Financial Data and Key Metrics Changes - The company's net debt at the end of Q3 2023 was $17.7 billion, down from $18.4 billion at the end of 2022, while gross debt decreased to $20 billion from $21.2 billion [1] - The net debt-to-EBITDA ratio improved to 4.03x for Q3 2023, attributed to foreign exchange rate movements and free cash flow generation [1] - Non-GAAP revenue for Q3 2023 was approximately $3.9 billion, representing a 7% increase compared to Q3 2022 [7][29] - Non-GAAP gross profit margin improved to 53.5% in Q3 2023 from 53% in Q3 2022, driven by a favorable product mix [8] - Non-GAAP operating margin decreased to 26.5% in Q3 2023 from 27.2% in Q3 2022, primarily due to increased R&D expenses [9] Business Line Data and Key Metrics Changes - Revenue from AUSTEDO grew by 30% in Q3 2023, reaching $339 million, while AJOVY saw a 22% increase in revenue to $114 million [56][66] - The generics business in North America experienced a 15% revenue increase in Q3 2023, driven by higher sales of generic products [30] - The Europe segment's revenue remained flat in local currency terms, with strong growth in AJOVY offset by lower revenues from legacy brands [30] Market Data and Key Metrics Changes - Revenues from international markets increased by 20% in local currency terms, mainly due to higher revenue from generic products [31] - Approximately 46% of Q3 2023 revenue came from sales denominated in non-US dollar currencies, with foreign exchange rate movements negatively impacting revenues [21] Company Strategy and Development Direction - The company is focused on its "Pivot to Growth" strategy, emphasizing innovation and expanding its product pipeline, particularly in the generics and biosimilars markets [60][32] - A partnership with Sanofi was announced to advance the TL1A asset, which is seen as a significant growth opportunity [61][37] - The company aims to achieve a long-term financial target of a 2x net debt-to-EBITDA ratio by the end of 2027 [1] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate market conditions and emphasized the importance of maintaining a competitive edge through R&D and product innovation [23][32] - The company is reframing its 2023 free cash flow guidance to a range of $1.7 billion to $2.1 billion, anticipating a sequential ramp-up in revenue and profitability [11] - Management acknowledged the impact of inflationary pressures but noted improvements in gross margins due to a favorable product mix [8][78] Other Important Information - The company reported a GAAP income of $80 million in Q3 2023, compared to $56 million in Q3 2022, primarily due to reduced tax expenses [20] - The company is actively seeking business development opportunities and licensing to expand its pipeline [12] Q&A Session Summary Question: Is the company comfortable with its current position or actively seeking to expand its pipeline? - Management confirmed that they are actively looking to expand their pipeline through business development and licensing opportunities [12] Question: Is there an expectation of large one-offs impacting guidance? - Management maintained guidance for AUSTEDO and noted that there are no significant changes expected in revenue lines, considering the seasonality of Q4 [5] Question: What is the status of the TL1A partnership and the $600 million milestone? - Management indicated that the partnership with Sanofi is progressing well and that the milestone is contingent on demonstrating competitive data [13][87] Question: What are the expectations for R&D expenses in Q4? - Management stated that R&D expenses are expected to remain elevated as part of their strategy to advance their innovative pipeline [16][90] Question: How does the company view the market conditions for generics? - Management acknowledged that market conditions are influenced by supply, demand, and competition, and emphasized the importance of timely product delivery to mitigate pricing pressures [23]

[PART I. Financial Statements (unaudited)](index=5&type=section&id=PART%20I.%20Financial%20Statements%20(unaudited)) This section presents Teva's unaudited consolidated financial statements and related notes for the reported period [Item 1. Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents Teva's unaudited consolidated financial statements, including balance sheets, income statements, comprehensive income statements, changes in equity, and cash flow statements, along with detailed notes explaining the basis of presentation, significant transactions, revenue disaggregation, inventory, intangible assets, goodwill, debt, derivatives, legal matters, income taxes, and fair value measurements [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) This section presents Teva's consolidated financial position, detailing assets, liabilities, and equity at specific reporting dates | Metric | Sep 30, 2023 (Millions USD) | Dec 31, 2022 (Millions USD) | Change (Millions USD) | | :--------------------------- | :-------------------------- | :-------------------------- | :-------------------- | | Total Assets | 42,088 | 44,006 | (1,918) | | Total Liabilities | 34,576 | 35,315 | (739) | | Total Equity | 7,512 | 8,691 | (1,179) | | Cash and cash equivalents | 2,249 | 2,801 | (552) | | Accounts receivables, net | 3,385 | 3,696 | (311) | | Inventories | 4,051 | 3,833 | 218 | | Short-term debt | 1,479 | 2,109 | (630) | | Sales reserves and allowances| 3,351 | 3,750 | (399) | | Accrued expenses | 2,741 | 2,151 | 590 | [Consolidated Statements of Income (loss)](index=7&type=section&id=Consolidated%20Statements%20of%20Income%20(loss)) This section outlines Teva's financial performance, including revenues, expenses, and net income or loss over specified periods | Metric (Millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net revenues | 3,850 | 