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1、Teva Pharmaceutical Industries Ltd.May 7,20252|This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995,which are based on managements current beliefs and expectations and are subject to substantial risks and uncertainties,both

2、known and unknown,that could cause our future results,performance or achievements to differ significantly from that expressed or implied by such forward-looking statements.These forward-looking statements include statements concerning our plans,strategies,objectives,future performance and financial

3、and operating targets,and any other information that is not historical information.Important factors that could cause or contribute to such differences include risks relating to:our ability to successfully compete in the marketplace,including:that we are substantially dependent on our generic produc

4、ts;concentration of our customer base and commercial alliances among our customers;competition faced by our generic medicines from other pharmaceutical companies and changes in regulatory policy that may result in additional costs and delays;delays in launches of new generic products;our ability to

5、develop and commercialize additional pharmaceutical products;competition for our innovative medicines;our ability to achieve expected results from investments in our product pipeline;our ability to successfully execute our Pivot to Growth strategy,including to expand our innovative and biosimilar me

6、dicines pipeline and profitably commercialize the innovative medicines and biosimilar portfolio,whether organically or through business development,to sustain and focus our portfolio of generics medicines,and to execute on our organizational transformation and to achieve expected cost savings;and th

7、e effectiveness of our patents and other measures to protect our intellectual property rights,including any potential challenges to our Orange Book patent listings in the U.S.;our significant indebtedness,which may limit our ability to incur additional indebtedness,engage in additional transactions

8、or make new investments;and our potential need to raise additional funds in the future,which may not be available on acceptable terms or at all;our business and operations in general,including:the impact of global economic conditions and other macroeconomic developments and the governmental and soci

9、etal responses thereto;the widespread outbreak of an illness or any other communicable disease,or any other public health crisis;effectiveness of our optimization efforts;significant disruptions of information technology systems,including cybersecurity attacks and breaches of our data security;inter

10、ruptions in our supply chain or problems with internal or third party manufacturing;challenges associated with conducting business globally,including political or economic instability,major hostilities or terrorism,such as the ongoing conflict between Russia and Ukraine and the state of war declared

11、 in Israel;our ability to attract,hire,integrate and retain highly skilled personnel;our ability to successfully bid for suitable acquisition targets or licensing opportunities,or to consummate and integrate acquisitions;and our prospects and opportunities for growth if we sell assets or business un

12、its and close or divest plants and facilities,as well as our ability to successfully and cost-effectively consummate such sales and divestitures,including our planned divestiture of our API business;compliance,regulatory and litigation matters,including:failure to comply with complex legal and regul

13、atory environments;the effects of governmental and civil proceedings and litigation which we are,or in the future become,party to;the effects of reforms in healthcare regulation and reductions in pharmaceutical pricing,reimbursement and coverage;increased legal and regulatory action in connection wi

14、th public concern over the abuse of opioid medications;our ability to timely make payments required under our nationwide opioids settlement agreement and provide our generic version of Narcan(naloxone hydrochloride nasal spray)in the amounts and at the times required under the terms of such agreemen

15、t;scrutiny from competition and pricing authorities around the world,including our ability to comply with and operate under our deferred prosecution agreement(“DPA”)with the U.S.Department of Justice(“DOJ”);potential liability for intellectual property right infringement;product liability claims;fai

16、lure to comply with complex Medicare,Medicaid and other governmental programs reporting and payment obligations;compliance with sanctions and trade control laws;environmental risks;and the impact of ESG issues;the impact of the state of war declared in Israel and the military activity in the region,

17、including the risk of disruptions to our operations and facilities,such as our manufacturing and R&D facilities,located in Israel,the impact of our employees who are military reservists being called to active military duty,and the impact of the war on the economic,social and political stability of I

18、srael;other financial and economic risks,including:our exposure to currency fluctuations and restrictions as well as credit risks;potential impairments of our long-lived assets;the impact of geopolitical conflicts including the state of war declared in Israel and the conflict between Russia and Ukra

19、ine;potential significant increases in tax liabilities;the effect on our overall effective tax rate of the termination or expiration of governmental programs or tax benefits,or of a change in our business;our exposure to changes in international trade policies,including the imposition of tariffs in

20、the jurisdictions in which we operate,and the effects of such developments on sales of our products and the pricing and availability of our raw materials;and the impact of any future failure to establish and maintain effective internal control over our financial reporting;and other factors discussed

21、 in our Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31,2024,including in the sections captioned“Risk Factors”and“Forward-looking Statements.”Forward-looking statements speak only as of the date on which they are made,and we assume no obligation to

