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Teva-JPM-2026-presentation.pdf

上传人: 明**** 编号:1069847 2026-01-17 20页 4.44MB

1、Teva Pharmaceutical Industries Ltd.January 13,20262|This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995,which are based on managements current beliefs and expectations and are subject to substantial risks and uncertainties,

2、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

3、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 and changes in regulatory policy that may re

4、sult in additional costs and delays;delays in launches of new generic products;our ability to develop and commercialize additional pharmaceutical products;competition for our innovative medicines;our ability to achieve expected results from investments in our product pipeline;our ability to successf

5、ully execute our Pivot to Growth strategy,including to expand our innovative and biosimilar medicines pipeline and profitably commercialize the innovative medicines and biosimilar portfolio,whether organically or through business development,to sustain and focus our portfolio of generic medicines,an

6、d 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,including any potential challenges to our Orange Book patent listings in the U.S.;our significant indebtedness,wh

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1. **战略转型**:Teva从传统仿制药企转向创新生物制药公司,目标2030年创新药收入占比超60%,毛利率>60%,自由现金流>35亿美元。 2. **财务目标**:2025年营收168-170亿美元,调整后EBITDA 40-43亿美元,净债务/EBITDA 2.5-2.9倍;2030年营收增长至超50亿美元,净债务/EBITDA<2倍。 3. **核心产品**:创新药管线峰值潜力超100亿美元,重点产品包括UZEDY(2025E营收1.9-2亿美元)、olanzapine LAI(目标10亿美元)及duvakitug等。 4. **风险提示**:依赖仿制药、竞争加剧、政策变化(如美国OBBBA法案)、地缘冲突及债务压力等可能影响业绩。 5. **非GAAP指标**:管理层使用非GAAP指标评估业绩,但投资者需结合GAAP数据综合分析。
**Teva增长引擎?** **创新药管线潜力?** **债务风险几何?**
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