ABBV - Earnings call transcript Q2 2020

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Operator

Good morning. And thank you for standing by. Welcome to the AbbVie Second Quarter 2020 Earnings Conference Call. All participants will be able to listen-only until the question-and-answer portion. [Operator Instructions] I would now like to introduce Ms. of President Vice Shea, Investor Relations. Liz

Liz Shea

Vice and call with morning, the Vice and Michael President thanks Michael, Financial and Gonzalez, for the on Board Severino, Officer; Executive Also, and us. Chief and me Executive of President; Rob joining Chairman Good Chairman Officer. today Chief Rick are,

Chairman for Legal Officer Chief the the Joining Affairs, portion us call is Corporate Secretary. External of Q&A Laura Schumacher, Vice and

from forward-looking I started, XXXX. today subject remind on indicated statements. forward-looking you for statements including AbbVie's to Private that some the make in considered these AbbVie forward-looking the pandemic and Act get results that the materially may financial results statements COVID-XX we results uncertainties, Securities be are those risks operations, we actual may the statements that impact Reform and of cause purposes of Before Litigation cautions differ to

transaction of the Additional comparable Allergan financial the our a full closed items the of are from undertakes information year annual results found in statements EPS and today's understand ongoing Form legacy partial XXXX in used risks these P&L update our of required on XX-K financial earnings provided except non-GAAP call call website. is period AbbVie performance. as of since to SEC guidance our our May financial on in be forward-looking financial note line as GAAP other contribution uncertainties AbbVie's today, regulatory non-GAAP by included law. about These will this obligation On Please to the these and and early in filings. in and filings report a no can help release measures for with quarter reflect and conference year. and investors on reconciled measures past, business be which that, measures the AbbVie second portfolio operations from sales today's

of a trend sales a product current table Comparable the the a as supports currency a comparable comparable earnings for quarter supplemental – full have comparison changes newly presented rate. addition, our analysis table This at pro quarterly revenues at company, and growth we provided quarter. results a including in key of historical In combined Allergan on this constant historical operational on forma are basis. constant operational for basis, percent year release

of recast of For to divestitures informed been all AbbVie's and this Allergan recognition policies, have comparison VIOKACE. accounting underlying reported to and revenues conform performance, the revenue exclude historically recent ZENPEP

your prepared remarks, questions. Following we'll our take

that, now with Rick. So call to will I over turn the

Rick Gonzalez

joining morning, will guidance updated for discuss then thank outlook Today, combined And Good I'll for Liz. provide I'll second company. Mike performance in Rob, R&D newly quarter our quarter the review the discuss and first and programs. everyone, us. you recent And detail. for XXXX our more you, our highlights. Thank the time, across will advancements and

I'd our remarks, that ensure been dedication start including team facilities to our to to for recognizing all properly our continue Allergan this to and their working pandemic. medicines. and Following we'll patients within take diligently their carefully, and by business our AbbVie our those has and your during remotely, joining continues off like from of questions. work of AbbVie hard employees, all The operate receive

business I'd like the the the from I this the Before speak financial strong performance of COVID recovery the to quarter, of state to characterize crisis.

patients legacy SKYRIZI VENCLEXTA, robust for resilient. performance the has remained which into anticipated. and AbbVie of RINVOQ, new for pronounced continuing on side pandemic The the demonstrated Let me and and patients previously the HUMIRA leading not had start as as were business, has with we impact

the with second stabilization, by legacy and Overall, impact level positive AbbVie continues well, perform most of of basis, segments COVID. in encouraged X.X% revenue the therapeutic While to the negative quarter business the growth demand approximately from very patient flow has on recent an not excluding in operational the recovered, we're trends. stand-alone

significant and businesses BOTOX UBRELVY in second impact levels. with are business. impacted had AbbVie-based we performing Allergan manner rapid with business, of more seeing COVID-related $XXX similar impacts Other the impact recovery pleased to an were second the than such reported on quarter. and VRAYLAR of Both COVID are side a pre-COVID Therapeutic unfavorable now the legacy business a key progress. near and revenues net substantial And recent the trends million. and as, On saw brands, in our the estimated a on we're Overall, aesthetics quarter

of had XX% However, pre-COVID by recovered levels. business the total the more to of than end June

of and So Despite with in company. earnings the the billion, our $XX.X the were demand we COVID, our confident $X.XX from and $X.XX a sales were legacy again quarter. strong from underlying accretion significantly $X.X IMBRUVICA robust strong Hem/onc growth on both stand-alone continued recovery performance revenues basis, the of remain double reflecting leader. portfolio. as portfolio net quarter included strong of per clear Total approximately from Adjusted share in where expectations well CLL, and continued with across more were in of impact the midpoint AbbVie this operational Allergan, up the up strong rapid new our sales impact in our an combined continued hem/onc of we XX% guidance. CLL revenues and on resilience operational including expectations. above immunology, despite versus delivered COVID. with as the I'm grew billion above of The standalone basis AML. digits than second for sales were $X.XX $X.X $X.XX VENCLEXTA market performance. an of approximately the strong performance beat approximately pleased favorable And I'm performance well the performance billion XX%

strategic best-in-class portfolio the During the CDXxCDXX be collaboration announced potential with our has also a malignancies. to bispecific further we across quarter, oncology to a B-cell a Genmab therapy antibody. It build with

the from U.S. has which business in-play patient installed and maintained growth to offset impact remained base, HUMIRA HUMIRA of expectations. basis. demand X% X.X% quarter revenues operational includes International immunology XX%. the strong, patient leading switching than delivered both growth in share, than by of leading the SKYRIZI our large patients revenue billion, an and new perform were partially its than reflecting up biosimilar more than more well Our $X.X dynamics with COVID-XX. continued of better more at continues psoriasis on

As quarter, expected, we COVID-XX result saw modest new delays to a starts of dynamics. as during patient the the

up full office a in in-play market are patient discuss trends strong to approaching further progress billion. RA is of leader and excellent which currently segment. momentarily. recent a in now encouraging also two prescription We're guidance pre-COVID making XX% support above program and rheumatology RINVOQ, $X.X immunology share will were than which also levels. RINVOQ nearly year leading at XX% trends reflect demonstrate seeing However, visits increasing trajectory our ambassador enrollment growth in-play share, our all where and very indicators sequential more with parity our We're for agents the in basis and Mike other on HUMIRA, the revenues pipeline,

quarter, aesthetics noted our immunology completed I more with Allergan transaction of and during complements additional As acquisition AbbVie's in and in hematological stronger and base leadership a creating successfully the oncology and franchises diverse the revenue diversifies existing a we positions The significantly and neuroscience. expands growth AbbVie.

of second is another Cosmetics VRAYLAR And underserved have surpassing see We growth the large had way in expansion rapid VRAYLAR continued this to despite has well COVID-XX with represents roughly of Phase within attractive sales now well to and room migraine Underlying long-term pandemic neuroscience, a demand annual neuroscience, its depressive within have that in quarter. with highly strong $X or and Also We the on in and underway. double-digit X leading with I'll Therapeutics, therapies indication the quarter. UBRELVY. global AbbVie have disorder portfolio the which existing opportunities trials with growth bipolar significant schizophrenia. potential BOTOX continues MDD JUVÉDERM. $XXX market. to we we growth indications demonstrate in million growth VRAYLAR's including billion business again Major to two disorder with potential flagship have for aesthetics and support a resilient neuroscience revenues. start BOTOX brands and remained

