Slides
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Teva Pharmaceutical Industries Ltd. November 3, 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; 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, 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 geopolitical, 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 their effects, and effects related to the agreement we entered into with the U.S. Administration in October 2026, on the pricing and sales of our products, manufacturing and the 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 war involving Iran, and the international responses including economic, trade, financial or other restrictive measures directed specifically at Israel or Israeli companies, 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 or plan to sell assets or business units and close or divest plants and facilities, as well as our ability to successfully and cost-effectively effectuate and consummate such sales and divestitures, including our planned divestiture of our API business; • compliance, regulatory and litigation matters, including: ongoing legal proceedings, legal settlements and loss contingencies, any 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, our October 2026 agreement with the U.S. Administration referenced above, which followed 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; • 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; and our ability to achieve our aims as a result of directly listing our ordinary shares in lieu of the American Depository Shares (“ADS”) program; 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 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. 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 third 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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6 | LAI: Long-Acting Injectable 1. WELTRUZA (olanzapine) extended-release injectable suspension Current Prescribing Information. Parsippany, NJ: Teva Neuroscience, Inc.
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7 | treated patients2 treated with orals 3 of Rx on oral olanzapine3 Still a significant unmet need: Poor adherence4 U.S. diagnosed schizophrenia patients1 ~1.5M ~20% ~1.7M Frequent relapses5 Progressive loss of function6 Isolation and loss of relationships7 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. LAI penetration based on IQVIA sales in Month of Therapy volume, with NPA Trx dataset for US; 4. MacEwan JP, Forma FM, Shafrin J, Hatch A, Lakdawalla DN, Lindenmayer J-P. Patterns of adherence to oral atypical antipsychotics among patients diagnosed with schizophrenia. J Manag Care Spec Pharm. 2016;22(11): 1349-1361; 5. 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; 6. Fountoulakis K, Dragioti E, Theofilidis A. Staging of Schizophrenia with the use of PANSS: An International Multi-Center Study. International Journal of Neuropsychopharmacology. 2019 Nov 1;22(11):681-697; 7. Stusinski J, Merk W, Lew-Starowicz M. Dyadic relationships of people with schizophrenia. Psychiatr Pol. 2022; 56(4): 861–876.
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8 | Patients currently treated with oral risperidone or paliperidone Long-Acting Treatment Option for: Long-Acting Treatment Option for: Patients currently treated with oral olanzapine Franchise peak sales expectation1 LAI: Long Acting Injectable 1. US & EU combined; Note: EU 5 prevalence. olanzapine LAI is subject to U.S. regulatory approval. 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 U.S..
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9 | Revenues -2% Non-GAAP EPS Free Cash Flow Adjusted EBITDA +7% Net Debt / EBITDA Q3’26 results -4% Q3’26 IPR&D impact Q3’26 as reported +10% Non-GAAP Gross Profit Margin +345bps All compared to Q3 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; refer to Appendix for details of IPR&D change
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$85M, 96% $269M, 61% $751M, 21% Revenues -2% Global generics$2,157M, -16% % growth In local currency, all compared to Q3 2025. Refer to Revenues by Activity and Geographical Area slide in Appendix for detailed revenue data by reporting segments; In local currency 10 |
