ABBV - Earnings call transcript Q2 2022

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Operator

Good morning and thank you for standing by. Welcome to the AbbVie Second Quarter 2022 Earnings Conference Call. All participants will be able to listen only until the question-and-answer portion of this call. [Operator Instructions] I would now like to introduce Ms. Liz Shea, Vice President, Head of Investor Relations.

Liz Shea

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

Senior President us the and Global Regulatory Q&A President, and Laura Global External Chairman, Vice Legal Scott for Vice portion Officer are Reents, and Gallagher, Medical Vice Joining Affairs. President Financial Affairs, Secretary; President Corporate Vice Allergan Aesthetics; Strom, and Officer; Carrie Schumacher, Chief Thakkar, and of Officer; of the President Vice Chief Senior Roopal call Neil Chief

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

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

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

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

Rick Gonzalez

expectations strong overall will highlights, results with $X.XX, our progress adjusted expectations. I’ll per us of exceeding This expectations. in thank psoriasis And basis, Skyrizi an will Tom, second quarter billion immunology, add another our our line disease operational of and detail. another and sales growth gains Good earnings with financial growth. double-digit net quarter source market up from approval briefly Rob long-term Thank in X.X% you review in morning, recent with performance everyone. Total Jeff, share $XX.X was exceeding reflects you, U.S. comment Crohn’s and more on delivered our impressive approximately where revenues our on Then joining operational AbbVie share Skyrizi’s robust today. performance. of yet in PSA. is pipeline business for Liz. both

with Skyrizi. a the long-term and our Therapeutic Vraylar, ulcerative represent opportunities sequential each double growth growth for including Parkinson’s PSA, Ubrelvy colitis, seen As of to advanced portfolio. first the digit we’ve strong the very continues in outstanding of label Vraylar our major newly of strong which demonstrated significant collectively following we dermatitis and also is opportunity. depressive in with RA regulatory line with demonstrating raising performance, in Botox additional and performance neuroscience are for of disorder, expectations, a and half we’re progress for update, disease area result launched Rinvoq XXX treatment the and growth. sales growth. year, our chronic near-term migraine atopic Pending another represent full for Neuroscience Qulipta year the the Qulipta approvals indications, making is in perform guidance all AS, good

the than Botox XX% up dynamics. with well once sales performed U.S., to high toxins basis. with inflation Cosmetics strong Demand aesthetics, again teens remains despite Turning now an very more for on in operational growth

in was of COVID-related impacted performance as lockdowns suspension Russia. China, as by negatively As the operations expected, in Juvederm our well

promotional comparison year had with Additionally, we in last the prior a difficult a year. that ran we event U.S.,

also a to We modest pressures. saw in impact economic quarter due the

new China, of U.S. the unfavorably in which lessening benefit for launches growth impact COVID second expect to two half and growth will the continue Juvederm the We year filler by in positive in full the driven year. Imbruvica’s be These impacted XXXX impact to starting on oncology, recovery hematological dynamics an revenues. increasing therapy ongoing and delayed by competition. have new continues market projected in will a In patients CLL for Imbruvica

As up reflect basis. and has Venclexta digits operational impacts. as risk adjusting data additional robust studies a with in registrational ongoing as such continues an AML in MDS. to Venclexta performance both, demonstrate we as CLL multiple population full-year our these Phase with the share t(XX;XX) double X to result, guidance will to high attractive myeloma in also forthcoming, indication, patient be sales well on

CLL next another diverse growth diversity unmet strong the we allowed us in therapies continued filler pipeline Additionally, driven and portfolios. new market, Rinvoq the the Vraylar by In deliver in $X.X cosmetic expected portfolio, performance, and approximately address our growth U.S. our to billion of competition. to pace to migraine body growth double Skyrizi of to offset and which the Imbruvica and challenges this both, performing are we are see Baylor, needs of contouring promising are oncology. cancers well AbbVie’s in despite Neuroscience solid tumors, robust year. and have exciting some critical impact the and once wave blood support and balanced demonstrated of increasing deliver to digit exceptionally an and on Botox summary, sales in inflationary combined again

share With comments our the over to to call I’ll confirming than more midpoint. XXXX As Jeff? $XX.XX for representing commercial year that, full result, on of of the turn adjusted $XX.XX, per highlights. a guidance we growth Jeff at XX% are earnings additional

Jeff Stewart

total very which making a $X.X in on portfolio, pleased where sequential XX% ahead biosimilar we’re Rick. including with across Global were more basis. immunology continued X.X% performing billion, expectations. an XX.X% and U.S., up an extremely basis X.X% well, momentum sales growth competition. revenues offset international the launches. to operational is billion, basis. down our X.X% the on well billion, the with of on growth I’m $X.X operational Skyrizi $X.X recent were performance our progress Global operationally due with Humira of of start new partially approximately by therapeutic product than were indication I’ll reflecting with portfolio, you, delivered Thank our revenues up revenues

