ABBV - Earnings call transcript Q3 2020

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Operator

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

Liz Shea

Good morning and thanks for joining us. Executive with and are Severino, Secretary. us Chief and Affairs, Rob Officer call of Gonzalez, Vice Legal for the Chief Chief Schumacher, President; Board and Vice of the Executive Michael, is the on Q&A me and Corporate the Rick today Chairman Chairman Financial portion Also Officer; President call joining Laura Vice and Officer; External Michael Chairman,

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

of reconciled and on growth our full excludes includes historical website. non-GAAP Unless sales financial which operational measures uncertainties These earnings year report on filings. and in these used impact found on regulatory except Additional comparable included as be our our law. is comparable as about no Allergan release commentary required is undertakes investors non-GAAP AbbVie in our otherwise help AbbVie’s business annual performance. XXXX results and these understand in conference past, measures measures and basis, to with are by current be financial obligation risks forward-looking information in financial call, GAAP our the today’s today, filings can to a from update for will statements XX-K Form other and On which exchange. ongoing on the SEC noted,

underlying recognition policies Allergan of all Zenpep comparison revenue excludes to recast have revenues conform this and and the Viokace. accounting to of AbbVie’s reported divestitures been historically For performance,

will remarks, take questions. prepared our we Following your

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

Rick Gonzalez

us we discuss guidance, morning, will an and our today. will detail. for everyone, and this well year third Mike again and update I will raising thank as Liz. our quarter joining recent which quarter performance are you programs Rob in provide discuss R&D on full more the advancements across highlights, you, Good then quarter. Thank our as

launches and we Following RINVOQ by recent progress AbbVie demonstrating adjusted momentum our look $X.XX, earnings quarter comparable new across remarks, portfolios, growth, in several legacy highlight both all indications are I’d including I will business, guidance together expectations. take performance, very is COVID and our aspects the another $X.XX. strong are our their our the and SKYRIZI, have potential our like I the and of creation. exceeding fundamentals sustainable to excellent across pandemic analogs robust launch acquisition which When range we questions. The feel well of including specifically and outlook. business of for considerable there are to share delivered performing midpoint our to your per good significant the actions position which exceed taken of Allergan, of and value at continue long-term initial for ahead our despite AbbVie with the have our about the of long-term

deliver billion continues franchise hem/onc robust and expected more double-digit year, $X.X to representing generate to growth. performance Our revenue is than strong in this

expansion. and including novel and I-Mab further opportunities combinations, New announced Genmab our recently revenue indications for collaboration provide with

the strategic of the While early integration Allergan, been merits still have in never is more relatively evident. of combination it the

VRAYLAR basis migraine allow us and this a growth the recovery, attractive is a created which will programs double-digit a diverse franchise. the a believe stronger, have our delivered strong robust advancing portfolio we highly is as growing franchise, leading nicely, to We as momentum And already operational flows a V-shaped multiple late-stage are numerous more with demonstrating company, that comparable and demonstrating cash long-term. with our that for have new neuroscience with and expanding growth attractive significant maintain We we vehicles which on now well and quarter pipeline aesthetics business. has vibrant

making are is on expanded more indications and for the for for dozen exciting We and additional of of revenue two over track time that and the confident past deliver which including look have than like the with at for collectively with next SKYRIZI. -- a includes I VENCLEXTA areas. Navitoclax a immunology, that performance. XXX. I’d pleased approvals, near-term Clearly, indications to to RINVOQ where for add product total going key recent meaningful and value new major business across six for approval further remain AbbVie we am am our execute will shareholder strong product indications I trends products pleased this continue I the several growth other a start we will and for and SKYRIZI, trajectories new RINVOQ long-term towards years, our atogepant, This will sustainable very established we strategy growth. our the outstanding in with forward. we are progress growth. I as

novel both of contemplated of when profile a and As for or testament leading resulting indications, at new development, leading our excess for COVID-XX both This level our a in to at stage and our commercial their includes the sales. if on perform sustained, I market leading what unprecedented, HUMIRA. pandemic this total and in-play is expectations. well-above the The has long-term these in launch In and In of for will two to in-play patients psoriasis, parity lead XXXX significant ultimately share market RA, with efficacy at well the demonstrated differentiated switching HUMIRA, trajectory, XX% was brands our the market share performance. well as communicated clearly reached initial as SKYRIZI approximately previously now This continue share and to already to we capture agents superior in other have in has impact performance market which remains in-play market expectations despite the RINVOQ indicator execution. strong of share XX%. is commercial shares, noted, strong achieved product

since driving focus has remain accelerated our pandemic current on by prescription the activation and trends. encouraged been we patient Our

performance $X.X confidence will for and recent original our for the year. Our in which full expect potential SKYRIZI, this billion deliver to in we well long-term now RINVOQ both near- exceeding combined continues give us XXXX, and revenue year for projections

SKYRIZI In addition leadership strengthen which to will and outstanding position. new excellent making our indications, expect progress RINVOQ commercial further momentum, are also we with we in

more already rheumatology segment. psoriatic spondylitis, across ankylosing arthritis and We $XX forthcoming year, approval planning including indications for giving than the next billion have three and complete coverage started the RINVOQ preparing additional of us

with discuss for making be Investor and high I’d our progress intend focused this both we year, also inflammatory and dermatitis, expect strategy, to SKYRIZI. has also in extremely the disease, market hosting intend we dollar bowel a RINVOQ also peak submit atopic large area the regulatory are RINVOQ. growing SKYRIZI market Day December, that take unmet need. Overall, more pleased I an billion in opportunity than growth the further like another expectations on am we multi-billion to $XX area. will in we for to We be where this and today In for both important immunology that approval the coming in progress, applications announce to psoriatic of potential arthritis agents with revenues and to

Additional be will forthcoming. details

promising collaboration we indications I-Mab, cancer. this aggressive also progression especially approved penetration anti-CDXX important in remains area antibody, basis includes an strategic double-digit IMBRUVICA The the lines share robust delivered range an AML, leader wide programs. which quarter. hem/onc, Genmab including opportunity potential XX% an with a to a therapeutic increased our therapy. of has within operational has remains the and remains VENCLEXTA given already-attractive CLL, further and pre-COVID below several sales starts adds AbbVie’s our IMBRUVICA across The patient on new on I-Mab long-term across the VENCLEXTA growth indications to sales announced again early-stage In across a monoclonal pipeline, now market increased this which operational quarter where expanded oncology X% portfolio blood that the basis levels. despite our strong lower of CDXxCDXX, all multiple this quarter, disease which where of nearly CLL, it for expanding strong, with Navitoclax, across market for position cancers. oncology potential remains quarter, Turning indications performance. clear

of We sources VRAYLAR also again this diversifies operational now have basis, increased of another double-digits strong further long-term high performing AbbVie’s growth. in with revenues neuroscience, billion. more franchise a on which comparable than $X.X annualized sales quarter

