Teva Pharmaceutical Industries Limited (NYSE:TEVA) Q2 2022 Earnings Conference Call July 27, 2022 8:00 AM ET

Company Participants

Ran Meir – Senior Vice President, Head of Investor Relations

Kare Schultz – Chief Executive Officer

Eli Kalif – Chief Financial Officer

Sven Dethlefs – Executive Vice President, North America Commercial

Conference Call Participants

Balaji Prasad – Barclays

Nathan Rich – Goldman Sachs

Umer Raffat – Evercore

Jason Gerberry – Bank of America

Ashwani Verma – UBS

Elliot Wilbur – Raymond James

Gary Nachman – BMO Capital Markets

David Amsellem – Piper Sandler

Operator

Welcome to the Teva's Second Quarter Financial Results Conference Call. At this time all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Ran Meir, Senior Vice President, Head of Investor Relations. Please go ahead.

Ran Meir

Thank you, Sandra. Thank you, everyone, for joining us today. We hope you have had an opportunity to review our press release, which was issued yesterday. A copy of this press release as well as a copy of the slides being presented on this call can be found on our website at tevapharm.com. I am joined today on the call by Kare Schultz, Teva's CEO; Eli Kalif, our CFO; and Sven Dethlefs, Teva's Head of North America Commercial. We have today quite a busy agenda. We will start the call with an update from Kare on the progress achieved on the opioid litigation front. This will be followed by Kare’s and Eli’s review of the second quarter business and financial results as well as the updated outlook for 2022. And we will end the presentation part of today's call with a strategy update from Kare and discussion of our new long-term financial targets. Please note that today's call will run approximately 70 minutes. Before we begin please see our forward-looking statements disclaimer on Slide number 2. Additional information regarding these statements and our non-GAAP financial measures is available on our earnings release and our SEC Forms, 10-K and 10-Q under risk factors.

And with that, I will now turn the call over to Kare. Kare, if you would please.

Kare Schultz

Thank you, Ran. Welcome everybody. It's a pleasure to update you on the opioid litigation. As you have seen in our release, we reached an agreement in principle with the working group of both the states, the tribes and the plaintiff lawyers representing the States and subdivisions and reached financial terms for a nationwide opioids settlement. We will be paying $4.25 billion over 13 years. This includes the already settled cases. As you've been seeing we've settled number of states during the last half year. We'll be paying $100 million for the Tribes, but also spread over 13 years.