Slides
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Teva Pharmaceutical Industries Ltd. July 29, 2026
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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. 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 that may result in costs and delays; delays in launches of new generic products; our ability to develop and commercialize additional pharmaceutical products in a timely manner; intense competition for our innovative medicines; our ability to achieve expected results from investments in our product pipeline; our ability to successfully execute on our Pivot to Growth strategy, including to expand our innovative and biosimilar medicines pipeline and to profitably commercialize our 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; • 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, and our exposure to changes in international trade policies, including the imposition of tariffs in the jurisdictions in which we operate, and any effects of such developments on sales of our products and the pricing and availability of raw materials; effectiveness of our optimization efforts; significant disruptions of information technology systems, including cybersecurity attacks, as well as risks and uncertainties related to the adoption of artificial intelligence technologies, 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, prolonged government shutdowns, widespread outbreaks of major diseases and major hostilities or acts of terrorism, ongoing global conflicts, including in the Middle East and the war involving Iran and the war between Russia and Ukraine; 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/or integrate acquisitions successfully and cost-effectively; 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, the effects of regulatory uncertainty and changes and the results of increased regulatory oversight, including expenditures required to ensure compliance with research, production and quality control regulations and remedial actions taken to address product issues, such as delayed product launches, product recalls, and facility shutdowns; 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 related reductions in pharmaceutical pricing, reimbursement and coverage, including as a result of the One Big Beautiful Bill signed into law in the U.S. in July 2025 (“OBBBA”), which will likely reduce the number of insured in Medicaid and Health Insurance Exchange markets, potentially altering utilization patterns and shifting negotiating leverage among payors, U.S. Executive Orders issued in April and May 2025 intended to reduce the prices paid for prescription medicines, including most-favored-nation pricing and related regulatory efforts; legal and regulatory actions 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 generic 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 comply with and operate under our deferred prosecution agreement (“DPA”) with the U.S. Department of Justice (“DOJ”); potential liability for intellectual property right infringement; significant product liability claims; claims brought by regulatory agencies; 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 changes in governmental, investor and societal responses to climate change and sustainability related issues; • other financial, economic and other risks, including: our exposure to currency fluctuations and restrictions as well as credit risks; impairments of our long-lived assets; 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; the impact of any failure to maintain effective internal control over our financial reporting; the process for terminating our American depositary Shares ("ADSs") program and directly listing our ordinary shares in lieu of the ADSs, as described in our Quarterly Report on Form 10-Q; and and other factors discussed in our Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025 (“Annual Report”), including in the section captioned "Risk Factors." 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. Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures as defined by SEC rules. These non-GAAP financial measures, including, but not limited to, non-GAAP operating income, non-GAAP operating margin, non-GAAP gross profit, non-GAAP gross profit margin, Adjusted EBITDA, free cash flow, non-GAAP tax rate, non-GAAP net income (loss) attributable to Teva and non-GAAP diluted EPS, are presented in order to facilitate investors' understanding of our business. Please see our press release reporting our financial results for the second quarter of 2026, as well as our latest Annual Report on Form 10-K filed with the SEC, for a reconciliation of the non-GAAP financial measures to their nearest GAAP equivalents. 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 board of directors, in conjunction with other performance metrics, to evaluate the operational performance of the company, to compare our results against the company's work plans and budgets, and ultimately to evaluate the performance of management; the 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 not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. We are not providing the most comparable forward-looking GAAP measures for non-GAAP metrics included in our financial outlook or a quantitative reconciliation of forward- looking non-GAAP financial measures to the most directly comparable GAAP measures because we are unable to predict with reasonable certainty the ultimate outcome of certain significant items including, but not limited to, the amortization of purchased 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 computed 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 amounts.
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President and Chief Executive Officer Business update1 3 |
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1 Financial update Business update 2 3 4 President and Chief Executive Officer EVP, Global R&D & Chief Medical Officer EVP, Chief Financial Officer Pipeline update Conclusion and Q&A 4 |
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Focus our business Sustain generics powerhouse Deliver on growth engines Step up innovation 5 |
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Revenues -3% all compared to Q2 2025; revenue growth In local currency; Free cash flow includes cash flow from operating activities, beneficial interest collected in exchange for securitized accounts receivables, proceeds from the sale of businesses and long-lived assets, net of cash used for capital investments. 6 | Non-GAAP EPS Free Cash Flow Adjusted EBITDA -62% Net Debt / EBITDA Q2’26 results 31% Q2’26 Emalex impact Q2’26 as reported -97% Non-GAAP Gross Profit Margin +80bps
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$77M, 43% $244M, 56% $696M, 40% Revenues -3% Global generics$2,103M, -15% % growth In local currency, all compared to Q2 2025. Refer to Revenues by Activity and Geographical Area slide in Appendix for detailed revenue data by reporting segments ; In local currency 7 | Key innovative brands collectively grew 43%)
