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Teva Pharmaceutical Industries (NYSE: TEVA)
Q3 2024 Earnings Call
Nov 06, 2024, 8:00 a.m. ET

Key Insights from Teva’s Q3 Earnings Call

Agenda Overview

• Prepared Remarks
• Questions and Answers
• Call Participants

Initiating the Call

Operator

Hello, and welcome to the Q3 2024 Teva Pharmaceutical Industries Limited earnings conference call. My name is Alex, and I will coordinate today’s call. [Operator instructions] Now, I’ll hand it over to your host, Ran Meir, senior vice president and head of investor relations. Please go ahead.

Company Overview by Ran Meir

Ran Meir — Senior Vice President, Global Head of Investor Relations and Corporate Communications

Thank you, Alex, and welcome everyone. We hope you have had a chance to review our Q3 results press release issued earlier today. You can find the press release and the presentation slides on our website. Please pay attention to our forward-looking statements on Slide No. 2, along with further information regarding our non-GAAP financial measures.

To kick off today’s call, Richard Francis, Teva’s CEO, will discuss our business performance for the third quarter, touch on recent developments, and clarify our priorities moving forward. Next, Eric Hughes, our head of R&D and chief medical officer, will share updates on our innovative products pipeline. Finally, our CFO, Eli Kalif, will detail the financial results and give an updated financial outlook. Please note that today’s call will last about an hour. Let’s begin with Richard.

CEO Richard Francis Discusses Strategy

Richard Francis — President and Chief Executive Officer

Thank you, Ran, and good morning to everyone. I appreciate your interest in Teva’s third quarter 2024 results. Today’s presentation highlights our “Pivot to Growth” strategy launched last year to restore Teva’s growth. This strategy focuses on four pillars: enhancing growth engines, increasing innovation, building a sustainable generics powerhouse, and sharpening our business focus.

Our performance demonstrates the effectiveness of this strategy. From Q1 2023 to now, we’ve achieved a remarkable 15% growth in Q3 2024, showcasing our commitment to operational excellence. Let’s explore the financial numbers. We reported revenues of $4.3 billion, a 15% increase. Adjusted EBITDA reached $1.3 billion, up 17%, while earnings per share rose by 16%. Furthermore, our free cash flow stood at $922 million, and our net debt-to-EBITDA ratio is now approaching 3. As a result of these strong performance indicators, we are pleased to increase our outlook for the full year, which Eli will detail shortly.

Exclusively Focused on Growth

It’s vital to understand the sources of our 15% growth. Notably, our innovative products, generics business, and TAPI segment are all contributing positively. AUSTEDO alone saw an impressive 28% growth, while AJOVY grew by 21%. UZEDY also showed strong momentum with initial launches.

To give you more specifics, AUSTEDO generated $435 million in Q3, marking its significant growth. Our AJOVY product has continued to perform well due to its strong market presence, securing share across various regions. UZEDY, the newest addition to our lineup, recorded revenues of $35 million in Q3 2024, leading us to adjust our annual revenue guidance from $80 million to $100 million.

In summary, Teva is consistently pushing forward as we adapt to market changes and capitalize on growth opportunities. The future looks promising based on the progress we have made thus far. Thank you for your attention, and we are now happy to take your questions.

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Teva Pharmaceuticals Showcases Promising Innovations and Growth Strategies

Teva Pharmaceuticals continues to develop innovative products that meet the needs of both healthcare professionals and their patients. Recently, the company highlighted a subcutaneous pre-filter that can be used without refrigeration, allowing patients to reach therapeutic doses within 8 to 24 hours. This efficiency is crucial for effective patient treatment, as noted by the company’s management.

Moving on to innovation, Teva’s pipeline is showing significant potential. While detailed insights will be shared by Eric later, it’s worth noting the company is making strides in its research and development programs. Exciting updates are anticipated, particularly regarding their olanzapine study, which recently achieved Phase III target injections without any PDSS. Additionally, news concerning their TL1A program is expected by the end of the year.

Teva is also optimistic about its biosimilar products. Their Prolia biosimilar has been submitted for review by both the U.S. FDA and the EU EMEA, with decisions expected in the latter half of next year. This product is linked to a substantial market opportunity valued at $3 billion. So far, Teva has successfully expanded its biosimilar portfolio to 17, which collectively represent nearly $60 billion in brand value. The company has formed a partnership with mAbxience to enhance their oncology biosimilars, further enriching their offerings.

