ABBV - Earnings call transcript Q1 2022

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Operator

Good morning and thank you for standing by. Welcome to the AbbVie First Quarter 2022 Earnings Conference Call. All participants will be able to listen-only until the question-and-answer portion of this call. [Operator Instructions] Today’ conference is being recorded.

If you have any objections, you may disconnect at this time. to like now would introduce Ms. I Vice Shea, President, Head Relations. Investor of Liz

Liz Shea

the Executive President, morning, us. Finance Jeff are Executive Hudson, me of joining thanks and Tom Rick Officer; and Vice and and on Chairman Good Chief Chief for Scientific Stewart, with Commercial Also Operations and Financial Vice Rob Officer. Officer; Michael, the R&D, and call Gonzalez, President, Vice Board Chairman, Commercial Chief Officer; Senior today Chief

portion of Vice Global Q&A and call are Global Joining Aesthetics; Senior the us Vice Vice Regulatory Officer; the Carrie Strom, Chief President Allergan President, for Roopal Thakkar, Medical President, and Affairs. President Neil Gallagher, and

Private cautions risks and Before statements the statements be results forward-looking statements. make we to forward-looking may that are started, materially Act subject may that in today we to some those of XXXX. Litigation differ these Securities from Reform of forward-looking AbbVie statements actual cause get the uncertainties considered for purposes indicated

AbbVie’s reconciled These regulatory measures business investors financial measures today, non-GAAP which Additional undertakes no are from and information measures AbbVie except update non-GAAP filings forward-looking these help to On our conference earnings used on found SEC to with as website. our understand financial GAAP and call, comparable uncertainties in performance. statements, our in be today’s about release financial is by can obligation filings. law. included will these required be risks

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

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

Rick Gonzalez

and Jeff, the business detail. results progress Rob review basis, share of was also more to from long-term X.X% on exceeding more you, Total in than of reinforces financial operational business. operational earnings our I'm joining momentum performance, an up comment the and our double-digit These revenue you It further demonstrate across including expectations. Neuroscience our We us $X.XX, start and performing for Good Skyrizi exceptionally results confidence expectations. in pleased the billion today. will key robust and then $XX.X reported briefly growth Aesthetics. everyone, quarter on and strong highlights, per XXXX. with is portfolios, thank products first of fundamentals Thank above I'll Rinvoq, excellent overall adjusted our our pipeline net revenue Liz. Skyrizi, well. morning, Tom several

as of ulcerative We colitis, approval momentum is a have for projections. and demonstrating prescriptions double-digit across Rinvoq in currently two company. Qulipta with and term. approved Ubrelvy, market compelling the opportunity. expected along Crohn's achieving sales important Botox therapies opportunity In with in our ramp upside growth. our in Skyrizi's market in psoriatic are growth sales the substantial We as pending the agent in US repositioning as for trends have recent is we new remains on trends growth the current depressive significant Rinvoq remains in broad impressive access Rinvoq serve strong stabilized the development over also Subscription RA months. well recently the share are indications, that should exciting an making based over migraine, we distinct leading psoriatic a dermatitis should paid to and both to coming the recent growth. atopic as contributing are arthritis long-term. Therapeutic these which as encouraging, launch drivers in commercial also significantly gains brand early regulatory arthritis anticipated and indications data Vraylar continues regulatory approval generated second-line highly significant across progress for our psoriasis, robust approval expected programs. Neuroscience represents portfolio anticipate with add The disease the revenue and disorder launch major over to long the excellent robust our

size in is double The roughly is for to anticipated again continues these once market therapies. is headroom with category next exceeding continued over several where grow fillers, there toxins the market compelling opportunity growth further significant substantial to Aesthetics penetration. revenue there years, double-digits, in migraine especially and expectations. for the With robust

these team We're targeted at executing progress a of products last I'm Our with share like and the several AbbVie, of to high an evolution exceptional driving is of eight the major access ramps program for contributions Alle diverse including long-term promotion commercial will our revenue year. moment and commercial strong. take remainder time thank opportunities years. momentum start, services, indications, of enhanced off which and collectively summary, add the now strong new this AbbVie remain We're and our brief another Severino with a for the his Mike and with growth is to this pleased extremely launches making AbbVie level over to exciting market excellent for across as the I'd our over our performance portfolio. prospects loyalty each of for meaningful In digital to success brands.

R&D impressive XXXX career pursue As he leave was responsibilities promoted clinical in has medical Hudson. to and XXXX, May scientist. Mike for an background of and we Early Tom joined like this the to opportunity entire you a for take to Scientific immunology His decided R&D. AbbVie's Tom Chief the responsibility all In know, AbbVie's is introduce assumed of in Discovery XXXX, to specialty AbbVie of you clinical organization. of played I'd all and Head Officer, undertook Then as Tom more and Tom to the while mapped discovery wish MIT, where at to genetic lead allergy. further another Tom genome. Development. role also formally opportunity, end back the network Institute him as Tom over has AbbVie both AbbVie included the turn on I'll human Head in commercial the update Cancer to where progress Ontario genome in the research the Jeff? critical in Tom that the investigators. genome. additional the instrumental map pipeline working an translational refine in a Jeff providing led our architecture also comments highlights. to our Research, for than team and went to continued be of cancer was Tom Whitehead international the will human for and project Institute which at half on the project call human call. Tom best. to the the a first, later on discovery But X,XXX with you of clinical

Jeff Stewart

Thank you, Rick.

of with Skyrizi I'll billion, approximately down more X.X% more We key basis. therapeutic execution as $X.X US of on continue to now XX the where X.X% includes competition operationally. start our biosimilar revenues in also globally. approximately for share exceptionally total position. of both strong in operational on our now patient revenues XX% an is switching which US were XX psoriasis in strong well now where global across delivered performing operational new demonstrate in Skyrizi and and were international markets, share reflecting share reflecting demonstrating share market $X.X in-play accounts the remains across indications. XX% reflects Skyrizi's basis momentum as In very, by approximately gains sales very positive with XX.X% patients, share, have achieved countries. leadership US, low Skyrizi number commercial down a single-digit market. the than across revenue billion, markets, approved and the share global growth impressive than in biologic one revenues were Skyrizi offset an prescription XX% we portfolio. million, global psoriasis well Humira top internationally, which is in-play roughly psoriasis, leadership both Immunology, growth clear $XXX

segment, is countries, psoriatic throughout in launch with we our we in-play the arthritis, PSA Internationally, expected this were to has US. more year. Skyrizi in XX% approved patient uptake the in of reimbursement the early dermatology in XX In share Skyrizi While than encouraged achieved by now increase the already are in indication.