We increased share driven position to has in psoriasis U.S. continue of XX%. an XX%, patients new biological in-play our to advance market switching that and prescription Skyrizi’s total approximately share approaching the leadership where now is of by

in-play also Australia. Japan, where have France, market in-play in arthritis approved joint are key is also including where we skin in Psoriatic of achieving momentum, now segment, and In share is share XX%. exhibit patients patient already Canada, XX leadership significantly involvement, Germany, Skyrizi’s markets, U.S. XX achieved dermatology XX% both countries. international We the adding approximately an to and nearly of Skyrizi

is share growth. for where accelerated rheumatology, launched Skyrizi in utilization, we’re have also We PSA which seeing strong driving

is disease We launch option dosing. treatment novel Crohn’s represents Crohn’s access Managed with the be care Skyrizi first including strongly effective and an indication Skyrizi of improvement to a differentiated and in months. highly for six the the there patients, unmet potential for need. for in for endoscopic where coming this U.S. biologic in new infrequent provide ramp considerable represents believe of to to levels expected recent area meaningful continues approval Our years the

million a see more Prescriptions the on seeing in of sales X.X% Turning now of in we’re $XXX XX% sequential total up momentum indications. approved in key in segment now approximately Rinvoq RA access strong markets. the to approximately the continues basis. RA. Rinvoq, in-play In than room where to uptake, to Rinvoq now X% with across remained each with share the Global PSA, nice share international were market U.S. across a U.S. of good an equal is achieving and especially XX% commercial RA of

in considerably are the SpA, non-radiographic increase this PSA, recently RA is ankylosing which atopic and highly Rinvoq’s paid Axial FDA further AD, expanding expected market the in for tracking our European to of approval share in-play now mid-teens. spondylitis in equal approval the patient prescription access with volume We across starts rheumatology. expectations In new patient to is underpenetrated over line for received Strong commercial Rinvoq’s year. potential remainder and also with dermatitis, also in

Lastly, our same rates The seeing currently Rinvoq approved ramping program. profile our UC well. improvement XX% UC for approval in nearly Rinvoq U.S. across the we been especially encouraging of just recent Rinvoq’s received very in therapy. strongly, and regarding U.S. access used for new having in UC population launch and has on European progressing Physician for Commercial is starts. recently with indication. are ulcerative given we high And is patient or of patients the the patient development substantial, colitis remission of feedback demonstrated addressable is in endoscopic favorable, the TNF

billion, revenues were Turning now with levels. market patient X.X% in remain The billion, continues relative to an starts down below basis. our double approximately hematologic pre-pandemic revenues digits where global expectations. on Imbruvica new $X.X U.S. the down XX.X% were total operational and CLO challenging oncology, to $X.XX to down

recovery, market as contemplated initial XXXX Now, have may which, yet we guidance partial our observed. not Imbruvica a unfortunately, sales recall, you

the new high digits U.S. patient fact, actually were data latest the in In last reflects down single year. starts versus

we longer this guidance. XXXX Therefore, recent no believe half on anticipate from over our prudent we So, removing assumption of based it’s in a recovery second will meaningful market year. be the this CLL trends, to

frontline major competitive in newer we as international especially to CLL. new increasing CLL. our up also starts, share were this leader pressure, lines continue an addition, from the well other operational continue own in patient the in Despite competition XX.X% In share million, as of BTK all sales be continues increasing across on market markets. therapies, global including to and see CLL, Imbruvica across Venclexta $XXX In U.S. therapy lower inhibitors total share gains all of Venclexta basis. to Imbruvica’s

Venclexta XX of who in continued standard is for performance intensive strong also We’re chemotherapy. ineligible seeing in markets for in frontline many approved countries the now AML and already patients new considered are care is AML.

$X.X throughout operational were on on million we seeing gains once reflecting billion, XX.X% were result, share a antipsychotic up basis. atypical neuroscience, growth. in ramping are more of the than $XXX where Vraylar XX.X% we operational market. again an share Sales have delivered countries launched. continued strong U.S. In the up an market revenues basis, As

anticipation up upside Ubrelvy the that acute increase we Within revenue in Our and to our quarter. continues launch market-leading our class This for underway the leading preventative of $XXX its would indication Vraylar. in incremental million, current well treatment U.S. large the CGRP basis. bridge represent potentially paid preparations both, on when fourth XX% a consider CGRP new-to-brand to Qulipta volume. migraine a oral projections approval sequential with share MDD of is remain in migraine, remains for

commercial sales We expanded continue progress Qulipta with this of to growth good access, support remainder which over will the make year. strong

pursuing other profile XX.X% up million, long-term on and migraine as in as in approval with potentially patients migraine further as our therapy treatment Qulipta for a strengthening well Europe, also is also chronic its performing competitive chronic operational indications of well with an are well preventative as product $XXX sales commercial for Therapeutic the as new opportunity. U.S. We in growth the Botox a total basis.

