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Teva

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Teva Strategy Overview
February 21, 2008

Forward-Looking Statements

TODAY S PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS, WHICH EXPRESS THE CURRENT BELIEFS AND EXPECTATIONS OF MANAGEMENT. SUCH STATEMENTS INVOLVE A NUMBER OF KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES THAT COULD CAUSE TEVA'S FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER SIGNIFICANTLY FROM THE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARDLOOKING STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE RISKS RELATING TO: TEVA'S ABILITY TO ACCURATELY PREDICT FUTURE MARKET CONDITIONS, TEVA'S ABILITY TO SUCCESSFULLY DEVELOP AND COMMERCIALIZE ADDITIONAL PHARMACEUTICAL PRODUCTS, THE INTRODUCTION OF COMPETING GENERIC EQUIVALENTS, THE EXTENT TO WHICH TEVA MAY OBTAIN U.S. MARKET EXCLUSIVITY FOR CERTAIN OF ITS NEW GENERIC PRODUCTS AND REGULATORY CHANGES THAT MAY PREVENT TEVA FROM UTILIZING EXCLUSIVITY PERIODS, COMPETITION FROM BRAND-NAME COMPANIES THAT ARE UNDER INCREASED PRESSURE TO COUNTER GENERIC PRODUCTS, OR COMPETITORS THAT SEEK TO DELAY THE INTRODUCTION OF GENERIC PRODUCTS, POTENTIAL LIABILITY FOR SALES OF GENERIC PRODUCTS PRIOR TO A FINAL RESOLUTION OF OUTSTANDING PATENT LITIGATION, INCLUDING THAT RELATING TO THE GENERIC VERSIONS OF ALLEGRA , NEURONTIN , LOTREL , FAMVIR , AND PROTONIX , THE IMPACT OF CONSOLIDATION OF OUR DISTRIBUTORS AND CUSTOMERS, THE EFFECTS OF COMPETITION ON OUR INNOVATIVE PRODUCTS, ESPECIALLY COPAXONE SALES, THE IMPACT OF PHARMACEUTICAL INDUSTRY REGULATION AND PENDING LEGISLATION THAT COULD AFFECT THE PHARMACEUTICAL INDUSTRY, THE DIFFICULTY OF PREDICTING U.S. FOOD AND DRUG ADMINISTRATION, EUROPEAN MEDICINES AGENCY AND OTHER REGULATORY AUTHORITY APPROVALS, THE REGULATORY ENVIRONMENT AND CHANGES IN THE HEALTH POLICIES AND STRUCTURES OF VARIOUS COUNTRIES, OUR ABILITY TO ACHIEVE EXPECTED RESULTS THOUGH OUR INNOVATIVE R&D EFFORTS, TEVA'S ABILITY TO SUCCESSFULLY IDENTIFY, CONSUMMATE AND INTEGRATE ACQUISITIONS, POTENTIAL EXPOSURE TO PRODUCT LIABILITY CLAIMS TO THE EXTENT NOT COVERED BY INSURANCE, DEPENDENCE ON THE EFFECTIVENESS OF OUR PATENTS AND OTHER PROTECTIONS FOR INNOVATIVE PRODUCTS, SIGNIFICANT OPERATIONS WORLDWIDE THAT MAY BE ADVERSELY AFFECTED BY TERRORISM, POLITICAL OR ECONOMICAL INSTABILITY OR MAJOR HOSTILITIES, SUPPLY INTERRUPTIONS OR DELAYS THAT COULD RESULT FROM THE COMPLEX MANUFACTURING OF OUR PRODUCTS AND OUR GLOBAL SUPPLY CHAIN, ENVIRONMENTAL RISKS, FLUCTUATIONS IN CURRENCY, EXCHANGE AND INTEREST RATES, AND OTHER FACTORS THAT ARE DISCUSSED IN TEVA'S ANNUAL REPORT ON FORM 20-F AND ITS OTHER FILINGS WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE AND THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENT, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

Table of Contents

Teva’s Growth Strategy 2008-2012 Global Generic Markets US Europe International Global Generic Resources Innovative Strategy BioGenerics Modeling Teva Closing Thoughts

Teva’s Growth Strategy 2008-2012
Shlomo Yanai President and CEO Teva Pharmaceutical Industries Ltd. February 21, 2008

Forward-Looking Statements

TODAY S PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS, WHICH EXPRESS THE CURRENT BELIEFS AND EXPECTATIONS OF MANAGEMENT. SUCH STATEMENTS INVOLVE A NUMBER OF KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES THAT COULD CAUSE TEVA'S FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER SIGNIFICANTLY FROM THE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARDLOOKING STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE RISKS RELATING TO: TEVA'S ABILITY TO ACCURATELY PREDICT FUTURE MARKET CONDITIONS, TEVA'S ABILITY TO SUCCESSFULLY DEVELOP AND COMMERCIALIZE ADDITIONAL PHARMACEUTICAL PRODUCTS, THE INTRODUCTION OF COMPETING GENERIC EQUIVALENTS, THE EXTENT TO WHICH TEVA MAY OBTAIN U.S. MARKET EXCLUSIVITY FOR CERTAIN OF ITS NEW GENERIC PRODUCTS AND REGULATORY CHANGES THAT MAY PREVENT TEVA FROM UTILIZING EXCLUSIVITY PERIODS, COMPETITION FROM BRAND-NAME COMPANIES THAT ARE UNDER INCREASED PRESSURE TO COUNTER GENERIC PRODUCTS, OR COMPETITORS THAT SEEK TO DELAY THE INTRODUCTION OF GENERIC PRODUCTS, POTENTIAL LIABILITY FOR SALES OF GENERIC PRODUCTS PRIOR TO A FINAL RESOLUTION OF OUTSTANDING PATENT LITIGATION, INCLUDING THAT RELATING TO THE GENERIC VERSIONS OF ALLEGRA , NEURONTIN , LOTREL , FAMVIR , AND PROTONIX , THE IMPACT OF CONSOLIDATION OF OUR DISTRIBUTORS AND CUSTOMERS, THE EFFECTS OF COMPETITION ON OUR INNOVATIVE PRODUCTS, ESPECIALLY COPAXONE SALES, THE IMPACT OF PHARMACEUTICAL INDUSTRY REGULATION AND PENDING LEGISLATION THAT COULD AFFECT THE PHARMACEUTICAL INDUSTRY, THE DIFFICULTY OF PREDICTING U.S. FOOD AND DRUG ADMINISTRATION, EUROPEAN MEDICINES AGENCY AND OTHER REGULATORY AUTHORITY APPROVALS, THE REGULATORY ENVIRONMENT AND CHANGES IN THE HEALTH POLICIES AND STRUCTURES OF VARIOUS COUNTRIES, OUR ABILITY TO ACHIEVE EXPECTED RESULTS THOUGH OUR INNOVATIVE R&D EFFORTS, TEVA'S ABILITY TO SUCCESSFULLY IDENTIFY, CONSUMMATE AND INTEGRATE ACQUISITIONS, POTENTIAL EXPOSURE TO PRODUCT LIABILITY CLAIMS TO THE EXTENT NOT COVERED BY INSURANCE, DEPENDENCE ON THE EFFECTIVENESS OF OUR PATENTS AND OTHER PROTECTIONS FOR INNOVATIVE PRODUCTS, SIGNIFICANT OPERATIONS WORLDWIDE THAT MAY BE ADVERSELY AFFECTED BY TERRORISM, POLITICAL OR ECONOMICAL INSTABILITY OR MAJOR HOSTILITIES, SUPPLY INTERRUPTIONS OR DELAYS THAT COULD RESULT FROM THE COMPLEX MANUFACTURING OF OUR PRODUCTS AND OUR GLOBAL SUPPLY CHAIN, ENVIRONMENTAL RISKS, FLUCTUATIONS IN CURRENCY, EXCHANGE AND INTEREST RATES, AND OTHER FACTORS THAT ARE DISCUSSED IN TEVA'S ANNUAL REPORT ON FORM 20-F AND ITS OTHER FILINGS WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE AND THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENT, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

Fundamental Questions

? ? ?
1

Can Teva sustain its pace of growth for years to come?