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$2,450M - $2,600M revenue outlook update (from $2,400M - $2,550M) Revenue, TRx data and mg (milligrams) data are compared to Q2’ 25; Global revenues growth in local currency. Data represent AUSTEDO Family (AUSTEDO BID + AUSTEDO XR); AUSTEDO U.S. mg sourced from IQVIA NPA Audit. AUSTEDO XR one pill once-daily includes both AUSTEDO XR low-strength (6,12,18,24mg) and AUSTEDO XR high-strength (30,36,42,48mg). AUSTEDO XR adoption analysis based on Xponent PT + Specialty pharmacy data, includes HCPs who wrote AUSTEDO XR in H1'26 but not in H2'25 New prescriber growth based on Xponent PT + Specialty pharmacy data, includes HCPs who wrote AUSTEDO in H1'26 but not in H2'25 U.S. revenues of $676M, +37% YoY in Q2’26 ($696M global, +40% YoY) Continued growth of AUSTEDO U.S. revenue AUSTEDO quarterly sales in $M 0 100 200 300 400 500 600 700 800 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 676 495 AUSTEDO growth driven by combined effects of TRx and AUSTEDO XR® penetration (>60% of new patients) U.S. TRx growth U.S. mg growth +14% +21% +37% U.S. 8 | Strong adoption of AUSTEDO XR amongst VMAT2 prescribers (67% in ‘26 vs. 38% in ‘25)
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% growth in local currency Source: IQVIA NPA 2Q26 vs 2Q25 (TRx normalized into patient months of therapy equivalent volume based on dosing regimen); "fastest growing LAI" amongst atypical LAI's (excluding Erzofri) MAT vs PYMAT; Number of new prescribers based on IQVIA Xponent, Jan – Jun 2026 $270M - $290M revenue outlook update (from $250M - $280M) 9 | Continued growth of UZEDY U.S. revenue UZEDY quarterly sales in $M 24 35 43 39 54 43 55 63 77 0 10 20 30 40 50 60 70 80 90 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Revenues of $77 million in Q2’26, +43% YoY, and continued growth of TRx MoT, +63% YoY UZEDY continues to be the fastest growing LAI for schizophrenia +43% U.S. TRx growth driven by increased volume per prescriber and expansion of prescriber base, adding >800 new prescribers per month
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10 | Olanzapine LAI differentiated offering Subcutaneous, monthly dosing long-acting injectable Proven market experience References: 1. DRG / Clarivate (Nov 2025 Market Forecast Assumptions-Schizophrenia); 2. SCZ patients and LAAD Rx (LAI & Oral) claims from LAAD April 2026 data file for FY2025 with 2-year look- back; 3. In a retrospective analysis of US insurance claims (2007–2013), only 33% of adults with schizophrenia newly prescribed oral atypical antipsychotics were adherent (portion of days covered ≥80%) over 12 months; multiple discontinuation patterns were observed. 4.Zacker C, Puckett JT, Kamal-Bahl S. Real-world adherence and discontinuation of oral antipsychotics and associated factors in a national sample of US Medicare beneficiaries with schizophrenia. Clinicoecon Outcomes Res. 2024;16:567-579. 5.Data on file. Clinical Study Report. November 2025. Parsippany, NJ: Teva Neuroscience, Inc. Clinical trials demonstrated symptom improvement, and decrease illness severity Safety data was similar to oral olanzapine5 Proven UZEDY growth track record, with strong synergy Deep understanding of the access landscape, complex treatment and patient journey Strong commercial capabilities and robust marketing infrastructure in schizophrenia Significant U.S. market opportunity Diagnosed with schizophrenia in the US in 2026 of patients are treated with oral antipsychotics ~2.2M1 ~1.5M2 ~20%2 High unmet need 67% of patients orally treated were non-adherent or stopped treatment after 12 months3 Missed dose can lead to negative treatment response and relapse4 No olanzapine LAI without monitoring requirements of the Rx are oral olanzapine First and only subcutaneous monthly LAI meets critical patient need
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$850M - $870M revenue outlook update (from $750M - $790M) % growth in local currency; 1. Market position sourced using IQVIA MIDAS dataset (Jan’26) ;IQVIA Hospital & aCGRP Panels (Jan’26); Insight Health data for Germany; Local data (Jan’26) for Austria, Belgium, Czech Republic, Nordics (Finland, Norway & Sweden); Local primary market research for Greece.; 2. IQVIA NRx data, week ending April 4th, 2026; MAT = Moving Annual Total; MoT = months of therapy x1.Based on third-party US data from Symphony, top headache centers are defined as the top 50 treatment centers with the highest new preventive anti-CGRP prescription volume, that have 2 or more prescribers, 50 or more new prescriptions for anti-CGRPs, and 170 or more total prescriptions for anti-CGRPs (Mar’26-May’26).x2 Based on MOT June’26 data. Global revenues of $244 million in Q2’26, +56% YoY Quarterly Global Net Sales 63 73 105 87 116 71 66 76 76 7820 30 30 33 49 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 211 +56% 11 | IM Europe USA 2026 Q2 2025 Q2 2025 Q3 2025 Q4 2026 Q1 244 155 168 196 Europe: driven by 32% MAT growth in preventive therapies and our continued leadership in injectables (22% MAT growth vs. 17% market) International Markets: Underlying strong growth and partner milestone U.S: #1 preventive injectable αCGRP in new prescriptions across leading U.S. headache centers2 AJOVY market share2: 29% (EU), 43% (IM) AJOVY #1 in1: Total αCGRP in >50% of markets Injectable αCGRP in >60% of markets
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ecopipam differentiated opportunity Expected first-in-class selective D1 antagonist for Tourette Syndrome Data show durable efficacy with favorable safety profile in pediatric patients Orphan drug designation with favorable pricing reflecting value living with this debilitating condition in the US in 2026 implying significant persisting underdiagnosis with poor tolerability driving only ~20-30% persistence after 1 year Tourette syndrome unmet need Leveraging Teva’s expertise in neuroscience and proven ability to unlock underpenetrated, high unmet-need markets 1. CDC | Tourette Syndrome | Data and Statistics on Tourette Syndrome, 2024; Mayo Clinic | Tourette Syndrome – Diagnosis and treatment, 2025 2. Based on internal analysis of Oracle US Claims Database 3. Tomczak KK etal. High Rates of Discontinuation of D2 Receptor Antagonists as Treatment of Tourette Syndrome in Children: A Retrospective Database Analysis American Academy of Neurology (AAN) Annual Meeting Poster, 2025. 12 |
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AUSTEDO AJOVY UZEDY 3 established Innovative assets 13 | UC = Ulcerative colitis; CD = Crohn's diseases; HS = Hidradenitis Suppurativa; FSCD = Fibrostenotic Crohn’s Disease Potential trajectory of our pipeline, subject to regulatory approval TODAY olanzapine ecopipam DARI emrusolmin duvakitug UC AUSTEDO AJOVY UZEDY duvakitug CD Growing share of Innovative revenues 2030 Anti IL-15 add'l indications olanzapine ecopipam DARI emrusolmin New assets (incl. BD) AUSTEDO AJOVY UZEDY Strengthened Innovative Portfolio duvakitug UC duvakitug CD TSLP/IL-13 Anti IL-15 Vitiligo Anti IL-15 Celiac By 2035 duvakitug HS duvakitug FSCD