In terms of generic products, Teva reported impressive global growth of 17%. Notably, in the U.S., growth soared by 30%, while the EU and international markets saw increases of 8% and 13%, respectively. This growth is attributed to focused efforts over the past 20 months, including product launches and supply chain improvements. Additionally, Teva’s TAPI segment recorded a 4% growth, reflecting the effectiveness of their strategy and ongoing CDMO expansion efforts. The company is on track for a planned divestment in the first half of 2025.

Next, Eric Hughes, the Chief Medical Officer and Head of Research and Development, provided insights into Teva’s anti-TL1A program. This study is progressing well, involving 240 patients with both ulcerative colitis and Crohn’s disease. The primary endpoint will measure clinical remission for ulcerative colitis and endoscopic results for Crohn’s disease.

Further updates came from the olanzapine LAI program, which is progressing on schedule. Recent external presentations showcased promising results from the eight-week period of the study. This formulation aims to prevent PDFF, a critical goal for the program. Teva plans to present the full data set in the first half of 2025.

Moreover, Teva has launched its anti-IL-15 program, with recent Phase I data unveiling significant effects on free IL-15. Notably, a new indication for treating vitiligo has been added, targeting a condition that greatly impacts patients’ quality of life. Current treatments are limited, so a systemic option could be a valuable addition to the available therapies.

Lastly, the company has begun a Phase II study for emrusolmin, enrolling 200 subjects over 48 weeks. This small molecule targets alpha-synuclein production in the brain, addressing a serious degenerative condition. Given the urgency surrounding treatment options, this study is vital.

In summary, Teva’s innovative pipeline is robust, featuring multiple novel molecules across various indications. The company remains focused on advancing its research and development efforts while delivering valuable therapies to patients in need.

Robust Q3 2024 Financials Highlight Growth and Challenges for Major Pharma Company

In a promising update, a leading pharmaceutical company is advancing its clinical studies while facing financial hurdles. As it endeavors to enroll more patients in its trials, the company also reports significant movements in revenue and operating losses.

Clinical Progress and Strategic Focus

Eric K. provided an overview of the company’s ongoing trials, including the initial enrollment of its first patient in a key study targeted for completion in the latter half of 2026. Additionally, the ICS SABA, a dual-action rescue inhaler for asthma, is rapidly progressing in Phase III studies, and efforts to accelerate this process are underway. The company is particularly proud to have enrolled its first patient for emrusolmin, aimed at addressing multiple system atrophy, a significant unmet medical need.

Financial Overview: Q3 2024 Results

Eli Kalif — Executive Vice President, Chief Financial Officer

Shifting focus to the financials, I am pleased to present our Q3 2024 results starting with Slide 24. Revenues reached $4.3 billion, marking a 13% increase in U.S. dollars and 15% in local currency compared to Q3 2023.

This growth can primarily be attributed to strong performance in generic products across all segments globally, with notable contributions from generics Revlimid and the recent launch of generic Victoza in the U.S. Innovative products such as AUSTEDO, AJOVY, and UZEDY also played a significant role in revenue enhancement alongside sales from certain product rights in Europe and other international markets. Unfortunately, foreign exchange rate movements during this period have adversely affected our revenues and profitability, leading to a year-to-date loss of approximately $250 million in revenue, and a $190 million impact on gross profit due to a stronger U.S. dollar against the currencies of specific international markets.

In Q3 2024, we faced a GAAP operating loss of $51 million, contrasting sharply with the GAAP operating income of $344 million recorded in the same quarter a year prior. This shift primarily stems from goodwill impairment charges linked to our API reporting unit and increased legal settlements, although higher gross profit partially mitigated these losses. Consequently, GAAP net loss for Q3 2024 stood at $437 million, equating to a loss per share of $0.39, compared to a net income of $69 million and earnings per share of $0.06 during Q3 of the previous year.

Non-GAAP Adjustments and Performance Metrics

Breaking down our financial adjustments, total non-GAAP adjustments for Q3 2024 amounted to $1.2 billion. This figure includes a $600 million goodwill impairment charge corresponding to our API reporting unit, reflecting plans to divest this segment. Furthermore, we recorded a legal settlement and loss contingencies amounting to $450 million, including a provision of $350 million tied to the European Commission’s antitrust investigation regarding COPAXONE—a decision we plan to appeal.