What will be Teva’s key growth drivers?

What is Teva’s value proposition?

Teva’s 20/20 Target

By 2012, we expect to: Double our business Reach revenues of $20 billion Exceed net income margins of 20%

2

Growth Through Market Leadership

2007 Sales of peer group
$9.4 B $7.0 B

Market Leadership: Market share Gap between #1 and #2

$2.6 B $2.5 B $2.5 B

Teva Sandoz Mylan

Barr

Watson

3

Source: Company reports and analyst estimates

The Leader’s Reward

Difference in operating margin

10% 8% 6% 4% 2% 0% 0% 5% 10% 15% 20% 25% 30%
Difference in market share between no. 1 and no. 2 player

Market leaders are typically more profitable than followers The greater the share gap the greater the profit advantage Greater absolute market share correlates with greater profitability

4

Source: Cross industry analysis of market leadership, McKinsey & Company

The External Environment
Demographic shifts and emerging market growth Global generics ~$75b in 2007 to ~$120b in 2012

Demand

Payors

Decision-making shifting to payors Growing pressure to lower costs

Harmonization & Consolidation

Global standards, common products, and global economies of scale create a few global leaders Big-to-big opportunities

Macro conditions are in Teva’s favor
5

Growth Will Create “2 More U.S. Markets” Global Generics Sales

$120B

$45B $75B International Europe North America* 2007
6
* U.S. and Canada Source: IMS, Espicom; Teva estimates of local markets

2012

Teva’s Core Strengths and Competitive Advantages
Teva’s Scale Teva’s Scale and and Leadership Leadership
Broadest product portfolio Largest first-to-file / Paragraph IV pipeline API leadership Large global footprint, leadership in most significant market (U.S.) R&D, legal and regulatory excellence

Execution Execution Excellence Excellence

Low-cost production and supply chain Backward integration Proven track-record in M&As Service excellence Commitment to global generics leadership Leveraging scale and scope Commercial innovation Lean, agile, responsive and fast Proactive, willing to challenge

Competitive Competitive Approach Approach

Teva’s Culture Teva’s Culture

7

Key Pillars of Our Strategy
Increase Teva’s Increase Teva’s market share in market share in key markets key markets Double our Double our product portfolio product portfolio Extend leadership in U.S. Establish leadership in key EU and International markets Double R&D capabilities Focus on first-to-market / Paragraph IVs Double production capacity Develop big-to-big offerings Create new go-to-market initiatives

Redefine Redefine customer service customer service Biotechnology: Biotechnology: Next growth Next growth wave in generics wave in generics Innovative Innovative business business
8

Invest in the next wave of technology and Generics Create affordable Biogenerics: lower cost, greater value Focus on niche specialty areas Leverage unique sourcing, development and go-tomarket approaches

Teva’s Value Proposition

Growth Company Commitment To Global Generics Leadership Balanced Business Model Attractive Financial Returns Teva’s Culture and Brand
9

Key Themes Double our business Reach revenues of $20 billion Exceed net profit margins of 20%

Where Teva is going

Increase market leadership How we will get there Double-down on product portfolio Redefine customer service Affordable Biogenerics Differentiated approach to Innovative

10

Teva North America
Bill Marth President and CEO Teva North America February 21, 2008

Forward-Looking Statements

TODAY S PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS, WHICH EXPRESS THE CURRENT BELIEFS AND EXPECTATIONS OF MANAGEMENT. SUCH STATEMENTS INVOLVE A NUMBER OF KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES THAT COULD CAUSE TEVA'S FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER SIGNIFICANTLY FROM THE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARDLOOKING STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE RISKS RELATING TO: TEVA'S ABILITY TO ACCURATELY PREDICT FUTURE MARKET CONDITIONS, TEVA'S ABILITY TO SUCCESSFULLY DEVELOP AND COMMERCIALIZE ADDITIONAL PHARMACEUTICAL PRODUCTS, THE INTRODUCTION OF COMPETING GENERIC EQUIVALENTS, THE EXTENT TO WHICH TEVA MAY OBTAIN U.S. MARKET EXCLUSIVITY FOR CERTAIN OF ITS NEW GENERIC PRODUCTS AND REGULATORY CHANGES THAT MAY PREVENT TEVA FROM UTILIZING EXCLUSIVITY PERIODS, COMPETITION FROM BRAND-NAME COMPANIES THAT ARE UNDER INCREASED PRESSURE TO COUNTER GENERIC PRODUCTS, OR COMPETITORS THAT SEEK TO DELAY THE INTRODUCTION OF GENERIC PRODUCTS, POTENTIAL LIABILITY FOR SALES OF GENERIC PRODUCTS PRIOR TO A FINAL RESOLUTION OF OUTSTANDING PATENT LITIGATION, INCLUDING THAT RELATING TO THE GENERIC VERSIONS OF ALLEGRA , NEURONTIN , LOTREL , FAMVIR , AND PROTONIX , THE IMPACT OF CONSOLIDATION OF OUR DISTRIBUTORS AND CUSTOMERS, THE EFFECTS OF COMPETITION ON OUR INNOVATIVE PRODUCTS, ESPECIALLY COPAXONE SALES, THE IMPACT OF PHARMACEUTICAL INDUSTRY REGULATION AND PENDING LEGISLATION THAT COULD AFFECT THE PHARMACEUTICAL INDUSTRY, THE DIFFICULTY OF PREDICTING U.S. FOOD AND DRUG ADMINISTRATION, EUROPEAN MEDICINES AGENCY AND OTHER REGULATORY AUTHORITY APPROVALS, THE REGULATORY ENVIRONMENT AND CHANGES IN THE HEALTH POLICIES AND STRUCTURES OF VARIOUS COUNTRIES, OUR ABILITY TO ACHIEVE EXPECTED RESULTS THOUGH OUR INNOVATIVE R&D EFFORTS, TEVA'S ABILITY TO SUCCESSFULLY IDENTIFY, CONSUMMATE AND INTEGRATE ACQUISITIONS, POTENTIAL EXPOSURE TO PRODUCT LIABILITY CLAIMS TO THE EXTENT NOT COVERED BY INSURANCE, DEPENDENCE ON THE EFFECTIVENESS OF OUR PATENTS AND OTHER PROTECTIONS FOR INNOVATIVE PRODUCTS, SIGNIFICANT OPERATIONS WORLDWIDE THAT MAY BE ADVERSELY AFFECTED BY TERRORISM, POLITICAL OR ECONOMICAL INSTABILITY OR MAJOR HOSTILITIES, SUPPLY INTERRUPTIONS OR DELAYS THAT COULD RESULT FROM THE COMPLEX MANUFACTURING OF OUR PRODUCTS AND OUR GLOBAL SUPPLY CHAIN, ENVIRONMENTAL RISKS, FLUCTUATIONS IN CURRENCY, EXCHANGE AND INTEREST RATES, AND OTHER FACTORS THAT ARE DISCUSSED IN TEVA'S ANNUAL REPORT ON FORM 20-F AND ITS OTHER FILINGS WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE AND THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENT, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