22、update or revise any forward-looking statements or other information contained herein,whether as a result of new information,future events or otherwise.You are cautioned not to put undue reliance on these forward-looking statements.NonNon-GAAP Financial Measures GAAP Financial Measures This presenta

23、tion includes certain non-GAAP financial measures as defined by SEC rules.Please see our press release reporting our financial results for the first quarter of 2025,as well as our Annual Report on Form 10-K for the year ended December 31,2024,for a reconciliation of the non-GAAP financial measures t

24、o their nearest GAAP equivalents.Management believes that such non-GAAP financial measures provide useful information to investors to facilitate their understanding of our business because the non-GAAP financial measures are used by Tevas management and board of directors,in conjunction with other p

25、erformance metrics,to evaluate the operational performance of the company,to compare against the companys work plans and budgets,and ultimately to evaluate the performance of management;the companys annual budgets are prepared on a non-GAAP basis;and senior managements annual compensation is derived

26、,in part,using these non-GAAP measures.Investors should consider the non-GAAP financial measures in addition to,and not as replacements for,or superior to,measures of financial performance prepared in accordance with GAAP.We are not providing forward looking guidance for GAAP reported financial meas

27、ures or a quantitative reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP measure because we are unable to predict with reasonable certainty the ultimate outcome of certain significant items including,but not limited to,the amortization of purchased in

28、tangible assets,legal settlements and loss contingencies,impairment of long-lived assets and goodwill impairment,without unreasonable effort.These items are uncertain,depend on various factors,and could be material to our results computed in accordance with GAAP.Revenues and CAPEX are presented on a

29、 GAAP basis.Some amounts in this presentation may not add up due to rounding.All percentages have been calculated using unrounded amounts.President and Chief Executive OfficerBusiness update&2027 outlook3|14|1Pipeline updateBusiness update&2027 outlook234President and Chief Executive OfficerEVP,Glob

30、al R&D&Chief Medical Officer EVP,Chief Financial OfficerFinancial update and path to 30%OPMConclusion and Q&AOPM=Operating Profit Margin5|Focus our businessSustain genericspowerhouseDeliver on growth enginesStep up innovation Revenues5%revenue growth In local currency,all compared to Q1 20246|Non-GA

31、AP EPS8%Free Cash FlowAdjusted EBITDA 3%Net Debt/EBITDA238%Q125resultsContinued growthQ1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 202523-27 TargetCAGRQ1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 202523-27 TargetCAGRQuarterly Revenue Growth vs.Previous Year7|Growth in loc

32、al currency*Figures exclude the impact from a$500 million upfront payment received from Sanofi in connection with the collaboration on duvakitug recorded as revenue Mid-Single Digit%+15%-5%+11%+5%+14%+7%+4%+4%5%CAGR Q123 Q125with Sanofiwithout Sanofi+5%+2%*+7%*8|$39M,+156%$139M,+26%$411M,+39%Revenue

33、s+5%Teva API$130M,+2%Global generics$2,306M,+3%growth In local currency,all compared to Q1 2024Teva api revenues increase reflects a reallocation of an immaterial business within our other activities,in line with our intention to divest our API business Selected Assets$1,950(+$50M)-$2,050M 2025 upda

34、ted revenue outlookRevenue,TRx data and mg(milligrams)data are compared to Q1 24;Global revenues growth in local currency.Data represent AUSTEDO Family(AUSTEDO BID+AUSTEDO XR);AUSTEDO U.S.mg sourced from IQVIA NPA Audit.AUSTEDO XR includes both AUSTEDO XR LS and AUSTEDO XR one pill,once-daily.U.S.re

35、venue of$U.S.revenue of$396396M,+M,+4040%YoY%YoY in Qin Q1 1 25 25($411M global,+39%YoY)AUSTEDO growth driven by combined effects of combined effects of TRxTRx and and AUSTEDO AUSTEDO XR penetration XR penetration(60%of new patients)U.S.TRx growth U.S.mg growth+23%+38%AUSTEDO XR clinical beneclinica

36、l benefitsfits(reducing pill burden,optimal dosage)raising patient adherencepatient adherenceContinued growth of AUSTEDO U.S.revenueAUSTEDO quarterly sales in$M0100200300400500600Q1-22Q2-22Q3-22Q4-22Q1-23Q2-23Q3-23Q4-23Q1-24Q2-24Q3-24Q4-24Q1-25396282+4040%in U.S.in U.S.9|10|Source:IQVIA NPA(TRx norm

37、alized into patient months of therapy equivalent volume based on dosing regimen)$160M 2025 revenue outlook unchangedRevenues of$Revenues of$39 39 million in Qmillion in Q1 1 2525,+156156%YoY,and continued%YoY,and continued growth of growth of TRxTRx MoTMoT,+,+177177%YoY%YoYGained 6060%share of%share

