Teva Pharmaceutical Industries Conference Summary Company Overview - **Company**: Teva Pharmaceutical Industries (NYSE: TEVA) - **Event**: 2025 Conference at BofA Healthcare Conference - **Date**: September 24, 2025 Key Points Capital Allocation and Business Strategy - Teva is focused on capital allocation, emphasizing net debt paydown while also investing in innovative products [1][2] - The innovative segment of Teva's portfolio has grown significantly, with a 27% increase in the last year, contrasting with a 2% decline in the generics business [3][4] - Teva aims to streamline its generics pipeline, focusing on 65% of drugs coming off patent, which covers the majority of value [4][5] - The company is targeting operational efficiency, aiming to reduce costs by $700 million to support innovation [4][5] - Teva is exploring opportunities in China for acquiring de-risked assets, indicating a flexible R&D approach [9][10] Product Pipeline and Growth Drivers - Teva anticipates significant growth from products like Austedo, projected to peak at $3 billion, and Ajovy, expected to reach $1.5 to $2 billion [3][6] - The launch of olanzapine is expected to be a major growth driver, with a focus on maintaining pricing integrity rather than discounting for market access [6][33] - Teva's innovative business is expected to offset losses from the generic Revlimid, with a strong emphasis on cost efficiency [32][33] Cost of Goods and Operational Efficiency - Teva has committed to saving $700 million by 2027, with two-thirds of that expected by the end of 2026, focusing on improving cost of goods sold (COGS) [27][28] - The company is implementing a COGS improvement program, which is expected to yield results primarily in 2027 [28][30] - Teva is enhancing operational efficiency by increasing the number of efficiency programs from six to fourteen [29] Market Dynamics and Competitive Landscape - The market for Austedo is characterized as a growth category, with a focus on patient adherence and compliance programs [37][41] - Teva is positioned as a leading psychiatric company, leveraging its credibility and existing relationships with healthcare providers [44][62] - The company is optimistic about the potential for Darii, a new product, to capture market share by targeting pediatric patients and those struggling with existing devices [72][74] Regulatory and Market Challenges - Teva is preparing for the impact of the Inflation Reduction Act (IRA) and is committed to providing clarity to investors regarding its implications [51][55] - The company is insulated from European tariffs due to its innovative portfolio, particularly with products like Austedo manufactured in the U.S. [81][83] Future Outlook - Teva is optimistic about its long-term growth trajectory, with a focus on launching new products and maintaining a robust pipeline [49][50] - The company is planning for sustained revenue growth through innovative products, with a unique position in the market that allows for continuous product launches [49][68] Additional Insights - Teva's approach to R&D is characterized by a "small R, big D" philosophy, indicating a focus on development rather than extensive in-house research [9][10] - The company is committed to maintaining a disciplined approach to capital allocation, ensuring that new acquisitions align with its strategic goals [5][10] - Teva's leadership emphasizes the importance of maintaining gross margins while navigating the complexities of the pharmaceutical market [30][67]

Christopher Stevo - Senior Vice President of Investor Relations & Competitive Intelligence Eric Hughes - Executive VP of Global R&D and Chief Medical Officer Christine Fox - Executive VP of U.S. Commercial BusinessPresentation Operator Welcome to the Olanzapine LAI TEV-'749 Phase III SOLARIS Data Presentation Conference Call. My name is Elliot, and I'll be coordinating your call today. [Operator Instructions]. I would now like to hand over to Christopher Stevo. Please go ahead. Christopher StevoSenior V ...