BOTOX its XX% Therapeutic is on approximately largely its roughly million multiple total had anchored impact Despite base, Our physician-administered revenues products, patient treated which in brand BOTOX migraine and significant operational COVID-XX AbbVie efficacy, to Therapeutic, second sales has portfolio quarter. new retained with safety BOTOX entrants, comparable in the many global $XXX Therapeutics of from saw to a down recognition. with a testament Like the a basis. second competitive quarter

also relative profile which is levels. which consumer will of support has in performance product's CGRP episodic Commercial line year. current migraine. given prevention the fast However, and which of atogepant at pre-COVID efficacy, We The first-to-market early been migraine promotion standards UBRELVY, will is to and demonstrate convenient an and leading from UBRELVY's care. from top oral excellent trajectory. positive we're the of UBRELVY start. now increased results now recovery regulatory episodic pleased to safety for data off X Feedback positive XX%, We're migraine, a for chronic is study with developing further for close by recent support the acute dosing disclosed in trends, physicians access next recently the submission along very a Phase launch to launch

growth aesthetics quarter. which in to As global million roughly the now $XXX sales a pillar we have leading of generated fourth AbbVie of world's franchise, second

phase aesthetics of reopen. health operational care a It's COVID. with now geographies decline two to saw since been recovery we're strong As initial And pleased providers trends growth closed months anticipated, we we're most comparable the begun have in major the roughly during seeing. with year-over-year

recovered in on an we're and a aesthetics of XX% momentum revenues we performance. steady we're international growth, and vast very and end Europe. are to broadly, U.S., the approximately reopened Current see Western as pent-up the we're well with recovered aesthetics levels. June, pre-COVID also Outside long-term majority levels. cash of U.S. as accounts aesthetics of the new we're pay driving opportunity Current U.S. of approaching seeing seeing with More aesthetics the for seeing have trends the business innovation XX% China as franchise. pleased durable revenues recovery of As Overall, pre-COVID market have considerable our have in continued significant aesthetic demand. our

by remarks will more that momentarily. operating While acquisition which transaction the consideration leverage we're we've into into drive expense further couple from When you of expansion margin over Allergan talent sales these strong We strategically than our of further seamless has track from take continued P&L of the synergy with AbbVie. years. his synergies financial discuss along of will in growth, third in expected billion next year expect and also Rob target the closing, caliber on rationalization we prepared here our by welcomed important, the the Integration remain $X been impressed with relatively benefits.

growth. While the COVID to continues our crisis remains a resilient situation, underlying business demonstrate fluid and remain strong

in events of with continue course our we're to of the U.S., COVID-related making watch carefully second the the will progress half to normalized performance over we XXXX. levels the we're recovery. continue trends we ramp and Although towards to recent And business pleased expect

With based accretion our encouraged good from for we year new outlined these reported company our basis performance current trends, pipeline. Allergan our on the to assumptions of outperformance transaction per and growth in strong earnings This the for that $XX.XX, expected. midpoint. XXXX, our portfolio XX% business, the We than and our of total today the faster remain guidance I see continue base quarter across initial an represents a to which Overall, second are XX.X% guidance ahead XXXX we're projections reflecting the $XX.XX adjusted we assumes issuing share which and $X.XX earlier. very COVID recent transaction of full recovery combined annualized our across net of accretion impact by recent despite at on of momentum

expect the through impact further business to COVID on continuing the have second of transient continue XXXX. We a recovery our half will pandemic with

growth dividend, With Allergan investment across With growing I'll transaction, is debt strong and Mike. rapid our Mike? long-term turn AbbVie for the repayment closing enhanced that, to categories. therapeutic of in the well-positioned call innovation the a potential, over

Michael Severino

progress We of across very pipeline. continued quarter all Rick. productive stages Thank our a with had you

RINVOQ assets aesthetics updates pipeline as the and progress In ankylosing additional new with intend in to in immunology, Allergan expect sharing continue submit this through closing we to SKYRIZI those our several atopic advance neuroscience. the of arthritis. psoriatic for We to we applications we we year, forward Additionally three areas acquisition, promising programs the later disease development. areas. look In programs recent And RINVOQ and of June, for regulatory year. for This applications in submitted RINVOQ. and we for dermatitis file for applications indications to added spondylitis

and dose compared studies atopic evaluated a week receiving in dose a for by reported treatment roughly Phase RINVOQ greater clearance rates and for XX% greater or in XX. in roughly of skin We three dose, with also similar achieved clearance Measure Up of X, adult recently high our dermatitis on Up XX% Up adolescent In of or itch study, candidates X XX-milligram III low Up results of Measure XX. We these RINVOQ of saw Up X to topline dermatitis. improvement patients patients In registrational the of Measure of dose lesions all skin the monotherapy skin and Measure demonstrating as Measure placebo. for the the of from XX% a RINVOQ XX% doses improvement improvement significant receiving Two two the with the XX-milligram Up patients and XX% week trials for studies, by and on and therapy. XX% met a moderate patients achieving to systemic endpoints, severe secondary both in atopic Measure the two subjects one and primary

responses these receiving first in observed dose early also saw in studies milligrams as after patients and in with as studies. milligrams days XX meaningful dose We XX two in very the rapid in first patients both reductions receiving day clinically the after itch one

results to XX strong corticosteroids. evaluated the two our topical all primary also to the were Up very a both patients led and of study of altogether. level registrational trial, Up topical number RINVOQ RINVOQ in endpoints itch and And saw efficacy in in treatment. steroid-free able with stop topical plus in which with in Measure AD combination confident the received across met significant very RINVOQ the to dermatitis. improvements study receiving AD days. patients to encouraged all from skin also increase secondary corticosteroids and dermatitis the the steroids more we've III of has And Treatment to results receiving third the We're patients that in to following We significant strong RINVOQ showing weeks trials, Similar profile reduction RINVOQ we Up moderate RINVOQ profile studies. very provide severe seen in placebo the a compared atopic clearance with Phase potential who safety atopic three remain benefit-risk by

the Phase studies, are also to these head-to-head this against RINVOQ area of In three and we later In addition to data registrational evaluating year. see expect in trial from III dupilumab study a this now program III schedule. first of inflammatory is the in topline III bowel study disease, expect data RINVOQ ahead see year. to ulcerative later Phase induction Phase from colitis our for progressing And we this

the The in HUMIRA as such combination for To comparing we agents RINVOQ. analyses data conjugate from We is which in-trial disease HUMIRA also TNF primary data study, endpoint proof-of-concept in with that achieved score. preplanned a the achieve in from can statistical be historical reduction in to with evaluating adequate when ABBV-XXXX goal beyond ABBV-XXXX recently study, steroid drive HUMIRA. high-efficacy baseline power, DASXX improvement used reported used greater novel levels evaluated In our topline activity other a results RA. this two or our to study

used strategy with for DASXX HUMIRA to change week XXXX matching compared historical a HUMIRA data. to XX in analysis propensity greater This prespecified data. showed The the first XXXX a baseline from compare analysis to

to half second steroid analysis expected historical IIb data plan advance The combined Phase with XXXX. probability begin predicted was XX% And program we results, associated RA XXXX conjugate with to first in a to encouraging that Bayesian a the these on Based the study DASXX. of compare to in-trial in improvement a approach this the in with TNF dose-ranging used greater set. XXXX and analysis a HUMIRA