38、 of risperidone LAI marketrisperidone LAI market;future growth driven by share capture of overall LAI marketIncreased physician base driven by strong product profilestrong product profile:efficacy,convenience&safety profileContinued growth of UZEDY prescriptionsUZEDY TRx MoT(months of therapy)02,000

39、4,0006,0008,00010,00012,00023-May23-Jun23-Jul23-Aug23-Sep23-Oct23-Nov23-Dec24-Jan24-Feb24-Mar24-Apr24-May24-Jun24-Jul24-Aug24-Sep24-Oct24-Nov24-Dec25-Jan25-Feb25-Mar$600M 2025 revenue outlook unchanged%growth in local currency 1.#1 injectable anti-CGRP,Based on third-party USA data from IQVIA,top he

40、adache centers are defined as the top 50 treatment centers with the highest new preventive anti-CGRP prescription volume,that have 2 or more prescribers,50 or more new prescriptions for anti-CGRPs,and 170 or more total prescriptions for anti-CGRPs for top 40 treatment centers(December 2024 February

41、2025).2.Market position sourced using IQVIA MIDAS dataset(Dec24-Feb25);IQVIA Hospital&aCGRP Panels(Feb25);Insight Health data for Germany(Feb25);Local data for Nordics,Singapore&Israel(Feb25)Global revenues of$Global revenues of$139 139 million million in Q125,+2626%YoY%YoYDemonstrated global leader

42、shipDemonstrated global leadership#1 preventative aCRGP injectable in new prescriptions among top U.S headache centers combined1#1 preventative aCGRP injectable in 28 countries across Europe and IM2FDA acceptance of pediatric filing FDA acceptance of pediatric filing with priority reviewQuarterly Gl

43、obal Net Sales454258635351525658581722242228Q1 2024Q3 20242Q3 2024Q4 20243Q1 2025139139142142137137115115113113+2626%11|IMEuropeUSA2024Q12024Q22024Q32024Q42025Q1Global Generics growth of 3%Q1 growth YoY likely representing high-water mark in 25$808$1,004$477$849$989$468Q1-24Q1-25EuropeInternational

44、MarketsUnited StatesQ1-24Q1-25Q1-24Q1-25+15%+15%+5%+1%+2%FX impactQ1 24 revenueQ1 25 revenue12|%growth In local currency,compared to Q1 20245 Products with potential3 to launch$27B Originator Value Coverage4Today10 products2025-2027Additional 11 products in development Substantial global portfolio:$

45、55B originator value4 Providing accessible medicines for patients in critical therapeutic areasQ125 New Launches Selected inline productsbProlia(denosumab)bSimponi2(golimumab)bXgeva(denosumab)bEylea5,2(aflibercept)bSimponi Aria2(golimumab)2028+1.In collaboration with Samsung Bioepis.in the U.S.marke

46、t 2.In collaboration with Alvotech for the U.S.market 3.Operational readiness dates 4.Originator value is based on IQVIA net sales 2023 5.In collaboration with Klinge Biopharma and Formycon for the EU marketEx US 2113|22025-2027 revenue outlook1 Continued growth AUSTEDO growth to achieve$2.5B sales

47、by 27 AJOVY continued growth expectedInnovative portfolio(AUSTEDO,AJOVY)Low-single digit growth4With 2025-2026 flat,despite gRevlimid impact Total2,3IRA:Inflation Reduction Act;LAI:Long Acting Injectable1.2025-2027 outlook;2.Excluding our divested BV in Japan 3.excluding Teva api;4.Reflecting mid si

48、ngle digit growth for 23 27,consistent with our Pivot to Growth strategy Growth through complex generics&biosimilars launches Offsetting gRevlimid impact by 2027Generics2(w/OTC and Biosimilars)StableLegacy InnovativeSlow decline14|Growth acceleration Olanzapine LAI launch building a comprehensive LA

49、I franchise answering unmet needs of Schizophrenia patientsInnovative launches(UZEDY,olanzapine LAI)Continued decline of legacy branded drugs,e.g.,COPAXONE,BENDEKA,TREANDA,CINQAIR,PROAIR,etc.15|1 This refers to Full Time Equivalent(FTEs)which were 36,167 per our latest 10-K.%reduction excludes Japan

50、 BV and TAPI FTEs;OPM=Operating Profit MarginModernizing theorganizationPrioritizing resource allocationOptimizing external spendLeveraging hubs,AI&Digital,reducing layers to increase agility,speed and precisionSimplifying network,sharpening commercial capability,putting resources behind value drive