Now, let’s review our non-GAAP performance on Slide 26. Our revenues continued to reflect a robust quarterly change, with $4.3 billion marking a 13% increase year-over-year. The non-GAAP gross profit margin slightly improved to 53.7% from 53.5% in Q3 of last year and 52.9% in Q2 2024, primarily due to an enhanced portfolio mix. However, this improvement was countered by adverse foreign exchange impacts, previously mentioned. As we look ahead, we anticipate further gross margin growth in Q4, supported by increasing revenues and ongoing cost-reduction initiatives. Our non-GAAP operating margin reached 28% in Q3 2024, a step up from 26.5% in Q3 2023, primarily driven by lower operating expenses relative to revenue growth.

Cash Flow and Debt Management

In terms of cash flow, our efforts have yielded positive outcomes, culminating in a notable 42% year-to-date rise in free cash flow compared to last year. This increase is primarily driven by higher net profits and enhanced working capital management, despite facing higher legal payments. Notably, our free cash flow for the year-to-date includes a $390 million payment connected to opioid litigation settlements, representing an increase of $210 million compared to the first nine months of 2023. Excluding these payments, our cash conversion rate stands at 82%.

Looking forward, we reaffirm our 2024 full-year free cash flow guidance of between $1.7 billion and $2 billion, which we initially provided in January.

Reducing Net Debt and Future Outlook

Following the end of Q3 2024, we have actively worked on reducing our net debt, which was recorded at $15.7 billion. Our gross debt has decreased to $19 billion from $19.8 billion at the end of 2023, primarily due to repayments of senior notes. Our net debt-to-EBITDA ratio has also improved, sitting at three times due to robust cash flow generation and increasing EBITDA figures.

Additional repayments of senior notes have already occurred post-Q3, ensuring no further maturities remain for 2024. At present, our $1.8 billion revolving credit facility remains untapped.

As we continue executing our Pivot to Growth strategy, we are optimistic about ongoing improvements in our financial performance, including margin enhancements and solid cash flow management.

Teva Pharmaceuticals Sees Credit Upgrades Amid Strong Financial Performance

Teva Pharmaceuticals has recently made headlines by receiving positive credit outlook changes from leading rating agencies, signaling its improved financial stability and growth prospects.

Credit Upgrades Showcase Teva’s Strong Progress

Teva’s disciplined capital allocation strategy over recent quarters is being recognized by credit rating agencies. In June, S&P shifted Teva’s credit outlook from stable to positive, citing improved growth potential and ongoing reduction of the company’s debt while retaining its BB- rating. Just two months later, both Fitch and Moody’s followed suit, with Fitch raising Teva’s rating to BB—marking the first upgrade in over a decade for the company.

This upgrade reflects Teva’s consistent execution of its strategy focused on sustainable growth, significant debt reduction, enhanced operational efficiency, and moving past uncertainties associated with legacy litigation. The company expressed satisfaction with these upgrades and its commitment to achieve an investment-grade rating in the future.

Strong Growth and Optimistic Financial Outlook for 2024

Teva is now looking ahead to its 2024 performance, as highlighted in their presentation. Notable growth continues for key innovative products, driven by unmet needs in the markets they serve. For instance, UZEDY, has seen revenue expectations for the year rise to $100 million from a previous estimate of $80 million, indicating strong demand and growing adoption. Additionally, COPAXONE is expected to outperform prior revenue guidance due to slower erosion from competing therapies.

The core generics division is also thriving across all key markets. As a result, Teva is raising its 2024 revenue forecast to between $16.1 billion and $16.5 billion, reflecting an increase of $100 million from previous guidance. The company is also adjusting its outlook for operating income and EBITDA, with expectations raised by $100 million. Earnings per share are projected to range between $2.40 and $2.50.

For the year, Teva anticipates a non-GAAP gross margin between 53% and 54% and expects operating expenses to be within a 27% to 27.5% range. Furthermore, free cash flow is projected to range from $1.7 billion to $2 billion.

Strategic Vision Through 2027

Looking ahead, Richard Francis, Teva’s CEO, expressed confidence in meeting the company’s financial targets for 2027, which include mid-single-digit growth, operating income margins of 30%, a net debt-to-adjusted EBITDA ratio of two times, and cash-to-earnings at 80%. The company is executing its pivot to growth strategy with the expectation of increasing opportunities for growth in the coming years.