3,595 | 11,389 | 11,041 | | Cost of sales | 1,999 | 1,926 | 6,159 | 5,839 | | Gross profit | 1,851 | 1,669 | 5,230 | 5,203 | | Research and development expenses | 253 | 175 | 726 | 628 | | Selling and marketing expenses | 576 | 539 | 1,726 | 1,716 | | General and administrative expenses | 268 | 283 | 870 | 892 | | Intangible assets impairments | 47 | 24 | 289 | 223 | | Goodwill impairment | — | — | 700 | 745 | | Other assets impairments, restructuring and other items | 46 | 36 | 241 | 282 | | Legal settlements and loss contingencies | 314 | 195 | 1,009 | 2,048 | | Operating income (loss)| 355 | 419 | (289) | (1,244) | | Financial expenses, net| 280 | 252 | 808 | 721 | | Income (loss) before income taxes | 75 | 166 | (1,097) | (1,964) | | Income taxes (benefit)| (12) | 107 | (48) | (792) | | Net income (loss) attributable to Teva | 80 | 56 | (988) | (1,132) | | Basic EPS | 0.07 | 0.05 | (0.88) | (1.02) | | Diluted EPS | 0.07 | 0.05 | (0.88) | (1.02) | [Consolidated Statements of Comprehensive Income (loss)](index=8&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(loss)) This section details Teva's comprehensive income or loss, encompassing net income and other comprehensive income items | Metric (Millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net income (loss) | 88 | 58 | (1,048) | (1,152) | | Currency translation adjustment | (255) | (402) | (173) | (684) | | Unrealized gain (loss) from derivative financial instruments, net | 7 | 7 | 19 | 21 |\ | Unrealized loss on defined benefit plans | (1) | — | (2) | — | | Total other comprehensive income (loss) | (249) | (395) | (156) | (663) | | Total comprehensive income (loss) | (161) | (337) | (1,204) | (1,815) | | Comprehensive income (loss) attributable to Teva | (153) | (297) | (1,060) | (1,601) | [Consolidated statements of changes in equity](index=9&type=section&id=Consolidated%20statements%20of%20changes%20in%20equity) This section tracks the changes in Teva's total equity, reflecting net income, other comprehensive income, and other equity transactions | Metric (Millions USD) | Dec 31, 2022 | Sep 30, 2023 | Change | | :-------------------- | :----------- | :----------- | :----- | | Total equity | 8,691 | 7,512 | (1,179)| | Net Income (loss) | (1,048) | (988) | 60 | | Other comprehensive income (loss) | (156) | (72) | 84 | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This section reports Teva's cash inflows and outflows from operating, investing, and financing activities | Metric (Millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net cash provided by (used in) operating activities | 5 | 543 | 184 | 617 | | Net cash provided by (used in) investing activities | 184 | 147 | 667 | 488 | | Net cash provided by (used in) financing activities | (576) | (439) | (1,337) | (776) | | Net change in cash, cash equivalents and restricted cash | (420) | 167 | (584) | 60 | | Balance of cash, cash equivalents and restricted cash at end of period | 2,250 | 2,258 | 2,250 | 2,258 | - Free cash flow decreased to **$229 million** in Q3 2023 from **$685 million** in Q3 2022, primarily due to lower cash flow generated from operating activities[310](index=310&type=chunk) [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the consolidated financial statements [Note 1 – Basis of presentation](index=12&type=section&id=Note%201%20%E2%80%93%20Basis%20of%20presentation) This note describes the accounting policies, estimates, and significant judgments used in preparing Teva's financial statements - Management's financial statements rely on estimates and assumptions, particularly for IPR&D assets, marketed product rights, goodwill, sales reserves, tax positions, and contingencies, which could be impacted by macroeconomic factors like inflation[41](index=41&type=chunk)[42](index=42&type=chunk) - The Russia-Ukraine conflict led to a goodwill impairment charge in the International Markets segment due to an increased discount rate, but its overall impact on Teva's results remains immaterial[43](index=43&type=chunk) - The state of war in Israel, where Teva's global headquarters and several manufacturing/R&D facilities are located, has had an immaterial impact on operations and financial condition as of the report date, with contingency plans in place[44](index=44&type=chunk) - Teva adopted ASU 2022-04 (Supplier Finance Programs) and ASU 2021-08 (Business Combinations - Contract Assets and Liabilities) effective January 1, 2023, with ASU 2021-08 having no material impact on consolidated financial statements[46](index=46&type=chunk)[49](index=49&type=chunk) [Note 2 – Certain transactions](index=13&type=section&id=Note%202%20%E2%80%93%20Certain%20transactions) This note details significant business collaborations, licensing agreements, and product approvals impacting Teva's operations - Teva entered an exclusive collaboration with Sanofi to co-develop and co-commercialize anti-TL1A (TEV-'574) for inflammatory bowel disease, receiving an upfront payment of **$500 million** and up to **$1 billion** in milestones[52](index=52&type=chunk) - Teva holds an exclusive global license with MODAG for emrusolmin (TEV-'286) for neurodegenerative disorders, with a Phase 2 trial expected soon[53](index=53&type=chunk) - The partnership with Alvotech for biosimilars was amended to add two new candidates and line extensions. Alvotech issued **$40 million** in convertible bonds to Teva[54](index=54&type=chunk)[58](index=58&type=chunk) - UZEDY (risperidone) extended-release injectable suspension was approved by the FDA on April 28, 2023, and launched in the U.S. in May 2023 for schizophrenia treatment[62](index=62&type=chunk) [Note 3 – Revenue from contracts with customers](index=15&type=section&id=Note%203%20%E2%80%93%20Revenue%20from%20contracts%20with%20customers) This note disaggregates Teva's net revenues