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 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]

Financial Performance - Teva's Q2 2025 revenues remained flat at $4176 million compared to Q2 2024, but excluding Japan BV, revenues increased by 2%[87] - Non-GAAP EPS increased by 10% to $066 in Q2 2025 compared to $061 in Q2 2024[87] - Free cash flow increased significantly by 47% to $476 million in Q2 2025 from $324 million in Q2 2024[87] - The company is on track to achieve a 30% operating profit margin (OPM) by 2027 through its transformation program[85, 91] Product Performance - AUSTEDO U S revenues grew by 22% year-over-year to $495 million in Q2 2025[26] - UZEDY revenues increased significantly by 120% year-over-year to $54 million in Q2 2025[22, 31] - AJOVY global revenues increased by 31% year-over-year to $155 million in Q2 2025[22, 34] - Global generics revenues declined by 2%[22], and in local currency, global generics revenues decreased 5% vs Q2'24 including Japan BV[23] Pipeline and Strategy - The company expects to submit olanzapine LAI for U S NDA in Q4 2025[36, 55, 62] - Teva is targeting peak sales of $15-2 billion for the LAI franchise (UZEDY and olanzapine LAI)[102] - The company anticipates the start of Phase 3 trials for duvakitug in ulcerative colitis (UC) and Crohn's disease (CD) by Sanofi in Q4 2025[68] - Teva transformation in '25 well on track to deliver annualized ~20% of total $700 million savings[105]

Core Insights - Teva Pharmaceutical Industries Ltd. reported Q2 2025 results, highlighting a 10 consecutive quarters of year-over-year revenue growth, with revenues of $4.2 billion, a 1% increase in local currency terms excluding Japan BV revenues [3][4][8] - The company is on track to achieve a 30% operating profit margin by 2027 as part of its Pivot to Growth Strategy, with a focus on innovative product growth and transformation programs [3][5][6] Financial Performance - Q2 2025 revenues were $4,176 million, flat in U.S. dollars, or a decrease of 1% in local currency terms compared to Q2 2024 [8] - Gross profit increased to $2,102 million, a 4% rise compared to $2,024 million in Q2 2024, with a gross profit margin of 50.3% [10] - Non-GAAP diluted EPS for Q2 2025 was $0.66, an increase of 9% year-over-year [17] Product Performance - AUSTEDO revenues reached $498 million in Q2 2025, a 19% increase in local currency compared to Q2 2024, with an increased 2025 revenue outlook of $2,000 million - $2,050 million [3][6] - AJOVY global revenues were $155 million in Q2 2025, a 31% increase in local currency compared to Q2 2024, with an increased 2025 revenue outlook of $630 million - $640 million [3][6] - UZEDY revenues accelerated to $54 million in Q2 2025, a 120% increase compared to Q2 2024, with an increased 2025 revenue outlook of $190 million - $200 million [3][6] Segment Results - The United States segment reported revenues of $2,151 million, a 2% increase compared to Q2 2024, driven by higher revenues from innovative products [27][39] - The Europe segment saw revenues of $1,298 million, a 7% increase compared to Q2 2024, mainly due to higher revenues from AJOVY and generic products [42][50] - The International Markets segment experienced a 17% decrease in revenues to $495 million, primarily due to the divestment of the business venture in Japan [54][63] Cost Management and Savings - Teva's transformation programs are expected to generate ~$700 million in net savings by 2027, with ~$70 million targeted for 2025 [3][6] - Selling and Marketing expenses in Q2 2025 were $654 million, flat compared to Q2 2024, while General and Administrative expenses increased by 8% to $305 million [12] Outlook - The company reaffirmed its 2025 revenue outlook of $16.8 - $17.2 billion and adjusted EBITDA of $4.7 - $5.0 billion [67] - Non-GAAP diluted EPS outlook for 2025 is projected to be $2.50 - $2.65, reflecting a $0.05 increase at the low-end [67]