plan SKYRIZI making new advancing in of studies the the we're immunology disease other to good in diseases. for clinical begin in year immune-mediated programs areas. also area progress We next Also,

see second chemotherapy. arthritis We've occurring continue III recent types. of to regulatory established At Phase azacitidine demonstrate and survival oncology, and VENCLEXTA VENCLEXTA study first both in we and AML III drugs patients receiving patient for or portfolio treatment in remain expect initiated goal a fit other in our populations One several maintenance gold as III as as in establishing at placebo those the double a with utility AML from who across combination in in with months range this plus In focused real-time in induction Phase transplant, in in in showed in therapy as AML. in wide and reviewed To-date, EHA with Patients hem/onc two the the risk the evaluating the continue for composite of the advance received in the expanding Crohn's patients. VENCLEXTA of from IMBRUVICA program treatment with Project after areas early with also VENCLEXTA the has to Earlier patient VENCLEXTA year. who year, Phase such a cancer is to study ineligible relapse; data azacitidine by disease generate arm azacitidine VENCLEXTA's conventional high-risk XXXX. being who are review This with filing Congress, starts with spectrum. and FDA reported in XX% year the AML patients and to The readouts to will year the this were complete the this we resulted strategy of the overall detailed compared Orbis. chemotherapies. trial This plus death And a hem/onc trial, patient VIALE-A but under intensive program AML. we transplant-ineligible treated studies was data across We oncology remission to a with a the arm X.X the placebo year, later standard both use CLL months into consolidation versus segments of for XX.X have of VENCLEXTA than program patients compared a submissions leading frontline AML psoriatic at studies, alone. expected are patients remission currently in indications arm. in stem end for which the a we the year, cell more reduction next rate of are on data results important median this and showed AML

In VENCLEXTA regimens. are in intensive population, randomized in for initiate induction advantage new planning chemotherapy eligible intensive year upon transplant-ineligible to are observed this survival with we testing who addition, the study the in patients combination later a more building

a III will regulatory data for developments survival in positive become We in are as segments recently cancer. Our best-in-class and comprehensive VENCLEXTA a B-cell a oncology commercialize next-generation a with we from also develop Based all a establish therapy AML and and pipeline. We trials. for survival additional and to with progression-free collaboration And areas from patient to create announced lymphoma dosing number bispecific large three epcoritamab asset Phase diffuse follicular overall broad across therapies will malignancies, collaboration CDXxCDXX field two our lastly lead rapidly breast across the lymphoma. discovery Phase convenient previously profile, it position in mature of development cancer in B-cell program combination favorable including strong phase therapeutics early partnership presented FDA, trials. cancer. a products III to additional foundation regimen bispecific Genmab differentiated antibody without few advancing antibody on a not We data. believe ovarian the potential to be of studies other has discussions a and submitting we this updates BRCA antibody-based has a demonstrated And in jointly for epcoritamab applications more frontline veliparib the The efficacy and safety

the observed of in CRL rate Eye abicipar The ratio. receipt we patients letter ongoing will III overall to the We BLA. program, In survival mature. in benefit-risk follow of unfavorable indicated data complete trials inflammation the FDA for the intraocular Phase care, in a response resulted that the an from as announced recently continue

of doses, plan migraine this of all the two suffering fibroids oral from treatment the also six and In the our and out progress additional study. seen FDA outlook. with We XX first of the as secondaries. for nonsurgical in are XX of available. health, met we registration-enabling This top on-track three four second recently the summary, quarter while will With that dose the results our heavy I'll of abicipar episodic previously turn women. prevention met uterine the represents therapeutic submit prevention financial half mean a fibroids. the women in and premenopausal call received ORIAHNN determine steps applications quarter period. remainder menstrual In of for XX-week stages important treatment from Allergan of migraine. tremendous for in we quarter the comments reported remain across bleeding our over Rob And and study, XX-milligram this had they on we approval currently from In the met updates The baseline neuroscience, in uterine year study secondary we pipeline higher treatment positive XXXX. monthly all in management atogepant reviewing XXXX. evaluating program option doses for all evaluating milligrams next endpoints, And line of the performance milligrams the associated to in primary to following in of for become an women's second across in results nonsurgical first we've migraine as study Phase positive atogepant change regulatory of the Rob? first endpoint the the days episodic reported advancements new one provide to further from III

Rob Michael

delivered performance in $X.XX across sales the above Europe continuing of from COVID driven billion million by other Starting month sales impact Allergan per sales $XXX you, ahead guidance prescriptions. and midpoint Legacy in $X.XX. expectations AbbVie down from stand-alone $XX.X top adjusted the X.X share of SKYRIZI were approximately below Thank including portfolio. with our AbbVie and sales $X lower net Wholesaler We RINVOQ, bottom of expectations. contribution for the was guidance with ahead $XXX International biosimilar of earnings performance quarter. This results, of our stronger stocking includes we and strong from largely second expectations. quarter Mike. of reflecting $X.XX SKYRIZI Total legacy and as expected. $X.XX ahead line our U.S. accretion in-play revenues HUMIRA reported by were billion, Allergan. first billion operationally competition sales $X the continued inventory patient ahead levels and markets million, were XX.X% due on share. remained U.S. were from market $XXX COVID-related approximately HUMIRA million international quarter inventory HUMIRA. global to reversed of

COVID volumes patient on $XXX declined VRAYLAR million a led million the treated during UBRELVY than million. by global sales sales sales million. faster-than-expected from as to were by These with strong all RINVOQ continued $X.X $XXX We robust strong billion, pandemic. recovery across with of sales sales revenues seeing Global $X.X and $XXX oncology with more of in both IMBRUVICA also basis continue strong the in increase CLL. of an demand BOTOX BOTOX combined demand million rapid in $XXX operational were operational Aesthetics million revenues global sales for Allergan on performance an were see results both U.S. VENCLEXTA were were the quarter. share. million up quarter a of were net basis Hematologic up and driven approved market in-play and indications. Neuroscience $XXX XX.X% with VENCLEXTA. revenues with in and approximately of down $XXX are billion, MAVYRET COVID XX.X% $XXX XX.X% $XXX have with pandemic. JUVÉDERM of performance the Cosmetic IMBRUVICA global sales continued nearly contributed million Therapeutic

saw which a significant $XXX also from had of eye million. global business sales We contribution our care

XX $XXX we the impact time. Adjusted adjusted expense Today adjusted guidance the points quarter. issuing are of was XX% XX.X% the the was for inventory ratio rate first company to sales first stocking gross XX.X% and profile the COVID-related sales and of quarter. sales was margin The to million second net due basis expense XX.X% Adjusted of of adjusted tax now Turning R&D combined SG&A negative of P&L margin of was investment was a the was for sales. operating interest reversal XX.X%. including adjusted, from

contemplates of adjusted intangible the $XX.XX and accretion discussed, annualized As this previously COVID the This an We are full have our Rick from represents we including $X.XX full and At Excluded monitoring We international to a XX revenue year full point HUMIRA revenue growth. now XX%. latest the rates, approximately sales impact current foreign are guidance we now is into year expect year approximately have this amortization expect pandemic of sales Included of impact billion. $XX.X in factored forecast. the $XX.XX between expect U.S. closely basis per share expect reported updated We guidance full contribution $X.XX $X.X from unfavorable trends exchange now of and updated the approximately X%. growth transaction. known guidance Allergan year now of of following assumptions. HUMIRA of now sales specified billion. items. which on earnings

expect $XXX million. approximately global now revenues RINVOQ we of For

approximately as pre-COVID of HCV, below treatments we expect billion global remain sales levels. $X.X now For