by geographic segment and product type, along with sales reserves and allowances | Revenue Stream (Millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :---------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total Net Revenues | 3,850 | 3,595 | 11,389 | 11,041 | | North America | 2,002 | 1,809 | 5,759 | 5,450 | | Europe | 1,146 | 1,069 | 3,493 | 3,396 | | International Markets | 485 | 475 | 1,456 | 1,422 | | Other activities | 217 | 241 | 681 | 773 | | Sales of goods (Total) | 3,303 | 3,021 | 9,724 | 9,447 | | Sales Reserves and Allowances (SR&A) (Millions USD) | Jan 1, 2023 | Sep 30, 2023 | Change | | :-------------------------------------------------- | :---------- | :----------- | :----- | | Total SR&A | 3,750 | 3,351 | (399) | [Note 4 – Inventories](index=18&type=section&id=Note%204%20%E2%80%93%20Inventories) This note provides a breakdown of Teva's inventory components, including finished products, raw materials, and work in process | Inventory Component (Millions USD) | Sep 30, 2023 | Dec 31, 2022 | Change | | :--------------------------------- | :----------- | :----------- | :----- | | Finished products | 2,171 | 1,987 | 184 | | Raw and packaging materials | 1,106 | 1,059 | 47 | | Products in process | 590 | 555 | 35 | | Materials in transit and payments on account | 184 | 232 | (48) | | Total Inventories | 4,051 | 3,833 | 218 | [Note 5 – Identifiable intangible assets](index=18&type=section&id=Note%205%20%E2%80%93%20Identifiable%20intangible%20assets) This note details Teva's identifiable intangible assets, including product rights, trade names, and in-process R&D, along with related amortization and impairments | Intangible Asset (Millions USD) | Sep 30, 2023 | Dec 31, 2022 | Change | | :------------------------------ | :----------- | :----------- | :----- | | Product rights, net | 4,814 | 5,437 | (623) | | Trade names, net | 317 | 346 | (29) | | In process research and development, net | 394 | 487 | (93) | | Total Identifiable Intangible Assets, net | 5,525 | 6,270 | (745) | - Amortization of intangible assets was **$471 million** for the nine months ended September 30, 2023, down from $576 million in the prior year[83](index=83&type=chunk) - Impairments of long-lived intangible assets totaled **$289 million** for the nine months ended September 30, 2023, mainly impacting identifiable product rights (**$206 million**) in Japan due to regulatory pricing and other market assumptions, and IPR&D assets (**$83 million**) due to development progress and market changes[88](index=88&type=chunk)[90](index=90&type=chunk) [Note 6 – Goodwill](index=20&type=section&id=Note%206%20%E2%80%93%20Goodwill) This note discusses Teva's goodwill, including impairment charges and the fair value assessment of reporting units | Goodwill (Millions USD) | Dec 31, 2022 | Sep 30, 2023 | Change | | :---------------------- | :----------- | :----------- | :----- | | Total Goodwill | 17,633 | 16,885 | (748) | | International Markets | 1,339 | 647 | (692) | - A **$700 million** goodwill impairment charge was recorded in Q2 2023 for the International Markets reporting unit, mainly due to an increased discount rate reflecting higher country-specific risks[100](index=100&type=chunk) - The carrying value of the International Markets reporting unit now equals its fair value, indicating potential for future impairments if conditions change. The API reporting unit also has a negligible excess of fair value over carrying amount[101](index=101&type=chunk)[102](index=102&type=chunk) - Teva's Europe reporting unit's fair value exceeds its estimated carrying amount by **3%**, while North America and Medis reporting units have fair values in excess of **10%** over their respective book values as of June 30, 2023[103](index=103&type=chunk)[104](index=104&type=chunk) [Note 7 – Debt obligations](index=21&type=section&id=Note%207%20%E2%80%93%20Debt%20obligations) This note outlines Teva's short-term and long-term debt, including recent issuances, repayments, and credit facility details | Debt Type (Millions USD) | Sep 30, 2023 | Dec 31, 2022 | Change | | :----------------------- | :----------- | :----------- | :----- | | Short-term debt | 1,479 | 2,109 | (630) | | Senior notes and loans | 18,495 | 19,103 | (608) | | Total Debt | 19,974 | 21,212 | (1,238)| - In March 2023, Teva issued **$2,445 million** (net of issuance costs) in sustainability-linked senior notes and repurchased **$2,506 million** of notes through a cash tender offer[491](index=491&type=chunk) - In July 2023, Teva repaid **$1,000 million** of its 2.8% senior notes at maturity[120](index=120&type=chunk)[492](index=492&type=chunk) - Teva's debt is effectively denominated **62%** in U.S. dollars, **36%** in euro, and **2%** in Swiss franc. The average debt maturity is approximately **6.3 years**[114](index=114&type=chunk)[493](index=493&type=chunk)[495](index=495&type=chunk) - The **$1.8 billion** revolving credit facility (RCF) was amended in February 2023 to update the maximum leverage ratio. As of September 30, 2023, **$500 million** is outstanding under the RCF[116](index=116&type=chunk)[117](index=117&type=chunk)[492](index=492&type=chunk) [Note 8 – Derivative instruments and hedging activities](index=24&type=section&id=Note%208%20%E2%80%93%20Derivative%20instruments%20and%20hedging%20activities) This note describes Teva's use of derivative instruments to manage foreign currency and interest rate risks, and their financial impact - Approximately **47%** of Teva's revenues are non-U.S. dollar denominated, exposing the company to significant foreign currency risks, which are managed through forward exchange contracts, options, and natural hedging[122](index=122&type=chunk)[123](index=123&type=chunk)[414](index=414&type=chunk)[479](index=479&type=chunk) - Teva uses interest rate swaps to manage