Our Goal

North American Sales $9.5 – 11.5 B
CAGR: 13-17%

$5.2 B

2007
1
Note: Includes all pharmaceutical sales in the U.S. and Canada

2012

Respiratory

Large global market

Key part of our market strategies Potential market of ~$25 Billion by 2012

Teva commercial strengths

Significant share of SABA market (US) Relationships with trade, payors, physicians Numerous pipeline products Leveraging innovative and generic R&D capabilities

Investments in R&D

2

U.S. Generics – Key Themes

Strong generics growth in a very attractive market

Strategy

Clear U.S. market leader - we aim to significantly increase our market share leadership

Double down on our generics portfolio

Execution

Improve our generics commercial model with even greater focus on customers

Goal

Overall, we expect Teva’s U.S. generics revenues to outpace the market while maintaining current EBIT margins

3

Teva is the Clear U.S. Market Leader Number of TRxs per day Millions Teva dispenses nearly 2 out of every 10 generics prescriptions
0.5 0.4

1.2 0.8 0.6

Teva

Mylan Watson Sandoz Barr

Teva’s daily volume is 50% greater than the next closest competitor

4

Source: IMS National Prescription Audit MAT December 2007

Extending U.S. Leadership to 30% Market Share
Number of TRxs
Generic Industry TRxs Teva total generic TRxs

3.6 B

2.4 B

Projected TRx CAGRs Generics overall: Teva: 8% 20%

1.1 B 0.4 B

2007A
Teva’s share*

2012E

18%

30%

5

* Projected Source: IMS Health National Prescription Audit, Teva Estimates

Key Elements of the U.S. Strategy

Product portfolio

Significantly greater investment in R&D Expand portfolio - new product launches Heavy emphasis on Para IV filings Leverage our scale for strategic and competitive advantage Supply Chain preeminence Innovate our commercial model – expand relationships with market leaders Redefine service

Leadership and scale

Go-to-market initiatives

6

Doubling Down on Generic R&D

Doubling our submissions Accelerating development to further increase our “first-to-file,” “first-to market” and “first-to-opportunity” positions Doubling output without doubling resources through: Capacity Speed Efficiency Parallel development Technology
7

Products Pending Approval and In Development Cover Most of the Market
2007 Pharmaceuticals Market

$285 B Opportunity Teva products in development Teva products pending approval

65%
Of the market

$83 B $101 B $101 B Total market

8

Source: IMS, Teva estimates

Teva has the Most Valuable Pipeline…
Pipeline Number of ANDAs pending 160 Teva has more ANDAs than any two competitors combined 92 current Teva files are Paragraph IV challenges (49 have FTF status)

>80

71

70

60

Firstto-file

49 N/A Teva Sandoz 16 Mylan

11
Barr

12 Watson

9

Source: Investor earnings call transcripts and company statements

…and the Broadest Product Portfolio in the Industry
Currently marketed products Number of products
ESTIMATES

Teva Sandoz Mylan Barr Watson
200 170 150 150

331

Teva has 65% more marketed products than the next closest competitor

10

Source: Investor earnings call transcripts and company statements

Our Scale Gives Us an Unrivaled Ability to Launch At Risk

Leverages our core capabilities R&D Legal/regulatory Product commercialization: the way we go to market Supply chain flexibility Customers value earlier and superior access to products Enhances profitability

2007: Pantop
11
Source: Market data from IMS NSP at time of launch

Advantages of Supply Chain Preeminence Ability to leverage customer demand information across the Supply Chain Robust global Supply Chain network Prompt, seamless coordination of complex supply and distribution network Supported by 14 manufacturing sites globally Ability to execute large launches quickly (e.g., Pantoprazole, Simvastatin) Produce at multiple sites simultaneously Able to deliver multiple product configurations at launch
12

Robust Customer Relationships Are Critical to Our Success
Generics are critical to Teva’s key customers By 2012 generics will represent > 75% of all prescriptions in the U.S. Generics represent >50% of the drug profits of key U.S. customers We have developed a customer-centric business model Core elements: Superior service Collaborative planning Early access to new product launches Future plans: Tighter collaboration Enhanced packaging ‘Game changing’ moves

“Big-to-Big”
13

Example: ‘Game Changing’ Customer Service Innovation

Reach All Pharmacies In a Day . . .
• Our goal within 3 years, is to reach 50,000 pharmacies nationwide the day after launch • Significant investment planned to expanding our Supply Chain in combination with a new Direct-to-Store delivery capability • Benefits across the value chain: • Faster patient access to generics • More pharmacies immediately benefit from new product launches • More efficient inventory management across the distribution system
14

Teva’s U.S. Generics Financial Goal

U.S. Net Sales Projected Growth CAGR 2007 – 2012 >14% 10%

Key Paragraph IVs and other new products Big-to-big customer relationships Additional upside in specialty and innovative products

Market

Teva

15

Source: IMS; Teva estimates

Extending our Lead
Future portfolio ANDAs Pending
200

150

Teva

100

Barr Watson Sandoz

50

Mylan
0 0 50 100 150 200 250 300 350 400

Current portfolio Marketed products
16

Note: Bubble size is proportional to IMS reports of 2007 TRx; Teva = 437 Million

European Generics Market
Gerard W.M. van Odijk President and CEO Teva Europe February 21, 2008

Forward-Looking Statements

TODAY S PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS, WHICH EXPRESS THE CURRENT BELIEFS AND EXPECTATIONS OF MANAGEMENT. SUCH STATEMENTS INVOLVE A NUMBER OF KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES THAT COULD CAUSE TEVA'S FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER SIGNIFICANTLY FROM THE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARDLOOKING STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE RISKS RELATING TO: TEVA'S ABILITY TO ACCURATELY PREDICT FUTURE MARKET CONDITIONS, TEVA'S ABILITY TO SUCCESSFULLY DEVELOP AND COMMERCIALIZE ADDITIONAL PHARMACEUTICAL PRODUCTS, THE INTRODUCTION OF COMPETING GENERIC EQUIVALENTS, THE EXTENT TO WHICH TEVA MAY OBTAIN U.S. MARKET EXCLUSIVITY FOR CERTAIN OF ITS NEW GENERIC PRODUCTS AND REGULATORY CHANGES THAT MAY PREVENT TEVA FROM UTILIZING EXCLUSIVITY PERIODS, COMPETITION FROM BRAND-NAME COMPANIES THAT ARE UNDER INCREASED PRESSURE TO COUNTER GENERIC PRODUCTS, OR COMPETITORS THAT SEEK TO DELAY THE INTRODUCTION OF GENERIC PRODUCTS, POTENTIAL LIABILITY FOR SALES OF GENERIC PRODUCTS PRIOR TO A FINAL RESOLUTION OF OUTSTANDING PATENT LITIGATION, INCLUDING THAT RELATING TO THE GENERIC VERSIONS OF ALLEGRA , NEURONTIN , LOTREL , FAMVIR , AND PROTONIX , THE IMPACT OF CONSOLIDATION OF OUR DISTRIBUTORS AND CUSTOMERS, THE EFFECTS OF COMPETITION ON OUR INNOVATIVE PRODUCTS, ESPECIALLY COPAXONE SALES, THE IMPACT OF PHARMACEUTICAL INDUSTRY REGULATION AND PENDING LEGISLATION THAT COULD AFFECT THE PHARMACEUTICAL INDUSTRY, THE DIFFICULTY OF PREDICTING U.S. FOOD AND DRUG ADMINISTRATION, EUROPEAN MEDICINES AGENCY AND OTHER REGULATORY AUTHORITY APPROVALS, THE REGULATORY ENVIRONMENT AND CHANGES IN THE HEALTH POLICIES AND STRUCTURES OF VARIOUS COUNTRIES, OUR ABILITY TO ACHIEVE EXPECTED RESULTS THOUGH OUR INNOVATIVE R&D EFFORTS, TEVA'S ABILITY TO SUCCESSFULLY IDENTIFY, CONSUMMATE AND INTEGRATE ACQUISITIONS, POTENTIAL EXPOSURE TO PRODUCT LIABILITY CLAIMS TO THE EXTENT NOT COVERED BY INSURANCE, DEPENDENCE ON THE EFFECTIVENESS OF OUR PATENTS AND OTHER PROTECTIONS FOR INNOVATIVE PRODUCTS, SIGNIFICANT OPERATIONS WORLDWIDE THAT MAY BE ADVERSELY AFFECTED BY TERRORISM, POLITICAL OR ECONOMICAL INSTABILITY OR MAJOR HOSTILITIES, SUPPLY INTERRUPTIONS OR DELAYS THAT COULD RESULT FROM THE COMPLEX MANUFACTURING OF OUR PRODUCTS AND OUR GLOBAL SUPPLY CHAIN, ENVIRONMENTAL RISKS, FLUCTUATIONS IN CURRENCY, EXCHANGE AND INTEREST RATES, AND OTHER FACTORS THAT ARE DISCUSSED IN TEVA'S ANNUAL REPORT ON FORM 20-F AND ITS OTHER FILINGS WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE AND THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENT, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