$X.X of For $XXX BOTOX Cosmetic approximately aesthetics, sales approximately from billion, $X we million expect global from billion approximately JUVÉDERM. including and

$X.X and including For approximately $X.X approximately of neuroscience, approximately sales Therapeutic we billion from $XXX billion, million expect VRAYLAR. BOTOX global from

approximately million generic $XXX other revenues of from in remain unchanged. full competition no expect For for including expect billion, approximately guidance And care, XXXX. we RESTASIS, assumes which $XXX women's of year eye we $X.X approximately revenues global million. global product All health, assumptions

which sales. investment approximately Moving of SG&A year margin be P&L synergies just and We We transaction. guidance company. P&L. XXXX. of now adjusted expect non-GAAP financing now expense billion billion, model includes We above be R&D rate in in adjusted combined tax We operating remain to approximately billion, on of This approximately XX% XX% to of expense above by million just $X newly of expense track in margin greater deliver now approximately XXXX. for of forecast partial the adjusted approximately adjusted $XXX billion, net than $X.X the $X the $X.X XX% Allergan cost for to interest synergies the to sales, expense the a includes gross adjusted

Finally, equity share billion to to count we approach finance Allergan year issue including shares, full X.X expect the our now the average acquisition.

quarter, modest impact third growth. the approximately rates, reported $XX.X a sales we to As foreign adjusted ahead anticipate look At we exchange billion. have on expect to unfavorable current revenue of we

We model of and XX% a ratio above billion are X.X to forecasting tax XX.X%, an of adjusted operating shares. rate we non-GAAP of margin approach sales. the just average We share count expect

billion between intangible adjusted remains $X.XX items. pipeline earnings balance half strong capital the and debt, the supporting And amortization and mid late-stage the down to June of known $X.X end rapidly priorities, of $X pursuing specified year. our of $X.XX, growing our cash a in and positioned to $X.XX assets. at well first share execute including expect We AbbVie approximately generated dividend, additional allocation billion. of excluding We innovative and paying operating was flow on per cash

on combined are track debt nearly of billion has to which $X already billion We $XX by the repaid. of to been $XX billion end company XXXX, down of pay

net XXXX condition of financial expect a debt-to-EBITDA of deleveraging through times and ratio with We end to achieve the remain AbbVie's performance XXXX. further In X.X closing, by strong.

back We with Liz. I'll XXXX. pleased call half turn are the to of that, the very the the heading over second business into of With momentum

Liz Shea

Rob. Thanks

Operator, will open first please. the questions. We now question call for

Operator

is [Operator from Capital you. Instructions] Thank from Stanicky Our Markets. first today Randall question RBC

Randall Stanicky

part a one huge AbbVie is… have one just Rick, I bigger-picture two story Thanks for of a Great. Rick the for guys. and Rob. question

Liz Shea

well. interrupt. your Is up sorry up? you you turn or way very can't Randall, to any hear We there speak can mic

Randall Stanicky

better? Great. that Is

Liz Shea

Quiet clear. Yes.

Rick Gonzalez

okay. It's

Randall Stanicky

other in the What the investors for people do you do trepidation XXXX. part there's AbbVie with comfortable Great. that? wanted would story in getting to strategically comfortable the and There's say specifically to still of Rick to big side on HUMIRA on now step-down. to growth ask is those you then position story And other from with get of side of I what that a -- HUMIRA? the the a some business need between investors to growth

Rick Gonzalez

did second that… you Okay. Randall, Or question? have a is

Randall Stanicky

Yes.

The second ask upfront it question I'll Rob. for

if the Just us steady help rate you could R&D. state the for understand run

R&D as go of on said think out But basis. you're this year that that you billion annualized I billion $X $X.X synergies pulling well. an also for will higher of

Rick Gonzalez

your the you Okay. through talk and funding then can jump that and I'll Randall, cover in R&D first Rob had. question question,

of majority that question. one in. It look, are think obviously it's investors interested vast So, great I is the a

help a It franchises in aggressively about described growth to We think more U.S. of of allows be provides to with manage us of to have through us the ability of I were exclusivity the as the doing company it the in the growth. continue why to internal to invest gives our two drive transaction. major HUMIRA. to And we as investors way for amount excited It able obviously both Allergan rationale loss tremendous external. us well R&D

last number a years. think on spun to have I I and build when mean, demonstrated we can since perform, the certainly grow it we track we over can out. allow so continue business. us XXXX showing to record this to as -- of the business And provides have that we have clearly, this that we performed framework of we We've

business growth excited medicines So what ultimately assets in think makes LOE? atogepant not-too-distant starts to and me the VRAYLAR, our the back step with, we opportunity you I here that yes, IMBRUVICA, comfortable what look that through have six grow: it at RINVOQ, if and the can six, major future. me I to today, them, have six VENCLEXTA, look, SKYRIZI, We'll makes probably business able in UBRELVY. be grow have tremendous you

When be all in our a new to productivity When have opportunity that as here able expansion asset roughly the we significant on I XXXX, those I'm fact seventh and talk made had in that indication look we'll the an share those or assets, made the peak to projections to very to a projections well based for have with projections as able achieve those area I'll a we a and second, example, projections SKYRIZI year comfortable our as look be grow. for about in to assets that R&D the we those markets two to at ago, continue market So high pipeline. RINVOQ ability you when both drive positions. that at single-digit

were. become shares like obviously But in-play rapidly in capture now that predict started XX%. right SKYRIZI, to you significantly share. It's those mentioned stay not-too-distant I exceed RINVOQ at a look and here estimates in-play up you're we what to growing at the they're quickly that above market greater leader achieving it has the look As if above and HUMIRA at The that. will it's you going already at that really would aggressive clip. longer share very in-play of stood XX% the future.

to revenue get instead If times projected. single-digits, high you what of obviously, two originally will the approximately XX% had be we

has t(XX;XX) drive both that's of When a as those multiple If has that there. rate profile level get an VRAYLAR me AML of an to still of been at So we'll growing opportunities very opportunity high It's gives Phase year-over-year. one in in be look two still MDD grow of significant very which to indication myeloma there. that will to the large to VENCLEXTA IMBRUVICA as there's I migraine growth. we then well a about growth as able two be There's and significantly. to to an XX% indication look still And opportunity mean significant the growing at will the significant example, XX% significant comfort. be those market, When broadening at I expansion be allow to obviously schizophrenia. franchise. the asset, drug example if a great a room out to additional it's grow there's able And plays drive drive plenty III growth. interesting that in us does. as bipolar I able continue a are now effectively, studies to

think underappreciated. that's migraine is something I

to oral now right area, penetration running it's total of XX% the at the look XX% in about you If of agents acute scripts.

to obviously, to opportunity And that. significant have to do expand do able We it. we asset a be to think we that the to promotional ability there's be continue the we have able obviously, So, to think market.

significant tools able the now we right have So, through to I LOE. growth to be think the drive

LOE, to On play the continue the our obviously, of side will pipeline other the out additional indications. with

see starting collaboration an think out. like build to You're the important steroid. to Of all assets Genmab collaboration I to is continue TNF our

sell Our two potentially hem/onc more platforms. can

exciting a opportunities. And so lot there's of

of business directly one how But the I all of I now how running we business feel running. despite very is control COVID. that in confident is about the good at feel I business the So, very the the disruption part associated look with

believe our of And investors way we that. will greater I as I gain get little closer will through navigate a we appreciation And an it. so think even

Rob Michael

on question about partial So, Randall year On if by $XXX of you R&D. this come through R&D, is will so $XXX million the think synergies about Rob. of XX% $X the greater XXXX, synergies from million, in than your billion that the R&D. comes from And

also synergies would partial the close expect with those ramp obviously I expenses up. to we'll year annualize while the see So,

So, it steady-state way think the $X R&D billion to about best the in is a level range.