interest rate fluctuations on its debt instruments[125](index=125&type=chunk) - Embedded derivatives related to interest rate adjustments and potential premium payments on sustainability-linked senior notes are bifurcated and accounted for separately, with a negligible fair value as of September 30, 2023[126](index=126&type=chunk) - Exchange rate movements, net of hedging effects, negatively impacted Q3 2023 revenues by **$9 million** and operating income by **$53 million** compared to Q3 2022. For the first nine months of 2023, the negative impact was **$189 million** on revenues and **$122 million** on operating income[416](index=416&type=chunk)[482](index=482&type=chunk) - Teva maintains supply chain finance agreements, with **$85 million** in accounts payables outstanding to participating suppliers as of September 30, 2023[139](index=139&type=chunk) [Note 9 – Legal settlements and loss contingencies](index=27&type=section&id=Note%209%20%E2%80%93%20Legal%20settlements%20and%20loss%20contingencies) This note details the provisions for legal settlements and loss contingencies, including significant litigation updates and their financial impact | Metric (Millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Legal settlements and loss contingencies | 314 | 195 | 1,009 | 2,048 | - Q3 2023 expenses were mainly due to updates for the DOJ patient assistance program litigation and the estimated settlement provision of opioid cases[140](index=140&type=chunk) - The total provision for legal settlements and loss contingencies was **$4,905 million** as of September 30, 2023, an increase from **$4,186 million** at December 31, 2022[142](index=142&type=chunk) [Note 10 – Commitments and contingencies](index=27&type=section&id=Note%2010%20%E2%80%93%20Commitments%20and%20contingencies) This note provides an overview of Teva's significant commitments and contingencies, including opioid settlements, litigation, and other legal matters - Teva finalized nationwide opioid settlement agreements with all 50 U.S. states and Tribes, totaling up to **$4.25 billion** over 13 years, including up to **$1.2 billion** in generic Narcan[213](index=213&type=chunk)[214](index=214&type=chunk) - An agreement in principle was reached with acute care hospitals for a national settlement of up to **$126 million** in cash and **$49 million** in generic Narcan over 7 years[215](index=215&type=chunk) - In the DOJ patient assistance program litigation, the court granted the DOJ's summary judgment motion, adopting its positions on materiality, causation, and damages, with potential damages exceeding **$1 billion** (trebled) plus statutory penalties. Teva is appealing this decision[201](index=201&type=chunk) - Teva entered into a 3-year deferred prosecution agreement (DPA) with the DOJ for antitrust violations, agreeing to divest pravastatin, donate clotrimazole and tobramycin, and pay a **$225 million** fine over 5 years[191](index=191&type=chunk) - In intellectual property litigation, a jury verdict awarding Teva **$176.5 million** against Eli Lilly for AJOVY patent infringement was reversed by the U.S. District Court, which found Teva's patents invalid. Teva plans to appeal[318](index=318&type=chunk)[432](index=432&type=chunk) [Note 11 – Income taxes](index=40&type=section&id=Note%2011%20%E2%80%93%20Income%20taxes) This note explains Teva's income tax provisions, benefits, and potential liabilities, including the impact of deferred taxes and international tax regulations | Metric (Millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Income (loss) before income taxes | 75 | 166 | (1,097) | (1,964) | | Income taxes (benefit)| (12) | 107 | (48) | (792) | - The tax benefits in 2023 were primarily driven by deferred tax benefits from intellectual property-related integration plans, impairments, legal settlements, and interest expense disallowances, partly in response to the global adoption of OECD Pillar Two minimum effective corporate tax[234](index=234&type=chunk)[235](index=235&type=chunk) - Teva is appealing an Israeli Central District Court decision regarding tax assessment decrees for 2008-2011, with a potential liability of approximately **$350 million**[240](index=240&type=chunk) [Note 12 – Other assets impairments, restructuring and other items](index=41&type=section&id=Note%2012%20%E2%80%93%20Other%20assets%20impairments%2C%20restructuring%20and%20other%20items) This note details expenses related to other asset impairments, restructuring activities, and changes in contingent consideration | Expense (Millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :--------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Other assets impairments, restructuring and other items | 46 | 36 | 241 | 282 | | Restructuring | 27 | 25 | 93 | 117 | | Contingent consideration | 16 | 6 | 106 | 100 | - Restructuring expenses are primarily related to network consolidation activities[250](index=250&type=chunk)[251](index=251&type=chunk) - Contingent consideration expenses for the nine months ended September 30, 2023, were mainly due to changes in estimated future royalty payments to Eagle (bendamustine) and Allergan (lenalidomide)[247](index=247&type=chunk) [Note 13 – Earnings (Loss) per share](index=43&type=section&id=Note%2013%20%E2%80%93%20Earnings%20(Loss)%20per%20share) This note presents Teva's basic and diluted earnings per share calculations, including the weighted average shares outstanding | Metric | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :----- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Basic EPS | $0.07 | $0.05 | $(0.88) | $(1.02) | | Diluted EPS | $0.07 | $0.05 | $(0.88) | $(1.02) | - The weighted average diluted shares outstanding for Q3 2023 were **1,135 million**, and for the nine months were **1,119 million**[258](index=258&type=chunk) [Note 