Teva is developing innovative products such as olanzapine, ICS SABA, and has expanded its biosimilar portfolio. The generics sector is transitioning from stabilization to growth, positioning the company well for both the short and long term.

Q&A Session Highlights Investor Interest

During the Q&A session, analysts expressed interest in various aspects of Teva’s strategy and product performance. For instance, Umer Raffat from Evercore ISI inquired about the upcoming TL1A Phase II trial and the impressive sales trajectory of UZEDY, which prompted thoughts on the long-term sales potential of olanzapine. Richard Francis emphasized the unmet medical need for long-acting olanzapine, highlighting the strong groundwork laid by UZEDY’s launch.

Teva’s proactive approach and focus on growth present a promising future for the company as it navigates the pharmaceutical landscape.

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Teva Pharmaceuticals Discusses Future in Generics and Pipeline Progress

Teva Pharmaceuticals recently addressed their growth and development strategy during a Q&A session, highlighting potential impacts from future U.S. policies and developments within their pipeline.

Leveraging Generics in a Changing Landscape

Richard, let’s begin with a broader question. The concept of “Making America” gained traction during the Trump presidency, particularly as supply chain issues exposed vulnerabilities in the U.S. after COVID-19. Given this context, do you see any structural advantages for Teva? How might the company capitalize on potential pushes in generics and biosimilars? Furthermore, how could this situation impact long-term margins?

Richard Francis — President and Chief Executive Officer

Thank you for your question, Balaji. This topic is quite complex due to its dynamic nature. It’s essential to acknowledge that Teva, as a global company, collaborates productively with any administration. Any changes in policy that benefit the generic market could indeed help us as a leading player in the U.S. generics sector. However, we will need time to assess how these potential changes will play out, particularly as the new administration takes shape in the coming months. For now, we’ll need to wait for clearer indications before making definitive comments.

Now, I will pass the discussion on olanzapine over to Eric.

Advancements in the Olanzapine Pipeline

Eric Hughes — Chief Medical Officer, Head of Research and Development

Regarding the olanzapine LAI program, we have developed our submission package in close collaboration with the FDA. We’ve exceeded our target for injection numbers and, at this point, have not encountered any significant adverse effects. Our final patient will conclude their treatment by year-end. We are optimistic about our formulation, which controls drug levels effectively. Since it’s administered as a subcutaneous injection, it avoids complications seen with intramuscular routes used by competitors. With robust Phase I data supporting our approach, we believe we have a strong case.

Ultimately, it’s essential for patients to have access to long-acting injectable options like olanzapine, addressing a significant unmet need in the market. Working with the FDA instills confidence that we’ve met necessary conditions for approval.

Outlook on U.S. Generics and Biosimilars

Richard Francis — President and Chief Executive Officer

Thank you, Eric. Let’s move on to our next question from David Amsellem of Piper Sandler regarding our generics strategy for 2025.

David Amsellem — Analyst

Can you share insights on the U.S. generics market for 2025, particularly in relation to lenalidomide competition? Additionally, what new contributors do you expect in the U.S. generic/biosimilar portfolio beyond products like Stelara?

Richard Francis — President and Chief Executive Officer

Thank you, David. While we will offer more specific guidance early next year, I can provide some insights. Our team has done a commendable job with Revlimid, but we are also excited about our recent launches of complex generics, including Victoza and Forteo. These will positively impact our portfolio as we move into 2025.

We anticipate several promising launches next year, such as Symbicort and Saxenda, bolstering our generics and complex products. Coupling these with our biosimilars, including biosimilar Humira and biosimilar Stelara, places us in a favorable position to manage the transition we expect with Revlimid in 2026.

UZEDY and Patient Dynamics

Shifting focus to UZEDY, where are you sourcing patients from? Are they switching primarily from oral risperidone or other oral atypical antipsychotics? Also, what are your thoughts on the long-term impact of muscarinic agonists for schizophrenia patients on long-acting injectable antipsychotics?