well. consistent were for very long-term anti-psychotics, million long-term a remain $XXX revenue were chronic XX% rapid currently focused indications, remains Within profile we the other its on robust illustrating is COVID operational JUVÉDERM. platform, in treatment with believe are the of dozen potential, aesthetics of of migraine, confident also across schizophrenia. up is cosmetics Given demand remain The trends through a including has seeing BOTOX clinics treatment the room exceeding We our our episodic comparable a launch new multi-billion than VRAYLAR’s basis, development is scale million Therapeutics, rapid migraine, and you portfolio. to which the Commercial aesthetics, $XXX chronic and and up the growth growth bipolar which and expect for overall more for basis, consider disorder sequentially of BOTOX and best-in-class leading demonstrating dollars approved consumer have a revenues DTC supporting penetrated migraine, market, we atypical performing indications encouraging acute relative nearly expand prevention medical benefit/risk recovery. to BOTOX significant major patient resulted the growth a recovery. of which both promotion aesthetics nearly our comparable under underlying our expansion. UBRELVY, fourth CGRP this global Total investments UBRELVY’s oral and operational strongly see Therapeutics, sequentially and atogepant starts promising on ramping we in profile When pandemic V-shaped for COVID substantial is market and globally. acute in increasing investment access expectations. Revenues migraine we with on demand

are and growth, raising R&D portfolio pandemic. our of pleased $XX.XX, performance with provides guidance. EPS us at business that are of We our quarter demonstrates and resilient and AbbVie’s Luminera, expect share the strong on expand underlying a full we our dedicated dermal $XX.XX pipeline. acquisition seeing business Based progress of rapidly the earnings are including we aesthetics which remain recently to the momentum long-term this XX% XXXX the filler year-to-date, our we complementary aesthetics adjusted year Overall, development to reflecting growth growth midpoint. sustain with now expected with to are than per franchise. more announced continues throughout and new very portfolio innovation Our and for the

of timing In making the the to the integration size well. of Allergan been the the across this transition pandemic, the addition to portfolio, COVID Despite the excellent seamless. has very we are transaction of continues progress go and

are against clear both very We accretion the revenue and our well business. synergies synergy aspects various becoming also to us there targets, increasingly opportunities and of performing across is for it are that

We are support greater continued and providing diversity post-close our the now in investment months newly merits our robust the innovative platforms, strong significant confident generate R&D well are with $X.XX have six end, the of while release, extremely benefits February allowing quarterly transaction as remain increase platform, per also from combined XX.X% we cash earnings grown XXX%. as today a pay additional evident. dividend we dividend that will beginning We growth dividend and Allergan financial cash inception, is of to rapidly $X.XX business. that a down To to our as growing strategic quarterly dividend, Since business and news announcing noted XXXX. share our us in by payable are in in per our debt. and the share flow to

to strong across overall by we So, remain trends. demonstrate continue summary, and portfolio in recovery encouraged our execution the

long-term an assembled confidence with us growth over I Mike. of will impressive With turn for a giving diversified that, have growth the our high of business. to call outlook significant We potential the degree assets set in

Michael Severino

Rick. Thank you,

several major regulatory for since morning will Starting to earnings European where continue applications make of of immunology, our I highlight dermatitis. call. RINVOQ key and our pipeline atopic in milestones, this events and U.S. we including and spondylitis across our submission great We with last progress all ankylosing achieved stages

as well We the indications, this regulatory year. review psoriatic decisions which was expect for of both regulatory first in half earlier submitted as arthritis for XXXX for

ankylosing significant psoriatic for the a represent are large Within important segment, and both markets RINVOQ. arthritis rheumatology and growth opportunity and spondylitis

in for represents over the AbbVie is our today dermatitis we very data oral We Based of -- dermatitis will portfolio, program, an we across forward. area will selected XX in in disease for where growing portfolio RINVOQ the will virtual ACR our for our highlight Atopic and and important area and of from benefit/risk upcoming the immunology registrational franchise new on in profile a growth from present it abstracts body multiple data the products rheumatology assets also including confident presentation. the the remain Congress, going offer advantages at for six development. generated believe on or meaningful market atopic our

Beyond evaluating study Phase to to the seeing diseases, data RINVOQ successful, our head-to-head see ulcerative induction that the program X area which on we dupilumab, later highly support from will Phase bowel forward this look help we In head-to-head this of We RINVOQ as for a X colitis. quarter. against from track data Phase submission, further this X also quarter atopic therapeutic in our later for option remain inflammatory regulatory if studies a with in support RINVOQ are differentiated dermatitis. patients trial

data results the maintenance these studies induction colitis, see of will a study well from from next year. second in ulcerative We portion as as

in file to as our expect We regulatory XXXX applications well.

making also SKYRIZI for data and we the across are from indications with gastroenterology. development later progress We this rheumatology expect new and great programs several quarter

safety see potential arthritis some results be potential psoriatic that at part Phase in evaluated private SKYRIZI for and of complications also vaccines XXXX. the safety the prioritization both will data regulatory supporting in SKYRIZI acceptable in applications X program, NIH immunology, and treatment will X in Crohn’s observed is ACTIV disease, for potential caused evaluated for two first study the induction storm as indications of COVID-XX a partnership as COVID-XX. immunomodulators studies profiles selected COVID-XX a cytokine as Outside We therapies in treatments in through In which treatments Phase from are a be public with by aimed process was for this potential or included from accelerating is that drugs as for number study late-stage trials. early-stage our results ABBV-XXXX patients. approved COVID-XX. to ACTIV-X RA. positive from Phase move evaluate toplined into we data, which evaluating and a completed year, Big study recently designed for forward selected second SKYRIZI X conjugate, our conjugate, larger Effect immunology study we Based a a these will the in TNF to the trial, of either earlier steroid our novel proof-of-concept scale have steroid ABBV-XXX. PK development We pipeline, TNF on XXX X Phase

of Phase a the for dose ranging We study XXX XXXX. for RA expect to begin definitive Xb in first half

for forward As VENCLEXTA immunology on outlook will updates investors immunology hosting continue be our portfolio several high-risk advance and We for we navitoclax the will mentioned, In quarter, providing myelofibrosis. an on our beginning including X we Immunology December, to in Day Rick provide an in at where Phase syndrome look additional our update studies to long-term important strategy and with in that time. in the myelodysplastic pipeline oncology, we franchise.

New chemotherapy. decitabine are intensive or approval induction This full We patients, FDA Phase for with overall to also results in AML the supported and VENCLEXTA published Journal azacitidine, combination recently and by diagnosed from in were azacitidine the of newly showed X compared combination Updated the and who VIALE-A received survival VENCLEXTA recently Medicine low-dose of that England VIALE-C VIALE-A efficacy approval plus ineligible azacitidine and of in cytarabine studies. is extended placebo. safety

treatment preferred Additionally, combination the were publication VIALE-A recommend azacitidine results, the chemotherapy. who are as the Category intensive and patients updated for of to the for VENCLEXTA X ineligible following guidelines NCCN the AML

anti-CDXX acute provides in the is potentially tumor-specific data lemzoparlimab VENCLEXTA commercialize lemzoparlimab. the data of interactions, International atogepant commitment XX The also The were blocks and migraine options clinical from AbbVie a doses a group. all generated leading Treatment of resulted the safety very MTIS neuroscience, effectively XX% the presentation presented malignancies. encouraging monoclonal of AbbVie’s the the X subjects Symposium, and and placebo Trust but primary XX-milligram total, multiple binding which over lemzoparlimab for emerging our In advanced to potentially secondary portfolio in compared the being access groups. UBRELVY XX-milligram meaningful lower were treatment Included red BOTOX, that with statistically to Migraine abstracts immuno-oncology and another to CDXX several we improvement on least for the Lemzoparlimab with and Importantly, achieving designation a of studied showcasing of at the to endpoint XX% the combination results demonstrating data Category monthly with presented and to significant in treatment Also days, multiple new were endpoints a migraine. in space. for better preventive irrespective migraine cancers develop with in improvements all differentiated recently detailed the reduction placebo, atogepant is much clinically and a and to providing for asset for status. dose focus collaboration I-Mab In breadth Phase in X XX% antibody, mutational XX% demonstrated atogepant. date to programs to the for Significant cells, with in has migraine quarter, hematological we days. virtual in strength show observed reduction blood monthly announced in for at atogepant profile. the the mean study,