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olanzapine LAI Schizophrenia Preparing for launch LAI franchise DARI (ICS-SABA) Asthma Enrollment completed for exacerbation study duvakitug Hidradenitis Suppurativa Fibrostenotic Crohn’s Disease Phase 2 first patient in Q4 2026 2028 if accelerated pathway emrusolmin MSA Fast track and orphan drug designations Anti IL-15 Celiac Celiac fast-track designation Anti IL-15 Vitiligo Development at speed accelerated pathway Phase 3 enrollment on target duvakitug (anti-TL1A) UC/CD ecopipam (EBS-101) Tourette Syndrome Preparing for launch 14 | UC: Ulcerative colitis; CD: Crohn's diseases; MSA: Multiple System Atrophy; LAI: Long Acting Injectable; DARI: Dual-Action Asthma Rescue Inhaler; duvakitug, emrusolmin and DARI are developed in collaboration with Sanofi, MODAG and Launch Therapeutics, respectively. 1. Non-risk adjusted Peak Sales indicative to illustrate potential; Pipeline products subject to regulatory approval 2. Source for estimated market size at launch: olanzapine LAI and Vitiligo: Evaluate Pharma; IBD: Evaluate Pharma and IQVIA; DARI: DRG Clarivate; emrusolmin: internal estimates using epidemiology and analogues; Celiac: Evaluate Pharma and internal estimates Late-stage pipeline assets Peak sales potential1 Targeted submission ImmunologyTherapeutic areas: Neuroscience Ambition to grow and accelerate pipelineEstimated Market size2
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2022 4-years CAGR (2022-2026E) Innovative includes AUSTEDO, AJOVY, UZEDY historically, as well as other potential innovative launches going forward; Non-Innovative includes all other businesses and products, including other older innovative products. Figures presented are on an annual basis Teva revenue trajectory illustrative ($B, % of total, % growth) Innovative Non-Innovative Total Innovative Non-Innovative 2026E 2030+ 9% 91% $14.9 54% 54.5% - 55.5% Gross Margin (%) >60% 22% 78% $16.5-$16.85 FY’26 outlook Mid-single digit growth% -1% ~40% ~6% 15 |
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Global Generics: down 15% Q2’26 vs. Q2’25; 2-year -9% CAGR1, mainly driven by Gx Revlimid® % growth in local currency, compared to Q2 2025 Gx Revlimid® refers to lenalidomide capsules (a generic version of Revlimid®) 1. CAGR excluding Japan BV, in local currency $961 $1,040 $410 $660 $1,024 $419 Q2-25 Q2-26 Europe International MarketsUnited States Q2-25 Q2-26 Q2-25 Q2-26 +15% +15% -31% -4% -1% -20% +7% +2%1 16 |
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17 | Bx Simponi® (golimumab)5 $8B originator value4 Bx Simponi Aria® (golimumab)5 Bx Xolair® (omalizumab) Non-exhaustive list of launches 29+ Biosimilars portfolio 1. Analysis Q1 earnings reports; 2. IQVIA data for May 2026; 3. Namely Bx Eylea® (aflibercept), in collaboration with Formycon for the EU market, and with Alvotech for the U.S. market, Bx Xgeva® (denosumab), under regulatory review in the U.S., and Bx Prolia® (denosumab), approved in the U.S.; 4. Originator value based on 2025 net sales reported by IQVIA; 5. In collaboration with Alvotech for the U.S. market; 6. In collaboration with mAbxience; 7. In collaboration with Polpharma 15 assets in market Bx Entyvio® (vedolizumab)5 $58B originator value4 Bx Entyvio® SC (vedolizumab)5 Bx Opdivo® (nivolumab)6 Bx Ocrevus® (ocrelizumab IV)7 (new) Bx Ocrevus Zunovo® (ocrelizumab SC)7 (new) Bx Keytruda® (pembrolizumab)6 Reflecting operational readiness dates, subject to regulatory approval TODAY 2027 ’28-’30 2031+ Teva Biosimilar business is one of the fastest-growing vs. peers YTD1 U.S.: Strong performance, with 2 out of 5 Biosimilars ranked #12 EU: 3 products launched H1’263
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Cash-to-earnings2,3,4 Net debt / adjusted EBITDA2 Revenue growth (CAGR ’23 – ’27) Operating income margin1,2 1. Operating income margin = Non-GAAP operating income divided by net revenues; excluding potential impact of business development deals depending on timing 2. All measures including operating income, Adjusted EBITDA and cash-to-earnings are presented on a non-GAAP basis 3. Cash-to-earnings reflects free cash flow divided by non-GAAP net income attributable to ordinary shareholders 4. Free cash flow includes cash flow from operating activities, beneficial interest collected in exchange for securitized accounts receivables, proceeds from divestitures of businesses and other assets, net of cash used for capital investment. 18 | Mid-single digit % 30% 2.0x 80%
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Executive Vice President, Global R&D & Chief Medical Officer 2 Pipeline Update 19 |
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olanzapine LAI Schizophrenia Preparing for launch LAI franchise DARI (ICS-SABA) Asthma Enrollment completed for exacerbation study duvakitug Hidradenitis Suppurativa Fibrostenotic Crohn’s Disease Phase 2 first patient in Q4 2026 2028 if accelerated pathway emrusolmin MSA Fast track and orphan drug designations Anti IL-15 Celiac Celiac fast-track designation Anti IL-15 Vitiligo Development at speed accelerated pathway Phase 3 enrollment on target duvakitug (anti-TL1A) UC/CD ecopipam (EBS-101) Tourette Syndrome Preparing for launch 20 | UC: Ulcerative colitis; CD: Crohn's diseases; MSA: Multiple System Atrophy; LAI: Long Acting Injectable; DARI: Dual-Action Asthma Rescue Inhaler; duvakitug, emrusolmin and DARI are developed in collaboration with Sanofi, MODAG and Launch Therapeutics, respectively. 1. Non-risk adjusted Peak Sales indicative to illustrate potential; Pipeline products subject to regulatory approval 2. Source for estimated market size at launch: olanzapine LAI and Vitiligo: Evaluate Pharma; IBD: Evaluate Pharma and IQVIA; DARI: DRG Clarivate; emrusolmin: internal estimates using epidemiology and analogues; Celiac: Evaluate Pharma and internal estimates Late-stage pipeline assets Peak sales potential1 Targeted submission ImmunologyTherapeutic areas: Neuroscience Ambition to grow and accelerate pipelineEstimated Market size2
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LAI = Long Acting Injectable; MAA = Marketing Authorisation Application Note: SteadyTeq® is Teva's trademark for the BEPO technology it licenses from Medincell. On track for FDA action in Q4’26 EU MAA accepted, Q2’26 5 abstracts presented in June 2026: 21 | Preparing for Launch, pending regulatory approval 3 at PAGE 2 at Psych Elevate olanzapine LAI SC updates
