Teva Pharmaceutical Industries (TEVA) Goldman Sachs 47th Annual Global Healthcare Conference 2026 summary

Strategic outlook and growth pillars

• Focus remains on four pillars: growth engines, innovation, generics expansion, and disciplined capital allocation, executed consistently for over three years.

• Branded portfolio growth led by AUSTEDO, UZEDY, AJOVY, and upcoming olanzapine, with AUSTEDO targeting over $3 billion in peak sales.

• Innovative business grew over 30% last year, with new launches planned for olanzapine (Q4) and ecopipam (2025).

• Generics business stabilized and returned to growth, now with 10 biosimilars in the market and ambitions to become the second largest globally.

• Capital allocation is highly disciplined, with recent Emalex acquisition, partnerships with Blackstone and Royalty Pharma, and potential for future share buybacks.

Capital allocation and business development

• Capital allocation is prioritized over budgeting, with resources shifted to high-return areas and OpEx held steady.

• Achieved investment-grade credit rating ahead of schedule, with expectations for further upgrades.

• Partnerships and acquisitions are pursued only when they meet strict return criteria; Amylyx deal cited as a model for future BD.

• Ongoing search for strategic deals, but discipline maintained on price and fit; executive team directly oversees BD decisions.

• Commercial launch cadence planned: olanzapine (2024), ecopipam (2025/2027), DARI (2028), and emrusolmin (2028).

Pipeline and product launches

• Olanzapine launch expected Q4, with commercial readiness leveraging UZEDY relationships; revenue impact to ramp up post-2025.

• Ecopipam for Tourette’s targets a large unmet pediatric need, with launch synergies from existing neuro franchise and potential for future indication expansion.

• DARI dual-action inhaler for asthma expected in early 2028, aiming for $500M–$1B peak sales, with pediatric indication as a differentiator.

• TL1A (duvakitug) seen as a pipeline-in-a-product, with multiple new indications to be announced and a strong safety/efficacy profile.

• Anti-IL-15 data in vitiligo and celiac expected this year; product profile emphasizes quarterly dosing and strong safety.