competitively long-term strong to the portfolio leading believe and by this new the atogepant portfolio progress and encouraged that migraine prevention toxins and market once prevention for in benefit/risk option for dermal atogepant our aesthetics, good acute significant that In treatment, fillers. migraine with migraine value AbbVie. facial continue represents addition make of of UBRELVY for market. very creates a chronic Together migraine for in are BOTOX approved, been positioned that treatment oral prevention with in demonstrated will profile be the has We we

and years. X This ongoing, which the the for to the lower toxins of collection, we for We aesthetics the recently fillers, of all for to BOTOX. development lower secondary next of We reach expect a plan programs endpoints, has the JUVÉDERM single and readout neurotoxin market the over and innovative for five the well course will as face in in as have decades, pipeline over a met face. which treatment for the upper we support several year, indications in ongoing To R&D of positive primarily efforts including BOTOX and prominence Phase dermal to severity was study have focused X of BOTOX leading expansion prominence. U.S. new two programs platysma that been several masseter these we reduced the next the on with reduction demonstrating primary Phase Europe. masseter and face. begin studies registration had the prominence Based support a our data on in study for following results, region,

development their We of look augmentation. markets also the which in assets application we in for studies, next first lighting X a to our filler loss demonstrating vision. resulted recently filler we XXX which expanding to in JUVÉDERM evaluated topical acquisition conditions portfolio studies, HArmonyCa, in GEMINI and significant AGN-XXXXXX are for Based filler from half the on eye gains Luminera’s and to studies associated by and endpoint announced of endpoints, data secondary soft topline of our positive drop, these of both the from treatment complementary the regulatory both the X X presbyopia. announced recently franchise In that GEMINI primary facial around treatment symptoms to innovative the dermal year. developed with results, with FDA And forward eye with distance met submit our results world. XXX Phase majority plan we care, an the led near-vision tissue dermal the Luminera’s without of low is to highly

Rob? forward accelerating on the we make continued and third more over comments pipeline and quarter and With quarter, programs I important we summary, to through months additional call milestones coming many So, significant look to Rob progress that, in this and performance the turn our in to XXXX. financial have advancing outlook. will for our

Rob Michael

delivered of UBRELVY COVID million. of across growth a new $XXX SKYRIZI the pandemic, international compared promotion were Europe across year, is MAVYRET million an across $XXX in-play strong Wholesaler per JUVÉDERM we than recovery and levels price. billion, migraine top with adjusted rapid Starting midpoint operationally, market. by strong another growth were sales guidance million. basis, net BOTOX and in were in UBRELVY markets. below sales going the launch also $X.X XX.X% the $X.X robust by operational sales $X.X again were up up led treated experience share the with were levels. sales billion, continued of $X.X were patient all psoriasis half were patient faster Sales competition pre-COVID and up XX.X% our Thank than billion, U.S. approximately and on a net in with $XX.X experiencing million $X.XX, internationally. Therapeutic to X.X% The to approximately biosimilar VRAYLAR with $X.X $XXX from prescription $XXX with U.S. HUMIRA well our new with remain very basis sales the growth We ahead have driven XX% operational strong and impact plus our leading in pandemic. RINVOQ Hematologic strong revenues as basis. Total earnings approximately $XX VENCLEXTA driving Neuroscience HUMIRA share with strong of approximately $XXX million billion of a portfolio. revenues cosmetic of X% quarter operational IMBRUVICA oncology immunology on third with you, the recent revenues reflecting on approved the our month prior sales were once delivered reported growth. volumes and market remained sales more comparable million, sales down quarter. sales X% below $XXX results, recovery with were on expectations. X.X% on billion, of Immunology both COVID adjusted market. bottomline starts quarter. direct-to-consumer operational were Mike. expected global billion, up up CLL. $X.XX. the of inventory revenues U.S. above continues were million, VRAYLAR demand a performance. $XXX basis, leading International down indications. despite an reflecting demand $XXX million in-play delivered were sequential an other share RA continued share in BOTOX by million, revenues COVID quarter, Aesthetic from

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

adjusted profile to quarter. XX.X% and the XX sales, third XX.X% the of sales, operating margin P&L XX.X%. was The margin now gross adjusted Adjusted versus million an was of for Turning improvement SG&A $XXX of XX.X% points was adjusted was prior the of of expense sales investment XX.X% sales. was R&D basis and ratio tax year. Net rate expense interest adjusted the was

including previous our now of million At XXXX current assumptions. Rick from guidance previously to modest expect Excluded from this per of basis. to are updated year increase sales $XXX now amortization this As transaction we sales following We Included HUMIRA from we mentioned, on fully of share earnings $XX.XX unfavorable a $XX.XX, is our rates, growth. foreign approximately contemplates intangible billion, guidance $X.XX full in revenue are and the on an XX% of Allergan net representing guidance between guidance approaching XXXX specified known items. This $X.X estimate. billion. have and impact an the international raising adjusted $XX.X adjusted accretion expect annualized now exchange reported

approximately of now SKYRIZI, $X.X expect revenues billion. For we

of RINVOQ, now For million. $XXX expect we approximately sales

market CLL we approximately of For revenue expect the $X.X remain as pre-COVID levels. now below in starts new IMBRIVICA, billion, patient

fast billion a cosmetic now BOTOX demonstrating we recovery. both of approximately with and JUVÉDERM post-close expect Aesthetics, For sales $X.X

million, treatments now LUPRON issue, formulations. which supply expect remain pre-COVID of levels. we sales expect to availability we now resolve $XXX has approximately MAVYRET, billion, For of $X.X as approximately as revenues near-term impacted of certain a We below work

full the for XX% partial XX% of above expense P&L, remain forecast of This deliver year margin in $XXX approximately XXXX. in than in to $X continue track margin Moving includes year billion sales We the to we sales. million greater and operating on XXXX. gross approximately synergies synergies just by expense adjusted adjusted to of guidance

impact adjusted sales approaching current expect quarter, net modest fourth revenue we look the have exchange growth. anticipate $XX.X to As ahead reported At favorable to billion. we we foreign a rates, on

an and are non-GAAP operating of we XX.X% expect model forecasting We average of approximately sales. We the be margin QX. similar rate a ratio adjusted to share of count to XX.X% tax

earnings adjusted known $X.XX, share of between excluding $X.XX expect and items. $X.XX amortization approximately per intangible and We specified

end flow the the at in $X increase strong in September today cash XX.X% AbbVie’s We balance our cash of our dividend XXXX. February was of in investments the Underscoring beginning dividend, billion. year, priorities. first to business performance of nine we the continues Finally, and months our $XX.X and announced outlook, support allocation generated billion operating AbbVie’s with our cash confidence quarterly a long-term payable in capital

XXXX. next turn to We With to back further also ratio end by expect a times of will XXXX $XX billion of that, pay of achieve to debt track over with remain billion deleveraging net through Liz. I to down end and on year, the $XX combined company the debt-to-EBITDA call X.X of the by

Liz Shea

Rob. Thanks,

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

Operator

you. first Schott from JPMorgan. Chris Instructions] [Operator Our question today from Thank is

Chris Schott

results. the much questions so for Thanks me. just two the Great. for I on and congrats guess

as just next are traction just year? uncertainties on perspective through pulls like in of about here. just But you next are derm. now us get help to year’s pushes product? think you. am talk numbers could you a for a the bit And the number think RINVOQ from this know JAK you of the your be years opportunity? the I indication in and adjusted Can think know of that second bit a single sales what can yet, one about well size that’s in elaborate your obviously little keep some sense you thinking XXXX, was not out just are question more big flesh dollar atopic First, guidance are giving and mind how should core opportunity. talking we we billion ago. but numbers I like that about peers know peak it you business opportunity sounds seems as how has of lot the potential had you trying of $X my has you a guidance I Thank I It multi-billion a an a is risk opportunity. about for few of above on AD about your they a

Rick Gonzalez

Okay.