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Revenue, TRx data and mg (milligrams) data are compared to Q3’ 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 U.S. revenues of $727M, +21% YoY in Q3’26 ($751M global, +21% YoY) Continued growth of AUSTEDO U.S. revenue AUSTEDO quarterly sales in $M 601 727 0 100 200 300 400 500 600 700 800 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 AUSTEDO growth driven by combined effects of TRx and AUSTEDO XR® penetration (>60% of new patients) U.S. TRx growth U.S. mg growth +18% +23% +21% U.S. 11 | New capabilities in place to support MFP effectuation in January 2027 $2,550M - $2,650M 2026 revenue outlook increase (+$75m at the mid-point)
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$290M - $310M revenue outlook increase (+$20m at the mid-point) 12 | Continued growth of UZEDY U.S. revenue UZEDY quarterly sales in $M 35 43 39 54 43 55 63 77 85 0 10 20 30 40 50 60 70 80 90 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Revenues of $85 million in Q3’26, +96% YoY Continued growth of TRx MoT, +62% YoY UZEDY momentum plus the recent approval of WELTRUZA, establishes a differentiated LAI portfolio for Teva +96% U.S. TRx growth driven by improved access in hospitals and expansion of prescriber base, adding >800 new prescribers per month 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; WELTRUZATM FDA Approved 10/9/2026
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$930M - $960M revenue outlook increase (+$85m at the mid-point) Global revenues of $269 million in Q3’26, +61% YoY Quarterly Global Net Sales 73 105 87 116 138 66 76 76 78 84 30 30 33 49 48 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 211 +61% 13 | IM Europe USA 2026 Q3 2025 Q3 2025 Q4 2026 Q1 2026 Q2 244 168 196 delivering >20% and >23% MAT growth in EU and IM, respectively, with sustained leadership in the growing injectable preventive market1 U.S.: AJOVY momentum continues, with 33% market share3, growing demand and an improved channel mix driving net sales growth Ex-U.S.: market shares: 28% (EU)1, 46% (IM)2 AJOVY #1 in: Total αCGRP in 65%1 of markets Injectable αCGRP in 70%2 of markets 269 % growth in local currency; 1. Market position sourced using IQVIA MIDAS dataset (Aug’26); IQVIA Hospital & aCGRP Panels (Aug’26); Insight Health data for Germany; Local data (Aug’26) for Austria, Belgium, Czech Republic, Nordics (Finland, Norway & Sweden); Local primary market research for Greece; 2. Market position sourced using IQVIA MIDAS dataset (Jul'26); IQVIA MIDAS quarterly data for Hong-Kong, Turkey (Q2'26/3), Local IQVIA data for Canada (Jul'26), Local data/Market Intelligence: Israel (Jul 26), Singapore (Q2'26/3); MAT = Moving Annual Total
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ecopipam differentiated opportunity Expected first-in-class selective D1 antagonist for Tourette Syndrome, data showing durable efficacy with favorable safety profile in pediatric patients Orphan drug designation with favorable pricing reflecting value4 Targeting launch for H1 20274 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 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 et al. 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. 4. Subject to regulatory approval 14 |
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15 | Dexmedetomidine (BXCL-501) was acquired from BioXcel; Pending Approval 1. SCZ DRG / Clarivate Epi Database Updated August 2026, BP1/BP2 Oracle Life Sciences Epi Database Updated September 2025; 2. Zeller SL, Citrome L. Managing Agitation Associated with Schizophrenia and Bipolar Disorder in the Emergency Setting. West J Emerg Med. 2016;17(2):165-172. doi:10.5811/westjem.2015.12.28763; 3. Smith C, Santalucia M, Bunn H, Muzyk A. Sublingual Dexmedetomidine for the Treatment of Agitation in Patients with Schizophrenia and Bipolar Disorder. Clin Psychopharmacol Neurosci. 2023 May 30;21(2):215–221. doi: 10.9758/cpn.2023.21.2.215: *associated with schizophrenia or bipolar I or II disorder in adults Potential first at-home treatment for acute agitation, pending regulatory approval Early intervention before2 symptoms escalation Non-invasive, self-administered treatment option 3 Leveraging our deep understanding of the schizophrenia market and patient population Commercial infrastructure and capabilities leverage expected launch Maximizing synergies across our existing prescriber base ~7M1 U.S. patients diagnosed with schizophrenia or bipolar I or II disorder Potential first at-home profile Strong strategic fit for Teva
