Slides
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September 22, 2025
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2 | 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 concerning our plans, strategies, objectives, future performance and financial and operating targets, and any other information that is not historical information. Important factors that could cause or contribute to such differences include risks relating to: • our ability to successfully compete in the marketplace, including: that we are substantially dependent on our generic products; concentration of our customer base and commercial alliances among our customers; competition faced by our generic medicines from other pharmaceutical companies and changes in regulatory policy th at may result in additional costs and delays; delays in launches of new generic products; our ability to develop and commercialize additional pharmaceutical products; competition for our innovative medicines; our ability to achieve expected results from investments in our product pipeline; our ability to successfully execute our Pivot to Growth strategy, including to expand our innovative and bi osimilar medicines pipeline and profitably commercialize the innovative medicines and biosimilar portfolio, whether organically or through business development, to sustain and focus our portfolio of generic medicines, and to execute on our organizational transformation and to achieve expected cost savings; and the effectiveness of our patents and other measures to protect our intellectual property rights, i ncluding any potential challenges to our Orange Book patent listings in the U.S.; • our significant indebtedness, which may limit our ability to incur additional indebtedness, engage in additional transactions or make new investments; and our potential need to raise additional funds in the future, which may not be available on acceptable terms or at all; • our business and operations in general, including: the impact of global economic conditions and other macroeconomic developments and the governmental and societal responses thereto; the widespread outbreak of an illness or any other communicable disease, or any other public health crisis; effectiveness of our optimization efforts; significant disruptions of information technology systems, including cybersecurity attacks and breaches of our data security; interruptions in our supply chain or problems with internal or third party manufacturing; challenges associated with conducting business globally, including political or economic instability, major hostilities or terrorism, such as the ongoing conflict between Russia and Ukr aine and the state of war declared in Israel; our ability to attract, hire, integrate and retain highly skilled personnel; our ability to successfully bid for suitable acquisition targets or licensing opportunities, or to consummate and integrate acquisitions; and our prospects and opportunities for growth if we sell assets or business units and close or divest plants and facilities, as well as our ability to successfu lly and cost-effectively consummate such sales and divestitures, including our planned divestiture of our API business; • compliance, regulatory and litigation matters, including: failure to comply with complex legal and regulatory environments; the effects of governmental and civil proceedings and litigation which we are, or in the future become, party to; the effects of reforms in healthcare regulation and reductions in pharmaceutical pricing, rei mbursement and coverage, including as a result of the One Big Beautiful Bill signed into law in the U.S. in July 2025 (“OBBBA”), which is expected to result in stricter Medicaid eligibility requirements and work requirements, which may result in reduc ed Medicaid enrollment and a resulting decline in coverage for purchases of our medicines, and U.S. Executive Orders issued in April and May 2025 intended to reduce the prices paid by Americans for prescription medicines, including most - favored-nation pricing; increased legal and regulatory action in connection with public concern over the abuse of opioid medicat ions; our ability to timely make payments required under our nationwide opioids settlement agreement and provide our generic version of Narcan® (naloxone hydrochloride nasal spray) in the amounts a nd at the times required under the terms of such agreement; scrutiny from competition and pricing authorities around the world, including our ability to comply with and operate under our deferred pro secution agreement (“DPA”) with the U.S. Department of Justice (“DOJ”); potential liability for intellectual property right infringement; product liability claims; failure to comply with complex Me dicare, Medicaid and other governmental programs reporting and payment obligations; compliance with sanctions and trade control laws; environmental risks; and the impact of Environmental, Social a nd Governance (“ESG”) issues; • the impact of the state of war declared in Israel and the military activity in the Middle East, including the risk of disruption s to our operations and facilities, such as our manufacturing and R&D facilities, located in Israel, the impact of our employees who are military reservists being called to active military duty, and the impa ct of the war on the economic, social and political stability of Israel; • other financial and economic risks, including: our exposure to currency fluctuations and restrictions as well as credit risks; p otential impairments of our long-lived assets; the impact of geopolitical conflicts including the state of war declared in Israel and the conflict between Russia and Ukraine; potential significant increases in tax liabilities; the effect on our overall effective tax rate of the termination or expiration of governmental programs or tax benefits, or of a change in our business; our exposure to changes in international trade policies, including the imposition of tariffs in the jurisdictions in which we operate, and the effects of such developments on sales of our products and the pricing and availability of our raw materials; and the impact of any future failure to establish and maintain effective internal control over our financial reporting; and other factors discussed in our Quarterly Report on Form 10-Q for the second quarter of 2025 and in our Annual Report on Form 10-K for the year ended December 31, 2024, including in the sections captioned “Risk Factors” and “Forward-looking Statements.” Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.