Rick. view So, about I little then how will can talk a is little Chris, XXXX a and Mike RINVOQ AD this Rob. bit maybe talk about and we in bit

this look varies others. well. say, think, COVID back more therapeutic XXXX, built still performing are how we have a performing obviously There’s by and It some than are at when And impacted are impact bit step very we in. So to you areas I we areas, year? some

CLL than example, has therapy can seeing It’s where usually areas. other has where consequence impacted impacted is significant we without the areas, been delays. the for more places be are patient delayed an HCV significant most as other So more than been

move I So will that’s more fourth the recovery, we as quarter, through of the that not recovers good. one the underlying whether much or of performance and even would it. aspect certainly see we business looks say, without

see look level we would at dividend consensus, should standpoint. want you that assumed in that, we I’d XXXX. deliver look also I have, that think obviously, that we we flavor the we increase in because to an through with say for some what from you could put are to the comfortable to what give we confidence we can tie that overall we as consensus of and performance that

we things want other COVID, around few a So how to much improvement out primarily play we see get. just

to seek of to treatment patients activate months the number the more, to last programs couple a to over launched out. course try and their of of have physicians We go

some those be those I those off some new and those dermatology a immunology, will little will see areas one the bit. of increase, is patient programs, of successful starts in are another programs because that particularly of think still we

extremely performing obviously, is perform continues well and well. Now, to HUMIRA SKYRIZI

that’s RINVOQ? Rob, do want you to So, single Mike, about I’d the biggest talk say issue.

Michael Severino

by start It’s it will I substantial Certainly. pass to if We a think indication add bit and to Rob, more he a was many opportunity then very an over wants little atopic years I overall. for dermatitis industry. detail. that and underappreciated the as view attractive very a

we therapy of out have to profile we when data development sufficient Now atopic drug dermatitis. our very risk-adjusted have good X, breakthrough in those a atopic lot data made coming focus the in that Phase that’s those seen and you potential dermatitis, in good about a changed We about recently and designation. get felt the about statements we feel of demonstrated, were

We expectations results actually X. you the X they are response. on strong is on strong response are troublesome most which where if across outperformed at in symptom total look itch, board. in fortunate the the based They and and our Phase They that our components results, majority they Phase in really strong always the situation to And the have cases. are X repeated common of not strong are patients Phase like are in

Rob, has you results. we about add that optimistic with course, very would to with if see that this study studies, real profile so, on the which something a safety and across information, those think feel we I And later have potential results. couple our are when know very good as of will we this is very important anything very favorable. about have quarter We which when you that that so look up head-to-head we demonstrated, further? we and dupilumab, don’t we be additional And and like coming is

Rob Michael

this is Rob. Chris,

potential. our pretty atopic but So achieve strong very billion with SKYRIZI, about feel we billion AD, you global market a if we included good we expectation. than of In RINVOQ for RINVOQ guidance billion $X of adjusted that that revenue $XX for can $X greater think XXXX growth and risk dermatitis, it’s

Rick Gonzalez

to psoriasis, population as other of in derm market. large driving the only is patients. think a And in I similar thing competitors say, type add is several But market similar has a more very fact, very it promotion, you is, of the atopic get I I’d market others, a would

patients is, and those physician’s So the them getting into question go offices treatment. seek to to activating the

patients you when here have have tends drive to one the obviously, so, they are treatment. doubling that to you When And more activity, the have company seek a you certain amount to of amount. or particularly one promotion tripling and that, activate more in U.S. doing company, than capacity the

you at north billion patients would market, I think of if qualify, who it’s it’s market total huge looked easily. a available the $X of

you think, how So compete to effectively, going patients? is, will give I in the I itch activate around you question the and quite is standpoint broadly of our think activate profile and From drug, a we an fast us can particular, can those performance them how advantage.

will lot it’s So on certainly a that attention very one drive. it’s focus attractive of market we to a and

Rob Michael

And Chris, Rob this is again.

achieve, Just or that number $X risk-adjusted billion exceed in exceed AD but I said to XXXX. to expect clarify, we for RINVOQ

Liz Shea

Chris. Operator, Thanks, next question, please?

Operator

Thank you. from Geoffrey And Porges from our next Leerink. question is SVB

Geoffrey Porges

question you. a Rick to Thanks.

what is billion dividend are question the And company. -- new dividend performing can move a but move can got really about are really the on up, and core $XX The billion $XX the because new going for that X.X% it pipeline you NMEs yield. needle the yield? be high now know to that’s think, the With topline, topline a of got all you industry part the needle, why my indications well. a What an is, you I $XX business assets existing billion like dividend have to what I NMEs, substantial the are looks have

Rick Gonzalez

is So, Geoff, this Rick.

look if business, of the in the and continued you aesthetics neuroscience growth and strong the in XXXX. XXXX expansion continued Starting strong where to growth of RINVOQ you drive think and growth beyond, will XXXX, it by pipeline, significant between driven a say strong phases, the at pipeline in at in right? the SKYRIZI, continued earlier is that growth the growth. mid-stage that’s to now pipeline I and amount it timeframe be hem/onc. in have I’d going So to phase call That look

XXX, LOE. tell ‘XX. side will can that I Navitoclax, drive very can around other now Now portfolio But there of that built you, right that and growth ‘XX have we come help will the growth that a like we be atogepant, boost growth confident are on in and assets sustain prior the like and to

I fact, indications. achieve would when shares single-digit those on we high XXXX, we assumed and in-play I when average, In assets the market would with that gave SKYRIZI, we RINVOQ look at today, tell you of look that, at that see guidance the market we I and share across

share. share climbing rapidly. leader in-play an XX% as SKYRIZI is share TRX is a SKYRIZI’s The look wide at XX% at now in-play So the closest And if next and now, is by example, XX%, its right margin. at product market you

market above out been would will have that XX% So we already so had XXXX will have by it be had what XX%, assumed share what it’s for it an we three standpoint. peak then, about assumed psoriasis. we a maintain times from overall And the if in share of

look those speed major at which HUMIRA are breadth HUMIRA all across more when the you new So the double if which we have, covering of when look bringing of of revenue that HUMIRA the at at we obviously And each of kind to indications that that we is the atopic indications, pretty base share doesn’t indications then of number and today, you we we for you one was these XXXX covered HUMIRA that assumed the achieve all have has in plus derm. will in market close indications, can that U.S. what the gets

tremendous gives level. four am So can at amount growth high drive platforms, that, major that. with sustainable I of on very very other we basis I a a the And the growth us a that along think confidence encouraged and assets about

