Important factors that could cause or contribute to such differences include: risks relating to the expansion of our strategic partnership with Alvotech and the ability to achieve expected results from investments in bio

Teva Pharmaceuticals and Alvotech

Provide Update on Strategic Biosimilars

TEL AVIV, ISRAEL & PARSIPPANY, NJ & REYKJAVIK,

ICELAND (July 24, 2023) - Teva Pharmaceuticals, Inc., a U.S. affiliate of Teva Pharmaceutical Industries Ltd. (NYSE and

TASE: TEVA), a global leader in generic and innovative medicines and Alvotech (NASDAQ: ALVO), a global biotech company specializing in

the development and manufacture of biosimilar medicines for patients worldwide, today announced that they have agreed to expand their

existing strategic partnership agreement. Teva will also acquire subordinated convertible bonds to be issued by Alvotech.

The partners continue working closely on matters concerning pending

approval in the U.S. for AVT02, an interchangeable high-concentration biosimilar candidate for Humira (adalimumab). The existing

strategic partnership agreement also includes four other biosimilar candidates, one of which is AVT04, a proposed biosimilar for Stelara

(ustekinumab), which is currently pending U.S. Food and Drug Administration (FDA) approval.

The expansion to the existing strategic partnership agreement

pertains to exclusive commercialization in the U.S. by Teva of two new biosimilar candidates and line extensions of two current biosimilar

candidates in the partnership, to be developed, and manufactured by Alvotech. The agreement includes milestone payments, the majority

paid following product approvals and upon achieving significant sales milestones. Teva and Alvotech will share profit from the commercialization

of the biosimilars. All other financial terms and product details remain confidential.

The agreement also includes increased involvement by Teva regarding

manufacturing and quality at Alvotech's manufacturing facility. Teva is actively supporting Alvotech on-site in Iceland to be fully

ready for an FDA inspection.

Teva has agreed to acquire subordinated convertible bonds to be issued

by Alvotech pursuant to a convertible bond instrument, dated December 20, 2022, for $40 million. Teva's investment will be used

by Alvotech as part of the funding for continued development of its biosimilars pipeline over the near-term.

"We welcome Teva's continued partnership and this expansion

of our partnership agreement," said Robert Wessman, Chairman and CEO of Alvotech. "We remain focused on preparing for a successful

pre-approval inspection and resolving any outstanding issues identified by the FDA to be able to bring our biosimilar candidates to patients

in the U.S. with Teva as soon as possible."

"Teva remains fully committed to its leadership in biosimilars

and the partnership with Alvotech," said Sven Dethlefs, Executive Vice President, North America

Commercial. "We remain optimistic about additional compounds in the pipeline and continued progress with AVT02 and ATV04."

AVT02 is a monoclonal antibody and has been approved as a biosimilar

to Humira (adalimumab) in several countries globally, including the 27 member states of the European Union, Norway, Lichtenstein,

Iceland, the UK, Switzerland, Canada, Australia, and Saudi Arabia. It is currently marketed in multiple European countries and in Canada.

Dossiers are also under review in multiple countries globally.

About AVT04 (ustekinumab)

AVT04 is a monoclonal antibody and a biosimilar candidate to Stelara

(ustekinumab). Ustekinumab binds to two cytokines, IL-12 and IL-23, that are involved in inflammatory and immune responses [1]. AVT04

is an investigational product and has not received regulatory approval in any country. Biosimilarity has not been established by regulatory

authorities and is not claimed. Stelara is a registered trademark of Johnson & Johnson.

[1] https://www.janssenlabels.com/package-insert/product-monograph/prescribinginformation/STELARA-pi.pdf

This communication is not a public offer of securities for sale

in the United States. This communication is for informational purposes only and does not constitute an offer to sell or a solicitation

of an offer to buy any securities in the United States or elsewhere, nor shall there be any sale of any such securities in any state or

jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities

laws of such state or jurisdiction.

Alvotech is a biotech company, founded by Robert Wessman, focused solely

on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar

space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities.