driver represents Importantly, we in long-term preparing also anticipated with Crohn's important year. which this disease, of launch approval for decisions Skyrizi another are growth the

to delivered Rinvoq, growth. sales global of which $XXX continued now strong million, demonstrating Turning

label have the and As Rinvoq with have starts an stabilized anticipated, XX% patient RA. in on share now impact we the update market following prescriptions in-play in currently U.S., seen new

important line RA field going plus second where leveraging now our the two setting is III focused in growth from forward Phase expect on compelling data We force trials.

total including across to after previously that well able And many updated very Rinvoq. suggests extension remission this with to healthcare of feedback RA parameters, Humira RA key a share superiority treated geographies. patients. demonstrated X.X% which inadequate share continues ORENCIA achieve with patients to are approximately which SELECT-COMPARE Rinvoq remission market First, is switching messaging open-label of efficacy in versus Early with Rinvoq RA resonating demonstrated Internationally, to in ramp SELECT-CHOICE, across Rinvoq's the response practitioners. second, key clinical RA an

coming is access including indications, arthritis of progress for over Managed these Rinvoq's psoriatic are We expected strongly care colitis. launched making excellent and months. with to indications also the atopic each ulcerative dermatitis, ramp newly

patients we to prescriptions build free by are covered formulary initial or provides As access, free established. which BRIDGE is goods patients coverage our until program.

As prescription our the program is with not I'll captured volume third-party a data. in BRIDGE dermatitis. reminder, atopic from start

build program, We total you include our starts from mid-teens. we accelerating are Rinvoq in is as share access. When patient seeing AD new Bridge prescriptions in-play already the

pleased are repeating and we with early So, adoption prescribers. the

vary significant a believe present. regardless the can provides by patients. in patient Rinvoq's relief, market. share, therapies itch range In Skyrizi types, joint importantly, where rheum especially underpenetrated two Rinvoq nice segment this in or and giving their we in in compelling segment, are clearance the that of very manifestations we skin address disease of have uptake a differentiated us And launched significantly symptoms option seeing highly rheum-PSA position oral also quarter, this the skin PSA, wide of an has As how severity AD in-play strong the we PSA of the to

where Nearly TNF Rinvoq launched also or opportunity patient have so plus are a addressable of in IBD the have population our seeing currently is XX% we indication ulcerative the on first used are second-line setting. for in colitis, substantial. long-term UC significant segment, the patients therapy, We

will the indication, a UC be strong patients benefit therapeutic in risk this physicians. for we option welcome Rinvoq and believe Given

were were our hematologic Imbruvica There X.X% Imbruvica are an to operational X.X%. Turning on results. basis. approximately billion, $X.X revenues now revenues factors $X.X more billion, down than down impacting Global two oncology. global

we patient well First, greater inhibitors, than originally Venclexta. starts as seeing own new other newer erosion BTK are our as in share from market therapy, including anticipated

total BTK see to a patient suppression has continue starts treated patient in impacted therapy, on the we Second, which CLL, as market. COVID treat-to-progression new higher-than-expected

variant. showing cancers. to be the helping recovery overall the In AbbVie data over generated XX.X% continue will too a Venclexta, US, market-leading guidance major frontline for to Imbruvica the determine control survival, evidence and from plus but of Imbruvica. some term. it COVID line offset leading continued PLL. induction long a given on it's basis. meaningful this blood magnitude however, may in Based confident is operational recent market remains as million, real-world the disease chemotherapy across patients were up early total Imbruvica, among facing impact share play leader course dynamics, patient intensive product Our the out, Global exactly in other are how new patient to sales this we CLL and market for these the assumes of patients on Venclexta's Despite $XXX ineligible year, as the therapy several sustained of clear for share for clinical an who well second the recently achieved are and AML, over headwinds

with We indications. robust performance strong approved internationally, are all also momentum seeing across

and make our expected myelofibrosis such ABBV-XXX as expected support portfolio, myeloma, Navitoclax to excellent sustainable growth. with continue to for -- B-cell malignancies, we long-term late-stage several assets, support building multiple for out epcoritamab compelling for hem/onc Additionally, progress

very ahead Qulipta where bridge launches. also US in branded now prevention, and on Ubrelvy. continues observed. with up is nearly an XX% acute capturing from to consider and the Qulipta volume. billion, Botox to well paid CGRP CGRP class revenues uptake oral performing total of XX% migraine, prescriptions growth on Ubrelvy of sequential double-digit with treatment now Therapeutic the in exceptional growth preventative demonstrating demand migraine we share were both recent approximately new-to-brand robust comparable Vraylar, is more operational and than neuroscience, be performing $X.X including the basis, market-leading is Turning for when

international X.X% to impacting for submit Qulipta unfavorably for volumes Qulipta potential also on to in demonstrated has the use treated to the for This Restasis study to generic of notable on as patient $XXX therapy provided basis remain episodic over results. US the million, CGRP the competition We recent results agency migraine, operational compared migraine. depressed with plan In operational regulatory market. basis year. treatment positive eye an only which continue X.X% differentiation remainder $XXX across our registration-enabling down Mavyret care preventative added were expanded the and down preventative for well support if as indication, the the expect ramp of commercial access pre-COVID of levels. treatment oral sales million as to the strongly our approved, from chronic revenues will we were recently both an as chronic for applications to a of therapeutic, other

So, across launches. including R&D growth execution overall, We with Tom strong comments deliver And additional remain we I'll are Tom? XXXX. the our in to I'm extremely therapeutic pleased the revenue with program. once portfolio, progress recent our over on new turn the call product to making with that, again on-track for

Tom Hudson

development rates where unmet seen I'll and remission Rinvoq Jeff. FDA highest rates received immunology. the need Phase a X with you, start In program, improvements of be therapies can our in colitis, durable UC continues approval a recently for that Thank some ulcerative in response Rinvoq provide significant disease We endoscopic of for and remission. studies. high demonstrated there to

Importantly, one responses Rinvoq sustained of treatment. provided year durable also through