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AUSTEDO AJOVY UZEDY 3 established Innovative assets 16 | UC = Ulcerative colitis; CD = Crohn's diseases; HS = Hidradenitis Suppurativa; FSCD = Fibrostenotic Crohn’s Disease; BD = Business Development Potential trajectory of our pipeline, subject to regulatory approval (includes Weltruza launch) TODAY WELTRUZA ecopipam BXCL-501 DARI duvakitug UC/CD AUSTEDO AJOVY UZEDY Growing share of Innovative revenues potential to launch at least 1 product per year over 5 years 2030 Anti IL-15 add'l indications WELTRUZA ecopipam BXCL-501 DARI New assets (incl. BD) AUSTEDO AJOVY UZEDY Strengthened Innovative Portfolio TSLP/IL-13 Anti IL-15 Vitiligo Anti IL-15 Celiac By 2035 duvakitug HS duvakitug FSCD duvakitug UC/CD
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WELTRUZA Schizophrenia Launch underway DARI (ICS-SABA) Asthma Enrollment completed for exacerbation study duvakitug Hidradenitis Suppurativa Fibrostenotic Crohn’s Disease Phase 2 first patient in Q4 2026 Celiac Celiac fast-track designation Development at speed accelerated pathway Phase 3 enrollment on targetduvakitug (anti-TL1A) UC/CD ecopipam (EBS-101) Tourette Syndrome Preparing for launch 17 | UC: Ulcerative colitis; CD: Crohn's diseases; MSA: Multiple System Atrophy; LAI: Long Acting Injectable; DARI: Dual-Action Asthma Rescue Inhaler; duvakitug 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: WELTRUZA and Vitiligo: Evaluate Pharma; IBD: Evaluate Pharma and IQVIA; DARI: DRG Clarivate; 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 BXCL-501 acute agitation at-home use sNDA approval unlocks new market Vitiligo Anti IL-15 LAI franchise
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Global Generics: down 16% Q3’26 vs. Q3’25; 2-year -7% CAGR1, mainly driven by Gx Revlimid® % growth in local currency, compared to Q3 2025 Gx Revlimid® refers to lenalidomide capsules (a generic version of Revlimid®) 1. CAGR excluding Japan BV, in local currency $1,175 $982 $421 $718 $1,033 $407 Q3-25 Q3-26 Europe International MarketsUnited States Q3-25 Q3-26 Q3-25 Q3-26 +15% +15% -39% +7% -4% -19% +6% +3%1 18 |
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19 | DD = Double Digit% 1. Analysis based on Q2 earnings reports; 2. Biosimilars portfolio revenues in U.S. dollars in billions; 3. IQVIA data for Q3 2026; DE = Germany, CH = Switzerland $0.4B 2024 >$0.8B 2026E DD growth 2027E x2 # in-line assets 9 15 18+ Potential for 2027 Today Global capabilities driving growth Leading positions3 in selected key markets, e.g.: 3 out of 5 U.S. biosimilars ranked #13 2x Revenues in 2-years (2026E vs. 2024) #1 in UK, #2 in DE and CH #1 in Europe Biosimilar revenue trajectory ($B)2 Set to achieve 2027 $800M targets one year ahead of plan
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20 | 1. Originator value based on 2025 net sales reported by IQVIA; 2. In collaboration with Alvotech for the U.S. market; 3. Bx Prolia, Bx Xgeva and Bx Eylea geographical expansion in the U.S. 4. In collaboration with mAbxience; 5. In collaboration with Polpharma; 6. In collaboration with Samsung. 15 Biosimilars portfolio TODAY 2027 ’28-’30 2031+ 31+ Biosimilars portfolio $8B originator value1 $60B originator value1 Non-exhaustive list of potential launches3 Bx Entyvio® (vedolizumab)2 Bx Entyvio® SC (vedolizumab)2 Bx Opdivo® (nivolumab)4 Bx Ocrevus® (ocrelizumab IV)5 Bx Ocrevus Zunovo® (ocrelizumab SC)5 Bx Keytruda® (pembrolizumab)4 Bx Ilaris® (canakinumab)6 Bx Fasenra® (Benralizumab)6 Reflecting operational readiness dates, subject to regulatory approval Bx Simponi® (golimumab)2 Bx Xolair® (omalizumab) Bx Simponi Aria® (golimumab)2
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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. 21 | Mid-single digit % 30% 2.0x 80%
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Executive Vice President, Global R&D & Chief Medical Officer 2 Pipeline Update 22 |