51、rsConsolidating suppliers,optimizing procurement through smart spending&demand management8%headcount1100bps G&A%10%spend$700Mnet savingstargeted by targeted by 27 27 after reinvestment in growth&pipeline,while after reinvestment in growth&pipeline,while offsetting offsetting gRevlimidgRevlimid profi

52、t loss and reaching profit loss and reaching 3030%OPM%OPMExecutive Vice President,Chief Financial Officer2Financial update and path to 30%OPM16|Q1 25 ninth consecutive quarter of revenue growth17|Continues improvements on working capital and leverage On track for 30%operating profit margin by 27 in

53、line with our Pivot to Growth StrategyConfirmed U.S.tariffs expected to have immaterial impact;absorbed in updated 2025 non-GAAP outlookRevenues are presented only on a GAAP basis In reported currency;Earnings per share based on a fully diluted basis18|$millions,except EPSQ1 2025Q1 2024YoY*Q1 2025Q1

54、 2024YoY*GAAPNon-GAAPRevenues3,8913,819+2%3,8913,819+2%Gross profit1,8771,771+6%2,0541,963+5%Gross profit margin48.2%46.4%+187bps52.8%51.4%+138bpsOperating income(loss)519)218(n.a.946892+6%Operating income margin13.3%(5.7%)n.a24.3%23.4%+95bpsNet income(loss)attributable to Teva214)139(n.a.602548+10%

55、Earnings(loss)per share($)*0.18)0.12(n.a.0.520.48+0.04Number of shares(millions)1,1591,123+3%1,1591,143+1%EBITDA(Non-GAAP)1,0411,005+3%Free Cash Flow10732+238%Sustaining cash conversion above 80%while unlocking capital of$1.7B Net debt=gross debt cash balance;Net debt/EBITDA=net debt/non-GAAP EBITDA

56、 MAT(Moving Annual Total);Cash cycle=DSO(Days Sales Outstanding)+DIO(Days Inventory Outstanding)DPO(Days Payable Outstanding);NWC=Net Working Capital=AR trade net of SR&A+Inventory AP trade balances;NWC%revenues=average NWC balances of last 4 quarters/current Q revenues*4(annualized);Cash conversion

57、=Free Cash Flow/non-GAAP Net Income;Free cash flow includes cash flow from operating activities,beneficial interest collected in exchange for securitized accounts receivables and capital expenditures;23-24 avg includes the impact from a$500 million upfront payment received from Sanofi in connection

58、with the collaboration on duvakitug in Q423.NWC%of revenuesCash generation20192024Cash Cycle160 160 daysNet Debt/EBITDA3.103.10 x$1515bnNet DebtFree Cash Flow$bnCash Conversion excl.legal settlements 9494%8282%8080%19 22 Avg23 24 Avg2025 Outlook2.22.21.6-1.9Scheduled Legal settlements$bn 0.50.5 0.10

59、.1 0.60.6-0.70.7Q1 2515.9%6.6%6.0%11.9%19|Impact of current confirmed tariffs1 mitigatedFully integrated incurrent guidanceLimited impact of current tariffs1 Substantial U.S.footprintAUSTEDO manufactured locallyUnique and largest U.S.footprint among Gx peers,with eight sites1.As of early May 2025,su

60、bject to changes;current confirmed tariffs with reciprocal tariffsDifferentiated import mixMajority of imports from Europe and IsraelLimited exposureto India and Chinavs.most Gx peers20|27-28%OPEXdriven by organizational effectiveness program,100bps G&A reduction redeployed to R&D and M&S57-58%gross

61、 margin driven by shift to innovative and manufacturing lean program100bps G&A reductionLeveraging hubs,AI&Digital,reducing layers to increase agility,speed and precisionModernizing the OrganizationOptimizing external spend10%spend reductionConsolidating suppliers,optimizing procurement through smar

62、t spending&demand managementPrioritizing resource allocation8%headcount1 releaseSimplifying network,sharpening commercial capability,putting resources behind value drivers21|3030%OP%OP margin by margin by 20272027OPM=Operating Profit Margin1 This refers to Full Time Equivalent(FTEs)which were 36,167

63、 per our latest 10-K.%reduction excludes Japan BV and TAPI FTEs.Net Savings ImpactNet Savings ImpactGrowing OP$&OPM every year 2024-2027(in%)OP=Operating Profit;OPM=Operating Profit Margin*Excluding Japan BV April December 2024;gRevlimid=lenalidomide capsules(the generic version of Revlimid)22|2026