Liz Shea

please? question, next Operator, Geoff. Thanks,

Operator

And Mizuho. you. Vamil from our question from next Divan is Thank

Vamil Divan

taking Hi. Thanks much so my questions. for

sort just what of maybe on following up asked. has been So

on potential you I going Thank based know be one would can of helpful, are especially around I our may a you any just out. about on year, think plan right then to guess globally about be question, anything But this I at that very can and D.C. the have just tax U.S. side, Biden modeling thinking Chris’ a at how depending the terms I for what not I there come maybe ask drug from of next to you guess investors question, on can days the out are building give, seem appreciate may reform investors think, election because tax it pressure, just rate talk or share XXXX forward how change is either For that that with pricing little this on plays is other few you. Biden Is investors the much tough Geoff’s concerned it’s that concerns you And before about of insights helpful? bit election. your I in about point probably but I I would the point? now. seeing think there’s you think how think

Rick Gonzalez

out. drug will pressure be Having of Vamil, the assume to what there still landscape Well, the the side unclear we have let on said we play continued I the to other as that, obviously election, as will obviously, think, industry to it’s Yeah. relates it so be pricing. that on that

I expectations what ‘XX, be to propositions. think our as business in business. fortunately volume-driven XXXX, strong what far that standpoint weren’t a and XXXX and our value will in ‘XX from our serious I It’s were is As in we very areas typically be mean, have in similar expectations reliant on would is price primarily price. and they diseases a are

the patients. the the out-of-pocket costs far them. out-of-pocket it’s the standpoint. the when and here and that is, in because What me an so I well the is really the have fundamental burden to much co-pays fare pay of of in early what hope will say lot that have I’d of is issue changes the look of And going are. second will to debate would group transitions changes for they impact cost there’s on significant a burden even a of kind changes. we thing if ‘XX, are because issue be too to U.S. you it’s that to at They patients about from that D have patients, associated that cost confidence ultimately those are debate there get And particularly Part reasonably only able unlikely be gives that with that you

performance look If overall cost of standpoint from you performed Part a very well. It’s at the Medicare D.

it’s CBO Part the of go to original below you if healthcare And about not in grow. estimates the In it come fact, higher. if XX% original XX would estimates it’s what the D, last years, significantly services inflation, rate at look grown other back you the at over for

so And affordability is really around problem co-pays. the those

as hope I and has value would look a is think going well industry played our economic on, in is, this the tremendously to here standpoint, co-pays. at be We they I this of And an societal debate very the other have industry from goes industry. to standpoint drive thing and to carefully those our are as both then value that as

million a at indirectly X we then what you standpoint, cancer. are to with high about industry pandemic, directly look at jobs. amount about output or whether this vaccines industry States, look jobs in Just tremendous produces as supports have United U.S. an from It an it of therapeutics, talking paying have in done And typically for talking economic the you the done this advancements economic relates we as are or what

industry assuming an think answer in of ‘XX. think, the we it’s I to -- and process should a be short we get I are debate. damage you the that that not has of to want part lot your benefit the we so don’t in should you And question is, -- from will to price But

dramatic a calendar see not a We significant are that Tax next that reform that year also change was would on assuming would year. we across that question. have impact your

Rob Michael

Vamil, It’s Rob.

concerned rate versus were rate about our overly a the most still Biden it’s companies, an a would said, dividend peers on have very implications. see provide a impact in U,S, but proposal, to have difficult we details. That our our profile information AbbVie of would and really we like we increase favorable wouldn’t the without based raised tax on the high So if level

Rick Gonzalez

thing made that what on against have the increase. based and been only know we comfortable what on Vamil, just wouldn’t about we with we are is, said. rate ratios were we payout moved obviously with and But sure this XX.X% we add, we flex one flexed did don’t forward has or much the be dividend we know increase we it and that absolutely I’d tax that it, And the thought could

Liz Shea

Operator, question, please? next Vamil. Thanks,

Operator

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

Steve Scala

HUMIRA quarter? competition? several Can but impressive where this on I was and guidance three it’s patients of provided but questions, for U.S. are from? them another have Thank more on number what quarter in quarter. think expense I you I notable non-GAAP COSENTYX a Secondly, SKYRIZI bit interest much, the the light coming Novartis Third, congratulations so think specific OUS, and cited you that be was you are don’t short.

wait-and-see recruiting what So AbbVie just next tracked you look the other can it we closest greater approach XX% curious, trial when competitor were during activity companies times down, pandemic patients I than for much and or strategy the better shows and are this? a is U.S. am Thank Is like? would else? is then, you taking up the clinical trials And accounts what us capture average, have industry-leading it is deliberate guidance year-to-date. lastly, than which two tell to it and think you. a That the something

Rick Gonzalez

Yeah.

your first handle number four. will I handle and Steve, question. Rob two three, So, and handle Mike will can

if So from you on the -- look share at in-play SKYRIZI about is that coming is in-play coming share, HUMIRA. XX% of

or primarily from XXs coming XXs. is XXs, I’d XX, coming is from say of from say it coming the I’d but but the competitors. other the it’s XX% some the bulk XXs other The

that COSENTYX. about your question answer So might

and at getting look first-line with second-line. the XX/XX capture patient are the about you it’s If SKYRIZI, between very of that type balanced. of then we It’s

So nice who patients failed between have that’s patients a other therapies. IE balance and

that assets of quarterly It’s There have It profile. a over profile way got perform, any you performing -- time. kind the is be prescribing would great expect a the has dosing. preferred It’s asset product by great the on become physicians. improves high-efficacy to quickly efficacy. So efficacy The market. asset a high-performing, able I to think is the aren’t has it that

expect continue X months over continue maybe the and last two I it So to about It’s I expect that points jumped increase. will in-play to SKYRIZI would share. increase would will its

Rob Michael

is interest Hey. on GAAP, in the number. On It’s it’s Steve, quarter. your expense, same third question non-GAAP $XXX Rob. this the for million and

specified. negative carry specifying longer the are no now we We any bond no applicable is on so the is transaction, interest because have closed expense, longer that the for

number both $XXX and So GAAP. the is non-GAAP million for

HUMIRA U.S. X% -- HUMIRA be contribution. a change U.S. continues question, the single-digit our we growth X with not price to guidance, the low did it for so On

Michael Severino

on This question will is clinical take last I your Mike. trial activity.

in increase I are pipeline, in a our a activity clinical molecules so pipeline is, trial reflects the on going of a activity and our that number The lot advancing, of say part and that’s we first thing that, what’s there’s would and it. large in of big

of weren’t COVID small the at them the in the community investigators the COVID. hands we mean the leave to part initial we there the around Another from better there paused in of of a making continue. than majority That understand disruptions we that that, rather than situation impact, made And allowed it that do. they decision because doesn’t conscious was safe made group But is enrollment that to resume our And to could that centrally, And allowed studies hospital in also but time enrollment decisions time does their their critically better clinical evidence our with mean than trials been advance decided those considerations. was made enrollment. and to at pause investigators time with when it the patients important to site, centrally. minimal has and they shows think and portfolio, conduct they us are advance when decisions was for that disruption it to the have staff the I which we

those I’d so, factors. it’s of a And combination say,

Liz Shea

question, next Steve. Thanks, Operator, please?