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WELTRUZA Schizophrenia Launch underway DARI (ICS-SABA) Asthma Enrollment completed for exacerbation study duvakitug Hidradenitis Suppurativa Fibrostenotic Crohn’s Disease Phase 2 first patient in Q4 2026 Celiac Celiac fast-track designation Development at speed accelerated pathway Phase 3 enrollment on targetduvakitug (anti-TL1A) UC/CD ecopipam (EBS-101) Tourette Syndrome Preparing for launch 23 | UC: Ulcerative colitis; CD: Crohn's diseases; MSA: Multiple System Atrophy; LAI: Long Acting Injectable; DARI: Dual-Action Asthma Rescue Inhaler; duvakitug 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: WELTRUZA and Vitiligo: Evaluate Pharma; IBD: Evaluate Pharma and IQVIA; DARI: DRG Clarivate; 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 BXCL-501 acute agitation at-home use sNDA approval unlocks new market Vitiligo Anti IL-15 LAI franchise
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24 | TM • Filling a long-standing gap in care Monthly Subcutaneous Long-Acting Injection PROVEN EFFICACY OF OLANZAPINE1 • NO loading dose • NO oral supplementation • NO post-injection monitoring 1. WELTRUZA (olanzapine) extended-release injectable suspension Current Prescribing Information. Parsippany, NJ: Teva Neuroscience, Inc. 2. Bibi D, Steiner L, Krtalic I. Olanzapine for extended-release injectable suspension for subcutaneous use (TV-44749) designed to avoid the risk of PDSS: in vitro release studies in human plasma and in vivo impact of extrinsic factors on pharmacokinetics. Pharmaceutics. 2026, 18(5), 601; WELTRUZATM FDA Approved 10/9/2026
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25 | UC: ulcerative colitis; CD: Crohn’s disease; MSA: Multiple System Atrophy; LAI: long-acting injectable; EADV/UEGW: European dermatology/gastroenterology congresses. Sources: Teva press releases (Aug–Oct 2026), ClinicalTrials.gov.; FDA: Food and Drug Administration; EMA: European Medicines Agency Aug 19, 2026 ecopipam Pediatric Tourette syndrome NDA accepted with Priority Review; PDUFA late Q1 ‘27 Aug 2026 duvakitug (anti-TL1A) Hidradenitis suppurativa Phase 2b IND submitted; protocol finalized after FDA and EMA feedback Sep 2, 2026 Anti IL-15 Celiac disease Positive Phase 2a topline data; primary endpoint met Sep 2026 Anti IL-15 Vitiligo Phase 1b data late-breaker at EADV Oct 2026 emrusolmin Multiple System Atrophy Futility milestone achieved; discontinuing phase 2 study Oct 2026 duvakitug (anti-TL1A) UC / CD Phase 2b main data in two UEGW oral presentations; Phase 3 enrollment ahead of plan Neuroscience Immunology Oct 8, 2026 | APPROVED WELTRUZA (olanzapine LAI) Schizophrenia FDA approval: first monthly subcutaneous olanzapine LAI
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H2'26 H1'26 Celiac Phase 2a topline results Vitiligo Phase 1b topline results H2'26 Targeted completion of pivotal Phase 3 studies H2'26 Phase 2 futility milestone achieved; discontinuing phase 2 study H2'26 FDA approval H2'26 Initial human data 26 | UC: ulcerative colitis; CD: Crohn's disease; 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 duvakitug Anti-IL-15 DARI (ICS/SABA) emrusolmin Anti-PD-1/IL-2 ecopipam UC/CD Phase 2 maintenance data H1’26 NDA accepted by the FDA with priority review H1’26 BXCL-501 PDUFA Q4’26 H2’26
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Teva R&D Day •High-Velocity Biopharma Wednesday, November 11 Details on Teva’s IR website or via TevaIR@Tevapharm.com
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Executive Vice President, Chief Financial Officer 3 Financial update 28 |
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Sustain innovative growth momentum Expect to continue to deliver strong, differentiated product growth, supported by disciplined commercial execution and focused investment while transforming to a high financial profit margin profile.29 | Continue to maintain a credible path to 30% OPM by 2027 Capture the full benefits of the Transformation Programs1 including structural cost savings, productivity improvements, and operating leverage from a more favourable growth and product mix, while actively mitigating the Gx Revlimid ® earnings erosion. Execute a disciplined capital -allocation strategy Preserve financial flexibility while prioritizing debt reduction and sustained execution on our financial policies, resulting in investment-grade profile. Targeted business development investments, with acceleration of Innovative R&D and a focus on shareholder return. OPM = Non-GAAP Operating margin 1. Under Teva’s Transformation Programs announced on May 7, 2025, Teva expects to achieve cost savings through a variety of initiatives including examining practices and efficiencies in methods of working, reduction in headcount and optimizing external spend in the following years.