64、2026(+(+125 125-200200bps YoY)bps YoY)Accelerated transformation offsetting gRevlimid impact,growth&innovative growth driving expansion 20252025Growth&mix effect driving margin expansion2027 2027(+(+125 125-250250bps YoY)bps YoY)gRevlimid revenue compensated,full impact of transformation and innovat

65、ive growth27-28%OPEX%25.6 25.6 26.726.7%3030%26.326.3%+330-440 bps2024*2025 MayGuidancegRevlimidTevatransformationGrowth&mix effect202723|AUSTEDO($m)AJOVY($m)UZEDY($m)COPAXONE($m)1,6885071175032025 Outlook1,900-2,050600160370January 29,20251Revenues3May 7,202521,950-2,050600160370202411,688507117503

66、Adjusted EBITDAFinance Expenses CAPEX2024Pro forma2Diluted EPS($)1,150M shares1,168M shares1,164M shares1,150M sharesOperating Income26.2%26.3%24.4%-26.4%25.6%-26.7%Tax RateFree Cash Flow41.Includes a full year contribution from Teva API and Japan BV;Jan outlook excludes the expected income from pot

67、ential milestone payments from Sanofi in connection with the Phase 3 initiation of duvakitug;2.Includes a full year contribution from Teva API and excludes 9 months of Japan BV(April December);May outlook also excludes the expected income from potential milestone payments from Sanofi in connection w

68、ith the Phase 3 initiation of duvakitug;3.Revenues are presented only on a GAAP basis;4.Free cash flow includes cash flow from operating activities,beneficial interest collected in exchange for securitized accounts receivables,proceeds from divestitures of businesses and other assets,net of cash use

69、d for capital investment;5.Volatile swings in FX can negatively impact revenue and incomeForeign Exchange1Debt repayment and net working capital enhancement Investment in our growth engines(AUSTEDO,AJOVY,UZEDY,etc.)Investment in R&D and business development2324|Cash-to-earnings2,3,4 Net debt/adjuste

70、d EBITDA2Revenue growth(CAGR 23 27)Operating income margin1,2Mid-single digit%30%2.0 x80%1.Operating income margin=Non-GAAP operating income divided by net revenues;excluding potential impact of business development deals depending on timing 2.All measures including operating income,Adjusted EBITDA

71、and cash-to-earnings are presented on a non-GAAP basis 3.Cash-to-earnings reflects free cash flow divided by non-GAAP net income attributable to ordinary shareholders 4.Free cash flow includes cash flow from operating activities,beneficial interest collected in exchange for securitized accounts rece

72、ivables,proceeds from divestitures of businesses and other assets,net of cash used for capital investment.25|Executive Vice President,Global R&D&Chief Medical Officer3Pipeline Update26|27|AssetNext milestones and expected timingIndication Long term study safety presentation olanzapine LAITEV-749Schi

73、zophreniaH1 2025Phase III resultsDARI(ICS/SABA)TEV-248AsthmaH2 2026Full enrollment Phase IIemrusolminTEV-2862Multiple System Atrophy(MSA)H2 2026Celiac(Endoscopy)First patient dosed anti-IL15TEV-408Celiac&VitiligoH1 2025Full enrollment of part 1anti-PD1-IL2TEV-278OncologyH2 2026Phase III initiation d

74、uvakitug TEV-5741 Ulcerative Colitis(UC)&Crohns Disease(CD)H2 2025PhaseIIIIII readyIIIIIIISelected assets;1.In collaboration with Sanofi 2.In collaboration with MODAG DARI=Dual Acting Rescue Inhaler,ICS/SABA active ingredients are fluticasone and albuterol,LCM=Life Cycle Management 28|AUSTEDO BID AU

75、STEDO XR one pill,once-dailyXAUSTEDO tablets&associated MgWeek 2Week 3Week 4Week 1Week 5Week 6Week 7Total for 7 weeks 4 4 RxsRxsRx:Prescription;Chart following the standard titration schedule for AUSTEDO and AUSTEDO XR.Not all patients will follow the same schedule.Tablets shown for illustration pur

76、poses only and are not at actual size5 Rxs62x1 Rx92x1 Rx122x1 Rx1 Rx62x92x1 Rx1 Rx92x122x1 Rx182430124 4 weeksweeks titration kittitration kit:1 Rx361 Rx421 Rx481 RxWWeekly titration for eekly titration for AUSTEDOAUSTEDO BID and BID and AUSTEDOAUSTEDO XR XR In In#of pills/day&mgs/pill1 Rx=1 prescri

77、ption Once-daily only124x1 Rx9 9 RxsRxs94x1 Rx29|1.Cutler AJ et al.Presented at the Neuroscience Education Institute Congress;November 912,2023;Colorado Springs,Colorado.Poster 62.2.Interim analysis of a survey of 118 patients with TD taking AUSTEDO XR,Presented at the Annual Psych Congress;October

