Teva Pharmaceuticals: Ph1b vitiligo data bolsters mid-stage pipeline, helps de-risk 2030+ growth

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Teva Pharmaceuticals: Ph1b vitiligo data bolsters mid-stage pipeline, helps de-risk 2030+ growth

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Teva Pharmaceuticals

Ph1b vitiligo data bolsters mid-stage

pipeline, helps de-risk 2030+ growth

Maintain Rating: BUY | PO: 40.00 USD | Price: 34.57 USD

Vitiligo data establish POC; bolster 2030 tail outlook 07 July 2026

This morning, TEVA provided Ph1b topline for its IL-15 antibody (TEV-‘408) for Equity

treatment of vitiligo – an initial proof-of-concept but small study size limits

Jason M. Gerberry

conclusiveness. TEVA had been framing the efficacy benchmark as advanced-stage Research Analyst

systemic therapies (ABBV’s reg-stage Rinvoq), thus no surprise ‘408 showed efficacy in BofAS jason.gerberry@bofa.com

the ballpark on key facial VASI-75 measure (21% vs. 14-19% Rinvoq; the trial was open

Melanie Fong

label). Per TEVA, its IL-15 was well tolerated with no emerging safety concerns, but Research Analyst

presentation lacked detailed AE table. Commercially, Ph1b support competitive profile BofAS melanie.fong@bofa.com

(efficacy), convenient quarterly dosing and (superficially) no safety red flags. Next, TEVA

Chi M. Fong

plans to conduct a Ph2b dose-ranging study and continues to point to a 2031E time-to- Research Analyst

BLA (if all goes to plan) and present detailed Ph1b at future med meeting (dose-level BofASchi.fong@bofa.com

and detailed AE’s offered). On the CC, most of the questions were around a) Dina Ramadane

representativeness of Ph1b study population vs. typical Ph3, b) dosing considerations. Research Analyst

We reiterate our Buy rating, on re-rate to more durable brand growth profile; we await BofASdina.ramadane@bofa.com

randomized Ph2b data before explicitly adding to our model. Richard Wagner >>

Research Analyst