Key Themes

• European generics market is large and growing • Teva has a proven track record of growth • Growth strategy focuses on: - Increasing our share - Securing leadership - Investing in our core functions • By 2012, we expect to more than double our sales and grow EBIT even faster

1

Our Goal European* Sales $5.1 – 5.7 B

18-21%

$2.2 B

2007
2

2012

* Refers throughout to Western Europe and Hungary

The Western European Generics Market is Large and Growing
CAGR, 2007-12

Europe overall is a large market with steady growth (7% CAGR) Net sales retail and hospital USD Billions +7% 20.2 14.7 2007 2012

Growth is particularly strong in the EU’s “Latin” countries

Italy

Spain

France

+20%

+15%

+14%

3

High Growth in “Latin” European Countries, Driven by New Reforms
Generics Market Share Volume
63% 65% 50% 54%

Increased Generics penetration Increased Generics penetration

7% Italy

12%

17%

Spain

France

Netherlands Germany

U.S.

U.K.

Emerging Generics Markets “Latin Europe”

Mature Generics Markets

4

Source: EGA 2007 Market Survey; US based on IMS estimates June 2007

In Germany, Tenders Create New Opportunities
Generics Market Share Volume

Tenders are entry ticket to the world’s 2nd largest Tenders are entry ticket to the world’s 2nd largest generics market (~ $5 billion) generics market (~ $5 billion) Shift from Branded-Generics to “Generic-Generics” Shift from Branded-Generics to “Generic-Generics”
63% 50% 54% 65%

7% Italy

12%

17%

Spain

France

Netherlands Germany

U.S.

U.K.

Emerging Generics Markets “Latin Europe”
5
Source: EGA 2007 Market Survey; US based on IMS estimates June 2007

Mature Generics Markets

Across the Region, Pharmacies and Chains Gaining Importance

Pharmacist/ payor influence

U.K. Netherlands France Germany Italy Spain Markets undergoing change Hungary Generics penetration Branded Branded Generics Generics model model Substitution Substitution Broad Broad Generics Generics portfolio portfolio model model Market transition

Physician influence

Selective Selective portfolio portfolio

6

Core Elements of Our Strategy

Extend lead in Extend lead in U.K., Italy, and U.K., Italy, and Netherlands Netherlands

• Expand ‘big-to-big’ relationships • Further broaden product portfolio • Drive profitability through scale

Secure leadership Secure leadership market by market market by market

• Build leadership in “Latin” markets • Capture generics tender opportunity in Germany • Leverage scale where competition is fragmented

Invest to enhance Invest to enhance our core functions our core functions

• Not just ‘First to Market’ but ‘Broad to Market’ • Build out manufacturing capacity and flexibility • Expand Supply Chain

7

Our Continued Back-End Investment Creates a Foundation for our Growth
1. Doubling our European GR&D Doubling our European GR&D investment next 5 years investment next 5 years 2. Doubling Manufacturing Doubling Manufacturing Capacity next 5 years Capacity next 5 years

> 1500 (+50%)

10 X UP
381 472 612 763

1,019

Up scaling Up scaling 1. Improved flexibility & responsiveness 1. Improved flexibility & responsiveness 2. Reduce costs 2. Reduce costs Unparalleled service level Unparalleled service level

170

247

2001 2002 2003 2004 2005 2006 2007 Plan 2008

8

Teva’s Proven Go-to-Market Approach
1. “Big-to-Big” “Big-to-Big” Portfolio breadth and Portfolio breadth and geographical presence position geographical presence position Teva as unique partner Teva as unique partner for EU wholesale & retail players for EU wholesale & retail players 2. “Sell-out” “Sell-out” Distinctive commercial offers and Distinctive commercial offers and lean & agile go-to-market models lean & agile go-to-market models match evolving market needs match evolving market needs

Teva’s European Presence

New products / loyalty program

Pull

Pull

9

Closing Remarks

• European generics market is attractive • Teva is uniquely positioned to succeed in Europe • Teva’s European growth strategy is focused on achieving market leadership • By 2012, Teva will more than double sales and grow EBIT even faster

10

International Generic Markets
Chaim Hurvitz Group VP – International Teva Pharmaceutical Industries Ltd. February 21, 2008

Forward-Looking Statements

TODAY S PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS, WHICH EXPRESS THE CURRENT BELIEFS AND EXPECTATIONS OF MANAGEMENT. SUCH STATEMENTS INVOLVE A NUMBER OF KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES THAT COULD CAUSE TEVA'S FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER SIGNIFICANTLY FROM THE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARDLOOKING STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE RISKS RELATING TO: TEVA'S ABILITY TO ACCURATELY PREDICT FUTURE MARKET CONDITIONS, TEVA'S ABILITY TO SUCCESSFULLY DEVELOP AND COMMERCIALIZE ADDITIONAL PHARMACEUTICAL PRODUCTS, THE INTRODUCTION OF COMPETING GENERIC EQUIVALENTS, THE EXTENT TO WHICH TEVA MAY OBTAIN U.S. MARKET EXCLUSIVITY FOR CERTAIN OF ITS NEW GENERIC PRODUCTS AND REGULATORY CHANGES THAT MAY PREVENT TEVA FROM UTILIZING EXCLUSIVITY PERIODS, COMPETITION FROM BRAND-NAME COMPANIES THAT ARE UNDER INCREASED PRESSURE TO COUNTER GENERIC PRODUCTS, OR COMPETITORS THAT SEEK TO DELAY THE INTRODUCTION OF GENERIC PRODUCTS, POTENTIAL LIABILITY FOR SALES OF GENERIC PRODUCTS PRIOR TO A FINAL RESOLUTION OF OUTSTANDING PATENT LITIGATION, INCLUDING THAT RELATING TO THE GENERIC VERSIONS OF ALLEGRA , NEURONTIN , LOTREL , FAMVIR , AND PROTONIX , THE IMPACT OF CONSOLIDATION OF OUR DISTRIBUTORS AND CUSTOMERS, THE EFFECTS OF COMPETITION ON OUR INNOVATIVE PRODUCTS, ESPECIALLY COPAXONE SALES, THE IMPACT OF PHARMACEUTICAL INDUSTRY REGULATION AND PENDING LEGISLATION THAT COULD AFFECT THE PHARMACEUTICAL INDUSTRY, THE DIFFICULTY OF PREDICTING U.S. FOOD AND DRUG ADMINISTRATION, EUROPEAN MEDICINES AGENCY AND OTHER REGULATORY AUTHORITY APPROVALS, THE REGULATORY ENVIRONMENT AND CHANGES IN THE HEALTH POLICIES AND STRUCTURES OF VARIOUS COUNTRIES, OUR ABILITY TO ACHIEVE EXPECTED RESULTS THOUGH OUR INNOVATIVE R&D EFFORTS, TEVA'S ABILITY TO SUCCESSFULLY IDENTIFY, CONSUMMATE AND INTEGRATE ACQUISITIONS, POTENTIAL EXPOSURE TO PRODUCT LIABILITY CLAIMS TO THE EXTENT NOT COVERED BY INSURANCE, DEPENDENCE ON THE EFFECTIVENESS OF OUR PATENTS AND OTHER PROTECTIONS FOR INNOVATIVE PRODUCTS, SIGNIFICANT OPERATIONS WORLDWIDE THAT MAY BE ADVERSELY AFFECTED BY TERRORISM, POLITICAL OR ECONOMICAL INSTABILITY OR MAJOR HOSTILITIES, SUPPLY INTERRUPTIONS OR DELAYS THAT COULD RESULT FROM THE COMPLEX MANUFACTURING OF OUR PRODUCTS AND OUR GLOBAL SUPPLY CHAIN, ENVIRONMENTAL RISKS, FLUCTUATIONS IN CURRENCY, EXCHANGE AND INTEREST RATES, AND OTHER FACTORS THAT ARE DISCUSSED IN TEVA'S ANNUAL REPORT ON FORM 20-F AND ITS OTHER FILINGS WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE AND THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENT, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