78、29-November 2,2024;Boston,MA3.IQVIA LRx and Dx longitudinal patient databases,March 202595%98%50-75%Of patients achieve 24mg dosage with titration kit1Of TD patients taking AUSTEDO XR said it was easy to use2Reduction in the daily pill burden for ongoing patients(depending on patient dose)of new AUS

79、TEDO patients on XR360%|30Were highly encouraged by the significant treatment response.We could truly transform treatment for patients with IBD in a safe mannerECCO conference February 2025Walter ReinischMD,PhD1Lead investigator of the RELIEVE UCCD studyThe endoscopic response rates seen in this stu

80、dy support the potential of duvakitug as an effective new option for these who are in desperate need of relief ECCO conference February 2025Professor Vipul JairathMBChB,DPhil,FRCP,FRCPC2Lead investigator of the RELIEVE UCCD study1.Medical University of Vienna;2.Professor of Medicine in the Departmen

81、ts of Medicine,Epidemiology and Biostatistics at Western University;ECCO=European Chrons and Colitis Organization;DDW=Digestive Disease WeekExcitement around positive results presented at ECCO&DDW Targeting to start Phase 3 for UC/CD this year(in partnership with Sanofi)Strategy for additional indic

82、ations in development Efficacy aligned with oral olanzapinePlanning to share safety data at Psych Congress Elevate later this monthProductive FDA Pre-NDA meeting held April 931|NDA submission planned for H2 2025 President and Chief Executive Officer4Conclusion&Q&A32|LAI:Long Acting InjectableReturn

83、to growth2022-24Accelerate growth2025-27Sustain growth2028+AUSTEDO$1.7B in 24Gx&OTC,incl.gRevlimidAJOVY&UZEDYAUSTEDO targeting$2.5B in 27AJOVYUZEDY&olazanpine LAIBiosimilarsGx&OTC stableAUSTEDOGrowing beyond$2.5BAJOVYUZEDY&olazanpine LAIBiosimilarsduvakitugDARIemrusolminGx&OTC in line w/marketReturn

84、 to growth 2022-2024Accelerate growth 2025-2027Sustain growth 2028+Targeting 30%Operating Profit Margin beyond 2027 33|*Revenue growth In local currency,all compared to Q1 2024;OPM=Operating Profit Margin34|Continuing to deliver on Pivot to Growth+5%revenue growth,+8%non-GAAP EPS in Q125Clear path t

85、owards 30%OPM and our 2027 targetsThrough innovative growth,stable Gx business,and Teva modernization with$700M savingsAdvancing our innovative pipeline with near-term catalystsolanzapine LAI submission&duvakitug Phase III start2025 INNOVATION&STRATEGY DAYDetails on Tevas IR website or via TevaIRTIn

86、troducing our updated strategic framework and key priorities focusing on growth and innovationThursday,May 29 37|Anti-IL-15(TEV-408)VitiligoTEV-192Immunology/NeuroscienceAnti-PD1-IL2(TEV-278)Attenukine OncologyTEV-279NeuroscienceTEV-288NeuroscienceTEV-325ImmunologyDuvakitug (TEV-574)2Ulcerative Coli

87、tis&Crohns DiseaseAnti-IL-15(TEV-408)CeliacOlanzapine LAI(TEV-749)SchizophreniaDual Action Rescue Inhaler(DARI)ICS/SABA3(TEV-248)AsthmaUZEDYBipolar DisorderEmrusolmin (TEV-286)1Multiple System AtrophyNovel BiologicSmall MoleculeTechnology platformsPipeline is current as of May 7,20251.In collaborati

88、on with MODAG.2.In collaboration with Sanofi3.In collaboration with Launch TherapeuticsTeva innovative medicine pipeline by development stage,excluding country/regional launches of products submitted or under review in new markets.PreclinicalPhase 1Phase 2Phase 3Under Regulatory Review38|Sery433(TEV

89、-2871)NeurosciencePreclinicalClinicalPipeline is current as of May 7,20251.In collaboration with Alvotech for the U.S.Market 2.In collaboration with mAbxience 3.Submitted in EU and to be submitted in U.S.4.In collaboration with Klinge Biopharma and Formycon in EEA(excluding Italy),UK,CH,and IL(to be

90、 submitted in IL)5.In collaboration with Samsung Bioepis in the U.S.6.In collaboration with Celltrion in the U.S.and Canada 7.In collaboration with BioEq in the UK(marketed as ONGAVIA),in the EU(marketed as RANIVISIO)and in Canada(marketed as RANOPTO)Teva biosimilar pipeline by development stage,exc