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1. Gilbert DL, et al. Pediatrics. 2023;151(2):e2022059574. Randomized, double-blind, placebo-controlled trial 2. JAMA Neurol. Published online May 26, 2026. doi:10.1001/jamaneurol.2026.1431 3. Gilbert, Donald L., et al. "Ecopipam for Tourette Syndrome: A Randomized, Double-Blind, Placebo-Controlled Trial." Pediatrics, vol. 151, no. 2, 2023, p. e2022059574, doi.org; Tourette Syndrome in pediatric population 22 | lower relapse risk vs. placebo Tic-score reduction Change in Tic Severity Over 12 Weeks1 Time to Relapse Over 12 Weeks2 Key Highlights Novel Mechanism of action, D1 antagonist High unmet medical need for durable and well tolerated therapies 66% of patient is Phase 3 follow up study completed 1 year of treatment with sustained tic reduction NDA submitted to the FDA in June, expected approval in 2027
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>80% of events achieved to date 1. Device approved for ProAir Respiclick®; Approved for ≥4 years of age. ICS/SABA=Inhaled Corticosteroid/Short-Acting Beta2-Agonist; GINA = Global Initiative for Asthma; DARI is developed in collaboration with Launch Therapeutics. Easy-to-use DPI device platform1 Differentiated dry powder device 23 | Bronchodilator relaxes tightened smooth muscle Corticosteroid reduces airway wall inflammation 2,700+ patients Moderate-to-severe asthma; peds, adolescents & adults Primary endpoint Time to first severe exacerbation (event-driven) Normal bronchiole Asthmatic bronchiole Figure adapted from: Global Initiative for Asthma (GINA). Global Strategy for Asthma Management and Prevention, 2024. ginasthma.org Bousquet J, Jeffery PK, Busse WW, et al. Am J Respir Crit Care Med. 2000;161:1720–1745. Phase 3 FLAIR Study Illustrative example device Asthma narrows airways from inflammation & smooth-muscle constriction DARI dual action targets both drivers of airway obstruction in asthma The case for dual-action rescue
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RELIEVE Ulcerative Colitis & Crohn’s Disease Duvakitug Phase 2b Study
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Teva and Sanofi developed duvakitug in collaboration; UC = Ulcerative colitis; CD = Crohn's diseases Randomization of pivotal induction starts after open-label feeder study enrollment is completed. Responders from duvakitug induction arms are re-randomized to maintenance study; R=randomization, PBO = Placebo. Note: trial schematic shown represents a simplified & abstracted view for clarity. Duvakitug Phase 3 studies are on ClinicalTrials.gov for: NCT07184996, NCT07184931, NCT07185009 and NCT07184944 duvakitug | Dose 1 duvakitug | Dose 2 duvakitug | Dose 1 duvakitug | Dose 2 PBO PBO Open-label Feeder R Induction Maintenance R • Studies for additional indications initiating in 2026 • Hidradenitis Suppurativa (HS) to unlock non-T2-based indications • Fibrostenotic Crohn’s Disease (FSCD) to unlock fibrotic indications and expand IBD presence UC Phase 3 Program CD Phase 3 Program 25 |
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Painful, inflamed nodules, abscesses, tunnels, and scars form in skinfolds1 Affects ~1% of adults; onset typically ages 18-39, with women at ~2x risk2 Significantly impacts quality of life due to physical symptoms and emotional distress from scarring and flare-ups3 Diagnosis takes 7–10 years on average, often after repeated misdiagnoses.4-6 Therapies give inconsistent, partial relief and often lose efficacy over time. 4-8 26 | TL1A is overexpressed in HS, making duvakitug positioned to target multiple pathways (Th1 & Th17). TL1A amplifies inflammation, neutrophil recruitment & tissue damage References: 1. Nguyen 2021 2. Wipperman 2019 3. Daveluy 2024 4. Dermatology Advisor 5. HealthCentral 6. YouTube 7. NCBI PMC8349666 8. AJMC 9. Simcoe Derm 10. ScienceDirect Healthy Skin Normal follicle and intact skin barrier Inflammatory Nodules Follicular occlusion forms painful nodules Abscess Pus-filled, swollen, inflamed lesions Sinus Tracts & Tunnels Interconnected tunnels with chronic drainage Scarring & Fibrosis Extensive scarring and permanent damage HS disease progression
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Chronic inflammation scars the gut wall as activated fibroblasts overproduce collagen, narrowing the intestinal lumen.1 Symptoms: cramping, nausea, vomiting, bloating, and weight loss.2 Biologics curb inflammation but do not reverse scarring; no approved anti- fibrotics exist.3 Over 50% of Crohn’s patients develop strictures; many need dilation or resection, and strictures often recur.4 Higher hospitalization, steroid dependency, lower quality of life, and higher care costs.4 27 | TL1A’s potential direct anti-fibrotic activity could transform Fibrostenotic Crohn’s Disease (FSCD) Normal gut wall Fibrostenotic stricture Wide, open lumen; thin uniform wall; healthy mucosa and layered muscle. Narrowed lumen; thickened fibrotic wall; dense collagen scarring. Figure illustrations adapted from Mignini et al., Int J Mol Sci 2024; 25:6326 and Macias-Ceja et al., Front Cell Dev Biol 2023; 11:1258843. TL1A References: 1. NCBI PMC11204249 2. CRSS 3. NCBI PMC7609387 4. NCBI PMC8689124
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Patient scoring using Patient Global Impression of Change for Vitiligo on a scale of 1-7, very much improved = 1. N= 19, completer analysis for F-VASI >0.5 Source: Teva Phase 1b clinical trial - A Trial to Test the Safety and Efficacy of TEV-53408 in Treating Vitiligo28 | ~75% of patients reported improvement in their facial vitiligo Differentiated treatment with 2 Subcutaneous doses of TEV-’408 12 weeks apart Two patients scored themselves “very much improved”; Patient photos removed to protect the patient's privacyPatient photos removed to protect the patient's privacy
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SC: subcutaneous, q12: every 12 weeks Source: Teva Phase 1b clinical trial - A Trial to Test the Safety and Efficacy of TEV-53408 in Treating Vitiligo; AbbVie Announces Upadacitinib (RINVOQ®) Met the Primary Endpoint in Phase 2 Clinical Trial of Vitiligo as Program Advances to Phase 3 29 | Response Rates for anti-IL-15 (TEV-’408) Compare Favorably with a JAK Inhibitor in Development at 24 Weeks Response Rates TEV-53408 Phase 1b Week 24 N=38 Study Population F-VASI ≥ 0.5 OR T-VASI ≥ 5 Dosing SC q12 weeks F-VASI50* 42% F-VASI75* 21% T-VASI50* 7% Upadacitinib Phase 2 Week 24 N=47 N=43 F-VASI ≥ 0.5 AND T-VASI ≥ 5 Oral 11 mg daily Oral 22 mg daily 38.3% 39.5% 19.1% 14.0% 6.4% 11.6% *Completer analysis: • F-VASI evaluated in patients with F-VASI>0.5 • T-VASI evaluated in patients with T-VASI≥5 • F-VASI50 (facial): ≥50% improvement from screening F-VASI • F-VASI75 (facial): ≥75% improvement from screening F-VASI • T-VASI50 (total body): ≥50% improvement from screening T-VASI
