Teva Pharmaceuticals: IL-15 Profile In Vitiligo Largely As Anticipated, Attractive 2031+ Pipeline Oppty

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Teva Pharmaceuticals: IL-15 Profile In Vitiligo Largely As Anticipated, Attractive 2031+ Pipeline Oppty

J P M O R G A N North America Equity Research

07 July 2026

Teva Pharmaceuticals Overweight

TEVA, TEVA US

IL-15 Profile In Vitiligo Largely As Anticipated, Price (06 Jul 26):$35.29

Attractive 2031+ Pipeline Oppty

Pharmaceuticals — Major &

This morning, TEVA reported initial IL-15 data in vitiligo and the results suggest Specialty

a competitive asset with efficacy that is at least as good as oral JAKs (21% vs ~15- Chris Schott, CFA AC

20% for Rinvoq) as well as a clearly superior safety profile. Given the unmet need (1-212) 622-5676

in the space, we see vitiligo as a promising initial indication for the product with christopher.t.schott@jpmorgan.com

Teva also looking to develop the drug in celiac disease as well as in alopecia with Ekaterina V Knyazkova, CFA

similar timeframes. From here, we await phase 2a data for the product in celiac (1-212) 622-9576

ekaterina.v.knyazkova@jpmchase.com

disease (expected in 2H26) followed by phase 2 data for the asset in vitiligo (study

Ethan Brown

starting in 4Q26).

(1-212) 622-4928

ethan.brown@jpmchase.com

More broadly, we see the focus of the TEVA story increasingly shifting to its

Hardik Parikh, CFA

branded portfolio with the company’s core assets growing nicely (led by Austedo) (1 212) 622-2875

and with a range of pipeline updates coming this year including olanzapine LAI hardik.k.parikh@jpmorgan.com

(approval), IL-15 (phase 2 data in celiac) and emrusolmin (futility analysis). And Taylor Hanley

with TEVA's top- and bottom-line growth improving in 2027+, we continue to see (1-212) 622-0790

an attractive setup for shares. Remain OW. taylor.hanley@jpmchase.com

J.P. Morgan Securities LLC

IL-15 data compares favorably vs Rinvoq.