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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®); refer to IPR&D in the Appendix30 | $ Millions Q3 YTD-25Q3 YTD-26 Q3 YTD-25Q3 YTD-26 Revenues Adjusted EBITDA Q3 YTD’25 Gx Revlimid® 12,519 12,547 3,668 IPR&D Impact 11,500 1,047 3,025 2,882 733 785 53 3,810 $ millions, except EPS Q3 2026 Q3 2025 ΔYoY* Q3 2026 Q3 2025 ΔYoY* GAAP Non-GAAP Revenues 4,395 4,480 -2% 4,395 4,480 -2% Gross profit 2,440 2,304 +6% 2,580 2,475 +4% Gross profit margin 55.5% 51.4% +410 bps 58.7% 55.3% +345 bps Operating income (loss) 714 882 -19% 1,393 1,294 8% Operating income margin 16.2% 19.7% -345bps 31.7% 28.9% +282 bps Net income (loss) attributable to Teva 233 433 -46% 1,013 910 11% Earnings (loss) per share ($)* 0.20 0.37 -0.17/-47% 0.86 0.78 +0.07 /10% Number of shares (millions) 1,183 1,164 +2% 1,183 1,164 +2% EBITDA (Non-GAAP) 1,496 1,394 7% Free Cash Flow 495 515 -4%
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Growing OP$ and OPM every year 2024-2027 (in %) OP = Non-GAAP Operating Profit; OPM = Non-GAAP Operating Profit Margin Excluding the following: (1) Japan BV April – December 2024, Jan- March 2025 (2) duvakitug milestone payments in 2023 and 2025, and (3) IPR&D in 2023-2027 27-28% OPEX% 30% 26.7% 31 | 2023 2024 2025 Q3 YTD 26 2026 Nov Guidance Teva Transformation Growth & Mix effect 2027 27.2% 27.8%- 28.2% 28.0% 25.6% +180-220 bps Gross Margin (%) 52.1% 53.3% 54.8% 55.8% 54.5% -55.5% 57%- 58% 2027 (+180 - 220bps YoY) Gx Revlimid® revenue expected to be compensated, with full impact of transformation and innovative growth
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32 | Incremental cash generated from NWC and Interest Expense NWC Interest Expense Cash Generation NWC Interest Expense Cash Generation Expected FCF vs. maturities Annual Maturities ’28-’30 Supported by appropriate leverage: $12B of debt repaid since 2019 with a clear path to achieving 2.0x Net Debt to EBITDA by the end of 2027 and capital flexibility from IG rating 2022-2026 2027-2030 2022 - 2030 + = = + + $2.7B+ $3.5B+ 2027 2030 <$1B Expected Annual Free Cash Flow ~$1,300 ~$160 ~$1,500 ~$500 to $900 ~$1,400 to $1,600 ~$3,400 to $4,000$ millions Net working capital here defined as Account Receivables net of SR&A less Inventory and accounts payable trade and is an average of the last 4 quarters NWC 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; Net debt = gross debt – cash balance; Refer to Appendix for Gross to Net reconciliation; IG: Investment Grade
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Prior Guidance Updated Guidance Key Assumptions Revenues1 $16.5 - $16.85B $16.7 - $17.0B Assumes growth in Innovative products AUSTEDO ($m) 2,450 - 2,600 2,550 - 2,650 AJOVY ($m) 850 – 870 930 – 960 UZEDY ($m) 270 – 290 290 – 310 Operating Income $3.8 - $4.0B $3.8 - $3.9B Increase of $0.05B at midpoint before updating guidance for $0.1B impact of acquired IPR&D charge 23.0% - 23.7% 22.6% - 23.1% Adjusted EBITDA $4.23 - $4.53B $4.23 - $4.43B 25.6% - 26.9% 25.3% - 26.0% Finance Expenses ~$0.8B ~$0.8B Tax Rate 20% - 23% 20% - 23% Diluted EPS ($) $1.91 - $2.11 $1.92 - $2.11 Increase of $0.08 at midpoint before updating guidance for $0.07 impact of acquired IPR&D charge 1,185M shares 1,185M shares Free Cash Flow2 $2.0 - $2.4B $2.1 - $2.4B CAPEX1 $0.5B $0.5B 33 | 1. Revenues and Capex are presented only on a GAAP basis; 2. 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 Financial guidance does not assume the completion of any business development transactions not completed as of November 3, 2026.
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Achieve and maintain 2.0x leverage by 2027 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 34 | 1 2 3 4
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35 |
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President and Chief Executive Officer 4 Conclusion & Q&A 36 |
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37 | 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 WELTRUZA) 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 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 BXCL-501 BXCL-501 duvakitug HS
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Pipeline progressing at speed Near-term value-unlocking pipeline milestones Steady execution against our Capital Allocation strategy Strong Q3’26 results, led by innovative and biosimilar growth % revenue growth In local currency 38 |