Key Themes

Huge potential in the International markets Strong starting point - market positions, global capabilities

1

Our Goal International Sales

$3.2 – 4.0 B

18-23%

$1.4 B

2007

2012

2

Strong International Market Growth
Pharma Market (CAGRs 2007-2011)

Eastern Europe: 18% Asia: 11% Japan: 4%

Latin America: 10%

International markets: 2007 : $ 188 B 2011: $ 257 B
3
Source: IMS, ex-factory prices 07/07

Broad Teva Presence in International Markets
Presence

Poland Czech Hungary Mexico

Russia Lithuania Romania Bulgaria Ukraine Turkey

Latvia

China Japan Taiwan

19 Manufacturing sites 3 Partnerships 24 National companies

Israel

India Venezuela Kenya Singapore

Peru Brazil Chile Uruguay Argentina

S. Africa

4

International Generic Markets Growing Rapidly

2007 ($B) Generics China India S. Korea Mexico Japan Turkey Russia Brazil
5

2012 ($B) Generics 22.4
9.3 4.9 6.6 8.9 4.3 5.2 4.6

CAGR 2007-12 Percent
12

12.7
6.6 3.5 3.4 3.3 3.2 2.5 1.5

7 7
14 22

6
16 25

Source: IMS; Espicom; Teva estimates

Strategic Considerations For Prioritizing Markets

Market size Growth rate Readiness / Maturity - Political and economy stability - Government accountability to health care - Regulatory & Legal environment

6

Two Types of Markets on our Priority List Emerging Economies Strong economic growth and rising personal wealth Consolidated group of retailers and distributors Rising patient demand for quality products Early Generic markets Large, or rapidly growing overall pharma market Low generic share Favorable trends e.g., demographic growth, cost pressure

Example: Brazil, Mexico

Example: Japan

7

Brazil – Emerging Economy; Quality Is Growing in Importance
$ Billions
CAGR 2007-12 Percent 17.4 4.0 8 Rising personal wealth drives Bioequivalent growth at the expense of “Similares” Customers are consolidating enabling big-tobig strategies

+5%

Patented molecules

13.6 2.7

Branded Generics and Similares Bioequivalent Generics

8.8 9.4

-1

4.6 1.5 2007 2012

25

8

Source: Espicom, IMS, Expert Interviews, Teva analysis

Mexico – Emerging Economy; Quality Is Growing in Importance
$ Billions
CAGR 2007-12 Percent Already # 1 in Public Sector
18.5

25.1 +13%

13.7 Innovative & Branded Generics Generics

12

10.3

Government is: Enforcing bioequivalence laws Increasing public health spending A broad portfolio is important in tenders

3.4 3.4 2007

6.6 2012

14

9

Source: Team analysis, RMBC, experts interviews, Teva analysis

Japanese Generics Market Poised To Grow

World’s 2nd largest pharma market - 2007: $67B - 2012 projection: $83B Attractive fundamentals: - Aging population - Rising healthcare costs - Government encouraging generics penetration

10

Significant Opportunity To Increase Generics Penetration In Japan
Generics share of total prescription drug market In percentage

17 5
Volume Value

Government targeting 30% volume share by 2012 Government could save ~$25B annually
11

Source: IMS; MHLW; Espicom; Teva analysis

Closing Remarks

Huge potential Strong starting point - markets positions, global capabilities Growth by: Extending existing presence Entering new markets Our goal: $3.2–4.0 Billion in profitable revenues in 2012

12

NJE-1410.1305-20080207-dineHR2

Global Generic Resources
Amir Elstein Executive VP, Global Resources Teva Pharmaceutical Industries Ltd. February 21, 2008

Forward-Looking Statements

TODAY S PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS, WHICH EXPRESS THE CURRENT BELIEFS AND EXPECTATIONS OF MANAGEMENT. SUCH STATEMENTS INVOLVE A NUMBER OF KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES THAT COULD CAUSE TEVA'S FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER SIGNIFICANTLY FROM THE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARDLOOKING STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE RISKS RELATING TO: TEVA'S ABILITY TO ACCURATELY PREDICT FUTURE MARKET CONDITIONS, TEVA'S ABILITY TO SUCCESSFULLY DEVELOP AND COMMERCIALIZE ADDITIONAL PHARMACEUTICAL PRODUCTS, THE INTRODUCTION OF COMPETING GENERIC EQUIVALENTS, THE EXTENT TO WHICH TEVA MAY OBTAIN U.S. MARKET EXCLUSIVITY FOR CERTAIN OF ITS NEW GENERIC PRODUCTS AND REGULATORY CHANGES THAT MAY PREVENT TEVA FROM UTILIZING EXCLUSIVITY PERIODS, COMPETITION FROM BRAND-NAME COMPANIES THAT ARE UNDER INCREASED PRESSURE TO COUNTER GENERIC PRODUCTS, OR COMPETITORS THAT SEEK TO DELAY THE INTRODUCTION OF GENERIC PRODUCTS, POTENTIAL LIABILITY FOR SALES OF GENERIC PRODUCTS PRIOR TO A FINAL RESOLUTION OF OUTSTANDING PATENT LITIGATION, INCLUDING THAT RELATING TO THE GENERIC VERSIONS OF ALLEGRA , NEURONTIN , LOTREL , FAMVIR , AND PROTONIX , THE IMPACT OF CONSOLIDATION OF OUR DISTRIBUTORS AND CUSTOMERS, THE EFFECTS OF COMPETITION ON OUR INNOVATIVE PRODUCTS, ESPECIALLY COPAXONE SALES, THE IMPACT OF PHARMACEUTICAL INDUSTRY REGULATION AND PENDING LEGISLATION THAT COULD AFFECT THE PHARMACEUTICAL INDUSTRY, THE DIFFICULTY OF PREDICTING U.S. FOOD AND DRUG ADMINISTRATION, EUROPEAN MEDICINES AGENCY AND OTHER REGULATORY AUTHORITY APPROVALS, THE REGULATORY ENVIRONMENT AND CHANGES IN THE HEALTH POLICIES AND STRUCTURES OF VARIOUS COUNTRIES, OUR ABILITY TO ACHIEVE EXPECTED RESULTS THOUGH OUR INNOVATIVE R&D EFFORTS, TEVA'S ABILITY TO SUCCESSFULLY IDENTIFY, CONSUMMATE AND INTEGRATE ACQUISITIONS, POTENTIAL EXPOSURE TO PRODUCT LIABILITY CLAIMS TO THE EXTENT NOT COVERED BY INSURANCE, DEPENDENCE ON THE EFFECTIVENESS OF OUR PATENTS AND OTHER PROTECTIONS FOR INNOVATIVE PRODUCTS, SIGNIFICANT OPERATIONS WORLDWIDE THAT MAY BE ADVERSELY AFFECTED BY TERRORISM, POLITICAL OR ECONOMICAL INSTABILITY OR MAJOR HOSTILITIES, SUPPLY INTERRUPTIONS OR DELAYS THAT COULD RESULT FROM THE COMPLEX MANUFACTURING OF OUR PRODUCTS AND OUR GLOBAL SUPPLY CHAIN, ENVIRONMENTAL RISKS, FLUCTUATIONS IN CURRENCY, EXCHANGE AND INTEREST RATES, AND OTHER FACTORS THAT ARE DISCUSSED IN TEVA'S ANNUAL REPORT ON FORM 20-F AND ITS OTHER FILINGS WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE AND THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENT, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

