Teva Pharmaceutical Industries (TEVA) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Strategic direction and business focus

• Pivot to Growth strategy centers on growth engines, innovation, generics, and business focus, showing strong progress over the past 14–18 months.

• Divestment of the API business (TAPI) is underway to better align capital allocation with strategic priorities.

• The organization is committed to dynamic resource allocation, making quick decisions to support growth and streamline operations.

• Raised 2024 guidance following recent earnings, reflecting confidence in current trajectory.

Growth drivers and product performance

• Austedo continues robust growth, supported by expanded sales force, improved titration, adherence programs, and direct-to-consumer efforts.

• Significant untapped patient population for Austedo, with growth driven by market expansion rather than just taking share.

• Ajovy and Uzedy also contribute to growth, with Ajovy seeing strong international and European performance.

Innovation and pipeline development

• Accelerated pipeline includes TL1A (readout expected end of year), long-acting olanzapine (safety data due this year), ICS/SABA, MSA, IL-15, and seven biosimilars by 2027.

• Long-acting olanzapine shows promising safety profile and targets switching patients from oral formulations.

• TL1A seen as a significant opportunity in Crohn’s, with optimism about competitive differentiation.

• ICS/SABA product aims for pediatric indication and simpler device to differentiate from competitors.