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40 |
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41 | 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 Novel Biologic Small Molecule Technology platforms Pipeline is current as of November 3, 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 6. Submitted to FDA April 2026 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 Ecopipam (EBS-101)3 Tourette's Syndrome dexmedetomidine (BXCL-501)6 Agitation in schizophrenia or BP Duvakitug (TEV-’574)5 Hidradenitis Suppurativa
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42 | Pipeline is current as of November 2026 1. In collaboration with Alvotech for the U.S. Market 2. In collaboration with Polpharma 3. In collaboration with Samsung Bioepsis 4. In collaboration with mAbxience 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. TEV-’285 TEV-’289 Bx Ocrevus Zunovo2 TEV-’2951 TEV-’2961 TEV-’2921 TEV-’3164 1 6 6 Biosimilar to Simponi® (golimumab)1 1 Biosimilar to Simponi Aria® (golimumab)1 Biosimilar to Eylea® (aflibercept)1 7 8 Biosimilar to Xgeva® (denosumab)5 5 Biosimilar to Xolair® (omalizumab) TEV-’3334 Preclinical Clinical Under Regulatory Review Approved Select Commercial Biosimilar Products Biosimilar to Entyvio® IV (vedolizumab)1 Biosimilar to Entyvio® SC (vedolizumab)1 Bx Ocrevus2 Bx Ilaris®3 (canakinumab) Bx Fasenra®3 (benralizumab)
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13 749 23 88 Q1 Q2 Q3 Q4 P&L Impact * Financial guidance only assumes business development transactions closed as of November 3, 2026. 54 44 | 14 22 17 1 Q1 Q2 Q3 Q4 FY-25 873 FY-26* 2025 2026
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Revenues are presented only on a GAAP basis In reported currency; Earnings per share based on a fully diluted basis 45 | $ millions, except EPS Q3 YTD 2026 Q3 YTD 2025 ΔYoY Q3 YTD 2026 Q3 YTD 2025 ΔYoY GAAP Non-GAAP Revenues 12,519 12,547 0% 12,519 12,547 0% Gross profit 6,565 6,282 +4% 6,981 6,807 +3% Gross profit margin 52.4% 50.1% 237 bps 55.8% 54.3% 151 bps Operating income (loss) 1,135 1,857 -39% 2,724 3,373 -19% Operating income margin 9.1% 14.8% -573bps 21.8% 26.9% -513 bps Net income (loss) attributable to Teva 26 930 n.a. 1,655 2,281 -27% Earnings (loss) per share ($)* 0.02 0.80 n.a. 1.40 1.97 -0.56/-29% Number of shares (millions) 1,180 1,160 +2% 1,180 1,160 +2% EBITDA (Non-GAAP) 3,025 3,668 -18% Free Cash Flow 1,305 1,098 19%
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$ millions, except EPS Q3-26 Q3 2026 Margins Q3-25 Q3 2025 Margins Change Revenues 4,395 4,480 (2%) COGS 1,955 44.5% 2,176 48.6% (10%) Gross profit 2,440 2,304 6% Gross margin 55.5% 51.4% +410bps R&D 297 6.8% 256 5.7% 16% S&M 709 16.1% 656 14.7% 8% G&A 298 6.8% 317 7.1% (6%) Legal settlements and loss contingencies 202 4.6% 60 1.3% N/A Impairments, restructuring and others 288 6.6% 126 2.8% N/A Other income (68) (1.5%) 7 0.1% N/A Operating income 714 882 Operating margin 16.2% 19.7% (345 bps) Financial expenses, net 414 9.4% 237 5.3% N/A Tax 66 22.1% 214 33.1% N/A Minority and share in profit 0 0.0% (1) (0.0%) N/A Net income (loss) attributable to Teva 233 5.3% 433 9.7% N/A # of shares (diluted, millions) 1,183 1,164 +19 Earnings (loss) per share ($) 0.20 0.37 (0.17) * Represents tax rate46 |
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$ millions, except EPS YTD-26 YTD 2026 Margins YTD-25 YTD 2025 Margins Change Revenues 12,519 12,547 0% COGS 5,954 47.6% 6,264 49.9% (5%) Gross profit 6,565 6,282 4% Gross margin 52.4% 50.1% +237bps R&D 1,489 11.9% 746 5.9% N/A S&M 2,122 17.0% 1,933 15.4% 10% G&A 919 7.3% 920 7.3% 0% Legal settlements and loss contingencies 504 4.0% 312 2.5% 63% Impairments, restructuring and others 491 3.9% 499 4.0% (2%) Other income (96) (0.8%) 15 0.1% N/A Operating income 1,135 1,857 Operating margin 9.1% 14.8% (573)bps Financial expenses, net 854 6.8% 714 5.7% 20% Tax 254 90.2% 210 18.3% 21% Minority and share in profit 1 0.0% 4 (0.0%) N/A Net income (loss) attributable to Teva 26 0.2% 930 7.4% N/A # of shares (diluted, millions) 1,180 1,160 +20 Earnings (loss) per share ($) 0.02 0.80 (0.78) * Represents tax rate47 |
