pportunity. AGN A Pfd: $861.00 (6.4% strip yield) TEVVF Pfd: $883.25 (8.1% strip yield) EFTA00820341 With TEVA confirming the loss on 2 of its 5 Copaxone patents from yesterday's IPR decisions & MYL confirming that the third IPR decision is expected by 1-Sept, our analyst Sumant has notes out on TEVA,

pportunity. AGN A Pfd: $861.00 (6.4% strip yield) EFTA00820350 TEVVF Pfd: $883.25 (8.1% strip yield) With TEVA confirming the loss on 2 of its 5 Copaxone patents from yesterday's IPR decisions & MYL confirming that the third IPR decision is expected by 1-Sept, our analyst Sumant has notes out on TEVA,

lobal generic capabilities, vertical integration into the active pharmaceutical ingredients (API) business, and a branded specialty pharma business (Copaxone, Treanda, Ai lett, Nuvigil and other products). Investment Rationale We believe Teva is a compelling investment opportunity as we like the company'

our price target 1) Slower than expected launches of Tecfidera and Hemophilia, 2) Pipeline disappointments, 3) Injectable share losses to generic Copaxone. 2 EFTA00598608 Morgan Stanley MORGAN STANLEY RESEARCH July 23, 2014 Slogan Idec Inc. Estate 1 Biogen Idec 2014 Variance 2014E MSe %YIY 2

as a buying opportunity. AGN A Pfd: $861.00 (6.4% strip yield) TEVVF Pfd: $883.25 (8.1% strip yield) With TEVA confirming the loss on 2 of its 5 Copaxone patents from yesterday's IPR decisions & MYL confirming that the third IPR decision is expected by 1-Sept, our analyst Sumant has notes out on TEVA,

ies In orphan diseases • Multiple Sclerosis (MS) • US prevalence of approx. 400,000 patients; Potential market of approx. $1.5.3 billion based on Copaxone, Avonex, & Rebif comparables • ldlopathk Pulmonary Fibrosis (IPF) • US incidence of approx. 20,000-50,CCOcases annually; Global market was value

http://researchl.ml.com/C?q=OX0V-tRcQHjB6iVg2p0aPw> , limited visibility into US generic launches is a risk to TEVA's 2017 outlook (we already model Copaxone generics in 1Q17). That said, we continue to like the risk/reward on the shares especially if Teva could execute against somewhat reset expectations