Teva Pharmaceuticals (TEVA): Initial IL-15 data supports differentiated profile in vitiligo; Ph2a celiac disease data up next

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Teva Pharmaceuticals (TEVA): Initial IL-15 data supports differentiated profile in vitiligo; Ph2a celiac disease data up next

Equity Research

7 July 2026 | 12:07PM EDT

Teva Pharmaceuticals (TEVA): Initial IL-15 data supports differentiated

profile in vitiligo; Ph2a celiac disease data up next

TEVA announced positive initial Ph1b data for TEV-408 (long-acting anti-IL-15) in Matt Dellatorre, Ph.D.

+1(212)855-0830 |

vitiligo, most notably an F-VASI75 score (standard measure of facial repigmentation matt.dellatorre@gs.com

Goldman Sachs & Co. LLC

and the key regulatory endpoint) of 21% at Week 24 (vs. 13-19% for ABBV/INCY’s

Salveen Richter, CFA

oral JAKs at the same time point; Exhibit 1). We also note: (i) a clean +1(212)934-4204 |

safety/tolerability profile - no safety signals observed and no discontinuations due to salveen.richter@gs.comGoldman Sachs & Co. LLC

adverse events (another point of differentiation vs. JAKs, given the latter’s blackbox Elizabeth Webster, Ph.D.

warning), (ii) convenient quarterly SQ dosing (likely a significant compliance +1(212)357-9925elizabeth.webster@gs.com|

advantage over daily oral regimens), and (iii) potential disease modification (as IL-15 Goldman Sachs & Co. LLC

Reerink, CFAblockade targets the resident memory CD8+ T cells in the skin that destroy Tommie | +1(212)357-2470

melanocytes vs. oral JAKs which suppress downstream inflammation). A pivotal tommie.reerink@gs.com Goldman Sachs & Co. LLC

Ph2b/3 study will initiate in 4Q (FDA alignment has been achieved), where multiple

Shrunatra Mishra

doses will be evaluated in the Ph2b portion and an interim analysis will inform the +1(332)245-7673 |

shrunatra.mishra@gs.com

go-forward Ph3 dose. Overall, we view the update as clear validation of the Goldman Sachs India SPL