14 – Accumulated other comprehensive income (loss)](index=44&type=section&id=Note%2014%20%E2%80%93%20Accumulated%20other%20comprehensive%20income%20(loss)) This note provides a breakdown of Teva's accumulated other comprehensive income or loss, primarily driven by foreign currency translation adjustments | Metric (Millions USD) | Dec 31, 2022 | Sep 30, 2023 | Change | | :-------------------- | :----------- | :----------- | :----- | | Accumulated other comprehensive loss, net of taxes | (2,838) | (2,910) | (72) | | Foreign currency translation adjustments | (2,514) | (2,603) | (89) | [Note 15 – Segments](index=44&type=section&id=Note%2015%20%E2%80%93%20Segments) This note describes Teva's reportable business segments, their profit contributions, and changes in segment reporting structure - Teva's business segments are North America (U.S. and Canada), Europe (EU, UK, other European countries), and International Markets (all other countries)[263](index=263&type=chunk) - Other activities include API sales to third parties, contract manufacturing, and an out-licensing platform (Medis)[265](index=265&type=chunk) - Effective January 1, 2024, Canada will be reported under the International Markets segment, no longer part of North America, aligning with the "Pivot to Growth" strategy and executive management changes[269](index=269&type=chunk) | Segment Profit (Millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :---------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | North America profit | 577 | 477 | 1,429 | 1,359 | | Europe profit | 338 | 360 | 1,017 | 1,130 | | International Markets profit | 111 | 112 | 348 | 386 | | Total reportable segments profit | 1,025 | 949 | 2,794 | 2,875 | [Note 16 – Fair value measurement](index=49&type=section&id=Note%2016%20%E2%80%93%20Fair%20value%20measurement) This note details the fair value measurements of Teva's financial instruments and liabilities, categorized by valuation input levels | Fair Value Item (Millions USD) | Sep 30, 2023 | Dec 31, 2022 | | :----------------------------- | :----------- | :----------- | | Cash and cash equivalents | 2,249 | 2,801 | | Investment in securities | 37 | 15 | | Asset derivatives | 58 | 29 | | Liability derivatives | (40) | (101) | | Contingent consideration | (68) | (153) | - Contingent consideration liabilities are valued using Level 3 inputs, based on probability-weighted discounted cash flow analysis, with a weighted average discount rate of **9.2%**[287](index=287&type=chunk) - The fair value of senior notes and convertible senior debentures not measured at fair value was **$17,604 million** as of September 30, 2023, estimated based on quoted market prices[293](index=293&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=51&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on Teva's financial performance, condition, and results of operations for the three and nine months ended September 30, 2023. It covers business overview, key highlights, detailed segment-wise and consolidated results, liquidity, capital resources, and non-GAAP financial measures [Business Overview](index=51&type=section&id=Business%20Overview) This section provides an overview of Teva's mission, strategic initiatives, and the impact of macroeconomic and geopolitical factors - Teva's mission is to be a global leader in generics, innovative medicines, and biopharmaceuticals, improving patient lives[295](index=295&type=chunk) - The "Pivot to Growth" strategy, launched in May 2023, focuses on four pillars: delivering on growth engines (AUSTEDO, AJOVY, UZEDY, biosimilars), stepping up innovation, sustaining generics, and optimizing the business[299](index=299&type=chunk) - Macroeconomic factors (currency fluctuations, inflation) and geopolitical events (Russia-Ukraine conflict, Israel-Hamas war) impact Teva's revenues, operations, and supply chain, though Israeli operations remain largely unaffected[300](index=300&type=chunk) [Highlights](index=52&type=section&id=Highlights) This section summarizes key financial and operational performance metrics for the reported period | Metric (Millions USD) | Q3 2023 | Q3 2022 | Change (%) | | :-------------------- | :------ | :------ | :--------- | | Revenues | 3,850 | 3,595 | 7% | | North America Segment Profit | 577 | 477 | 21% | | Europe Segment Profit | 338 | 360 | (6%) | | International Markets Segment Profit | 111 | 112 | (1%) | | R&D expenses | 253 | 175 | 44% | | Legal settlements and loss contingencies | 314 | 195 | 61% | | Operating income | 355 | 419 | (15%) | | Net income attributable to Teva | 80 | 56 | 43% | | Debt (as of Sep 30) | 19,974 | 21,212 | (6%) | | Free Cash Flow | 229 | 685 | (67%) | [Results of Operations](index=54&type=section&id=Results%20of%20Operations) This section analyzes Teva's financial results, including segment-wise and consolidated performance for the reported periods [Comparison of Three Months Ended September 30, 2023 to Three Months Ended September 30, 2022](index=54&type=section&id=Comparison%20of%20Three%20Months%20Ended%20September%2030%2C%202023%20to%20Three%20Months%20Ended%20September%2030%2C%202022) This section compares Teva's financial performance for the three months ended September 30, 2023, against the same period in the prior year [North America Segment](index=54&type=section&id=North%20America%20Segment) This section analyzes the financial performance of Teva's North America segment, including revenues and segment profit | Metric (Millions USD) | Q3 2023 | Q3 2022 | Change (%) | | :-------------------- | :------ | :------ | :--------- | | Revenues | 2,002 | 1,809 | 11% | | Generic products | 929 | 806 | 15% | | AJOVY | 61 | 57 | 8% | | AUSTEDO | 339 | 260 | 30% | | BENDEKA and TREANDA | 57 | 77 | (26%) | | COPAXONE | 103 | 105 | (2%) | | Anda | 367 | 371 | (1%) | | Segment Profit | 577 | 477 | 21% | | Gross Profit Margin | 54.6% | 52.1% | 2.5 pp | - Generic product sales were boosted by the launch of lenalidomide capsules (generic Revlimid®)[312](index=312&type=chunk) - AUSTEDO growth was driven by volume increase, including the launch of AUSTEDO XR in May 2023[322](index=322&type=chunk) - UZEDY (risperidone) extended-release injectable suspension was approved and launched in the U.S. in May 2023[325](index=325&type=chunk) - R&D expenses increased by **46%** to **$163 million**, and S&M expenses increased by **11%** to **$257 million**, mainly due to promotional activities for AUSTEDO and UZEDY[343](index=343&type=chunk)[344](index=344&type=chunk) [Europe Segment](index=58&type=section&id=Europe%20Segment) This section analyzes the financial performance of Teva's Europe segment, including revenues and segment profit | Metric (Millions USD) | Q3 2023 | Q3 2022 | Change (%) | | :-------------------- | :------ | :------ | :--------- | | Revenues | 1,146 | 1,069 | 7% | | Generic products | 886 | 803 | 10% | | AJOVY | 41 | 30 | 36% | | COPAXONE | 55 | 63 | (13%) | | Respiratory products | 61 | 62 | (2%) | | Segment Profit | 338 | 360 | (6%) | | Gross Profit Margin | 56.6% | 59.3% | (2.7 pp) | - Generic product revenues increased by **2%** in local currency, mainly due to higher volumes and OTC price increases[353](index=353&type=chunk) - R&D expenses increased by **41%** to **$62 million**, and S&M expenses increased by **9%** to **$184 million**, mainly due to exchange rate fluctuations[361](index=361&type=chunk)[362](index=362&type=chunk) [International Markets Segment](index=60&type=section&id=International%20Markets%20Segment) This section analyzes the financial performance of Teva's International Markets segment, including revenues and segment profit | Metric (Millions USD) | Q3 2023 | Q3 2022 | Change (%) | | :-------------------- | :------ | :------ | :--------- | | Revenues | 485 | 475 | 2% | | Generic products | 381 | 393 | (3%) | | AJOVY | 12 | 6 | 113% | | COPAXONE | 10 | 9 | 10% | | Segment Profit | 111 | 112 | (1%) | | Gross Profit Margin | 53.8% | 53.0% | 0.8 pp | - Local currency revenues increased by **20%**, mainly due to higher generic product revenues driven by price increases from inflationary pressures, partially offset by regulatory price reductions and generic competition in Japan[370](index=370&type=chunk)[373](index=373&type=chunk) - Revenues were negatively impacted by **$83 million** from exchange rate fluctuations, net of hedging effects[371](index=371&type=chunk) - R&D expenses increased by **52%** to **$23 million**, and S&M expenses increased by **5%** to **$102 million** to support revenue growth[378](index=378&type=chunk)[379](index=379&type=chunk) [Other Activities](index=62&type=section&id=Other%20Activities) This section details revenues from Teva's other activities, including API sales to third parties and contract manufacturing | Metric (Millions USD) | Q3 2023 | Q3 2022 | Change (%) | | :-------------------- | :------ | :------ | :--------- | | Revenues from other activities | 217 | 241 | (10%) | | API sales to third parties | 131 | 149 | (12%) | [Teva Consolidated Results](index=63&type=section&id=Teva%20Consolidated%20Results) This section provides a consolidated overview of Teva's financial performance, including revenues, expenses, and operating income | Metric (Millions USD) | Q3 2023 | Q3 2022 | Change (%) | | :-------------------- | :------ | :------ | :--------- | | Net Revenues | 3,850 | 3,595 | 7% | | Gross Profit | 1,851 | 1,669 | 11% | | Gross Profit Margin | 48.1% | 46.4% | 1.7 pp | | R&D Expenses | 253 | 175 | 44% | | S&M Expenses | 576 | 539 | 7% | | G&A Expenses | 268 | 283 | (5%) | | Legal Settlements | 314 | 195 | 61% | | Operating Income | 355 | 419 | (15%) | | Financial Expenses, net| 280 | 252 | 11% | - R&D expenses increased due to focus on innovative product candidates in neuroscience, immunology, immuno-oncology, and biosimilars, aligning with the "Pivot to Growth" strategy[390](index=390&type=chunk)[391](index=391&type=chunk) [Comparison of Nine Months Ended September 30, 2023 to Nine Months Ended September 30, 2022](index=67&type=section&id=Comparison%20of%20Nine%20Months%20Ended%20September%2030%2C%202023%20to%20Nine%20Months%20Ended%20September%2030%2C%202022) This section compares Teva's financial performance for the nine months ended September 30, 2023, against the same period in the prior year [North America Segment](index=67&type=section&id=North%20America%20Segment) This section analyzes the financial performance of Teva's North America segment, including revenues and segment profit | Metric (Millions USD) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | Change (%) | | :-------------------- | :-------------------------- | :-------------------------- | :--------- | | Revenues | 5,759 | 5,450 | 6% | | Generic products | 2,722 | 2,731 | § | | AJOVY | 168 | 142 | 18% | | AUSTEDO | 817 | 618 | 32% | | BENDEKA and TREANDA | 188 | 241 | (22%) | | COPAXONE | 242 | 285 | (15%) | | Anda | 1,183 | 1,021 | 16% | | Segment Profit | 1,429 | 1,359 | 5% | | Gross Profit Margin | 51.2% | 52.1% | (0.9 pp) | [Europe Segment](index=68&type=section&id=Europe%20Segment) This section analyzes the financial performance of Teva's Europe segment, including revenues and segment profit | Metric (Millions USD) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | Change (%) | | :-------------------- | :-------------------------- | :-------------------------- | :--------- | | Revenues | 3,493 | 3,396 | 3% | | Generic products | 2,727 | 2,552 | 7% | | AJOVY | 115 | 90 | 28% | | COPAXONE | 174 | 207 | (16%) | | Respiratory products | 195 | 198 | (2%) | | Segment Profit | 1,017 | 1,130 | (10%) | | Gross Profit Margin | 55.6% | 59.8% | (4.2 pp) | [International Markets