Randall Stanicky

Thanks. Great.

Liz Shea

Operator, please. Thanks next Randall. question

Operator

Thank you.

Our next Navin from is question Jacob UBS. from

Navin Jacob

Hi, taking thanks question. for the

some expand Rick the to had mentioned. of that wanted on opportunities just Just

Liz Shea

Navin, you little speak a can Again bit? up

Rick Gonzalez

if we can end turn up. Well, let's see our

Navin Jacob

Sure.

me this you Can is hear So, okay? okay?

Rick Gonzalez

That's better.

Liz Shea

Better. Thank you.

Navin Jacob

will yell. I Okay.

with to-- So, regard

Rick Gonzalez

turned up. end We our

don't to need you So, yell.

Navin Jacob

enough. Fair that the multiple could update pretty CANOVA opportunity right. Obviously, trial if wondering there large could an give multiple to in how myeloma and be. opportunity All potential VENCLEXTA myeloma With you regards the us competitive. is relapsed/refractory

out about that read just of you be coming -- And to is from. about the where opportunity? first your DUOPA should us that version XXXX. that be half could in opportunity? excitement Could of we what subcutaneous supposed pump should be if that's thinking How we of sort how wondering version then blockbuster that So, a about thinking -- remind also

Michael Severino

see makes myeloma phenotype high. we trials look have With trials see set Mike. across phase very t(XX;XX) see responses. And BCL-X a it's progression-free transformed cell we survival response t(XX;XX), that rates and We high has population our population. that long a potential VENCLEXTA has consistent those. in see that we phase real the because is from very sense t(XX;XX) in and B-cell-like the analyses and to we of later If take I'll data This some we respect trials then population. t(XX;XX) multiple where early

and be it sensitive expected uniquely inhibition. BCL-X to to VENCLEXTA to So, be would

the have But observations. III It's that confirm well would now. underway And we in we earlier is hope future to study an the those trial. to data Phase near have So, study XXXX. event-driven in designed

In is can an terms of it multiple a And multiple is t(XX;XX) large population opportunity indication. myeloma XX% big about of myeloma. how the be,

lot. So, that is XX% of a

and the can that we respond a having identify identify mentioned you VENCLEXTA. in becoming to as space. competitive advantages But of a it's Now, can patients biomarker-driven is practice to physicians therapy likely are one what of

So, will VENCLEXTA we'll and know a a opportunity And patient looks we real what think real be a that advantage. like.

DUOPA-like optimistic With to represents VENCLEXTA. an very of insulin we a about additional through that think is program designed we're respect pump-like and the a that XXX, So, that's deliver efficacy it important program aspect subcutaneous to role device. for

the two delivery had These device in that develop limitations can't active allow that properties we insulin carbidopa they and are do to ultimately and of are And just chemical and circulation. rapidly NMEs this to local do levodopa that converted with compounds of tolerability their the novel because pump-like to agents so through prodrugs. limitations. physical parent you And

placed really small transformational. have a bowel. represent does to to gastric really we the a know efficacy. efficacy takes strong. about is of to breakthrough. it it very, that. get the Patients a maintain But into have that They it tube It that So, real have What lot is very then is it DUOPA to down thread

much patient-friendly way of the more sort deliver to same will So, if a efficacy. this patient-accessible is you

such who willing therapy of potential be And so expand really a to as a it's market. big we think that consider a to and the would has patients number XXX

If at it's DUOPA you about $X.X all the limitations, look despite billion doing sales. in

at there's brain use. $X $X.X qualify look And In considerable their willing also this would not these patients are If market probably therapies. aggregate, patient stimulation, over profile is to who you all billion, billion. well undergo deep by today

can can quite So, that a real we substantial. opportunity and be be think XXX very

Liz Shea

Thanks please. next Navin. question Operator,

Operator

from next Schott And Chris JPMorgan. from question is Thank our you.

Chris Schott

for Great. Thanks so much the questions.

me. for two just So,

see unchanged bit And paradigm. the out question about bit just second like AbbVie more little accretion, I III? more just what the first If little this the XXXX year. it for strong very, results half atopic looked like into Allergan then treatment RINVOQ The the very now back fitting guidance. numbers of in the my despite $X.XX you the of base was are seems on opportunity how guess elaborate we the thinking a the a derm you you're I first how that Phase size the of about can just have in

with are understand of me much. underlying dynamics a Thanks set help so the little bit just kind So, that that of happening assumptions. AbbVie

Michael Severino

an results. pleased one were the with one a get This Xb in had that based for then exceeded ran you factors looks a time but quite the atopic with strong that with the only to those favorable respect trials. were a therapy it drug Phase things the that placebo. not risk one. substantial first wasn't for actually studies, demonstrated We and Mike. AD profile. over substantial is safety an and Because substantial look standalone I'll therapies, program a needs and our but pleased also We've Xb across results very very can Rick designation. to Phase we're Phase results population. studies breakthrough looks And very profile additional expansion. efficacy, X They or safety a the in quick submission. these overall. look could to This a for to the the for study program that And the And the eye. the population profile some the to of And for dermatitis influence expectations atopic if earned indication for us on active at intended the hand agent, I'll said comparator our we're it not have take background the like we like second in what the for dermatitis, at With on X only

that bring strong package data real a advantage very we be when think this will we market. So to indication

the look for of years. you If underappreciated it's I overall, think, at market the size been

about Obviously, consider large adequate an But the past that look if over a eligible Now for off their achieve adequate are start therapy. response that patients patients you XX. is of of systemic that's in efficacy at changing in if now. who half good There number only would several you indication. EASI years to response a be dupilumab

that good very there XX% there albeit roughly cross-trial in through so than we numbers higher study And our drove comparisons.

agent there that space. a think this we So opportunity high-efficacy a real is for in

And don't in achieve both spectrum. an safety on year the efficacy reason see we profile with we why Patients we'll well. course, against as therapies of this head-to-head so have who it it But observed, adequate we've on earlier prepared no obvious choice. response used dupilumab ends And an of later the our really upfront as can with play this is remarks. the that wouldn't and be said data

Rob Michael

question Rob. is on your I'll this take guidance. Chris, So

previous of you today. gives $X.XX and a it's made accretion sales we've higher it EPS, guidance. that driven our And by if back-off the standalone midpoint So you really $XX.XX take of which $X.XX that than you of $X.XX changes the is

equals which had previous up in-play U.S. than the we've So million our net-net erosion as HUMIRA we well rapid versus million that OUS $X.XX patients. COVID. continuing we for that up about up $XXX really we're is taken $XXX up X%, guidance decline planned. really on as we've seeing share driven about by AbbVie. EPS HUMIRA $XXX On And $XXX for of market impact stand-alone initially RINVOQ But because during up offset took the million less million. seen MAVYRET we're We're COVID seeing. seeing revenue less that's partially that's by

Rick Gonzalez

COVID. thing quarter I'd AbbVie on still obviously base to only is that $X.XX. the the in But favorable the uncertainty relates And as it we add there's more were than on

to keeping the play things quarter. some third coverage how we're out see And so there in

Liz Shea

Operator, next Thanks, Chris. question please.