Core Insights - Alvotech (ALVO) and Teva Pharmaceuticals (TEVA) operate in the biosimilar market with distinct business models, where ALVO focuses on partnerships for market access while TEVA leverages its scale as a global pharmaceutical leader [1][23]. Alvotech Overview - Alvotech's revenue model is based on collaborations with established generic players, allowing it to minimize commercialization risks and costs [3][4]. - In H1 2025, Alvotech's product revenues surged over 200% year-over-year to nearly $205 million, driven by strong sales of its immunology biosimilars Simlandi and Selarsdi [4][9]. - The company has expanded into ophthalmology with the EU approval of Mynzepli, a biosimilar to Regeneron's Eylea, and is pursuing additional biosimilars in neurology and oncology [5][6]. - Alvotech's partnerships with Dr. Reddy's and Advanz Pharma are crucial for developing multiple biosimilar candidates [6]. Teva Pharmaceuticals Overview - Teva is the largest generic drug company globally, holding approximately 7% of the U.S. generic market, and has a strong manufacturing presence [7][23]. - The company has launched several successful biosimilars, including Truxima, Herzuma, and Epysqli, and expects to introduce up to 12 biosimilars in the U.S. and Europe from 2025 to 2027 [8][11]. - Teva aims to double its global biosimilars sales by 2027, with a pipeline that includes biosimilars of Amgen's Prolia and Regeneron's Eylea [12][14]. Financial Performance - Alvotech's sales and EPS estimates for 2025 indicate a year-over-year increase of nearly 35% and 133%, respectively, with upward trends in EPS estimates [15]. - Teva's 2025 sales and EPS estimates suggest a modest year-over-year increase of 2%, with mixed trends in EPS estimates for 2026 [15][17]. - Year-to-date, Alvotech shares have decreased by over 14%, while Teva shares have fallen by 39%, both underperforming the industry [9][17]. Valuation Comparison - Alvotech's shares trade at a price/sales (P/S) ratio of 3.26, indicating a higher valuation compared to Teva's P/S ratio of 1.32 [18]. Investment Considerations - Both companies hold significant positions in the generics/biosimilar market, with Teva benefiting from its scale and diversified portfolio, while Alvotech's partnership-driven strategy has led to strong revenue growth [22][23]. - Alvotech is viewed as a safer investment option due to its growth potential and solid fundamentals, despite its higher valuation [24].

Core Points - The conference call is focused on the presentation of Phase III SOLARIS data for Olanzapine LAI TEV-'749, which is related to schizophrenia treatment [1][4] - The call includes forward-looking statements, and the company does not commit to updating these statements post-call [2] Company Overview - Teva has a strong neuroscience legacy, which is emphasized by the Executive VP of Global R&D and Chief Medical Officer during the call [4]

Teva Pharmaceutical Industries Conference Call Summary Company Overview - **Company**: Teva Pharmaceutical Industries (NYSE: TEVA) - **Focus**: Development of Elanzapin LAI for the treatment of schizophrenia Key Industry Insights - **Schizophrenia**: A complex and progressive mental illness characterized by both positive and negative symptoms, cognitive implications, and mood disturbances, significantly impacting patients' quality of life [4][10] - **Market Opportunity**: High unmet needs in schizophrenia treatment, with a significant number of patients in both the U.S. and EU, particularly favoring long-acting injectables (LAIs) [12][10] Core Product Insights - **Elanzapin LAI**: A new formulation designed to prevent Post-Injection Delirium and Sedation Syndrome (PDSS), which has been a barrier to the use of Elanzapin in LAI form [5][17] - **Clinical Data**: Over 4,000 subcutaneous injections administered with no instances of PDSS reported, demonstrating both safety and efficacy [8][26] - **Efficacy Results**: Achieved a statistically and clinically meaningful improvement in symptoms across all doses in the Solaris Phase 3 study [8][17] Competitive Landscape - **Comparison with Existing Treatments**: Elanzapin LAI is positioned as a best-in-class option alongside Uzeti, targeting patients inadequately controlled on oral medications or other LAIs [10][11] - **Market Dynamics**: Anticipated quicker utilization and broader adoption of LAIs, with Elanzapin LAI expected to fulfill a significant treatment gap [12][32] Regulatory and Development Insights - **FDA Engagement**: Ongoing positive discussions with the FDA regarding the safety and efficacy data, with confidence in a favorable label for Elanzapin LAI [26][75] - **Lifecycle Management**: Potential for expanding indications to include bipolar disorder, building a comprehensive franchise around Elanzapin [27][32] Financial Projections - **Revenue Expectations**: Projected peak revenue for the Elanzapin franchise between $1.5 billion and $2 billion, with potential for higher sales based on historical performance of oral Elanzapin [51][70] - **Market Penetration**: Anticipated strong uptake in Europe due to higher existing usage of Elanzapin and LAIs [70][51] Additional Considerations - **Patient Journey**: Understanding the complexities of the patient journey in schizophrenia treatment is crucial for effective intervention and market strategy [12][13] - **Weight Management**: Weight gain associated with Elanzapin is manageable, with strategies in place to mitigate this risk through lifestyle interventions and potential co-prescriptions [37][39] Conclusion - **Strategic Positioning**: Teva is well-positioned to address significant unmet needs in schizophrenia treatment with the launch of Elanzapin LAI, leveraging its established neuroscience legacy and robust clinical data [3][82] - **Future Outlook**: The company expresses optimism about the potential impact of Elanzapin LAI on patient care and market dynamics, with a strong commitment to advancing treatment options in the psychiatric space [82][83]

September 22, 2025 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 future results, performance or achievements to differ significantly from that expressed or implied by such forward- looking statements. These forward-looking statements include statements concernin ...

