Teva Pharmaceutical Industries (TEVA) Barclays 24th Annual Global Financial Services Conference summary

Strategic progress and growth outlook

• Executing a multi-phase pivot to growth strategy, transitioning from generics to biopharma, with a focus on delivering, accelerating, and maintaining growth over the next several years.

• Four strategic pillars: growth engine delivery, innovation, generics powerhouse creation, and focused capital allocation, executed seamlessly for over three years and planned for at least seven more.

• Innovative products AJOVY, AUSTEDO, and UZEDY have exceeded expectations, with commercial execution and rapid clinical development driving upper-quartile performance.

• Generics business stabilized and growing, with biosimilars increasingly contributing to portfolio strength.

• Achieved investment-grade status across all rating agencies and completed a successful, oversubscribed refinancing ahead of schedule.

Product performance and guidance

• AUSTEDO is on track to surpass $2.5 billion in sales a year early, with long-term potential exceeding $3 billion, driven by improved patient capture and adherence.

• AJOVY has outperformed the injectable CGRP market, rapidly approaching and likely to exceed the $1 billion target, with new guidance forthcoming.

• UZEDY has shown strong U.S. performance; international expansion, especially in Europe, is under consideration, with combined UZEDY and olanzapine peak sales targeted at $1.5–$2 billion.

• Olanzapine launch expected to ramp up through Medicaid access, with high enthusiasm and potential to cover 85% of the schizophrenia population alongside UZEDY.

Generics and biosimilars outlook

• Generics franchise has shifted from decline to growth, with a three-year CAGR driven by improved launches, manufacturing, and supply.

• Biosimilars are a key growth driver, with 11 currently marketed and up to 29 in the portfolio; U.S. and European launches expected to accelerate growth.

• Biosimilars revenue target of $800 million by 2026 achieved a year early, with further upside anticipated as portfolio expands.