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Conclusion and Q&A4 Solaris (TEV-‘749) data update Professor of Psychiatry Zucker School of Medicine, Hempstead, NY SOLARIS study coordinating investigator 3 Teva in Neuroscience EVP, Global R&D & Chief Medical Officer 1 Presenters Significant unmet need in Schizophrenia Executive Vice President, U.S. Commercial 2 3 |
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Executive Vice President, Global R&D & Chief Medical Officer 4 |
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Legacy, In-line, and Pipeline Assets R&D Capabilities In house R&D experts with proven track record developing neuroscience products, at all stages of development Non-ClinicalDiscovery CMC Device Clinical Regulatory Medical Affairs Commercial Footprint Substantial, experienced commercial neuroscience teams with footprints in 5 | Legacy Marketed Under Regulatory Review Phase 3 Phase 2 olanzapine LAI (TEV-'749) Schizophrenia UZEDY ® Bipolar Emrusolmin (TEV-'286) MSA
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Distortion of thinking and perception1 • Delusions1,2 • Hallucinations1,2 • Delusional thinking2 • Bizarre thoughts2 • Paranoia2 Decline in or loss of normal functions1 • Alogia1,2 • Abulia1/Amotivation2 • Avolition1,2 • Anhedonia1,2 • Asociality1,2 • Apathy1 • Affective experience impairment 1 • Depression and/or depressed mood 1,2 • Anxiety1,2 • Attention1,2 • Episodic memory1 • Executive functions1,2 • Working memory1,2 • Processing speed/ Procedural memory 1,2 • Social cognition1,2 • Verbal fluency, learning, and memory1,2 6 | Positive Symptoms Negative Symptoms Mood Symptoms Cognitive Deficits Functional Deficits Comprehension/planning3 Financial skills3 Communication3 Interpersonal relationships4 Work/school activities4 1. Tandon R, et al. Schizophr Res. 2009;110(1-3):1-23; 2. Millan MJ, et al. Nat Rev Drug Discov. 2016;15(7):485-515; 3. Patterson TL, et al. Schizophr Bull. 2001;27(2):235-245; 4. Bowie CR, et al. Am J Psychiatry. 2006;163(3):418-425.
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Long untreated psychosis associated with poor long-term outcomes 7 | 1. Lin D, et al. Front Psychiatry. 2021 Oct 26;12:695672. doi: 10.3389/fpsyt.2021.695672. 2. Robinson D, et al. Arch Gen Psychiatry. 1999;56(3):241. doi:10.1001/archpsyc.56.3.241. 3. Bodén R, et al. Schizophr Res. 2011;133(1-3):36-41. doi:10.1016/j.schres.2011.08.024. Psychosocial outcomes become poorer with an increasing number of relapses1 80% of patients experience multiple relapses over the first five years of treatment2 Suboptimal medication adherence is a major2 modifiable3 risk factor for relapse, highlighting the need for LAIs Disability Prodromal phase Functional impairment Chronic phase Remission Premorbid phase Progressive phase Acute exacerbations Negative symptoms Cognitive deficits Positive symptoms Illness severity Course of illness over time Relapse 1st psychotic episode Remission
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SteadyTeq® technology 8 | SC: Subcutaneous Mode of Action – TEV ’749 (olanzapine LAI) on Vimeo Note: SteadyTeq® is Teva's trademark for the BEPO technology it licenses from Medincell.