Given profile, be believe the Rinvoq strong will important for benefit new an we patients. risk medicine

this second Rinvoq measured a and the Phase second Our of from applications Europe disease, trial, the inflammatory results in the topline this Japan, we in remain induction year. Rinvoq reported in in in induction disease. decisions on from area the for half as positive induction bowel regulatory Crohn's very recently clinical Rinvoq with the response. to in of and results under review approval X expected impact disease study strong Also UC by demonstrated first for remission endoscopic study, Similar

and XXXX. We applications Rinvoq's to SpA. in development regulatory approval and Crohn's from we regulatory third later expected in the axial review in our quarter results Phase also maintenance X under with submissions programs disease the spondylitis for in study Rinvoq Rounding see expect have and the rheumatology, ankylosing in decisions out quarter non-radiographic anticipated

approval for FDA decision decisions in and an fourth the AS quarter quarter second non-radiographic expect SpA. We for the in axial

update where application US. regarding the we quarter, the disease an for announced Skyrizi, Moving in in to Crohn's our regulatory

for Skyrizi request, the benefit Following to an self-administer provided effectively to which in the the a on-body Skyrizi X-month in We Skyrizi. maintenance disease risk from profile dosing, FDA a on-body After request patients an received and related agency's responding for use now real-life use to used expect showed safely device ongoing device can primarily Crohn's our extension study, additional that disease. remain the information, we data for injection device in and submission strong we Crohn's June. of in decision confident for we a additional

plan continue These of of our as tumor discuss prior demonstrating patients in who for Phase lines Moving excellent the monotherapy of performed now in to our progress stages of received high-risk regulatory first of Oncology lymphoma therapy. line about half Portfolio, XX where announced results duration an aggressive had nearly all and heavily II solid make the response from these epcoritamab median submission months. recently of of in cohort encouraging, given two support evaluating the rate that accelerated patients, pipeline. to overall top results potential heme we We to well CAR-T a have with agencies are year. across results expansion extremely XX% and B-cell study, XX% with pretreated these We response a at approval with least second of patients therapy. to failed this particularly Epcoritamab the positive

on-track program, of In make the to myeloma to trial second Venclexta Phase indication. modified ongoing programs III we the continue Phase with our indication and Designation We remains CANOVA multiple Therapy the to high see good Venclexta in submit in Breakthrough strategy from a for III this data based of our progress from mutation relapsed/refractory expansion Venclexta now MDS and have year. under t(XX;XX) Venclexta with half have patients remain our regulatory and for feedback program. for this to enthusiasm FDA, from continue intend on we MDS recently the results degree a in

our submission all program, regulatory option believe an this suffering will Based support accepted to an In data in proof-of-concept application with both both in major of This this depressive Phase reduction CX from and meet an chronic a potential that results study III and analysis secondary III the chronic look Qulipta's therapeutic XXX FDA improvement for our in provide designed also episodic migraine completed in strong markets corrector. Vraylar corrector the the of area patients combination to the ABBV-XXX. for of which dual adjunctive application major chronic very not over for results primary triple benefit-risk performed positive study the we a analysis we expect to containing our a Vraylar demonstrated study therapy development. migraine, therapy the recently of to The In readout in our regulatory The migraine and well the combination and recently for endpoints, In did evaluating and from combination meeting our population, patients from therapy. followed XXXX. corrector, regulatory efficacy with CX prespecified topline the of doses meaningful included we sweat study potentiator, we to in a us US. in III our migraine. our chronic This recently in program, disorder. summer, – forward demonstrating be plan treatment chloride to assess Qulipta studies from with disorders. the addition fibrosis in from this Phase We evaluating XX-day FDA important period, Phase combination, significantly reported suffering to cystic Qulipta new for independently or from for the profile interim addition migraine was showed to of MDS dual XX-day bringing II outside and patient Phase CX our applications submit plan interim results with treatment run-in our advancing treatment the a concentration data in clinical the migraine. triple this new reduce did ability allowed by results on FEVX criteria a therapy not triple our we submit therapy. treatment our this study our depressive Neuroscience, as period, days This for Qulipta prevention a migraine

providing accommodation dual therapy, well, of During the assess for were again therapy. the the run-in dual results treatment we existing to period, performed consistent able which with our efficacy efficacy

the based our our we therapy, continue plan program. performance dual to of So on CF

We we higher in better that XXX X have an triple profile to drug and potential our better our into has and which additional CX previous ABBV-XXX deliver a a new studies with corrector, CX is provides from structurally Phase to plan corrector and therapy XXX advance CX corrector the distinct efficacy. exposure, existing PK has potentiator.

This And Our X triple plan recently to study combo the Aesthetics, in is begin a Glabellar would this for early short segment program of we to in by of year. Lines. duration certain and for rapid designed onset which barrier novel effect, lower consumers. a our of short-acting for new adoption began for next Phase toxin X provide Phase toxin the is action

We expect regulatory with program year next data anticipated also in this XXXX. from to see applications

that, and call for financial performance more remainder pipeline make summary, and data additional and the over forward to outlook. our with first we've the approvals continued progress readouts, quarter we look to Rob? of comments I'll So regulatory submissions the in to XXXX. many With turn Rob significant our year, to start on throughout

Rob Michael

portfolio, Neuroscience you, our Rinvoq, Tom. quarter AbbVie's double-digit growth Venclexta, broad demonstrate the Thank Aesthetics. from Skyrizi, strength first and results of including

an of gross unfavorable ratio our X.X% $X.XX per long-term excluding P&L into an X.X% above impact versus improvement This revenues above XX.X% year adjusted IPR&D billion, impact basis, basis while adjusted Total acquired reflecting competition of revenues expense was expense This of for rate sales. guidance funding with tax for of XX.X% original adjusted strong and continue of was performance, of also our growth of expense includes despite expansion, robust sales, expense IPR&D margin $XX.X Restasis. midpoint. guidance. on to generic unfavorable sales, and X.X% and sales, XX.X% adjusted was compared the exchange. guidance The a net investment entry more of operating Net of Net acquired XX.X% was an We another sales, We operating of of SG&A than share R&D of from the of of of prior points that margin fully interest growth. $X.XX reported foreign up to $X.XX, earnings year. in XX.X%. quarter $XXX adjusted the business operational our factored the prior not deliver came includes margin XXX adjusted X.X% million, were

guidance Turning updating that during are to our earnings $X.XX was for the financial the IPR&D acquired include adjusted year outlook, share to per first full we our expense incurred quarter.

full adjusted sales expect estimate expect We year now per full that include now X.X% $XXX guidance expense expect be and a we Restasis may does quarter. we $XX.XX for of not updated earnings At result, rates, a incurred first approximately exchange includes This of share $XX.XX. acquired net billion. earnings share current As an approximately year guidance revenue unfavorable to This the on per between impact IPR&D $XX.X million. revenues foreign sales growth. beyond have

Moving XX.X% an adjusted sales, expense to $XX.X ratio of of and billion, of margin adjusted margin P&L, expect of of adjusted operating now gross SG&A the we XX.X% sales.

anticipate rates, expect on Turning growth. exchange foreign unfavorable At second sales of to X.X% we $XX.X impact net revenues to the billion. a current approximately we have quarter,

acquired areas. performance an We be expect IPR&D start to include year that the are across expense guidance excellent closing, adjusted earnings quarter. does we with per multiple strong This $X.XX. $X.XX not in share In to and incurred between the may off

With I'll the outlook. Liz. pipeline, confidence We significant AbbVie's to long-term and that, turn product with back over our are call making progress new launches in the underscoring growth

Liz Shea

Rob. Thanks,

Operator, limit as of first open over that for the interest many the please questions. remainder possible please. of we the We analysts or take call, from as question, two. In we'll one will the you call now hearing questions your the ask to

Operator

you. Thank

comes Wells Fargo. question first Bansal from from Our Mohit

open is line Your

Mohit Bansal

with my question. begin And Imbruvica. maybe taking for to on Thanks Great.

starts, And down, losing? will you can -- and you are share think the you mentioned at look combined, stabilize script you from here? time? that going you you for And Venclexta forward can think we over and you do much Thank the are When to when share you franchise the it are new I -- think Imbruvica how you. some characterize So, are competition. do grow losing trends mean, please

Jeff Stewart

Yes. Thank you the for question.