Segment](index=69&type=section&id=International%20Markets%20Segment) This section analyzes the financial performance of Teva's International Markets segment, including revenues and segment profit | Metric (Millions USD) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | Change (%) | | :-------------------- | :-------------------------- | :-------------------------- | :--------- | | Revenues | 1,456 | 1,422 | 2% | | Generic products | 1,175 | 1,175 | § | | AJOVY | 31 | 22 | 40% | | COPAXONE | 32 | 29 | 9% | | Segment Profit | 348 | 386 | (10%) | | Gross Profit Margin | 53.4% | 54.9% | (1.5 pp) | - Local currency revenues increased by **14%**, but were negatively impacted by **$159 million** from exchange rate fluctuations, net of hedging effects[445](index=445&type=chunk)[446](index=446&type=chunk) [Other Activities](index=71&type=section&id=Other%20Activities) This section details revenues from Teva's other activities, including API sales to third parties and contract manufacturing | Metric (Millions USD) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | Change (%) | | :-------------------- | :-------------------------- | :-------------------------- | :--------- | | Revenues from other activities | 681 | 773 | (12%) | | API sales to third parties | 415 | 505 | (18%) | [Teva Consolidated Results](index=71&type=section&id=Teva%20Consolidated%20Results) This section provides a consolidated overview of Teva's financial performance, including revenues, expenses, and operating income | Metric (Millions USD) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | Change (%) | | :-------------------- | :-------------------------- | :-------------------------- | :--------- | | Net Revenues | 11,389 | 11,041 | 3% | | Gross Profit | 5,230 | 5,203 | 1% | | Gross Profit Margin | 45.9% | 47.1% | (1.2 pp) | | R&D Expenses | 726 | 628 | 16% | | S&M Expenses | 1,726 | 1,716 | 1% | | G&A Expenses | 870 | 892 | (2%) | | Intangible Asset Impairments | 289 | 223 | 30% | | Goodwill Impairment | 700 | 745 | (6%) | | Other Asset Impairments, Restructuring & Other | 241 | 282 | (15%) | | Legal Settlements | 1,009 | 2,048 | (51%) | | Operating Income (Loss)| (289) | (1,244) | 77% | | Financial Expenses, net| 808 | 721 | 12% | | Income Taxes (Benefit)| (48) | (792) | 94% | | Net Income (Loss) attributable to Teva | (988) | (1,132) | 13% | | Diluted EPS | (0.88) | (1.02) | 14% | - The significant improvement in operating loss was primarily due to lower legal settlements and loss contingencies in the first nine months of 2023 compared to 2022[471](index=471&type=chunk) - R&D expenses increased due to focus on innovative product candidates in neuroscience, immunology, immuno-oncology, and biosimilars, aligning with the "Pivot to Growth" strategy[390](index=390&type=chunk)[391](index=391&type=chunk) [Liquidity and Capital Resources](index=74&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses Teva's financial liquidity, capital structure, and cash flow management strategies | Metric (Millions USD) | Sep 30, 2023 | Dec 31, 2022 | Change | | :-------------------- | :----------- | :----------- | :----- | | Total Assets | 42,088 | 44,006 | (1,918)| | Working Capital | (779) | (119) | (660) | | Total Debt | 19,974 | 21,212 | (1,238)| | Total Equity | 7,512 | 8,691 | (1,179)| - The decrease in working capital was mainly due to increased accounts payables (from favorable vendor payment terms and higher inventory purchases) and increased legal settlement provisions, partially offset by higher inventory levels and accounts receivables[486](index=486&type=chunk) - Cash flow from operating activities in Q3 2023 was **$5 million**, a significant decrease from **$543 million** in Q3 2022, primarily due to changes in working capital and higher legal payments[499](index=499&type=chunk) - Free cash flow in Q3 2023 was **$229 million**, down from **$685 million** in Q3 2022, mainly due to lower operating cash flow[500](index=500&type=chunk) - Teva's financial leverage (debt to debt+equity) was **73%** as of September 30, 2023, up from **71%** at December 31, 2022[494](index=494&type=chunk) [Non-GAAP Net Income and Non-GAAP EPS Data](index=76&type=section&id=Non-GAAP%20Net%20Income%20and%20Non-GAAP%20EPS%20Data) This section reconciles GAAP to non-GAAP financial measures, providing adjusted insights into Teva's underlying business performance - Non-GAAP measures exclude items like amortization of purchased intangible assets, legal settlements, impairments, restructuring expenses, acquisition/divestment-related items, equity compensation, and unusual tax items to better reflect underlying business performance[508](index=508&type=chunk)[509](index=509&type=chunk)[514](index=514&type=chunk) | Metric (Millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Non-GAAP net income attributable to Teva | 677 | 658 | 1,762 | 2,021 | | Non-GAAP diluted EPS attributable to Teva | 0.60 | 0.59 | 1.56 | 1.81 | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=77&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section states that there have been no material changes to Teva's assessment of market risk since its Annual Report on Form 10-K for the year ended December 31, 2022 - No material changes to market risk assessment since the Annual Report on Form 10-K for December 31, 2022[518](index=518&type=chunk) [Item 4. Controls and Procedures](index=78&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of Teva's disclosure controls and procedures as of September 30, 2023, and reports no material changes in internal control over financial reporting during the quarter - Teva's disclosure controls and procedures were effective at the reasonable assurance level as of September 30, 2023[520](index=520&type=chunk) - No material changes in internal control over financial reporting occurred during the three months ended September 30, 2023[521](index=521&type=chunk) [PART II. OTHER INFORMATION](index=78&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section provides additional information including legal proceedings, risk factors, equity sales, and controls [Item 1. Legal Proceedings](index=79&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 10 of the consolidated financial statements for a detailed discussion of Teva's legal proceedings - For a discussion of legal proceedings, refer to "Commitments and Contingencies" in Note 10 to the consolidated financial statements[523](index=523&type=chunk) [Item 1A. Risk Factors](index=79&type=section&id=Item%201A.