Alvotech's current pipeline includes eight disclosed biosimilar candidates aimed at treating autoimmune disorders, eye disorders,

osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach

and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts

of South America, Africa and the Middle East. Alvotech's commercial partners include Teva Pharmaceuticals, a US affiliate of Teva

Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Advanz Pharma (EEA, UK, Switzerland, Canada,

Australia and New Zealand), Cipla/Cipla Gulf/Cipla Med Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma Corporation (Canada),

Yangtze River Pharmaceutical (Group) Co., Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh

and Pakistan), YAS Holding LLC (Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur

and Saval (Latin America) and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each commercial partnership

covers a unique set of product(s) and territories. Except

as specifically set forth therein, Alvotech disclaims responsibility

for the content of periodic filings, disclosures and other reports made available by its partners. For more information, please visit

www.alvotech.com. None of the information on the Alvotech website shall be deemed part of this

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) has been developing

and producing medicines to improve people's lives for more than a century. We are a global leader in generic and innovative medicines

with a portfolio consisting of over 3,500 products in nearly every therapeutic area. Around 200 million people around the world take

a Teva medicine every day and are served by one of the largest and most complex supply chains in the pharmaceutical industry. Along with

our established presence in generics, we have significant innovative research and operations supporting our growing portfolio of innovative

medicines and biopharmaceutical products. Learn more at www.tevapharm.com.

Forward Looking Statements (Alvotech)

Certain statements in this communication may be considered "forward-looking

statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements generally

relate to future events or the future financial operating performance of Alvotech and may include, for example, Alvotech's expectations

regarding competitive advantages, business prospects and opportunities including pipeline product development, future plans and intentions,

results, level of activities, performance, goals or achievements or other future events, regulatory submissions, review and interactions,

including the resubmission of a BLA for AVT02 and a potential reinspection of Alvotech's manufacturing facility, the satisfactory

responses to the FDA's inspection findings and resolution of other deficiencies conveyed following the inspection of Alvotech's

manufacturing site, the potential approval and commercial launch of its product candidates, the timing of regulatory approval, including

for AVT04, and market launches, the estimated size of the total addressable market of Alvotech's pipeline products, the availability

of financing options, including the size, timeline, securities, terms and conditions of, and use of proceeds from, a potential financing.

In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect",

"intend", "will", "estimate", "anticipate", "believe", "predict",

"potential", "aim" or "continue", or the negatives of these terms or variations of them or similar

terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to

differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon

estimates and assumptions that, while considered reasonable by Alvotech and its management, are inherently uncertain and are inherently

subject to risks, variability, and contingencies, many of which are beyond Alvotech's control. Factors that may cause actual results

to differ materially from current expectations include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted

against Alvotech or others following the business combination between Alvotech Holdings S.A., Oaktree Acquisition Corp. II and Alvotech;

(2) the ability to raise substantial additional funding, which may not be available on acceptable terms or at all; (3) the ability to

maintain stock exchange listing standards; (4) changes in applicable laws or regulations; (5) the possibility that Alvotech may be adversely

affected by other economic, business, and/or competitive factors; (6) Alvotech's estimates of expenses and profitability; (7) Alvotech's

ability to develop, manufacture and commercialize the products and product candidates in its pipeline; (8) actions of regulatory

authorities, which may affect the initiation, timing and

progress of clinical studies or future regulatory approvals or marketing authorizations; (9) the ability of Alvotech or its partners

to respond to inspection findings and resolve deficiencies to the satisfaction of the regulators; (10) the ability of Alvotech or its

partners to enroll and retain patients in clinical studies; (11) the ability of Alvotech or its partners to gain approval from regulators

for planned clinical studies, study plans or sites; (12) the ability of Alvotech's partners to conduct, supervise and monitor existing

and potential future clinical studies, which may impact development timelines and plans; (13) Alvotech's ability to obtain and

maintain regulatory approval or authorizations of its products, including the timing or likelihood of expansion into additional markets