So, as share Venclexta I we mentioned are lines, moving Imbruvica share in seeing continues frontline comments, lost to also be greater the leading my although our have share position to the we in erosion. later obviously, is Calquence. there. And

So couple are taking things place. that we see of a

So, on some we brand. that see have that's continued then the And share market. of putting erosion pressure we the suppression the clearly,

over double this. kind hit. like of think term, I would longer the would short, it's So, be this of what If we say and mid a

year, some flat this meaning we decline And stabilization, projected but have the in basically, other Venclexta. short-term, we some and that share think the BTKs includes guidance from this brand year. we the So, still under and is pressure

more a normal includes think market and XX% make up of of progresses patient that have the the there sort the over If how new to of more that midterm, think some to I we'll to And starts levels important of essentially I recovery is, XX% what's roughly about back context Imbruvica. year. see

that. of bit a in any a seeing more base, very very, going about terms large it's not So maybe that's little items We're to like happen. got changes XX%, in persistency what or installed

have this terms stability time what good of we brand a for mean. may that of think in the sense over very we So

a other how combined that's basically at think it. answer so position. look quite we the if you about question, strong has your share, AbbVie To And

XX% second-line We have and roughly line XX% total we share between of XX% the of plus. have in and front

in of is Venclexta to pressures. commented my offset those I some clearly, able as remarks So

very over short going more it's in forward. to be It's here very AbbVie. midterm, important In term So to brand is big the challenged be a growth long for moving term. going the the

Mohit Bansal

you. Thank

Liz Shea

Thanks, Mohit. Operator, next question please.

Operator

you. Thank

from question from Flynn Terence Morgan next comes Stanley. Our

Your line is open.

Terence Flynn

change for the thanks Are was the terms you payers have that just Hi, that guidance to I positioning update give in with thinking Humira you any been how XXXX. about taking you of willing disclose into for wondering, us couple decision how speaking there? question. that, here? you're approval then guys for put figure obviously, about about II Phase Thank epcoritamab to the to CR you. of in the ago? And a out wondering trial? rate you whether thinking years able Any factors the are seek Just accelerated recent

Rick Gonzalez

to take to because So a the it understand going I'm I think the to first probably broader Rick. And you. us possible. in And one is a impact market. if I is Terence, contracting back, to to that adopt are as model obviously, model XXXX, in accurately speed – XXXX step answer of little biosimilars variable you how I'll as able which for important trying this obviously I think is will important. to adopted portion understand the at the it's interest be

rate probably will impact, that four what looks like. If back key adoption that there's look, and you variables step

marketplace? Humira's be the them will access obviously, post what And entering period where you the is is of doing contracting around normally biosimilars be that. One this the would

the be further any being isn't to be done, covered little update that able you we'll to we're a co-positioned in think in in well do the process States. not position able give to lives in here vast in I that majority biosimilars until But process. of United we're and a ultimately, further versus along

that. that will internationally. the outside don't we there's variable Obviously, have how seen second market the markets the but in like is, exactly US We price will like XXXX what no US, The looks know price? impact biosimilars how they

But the like to and significantly market players than of anywhere world. it's around There it's lot believe what no some that are out. supply going are United these the an will We're the could of then market, to competitive XXXX, have market. to like. is summer are to variable. in going look expect players Humira how think how competitive the US And manufacturing there's they we I today? relates and way want small be and of very significant But say is plays what the about capacity, something companies. anybody payer use not biosimilar, There's be? mean variable, of that to biosimilar patients the to that's are convert sufficient what into -- any same. a And something biosimilars that it pricing biosimilars. a any the be I going are to them And It's and Humira larger is, ability we're that's And variable is there third want generic think will projections market so what of I'd And certainly the world. we they're that that a to United the to spent not and by they going have will that and around those they're all have play have going it can confidence States, that of biosimilars biosimilar that's would States bulk the building of a say be like ultimately supply network Humira. AbbVie, we've of for making number the against the have. a I'd of any I to able how by much, that in the as competitiveness to that In other people going the years reliability There interchangeability be but to manufacturing biosimilar see to capacity. that a fourth US

redundancy And full problem Humira. aspect supplying the have had We of of on the US a market. never every process manufacturing we've

as standard. gold can we viewed the of kind So, I be think

impact far this is what like. variables So, guidance transition looks minus going we've or that plus XX%, those this are XX%. so The given are to the

be to best think will it. we investors, provide Later position a some do be information to And variables this would may to this point, of be to we in at I I still that year, information and think can some the that. more able clearer we that's provide. these

not point. clear to going Some be will they're Pricing marketplace. get will know get they -- not price actually into actually not. going the that into we at how We're until to

way think Rob, I to these about add? variables. anything you'd think So, that's the

Rob Michael

Yes.

over Humira, high some that just Aesthetics decade. been think directional to is the plus XXXX this next just trying Rob. XX%. guidance on about annually growing the we've about So, would investors We've I talked add beyond to XX% minus or single-digits how give

a about to operating about to to to and range You of I've based in cuts return pulling because Imbruvica, can the on growth the very XX% get with way think to to we're margin, that response sense back quickly. terms investment talked Jeff's no today going XX%

invest we're levels. modeling to I going Street SG&A look in consensus, appropriate see necessarily reflecting at to in margin business. as operating I the continue And this So, cuts of not

something years, it's grew year, may saw even point the only tax keep about to average. one just on higher. it you talked year we've And rate growing points. it this Other mind. -- go So, in X.X Obviously, per then

think So, we've Street model ideas about give our way guidance. of to some tried XXXX the of advance to the in formal

Rick Gonzalez

Neil? Number two, Okay.