Operator

question And from Navin next you. Thank Jacob from UBS. is our

Rick Gonzalez

Hi. How are you?

Jon Lim

Jacob. Jon is for Navin This on Lim

Rick Gonzalez

Jon. Yeah. Hi,

Sorry…

Jon Lim

few a had questions. just We

Rick Gonzalez

along pass guys You [ph].

Jon Lim

We just questions. few had a

you does years market in-play can is the regarding is approved now type two out First, question would in. HUMIRA almost And have commentary talk the MDD and molecule of of things? the biosimilar SKYRIZI been VRAYLAR that how what the now you next the biosimilars? any for percent in versus affect Thank been of biosimilar brand markets a you. U.S., which we With the share timing? the around markets? uptake and could U.S. achieved appreciate within in there, in that We if international RINVOQ, have achieve seeing lastly, And experience, in in markets about

Rob Michael

Rob. is This Okay.

was is first of Just to how clarify, now biosimilar? the much HUMIRA, a question on international that

Jon Lim

Right.

where Within much is… how biosimilar, markets there’s the a

Rob Michael

Yeah.

Jon Lim

that … brand versus biosimilar, visualize question… help us

Rick Gonzalez

the wants molecule… he I think what’s

Rob Michael

[Inaudible]

Rick Gonzalez

Yeah.

Rob Michael

Yeah.

are We about the at across XX% Board. molecule share

all So markets, of on molecule it’s of share. XX% average, that’s the international about

Rick Gonzalez

it of have typically say a markets. the the me the each of market, in front on And U.S., but international doing uptake SKYRIZI would in slightly the right than slower on very then it RINVOQ, I is don’t and is numbers in still I well.

So some get XX%. about. on Mike? obviously that on averages the MDD you you in-play back talking more that best between country I you But timing, are But maybe share thing assume to specifics be can there VRAYLAR would probably to with XX% And it and around that. depends the then think the

Michael Severino

readout second regulatory Yes. On the to study’s half of have VRAYLAR shortly MDD, year the and would we prepared in expect next thereafter. be submissions for

approval So ‘XX. it’s possible in would we have an

Rick Gonzalez

make If know, And growing large. here. And is the we as is at very important I an to you anti-psychotic atypical rapidly. market that’s think very very, VRAYLAR, VRAYLAR point look

share something X% it’s think $X.X tracking I at is billion VRAYLAR’s X%. and like at

on multi-billion we product So and we in at of very the that’s I those the based share we VRAYLAR. unique driving market that profile we schizophrenia, bipolar market. alone think up look that the as or profile penetration think doable current VRAYLAR of to indications, very if just a in in like X% indicated drive can comments, VRAYLAR that’s indications and dollar And a so. to has

to more channel even are obviously, market if up we MDD, successful, other whole and that will So a share allow increase open significantly. you

achieved the so And MDD billion, of annual billion drugs revenues. typically, many that of $X $X that drugs were had

be still is a product very significant and it becomes nice very product. important a Without opportunity. So to a With product. major MDD, is MDD, going this VRAYLAR a

studies those see play two out. And so next we how will

and able was hopeful we it. be The first that to positive think study are I get we will

Liz Shea

Thanks, [ph]. Sriker

I think that was you. Operator, next question, please?

Operator

Thank you.

from Stanicky from Capital Markets. is question next Randall Our RBC

Randall Stanicky

unemployment has help the seeing anything early to and from assistance roughly numbers right in migraine. secondly, build with on you you BOTOX one potential historically for What program Rick, a Thanks. are of you the identify been Great. $XXX now inform that few million the to were just headwinds wanted Allergan. coverage. for loss of high higher health pandemic, then an product ask I patient margin impact on that? or currently associated on This And

and inhibitors see now respect market product BOTOX of couple you CGRP or opportunity overall as watching been are in years. a growth have with migraine? to this a you you Do seeing the We Thanks. for in been what

Rick Gonzalez

jobs. were So they to identify to on quarter have call, risk the I we the an level unemployment, in back, in with was of a who type patients going we to of because lost assistance move that build program, associated guess, some did first their it would

We to have seen impact not level. that out play any significant

if our right to and and We pandemic not assistance it proactively sure make that afford in advertise made them seen out patient have patient program that they AbbVie drugs to decision just couldn’t assistance they could program the we patients that go a get around their our from knew us.

I an are for haven’t in think left still tried very at effort not we the not But or patients exposed, that but to fourth are drive we to to it. some this make in seen We think, much we it. questioning So we it say I proactively point, see all. have going sure whether at were quarter I’d coverage

you not are assistance carefully the our But in you see on had than It’s it On would BOTOX exactly we at came patients with actually BOTOX you and roughly back injectable why. happening into it’s in then. the happening, what migraine, the same in business, did And it had definitely of has the that BOTOX a if it it patients, is lower but Now, you at monitoring CGRPs tell patients least back program. can’t then look down then. I see number we patient because can tell slightly it recovered. tick I migraine, market, when

therapies the ended well. are to some on seeing expanding we very doing extent. a up the acute market And CGRPs phenomenon as the was what So similar

last for that XX,XXX If quarter, acute see CGRPs, almost of XXX,XXX the was you every it’s scripts, you the it In the doubling about the look at actually NBRxs NBRxs. the patients. quarter number can to

think these I can market. significantly the So expand assets

triptans markets It’s our that who have of condition go are have to are to again, one-third about that’s so two-thirds making patients ask we it acute, therapy. their visible naive that them And on essentially. for category. patients the to they the building into our all about agent have think switched all this switched and patients and bringing physician patients I that are from of the

the And will so do market. will the these things expand think I one they assets of is

those BOTOX. for relief that Now, the they ultimately therapeutics, the I think are BOTOX get probably the kind if or they market, try as don’t would they some you acute an obviously expand therapy, of patients injectable injectable of eventually CGRP will looking on

part of allow market these this are there, but expand significantly able market I is and growth It’s the bit big could a growth multi-billion a UBRELVY a think be clearly see market. of little So this see going that the is us and agents ultimately we think we to will atogepant. to I biggest dollar the from to in and market

Liz Shea

next Operator, please? question, Randall. Thank,

Operator

you. Thank

is Risinger question David from Morgan Stanley. from next Our

David Risinger

a discuss and cash competition very question, Excuse free increasing me, you flow, then could much. coming formulary hoping high-level was to very you about flow? net so a level that with years? high prospects face please operating immunology in Rick. Thanks I I pricing prospects question Could CapEx had positioning discuss for flow, And want cash Thank start you and long-term just in of second, much. cash the

Rick Gonzalez

will I first David. will the take Thanks, for you. one the one. Rob answer Yeah. second

not look So what’s critically long-term allow the or be to patient. to every category every if works number PBM is on a you at that important I of patients. assets where of organization This that greatest immunology, that the is have managed kinds care able drug cover

say, clinical have attractive the access. share to be to formulary they by able They need make is have be would to very positions to establish drugs our treated. options PBM. a tend That’s just be very have that’s that’s to So assets in are I we thing and multiple available fact primarily -- to the well significant with the that do sure that for that and you organization patients formulary typically that care market do important that assets the driven profile. from or the the managed appropriate

would I I see formulary impact forward. pricing contracts. some very don’t forward. on that don’t level going levels we the anticipate of impacting maintain change pricing, see a you going renegotiate that significantly always anything will access. when of I will high assume Net there’s you significant So

the So I normal we marketplace. in competitive that see kinds of think it’s more of the activities

Rob Michael

will XXXX combined $XX billion, with year, of than are $X again, a less if look flow. so to towards cash I AbbVie close number generated probably basis, David, a billion your is this so $XX and about if And answer look you on trending billion partial of and in operating you Rob. this question on the cash cash Allergan $XX little bit operating flow almost we billion we CapEx. at flow, Allergan, of CapEx runs a $X at year have billion

with. to you growth to consider that give also to are but earnings you number the and good generate should we forward, annualize work So going need that that going a fact

David Risinger

Thank you.