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Healthy gut Celiac disease Tall villi and deep crypts support efficient nutrient absorption Villous atrophy, crypt hyperplasia and increased IELs cause malabsorption Villi Brush border Goblet cells Crypts Villous atrophy ↑ IELs Crypt hyperplasia Inflammation IL-15 ↑ drives IEL attack Stomach Large intestine Small intestine Anti-IL-15 therapy Anti-IL-15 potentially protects villi and quiets the immune attack to enable mucosal recovery Villi restored Quiescent IELs Blocking IL-15 Potentially Restores Gut Architecture in Celiac Disease 30 |
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UC: Ulcerative; CD: Crohn's diseases; MSA: Multiple System Atrophy; LAI: Long Acting Injectable; DARI: Dual-Action Asthma Rescue Inhaler; duvakitug, emrusolmin and DARI are developed in collaboration with Sanofi, MODAG and Launch Therapeutics, respectively Assets Key anticipated milestone for 2026 Timing olanzapine LAI duvakitug UC/CD Phase 2 maintenance data H1’26 Anti IL-15 DARI (ICS/SABA) emrusolmin Anti-PD-1/IL-2 H2'26 Targeted completion of pivotal Phase 3 studies H2'26 Phase 2 futility analysis H2'26 Anticipated FDA approval H2'26 Initial human data H2'26 H1'26 Celiac Phase 2a topline results Vitiligo Phase 1b topline results ecopipam Filed with the FDA H1’26 31 |
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Executive Vice President, Chief Financial Officer 3 Financial update 32 |
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Strong innovative growth driving Q2’26 results 33 | Clear path to 30% OPM by 2027 driven by Transformation Programs savings and growth/mix effect, despite gRevlimid impact Steady execution against our Capital Allocation strategy, acknowledged by rating agencies – incl. IG rating by Fitch OPM = Non-GAAP Operating margin
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34 | $700 millionUpfront Cash Consideration Royalties + up to $200 million in milestones1 Potential Future Consideration ~80%Product Gross Margin Asset purchase Expected Accounting Treatment Closed June ‘26Closing Key Terms Financial Impact Financing considerations • Acquisition financed with cash on hand • Balance sheet remains strong Expected impact to 2026 outlook2 • Lowers non-GAAP operating profit by ~$775M, of which $700M is IPR&D and ~$75M operating expenses and transaction costs • Upfront consideration flows through cash flow from investing, and as such does not impact free cash flow Expected longer-term impact • No expected impact to 2027 targets or those beyond • Accretive to non-GAAP EPS and expected to contribute to margin expansion in 2028 • Orphan drug exclusivity (7 years post-approval) + IP protection GAAP = General Accepted Accounting Principles; IPR&D = In-process Research and Development; EPS = Earnings Per Share, IP = Intellectual Property 1. milestone payments to former shareholders of up to $200 million, and $125 million to third parties 2. See Q1 2026 Earnings Presentation for more details
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Revenues are presented only on a GAAP basis In reported currency; Earnings per share based on a fully diluted basis Gx Revlimid® refers to lenalidomide capsules (the generic version of Revlimid®) $ Millions Q2-25Q2-26 Q2-25Q2-26 Revenues Adjusted EBITDA Q2’25 Gx Revlimid® 3,858 318 4,142 1,010 223 726 4,176 1,233 $ millions, except EPS Q2 2026 Q2 2025 ΔYoY* Q2 2026 Q2 2025 ΔYoY* Q2 2026 Emalex impact GAAP Non-GAAP Revenues 4,142 4,176 -1% 4,142 4,176 -1% Gross profit 2,153 2,102 +2% 2,293 2,278 +1% Gross profit margin 52.0% 50.3% +165 bps 55.4% 54.6% +80 bps Operating income (loss) (231) 455 -151% 375 1,133 -67% (726) Operating income margin (5.6%) 10.9% -1,648bps 9.0% 27.1% -1,809bps (17.5%) Net income (loss) attributable to Teva (576) 282 -304% 21 769 -97% (726) Earnings (loss) per share ($)* (0.49) 0.24 -0.74/-303% 0.02 0.66 -0.64/-97% (0.61) Number of shares (millions) 1,165 1,161 +0% 1,181 1,161 +2% EBITDA (Non-GAAP) 474 1,233 -62% (726) Free Cash Flow 622 476 +31% 35 | Emalex Impact 474
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2024* 2025 May Guidance Gx Revlimid Teva transformation Growth & mix effect 2027 Growing OP$ and OPM every year 2024-2027 (in %) OP = Non-GAAP Operating Profit; OPM = Non-GAAP Operating Profit Margin * Excluding Japan BV April – December 2024; Gx Revlimid® refers to lenalidomide capsules (the generic version of Revlimid®) 2026 (+125 - 200bps YoY) Accelerated transformation offsetting Gx Revlimid® impact, innovative growth driving expansion 2025 Growth and mix effect driving margin expansion 2027 (+125 - 250bps YoY) Gx Revlimid® revenue compensated, full impact of transformation and innovative growth 27-28% OPEX% 25.6 – 26.7% 30% 26.3% +330-440 bps 36 |
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OP = Non-GAAP Operating Profit; OPM = Non-GAAP Operating Profit Margin Gx Revlimid® refers to lenalidomide capsules (the generic version of Revlimid®) 1 excludes Japan BV impact in Q1’25 of $75 million $8.1bn $8.0bn H1’26 vs. H1’25 Revenue H1 20251 Gx Revlimid® Innovative and Bios Growth & Mix H1 2026 37 | 25.8% 16.4%* H1’26 vs. H1’25 OPM H1 2024 H1 2025 GM% OPEX% H1 2026 24.4% Emalex % -8.9%
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Continuous debt reduction since 2019 Driving down financial expenses Total net financial expenses (in $M)Net debt ($B) Net Debt / EBITDA 5.3x 2.84x* 2.0x 2019 2027Q2’262019 2027Q2’26 24.9 12.9* Creating direct impact on cash conversion and free capital to reinvest in the business FCF: Free Cash Flow; EPS: Earnings per Share * Q2 2026 Teva’s Net Debt and Net Debt to EBITDA mat includes Emalex P&L impact of $726 million and cash impact of $696 million Net debt = gross debt – cash balance ; Gross debt as of December 31, 2019, was $26.9 billions, and as of June 30, 2026, it stands at $16.6 billions; 2019 2024 Q2’26 15.9% 6.6% 11.9% 1.8% 2030 NWC % of revenues 2025 2027-2030 range 865 350-650 38 |
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Net debt = gross debt – cash balance * Q2 2026 Teva’s Net Debt includes Emalex cash impact of $696 million39 | May 2026 Upgraded rating to BBB- withstableoutlook Gross Debt $16.6B Net Debt $12.9B* Duration 5.13 WAC ~4.8% December 2025 Upgraded rating to BB+ with stable outlook Affirmed Ba1 rating revised topositive outlook (from stable) December 2025
