Teva Pharmaceutical Industries Limited (NYSE:TEVA) Q2 2024 Earnings Conference Call July 31, 2024 8:00 AM ET

Company Participants

Richard Francis - President & CEO
Eli Kalif - CFO
Eric Hughes - Head, R&D & Chief Medical Officer
Ran Meir - SVP, head of IR

Conference Call Participants

Ash Verma - UBS
Balaji Prasad - Barclays
David Amsellem - Piper Sandler
Jason Gerberry - Bank of America
Omri Efroni - Oppenheimer
Umer Raffat - Evercore
Glen Santangelo - Jefferies
Chris Schott - J.P. Morgan
Yifeng Liu - HSBC

Operator

Hello, and welcome to the Teva Pharmaceuticals Industries Limited Q2 2024 Earnings Call. My name is Alex, and I'll be coordinating the call today. [Operator Instructions]

I'll now hand it over to your host, Ran Meir, SVP, Head of Investor Relations. Please go ahead.

Ran Meir

Thank you, Alex, and thank you, everyone, for joining us today. We hope you have had a chance to review our Q2 results press release, which was issued earlier this morning. A copy of the press release, along with the slides presented during this call, are available on our website at ir.Tevapharm.com. Please review our forward-looking statements on Slide 2. Additional information on these statements and our non-GAAP financial measures is available on our earnings release and in our SEC forms 10-K and 10-Q.

To begin today's call, Richard Francis, Teva's CEO, will provide an overview of Teva's second quarter business performance, recent events, and focus and priorities going forward. Then, Dr. Eric Hughes, our Head of R&D and Chief Medical Officer, will discuss progress on our innovative pipeline. Our CFO, Eli Kalif, will follow up by reviewing the second quarter financial results and our embedded financial outlook in more detail. Please note that today's call will run approximately one hour.

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

Richard Francis

Thank you, Ran, and good morning, everybody, and thank you for joining us on our Q2 2024 earnings call. So, I'd like to start by talking to you about the pivot to growth strategy. And it's just over a year since we launched this pivot to growth strategy. And as you know, the foundation of it was four pillars, deliver on our growth engine, step up innovation, sustain generics powerhouse, and focus the business. And I'm pleased to say we've made great progress over the last year. Deliver on our growth engines, we have driven - we continue to drive AUSTEDO and UZEDY and AJOVY from a revenue point of view, and I'm pleased to say that we've launched SIMLANDI, our biosimilar Humira. With regards to step-up innovation, Eric and his team have done a great job in bringing this pipeline through quickly. We're pleased to say that Olanzapine is now at 95% of target injections completed with no PDSS. And also, there's some good news on TL1A, with the acceleration of that and top line results expected in Q4 this year. Eric will also start to highlight a bit more about ICS/SABA, and we're pleased to introduce the new member of our pipeline family, a treatment for MSA, where we'll go into in more detail later on. On the third pillar, sustained generics powerhouse, as you'll see, we've made - continue to make good progress here as well with good growth across all regions. And then finally focusing our business and our capital allocation, with regards to TAPI, we have the second quarter of revenue growth, and we're well on our way with the process of divestment there, which I'll go into in a bit more detail later on. So, now, is the pivot to growth delivering on what we set out to do? And as you can see by this slide, I believe it is. We've had six quarters of continuous growth, culminating in the quarter two that we're going to walk you through today of a strong 11%. So, clearly, this strategy is helping the company align and get focused and drive revenue growth.