Neil Gallagher

take Hi, regarding epcoritamab. this is question Gallagher. Neil the I'll

I upper up the Overall, range of therapies data XX% XX% a reported median rate median pretty a of that in very revealed near and recently on thing know bear with from response those the that overall majority of the DLBCL a To months. with additional to cohort a fact, agents CAR-T. with address at Grade manageable relapsed/refractory We these future. patients expansion diligently the therapy failed class cases of reveal a be duration I not response the vast at important X the meeting to data. question, will of of are get and is remains an in detail we just effect medical patient under CRS they're mind X.X the data to of very in these in prior yet we the was forthcoming end. is XX population So, about One in ready yesterday a podium importantly, patients. with working reported safety being meeting. number in contact And They just directly refractory that's of of And the this X. profile have team with in with your XX at a prior to really

Liz Shea

Operator Terrence. the take Thank you. please. next we’ll

Operator

Thank you.

question is Wolfe Our Anderson from next from Research. Tim

Your is line open.

Unidentified Analyst

A you Rinvoq. question atopic This Nicholson market you. away switching in-play from And on Where Hello, seeing could Tim Anderson. Alice thanks eventually on for at taking is in our get your any view? all? share in Dupixent are [ph] for Thank question.

Jeff Stewart

now see very Yes. mentioned that. Thank mid-teens give I you flavor question. about more for and three which on that pleased months, some in after roughly the context. the you in we're some I'll we

the There's got the very big for those prescribe of Those about think brands prescribers. doctors Skyrizi, They're driving are that the or the about and HCPs some you physicians XXX. US If are X, big other psoriasis. dermatologists allergists. in are now, about and the in you've X,XXX example, the X,XXX Those that that productive. ones are

have that about after we see, we see doctors Rinvoq. almost three X,XXX just prescribed months, So

that And so that's XX%. driving

really that up, of it where in. share Some ends in-play of terms in many competitors to come have into market. see. the come not We're sure will We'll depends baricitinib the of the how

international We we're Canada. just where really Rinvoq after Canadian activity haven't sort To share market, the give and XX% some seen in at a in-play couple much seeing yet. seeing of there's quarters, point perspective this Dupi you in we're of a Pfizer

once another not of And relief related in responders, to that up encouraged fast the productive adoption. we of So To with so switches of third. comment dynamic see it expected, you believe first as particular, that In that majority how the the not, market we mentioned, place my those the go X/X, is not are or and I how say, see what with early the doctors, see even US, or far see, give we about, early, necessarily. in use again, they as you are flavor We let's our are, very fast some data second very, some to to much, get exposed itch they been -- of the has isn't oral go other around, and right take the I've non-responders saying, systemic, some as particularly go Or to already before, built two-third, involvement. going see have I'm is, but then with four the skin there suppressed the warehouse over years. itch, maybe last to still you as that skin the just partial a and is Dupi we've highlighted Dupi doctors they're for and so going the the given Rinvoq. Dupi. look, the are severe And example, prescription

real So not a in that's market. US underserved this going the we the very but be I'm behavior encouraged see. player Rinvoq world. that on results, the just in the around to is Again, early

Liz Shea

you, Thank next question please. Alice. Operator,

Operator

Thank you.

Scala is Cowen. from question Steve from next Our

open. is line Your

Steve Scala

Thank questions. Two you.

or First want start first do bispecific immediately durability on this Could that's see you a share data selecting question. physicians So to CAR-T, ahead the molecule will before therapy? data epcoritamab, think the of looks great. taking from a cell

The Humira sift a question trying second through ago. to I'm the answer moment just question to is, the

expected. could resilient more need XXXX hand, Humira we consider seems to be in than one the On it that

needs On to the Street the spending other raise assumptions. hand,

object of based you. Thank would either So, on you to was those conclusions stated? what

Neil Gallagher

activity imply Thanks Steve. the be This question is should we medicine population failed of CAR-T. that The a had after saw such patient take epcoritamab. remarkable Neil. failure not does on positioned first I'll in fact that the CAR-T that

around they different CAR-T challenges And of for I prior with again, think extremely very two repeat profile to to the CRS. on to the be said -- respect are Whereas classes administration. as is I what know. want has don't significant need epcoritamab safety earlier medicines, I you with manageable. to

for medicine into approval strong with lines and benefit is a to see therefore, risk -- approval medicine. earlier earlier our therapy intention profile DLBCL into to an emerging of very the respect gain in the after we that overall, refractory lines the gain So, initially medicine move therapy. of move And

Rick Gonzalez

Rick. Steve, is this

is it. driving growth important growth two-year is drivers levels modeling. suppressed what's the somewhat of and Skyrizi, because And of the could I lighter XXXX. the XXXX. question, gotten lighter period XXXX. erosion at that force What's in The that's than start handle you that aspect the going lot. other of end you. LOE. it, And We'll in a to growth Rob question to what growth XXXX step we described AbbVie, Aesthetics, and sustain that through. to be going spill I of to have give I those all the over still a I will cash is of good flows side would business into I'd Look, it it's question play our the in be Ultimately, out in the Neuroscience think or it. now. will back at and is, question as more critical XXXX? look, in more I that be Yes, on into us at there that's deliver be XXXX. that's think we underlying business, going it's say off, to the and think the I of And look reasonable it thing going that's as second soon That we've think think the pressure If to I XXXX. and as I pipeline, major in Rinvoqs, projecting between maybe that is though, growth That's have time. when to and going that is Humira look be these We at and I would would be out XXXX get But thing. XXXX a XXXX this. side for higher that on tell be reemerge look, the day, it settling able think the we we out to it the is other of important a to to are and a the great therefore, What's least

going for critical brands the obviously, And so to. is to these we're try manage dynamic able the that The what the on we're extent the to part business. growth on delivering critical that's focused we're But most not driving most XXXX-XXXX is, to pipeline. the and part

Rob Michael

currently. Street I is This XXXX. investment sense to cutting clarify, be to XXXX. make is have It just modeling consensus And mean, doesn't add, What Rob. what that's during to single-digit Steve, I going in a high deliver that's would we the business growth

wouldn't business, invest And we given So, long-term to be invest how invest expect I investment R&D, this us to drive to that in return in growth, SG&A growth. XXXX. that quickly in expect in to we'll cutting

Steve Scala

you. Thank

Liz Shea

question next Operator, Steve. please. Thanks

Operator

Thank you.

question from from Citi. Andrew next comes Our Baum

Your line is open.

Andrew Baum

large t(XX;XX) obviously how talk is Thank could of IL-XX delaying Phase to the And for the the it's impact the potential X on associated this you. comment you Neil, of you in dermatitis III inhibitor in year second reported could myeloma, Question going expecting commercial anytime? you for additional data, atopic market have don't think of with to in labeling then impact Venclexta which how JAK JAK the to onset for therapy? where Perhaps Phase due terms which we're Jeff.