Operator

And our you. Thank next Steve Scala from question from is Cowen.

Steve Scala

you. Thank

that stated the major the impressive. and the It's integration, a delivering That was hasn't First you at congratulations really of certainly other launches on case of of been in midst less ahead new expectations companies. global pandemic. the pandemic expected. than a Rick impact

faster said you're seeing recovery sounds than in AbbVie. also back the You snapped legacy the as it aesthetics though which that portfolio,

expect do next relative you. look second improvement to curious And margin just then the around you June to And half few you stated more traffic like May secondly, what half so parameters and clinic you the Thank expect volumes, you the some do more or provide these year first patient the forth? that to of dynamics? Could that you expectation? and attribute over I'm So like years.

Rick Gonzalez

Okay.

Rick. I'll one. is first the So this take

correct. is Your observation

the in AbbVie I'd particularly, expected. number far say areas the to the think business. the I was portfolio with second we in case the about quarter didn't assets of both the that is as was think of many That the favorability. a associated way part So it drop legacy that of in as

On is business aesthetics all pretty the in drop similar aesthetics the it. we all it rapid if case very that a you're the I'd to say practices of BOTOX aesthetics to almost saw closed. happening saw What extent virtually closed. as in of a is way those much we practices had not the and Therapeutic describing the

frame. time aesthetic period a time So in of significantly mid-April for revenues that dropped

back the practices into up As allow to U.S., place come see went the geographies able back into quickly. to in fairly doing the put I'd and safety saw remove around say measures be vast we those offices. the back patients quickly practices ramped to procedures shelter-in-place their And of started orders to majority we aesthetics

levels back back then start to in that it then it as June, think settled returned back demand and people to would around As again. you pre-COVID the ramped obviously channel down. let's indicator levels to we third It -- back And up started up as will it's approached actually go of growing over see is so the course to XXX% the be now close then And now. got would pent-up And We patients quickly. the of take back BOTOX reach demand pent-up that burn drop mid-May coming procedure over -- that will XXX%. procedure started right BOTOX the to went into saw as was well we an because time BOTOX it that And it that leading frame example. it's the was first. -- in we sort mid-XXs off stabilize it XXX% through of Cosmetic and quarter pre-COVID

you with BOTOX I can tell how so Therapeutics And and returned. extremely I'm had both aesthetics pleased

those brands think testament those and a it's I patients. of

offices. the first a in-place assuming to in better half. shelter made assumptions we back more not the continue assuming obviously, activity. second into more lot the far than half half any a We're we're come broad-based second patients we'll performs and As as of the physicians kind And see

individual monitoring most particular to our returning practice. It's specialty. close the businesses. part they On They patients are the of appropriate And for we say do by pre-COVID the are I'd levels. a business, vary bit side for those little AbbVie by

some As faster in CLL normalized the now seen come -- it and quarter. have levels. tailing we're extent of an some But return. saw and to That's off certain has. medical continuing back GI derm has rheum to to second returned see well derm Oncology conditions treatment practices medical than back we've as returning in example, we

second half So think than will, I we to as be second on that? of normalized think anything And the the obviously, half much through should proceed better you first add the half. the we want Rob return year. levels I to

Rob Michael

the we I of think COVID margin, when On top-line on this have been Steve synergies can profile. question answer about you year operating that's a I and a operating a by think pressured we Rob. have margin margin. XX% is partial

growth see and where see P&L to think ramp past those leverage you'd going you -- XXXX, well As year. synergies about top-line run to in XXXX demonstrated as and going we're we're the that as we'll obviously we've

I So, I HUMIRA in XX% our we in to puts in With see would to see which the But and XXXX range, top us XXXX would U.S. operating operating would XXXX. obviously, margin expand industry. tier it the pulled the be back. expect expect with margin still event,

Steve Scala

you. Thank

Liz Shea

Steve. question please. next Operator, Thanks,

Operator

you. Thank

Geoffrey Our next question Leerink. from from Porges is

Geoffrey Porges

get guidance. what's to congratulations. migraine look the And portfolio massive disruption consumers about you we seeing an of experience on. talk about you've full and into that that seen? economic the Thank size a that's perhaps from helpful from of disruption factored the interested Could guidance. then out opportunity IV there's Rick And oral data that little medicines? is observation? issue to are in commentary payers much Are be addressable for brand? Very and reacting bit your is you the how very in to how Rick a much. and How switches atogepant? Thanks. And going Hi, your to constipation oral I'd Particularly your of how playing the generic

Rick Gonzalez

All right. Great.

maybe at little opportunity say we a probably talk had a to drug. to little about and but the the profile if depend to very very migraine want have the to But of the a I a I'll later drug about going And date we'll it's once on a of the come dynamics. is back chronic profile to think significant better then back want we've obviously. a talk analyze I'd what large And it's constipation you maybe Mike Mike market. market. come payer about -- great bit little bit the So extent a market and And talk

Michael Severino

course episodic out about strong. We're in migraine. pleased atogepant. for we've migraine that very an and The BOTOX migraine, course, saw I'll of with with ongoing program two And, chronic atogepant portfolio was migraine with of this portfolio. our in we acute readouts the there's chronic part into so Sure. talk data with an And fits Therapeutic our important in data rounds seen. migraine UBRELVY it really of very efficacy now

and the secondary’s we four remarks, our dose said of in doses As six and prepared and lowest all the the studied. primary upper for two we out across hit the secondary’s primary

looks study. profile that observed an profile of the majority expectations the The efficacy With overwhelming to limit was treatment. constipation safety safety, So mild view of going the moderate. that respect very I didn't was or It that exceeded the favorable. cases is think our our into in

be So patients interventions with easily treatment. could or They stayed softeners managed like fiber stool supplementation. on

the particularly efficacy something is very it's I'd see on we add the that have don't light And it limiting of we point target. strong a that of understanding as we other that demonstrated. only So it is and in good have

efficacy it get that very described. strong I profile you efficacy a and with have tolerability you So the manageable comes this

Rick Gonzalez

of on second the guidance first your haven't all. had that of thought for year that much on built probably forecast outlined we -- high the some on quarter our to occur could for recall unemployment. due essentially seen to question, the channels at some in when we the we shifting Geoff And impact you back we that remainder our

extensively haven't any things advertising material we they In would of to us. lost now. their fact watch if and you, effect PAP coverage know to is their the one tell and insurance or can't jobs seen have insurance any program. it been that to lost come that medicines afford I And carefully consumers don't our that they to we right AbbVie they of We've their they do make to they sure to

potentially some here further go yet. programs significant XXX% program. we're seeing could as have could assistance We We're furloughs. we of not we a sure not stimulus increase patient upon And extensive see very requests. any because the going in And what forward. increase depending happens be It those with

We have still maintained we're our now. level providing some coverage that forecast in of

So we deal with out. itself to have have just believe we'll how coverage it sufficient see sorts we and to it

Liz Shea

Thanks, Geoffrey. question Operator, next please.