Key Themes

Goal of Global Goal of Global Generic Resources Generic Resources

Enable Teva to win Enable Teva to win in all markets in all markets where we compete where we compete

1

Key Success Factors For Our Growth Strategy

Greatest rate of first-tomarket products Redefine customer service Competitive cost position Shift from unifocal to multifocal

GR&D

TAPI

Pharma operations

Supply chain

Leverage our scale
2

Global Generic Resources: Driving Market Leadership

Portfolio value

Service leadership

Double capacity

Unmatched combined capabilities
3

“2x” performance TAPI Global Advantage – Size and Service
Estimated 2007 Sales $ Millions

Huge portfolio (250+ Huge portfolio (250+ products) products) Highly responsive Highly responsive Strong patent position Strong patent position Top talent – scientific Top talent – scientific and management and management

Company Teva Western Indian Chinese

1,460

550

500

360

357

303

274

245

238

195

Competitors
4

Global Portfolio Uses U.S. as Springboard
2007 # Global files P IV / First-to-file 126 >50% 2010 More than double >50%

Leveraged investment
Bioequivalence studies API development Formulation technology Manufacturing process

High Portfolio Value: Total Value and Value per File

Rapid Rapid cost-effective cost-effective entry into entry into Europe and Europe and International International markets markets

5

Service Leadership at the Next Level

Customer needs Customer needs Pharmacy profitability/ product availability Multi-region/multi-country supply reliability

Teva service: “Big-to-Big” Teva service: “Big-to-Big” supply system supply system Broad portfolio and rapid targeted distribution

Global supply chain

Inventory reduction

Just-in-time/“pull” delivery

Lower labor costs
6

Customized shipping

Substantially Expanding our Supply Chain to Support Growth Solid oral drugs Billions of tablets 120 100 80 60 40 2007
7

>2x in >2x in “on-time” “on-time” capacity capacity

Moving to separate Moving to separate from the pack from the pack Enhancing our Enhancing our already powerful already powerful launch capability launch capability

2008

2009

2010

2011

2012

Selecting the Best Site to Maximize Value

Netherlands Toronto Missouri Switzerland UK

Czech Republic

Hungary

NJ

China

Speed EBIT Vertical integration

CA

PA Italy India Puerto Rico Venezuela Peru Brazil Israel (5)

Mexico

Chile

Argentina

Operating in 20 countries Operating in 20 countries TAPI: 16 plants & 8 R&D sites TAPI: 16 plants & 8 R&D sites
8

Pharma: 33 plants & 16 R&D sites Pharma: 33 plants & 16 R&D sites

Global Leadership

Double portfolio value and capacity of global core functions Maintain and enhance service leadership Separate from the pack – unmatched global generic resources
9

Enable Teva to win Enable Teva to win in all markets in all markets where we compete where we compete

Teva’s Innovative Strategy
Moshe Manor Group VP - Global Innovative Resources Teva Pharmaceutical Industries Ltd. February 21, 2008

Forward-Looking Statements

TODAY S PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS, WHICH EXPRESS THE CURRENT BELIEFS AND EXPECTATIONS OF MANAGEMENT. SUCH STATEMENTS INVOLVE A NUMBER OF KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES THAT COULD CAUSE TEVA'S FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER SIGNIFICANTLY FROM THE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARDLOOKING STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE RISKS RELATING TO: TEVA'S ABILITY TO ACCURATELY PREDICT FUTURE MARKET CONDITIONS, TEVA'S ABILITY TO SUCCESSFULLY DEVELOP AND COMMERCIALIZE ADDITIONAL PHARMACEUTICAL PRODUCTS, THE INTRODUCTION OF COMPETING GENERIC EQUIVALENTS, THE EXTENT TO WHICH TEVA MAY OBTAIN U.S. MARKET EXCLUSIVITY FOR CERTAIN OF ITS NEW GENERIC PRODUCTS AND REGULATORY CHANGES THAT MAY PREVENT TEVA FROM UTILIZING EXCLUSIVITY PERIODS, COMPETITION FROM BRAND-NAME COMPANIES THAT ARE UNDER INCREASED PRESSURE TO COUNTER GENERIC PRODUCTS, OR COMPETITORS THAT SEEK TO DELAY THE INTRODUCTION OF GENERIC PRODUCTS, POTENTIAL LIABILITY FOR SALES OF GENERIC PRODUCTS PRIOR TO A FINAL RESOLUTION OF OUTSTANDING PATENT LITIGATION, INCLUDING THAT RELATING TO THE GENERIC VERSIONS OF ALLEGRA , NEURONTIN , LOTREL , FAMVIR , AND PROTONIX , THE IMPACT OF CONSOLIDATION OF OUR DISTRIBUTORS AND CUSTOMERS, THE EFFECTS OF COMPETITION ON OUR INNOVATIVE PRODUCTS, ESPECIALLY COPAXONE SALES, THE IMPACT OF PHARMACEUTICAL INDUSTRY REGULATION AND PENDING LEGISLATION THAT COULD AFFECT THE PHARMACEUTICAL INDUSTRY, THE DIFFICULTY OF PREDICTING U.S. FOOD AND DRUG ADMINISTRATION, EUROPEAN MEDICINES AGENCY AND OTHER REGULATORY AUTHORITY APPROVALS, THE REGULATORY ENVIRONMENT AND CHANGES IN THE HEALTH POLICIES AND STRUCTURES OF VARIOUS COUNTRIES, OUR ABILITY TO ACHIEVE EXPECTED RESULTS THOUGH OUR INNOVATIVE R&D EFFORTS, TEVA'S ABILITY TO SUCCESSFULLY IDENTIFY, CONSUMMATE AND INTEGRATE ACQUISITIONS, POTENTIAL EXPOSURE TO PRODUCT LIABILITY CLAIMS TO THE EXTENT NOT COVERED BY INSURANCE, DEPENDENCE ON THE EFFECTIVENESS OF OUR PATENTS AND OTHER PROTECTIONS FOR INNOVATIVE PRODUCTS, SIGNIFICANT OPERATIONS WORLDWIDE THAT MAY BE ADVERSELY AFFECTED BY TERRORISM, POLITICAL OR ECONOMICAL INSTABILITY OR MAJOR HOSTILITIES, SUPPLY INTERRUPTIONS OR DELAYS THAT COULD RESULT FROM THE COMPLEX MANUFACTURING OF OUR PRODUCTS AND OUR GLOBAL SUPPLY CHAIN, ENVIRONMENTAL RISKS, FLUCTUATIONS IN CURRENCY, EXCHANGE AND INTEREST RATES, AND OTHER FACTORS THAT ARE DISCUSSED IN TEVA'S ANNUAL REPORT ON FORM 20-F AND ITS OTHER FILINGS WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE AND THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENT, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

