Chief Financial Officer,Teva Pharmaceutical Industr

157、ies Ltd.A Yeah,Chris,thanks for the question.So,to make it kind of a bit simple,if you think about us growing the business,it mean that we need to invest more in OpEx.What were doing here is that there are part of those kind of savings allowing us to keep at the OpEx range between 27%to 28%as a perc

158、entage of revenue,although from a dollar perspective,we are growing our OpEx numbers.But the percentage stay more or less the same because we are growing revenue,which means that element thats supposed to actually increase the OpEx is offset by those savings.And then optically,what you will see,you

159、will see that actually the gross profit is actually increasing at the range of around 400 basis points.Now,when you mention about phasing,I think that we try to be transparent as much as we can at this stage.And on the slide on the bridge that I explained on the right side,we phase the 2025,2026,and

160、 2027 and provide a Teva Pharmaceutical Industries Ltd.(TEVA)Q1 2025 Earnings Call Corrected Transcript 07-May-2025 1-877-FACTSET 15 Copyright 2001-2025 FactSet CallStreet,LLC kind of a meaningful range of expansions on the basis points.And at that point,to go into kind of a more specific,I think th

161、at we will see it in upcoming Capital Market Day when you can get you kind of more color around the phasing.Richard Francis President,Chief Executive Officer&Director,Teva Pharmaceutical Industries Ltd.A Thank you.Chris Schott Analyst,JPMorgan Securities LLC Q Thanks,Eli.Eli Kalif Executive Vice Pre

162、sident&Chief Financial Officer,Teva Pharmaceutical Industries Ltd.A Thanks,Chris.Operator:Thank you.Our final question for today comes from Yifeng Liu of HSBC.Your line is now open.Please go ahead.Yifeng Liu Analyst,HSBC Bank Plc Q Thanks so much for taking my questions.Could you please comment on b

163、iosimilar dynamics and what youve seen this year so far versus previous years?And how are you thinking about the trend over this in the next couple of years?And the second maybe is on your LAI portfolio.We hear some of the new emerging antipsychotic therapeutics and new mechanisms of action.How do y

164、ou see this dynamic evolve in both the context of monotherapy and adjunctive therapy?Thanks.Richard Francis President,Chief Executive Officer&Director,Teva Pharmaceutical Industries Ltd.A Thank you,Yifeng.So let me take on those questions.The biosimilar market,I think it was a broad question.I dont

165、think we see any real difference in the dynamics of this.But I always remind people to think about the biosimilar market as the US and Europe.Theyre very different markets in how they operate and the ability to penetrate them.So,as youve highlighted,we have we started to see our portfolio come to th

166、e market in the US as well as Europe over the next few years.So what I would say in the US,I think its still slow and steady,and it depends on the product and it depends on the channel.But were excited that we had two new biosimilars in Q1,and I think the team in the US is very capable of navigating

167、 what is an emerging market.And then in Europe,we do have the opportunity to launch a biosimilar product this year and well have more coming in the subsequent years,where the penetration,the uptake is a lot quicker based on the healthcare systems there and what youve seen with biosimilars.But I thin

168、k its important to understand that our biosimilar portfolio will become more global as the years go on.And its an extensive biosimilar portfolio,hence the reason why we believe that can actually drive some good growth between now and 2027.With regard to your LAI question,Im going to answer a bit of

169、it,then Im going to hand it over to Eric because I want to make sure he has one question to answer today.So,with regard to the LAI question,I think what weve Teva Pharmaceutical Industries Ltd.(TEVA)Q1 2025 Earnings Call Corrected Transcript 07-May-2025 1-877-FACTSET 16 Copyright 2001-2025 FactSet C

170、allStreet,LLC seen in the schizophrenia market is the need for efficacy and safety,where they have a real history on that.And so what weve seen when weve launched UZEDY,indiscernible(00:53:18)the risperidone market,weve got really good traction and the team have done a great job with UZEDY.And thats

171、 because we developed a product which is very physician-friendly and very patient-friendly,and the uptake into that,compared to the LAI market,has been really good.And we believe that we can expand into other molecules.I think that history of efficacy and safety,physicians take very seriously when i

172、nitiating any patient who has schizophrenia.I think with olanzapine,dont forget olanzapine is considered the most efficacious treatment for schizophrenia.And the fact that it hasnt been a long-acting olanzapine available thats widely used,should I say,I think theres real excitement about the product

173、 were going to bring to market next year and well actually be bringing it to the European market as well.So,when it comes to new therapies entering,I think that is always looked at with enthusiasm.I think its great for patients,but I think physicians with such a condition also want to have a certain

174、ty of efficacy and safety and outcomes.But maybe I will hand that on to Eric to comment more.Eric A.Hughes Executive Vice President-Global R&D&Chief Medical Officer,Teva Pharmaceutical Industries Ltd.A Yeah.Thank you,Richard.Yeah,theres a few things I just want to add to what Richard just said.So,we

175、 always welcome new mechanism of actions for the treatment of schizophrenia.Schizophrenia has a wide need for new treatments.Theres still a large unmet medical need for patients with schizophrenia.The good news is with the treatments we have today,we can treat them.But the real value for long-acting

176、 injectables is addressing the adherence problem.Thats the real reason that people still fail.They relapse,they get hospitalized and their disease progresses.So,new MOAs are welcome.But right now,getting a long-acting injectable and having a formulation thats as easy to use as weve developed for UZE

177、DY and were submitting for olanzapine.This is using,as Richard said,a tried and true and tested MOA that people know.Now were advancing it into a better way of giving it.And that really will impact what we need to do for patients.So,were very pleased with this franchise were building and what well b

178、ring to the care of patients with schizophrenia.Richard Francis President,Chief Executive Officer&Director,Teva Pharmaceutical Industries Ltd.A Thanks,Eric.Thanks,Yifeng,for the question.Operator:Thank you.At this time,we currently have no further questions.So,Ill hand back to the management team fo

179、r any further remarks.Richard Francis President,Chief Executive Officer&Director,Teva Pharmaceutical Industries Ltd.So,thank you everybody who dialed in.Thank you for your interest in Teva and your questions today and I look forward to updating you in person at our Capital Markets Day later this mon

180、th in New York.Thank you.Operator:Thank you all for joining todays call.You may now disconnect your lines.Teva Pharmaceutical Industries Ltd.(TEVA)Q1 2025 Earnings Call Corrected Transcript 07-May-2025 1-877-FACTSET 17 Copyright 2001-2025 FactSet CallStreet,LLC Disclaimer The information herein is b

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