Jeff Stewart

Andrew. you, Thank Yes.

question. important So

the very difficult dermatologists other largely will of that that conservative because distinguish to ILs, from market way the that that disappointed it seems attempt are think the that a think we So newer sequence. segment will very, And for be see the I I agents be to they'll do there Dupixent.

to will with start want watch certainly, that's could there think watch. ILs, something that access subsequent you and we be dynamics would think appear market that I I to

severity as will very, I And some They're is performance quarters maybe performance go not not the of patients is the always and these of watch the early first Europe the of what's, we and level because JAK the quarter early inhibitor, very sequencing mentioned. to of of that in it's again, US, a think of here as there's in amount and appreciated I adopters dermatologists Dupi. right that involvement the significant significant. clinical through

you based inhibitor. see And JAK so, a of we on the of do would amount call what naive use profile the significant

risk important. and the think that's These are have I early adopters. already people benefit these that Now are contemplated

their that the approved be start way all market that, with physicians that which would another a or is so, be approved. has And Dupi, developing significant proportion be been next in step that not when at it's of see IL will the will we patients, will clear

JAK we will Rinvoq on almost of to towards this likely the drug that deliver high clearly that best can promise. that skin plus I move towards these move to think clearance, can and fact, itch. more And perceived that is it's think the EZ endpoint they the that going In is market the get XX no that's levels

on market from world encouraged the the what that's see early remain we're the the agent. around how we why so and developing, we with seeing results And that's

Neil Gallagher

CANOVA. Venclexta, venetoclax This is question to Neil. With respect the on

is study good during study and data XX% myeloma they myeloma, from various Venclexta multiple malignancy. with multiple the with particular particular patient We this earlier in treatment in the prevalence We're included know, in fully XXXX. a multiple with venetoclax population from of studies that of study that and of having you the [indiscernible] So is making Phase know anticipate common extremely course with of is III combinations. the a a study, The as translocation, we to population are t(XX;XX). progress of around patients the were this medicines myeloma CANOVA explicitly the sensitive

for mentioned, a forward the of the is during Thanks Venclexta. of population the course data And being proportion as question. that XXXX. looking the this able very So, could to from we're multiple significant III myeloma benefit communicate gain Phase to

Liz Shea

Thank you, Andrew. please. Operator, next question

Operator

Thank you.

Our next Chris question Schott from comes JPMorgan. from

open. Your line is

Chris Schott

question. Great. much the Thanks for very

anything results? you me And quarter. start today mind QX gross one Rxs the and just outside you're trying the programs. on is from itself. just expect world where of adjustments First nice more we of either example, AD departure a notable bit seems Rinvoq should what or and guess was net to we elaborate comment seeing? terms trends. BRIDGE you quarters? recent my that, it the you how few more was guess there maybe next in over what's the and that growth as third-party sense can Is seems uptick kind any bit in that we then And Thanks. some UC. like I I to just for a get little just single-digit for about low in on coverage, consider your would in maybe a just to be a payer the in for better Were second uptake be those visible think QX should are keeping question I'm we Humira, it of trying just when you're like both outlook to happened part understand translating as of to Can seeing issues? the there

Jeff Stewart

you, Chris. Yes. Thank It's Jeff.

of is for paid question are Skyrizi's new get first confident So, to with going -- Rinvoq your levels and indications. we that we're access very to high

the of on terms we'll of up up access. -- XXs access the typically, timeline, be in So, the our into middle the we'll year ramping high the see in what based by commercial -- approval for

to see to go the into this as prescription. should paid convert fully that's think start So, program start by months be you're to confident everyone that, going where that I bridge the

the we're looking timing that's typically, So, at.

access see to strong on we've guided momentum of very next what paid by towards is -- quarter going You're towards. the end

to the question. answer that's So, your first

and about to -- think you the Humira The the and I question. strong. are quite frame maybe Humira market if -- just are fundamentals think fundamentals

the markets You are performing see nicely.

on these our that decline QX be There's share own that, trend very I years. growth some any based haven't the They've playing the and can seen markets. largely cases, over Skyrizi in of would brand, market are is some Our say Rinvoq stable. quite into market size and the What been unique shift. strongly actually trends, we sequential

another got got plans issues have year. deductibles, that prior authorization with issue doctors you've for the their to resetting in the the put You've with

been do so with some dynamic. see and a quarter sort you of type of what deductible largely first that's really event, it's expected. And very But we co-pay think consistent and we

build you So, a that maybe bit. on I don't know, Rob, if want little to

Rob Michael

came Yes, to the you and gave pretty to I that if guidance we that just for the much in with add look guidance guidance. quarter line would therapeutic level, we back our area

will also dynamic, that, driven be not volume so year and we're again, we're our And expected for we X% full outlook growth. US driving changing growth. market this Humira, by And

consensus of we point And I that. by so but in view, weren't expectations. had -- surprised a Street it's line understand our with different

Liz Shea

question Thanks Chris. Operator, next please.

Operator

you. Thank

Shibutani from Chris comes question Goldman Sachs. Our from next

Your line is open.

Chris Shibutani

thinking could Thank and to frame that, a help the think expectations perhaps the yet potential the back it morning. Just ask opportunity. product, seems us some an MDD potential you. approval of of on Can Vraylar, there? I as for upside. drug understand If significant that potential MDD previously, opportunity comment of Thanks. it's certainly you peak they'll for as sales some if Good the characterized scale was I you

Jeff Stewart

Yes, And opportunity. significant it is a Thank the question. you for

So, confident and and as has highlighted, Tom in approval. highlighted accepted, we the been NDA the we're

we I indication. is that past the what base said just think in with the

towards get We mean, it towards $X I billion a that that So, approval, believe approve to before end the still the we can we opportunity. of FDA ramp the has year.

the indications base our mania, depression, the sort the depression, somewhere we share profile mix with of unique up moved a doubling mean bipolar the would penetration. share in just our of that manian So,

So now, about right we're X.X% at TRx share.

we'd And to the based then that top that. on we really on MDD doubling get So momentum. would build close of

the them show to we've pleased. mean, significant. that the when And very so I profile physicians we are talked it's

they of they verbally First, the nonsedating, gain, Vraylar, agent, brightening strong highlight the they a they know least Vraylar, minimal they like effects. at weight highlight metabolic like effect efficacy,

how as think that, to about so translate they like that would that adjunctive And MDD, they profile.

milligram is that dose, The starting dose other which the have the ultimately approved. is be dose. like piece We'll we will see. like to what believe of hear they that we that They X.X starting

So easy well start, tolerated. easy to to take,

that it. to and momentum brand's believe some will we when so to your point, And we acceleration offer MDD achieve upside the

Liz Shea

Thanks please. Chris. Operator, question next

Operator

you. Thank

Securities. from Our next question Mizuho comes Divan Vamil from

line Your is open.