Liz Shea

Thanks, David. next question, Operator, please?

Operator

you. Thank

next is Goldman from Terence Flynn Our Sachs. from question

Terence Flynn

and that Hi. taking of IBD on TNF going usage front, the is track I Thanks the further? here. your program, IBD and just And of a targeted SKYRIZI current dermatology? could readouts Maybe you wondering basis a you and for I asset? RINVOQ what And to percentage to integration, that said boost that coming just on rheumatology what the maybe drugs outline how in go-forward for questions. first, that really know up were key XXX of know compares then on the you And see number was in IBD It’s a Allergan led choice conjugate a criteria to well. is everything on were I here is what then lastly, potential uptake steroid your you to as have there.

think and billion XXXX some you. laid takes talk you Thank we for You Rick, opportunity, puts Maybe about the talked I synergy have of of $X and revenue XXXX. synergies as sides? Allergan out just could in about synergy about the expense on know target some your you both

Rick Gonzalez

you I’d levels look the if is IBD disease reasonable Great. is Okay. where Crohn’s you have On disease penetration, the because usage, IBD an at particularly the pretty a severe. penetration, area biologic is say, of

these of IBD in I sub-optimal patients durability get efficacy. you is that efficacy for and current available, still think challenge with the that, that the therapies are clinical

to they period them in treatments physicians to what so through time. patients longer control of rotate to various tend for maintain is try a do And

patients market for uptake. it to higher So better that agents of that for available efficacy segment in is driver that’s and gives is right significant what is market for and a right the of allow that more be key to those agents a treatment

the important provide ultimately new see will I think that that. to along early on be data good. significant that uptake the be based data will IBD obviously And with looks the around alternative So think good these when for a I be HUMIRA, will we able market with and us, assets,

Michael Severino

XXX. take is the This will I question Mike. about

represent are view ability the TNF that in very steroid improvements of extent the to and XXXX our molecules we XXX conjugate manufacturability linker high relate are includes They So, two. some and between biology as to But XXX that similar, ease to being in translatable similar clinic. formulation. technology formulate that the the at concentration,

PK We see as the translatable be performance said, development. to I us to can the the molecule. achieve viewed wanted next between think and important XXXX. we results in that as two. a the biology advantages pharmacodynamic from those toplined And we coverage successful the the so And the positive previously very for stage We XXX of gave exposure need we

we and PK in the us at XXX trials. acceptable that were saw give seeking scale into coverage larger the our the advance made matched to expectations showed once performance clinic, that decision would it we that molecule that we So doses and

Rob Michael

Hey. Terence, take this is on Rob. I will question your synergies.

are So for not we while XXXX providing guidance today.

good think to $X is And that think synergies which $X to ramp that. to reasonable I as by XXXX, partial $XXX billion. think a then, line billion rate straight you run expense about million it’s way the greater than about to synergies, about think to I gets year the in

redundancies immediate what’s you if In leveraging R&D optimization. near-term, going result procurement about more as time, like more think systems So from integration, It’s corporate in over well really optimization. network driven synergies as ramp? drive will portfolio to it’s spend, the and like the infrastructure things

the investment to give and for aesthetics. cosmetic, we have synergies, months as neuroscience, approach, international as we therapeutic. those had VRAYLAR, leverage we see to well. for think revenue relates now have, BOTOX that company, in ability our where in structure that’s affiliate Allergan company capability, o opportunity the our up more combined more as invest internationally for we it in the look our to to the JUVÉDERM a whether few growth international with invest about aesthetics, And investment Similarly, access As the it market really have think brands given then forward amped we drive the BOTOX there’s we look, infrastructure really really we integrated going DTC team opportunities brand

Rick Gonzalez

on the to Terence, but as you particularly some in side. DTC, what invest media. the even tended add, to investment thing describe I I Allergan would only give in perspective maybe social would pulse

-- do they is when do what at drive typically want maximum extended a of of period time. that steady didn’t an to we continue with speed and market and brands invest So we we for to penetration state

year. to of So for don’t they you gone is invested gives it penetration. and next might We what again. maximum constant tend one and have you We you, the And that quarter use of then again the dark speed in in then quarter invest strategy. fact gives have kind invested coverage, dark does a full that gone the that and heavily our in experience,

to and like clearly particularly think an neuroscience. be going in that’s advantage, we aesthetics So areas

Liz Shea

please? next Operator, Thanks, question, Terence.

Operator

Thank you.

Our next question is from Truist. Gregg Gilbert from

Gregg Gilbert

you in heft was enough for already the hits. getting now neuroscience you the development of or whether if VRAYLAR that you Rick, already? one depression taken sort sense if it has deal Thank like on of franchise have urgency this you potential think think framed of you morning. But have curious given might there for in. that on be me I going sounds neuroscience the sleepers in Allergan Good you particularly the new franchise a now the indications the frame table have And of and time have therapeutics, for wise? to versus and you looking us pursue that BOTOX with let we for preview Mike, ones XXX know you taken what you was X hoping of give in a And I terms are can to Thanks. for Phase some have in data decided us you had will could Mike, sneak off that? you lastly, there that you Parkinson’s work profile for what have when see of

Rick Gonzalez

opportunity assets. neuroscience, drive product, is, about the way way we think And there’s more ability migraine mean, when to or depending The it say the on get are I’d upon portfolio migraine to migraine, to to or a in the very I say least doubling the market get thinking VRAYLAR MDD. market. at be is full about is large significant a also I’d we of it a big

$X if of billion high-single that assets you low-double promotion. We billion or with probably kinds at billion, of the look right acute look kind about believe $X right with and the by we the you to believe today, one market, kinds can of at If about to preventative grow $X it the right billion. of XXXX $X.X market assets right it’s promotion. so And in digits real the it’s and then kinds the

have would has single the a But complementary past And anti-psychotic, full X. products, infrastructure the have. that. it is to we of assets have wanted have at to build-out would the assets migraine team the then in and add now in basically first maximizing sense more we the Phase BD to the for we we of Mike’s share say we taking that the a in and the didn’t for atogepant I of assets neuroscience that just kinds look wouldn’t be to market portfolio starting to been now have been of us. position sort getting we then nothing now, now marketplace of than those wouldn’t we have place, assets So market, because made infrastructure that’s But can infrastructure, phase those

term. does longer it another give opportunity able to be a to from business standpoint So us the build BD

