Perspectives On TEV-'408 In Celiac Disease From Expert Webinar

Research evidence excerpt

Perspectives On TEV-'408 In Celiac Disease From Expert Webinar

C O M PA N Y N O T E

J u l y 7 , 2 0 2 6

Teva Pharmaceutical (TEVA) Overweight

CONCLUSION PRICE: US$35.29

We co-hosted a webinar featuring a leading gastroenterologist who manages a sizable TARGET: US$42.00

number of patients with celiac disease (~50 patients in an academic practice) and has been 12x EV/2027E EBITDA of $5,731M (assuming

a principal investigator in a number of studies. A key discussion topic was TEV-'408, Teva's PF cash of $3,041M, debt of $16,627M, and

IL-15-directed antibody, which is being evaluated in a Phase IIa trial (and has FDA Fast ~1,179M shares outstanding), discounted by

Track designation), with results expected later in 2H26 (which would be on the heels of 11% for 1 year

management's announcement of Phase Ib results for TEV-'408 in vitiligo; refer to our note

David Amsellemon 7/7/26 for more details on that dataset). Given this backdrop, our discussion was timely, Sr. Research Analyst, Piper Sandler & Co.

particularly in the context of a complicated disease characterized by a great deal of patient 212 284-9455, david.amsellem@psc.com

heterogeneity, and in the context of an increasingly active drug development landscape Alex von Riesemann

(with our featured expert expressing clear enthusiasm about IL-15 as an appropriate target Research Analyst, Piper Sandler & Co.

for celiac). We reiterate our Overweight rating. 212 284-9513, alex.vonriesemann@psc.com

Naoki Martin

• Perspectives on the current management of celiac disease. Diagnosis of celiac, per Research Analyst, Piper Sandler & Co. 212 284-9402, naoki.martin@psc.com

our featured key opinion leader (KOL), consists of a straightforward blood test evaluating

the presence of tissue transglutaminase (tTG).