Core Insights - Teva Pharmaceuticals presented data showing that patients using AUSTEDO XR reported improved social and emotional well-being due to reduced movement symptoms associated with tardive dyskinesia (TD) [1][3][9] - The survey highlighted high patient satisfaction with AUSTEDO XR, with over 96% of participants finding it easy to take and 96% expressing interest in continuing treatment [3][9][10] Group 1: Patient Experience and Survey Results - The noninterventional survey included 209 participants with TD, revealing that over 94% reported improvement in movement symptoms after treatment with AUSTEDO XR [2][9] - More than 77% of patients agreed that the reduction in movements led to greater comfort in social settings and improved emotional well-being [10] - The survey indicated that 91% of patients with prior valbenazine use and 89% of de novo patients reported overall satisfaction with AUSTEDO XR [10] Group 2: Product Information - AUSTEDO XR is the first vesicular monoamine transporter 2 (VMAT2) inhibitor approved by the U.S. FDA for treating TD and chorea associated with Huntington's disease [6][7] - AUSTEDO XR is a once-daily formulation, enhancing patient compliance and convenience [6] Group 3: Company Commitment - Teva emphasizes its responsibility to understand the lived experiences of patients with TD and aims to innovate treatments that restore freedom and quality of life [2][23]

Core Insights - Teva Pharmaceuticals presented new data on its schizophrenia treatment portfolio, including long-term safety results from the SOLARIS Phase 3 trial for olanzapine LAI (TEV-'749), which showed no incidence of post-injection delirium/sedation syndrome (PDSS) [1][4] - The data also highlighted UZEDY, an extended-release injectable suspension of risperidone, which was associated with shorter hospitalization compared to Invega Sustenna, although no direct comparisons on efficacy or safety were made [1][9] Olanzapine LAI (TEV-'749) Data - The SOLARIS trial involved 675 participants aged 18-64, with a randomized double-blind placebo-controlled period followed by an open-label safety period [3][17] - No PDSS events were reported across 3,470 total injections, indicating a favorable safety profile consistent with other olanzapine formulations [4][5] - Long-term effectiveness data showed significant symptom improvement, with a mean change of -7.2 in PANSS total scores and a 4.6-point increase in PSP scores from baseline [7][8] UZEDY Data - A retrospective study indicated that UZEDY led to a 2.89-day shorter length of hospital stay compared to Invega Sustenna, translating to estimated direct cost savings of $3,200 per hospitalization [9] - UZEDY was preferred by healthcare professionals for its ease of administration and dosing characteristics, with 45% favoring it over Invega Sustenna [9][10] Company Commitment - Teva is dedicated to developing innovative treatments for complex neurological conditions, aiming to address unmet needs in mental health care [5][14] - The company plans to submit a New Drug Application (NDA) for olanzapine LAI (TEV-'749) in the second half of 2025 [13][15]

Core Insights - Teva Pharmaceutical Industries Ltd. plans to present data from the completed phase 3 SOLARIS trial at the 2025 Psych Congress Annual Meeting in San Diego, California, from September 17 to 21, 2025 [1] - A conference call for analysts and investors will be held on September 22, 2025, at 11:00 a.m. ET to discuss the trial data [1] Company Overview - Teva is a leading innovative biopharmaceutical company with a strong generics business, committed to addressing patients' needs for over 120 years [3] - The company focuses on innovation in neuroscience and immunology, as well as providing complex generic medicines, biosimilars, and pharmacy brands globally [3]

Group 1: Company Overview - Teva Pharmaceutical Industries Limited (NYSE:TEVA) is recognized as one of the best drug stocks to buy currently [1] - The company develops, produces, and sells medicines across various segments including specialty, generics, and over-the-counter (OTC) products [4] Group 2: Product Development - Teva announced on September 9 that it received Fast Track designation from the U.S. FDA for emrusolmin, an investigational treatment for Multiple System Atrophy (MSA) currently in Phase 2 development [1] - Emrusolmin is part of a strategic collaboration with MODAG GmbH and is being evaluated in a Phase 2 trial to assess its efficacy and safety, targeting the alpha synuclein protein involved in MSA pathogenesis [3] - The U.S. FDA granted Orphan Drug designation to emrusolmin for MSA in 2022, highlighting the urgent need for new therapeutic options for this rare neurodegenerative disorder [2][3]