Group 1: Collaboration with Royalty Pharma - Teva Pharmaceutical Industries has entered into a collaboration with Royalty Pharma to jointly develop the anti-IL-15 antibody, TEV-408, for the treatment of vitiligo [2] - Royalty Pharma will invest $500 million in the development costs, including $75 million for a phase 2b study set to begin in 2026 [2] - If the trials are successful, Royalty Pharma has the option to invest an additional $425 million for phase 3 trials, and Teva will pay royalties on worldwide sales if the drug is launched [2] Group 2: Financial Forecasts - Teva's revenue guidance for 2025 is projected to be near the lower end of the range at approximately $16.8 billion, with EBITDA expected to be in the middle of the range at around $4.8 billion [4] - For 2026, sales are anticipated to be similar to or slightly lower than 2025, with low single-digit growth expected in 2027 and a mid single-digit compound annual growth rate from 2027 to 2030 [5] - Free cash flow is targeted to exceed $2.7 billion in 2027 and reach over $3.5 billion by 2030, with net leverage expected to fall below two times by 2027 [5] Group 3: Market Performance - Teva has a market capitalization of $36.7 billion, reflecting a 53% increase in its share price over the past year [6] - As of the latest trading session, Teva's share price increased by 0.96%, reaching NIS 105 [6]