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2025 2026 As Reported1 Excl. duvakitug milestones & Japan BV2 April 29 Outlook (Including Emalex) July 29 Outlook (Including Emalex) Emalex Impact Revenues3 $17.3B $16.7B $16.4 - $16.8B $16.5 - $16.85B AUSTEDO ($m) 2,260 2,400 - 2,550 2,450 - 2,600 AJOVY ($m) 673 750 – 790 850 – 870 UZEDY ($m) 191 250 – 280 270 – 290 Operating Income $4.9B $4.5B $3.8 - $4.0B $3.8 - $4.0B -$0.77 28.4% 26.9% 23.0% - 24.0% 23.0% - 23.7% -4.5% to -4.7% Adjusted EBITDA $5.3B $4.9B $4.23 - $4.53B $4.23 - $4.53B -$0.77 30.7% 29.3% 25.8% - 26.9% 25.6% - 26.9% -4.6% to -4.8% Finance Expenses $0.9B $0.9B ~$0.8B ~$0.8B Tax Rate 15.8% 20% - 23% 20% - 23% +400 bps to ETR Diluted EPS ($) $2.93 $2.65 $1.91 - $2.11 $1.91 - $2.11 -$0.66 1,163M shares 1,163M shares 1,185M shares 1,185M shares Free Cash Flow4 $2.4B $1.9B $2.0 - $2.4B $2.0 - $2.4B CAPEX3 $0.5B $0.5B $0.5B $0.5B 40 | 1. 2025 includes a full-year contribution from Teva api and a first quarter $75M contribution from our business venture in Japan (which was divested on March 31, 2025); 2. Includes a full year contribution from Teva api and excludes 3 months of Japan BV (Jan– March ‘25) and the development milestone payments of $500 million received in Q4’25, in connection with the initiation of Phase 3 studies for duvakitug, recorded as revenue; 3. Revenues and Capex are presented only on a GAAP basis; 4. Free cash flow includes cash flow from operating activities, beneficial interest collected in exchange for securitized accounts receivables, proceeds from divestitures of businesses and other assets, net of cash used for capital investment; Volatile swings in FX can negatively impact revenue and income. Emalex transaction upfront consideration flows through cash flow from investing, and as such does not impact free cash flow;
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Better alignment of debt maturities with FCF and reaching 2.0x leverage Continue investments in Innovative R&D and potential value-creative Business Development Cash flow from operations Increase S&M to support Innovative franchise growth Return capital to shareholders via a share repurchase program if highest return alternative Portfolio optimization FCF: Free Cash Flow; R&D: Research & Development Expense; S&M: Selling & Marketing Expense Free cash flow includes cash flow from operating activities, beneficial interest collected in exchange for securitized accounts receivables, proceeds from divestitures of businesses and other assets, net of cash used for capital investment 41 | 1 2 3 4
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42 | Streamlined approach allows for broader group of potential shareholders and, ultimately, a lower cost of capital for Teva Last Trading Day of ADSs on NYSE: Friday, Sept. 11, 2026 First Trading Day of Ordinary Share on NYSE: Monday, Sept. 14, 2026 ADSs will be converted into ordinary shares in a mandatory exchange, expected to be tax-free for most holders For additional information please see Ordinary Share Listing FAQ Key Dates & Facts Teva will transition from ADSs traded on the NYSE to ordinary share direct listing on both the NYSE and TASE Shares will be fully fungible Expands investor access and supports potential inclusion in leading indices Strengthens capital market flexibility Remains dually-listed in both U.S. and Israel ADSs = American Depositary Shares; NYSE = New York Stock Exchange; TASE = Tel-Aviv Stock Exchange September 14TODAY Ordinary sharesADSsNYSE Ordinary sharesOrdinary sharesTASE
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President and Chief Executive Officer 4 Conclusion & Q&A 43 |
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44 | LAI: Long Acting Injectable; DARI: Dual-Action Asthma Rescue Inhaler; HS = Hidradenitis Suppurativa; FSCD = Fibrostenotic Crohn’s Disease 1. All peak sales are potential only and pipeline products are subject to regulatory approval 2. duvakitug developed in collaboration with Sanofi; peak sales for UC/CD 3. peak sales for Vitiligo and Celiac 4. Operational readiness dates, subject to regulatory approval AUSTEDO: $1.7B Generics and OTC AJOVY and UZEDY Return to growth AUSTEDO: >$2.5B (in '27) AJOVY LAI Franchise (UZEDY and olanzapine LAI) Bx (~$0.8B in ’27 18 products in market4) Generics and OTC Accelerate growth ecopipam AUSTEDO: >$3B peak sales1 AJOVY: ~$1B peak sales LAI Franchise : $1.5-2B peak sales1 Bx (29 products in market4) duvakitug: $2-5B peak sales1,2 DARI: $1B peak sales1 emrusolmin: >$2B peak sales1 Generics and OTC Sustain growth Ecopipam (EBS-101) Anti IL-15: $2.5-3B peak sales1,3 Earlier stage and new assets New indications on existing assets 2022 - 2024 2025 - 2027 2028+ duvakitug FSCD duvakitug HS
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Pipeline progressing at speed Near-term value-unlocking pipeline milestones Steady execution against our Capital Allocation strategy Strong Q2’26 results, led by innovative and biosimilar growth % revenue growth In local currency 45 |
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47 |
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48 | TEV-’279 Neuroscience TEV-’288 Neuroscience TEV-’325 Immunology Anti-IL-15 (TEV-’408) Vitiligo TEV-’192 Immunology & Neuroscience Anti-PD1-IL2 (TEV-’278) Attenukine Oncology Anti-IL-15 (TEV-’408) Celiac Dual Action Rescue Inhaler (DARI) ICS/SABA4 (TEV-’248) Asthma Emrusolmin (TEV-’286)1 Multiple System Atrophy Novel Biologic Small Molecule Technology platforms Pipeline is current as of July 29, 2026 1. In collaboration with MODAG. 2. Submitted to FDA December 2025, submitted to EMA April 2026 3. Submitted to FDA June 2026 4. In collaboration with Launch Therapeutics 5. In collaboration with Sanofi Teva innovative medicine pipeline by development stage, excluding country / regional launches of products submitted or under review in new markets. Sery433 (TEV-’2871) Neuroscience Preclinical Phase 1 Phase 2 Phase 3 Duvakitug (TEV-’574)5 Ulcerative Colitis & Crohn’s Disease Under Regultory Review Olanzapine LAI (TEV-’749)2 Schizophrenia Ecopipam (EBS-101)3 Tourette's Syndrome
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49 | Preclinical Clinical Pipeline is current as of July 29, 2026 1. In collaboration with Alvotech for the U.S. Market 2. In collaboration with Polpharma 3. In collaboration with mAbxience 4. Launched regional in Europe and under regulatory review in US 5. Launched regional in Europe and approved in US 6. In collaboration with Celltrion in the U.S. and Canada 7. In collaboration with BioEq in the UK (marketed as ONGAVIA®), in the EU (marketed as RANIVISIO®) and in Canada (marketed as RANOPTO®) 8. In collaboration with Samsung Bioepis in the U.S. Teva biosimilar pipeline by development stage, excluding country / regional launches of products submitted or under review in new markets. Under Regulatory Review TEV-’285 TEV-’289 Bx Ocrevus2 Bx Ocrevus Zunovo2 TEV-’2951 TEV-’2961 TEV-’2921 TEV-’3163 1 6 6 Approved Select Commercial Biosimilar Products Biosimilar to Entyvio® IV (vedolizumab)1 Biosimilar to Simponi® (golimumab)1 1 Biosimilar to Simponi Aria® (golimumab)1 Biosimilar to Eylea® (aflibercept)1 7 8 Biosimilar to Entyvio® SC (vedolizumab)1 Biosimilar to Xgeva® (denosumab)4 Biosimilar to Prolia® (denosumab)5 Biosimilar to Xolair® (omalizumab) TEV-’3333