91、luding country/regional launches of products submitted or under review in new markets.Under Regulatory ReviewTEV-261TEV-285TEV-289TEV-2941TEV-2921TEV-2951TEV-2961TEV-3332Biosimilar to Xolair(omalizumab)AhzantiveBiosimilar to Eylea (aflibercept)4TEV-3162166Biosimilar to Prolia(denosumab)ApprovedSelec

92、t Commercial Biosimilar ProductsBiosimilar to Entyvio (vedolizumab)1Biosimilar to Simponi (golimumab)11Biosimilar to Xgeva3(denosumab)Biosimilar to Simponi Aria (golimumab)1Biosimilar to Eylea(aflibercept)17539|$millions,except EPSQ1-25Q1 2025 MarginsQ1-24Q1 2024 MarginsChangeRevenues3,8913,8913,819

93、3,8192 2%COGS2,01451.8%2,04853.6%(2%)Gross profit1,8771,8771,7711,771Gross margin48.2%46.4%R&D2476.3%2426.3%2%S&M62216.0%60815.9%2%G&A2977.6%2787.3%7%Legal settlements and loss contingencies832.1%1062.8%N/AImpairments,restructuring and others992.6%75319.7%N/AOther income80.2%10.0%N/AOperating income

94、519519(218218)N/AN/AOperating margin13.3%(5.7%)Financial expenses,net2255.8%2506.5%(10%)Tax7425.1%*(52)11.1%*N/AMinority and share in profit60.2%(276)(7.2%)N/ANet income(loss)attributable to Teva2142145.55.5%(139139)(3.63.6%)%)N/AN/A#of shares(diluted,millions)1,1591,123Earnings(loss)per share($)0.1

95、80.18(0.120.12)*Represents tax rate.41|$millionsQ1 2025Q1 2024DiffFX EffectDiff net FXRevenues3,8913,81972(101)173Gross Profit GAAPGAAP1,8771,771106(68)174Gross ProfitNonNon-GAAPGAAP2,0541,96391(68)159Operating income(loss)GAAPGAAP519(218)737(50)787Operating incomeNonNon-GAAPGAAP94689254(51)10542|3,

96、6613,8783,8504,4573,8194,1644,3324,2293,89149.1%52.2%53.5%58.2%51.4%52.9%53.7%54.8%52.8%21.4%26.1%26.5%34.7%23.4%25.3%28.0%27.6%24.3%Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Net RevenuesNon-GAAP Gross Profit MarginNon-GAAP Operating Margin$millionsQ4 2023 includes the impact fr

97、om an upfront payment received in connection with the collaboration on duvakitug43|$millions Q1-24Q2-24Q3-24Q4-24Q1-25U.S.Segment1,7252,1102,2251,9751,910Generic products8081,0231,094674849AJOVY4542586353AUSTEDO282407435518396BENDEKA/TREANDA4641404136COPAXONE3081696354UZEDY1524354339Anda381373380402

98、373Other118119115171109Europe Segment1,2721,2131,2651,3531,194Generic products1,004970973979989AJOVY5152565858COPAXONE5753535042Respiratory6657606155Other948112420550International Markets Segment597593613661582Generic products477486477497468AJOVY1722242228COPAXONE121413910AUSTEDO141213715Other775986

99、12661Other225249229241206Total Teva3,8194,1644,3324,2293,89144|$millions,EPS in$Q4 2023 includes the impact from a$500 million upfront payment received from Sanofi in connection with the collaboration on duvakitug recorded as revenue 4576296771,1355486977988166027851,0111,0201,5468921,0561,2141,1689

100、460.400.560.601.000.480.610.690.710.52Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Non-GAAP Net IncomeNon-GAAP Operating IncomeNon-GAAP EPS45|182$millions46|Q1 24ActualUS-94EU-20IM-15OtherQ1 25Actual892946+54(+6%)+105 In local Currencies(+12%)$millions47|2(0%)117(13%)423(47%)350(39

101、%)Q1-2412(1%)73(7%)342(32%)629(60%)Q2-24-16(-1%)109(9%)373(31%)748(62%)Q3-2419(2%)141(12%)438(37%)569(49%)Q4-248921,0561,2141,168Q1-25946532(56%)329(35%)97(10%)-13(-1%)USEuropeOther ActivitiesInternational MarketsNumbers in brackets present a percentage of the total figureRevenues 3,819 4,164 4,332