Richard Francis — President and Chief Executive Officer

I’ll address your questions regarding UZEDY, and then Eric may add further insights. We have seen a significant uptake of UZEDY. Its strong product profile is a key reason physicians are increasingly choosing it over other options. This product can reach therapeutic levels in a time frame of eight to 24 hours, which is essential during patient episodes. The practicality of the subcutaneous prefilled syringe also plays an important role in various clinical settings. Our skilled commercial team has effectively driven this adoption by understanding market dynamics and fostering physician engagement.

It’s noteworthy that we are indeed transitioning patients from both oral medications and other long-acting injections to UZEDY—a testament to its competitive product profile. Additionally, the introduction of new competitors is generally beneficial for the market as it enhances patient options, which could ultimately stimulate growth.

Eric Hughes — Chief Medical Officer, Head of Research and Development

I share Richard’s enthusiasm regarding UZEDY. Its formulation and ease of use as a prefilled syringe make it a valuable choice for patients, and we’re excited to continue monitoring its progress. The swift onset of therapeutic levels within 24 hours showcases its effectiveness and sets it apart.

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Teva Pharmaceuticals Discusses Upcoming Treatments and Financial Outlook

Focus on Convenient Treatment Options for Patients

There’s no PO supplementation available, but we are showcasing how patients can easily transition to this convenient product. In busy psychiatrist offices, quick and straightforward administration for patients is essential. I take pride in our capability to offer this service. Regarding muscarinic treatments, we are monitoring new advancements specifically for schizophrenia.

We’re enthusiastic about the introduction of new Mechanisms of Action (MOAs) in the market. However, our BID oral medication will face challenges, including step-throughs for reimbursement and the use of other generic treatments. Adherence has consistently been a problem in this population, which highlights the distinct value of our long-acting injectables.

Richard Francis — President and Chief Executive Officer

Thanks for the questions, David.

Operator

Thank you. Our next question comes from Jason Gerberry of Bank of America. Your line is now open. Please go ahead.

Jason Gerberry — Analyst

Good morning, everyone. I appreciate you taking my questions. For the fourth quarter update on TL1A, can you confirm we’ll receive the placebo-adjusted UC Mayo remission scores at week 14 for comparative purposes? Will the Crohn’s subgroup be statistically analyzed? Also, can you give an overview on TAPI and your progress towards a potential close in the first half of 2025? Lastly, regarding the recent European fine, will this affect your finances in the near term, or is it more of a long-term concern due to the appeals process?

Richard Francis — President and Chief Executive Officer

Thank you, Jason. I’ll let Eric respond to the first part of your question.

Eric Hughes — Chief Medical Officer, Head of Research and Development

Thank you for the question. Yes, our study on ulcerative colitis and Crohn’s disease is placebo-controlled, and we plan to provide the placebo-adjusted numbers. It’s important to highlight that this will be the first randomized placebo-controlled study for Crohn’s disease using this MOA, and we aim to deliver those results at the anticipated timeline.

Richard Francis — President and Chief Executive Officer

I will also address the TAPI question. We remain on track for divestment in the first half of 2025, as previously announced. Regarding the European fine, as noted in our press release, we disagree with the decision and plan to appeal it. This process may take several years, but importantly, there will be no cash impact in the short term because of this situation. We believe we have a strong case. Now, I’ll turn it over to Eli for any financial details.

Eli Kalif — Executive Vice President, Chief Financial Officer

Thank you, Jason. To address your question about the EU commission fine’s impact on cash flow, for the next several years, we do not consider it a cash event. We’ve structured our financial facilities to accommodate any pledges needed throughout the appeal process until we reach a final judgment. Concerning net debt and deleveraging, as mentioned in my earlier remarks, we made further payments on our debt this October. In 2024, we won’t have any maturity payments, but in early 2025, we will face around $1.4 billion in payments due in January and March combined. We can manage this alongside our organic free cash flow generation and projections. We continue to evaluate the market for any refinancing plans, especially for 2026 and 2027 debt maturities.

Richard Francis — President and Chief Executive Officer

Thanks, Eli, and thanks for your question, Jason.

Operator

Thank you. Our next question comes from Chris Schott of J.P. Morgan. Your line is now open.

Please go ahead.

Chris Schott — Analyst

Thank you. I have a couple of quick questions. First, regarding the pipeline and emrusolmin, is there a potential filing pathway based on the Phase I results, or will a Phase III program be necessary? Second, for TL1A, if the Phase II data is favorable, how soon can you move to Phase III given the competitive landscape? Finally, could you discuss the overall investment level at Teva at this time? With the acceleration of your pipeline and momentum in the core business, how can we expect this to affect profits versus further investments?