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48 | $ millions Q3 2026 Q3 2025 Diff FX Effect Diff net FX Q3 YTD 2026 Q3 YTD 2025 Diff FX Effect Diff net FX Revenues 4,395 4,480 (85) 5 (90) 12,519 12,547 (28) 310 (338) Gross Profit GAAP 2,440 2,304 136 4 133 6,565 6,282 282 183 99 Gross Profit Non-GAAP 2,580 2,475 104 4 101 6,981 6,807 174 183 (9) Operating income (loss) GAAP 714 882 (168) (2) (166) 1,135 1,857 (722) 92 (814) Operating income Non-GAAP 1,393 1,294 99 (2) 101 2,724 3,373 (649) 93 (742)
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3,819 4,164 4,332 4,229 3,891 4,176 4,480 4,711 3,982 4,142 4,395 51.4% 52.9% 53.7% 54.8% 52.8% 54.6% 55.3% 60.3% 52.9% 55.4% 58.7% 23.4% 25.3% 28.0% 27.6% 24.3% 27.1% 28.9% 32.5% 24.0% 9.0% 31.7% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 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 million49 |
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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. 50 | $ millions Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 U.S. Segment 2,090 2,278 1,534 1,702 1,870 Generic products 1,175 673 612 660 718 AJOVY® 73 105 87 116 138 AUSTEDO® 601 725 559 676 727 BENDEKA®/TREANDA® 35 35 27 28 30 COPAXONE® 62 77 62 61 58 UZEDY® 43 55 63 77 85 Other(1) 101 608 123 84 114 Europe Segment 1,235 1,314 1,340 1,263 1,319 Generic products 982 1,033 1,089 1,024 1,033 AJOVY® 66 76 76 78 84 COPAXONE® 44 45 40 49 38 Respiratory 52 65 59 58 54 Other 91 96 76 54 111 International Markets Segment 557 528 524 550 592 Generic products 421 422 386 419 407 AJOVY® 30 30 33 49 48 COPAXONE® 8 6 6 8 8 AUSTEDO® 17 9 19 20 24 Other 82 60 79 55 105 Other activities(2) 598 592 584 627 613 Total Teva 4,480 4,711 3,982 4,142 4,395
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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 $726 million 697 798 816 602 769 910 1,130 621 21 1,013 1,056 1,214 1,168 946 1,133 1,294 1,532 956 375 1,393 0.61 0.69 0.71 0.52 0.66 0.78 0.96 0.53 0.02 0.86 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Non-GAAP Net Income Non-GAAP Operating Income Non-GAAP EPS 51 |
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$ 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. 1,294 1,393 136 117 88 Q3 25 US EU IM Other Q3 26 30 52 | US EU IM OtherQ3-25 Q3-26 +99
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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. 3,373 2,724 922 193 Q3YTD 25 Q3 YTD 26 23 57 53 | US EU IM OtherQ3 YTD-25 Q3 YTD-26 -649
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$ millions 54 | 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. Other Activities International Markets Europe US 4,3954,1423,9824,7114,480Revenues -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 57 (4%) 125 (9%) 420 (30%) Q3-26 1,294 1,532 956 375 1,393 927 (72%) 1,170 (76%) 507 (53%) 791 (57%) -76 (-20%)
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55 | $ millions Q3-26 1,181 (37%) 1,187 (40%) 3,186 Q3-25 3,002 -184 (-6%) In local currency -191 (-6%) COGS OPEX Revenues 4,480 4,395 GP% 55.3% 58.7% OP% 28.9% 31.7% YTD-26 5,740 (63%) 3,434 (37%) 4,257 (43%) 9,174 YTD-25 5,538 (57%) 9,795 +621 (+7%) In local currency + 404 (+4%) 12,547 12,519 54.3% 55.8% 26.9% 21.8% 2,005 (63%) 1,815 (60%)
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1,233 1,394 1,637 1,055 474 1,496 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 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 56 |
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32 324 922 790 107 476 515 1,298 188 622 495 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 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 Q3 YTD 2026: $1,305m 57 |
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$ millions 1,496 241 495 327 Securitization reclass 47 (120) Non-GAAP EBITDA Free cash flow (158) Interest payments, net (40) Tax payments ΔA/R (29) ΔInventory (322) Legal settlements paid (68) ΔA/P & Other (351) ΔSecuritization Operating cash flow (287) Asset sales, net; Capex gross Q3 securitization cash flow net impact -$24m. A/R = Accounts Receivable; A/P = Accounts Payable58 | -1,001 (-67%)
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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 Sep 30, 2026 NWC % of revenues Cash generation Cash Cycle* 161 days Net Debt / EBITDA* 2.71x $12.6bn Net Debt* Free Cash Flow $bn Cash Conversion excl. legal settlements 89%92% ~100% ‘22 – ‘24 Avg 2027 2.2 2.4 >2.7 >3.5 Scheduled Legal settlements $bn ~0.6~0.4 <0.7 2025 2030 ~100% <0.6 2019 2024 Q3’26 15.9% 6.6% 11.9% 1.5% 2030 59 |