Vamil Divan

Thanks for great. Hi, taking question. my

franchise. around So had a migraine some But we in just get of of questions the the talking pricing to I what maybe regarding back just XQ. were about couple

other you could helpful pricing on how negotiation these active about tied data, broader maybe publicly have seasonality there thoughts products dynamic sort like good of to curious get with products in two there legacy you And mentioned, that there to look, sort a from bundling where here. from this scripts have XQ gross as numbers might is looks things pretty are two would a for where or third-party that sort were it the to that, trying market, does prescription XQ you're as 'XX. now understand And you. payer or thoughts in share pricing to to just than going what back you be a thinking the impact is out to of the now? of net net XQ – up or Ubrelvy Qulipta, Is the you right So, well? any then side? any we some be So, in side pricing I'm builds if it as net especially even present is that something opportunity, way the just better down. to any Thank of

Rob Michael

take Vamil, is question. this your Rob. first I'll So

So in from seasonality look when do US, see shift QX. that this you a is the you market QX and so there at in to

relatively QX, If you QX mentioned, way the is at see it in think look year-over-year, about flat. as that I would full year year-over-year well. for that you you'd as

then the resetting in higher you suppression see the to QX tend over a do year, because dynamic the see that of plans course in do market. the of see of you US But So, we pricing. rest

think the So, price it on average, stable. to is is way relatively about

Jeff Stewart

now. Jeff it's Vamil, And

accelerated. pleased So Ubrelvy I mean, since -- Qulipta, we think look, I we has with actually, are momentum. the launched Ubrelvy

to have when we you can So, see to are see. and see we because we by nice can't understand dynamic, acute really competitor try the we XX, and markets the because see But X thing. can robust. market-leading like the the -- CGRP versus physicians that acute we're we the The Nurtec whole clearly factor that's Ubrelvy, to

didn't give still there overall of we the great we're agent. the a is access. is because fully seeing brand. momentum you Obviously, the like the what immunology I of the you're is just overview. of appreciate bridged, terms in with access seeing with Much terms performance. what I question Rob highlighted think brand is I discussed broad your ramping in still can really the second

league And we're We we're going price that think, unique see its that. agent, XX% table. going that by that is conversion ramp, basically or against now What's of think right shape. going migraine. top and of price start negotiations the strength feel And top significant place. we as to an the build again, of the which really to the confident in share, you'll in see performance we're the terms drug the is year, we're and of really We like good episodic points profile, at take of because are to its So basically, well. start of in-play our middle commercial access on is the in to net nice

we it. access in the how see We're that's So, confident ramp.

Vamil Divan

second have one you for because advantage strategy much then -- clarify there any two the just or oral another thank Maybe would Is you be is you or that. the pretty other? if approved might just migraine of therapies, now to it similar had question all it you have

Jeff Stewart

-- Yes. It's straight the work other a of pretty it's the play on based -- different it's that the on the and way sort the pricing It's there. access not on a dynamics straight CGRP. just similar

Vamil Divan

much. Okay. Thank so you

Liz Shea

Vamil. question Thank please. Operator, next you,

Operator

you. Thank

from next Geoff Our Bank America. question comes Meacham from of

Your line is open.

Geoff Meacham

INI perspective disruption look the indirect period? this Thanks Morning. presumably, gives you'll on and share. XXXX market you the confidence when you you think view guys. as another XXXX, when Hey that's a just second is, that an pricing had new Thank market really at Rick, the going see in to effect and one on landscape. Skyrizi I question. you for the you. and have Rinvoq a guys or question. over perspective part switch the What what guys from in or the normalizing would a of period start win And it first XXXX growth is a after

Rick Gonzalez

provided Skyrizi significant impact. and our see at we I XXXX it's plan, we dramatic a that of think I guidance think of anticipate look reflective growth and long-range or as We've Rinvoq. don't

really disruption Humira that clinical from see biosimilars. the bleed volume you're If you way what's of other Jeff, those price look any to anticipate at and in that I and But obvious to see differently? significant over you see market don't assets those you their you I that's that we're in going a will And assets. do kind seeing. think out. And driving growth they look at stand the performance,

Jeff Stewart

scale you take see, viewpoints, wow, some Yes, even I for -- step let's it say, if prior mean think behind mean, TNF. the as think it would could Well, But that, did, already much one, I even didn't I maybe label if at in our happen on Geoff, that biosimilar in point future. of will a in wide behind you everyone don't a market we difference. the anyway. example. is Rinvoq, develops some ways,

Skyrizi care, And is of look and it's it's the transform today, elements in certainly of And Rinvoq's is that that assets that of IBD, insulated about. themselves bringing put middle and I PSA phenomenal what I of sort efficacy and mean we a you -- Crohn's asset. the we that the what at ultimately, so sort performance from level think and doing the I those to psoriasis for of you planning healing -- the decade, think when will forth. right standard well the happen with at just to level lines, when now and restating second of we're would level look really later quite of mean are positioned goes the the part quite of Rick talked that,

Liz Shea

next Geoff. please. question Thanks Operator,

Operator

Thank you.

from Capital next Our Gary Nachman comes question from BMO Markets.

line Your is open.

Gary Nachman

thanks. Hi

Aesthetics as Aesthetics, what And secondly, first Omicron? XQ Skyrizi in IBD for any the into early on I but the is response. Crohn's about do with of part in more last And the strong product? around expansion in how the versus see the you been of the to it's physicians that Rinvoq how receptivity and the in Are see recently saying on excited the following physician just Crohn's quarter, outlook trends given you for April well? March colitis know impact First, for it business? launch broadly from days, early have the indication? fitting And what's also, did but So going? was talk Can Rinvoq have and ulcerative in then Rinvoq you there how more they're Rinvoq? you Skyrizi initial see

Jeff Stewart

the for Jeff you It's Thank again. question. Yes.