Operator

Thank you.

from Our Divan next is from question Mizuho. Vamil

Vamil Divan

Thank you much taking the great. so Hi, continue migraine on my question. question. just Maybe for to

two net helpful sounds you between -- it and there. UBRELVY potential are talk only just the prevention like relative side. that you're the guess, I you in that to on Biohaven maybe or the already for a Can the thinking pricing mentioned here You antibodies bit little there's space? about and maybe players about that the injectable injectable

know if your from heard and your peers every but a to different mix thoughts So the perspectives. on of a about their I'm get have sense some have issue this side company, play don't for for getting product of pricing And you lot executive But then you obviously, missed see the on of dynamic front. orders may some just We're out? trying a has the some curious week if administration. we've this that this around calls. maybe I you different just earlier additional Rick on what I questions any maybe comments seen pricing how on just drug curious

relates it views especially your what as so order? Thanks are rebate much. the curious So to rule

Rick Gonzalez

Right.

those both of I'll questions. Okay. cover

price. about net I mean So talk publicly on obviously don't migraine, we our

We fairly significant asset coverage already. the on managed have care

about to it think market that of This where able be important. I get is is to coverage. way market that to priced it's XX%. had And a a was obviously be appropriate expansion in level

penetration total migraine -- against right it's migraine I or look acute penetrated now. least you about said, now market, oral products the right CGRPs XX% if the the at against think I acute of the As at

So And be there's that of a this market. magnitude significant to gives idea to some grow opportunity able you market. it the of

to have of able products. These a where it to demand position it want certainly provide they patients you in be that to demonstrated certainly can have the to access allow relief. to them So products appropriate strong to to patients, have be able use be from be able levels

so to strategy of tell you overall able this that's is over to grow an market term. the aspect here long And just important I the would that be

seen orders high they're high-level point this they On the have executive provide some as probably you level pretty direction. at and

sort see a sort start think give of them, we you until it's out of, I a they like. difficult what So to think, look around lot specificity to I little

at AbbVie's Now the them our I I say, will in of would look impact think don't say, will have business. on a they if I backdrop business, significant I

look Part B you an If at as B example, small a have Part very business. we

to guess, X%, X%. number I it's think now. is the right I X% around

So part. it's insignificant very a

at importation to excludes what's or of it's states. obviously similar out our to executive order, part it look you which been given biologics, is bill the very an the business. And important already If

discount that absolutely discount. and insulin get at one, to as with patients the we're EpiPen. supportive the at not benefit of rebate or rule. rebate look being If you And of then rebates, Certainly, the the we associated We're look able the in business. it's third

you everything about be that able I premiums. that have difficult to implement it to And that that do. said increasing is how know many very a before does we've rebate think that not What will us a without I I are discount it's order material say would say whether for be I times As to it say us. or executive would to redistributed, at is rebates look when I

So how know that I don't ultimately will play out.

associated think significant But risk anticipate at look So at wouldn't high-level them I with right a -- they mean I about we now, I that what AbbVie. right a now. think have

Liz Shea

Thanks, please. Vamil. question next Operator,

Operator

next Risinger our question is Morgan from And you. Stanley. Thank from David

David Risinger

of all on congrats And much. so Thanks Great. encouraging the updates.

combination revenue So discuss know a a could that much first to? most opportunities of The UBRELVY Rick, there? So candidates point in please more have the significant you the How number million maybe little I result as readouts Allergan? in was potential? the is detail biggest combined ones with bit in we opportunities with synergy the you if see then quarter. more franchise, that that put And do what pipeline large some respect to Thank in the finer readouts, but XXXX the us year's of commercial has paying with X very attention can points very Phase next certain be with little to be second you validation would if that you. a XXXX. product could company helpful. on AbbVie Then there strong. tidbit. could biggest the stocking But are in That should one proof-of-concept was $XX that you was

Rick Gonzalez

Okay.

the the second cover then Mike I'll Rob can cover and first cover third. one So have I'll the and

business did. be a So that to we I planning if that to I the said think integration able the it overall us. extra and that very at look think I time had gone that's And We I some the tribute has do all seamlessly. benefited to

the organizations have I a two way come think quite together in so And good. that's been

many being care area I way demonstrated is third able effectively we're that if when I I to our be an provide that. look look you that certainly the that's therapeutic an say, to And you of at those tactical synergy when skilled have say I'd the businesses, of would manage we look therapeutic through the at area, marketplace quite applicable we to then we opportunity quickly. in -- significant think look market when to mean benefit Allergan the and a Certainly our has able kinds in that more is the It many bringing I use I which market. you execution grow into at attractive opportunity at people aesthetics techniques our be managed some market, where Now think, of to that places a more portfolio. the have at aesthetics, able by to very are

have it promotional able extent. in Obviously, activity. ways. that. And we Historically, Allergan area different area some obviously a standpoint. the high financial a several to we to social do an can have I I'd think from probably interest be funding it's been wherewithal that that's say very You do level of is of by to that driven skilled that's underfunded. media greater a an And is

more that is think into be the we'll new to The able the innovate. able rapidly R&D in be bring a operate benefit thing an area to being way both rapidly also provide to to ability second innovation and that I more we market. that's And able

to a think able of to accelerate I be meaningful overall we opportunity a And market have will over a that I lot. the business. to the in And way that think like growth I a it's be benefit an business time.

appropriate the both that how of pay on it it market. demographics based to responds in and cash innovation aspects think I

So time a market know that's to can you an us what over able term. to Mike? Those you make over to do long that continue tell to of grow we're area sure at things expect would that think I be level. ultimately how I'd be that the high the doing we some to

Michael Severino

the take question. second I'll

oncology out readouts large data are proof-of-concept point very a as number of number opportunities. studies or in beyond. and a our do we you have So these X And also point from Phase I'd programs. following studies XXXX the to XXXX other in and years of in

they programs number a large opportunities, if be that immuno-oncology have would We hit. of

I is of GARP program that. good example very Our think a

Genmab a in collaboration in could that. bit opportunity. through think I development of there epcoritamab, that little additional large We post molecules just that's are very are earlier which bispecifics be large a are two Our a concept. of good proof there is Obviously, just that the example But brought opportunities.

they fact And enormous I are we're data to we'd think and see that that Obviously could given BX-HX hit in if ABBV-XXX the need. medical have non-small thing, in is data our the ADC Obviously, reported in large those a to were point would The were programs thing mention novel year unmet opportunities, were Alzheimer's to But those I in by would targeted more bispecifics advancing oncology opportunity. our to with we've very then a in in be is being be TNF a those steroid If be the would think out. large lung neuroscience they opportunity be than best-in-class. the our that, immunology if hit cell have potential last BCMA we program. in portfolio. antibody. disease is last That BCL-XL I they lead one next already large very technology that We warhead would And best-in-class. program so cancer. a targeted that

disease Alzheimer's higher we it's higher reward. would a very very, opportunity. risk obviously, be meaningful data if it Now But in got favorable

Rob Michael

And a is this sequential if really full growth just you revenue the prescription of UBRELVY, David, On it $XX at basis. on million Rob. look follows the quarter

impact. stocking that for expect negligible continued a to product. really sequential there's we'd So And growth see