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$ billions Sep 30, 2026 Jun 30, 2026 Diff Cash and Cash Equivalents 4.1 3.7 0.4 AR Trade 3.8 3.5 0.3 Pre-paid Expenses and Other Current Assets 3.5 3.4 0.1 Inventory 3.2 3.2 (0.0) Fixed Assets 3.7 3.9 (0.2) Intangible Assets 3.3 3.4 (0.1) Goodwill 15.7 15.8 (0.1) Other Long-Term Assets 2.6 2.9 (0.2) Total Assets 40.0 39.9 0.2 AP Trade 2.6 2.7 (0.2) SR&A 4.0 3.9 0.1 AP Other 4.9 4.5 0.4 Total Debt (ST+LT) 16.7 16.6 0.1 Other Long-Term liabilities 4.0 4.4 (0.4) Teva Shareholders’ Equity 8.0 7.8 0.2 Total Liabilities & Equity 40.0 39.9 0.2 60 |
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$ billions 61 | Net DebtGross DebtGross Debt Jun 30, 2026 4.9 Debt Issued -4.7 Debt tendered -0.1 FX and Other Sep 30, 2026 -4.1 Cash balance Sep 30, 2026 16.6 16.7 12.6
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$ billions Net Debt EBITDA MAT Net Debt / EBITDA MAT (x) Leverage 14.6 13.3 12.9 12.9 12.6 4.9 5.3 5.3 4.6 4.7 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 2.712.842.422.502.95 68%68%67%68%70% * Teva’s Net Debt and Net Debt to EBITDA mat includes IPR&D62 |
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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 $12.6 63 | * Q2 2026 Teva’s Net Debt includes Emalex cash impact of $696 million
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Net debt = gross debt – cash balance64 | May 2026 Upgraded rating to BBB- withstableoutlook Gross Debt $16.7B Net Debt $12.6B Duration 6.25 WAC ~4.5% September 2026 Upgraded rating to BBB- with stable outlook Upgraded rating to Baa3 with stable outlook August 2026
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Following our successful $4.9bn refinancing – our new debt-maturity profile and reduced finance expenses create additional liquidity headroom and financial flexibility to support Teva’s growth 1.8 2.7 2.1 2.2 2.4 2.2 0.5 - - - 0.8 - - 2.0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 … 2046 USD EUR Tendered Debt Debt Maturity Profile Before Refinancing Debt Maturity Profile After Refinancing 1.8 2.2 0.9 1.0 1.1 1.7 1.7 1.1 1.0 - 1.4 1.0 - 2.0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 … 2046 USD EUR New Notes $4.9bn New Issued Debt WAC 4.5% $4.7bn Tendered Debt WAC 6.2%
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66 | $ millions Q3 2026 Amortization 139 Legal settlements 201 Restructuring 58 Impairment of long-lived assets 228 Equity compensation plans 38 Financial expenses 235 Other 14 Corresponding tax effect (134) Total adjustments 780
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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. (excl. 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 67 |
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68 | Source: IQVIA NPA (TRx normalized into patient months of therapy equivalent volume based on dosing regimen) Sep’26 0 5,000 10,000 15,000 20,000 25,000 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26
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69 | 2027E2026 Guidance2025220222019 Mid-single-digit % CAGR 2023-2027 3.1% CAGR 2022-2026 3.9% CAGR 2022-2025 -4.2% CAGR 2019-2022 -12.1% CAGR 2017-2019 Returned to growth 57.0%-58.0%55.0%54.8%54.0%51.5%Increased gross profit margins 30.0%22.8% Includes 5.2% IPR&D 26.9% Includes 0.3% IPR&D27.7%24.5%Maintained healthy operating profit margins Growth2.02 Includes 0.71 IPR&D 2.65 Includes 0.01 IPR&D2.522.41EPS >2.7B ~100% 2.25B 119% 1.9B 89% 2.2B 87% 2.05B 84% FCF $ & % Cash Conversion excl. legal settlement 2.0x2.3x Q3'262.7x4.0x5.3xBrought down net debt/EBITDA ratio <2%2%3%16%12%Net working capital1 (as % of revenues) 1. Net working capital here defined as Account Receivables net of SR&A less Inventory and accounts payable trade and is an average of the last 4 quarters NWC 2. 2025 figures excludes development milestone payments received for duvakitug in Q4’25 and Japan BV; 2026 data is based on midpoint range; No IPR&D impact in 2019 and 2022 Note: Cash conversion defined as free cash flow divided by non-GAAP income; Financial guidance does not assume the completion of any business development transactions not completed as of November 3, 2026.
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v We are all in for better health