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Revenues are presented only on a GAAP basis In reported currency; Earnings per share based on a fully diluted basis $ millions, except EPS H1 2026 H1 2025 ΔYoY H1 2026 H1 2025 ΔYoY H1 2026 Emalex impact GAAP Non-GAAP Revenues 8,124 8,067 +1% 8,124 8,067 +1% Gross profit 4,124 3,979 +4% 4,401 4,332 +2% Gross profit margin 50.8% 49.3% +145 bps 54.2% 53.7% +47 bps Operating income (loss) 421 975 -57% 1,331 2,079 -36% (726) Operating income margin 5.2% 12.1% -690bps 16.4% 25.8% -939 bps (17.5%) Net income (loss) attributable to Teva (207) 497 n.a. 642 1,371 -53% (726) Earnings (loss) per share ($)* (0.18) 0.43 n.a. 0.54 1.18 -0.64/-+54% (0.61) Number of shares (millions) 1,160 1,159 +0% 1,179 1,159 +2% EBITDA (Non-GAAP) 1,529 2,274 -33% (726) Free Cash Flow 810 583 39% 51 |
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$ millions, except EPS Q2-26 Q2 2026 Margins Q2-25 Q2 2025 Margins Change Revenues 4,142 4,176 (1%) COGS 1,989 48.0% 2,074 49.7% (4%) Gross profit 2,153 2,102 2% Gross margin 52.0% 50.3% +165bps R&D 970 23.4% 244 5.8% N/A S&M 717 17.3% 654 15.7% 10% G&A 317 7.7% 305 7.3% 4% Legal settlements and loss contingencies 230 5.6% 166 4.0% N/A Impairments, restructuring and others 169 4.1% 274 6.6% N/A Other income (19) (0.4%) 4 0.1% N/A Operating income (231) 455 Operating margin (5.6%) 10.9% -1648bps Financial expenses, net 224 5.4% 252 6.0% N/A Tax 121 (26.5%)* (78) (38.5%)* N/A Minority and share in profit 0 0.0% (1) (0.0%) N/A Net income (loss) attributable to Teva (576) (13.9 %) 282 6.8% N/A # of shares (diluted, millions) 1,165 1,161 Earnings (loss) per share ($) (0.49) 0.24 (0.74) * Represents tax rate52 |
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$ millions, except EPS H1-26 H1 2026 Margins H1-25 H1 2025 Margins Change Revenues 8,124 8,067 1% COGS 4,000 49.2% 4,088 50.7% (2%) Gross profit 4,124 3,979 4% Gross margin 50.8% 49.3% +145bps R&D 1,191 14.7% 490 6.1% N/A S&M 1,413 17.4% 1,276 15.8% 11% G&A 621 7.6% 603 7.5% 3% Legal settlements and loss contingencies 303 3.7% 249 3.1% N/A Impairments, restructuring and others 203 2.5% 373 4.6% N/A Other income (28) (0.3%) 12 0.1% N/A Operating income 421 975 Operating margin 5.2% 12.1% -690bps Financial expenses, net 440 5.4% 477 5.9% (8%) Tax 188 (1028.7%)* (4) (0.9%)* N/A Minority and share in profit 1 0.0% 5 0.1% N/A Net income (loss) attributable to Teva (207) (2.5%) 497 6.2% N/A # of shares (diluted, millions) 1,160 1,159 Earnings (loss) per share ($) (0.18) 0.43 (0.61) * Represents tax rate53 |
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54 | $ millions Q2 2026 Q2 2025 Diff FX Effect Diff net FX H1 2026 H1 2025 Diff FX Effect Diff net FX Revenues 4,142 4,176 (34) 85 (119) 8,124 8,067 58 304 (247) Gross Profit GAAP 2,153 2,102 51 54 (3) 4,124 3,979 146 178 (32) Gross Profit Non-GAAP 2,293 2,278 15 54 (39) 4,401 4,332 69 178 (109) Operating income (loss) GAAP (231) 455 (686) 26 (713) 421 975 (553) 98 (651) Operating income Non-GAAP 375 1,133 (758) 26 (785) 1,331 2,079 (748) 98 (846)
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3,819 4,164 4,332 4,229 3,891 4,176 4,480 4,711 3,982 4,142 51.4% 52.9% 53.7% 54.8% 52.8% 54.6% 55.3% 60.3% 52.9% 55.4% 23.4% 25.3% 28.0% 27.6% 24.3% 27.1% 28.9% 32.5% 24.0% 9.0% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Revenues Non-GAAP Gross Profit Margin Non-GAAP Operating Margin $ millions Figures include the development milestone payments of $500 million received in Q4’25, in connection with the initiation of Phase 3 studies for duvakitug, all recorded as revenue. Q2 2026 non-GAAP operating margin includes Emalex P&L impact of $726 million55 |
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(1) Figures include the development milestone payments of $500 million received in Q4’25, in connection with the initiation of Phase 3 studies for duvakitug, recorded as revenue (2) Other activities include primarily the sale of APIs to third parties, certain contract manufacturing services and an out-licensing platform offering a portfolio of products to other pharmaceutical companies through our affiliate Medis. Commencing January 1, 2026, Anda is no longer reported under our United States segment. From that date, Anda is reported as part of Other Activities. Prior period amounts were recast to reflect this change. Our other activities are not included in our United States, Europe or International Markets segments. $ millions Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 U.S. Segment 1,786 2,090 2,278 1,534 1,702 Generic products 961 1,175 673 612 660 AJOVY® 63 73 105 87 116 AUSTEDO® 495 601 725 559 676 BENDEKA®/TREANDA® 40 35 35 27 28 COPAXONE® 62 62 77 62 61 UZEDY® 54 43 55 63 77 Other(1) 111 101 608 123 84 Europe Segment 1,298 1,235 1,314 1,340 1,263 Generic products 1,040 982 1,033 1,089 1,024 AJOVY® 71 66 76 76 78 COPAXONE® 50 44 45 40 49 Respiratory 55 52 65 59 58 Other 81 91 96 76 54 International Markets Segment 495 557 528 524 550 Generic products 410 421 422 386 419 AJOVY® 20 30 30 33 49 COPAXONE® 7 8 6 6 8 AUSTEDO® 3 17 9 19 20 Other 55 82 60 79 55 Other activities(2) 597 598 592 584 627 Total Teva 4,176 4,480 4,711 3,982 4,142 56 |
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$ millions, EPS in $ Figures include development milestone payments of $500 million received in Q4’25, in connection with the initiation of Phase 3 studies for duvakitug, all recorded as revenue. Q2 2026 non-GAAP operating income, net income and non-GAAP EPS includes Emalex P&L impact of $726 million 548 697 798 816 602 769 910 1,130 621 21 892 1,056 1,214 1,168 946 1,133 1,294 1,532 956 375 0.48 0.61 0.69 0.71 0.52 0.66 0.78 0.96 0.53 0.02 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Non-GAAP Net Income Non-GAAP Operating Income Non-GAAP EPS 57 |
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$ millions Commencing January 1, 2026, Anda is no longer reported under our United States segment. From that date, Anda is reported as part of Other Activities. Prior period amounts were recast to reflect this change. 1,133 375 775 Q2 25 US 3 EU 25 IM 12 Other Q2 26 58 | -758 (-67%) -785 (-69%) US EU IM OtherQ2-25 Q2-26
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59 | $ millions US EU IM Other Commencing January 1, 2026, Anda is no longer reported under our United States segment. From that date, Anda is reported as part of Other Activities. Prior period amounts were recast to reflect this change. 2,079 1,331 785 H1 25 H1 26 76 7 31 -748 (-36%) -780 (-38%)
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$ millions Numbers in brackets present a percentage of the total figure Figures include the development milestone payments of $500 million received in Q4’25, in connection with the initiation of Phase 3 studies for duvakitug, recorded as revenue Commencing January 1, 2026, Anda is no longer reported under our United States segment. From that date, Anda is reported as part of Other Activities. Prior period amounts were recast to reflect this change. * Q2 2026 non-GAAP operating income includes Emalex P&L impact of $726 million Other Activities International Markets Europe US 4,1423,9824,7114,4804,176Revenues -3 (0%) 74 (6%) 364 (32%) Q2-25 -31 (-2%) 95 (7%) 303 (23%) Q3-25 -16 (-1%) 70 (5%) 308 (20%) Q4-25 -16 (-2%) 65 (7%) 401 (42%) Q1-26 -16 (-4%) 99 (26%) 367 (98%) Q2-26 1,133 1,294 1,532 956 375 507 (53%) 699 (62%) -76 (-20%) 927 (72%) 1,170 (76%) 60 |