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0 20 40 60 80 100 120 0 20 40 60 80 % release of OlZ in human plasma ± SD time/h 9 | ~4,000 SC injections across multiple clinical studies, with no PDSS observed Teva’s olanzapine LAI met primary and key secondary efficacy endpoints, at all 3 doses Efficacy and systemic safety profile of Teva’s olanzapine LAI comparable to daily oral olanzapine, with no PDSS to date Rapid uncontrolled release from Zyprexa Relprevv®, which can cause PDSS Slow, controlled release from Teva olanzapine LAI using polymer matrix Time in hours Percent release of Olanzapine In vitro release tested in human plasma
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Executive Vice President, U.S. Commercial 10 |
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Building a best-in-class LAI franchise 11 | Leveraging our go-to-market expertise in this category LAI: Long Acting Injectable 1. US & EU combined; Note: EU 5 prevalence Source: Clarivate's Decision Resources Group (last updated February 2024); LAI penetration based on IQVIA sales in Month of Therapy volume, with MIDAS (sales) dataset for EU and NPA Trx dataset for Olanzapine LAI TEV-’749 Franchise peak sales expectation Patients appropriate for oral olanzapine Patients presenting with agitation or aggression Estimated ~4.7M1 prevalent schizophrenia patients in the US and Europe Anticipated for: Patients appropriate for oral risperidone or paliperidone Modestly controlled patients, but seeking additional convenience (earlier in the treatment algorithm) Aim to be the preferred LAI for:
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~2.4M 2.3M 1.8M ~30% 16% ~1% ~2.3M 2.1M 1.7M ~20% 13% <1% Large patient population with unmet needs 12 | schizophrenia market, of which for LAI1 Diagnosed patients Treated patients Schizophrenia prevalence % of patients treated with LAI Number of patients in millions (2024) oral olanzapine olanzapine LAI formulation 1. US & EU combined; Note: EU 5 prevalence Source: Clarivate's Decision Resources Group (last updated February 2024); LAI penetration based on IQVIA sales in Month of Therapy volume, with MIDAS (sales) dataset for EU and NPA Trx dataset for US. Market size: , US: Evaluate Pharma 2024 data, EU: IQVIA sales 2024
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Requirements sor success in schizophrenia market 13 | Often misdiagnosed as stress or depression for several years Patient discovery Diagnosis & evaluation Treatment & drug choice Adherence & Compliance Antipsychotic medications prescribed LAI potentially prescribed Deep understanding of the patient journey LAI: Long Acting Injectable illustrative patient journey, variations in treatment exist depending on the diagnosis set-up (out-patient clinic, psychiatric hospital, GP) Complex patient journey creating multiple relapses Requirements to increase LAI penetration Demonstrated safety profile Go-to-market capabilities
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$1.5B-$2.0B LAI franchise peak sales expectation Summarizing the commercial opportunity 14 | LAI: Long Acting Injectable Sources: LAI penetration based on IQVIA sales in Month of Therapy volume, with MIDAS (sales) dataset for EU and NPA Trx dataset for US & DRG; 1. patients considered "potential to switch as currently on a similar molecules" are patients currently on paliperidone oral, aripiprazole Oral, risperidone Oral , olanzapine Oral, and patients currently on an LAI ; 65% in the U.S. and 80% in the EU respectively Answering a true unmet need with a differentiated LAI franchise Addressing a broad spectrum of patients with UZEDY and olanzapine LAI: 65%-80% of patients with potential to switch as currently on similar molecule1 Leveraging best-in-class go-to-market capabilities to strengthen medical education
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Professor of Psychiatry Zucker School of Medicine, Hempstead, NY SOLARIS Study Coordinating Investigator 15 |