Liz Shea

next please. question, Operator,

Operator

Our is Raymond Sandler. question from Piper next from Chris

Chris Raymond

Thanks.

setup. Just atogepant in of sort competitive back a to

heard is to this I know checks how it see, yet. that's And that not comments underappreciated. approved done Rick So some on case. this if it's your indicated the We've I –

So if days bulls pardon as the some chatter migraine don't that been there's Biohaven days. from there absolute much out some But placebo-adjusted question you as maybe don't mind here. matter especially commercial

the or UBRELVY rep-to-doc be tablet? dissolving from versus most the the be to – maybe what you'll just important as dialogue setting other other prevention therapies a see you and attribute perspective, And so with in the especially oral this guys a you're field do as therapy subcus happens in positioning oral the that

Michael Severino

efficacy, we total of to see respect add. want because solely and may placebo-adjusted the I'll then in a to part could look one these If good is attribute is at Mike. Well, that the placebo is were most fact therapy that take this first patients, for important migraine the With Rick the days. days one to conclude reductions.

have enrolled are based differences population placebo difference you what so is. from that design, study-to-study there on And that. to for and account And

they're caveat other So range with of than And has reported which in been the has results, placebo-adjusted be look absolutely comparison. disease into between is you response rate. strong. to X.X it's obviously account. And very agents area when They with meaningful cross-trial our this oral it at higher a X.X what days, taken very and a

of that hit And as we And the doses more data we've I've those important described. public performed all most the as efficacy secondaries very, the that. get think course we parameter we very on into well. three across get two So on color out of domain the you'll

Rick Gonzalez

even product's skilled what just Mike understanding without it's placebo physicians just represent I rates are mean, to think, a says. would appropriate efficacy I don't are. reiterate looking And well in rate. I at not what the Yeah. placebo

mean, to that. had the the I be if is products the will think I that the think lower have way rate, certainly, an day marketed. way that look I think is may But in it. will I at end at doctors So, the way be And look it. interest a at I the I of that And appropriate

Chris Raymond

Thank you.

Liz Shea

Thanks, Chris. Operator, please. next question

Operator

Thank you.

Our Wolfe next question is from Tim Anderson Research. from

Tim Anderson

questions pipeline few A you. Thank Hi. please.

On the TNF steroid a view approach. conjugate have that some of KOLs mixed

skeptical the endeavor? clarify low-risk that what's Genmab what CDXxCDXX just common you best-in-class? depression? on your a would success why are most reason VRAYLAR, qualitatively And that then or those in regulatory you this are hear? For Even medium-risk question high-risk, be your is can Second of odds

Michael Severino

take be proof-of-concept I'll and keep HUMIRA it's amongst III to largest respect trial. head-to-head is, program. this Phase or early or in can't to Okay. essentially what to Phase study. a that was important studies trial One III this a mind an often With in a an phase the against TNF I competitor intended is say that those the conjugate powered like requires large active steroid I would studies fully do because typically II in Phase Phase are requires always Head-to-head a questions.

mixed of profile which that the the described in support get results to adjunctive would I we evidence larger-scale the success view be advancing then in data that already was folks see we like how trials major trials I question disorder, is, generating for respect With treatment a on with I into would have them. and later I and the hear VRAYLAR we've is those of that hand. seen There looking high were we're and we is think depressive one to it's to say study we downstream. a is to there? platform in that a what the think So risk very data. characterize they're had promising path we're people will going what what for. to looking probability the If they'd We're the positive And well pleased those was

we one need indication. so And of studies read would two study the to positive support to the are out additional that underway,

a rationale data -- the challenging indication. in I strong. program that are from both and think think But studies the the has VRAYLAR historically this the earlier I been

into moderate didn't put range. it So probably would it I We in the probability model. our build

has is a And represents Our the cytokine to on this we Genmab success occurrence data safety it lack at things. be the respect DLBCL, tumor upside syndrome the why symptoms point early date two profile to respect respect trials trials, phase think which what's very to with very the the with release VRAYLAR and type, therapy. terms was opportunity with from phase in in of it. One end is in I best-in-class? CRS puts if neurological class to and efficacy. with And in accompany of efficacy observed fact it hits. of potential not to But CDXxCDXX difficult-to-treat higher that particularly attractive the of reported would can dependent it been the both early very also of the favorable has higher-grade been to a

working It spot that are the a safety will we'd with the fits DLBCL follicular dosing administration Others the its the study seems between to sweet has it existing and has very very that that. already be subcu So have threaded also into schedule in lymphoma. data with good Genmab efficacy well And regimens diseases used But hand. in particularly formulation. achieving strong that towards profile.

we that So very gives think it very, aggregate profile. we a of see that strong

Tim Anderson

you. Thank

Liz Shea

for time have we Operator, final please. one Tim. question Thanks,

Operator

you. Thank

Terence today question Goldman is Sachs. from final Our from Flynn

Terence Flynn

for congrats integration. the on question and Thanks the Allergan Great. taking

change driven COVID as you You if some over color on a having being just wondering was durable uptakes you're as you And come of VENCLEXTA. could just the behind your move had as that. comments tumors. do an we for that injectables? on so, some solid running mentioned teleprescribing second accelerating being if optimistic see RINVOQ in Is here then that there that and here just provide And was approach. us you little later rationale by the a the you out the how maybe of one bit Maybe that advantage of trials into you. pandemic? I stages? Thank noticed are remind here I more And

Rick Gonzalez

Thanks. Okay. Mike take I'll question. second the can the first cover one.

significant RINVOQ way. So started has fairly clearly to in a ramp

-- I associated time with point think see any on is about you you One it's eight successful things. launch, see pro typically two to months into its a inflection products. it's start that

out As to start you data educate the and tend go six that to start point you to see happen around get physicians some and and present use, to you they inflection to physicians start months.

high-efficacy we expected accepted that point inflection have natural as a the the into the it's think I way agent. So if would marketplace the successfully being was product we hoped

prescribe I it it's we're oral, injectable the little to an that think than might benefit a seeing during is that an is easier there COVID so some be. crisis

probably benefit that's associated we're fundamental But with we're that. I the benefit that think So some seeing. collateral getting Mike? don't

Michael Severino

Right.

solid tumors. with to in VENCLEXTA respect So the I'll question take

investigator-sponsored of lines are there breast think breast showed cancer. evidence. study there I that is in In different there's cancer, promise two -- an

tumors And that rationale confirmed, And the there's cell exploration. non-small lung small and And confirm to obviously would are study there unmet there. lung then there substantial both cell if solid that. cancer so it were such be that a need given preclinical warrants follow-up a there's opportunity as where other cancer

tumor has the program the reward molecule. that have I solid very solid characterize our necessary would nice thinking program if to enough I the of isn't so of into baked we high success upside. rationale exploration. warrant to there risk talked something been about but exploration. any were for tumor But in the And And as there's think with higher represents The not and worthy VENCLEXTA hit

Liz Shea

you. Thank Okay.

today's concludes that conference call. So

to like a investors.abbvie.com. joining website listen Thanks please again you'd at our for of the call, visit replay If to us.

Operator

does This conclude you. today's conference. Thank

You at time. this may disconnect

AbbVie (ABBV) 31 Jul 202020 Q2 Earnings call transcript