Key Themes

$3 billion in risk-adjusted revenues expected by 2012 Growth in Innovative contributes to Teva brand and balanced business model Investing to create long-term value

1

Proven Capabilities Across the Value Chain

Sourcing

Sourcing innovation, products and companies, focusing on Israeli science Executing trials at low cost, with competitive recruitment rates Experience in working with regulators

Development Regulatory

Manufacturing Marketing and Sales

First-class capabilities Synergies: Leveraging expertise of Generic R&D Proven messages that drive market share Highly-productive sales force

2

Our Differentiated Approach to Innovative

Focus on niche therapeutic areas Products with: Differentiated clinical attributes Real economic value for patients and payors Teva’s unique advantages Sourcing Development Go-to-market approach Strategies to mitigate risk Upfront investment Methodologies (Biomarkers)

3

Three-Pronged Strategy

Unique sourcing value proposition

Source products globally in focused TAs Rapid evaluation and investment in opportunities (New Ventures) Unique value proposition (IP) Streamline decision-making; shorten time, “kill early” Flexibility by outsourcing non-strategic functions Trials in emerging markets Early investment to mitigate risk

Next-generation development

Go-to-market model

Focus on niche specialty areas Small, specialty sales forces Payor and trade relationships

4

Clinical Development Pipeline

Laquinimod®
(MS)

Copaxone® 40mg
(MS)

Copaxone® Copaxone®
(CIS/MS ) (MS)

Laquinimod® (SLE/LN)

Laquinimod® (CD)

Talampanel® (ALS )

Copaxone® 40mg
(ALS)

Azilect®
(PD/DM)

Submission

Azilect®
(PD)

(Solid Cancers)

CT-011

(Hematol. Cancer )

CT-011

StemEx®
(Cancer)

Debrase®
(burns)

Phase I

Phase II

Phase III/IIIB

Phase IV

AutoImmune: SLE/LN – Lupus CD – Crohn’s Disease

MS

Neurology: PD – Parkinson’s Disease

Oncology

Other Indications

5

Time-to-Market for Potential Products
Debrase® (burns) Copaxone® 40mg (ALS) Azilect® (PD - DM) Copaxone® 20mg (CIS) Copaxone® 40 mg (MS) StemEx® (Cancer) Talampanel® (ALS) Laquinimod® (MS)

Potential revenue 2015: $4-5B
Laquinimod® (SLE/LN) Laquinimod® (CD) CT-011 (Solid Cancer) CT-011 (Hematological Cancer)

(risk adjusted)

2009-2011
Auto-Immune: SLE/LN – Lupus CD – Crohn’s Disease MS

2012-2014
Neurology: PD – Parkinson’s Disease

2015 and beyond
Oncology Other Indications

6

Copaxone Is On-Track to Become Global #1 (in Value)
35%
32% 30%

30%
25% 22%

29% 26%

25%

25%

23%
21%

24%
21%

25%

21%

Avonex® 25% Copaxone® Rebif® 24%
20%

20%

Betaseron®

5% 0% 2004
7

1%

5%

Tysabri®

2005

2006

2007

Note: Based on the last release of all companies (Q3)

What Will Fuel Copaxone’s® Growth?
In addition: Copaxone® 40mg with increased efficacy Oral Laquinimod®

Level of Differentiation

High

Medium
Efficacy on damage and repair

Low
Efficacy in CIS

Short Term Efficacy and Safety in RRMS

Long Term Efficacy and Safety in RRMS

Product features and benefits 8

Innovative Long Term Growth
Risk-Adjusted Revenues $4 – 5 B

$3 B $1.8 B*

2007
9

2012

2015

* In-Market Sales

The Future of Teva’s Innovative Business

$3 Billion in risk-adjusted revenues by 2012 Strong growth of Copaxone® and Azilect® Building a portfolio that drives growth past 2012 Leveraging Teva’s expertise, capabilities, synergies Extending our capabilities into additional focused therapeutic areas

10

Biogenerics
Amir Elstein Executive VP, Global Resources Teva Pharmaceutical Industries Ltd. February 21, 2008

Forward-Looking Statements

TODAY S PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS, WHICH EXPRESS THE CURRENT BELIEFS AND EXPECTATIONS OF MANAGEMENT. SUCH STATEMENTS INVOLVE A NUMBER OF KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES THAT COULD CAUSE TEVA'S FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER SIGNIFICANTLY FROM THE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARDLOOKING STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE RISKS RELATING TO: TEVA'S ABILITY TO ACCURATELY PREDICT FUTURE MARKET CONDITIONS, TEVA'S ABILITY TO SUCCESSFULLY DEVELOP AND COMMERCIALIZE ADDITIONAL PHARMACEUTICAL PRODUCTS, THE INTRODUCTION OF COMPETING GENERIC EQUIVALENTS, THE EXTENT TO WHICH TEVA MAY OBTAIN U.S. MARKET EXCLUSIVITY FOR CERTAIN OF ITS NEW GENERIC PRODUCTS AND REGULATORY CHANGES THAT MAY PREVENT TEVA FROM UTILIZING EXCLUSIVITY PERIODS, COMPETITION FROM BRAND-NAME COMPANIES THAT ARE UNDER INCREASED PRESSURE TO COUNTER GENERIC PRODUCTS, OR COMPETITORS THAT SEEK TO DELAY THE INTRODUCTION OF GENERIC PRODUCTS, POTENTIAL LIABILITY FOR SALES OF GENERIC PRODUCTS PRIOR TO A FINAL RESOLUTION OF OUTSTANDING PATENT LITIGATION, INCLUDING THAT RELATING TO THE GENERIC VERSIONS OF ALLEGRA , NEURONTIN , LOTREL , FAMVIR , AND PROTONIX , THE IMPACT OF CONSOLIDATION OF OUR DISTRIBUTORS AND CUSTOMERS, THE EFFECTS OF COMPETITION ON OUR INNOVATIVE PRODUCTS, ESPECIALLY COPAXONE SALES, THE IMPACT OF PHARMACEUTICAL INDUSTRY REGULATION AND PENDING LEGISLATION THAT COULD AFFECT THE PHARMACEUTICAL INDUSTRY, THE DIFFICULTY OF PREDICTING U.S. FOOD AND DRUG ADMINISTRATION, EUROPEAN MEDICINES AGENCY AND OTHER REGULATORY AUTHORITY APPROVALS, THE REGULATORY ENVIRONMENT AND CHANGES IN THE HEALTH POLICIES AND STRUCTURES OF VARIOUS COUNTRIES, OUR ABILITY TO ACHIEVE EXPECTED RESULTS THOUGH OUR INNOVATIVE R&D EFFORTS, TEVA'S ABILITY TO SUCCESSFULLY IDENTIFY, CONSUMMATE AND INTEGRATE ACQUISITIONS, POTENTIAL EXPOSURE TO PRODUCT LIABILITY CLAIMS TO THE EXTENT NOT COVERED BY INSURANCE, DEPENDENCE ON THE EFFECTIVENESS OF OUR PATENTS AND OTHER PROTECTIONS FOR INNOVATIVE PRODUCTS, SIGNIFICANT OPERATIONS WORLDWIDE THAT MAY BE ADVERSELY AFFECTED BY TERRORISM, POLITICAL OR ECONOMICAL INSTABILITY OR MAJOR HOSTILITIES, SUPPLY INTERRUPTIONS OR DELAYS THAT COULD RESULT FROM THE COMPLEX MANUFACTURING OF OUR PRODUCTS AND OUR GLOBAL SUPPLY CHAIN, ENVIRONMENTAL RISKS, FLUCTUATIONS IN CURRENCY, EXCHANGE AND INTEREST RATES, AND OTHER FACTORS THAT ARE DISCUSSED IN TEVA'S ANNUAL REPORT ON FORM 20-F AND ITS OTHER FILINGS WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE AND THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENT, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