102、4,229 3,891 48|$millionsQ1-251,856(63%)1,071(37%)1,108(38%)2,927Q1-241,837(62%)2,945+18 18(+(+1 1%)%)In local currency+In local currency+68 68(+(+2 2%)%)COGSOPEXRevenuesRevenues3,819 3,891 GP%GP%51.4%52.8%OP%OP%23.4%24.3%1,0051,1681,3271,2821,041Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025$millionsPlease see

103、 our press release reporting our financial results this quarter for a reconciliation of Adjusted EBITDA to its nearest GAAP equivalent49|32324922790107Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025$millions2024 Total:$2,068Free cash flow includes cash flow from operating activities,beneficial interest collecte

104、d in exchange for securitized accounts receivables,proceeds from divestitures of businesses and other assets,net of cash used for capital investment;50|1,0411,041(105105)107 107 53$millions322Securitization reclassNon-GAAP EBITDA(127)Asset sales,net;Capex grossFree cash flow(232)Interest payments,ne

105、t(142)Tax payments(192)A/R(120)Inventory(120)Legal settlements paidA/P&Other(394)SecuritizationOperating cash flow17Q1 securitization cash flow net impact-$72m.A/R=Accounts Receivable;A/P=Accounts Payable51|(934)(90%)Free cash flow includes cash flow from operating activities,beneficial interest col

106、lected in exchange for securitized accounts receivables,proceeds from divestitures of businesses and other assets,net of cash used for capital investment;2023 figures include the impact from a$500 million upfront payment received from Sanofi in connection with the collaboration on duvakitug recorded

107、 as revenue in Q4 202380%82%72%87%98%91%2,2432,3872,0681,600-1,900195465522600-7002,4382,8522,5892,300-2,5000%20%40%60%80%100%120%0500100015002000250030002022202320242025Cash conversionCash conversion excl.legal settlementsFCFLegal settlementsFCF excl.legal settlements52|Non-GAAP Gross Profit($m)$1,

108、963$2,054Q1 24Q1 25Non-GAAP OPEX($m)Non-GAAP Operating Income($m)S&MR&DG&A%represents chart metric as a%of revenues$892$946 Q1 24Q1 25%cash conversionFree Cash Flow($m)$32$107 Q1 24Q1 2551.4%52.8%28.0%28.5%23.4%24.3%5.8%17.8%Cash conversion=Free Cash Flow divided by non-GAAP Net incomeQ1-24Q1-25$1,0

109、71$1,10853|$billionsMarch 31,2025December 31,2024DiffCash and Cash Equivalents1.73.3(1.6)AR Trade3.43.10.3Pre-paid Expenses and Other Current Assets3.23.20.0Inventory3.23.00.2Fixed Assets4.64.60.1Intangible Assets4.24.4(0.2)Goodwill15.515.10.3Other Long Term Assets2.62.6(0.0)Total Assets 38.438.439.

110、339.3(0.90.9)AP Trade2.32.20.1SR&A3.73.70.0AP Other4.75.1(0.4)Total Debt(ST+LT)16.717.8(1.1)Other Long Term liabilities4.84.8(0.0)Redeemable and non-redeemable Non-Controlling Interests0.00.3(0.3)Teva Shareholders Equity 6.35.40.9Total Liabilities&Equity 38.438.439.339.3(0.90.9)54|$billionsMar 31,20

111、2516.7FX and Other0.2Debt repay(1.4)Dec 31,2024Mar 31,202515.0Cash balance(1.7)17.8Net DebtGross DebtGross Debt55|$billionsNet DebtEBITDA MATNet Debt/EBITDA MAT(x)Leverage16.716.415.714.515.04.95.05.24.84.8Q1 2024Q2 2024Q3 2024Q4 2024Q1 20253.103.033.043.303.3873%76%75%74%72%Tevas Net Debt/EBITDA MA

112、T covenant ratio limit is 4.00 x for Q1-Q4 2025;MAT=Moving Annual Total 56|$billions$9.0$11.0$13.0$15.0$17.0$19.0$21.0$23.0$25.0$27.0$29.0$31.0$33.0$35.0$34.0$15.057|Gross Debt$16.7B Net Debt$15B Duration 5.7 WAC 4.55%0.4 3.4 2.9 2.1 2.5 1.6 1.0-0.8-2.0 2525262627272828292930303131.3636 4646CHFEURUS

113、D58|$billions$millionsQ1 2025CommentsAmortization145Impairment of intangible assets121Mainly related to products in the US.Impairment of tangible assets(44)Mainly due to a favorable adjustment related to the classification of our API business as held for sale.Legal settlements83Equity compensation plans34Restructuring14Other88Non-controlling interests2Corresponding tax effect(55)Total adjustments 38859|vWe are all in for better health