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$ millions Q2-26 1,145 (38%) 1,918 (51%) 3,043 Q2-25 3,767 +725 (+24%) In local currency + 666 (+22%) COGS OPEX Revenues 4,176 4,142 GP% 54.6% 55.4% OP% 27.1% 9.0% H1-26 3,735 (62%) 2,253 (38%) 3,070 (45%) 5,988 H1-25 3,723 (55%) 6,793 +806 (+13%) In local currency + 599 (+10%) 8,067 8,124 53.7% 54.2% 25.8% 16.4% 1,898 (62%) 1,849 (49%) 61 |
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1,041 1,233 1,394 1,637 1,055 474 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $ millions Please see our press release reporting our financial results this quarter for a reconciliation of Adjusted EBITDA to its nearest GAAP equivalent Figures include the development milestone payments of $500 million received in Q4’25, in connection with the initiation of Phase 3 studies for duvakitug, recorded as revenue Q2 2026 adjusted EBITDA includes Emalex P&L impact of $726 million 62 |
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32 324 922 790 107 476 515 1,298 188 622 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $ millions 2024 Total: $2,068m Free cash flow includes cash flow from operating activities, beneficial interest collected in exchange for securitized accounts receivables, proceeds from divestitures of businesses and other assets, net of cash used for capital investment; Figures include the development milestone payments of $500 million received in Q4’25, in connection with the initiation of Phase 3 studies for duvakitug, recorded as revenue 2025 Total: $2,396m H1 2026: $810m 63 |
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$ millions 726 411 622 474 55 311 4 Securitization reclass Non-GAAP EBITDA Asset sales, net; Capex gross Free cash flow (253) Interest payments, net (162) Tax payments ΔA/R (59) ΔInventory (92) Legal settlements paid (2) ΔA/P & Other (275) ΔSecuritization Operating cash flow (104) Q2 securitization cash flow net impact +$36m. A/R = Accounts Receivable; A/P = Accounts Payable Q2 2026 adjusted EBITDA includes Emalex P&L impact of $726 million 64 | -578 (-48%)
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Sustaining cash conversion above 80% while unlocking capital of ~$1.7B Net debt = gross debt – cash balance; Net debt / EBITDA = net debt / non-GAAP EBITDA MAT (Moving Annual Total); Cash cycle = DSO (Days Sales Outstanding) + DIO (Days Inventory Outstanding) – DPO (Days Payable Outstanding); NWC = Net Working Capital = AR trade net of SR&A + Inventory – AP trade balances; NWC % revenues = average NWC balances of last 4 quarters / current Q revenues * 4 (annualized); Cash conversion = Free Cash Flow / non-GAAP Net Income; Free cash flow includes cash flow from operating activities, beneficial interest collected in exchange for securitized accounts receivables and capital expenditures; ’23-’24 avg and ’25 figures include the impact from a $500 million upfront payment received in Q4’23 related to duvakitug (anti-TLA1), and development milestone payments of $500 million received in Q4’25, in connection with the initiation of Phase 3 studies for duvakitug, all recorded as revenue. * as of June 30, 2026; * Q2 2026 Teva’s Net Debt includes Emalex cash impact of $696 million NWC % of revenues Cash generation Cash Cycle* 156 days Net Debt / EBITDA* 2.84x $12.9bn Net Debt* Free Cash Flow $bn Cash Conversion excl. legal settlements 89%92% ~100% ‘22 – ‘24 Avg 2027 2.2 2.4 >3.5 >4.0 Scheduled Legal settlements $bn ~0.6~0.4 ~0.7 2025 2030 ~100% ~0.7 2019 2024 Q2’26 15.9% 6.6% 11.9% 1.8% 2030 65 |
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$ billions June 30, 2026 March 31, 2026 Diff Cash and Cash Equivalents 3.7 3.7 (0.1) AR Trade 3.5 3.4 0.1 Pre-paid Expenses and Other Current Assets 3.4 3.4 (0.0) Inventory 3.2 3.2 0.0 Fixed Assets 3.9 4.0 (0.1) Intangible Assets 3.4 3.6 (0.2) Goodwill 15.8 15.8 0.0 Other Long-Term Assets 2.9 2.9 (0.0) Total Assets 39.9 40.0 (0.2) AP Trade 2.7 2.6 0.1 SR&A 3.9 3.7 0.2 AP Other 4.5 4.6 (0.1) Total Debt (ST+LT) 16.6 16.6 (0.0) Other Long-Term liabilities 4.4 4.3 0.1 Teva Shareholders’ Equity 7.8 8.2 (0.5) Total Liabilities & Equity 39.9 40.0 (0.2) 66 |
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$ billions Net DebtGross DebtGross Debt Mar 31, 2026 (0.0) FX and Other Jun 30, 2026 -3.7 Cash balance Jun 30, 2026 16.6 16.6 12.9 67 | Q2 2026 Teva’s Net Debt includes Emalex cash impact of $696 million
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$ billions Net Debt EBITDA MAT Net Debt / EBITDA MAT (x) Leverage 15.1 14.6 13.3 12.9 12.9 4.9 4.9 5.3 5.3 4.6 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2.842.422.502.953.09 68%67%68%70%72% Teva's Net Debt/EBITDA MAT covenant ratio limit is 4.25x for Q4 2025 onwards; MAT = Moving Annual Total (last four quarters) * Q2 2026 Teva’s Net Debt and Net Debt to EBITDA mat includes Emalex P&L impact of $726 million and cash impact of $696 million68 |
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$ billions $9.0 $11.0 $13.0 $15.0 $17.0 $19.0 $21.0 $23.0 $25.0 $27.0 $29.0 $31.0 $33.0 $35.0 $34.0 $12.9 69 | * Q2 2026 Teva’s Net Debt includes Emalex cash impact of $696 million
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$ millions Q2 2026 Amortization 139 Legal settlements 230 Restructuring 38 Impairment of long-lived assets 113 Equity compensation plans 40 Other 54 Corresponding tax effect (17) Total adjustments 597 70 |
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$ billions Gross Debt $16.6B Net Debt $12.9B* Duration 5.13 WAC ~4.8% 1.8 2.7 2.1 2.2 2.4 2.2 0.5 - 0.8 - 2.0 26 27 28 29 30 31 32 ... 36 … 46 EUR USD 71 | * Q2 2026 Teva’s Net Debt includes Emalex cash impact of $696 million
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Q1-25 Act Rev/OP ($B) Q2-25 Act Rev/OP ($B) Q3-25 Act Rev/OP ($B) Q4-25 Act Rev/OP ($B) FY-25 Act Rev/OP ($B) U.S. (incl. Anda) 1.9/0.5 2.2/0.7 2.5/0.9 2.6/1.2 9.2/3.4 EU 1.2/0.3 1.3/0.4 1.2/0.3 1.3/0.3 5.0/1.3 IM 0.6/0.1 0.5/0.1 0.6/0.1 0.5/0.1 2.2/0.3 Total Core 3.7/1.0 3.9/1.1 4.3/1.3 4.5/1.6 16.4/5.0 Other 0.2/0.0 0.2/0.0 0.2/0.0 0.2/0.0 0.9/-0.1 Total 3.9/0.9 4.2/1.1 4.5/1.3 4.7/1.5 17.3/4.9 Old P&L Q1-25 Act Rev/OP ($B) Q2-25 Act Rev/OP ($B) Q3-25 Act Rev/OP ($B) Q4-25 Act Rev/OP ($B) FY-25 Act Rev/OP ($B) U.S. (incl. Anda) 1.5/0.5 1.8/0.7 2.1/0.9 2.3/1.2 7.7/3.3 EU 1.2/0.3 1.3/0.4 1.2/0.3 1.3/0.3 5.0/1.3 IM 0.6/0.1 0.5/0.1 0.6/0.1 0.5/0.1 2.2/0.3 Total Core 3.3/0.9 3.6/1.1 3.9/1.3 4.1/1.5 14.9/5.0 Other 0.6/0.0 0.6/0.0 0.6/0.0 0.6/0.0 2.4/0.0 Total 3.9/0.9 4.2/1.1 4.5/1.3 4.7/1.5 17.3/4.9 New P&L 72 |
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73 | Source: IQVIA NPA (TRx normalized into patient months of therapy equivalent volume based on dosing regimen) Jun’26 0 5,000 10,000 15,000 20,000 25,000
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v We are all in for better health