%20Risk%20Factors) This section states that there are no material changes to the risk factors previously disclosed in Teva's Annual Report on Form 10-K for the year ended December 31, 2022 - No material changes to risk factors since the Annual Report on Form 10-K for December 31, 2022[524](index=524&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=79&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section reports that Teva did not engage in any unregistered sales of equity securities or share repurchases during the three months ended September 30, 2023, and is currently restricted from share repurchases or dividend payments due to its accumulated deficit - No unregistered sales of equity securities or share repurchases during Q3 2023[525](index=525&type=chunk)[526](index=526&type=chunk) - Teva cannot conduct share repurchases or pay dividends due to its accumulated deficit[526](index=526&type=chunk) [Item 3. Defaults Upon Senior Securities](index=79&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable to Teva for the reported period - Not applicable[527](index=527&type=chunk) [Item 4. Mine Safety Disclosures](index=79&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to Teva for the reported period - Not applicable[528](index=528&type=chunk) [Item 5. Other Information](index=79&type=section&id=Item%205.%20Other%20Information) This section reports that no directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended September 30, 2023 - No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q3 2023[529](index=529&type=chunk) [Item 6. Exhibits](index=79&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications, the Deferred Prosecution Agreement with the DOJ, and XBRL taxonomy documents - Key exhibits include CEO/CFO certifications (31.1, 31.2, 32), the Teva Deferred Prosecution Agreement with the U.S. Department of Justice (10.1), and Inline XBRL Taxonomy documents (101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE, 104)[530](index=530&type=chunk) [Signatures](index=81&type=section&id=Signatures) This section contains the signatures for the Quarterly Report on Form 10-Q, confirming its submission by an authorized officer - The report was signed by Eli Kalif, Executive Vice President, Chief Financial Officer, on November 9, 2023[535](index=535&type=chunk)

Potential to be first long-acting olanzapine with a favorable safety profile 官 H2 2026 - Phase III results $2.5bn Anti-TL1A (TEV-'574) H2 2024 – Phase II interim $28bn 14 | Target Updates Access programs launched (of 8 - 2025 target) cumulative regulatory submissions* (51% of 2025 target) reduction in scope 1 and 2 greenhouse gas emissions (52% of 2030 target) of employees trained on compliance policies** Winner: Best Company for Sustainability Reporting Finalist: Best Company for Social Responsibility dose ...

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Teva Pharmaceutical Industries Limited (NYSE:TEVA) Q2 2023 Earnings Conference Call August 2, 2023 8:00 AM ET Company Participants Richard Francis - President & CEO Eli Kalif - CFO Dr. Eric Hughes - CMO, Head of R&D Sven Dethlefs - Head, North America Commercial Ran Meir - IR Conference Call Participants Jason Gerberry - Bank of America Umer Raffat - Evercore ISI Mikaela Franceschina - Barclays Ash Verma - UBS Thibault Boutherin - Morgan Stanley David Amsellem - Piper Sandler Chris Schott - J.P. Morgan Oper ...

Free Cash Flow by Quarters 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 used for capital investment. | 29 | 20.0 19.0 18.4 18.5 18.0 4.8 4.7 4.6 4.4 4.4 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 | 30 | 1.0* 1.6 1.8 3.4 3.0 2.1 2.5 1.6 1.0 0.8 2.0 23 24 25 26 27 28 29 30 31 … 36 … 46 | --- | --- | --- | --- | |------------------------------------ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-16174 TEVA PHARMACEUTICAL INDUSTRIES LIMITED (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organiz ...

Teva Pharmaceutical Industries Limited (NYSE:TEVA) Q1 2023 Earnings Conference Call May 10, 2023 8:00 AM ET Company Participants Ran Meir - SVP, Investor Relations Richard Francis - President & CEO Eli Kalif - CFO Eric Hughes - Chief Medical Officer, Head of Research and Development Sven Dethlefs - Head, North America Commercial Conference Call Participants Hassan Aftab - Bank of America Merrill Lynch Umer Raffat - Evercore ISI Balaji Prasad - Barclays Ash Verma - UBS Nathan Rich - Goldman Sachs Chris Schot ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-16174 TEVA PHARMACEUTICAL INDUSTRIES LIMITED (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organi ...

Teva Pharmaceutical Industries Limited (NYSE:TEVA) Barclays Global Healthcare Conference March 14, 2023 10:15 AM ET Company Participants Eli Kalif - EVP and CFO Conference Call Participants Balaji Prasad - Barclays Balaji Prasad Good morning, everyone. My name is Balaji Prasad, I'm the Senior Analyst for the Barclays Specialty Pharmaceuticals coverage. For the next session of the day at the Barclays Annual Healthcare Conference. I have the pleasure of hosting Teva, and Eli Kalif, the Chief Financial Officer ...