Key Themes

Biopharmaceuticals – huge potential Biogenerics – next wave of growth for generics Our strategy – “same for less” Investing for leadership

1

Biopharmaceuticals Predicted Growth CAGR 2007-12 Percent 615 474 94 165 Total Biologics 5 12

Market size, worldwide $ Billions

89 85

380 4 2007

450

Small molecule

3

1990
2
Source: Evaluate Pharma

2012

Biogenerics: Next Generation of Growth for Teva

Over $40 billion in current biopharmaceutical sales exposed to generic competition over the next 10 years Higher barriers to entry and attractive returns Aligned with market and social forces through our generic value proposition

3

Biogenerics: Teva Approach and Key Principles

Reduce cost of development and production to provide affordable Biopharmaceuticals and competitive market position Invest in technologies, infrastructure and capabilities to develop and produce at low cost Leverage existing bioformulation and manufacturing expertise Pursue early entry and/or “more for less” strategies as opportunities to boost value to our shareholders

Investing for the long-term
4

Our Biogenerics Strategy

Development focus

Commercial approach

Substitution

“Identical” product

Same for less

“Equivalent” but not substitutable

Same clinical attributes -Early entry IP Opportunistic: “more for less”

5

Investing for Biogenerics Leadership Key success factors Technology platforms Market presence Portfolio Low cost position

Teva capabilities Clinical/development Manufacturing Commercialization Payor relationships IP

CoGenesys value-add Product IP HSA-fusion technology Product in development CMC – process and technology

6

Biogenerics Strategy – Guiding Principles

Leadership

Industry-shaping role

Generic value proposition

Same for less

Invest wisely and patiently

Organic and inorganic

7

Modeling Teva
Dan Suesskind CFO Teva Pharmaceutical Industries Ltd. February 21, 2008

Forward-Looking Statements

TODAY S PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS, WHICH EXPRESS THE CURRENT BELIEFS AND EXPECTATIONS OF MANAGEMENT. SUCH STATEMENTS INVOLVE A NUMBER OF KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES THAT COULD CAUSE TEVA'S FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER SIGNIFICANTLY FROM THE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARDLOOKING STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE RISKS RELATING TO: TEVA'S ABILITY TO ACCURATELY PREDICT FUTURE MARKET CONDITIONS, TEVA'S ABILITY TO SUCCESSFULLY DEVELOP AND COMMERCIALIZE ADDITIONAL PHARMACEUTICAL PRODUCTS, THE INTRODUCTION OF COMPETING GENERIC EQUIVALENTS, THE EXTENT TO WHICH TEVA MAY OBTAIN U.S. MARKET EXCLUSIVITY FOR CERTAIN OF ITS NEW GENERIC PRODUCTS AND REGULATORY CHANGES THAT MAY PREVENT TEVA FROM UTILIZING EXCLUSIVITY PERIODS, COMPETITION FROM BRAND-NAME COMPANIES THAT ARE UNDER INCREASED PRESSURE TO COUNTER GENERIC PRODUCTS, OR COMPETITORS THAT SEEK TO DELAY THE INTRODUCTION OF GENERIC PRODUCTS, POTENTIAL LIABILITY FOR SALES OF GENERIC PRODUCTS PRIOR TO A FINAL RESOLUTION OF OUTSTANDING PATENT LITIGATION, INCLUDING THAT RELATING TO THE GENERIC VERSIONS OF ALLEGRA , NEURONTIN , LOTREL , FAMVIR , AND PROTONIX , THE IMPACT OF CONSOLIDATION OF OUR DISTRIBUTORS AND CUSTOMERS, THE EFFECTS OF COMPETITION ON OUR INNOVATIVE PRODUCTS, ESPECIALLY COPAXONE SALES, THE IMPACT OF PHARMACEUTICAL INDUSTRY REGULATION AND PENDING LEGISLATION THAT COULD AFFECT THE PHARMACEUTICAL INDUSTRY, THE DIFFICULTY OF PREDICTING U.S. FOOD AND DRUG ADMINISTRATION, EUROPEAN MEDICINES AGENCY AND OTHER REGULATORY AUTHORITY APPROVALS, THE REGULATORY ENVIRONMENT AND CHANGES IN THE HEALTH POLICIES AND STRUCTURES OF VARIOUS COUNTRIES, OUR ABILITY TO ACHIEVE EXPECTED RESULTS THOUGH OUR INNOVATIVE R&D EFFORTS, TEVA'S ABILITY TO SUCCESSFULLY IDENTIFY, CONSUMMATE AND INTEGRATE ACQUISITIONS, POTENTIAL EXPOSURE TO PRODUCT LIABILITY CLAIMS TO THE EXTENT NOT COVERED BY INSURANCE, DEPENDENCE ON THE EFFECTIVENESS OF OUR PATENTS AND OTHER PROTECTIONS FOR INNOVATIVE PRODUCTS, SIGNIFICANT OPERATIONS WORLDWIDE THAT MAY BE ADVERSELY AFFECTED BY TERRORISM, POLITICAL OR ECONOMICAL INSTABILITY OR MAJOR HOSTILITIES, SUPPLY INTERRUPTIONS OR DELAYS THAT COULD RESULT FROM THE COMPLEX MANUFACTURING OF OUR PRODUCTS AND OUR GLOBAL SUPPLY CHAIN, ENVIRONMENTAL RISKS, FLUCTUATIONS IN CURRENCY, EXCHANGE AND INTEREST RATES, AND OTHER FACTORS THAT ARE DISCUSSED IN TEVA'S ANNUAL REPORT ON FORM 20-F AND ITS OTHER FILINGS WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE AND THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENT, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

2012 Projected Sales

CAGR $19.0 – 21.5 B $3.2 – 4.0 B CAGR 15-18% $5.1 – 5.7 B $9.4 B $1.4 B $2.2 B $5.2 B $0.6 B $0.9 B $9.5 – 11.5 B 13 – 17% 18 – 21% 18 – 23%

- 2

International Europe North America TAPI

1

Note: 2012 totals do not sum; reflect company’s projected overall range

Balanced Business Model – Geographies
North America 55% Europe 23%

2007 2007

API 6% North America 51%

International 15% Europe 27%

2012 2012

API 4%
2

International 18%

Balanced Business Model – Businesses

Generics 75% 2007 2007

API 6% Generics 74% 2012 2012

Branded 19%

API 4%
3

Branded 22%

Proforma P&L
2007 $ Billions Sales Gross Margin R&D SG&A Operating Profit Finance Expenses/Income Tax Net Income
4

2012 Percent 100 51.8 6.2 20.2 25.5 $ Billions 19.0 – 21.5 Percent 100 >50%

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