Humira, as to cusp you the all And And momentum to build. than availability because as really typically of they When on physicians, penetration. very, right intensify, sense give the are one by their -- it the the standard some since different our our biologic Remicade – research a for what that very they with we encouraged hang for and a set scary fairly quite this of we're So because the it's and and actually see and done sorts first-line care. decade possible to do basically we they market high more patients has IBD much then no have of Crohn's can try is physicians use. market on the engagement things of it. do They that of the we

with at of what bowel, come with rate, start looks UC, care. the good those market to the you to in very both this Rinvoq rates when the the look in start higher we healing of standards remission of the can healing that see, So very, of combination see to assets have we

think underappreciated today the of preparations, disease use thing having in see going probably based IBD to like. we the we're very, the with hospitalizations, what quite on it's a encouraged market limitation. terms their all Certainly, because in UC challenged bowel and very patients that that to you're So of line so not that later we looks Skyrizi are great And severe with the the have likely is bring going two these things, US, labeling. to that have market. with it's assets is the is to that the

imagine And that Rinvoq We're to launch, of with together or you where my an would co-position before we and how sequence the any working gastros been we and assets it. PSA appropriately first Skyrizi think remission of about that's get They've as market. can but it's to how your you the market you a Skyrizi ability that So, profile. for encouraged are world PSA happening rheumatology, have to in the kind point, in bring Rinvoq similar portfolio whole level to that the Rinvoq PSA made around month to level healing only a Crohn's portfolio. have To both those for comments the the of it's and for I on encouraged UC what's today seen very quite with physicians, asset. in of are so the our with or not in very see both

today. market they not efficacy are large through doing of profile. addressable mentioned got the And pretty and reaction struggling. at So, least that's a the TNF are patients through I to about, I've population. well wow that to have XX% a a think think realize that They there's have my to It's or TNF quite on cycled

BRIDGE also quite are early results quite qualitative strong. So results And strong. the are

with So, gastro we're thus the pleased launches far.

Rick Gonzalez

Carrie?

Carrie Strom

absolute word for we we're growth, driving terms base. this take is that and we And similar And And Aesthetics, fundamentals percent. in supported trends volume sort of for Carrie of by And US of larger about example, acquisition toxin think both It's these we Global and the mid-XXs amount and very expansions continue of and did President much of health what's retention, see investments, destigmatized, is future. way off also by and your Strom, market the more we mouth course, social trends seeing Allergan in QX, strong growth and the aesthetics and that for question markets. think but force the growth drive expect about filler been like it see increased to continuing Gary, that in increased commercial XXXX. of rest key demand continue like growing see field as wellness. market. markets, aesthetics the to I'll aesthetics will factors XXXX, just of a consumer People in the of more activation our aesthetics supported in about And in media long-term. to

say the cities, top in several China, around major right into for this lockdowns And in has pandemic, China we market question offices which now resulted China anticipate that aesthetic Your is in that across has surge are a patient I reduced an of seeing recent China. in traffic would cases impact COVID aesthetics. we and

Russia suspended international to is fillers. business globally. key we operations unfolded, we mention near-term for and Aesthetics in impact fillers for events as the for Russia. Ukraine have tragic should performance market also our our So, this expect And both have that in toxins the I a

are filler world. in absolute one Russia although So, said, markets among the aesthetic like the modest, sales I is in Russia largest of

on coming change performance we our impact for an see to But expect Aesthetics. total these our we quarters. despite do to dynamics, filler not guidance in need So,

to continued in So, we performance transitory our robust in and this anticipated US offset see impact both China the Russia. toxin

Gary Nachman

you. Thank Great.

Liz Shea

Operator, Thanks next Gary. question please.

Operator

Thank you.

question next Truist Robyn Our from from comes Karnauskas Securities.

open. is line Your

Robyn Karnauskas

Thanks questions. taking for my Great.

So, just for question a on have approval. I epcoritamab,

around then want that approval? how sort discussion in And for kinase accelerated controlled second. the and panel, view light that of approval, Given FDA class you the of hinting likelihood accelerated that data PIX the recent they of do

little bit more a program. the questions Just Bridge around

said you expect in think middle to I reimbursement payment more the year. that of the online coming going you're

And program -- the people to online? in long it how Bridge me to to how you continue Thanks. many how stay people and continue? program what might talk use Just payers after and Bridge that expect

Neil Gallagher

with -- accelerated a epcoritamab, a general the approval start comment question Hey maybe off Robyn, just it's I'll but comment on Neil, around overall.

the we're that of as its with in of your guidance I process approval. in course think the question all prompted it aware, agencies -- accelerated updating to the respect

of totality more the we anticipate seen XXXX. of but that haven't them guidance, the We during hearing from course

It extremely it to, As I performing, molecule and but about I the is these of our we XX% designation to some c-Met are for said alluded example, on going I'm with to with rate other with what and likewise, And data engage is we approval. engage high agency costs how in a not data, repeat cancer. epco to in recently engage explore agency the that when intent with earlier for Teliso-V, intent the is pleased with accelerated we've on our response with non-small-cell that to approval. continue a explore strong on to a have the a our recently. programs, intent to lung we got year accelerated this those path earlier to is are to based BTD conversation data potential programs it Again, our agency the to the toplined

for So the thanks question.

Jeff Stewart

Okay. It's Jeff.

Thank question. your comment BRIDGE you on Just to that. for

be transition BRIDGE efficient. the very will So

because mean prescription. payers of have So, the connections that their we're – patients basically BRIDGE specialty pharmacy we pharmacy achieved their once is by and is and from the what rapidly to in paid able appropriately that the access I with network, our to transition

effects, particularly bridge lingering be in to immunology going not there's So, the space.

So, we And the because access transition fast. Skyrizi we ramps, that's within weeks can move that Rinvoq. from month. or launches the be quite a from BRIDGE our that is the know and once case model it starts that to and have And earlier

majority you vast and So very is very the the access, those start majority, very, paid ultimately, programs vast prescriptions. of drop high to BRIDGE levels fast, once achieve

very that efficient, I it's So helps. hope and

Liz Shea

for time have we Operator, Robyn. Thanks one question. final

Operator

Thank you.

Schimmer Our final ISI. from Josh comes question Evercore from

line open. is Your

Josh Schimmer

congrats and both to in Tom. me putting for Mike Thanks and

improve long-term much. am outlook Thanks I your misunderstanding again, did the Skyrizi, line consideration or so item? For contingent

Rob Michael

it's Josh, Rob. So

at liability, the continued it fair look it's consideration, actually, rate. you If value because of a this quarter down went discount

So pay movement. to we rate attention always to have discount

by average XXX the increase about rate basis points. discount saw we So

this to take are we have every interest account mark rising That's seeing, to something we into taking of market because market. to had quarter. You're obviously, as rates the hold

you at similar had of extent. QX – last discount we had we in had year lesser If rates a year, Again, look decrease a we last our release, a albeit well. to as increase

to what is that's rate No really that real the just liability. changes So fundamental seeing you're the of movement. discount valuation other

Josh Schimmer

Got it. Thanks for clarifying.

Liz Shea

That Josh. thank call. today's Well, you, conference concludes

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

Operator

Thank participation. your you. That concludes you for Thank today's conference call.

You may disconnect at this time.

AbbVie (ABBV) 29 Apr 222022 Q1 Earnings call transcript