Richard Francis — President and Chief Executive Officer

Thanks, Chris. I’ll pass the first two questions to Eric and then provide insights on investment strategy. Over to you, Eric.

Eric Hughes — Chief Medical Officer, Head of Research and Development

I’ll begin with TL1A, our Duvakitug program, which is a collaboration with Sanofi. We’ve been working closely together for a year now, and as soon as we have the results, we’re prepared to promptly move into Phase III targeting 2025. Regarding emrusolmin, we are ensuring that our Phase II study is comprehensive with 200 patients in a placebo-controlled setup. A pressing medical need exists, and if we see positive responses, I will advocate for an expedited approval process.

Richard Francis — President and Chief Executive Officer

Lastly, on our investment strategy, we emphasize balancing debt repayment and investing in growth initiatives. Following our Pivot to Growth announcement, we are focused on these priorities.

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Teva Pharmaceuticals Charts a Growth Path Despite Challenges

Strategic Investment Driving Long-Term Value

During a recent discussion, Teva Pharmaceuticals provided updates on its growth strategy and financial outlook. “We’ve made significant strides in driving our innovative portfolio and accelerating our pipeline,” stated Richard Francis, President and CEO. The focus remains on creating long-term value, which necessitates smart investments in growth opportunities while managing operating expenses (opex). Francis emphasized the importance of maintaining a stable ratio of opex to revenue, striving to balance sustainable growth with shareholder value.

Solid Gross Profit Growth Amid Rising Costs

Eli Kalif, the Chief Financial Officer, shared insights on the company’s financial performance. He revealed that for the year to date, Teva generated an additional $600 million in gross profit compared to last year. “We’re allocating about 45% of that back toward operating expenses to invest in the business,” Kalif noted, indicating that this strategy helps expand margins and EBITDA. This thoughtful allocation of resources reflects Teva’s awareness of market dynamics and its commitment to sustainable business growth.

Concerns Surround API Business Impairment

Ash Verma, an analyst from UBS, raised concerns regarding a $1 billion impairment charge in Teva’s API business over recent quarters. He inquired about the factors driving this change and its implications for pending divestments. In response, Kalif explained that the impairment is linked to ongoing evaluations of their allocated net assets and expected deal structure, not the actual performance of the API business. Teva is continually refining its strategy as it assesses potential carve-out opportunities.

Clinical Trials and Endpoint Strategies

Verma then shifted focus to the TL1A drug, questioning the rationale behind selecting endoscopic response as a primary endpoint for Crohn’s disease trials. Eric Hughes, Chief Medical Officer, acknowledged the challenge of measuring this endpoint in shorter studies but reassured that clinical remission would serve as a key secondary endpoint.” This dual approach aims to provide a comprehensive evaluation of the drug’s effectiveness.

Pricing Pressure in the Generic Medicine Market

Yifeng Liu from HSBC asked about the pricing landscape for generic medicines. Francis responded that the U.S. market remains under significant downward pressure on pricing. To counteract this trend, Teva is focused on launching new products and enhancing supply chain efficiency—strategies they have been implementing for the last 20 months. Looking ahead to 2025, Francis expects prices to remain tight, underscoring the importance of innovation and operational improvements.

Conclusion: Positive Outlook and Continued Focus on Growth

In closing, Richard Francis thanked participants for their questions and reiterated Teva’s commitment to its “Pivot to Growth” strategy. He expressed optimism about their ongoing efforts and looks forward to providing updates on the company’s performance in the upcoming fourth quarter. The conversation demonstrated Teva’s resolve to balance short-term challenges with a vision for sustainable, long-term growth.

Call Participants:
Ran Meir — Senior Vice President, Global Head of Investor Relations and Corporate Communications
Richard Francis — President and Chief Executive Officer
Eric Hughes — Chief Medical Officer, Head of Research and Development
Eli Kalif — Executive Vice President, Chief Financial Officer
Umer Raffat — Analyst
Balaji Prasad — Barclays — Analyst
David Amsellem — Analyst
Jason Gerberry — Analyst
Chris Schott — Analyst
Ash Verma — Analyst
Yifeng Liu — HSBC — Analyst

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