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Teva Pharmaceutical Industries Ltd. 44th Annual J.P. Morgan Healthcare Conference January 13 , 2025
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Cautionary Note Regarding Forward-Looking Statements 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 significant ly from that expressed or implied by such forward - looking statements. 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 product s; 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 that may result in additional costs an d d elays; 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 i n o ur product pipeline; our ability to successfully execute our Pivot to Growth strategy, including to expand our innovative and biosimilar medicines pipeline and profitably commercialize the innovative medicines and biosimilar portfolio, whe ther 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 o the r measures to protect our intellectual property rights, including 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 developme nts 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 o f i nformation technology systems, including cybersecurity attacks and breaches of our data security; interruptions in our supply chain or problems with internal or third party manufacturing; any impact of a prolonged government shutdown; challenge s a ssociated with conducting business globally, including political or economic instability, major hostilities or terrorism, such as the ongoing conflict between Russia and Ukraine and in the Middle East; our ability to attract, hire, inte gra te 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 successfully 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 requirements an d c hanges; the effects of governmental, regulatory 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, reimbursement and co verage, 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 reduced Med icaid 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 leg al and regulatory action in connection with public concern over the abuse of opioid medications; our ability to timely make payments required under our nationwide opioids settlement agreement and provide our g ene ric version of Narcan® (naloxone hydrochloride nasal spray) in the amounts and at the times required under the terms of such agreement; scrutiny from competition and pricing authorities around the world, including our ability to com ply with and operate under our deferred prosecution agreement ( “ DPA ” ) with the U.S. Department of Justice ( “ DOJ ” ); potential liability for intellectual property right infringement; product liability claims; claims brought by regulatory a gen cies; failure to comply with complex Medicare, Medicaid and other governmental programs reporting and payment obligations; compliance with sanctions and trade control laws; environmental risks; and the impact of sustainability iss ues; • 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 and developments, including in the Middle East and in Russia and Ukraine; potential significant increases in tax liabilities; the effect on our overall effectiv e t ax 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 ope rat e, 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 quarter ended September 30 , 2025 and in our Annual Report on Form 10 - K for the year ended December 31 , 2024 ( “ Annual Report ” ), 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 oblig ation 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 reli anc e on these forward - looking statements. Non - GAAP Financial Measures This presentation includes certain non - GAAP financial measures as defined by SEC rules. Please see our press release reporting o ur financial results for the third quarter of 2025 , as well as our Annual Report on Form 10 - K for the year ended December 31 , 2024 (and the related press release for such period), for a reconciliation of the non - GAAP financial measures to their nearest GAAP e quivalents. Management believes that such non - GAAP financial measures provide useful information to investors to facilitate their understanding of our business because the non - GAAP financial measures are used by Teva's management and boar d of directors, in conjunction with other performance metrics, to evaluate the operational performance of the company, to compare against the company's work plans and budgets, and ultimately to evaluate the performance of management; t he company ’ s annual budgets are prepared on a non - GAAP basis; and senior management ’ s annual compensation is derived, in part, using these non - GAAP measures. Investors should consider the non - GAAP financial measures in addition to, and n ot as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. We are not providing forward looking guidance for GAAP reported financial measures or a quantitative reconciliation of forward - looking non - GAAP financial measures to the most directly comparable GAAP measure because we are unable to predict with reasonable certainty the ultimate outcome of certain significant items including, but not limited to, the amortization of pur cha sed intangible assets, legal settlements and loss contingencies, impairment of long - lived assets and goodwill impairment, without unreasonable effort. These items are uncertain, depend on various factors, and could be material to our results compu ted in accordance with GAAP. Revenues and CAPEX are presented on a GAAP basis. Some amounts in this presentation may not add up due to rounding. All percentages have been calculated using unrounded amount s.