Financial Data and Key Metrics Changes - Revenue increased by 5% to GBP 3.9 billion, adjusted EBITDA rose by 3%, and non-GAAP EPS increased by 8% to $0.52 [6][26][30] - Non-GAAP gross margin improved by 140 basis points year over year to 52.8% [27] - Net debt to EBITDA ratio remained just above 3 times [30] Business Line Data and Key Metrics Changes - Innovative brands generated $589 million in sales, a 45% increase year over year, driven by AUSTEDO (up 39%), AJOVY (up 26%), and UZEDI (doubled to $39 million) [8][12][13] - Generics business grew by 3% year on year, with 5% growth in the U.S. [15][16] - Biosimilars launched two products in the U.S. and have five more planned for 2025 to 2027 [17][18] Market Data and Key Metrics Changes - U.S. business for AUSTEDO increased by 40%, with over 60% of new patients on AUSTEDO XR [9][10] - UZEDI gained over 60% market share in the long-acting risperidone market [12] - AJOVY confirmed guidance for $600 million in sales, with strong growth in Europe and international markets [14] Company Strategy and Development Direction - The company is focused on transforming from a generics powerhouse to a leading biopharmaceutical company, emphasizing innovative products and capital allocation [21][34] - The goal is to achieve a 30% operating margin by 2027, supported by a shift towards high-margin innovative products [23][34] - The company plans to modernize operations, reduce costs, and optimize procurement to drive growth [21][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 targets, driven by innovative product growth and effective cost management [19][20] - The company is navigating macroeconomic challenges, including tariffs, without significant impact on business [32][33] - Management highlighted the importance of maintaining a strong U.S. manufacturing footprint to mitigate risks [32][33] Other Important Information - The company has absorbed the impact of new U.S. tariffs in its updated guidance for 2025 [25][32] - The divestiture of the Japanese generics business has been completed, affecting revenue guidance for 2025 [37][38] Q&A Session Summary Question: Transition from generics to biopharma - Management clarified that the generics business remains a crucial part of the strategy, supporting innovation and cost discipline [60][61] Question: Future savings potential - Management indicated that the $700 million in savings is part of an ongoing journey, with continuous efforts to drive efficiencies [61] Question: Impact of Revlimid on EBITDA - Management confirmed that EBITDA will increase in absolute dollars in 2026, despite headwinds from generic Revlimid [76][78] Question: Tariff impact on pricing - Management stated that they have mitigated tariff impacts and have a strong U.S. manufacturing presence to support pricing strategies [70][72] Question: Resource allocation for investments - Management assured that cost reductions will not hinder investments in the innovative portfolio, emphasizing capital allocation efficiency [87][88]

Financial Performance & Outlook - Teva reported a 5% revenue increase in Q1 2025 compared to Q1 2024 [18] - Non-GAAP EPS increased by 8% in Q1 2025 compared to Q1 2024 [18] - Free cash flow saw a significant increase of 238% in Q1 2025 compared to Q1 2024 [18] - The company is on track to achieve a 30% operating profit margin (OPM) by 2027 [44, 93] - Teva is targeting ~$700 million in net savings by 2027 through modernization efforts [39, 95] Key Products & Growth Drivers - AUSTEDO U S revenue grew by 40% year-over-year in Q1 2025, reaching $396 million [24] - Global AUSTEDO revenue reached $411 million in Q1 2025, a 39% year-over-year increase [21, 24] - UZEDY revenues increased by 156% year-over-year in Q1 2025, reaching $39 million [21, 30] - AJOVY global revenues grew by 26% year-over-year in Q1 2025, reaching $139 million [21, 32, 33] Generics & Biosimilars - Global generics experienced a 3% growth in Q1 2025 [21, 34]

Company Overview - Teva Pharmaceutical Industries Ltd. is a global pharmaceutical leader with over 120 years of commitment to improving health, operating in 57 markets with a workforce of 37,000 employees [2] Upcoming Events - Richard Francis, Teva's President and CEO, will present at two investor conferences in March 2025: Barclays 27th Annual Global Healthcare Conference on March 11 at 8:00 am ET and Leerink Partners Global Healthcare Conference on March 12 at 8:40 am ET [1][4] Investor Relations - A live webcast of the presentations will be available on Teva's Investor Relations website, with an archived version accessible within 24 hours after the live discussion [1]

Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $4.2 billion, a decrease of 5% compared to Q4 2023. Excluding a one-time payment from Sanofi, revenue increased by 7% [41][42] - Adjusted EBITDA for the year was $4.8 billion, up 9%, and non-GAAP EPS was $2.49, up 10% [9][39] - Free cash flow increased by 10% to $2.1 billion, and net debt to EBITDA ratio improved to approximately 3 times [9][50] Business Line Data and Key Metrics Changes - The Innovative business grew significantly, with AUSTEDO up 36% to nearly $1.7 billion, AJOVY up 18% to over $500 million, and Uceti reaching $117 million, exceeding guidance [10][12][14] - The Generics business saw an 11% increase, totaling approximately $9.5 billion, while the API business grew by 3% [10][20] Market Data and Key Metrics Changes - The U.S. market for AUSTEDO showed a 34% growth, contributing significantly to the overall performance [11] - International markets delivered a 15% growth, while Europe experienced mid-single-digit growth [22] Company Strategy and Development Direction - The company is focused on its "Pivot to Growth" strategy, which includes four pillars: delivering on growth engines, stepping up innovation, creating a sustainable generics powerhouse, and focusing the business [5][4] - Plans for 2025 include launching seven biosimilars in the U.S. and four in Europe, alongside a commitment to improve operational efficiency [19][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a 5% CAGR by 2027, citing strong growth in innovative products and a return to growth in the generics business [8][51] - The company is mindful of industry dynamics, including the Inflation Reduction Act's impact on the U.S. market, and is adjusting its financial guidance accordingly [54][56] Other Important Information - The company received a one-time payment of $500 million from Sanofi in Q4 2023, which positively impacted revenue and adjusted EBITDA [40] - Credit ratings agencies have upgraded the company's ratings, reflecting improved growth prospects and a strengthened balance sheet [51] Q&A Session Summary Question: What is the EBITDA trajectory going forward? - Management indicated that the partnership with Sanofi involves a 50-50 share of operational expenses, which will support the Duvequito program. They aim to grow EBITDA while investing in key areas [64][66] Question: Can you clarify the guidance for AUSTEDO and the impact of the IRA? - Management acknowledged that the IRA redesign affects AUSTEDO and noted that while they expect strong prescription growth, they must navigate the immediate impacts of the redesign [80][82] Question: How will the company address the loss of Revlimid sales? - Management plans to offset Revlimid's decline with new product launches, including 16 complex generics and several biosimilars, while maintaining growth in the innovative business [94][96] Question: Any updates on the lawsuit against CMS? - Management stated they cannot provide specific details due to ongoing litigation but will share updates as they become available [97]