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16 | Phase 3 randomized, double-blind, placebo-controlled (Period 1), open- label long-term safety (Period 2) trial to evaluate efficacy, safety in adult patients with acute exacerbation of schizophrenia Period 1 (8 weeks, n=675) aimed to assess the efficacy and safety, of TEV- ’749 schizophrenia. In Period 2 (n=423), Period 1 TEV-’749 participants retained their treatment, placebo patients were re-randomized 1:1:1 to TEV-’749 (318 mg, 425 mg, or 531 mg). TEV-’749 doses were comparable to daily oral olanzapine doses of 10 mg, 15 mg, and 20 mg. TEV-’749 (531 mg QM) TEV-’749 (425 mg QM) TEV-’749 (318 mg QM) TEV-’749 (531 mg QM) TEV-’749 (425 mg QM) TEV-’749 (318 mg QM) Placebo Treatment period (up to 56 weeks) Follow-up 4 weeks Period 1: Acute treatment phase 8 weeks Period 2: Long- term safety phase Up to 48 weeks Screeninga (up to 8 days) R 1:1:1:1 R 1:1:1b a. Participants entering the trial who had not previously received oral olanzapine within the last year received 2 oral doses of olanzapine for 2 consecutive days at the screening period to assess tolerability. The investigator verified the previous use, tolerability, and duration of olanzapine treatment to assure prior tolerability. b. To maintain the blinding in Period 1, all participants were re-randomized between Periods 1 and 2; participants previously assigned to the active treatment groups retained their Period 1 treatment assignment (rerandomization was done to maintain blinding of Period 1, and de facto is a deterministic assignment and not randomization), and participants previously assigned to placebo were randomized to one of the active treatment groups in a 1:1:1 ratio. Participants were hospitalized for ⩾28 days after receiving the first injection. QM, once monthly; R, randomization. Correll CU, et al. Poster #97 presented at the 38th Psych Congress 2025; September 17–21, 2025; San Diego, CA, USA
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• Mean change from baseline to end of treatment at any time for all TEV-’749 groups was -7.2 (SD: 16.21) • In addition to PANSS total scores, all TEV-’749 groups showed sustained improvement in CGI-S and PSP scale scores to end of treatment LS mean change from baseline to Week 8 in PANSS total score1 Mean PANSS total score from Period 2 baselinea by visit and treatment group (full analysis set)2 PANSS, Positive and Negative Syndrome Scale; SD, standard deviation; CGI-S, Clinical Global Impression-Severity; PSP, Personal and Social Performance. 1. Correll CU, et al. Poster P5365 presented at the European College of Neuropsychopharmacology; September 21–24, 2024; Milan, Italy. 2. Correll CU, et al. Poster #96 presented at the 38th Psych Congress 2025; September 17–21, 2025; San Diego, CA, USA.17 |
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Most Common Adverse Events in SOLARIS Integrated Trial Period 318 mg (n=204) 425 mg (n=203) 531 mg (n=197) Total (N=604) Participants with treatment-emergent AEs, n (%) Weight increased 73 (36) 78 (38) 69 (35) 220 (36) Injection-site induration 20 (10) 27 (13) 28 (14) 75 (12) Injection-site pain 25 (12) 25 (12) 24 (12) 74 (12) Injection-site erythema 15 (7) 24 (12) 22 (11) 61 (10) Injection-site pruritus 13 (6) 12 (6) 16 (8) 41 (7) Somnolence 17 (8) 11 (5) 15 (8) 43 (7) Headache 9 (4) 15 (7) 8 (4) 32 (5) Injection-site swelling 11 (5) 11 (5) 8 (4) 30 (5) Constipation 7 (3) 12 (6) 9 (5) 28 (5) • No new systemic safety signals were identified over the long-term follow-up period, and consistent with other olanzapine formulations • Injection site reactions (ISRs) were mild/moderate and decrease with continued dosing • There were no suspected or confirmed PDSS events (3470 injections) 18 | Treatment-emergent AEs are defined as AEs that occurred after the first dose of TEV-’749 was administered through end of the trial. AE, adverse event. Correll CU, et al. Poster #97 presented at the 38th Psych Congress 2025; September 17–21, 2025; San Diego, CA, USA
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Potential for TEV-’749 to become the first LAI olanzapine to avoid the risk of PDSS. TEV-’749 Long-term change in weight and metabolic parameters comparable to other olanzapine formulations . No suspected or confirmed PDSS events reported in 3470 injections. All TEV-’749 doses exhibited long-term, continuous symptom improvement and maintenance of clinical effectiveness in the SOLARIS study. Long-term safety profile of TEV-’749 is consistent with other olanzapine formulations. 19 | AE: adverse event; LAI: long-acting injectable; PDSS: post-injection delirium/sedation syndrome.