Growth Strategy - Teva aims to achieve a ~30% innovative franchise CAGR, targeting >$2.3 billion, and return generics powerhouse to +5% p a growth[22] - The company projects AUSTEDO sales to exceed $2.5 billion by 2027[52], and peak sales of >$3 billion[47] - Teva anticipates peak sales of $1.5-2 billion from its LAI (Long Acting Injectables) franchise, including UZEDY and olanzapine LAI[52] Financial Performance & Targets - The company is targeting a mid-single digit percentage revenue growth (CAGR '22 – '27)[44] and an operating income margin of 30%[44] - Teva aims to reduce net leverage to 20x[22,44] and increase free cash flow to >$27 billion by 2027[22,235] - The company plans to achieve ~$700 million in net savings by 2027 through transformation programs[220,225] Pipeline & Innovation - Olanzapine LAI is projected to have peak sales potential of >$15 – 20 billion, with targeted submission in H2 2025[38] - Duvakitug has a peak sales potential of ~$2-5 billion, with a targeted submission around 2029+[38] - Emrusolmin is projected to have peak sales potential of >$2 billion, with a targeted submission around 2031[38]

Core Insights - Teva Pharmaceutical Industries Ltd. is launching the acceleration phase of its "Pivot to Growth" strategy, aiming to evolve into a global biopharmaceutical leader and deliver sustained shareholder value through 2030 and beyond [1][3] Current Status - Teva has completed Phase 1 of its strategy, focusing on returning to growth and building a solid foundation, resulting in a more focused, innovative, and robust company [3] - The company has achieved 9 consecutive quarters of growth, with over $2.3 billion in revenue from its innovative portfolio in 2024 [6] Growth Engines - Teva targets to build a greater than $5 billion innovative medicines franchise by 2030, driven by products like AUSTEDO, AJOVY, and UZEDY, along with a robust pipeline of late-stage assets [4][5] - The innovative medicines franchise is expected to exceed $2.5 billion in sales by 2027 and over $3 billion by 2030 for AUSTEDO [7] Innovation Pipeline - Teva's late-stage pipeline includes several assets with blockbuster potential, such as duvakitug for inflammatory bowel disease, DARI for asthma, and emrusolmin for Multiple System Atrophy, with peak sales potential ranging from $1 billion to $5 billion [7][8] Generics and Biosimilars - Teva's generics, biosimilars, and OTC business remains a stable and cash-generating powerhouse, with a strong pipeline of complex generics and biosimilars [9] - The company plans to launch five new products by 2027 in its generics segment, with a focus on complex generics and biosimilars to offset revenue losses from gRevlimid [12] Financial Targets - Teva has reaffirmed its 2027 financial targets, including a 30% operating profit margin, free cash flow of over $2.7 billion in 2027, and a reduction of debt to 2x net leverage [10][12]

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]

Core Insights - Teva Pharmaceutical Industries Ltd. reported Q1 2025 revenues of $3.9 billion, marking a 5% increase in local currency terms compared to Q1 2024, driven by strong performance in innovative products and generics [4][5][7] - The company is on track to achieve a 30% operating profit margin by 2027 as part of its Pivot to Growth Strategy, with a revised full-year 2025 revenue outlook of $16.8 to $17.2 billion [4][5][71] - Teva's innovative products, including AUSTEDO, AJOVY, and UZEDY, collectively generated revenues of $589 million, each growing over 25% year-over-year [5][8] Financial Performance - Q1 2025 net income attributable to Teva was $214 million, with diluted earnings per share of $0.18, compared to a net loss of $139 million and a loss per share of $0.12 in Q1 2024 [17] - Non-GAAP diluted EPS for Q1 2025 was $0.52, an increase of 8% year-over-year [4][17] - Adjusted EBITDA for Q1 2025 was $1.041 billion, a 4% increase from $1.005 billion in Q1 2024 [18] Segment Performance - In the United States segment, revenues increased by 11% to $1.91 billion, driven by higher sales of innovative products and generics [25][26] - The Europe segment saw a 6% decrease in revenues to $1.194 billion, primarily due to lower revenues from COPAXONE and mature innovative product rights [42][43] - The International Markets segment reported revenues of $582 million, a 2% decrease, impacted by regulatory price reductions and competition in Japan [54][56] Product Highlights - AUSTEDO revenues in Q1 2025 were $396 million, a 40% increase year-over-year, attributed to volume growth and the launch of AUSTEDO XR [32][33] - AJOVY revenues increased by 18% to $53 million, driven by volume growth and an increase in market share [31][47] - UZEDY revenues surged by 156% to $39 million, reflecting strong demand following its launch [35] Strategic Initiatives - Teva is focused on transforming into a modern biopharmaceutical company, targeting approximately $700 million in net savings by 2027 [4][5][8] - The company is actively pursuing the divestiture of its API business to streamline operations and enhance capital allocation [68][69] - Teva plans to host an Innovation & Strategy Day on May 29, 2025, to discuss its growth strategy and future initiatives [4][73]