Michael Severino

DUOPA and I we population, proportion device. need will very broaden substantial on interest the everything really therapy there delivery expand of anti-psychotics consider so second patients take and is fact also and add now treated, like clearly the has And is product a of product of despite that remain area the beyond effectively would the the across the the that with the Phase an to that. unmet patients then are labeled agree many, of our but for consider nature product, the labeled like disorder, would and we neuroscience has us We from that DUOPA to can of think area and indication, generalized gastric requires potential administer, bowel has within would can a look X within into size challenging Not the anxiety second device, in of efficacy, is that’s what would said, a is and and a see on is that depression market that such threaded in will insulin to space. patients the I’d tremendous but results limits that study this a inadequately that the still that. an transformational be by what’s strength number it many areas really pump-like an XXX therapy the to Rick next agents population because broadly potential thing and to respect it’s expect market, XXX tube question that be BD go like There’s looking timing, addressable in year. is of placement small market. market. neuropsychiatry a in maintained substantially well. the it And It subcutaneous an who the only many for With are we half of data as

in DUOPA, about its all you at despite sales. it challenges, if example, of $X.X look for So does billion

for If is untapped. that of remains or similar of Parkinson’s potential probably advanced small look it and you billion probably across the $X.X therapies part because market the much represents only disease, more a

to a and that think toxins are indications, can space. we other respect like considering toxins, is for it think that XXX BOTOX number the DUOPA that we of are that both delivery will to we for and With profile address patient-friendly the a in therapeutic So BOTOX take that address subcutaneous efficacy with more there indications, for device. novel

there’s we work space. that more the think in can migraine do I

be migraine to that neurology has disorders Although, BOTOX indications still still the expand and are conditions we on Those respect to potential that They like interesting example, for not When those toxins. been stroke that a episodic might They indications other be an specificity are to and like neurotoxins. secondary from much beyond be side more BOTOX. to there’s with therapy or strength, where area a look things more may patients for of is to may prevention afib, number that. benefit of could novel continuing has there be might there of broadly, room indications. we do explore

Liz Shea

Operator, Gregg. question, next please? Thanks,

Operator

question Wolfe next Thank Tim is you. our from Research. from Anderson And

Tim Anderson

peer level solution AbbVie A Rick, upcoming the to multiple group past entire is very of average. high LOE about XXXX, about looks that is you. lower AbbVie a your favor, says Thank for multiple out The of U.S. Allergan the group ever on being been. it’s than despite reasonable half is remain worried HUMIRA is multiple but what drug me XXXX. question what that To in like investors

given resonated So granular past guidance that long-term the the give this, sometimes first two not XXXX? to guidance goes market. with beyond extended and well is You related why the have in questions that’s updated

just you question, virtue and yourself investors XXXX. Celgene far much So you Thank at $XX second layering assurances the saw not can point pipeline beyond after of flow not why this billion might life there’s NME give product do And new do would how earlier XXXX help into you. an said deal more your by we expect until Bristol do answered that question, And beyond? there’s basically a in you go M&A we soon? more and closing some not near-term,

Rick Gonzalez

Yeah.

you this I if Tim, think -- look Rick. is

be are driven sector sector, PE and we will concerns what pressure side the would I obviously, we rate, the at the is that the of on And look at we know of you environment we that from think you environment. the I is is other And on have obviously, the rate so the I look rate a that what the growth XX-year when political the of is LLP, can political I the by are other you and you tell the LOE. about it’s robust. that growth that whole LOE. at tell side What If about end think PE uncertainty correct, under growth lower of

has I’d always that but to the around total come Now, revenue, been of view. right, always say, we in point we to been haven’t market right. have

we expectations In fact, always for have our beat were. what part the most

we pretty And have so we we challenge the obviously hard erosion and like. knowledge what it curve will look of believe

of billion will or like that’s $XX two we gave rockets. risk RINVOQ assets have these of adjusted revenues something that look, will indications We SKYRIZI what impossible. amount There and there skepticism that either when it additional I of growing pipeline like year $XX knowledge tremendous or for we of the back And billion a that. think very billion much amount remember was ago, a and tremendous what a two I deliver. of about our was skepticism, deliver now are don’t and $X hear was

is to pretty what do high. assets our say can our we assess So I’d ability with

find get you be fit opportunities that shouldn’t mean go They pursue more will our and things into those. look to opportunity, and make we we Now, go portfolio. where constantly and sense and have clearly doesn’t out that we

us us very assets seen have give is You with what combined in And and of VENCLEXTA can build the performance future continue business long-term I-Mab. to think a to continue it with do hem/onc going I and IMBRUVICA our to two transactions long-term Genmab those franchise. that to do, robust

our a we to I in what at neuroscience, on think about the out then in just we way. that both positive are we Certainly, pretty have think we to aesthetics. we grow SKYRIZI in earlier heavily play to RINVOQ ability we additional When look the that. be in immunology, going we will able pipeline invest that and talked have indications good are shape and between internal on

We that new be and able fillers aesthetics will working grow rapidly. toxins that we have going amount of tremendous other are those, of that kinds a accelerate to build business are we and new of many assets, on to to opportunities

where feel pretty we so about good And I are.

nice a growth very When I as you the Allergan we been ago. think we months has tell think I’d where has very Certainly good for at us I we transaction. execute look that I neuroscience us six given about mentioned clearly positive into feel moment Allergan one more neuroscience, and well. a fact, can In are upside we

As able give certainty. do a far going as thing you to to give not Because is are is have and degree but to of am to, variability I we last that the guidance we it. we with want guidance do some never a don’t degree level know a provide you high it’s to of of high when will concerned, want saying, it guidance, guidance we certainty it has

probably off some and the much, the the off. did not that off were international market that we by and didn’t on we fact remember, You we but biosimilars were that like we by were

way guidance. So we you guidance, need how the have about to awfully out or term go in you the confidence, that you with be which that sure at a exceed level and point guidance we careful of meet make to may longer provide that

Tim Anderson

Thank you.

Liz Shea

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

Operator

is our you. final from Thank question Schimmer And today from Evercore. Josh

Josh Schimmer

for Last in. Thanks question. squeezing me

Thank the you Just see couple what you if as the provide color material? and you. of on view ones, presbyopia, lower new dermal toxins, can quick those you the of face any you a royalty for as on markets and the any comment SKYRIZI filler can incremental

Rob Michael

that as a on we a so consideration on -- see royalty well, on be the keep through is but for it about mind is burn you disclose way non-GAAP the P&L. SKYRIZI Yeah. We good on a about royalty the combination, probably you don’t rates think burn think be account royalty will business so asset late-stage royalty, for this comes Josh, a royalty way so in our don’t good reasonable what a SKYRIZI. to would pay it cash it to would

Rick Gonzalez

to are or best a trying I’d And are indications toxins lower face working lower characterize probably say we face the fillers trying toxins for to way, is, rather the portfolio individual the build than and that some business activating we is fillers internal a will at double-digit grow a pipeline and give effort the us will allow more And that and that. strategy market that activation patients, consistent both us rate. it to that BD and aesthetics on,

that remember fillers forward. to be a face eye product, are product of modest growth would call specifics. to designed able So, the sort product. toxins Do The don’t Rob? lower and going that certainly I I those care support you,

Rob Michael

Yeah.

Rick Gonzalez

product. size I’d call it a sort of modest

Rob Michael

Yeah.

Josh Schimmer

you. Thank

Liz Shea

Thanks, conference concludes Josh. today’s That call.

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

Operator

does conference. you. Thank conclude today’s This

You at time. this may disconnect

AbbVie (ABBV) 30 Oct 202020 Q3 Earnings call transcript