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Executive Vice President, Global R&D & Chief Medical Officer 20 |
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SOLARIS Trial Data Were Selected to Be Featured in Two Special Sessions at Psych 2025 Poster Award NominationInvited Oral Session Poster title: Long-Term Safety of Subcutaneous Long-Acting Injectable Olanzapine (TEV-’749) in Schizophrenia: Results From the Phase 3 SOLARIS Trial Poster Title: Long-Term Effectiveness With Subcutaneous Long-Acting Injectable Olanzapine (TEV-’749) in Adults With Schizophrenia: Results From up to 48 Weeks Open Label Treatment in the Phase 3 SOLARIS Trial • Poster was chosen as a Finalist and was displayed at the Poster Award Reception • Session: Latest Discoveries & Emerging Trends in Psychotic Disorders • Presented by: Professor Christoph Correll 21 |
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Low discontinuation due to AEs Weight gain: <1% Other metabolic AEs: <1% ISRs: 1% Somnolence: <1% Acceptable ISR rates Mostly mild in severity Rate decreased with second injection No new systemic safety signals No PDSS events Most common AE: weight increased (35%) Primary and key secondary endpoints met at week 8 Reduction in PANSS total and CGI-S scores Increase in PSP scale score Onset of effect started as early as week 2–3 24 | AE: adverse event; CGI-S: Clinical Global Impression-Severity; ISR: injection-site reaction; PANSS: Positive and Negative Syndrome Scale; PDSS: post-injection delirium/sedation syndrome; PSP: Personal and Social Performance. 1. Correll CU, et al. Poster P5365 presented at the 37th European College of Neuropsychopharmacology Congress 2024; September 21–24, 2024; Milan, Italy. 2. Correll CU, et al. Poster P5367 presented at the 37th European College of Neuropsychopharmacology Congress 2024; September 21–24, 2024; Milan, Italy. Greater clinical improvement at week 8 in PANSS total score with TEV-’749 versus placebo, with safety profile consistent with other approved olanzapine formulations.1,2
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0 2 4 6 8 10 12 14 16 Week 8 ≥48 Weeks ≥48 Weeks Placebo Total TV-44749 EoT, end of treatment. Correll CU, et al. Poster #95 presented at the 38th Psych Congress 2025; September 17–21, 2025; San Diego, CA, USA. 1) ZYPREXA RELPREVV (olanzapine) intramuscular [package insert]. Indianapolis, IN: Lilly USA, LLC; 2025; 2) ZYPREXA (olanzapine) oral and intramuscular [package insert]. Indianapolis, IN: Lilly USA, LLC; 2025.25 | Treatment and/or trial discontinuation due to metabolic AEs were infrequent: • Period 1: 7 (1%) participants with TEV-’749; none in the placebo group. • Integrated trial periods: 18 (3%) participants with TEV-’749. Weight change from baseline to end of Period 1 Hospitalization was mandatory for ≥ 4 weeksa Weight change from baseline (kg) + SD n=119 n=358 n=137 n=2021 2.3 6.9 5.6 5.6 Weight change from baseline to ≥ 48 weeks Open-label period Weight change in long-term studies for olanzapine monotherapy in adultsb,6,7
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No suspected or confirmed PDSS events (3470 injections) Treatment-emergent AEs are defined as AEs that occurred after the first dose of TEV-’749 was administered through end of the trial. AE, adverse event. Correll CU, et al. Poster #97 presented at the 38th Psych Congress 2025; September 17–21, 2025; San Diego, CA, USA26 | Participants with ISRs, by injection number (safety analysis set) 0 5 10 15 20 25 30 14 (n=101) 13 (n=106) 12 (n=145) 11 (n=149) 10 (n=158) 9 (n=167) 8 (n=181) 7 (n=205) Injection number Participants with ISRs, n (%) 6 (n=226) 5 (n=255) 4 (n=303) 3 (n=378) 2 (n=492) 1 (N=604) 2 (2)2 (2)4 (3)4 (3)3 (2)3 (2)4 (2)2 (<1) 8 (4)10 (4)16 (5)22 (6) 69 (14) 146 (24)