So with pleased overall, the business. execution across the I’m commercial therapeutic

Our R&D comments with call Tom? of is therapies demonstrating strong for differentiated and growth. on broad revenue over new programs. turn to our the launches portfolio I’ll additional And that, Tom

Tom Hudson

reflects its where Thank which I’ll on had Based benefit maintenance believe patients very and a approval as you, and recently notable strong be Skyrizi condition. for will start label an inflammatory that treatment disease. in induction received for profile Crohn’s highly differentiated immunology pleased for Rinvoq. Skyrizi Jeff. Crohn’s treatment programs Skyrizi profile, effective with our demonstrated we and option and we pipeline risk a both, for with in FDA this Skyrizi with disease the bowel We several we’re updates disease,

our this expected Crohn’s European of Our significant near European ulcerative in for covered by decision for in bowel Skyrizi for in have patients In line completed highly Once for oral received also dermatitis. we we Phase Also programs And SpA, value our highly disease a review excited in deliver treatment which that colitis. we major from in completed rheum generated all over this gastro the study. to for year. under will received regulatory Rinvoq this in approval AbbVie approved to next broad option remains to rounds our year. position Humira disease, data in term. differentiated efficacious the Rinvoq clinical of across area disease, program indication disease, quarter, new, Rinvoq inflammatory a applications X out we recently development approval Axial disease. And the positive recently approval plus the decisions We for Rinvoq’s Rinvoq we’re submitted suffering top application atopic in often long announced should Crohn’s maintenance bring from Crohn’s with expect label Rinvoq strength of indications and debilitating Europe non-radiographic The and this and programs the as reporting set end indication this in registrational for to morning, just approval Rinvoq rheumatology. results an enable this Rinvoq the regulatory

Moving stages durable tolerated these lymphoma. large we refractory evaluating epcoritamab in results lines this presented of B-cell well to at challenging of across with the agencies X we cohort the results patients the make responses drove received in of in recently our At year our continue in lymphoma. patients later applications relapsed/refractory the approval and submit now B-cell large deep very with regulatory progress from oncology accelerated discussed data, excellent and we In treat expansion this the pipeline. have with and based of study, on for strength highly We intend B-cell epcoritamab to least lymphoma regulatory to patients epcoritamab therapy. EHA Phase where to was meeting, portfolio, recent all who prior large two study

approval We expect in decisions XXXX.

with make results with Phase programs from continue in year. good progress indication second track myeloma trial and for the to We X see in the mutation relapsed/refractory Venclexta patients half a expansion on t(XX;XX) the this to of multiple CANOVA remain

debilitating in of be As high level response become overall to this prevention chronic our to of a the in affects for nearly headache towards migraines. our successful with patients at we Qulipta days is rates reminder, In X Venclexta a efficacy in more XX an to chronic Chronic migraine. or days trends XX% potential myeloma has least those per defined completion migraine Phase and treatment month in prior agent the population disease important prolonged application particularly FDA this with as of approved people as migraine option biomarker-driven would responsive impacting the multiple This Qulipta study, If neuroscience, this that be seen life. associated prevention for suffering submitted survival. chronic results market. of another and X migraine. the suggests migraine, regulatory with be following from very CGRP in Venclexta we’ve progression-free their clinical would with t(XX;XX) only differentiating significantly patients for feature approved, seen promising The may studies that quality it showing of is meaningful oral we’ve

in chronic data prevention in regulatory submitted from studies X Phase our applications markets to episodic support the also migraine and We outside both, U.S.

our system in decisions quarter, XXXX. subcutaneous novel application the for treatment in levodopa/carbidopa and the We Europe expect approval U.S. in regulatory submitted we delivery in our In for the U.S. ABBV-XXX, has transformative This administration. for advanced of disease. disease potential option DUOPA-like by advanced providing the Parkinson’s a Parkinson’s innovative with patients system delivery invasive to efficacy treatment become with less nonsurgical

approval our U.S. We application year also regulatory anticipated decisions the in expect in with Europe to submit Europe both, this and in later XXXX.

Now, coming updates us systemic where encouraging obtained we response for to immunology, some are are evaluating autoimmune data well which study a moving greater on a where demonstrated earlier-stage data we in In and in with a aimed data X we In Rinvoq promising to as provide In Rinvoq development. from a months, decision programs programs data Phase programs rates of reduction advancing into new see pipeline early-stage lupus. will I’d multisystem placebo. X on compared like in lupus, make study, solid to recently programs. exciting the beginning Rinvoq in few as oncology, at an we tumors, a see several Phase longer-term disease. have in very flares have We’ll our allow

cancer nonresponsive who well designed Phase XXX triggered X We PD-X to regulatory after tumors, tumors, Based checkpoint advance patients activity the block tumor plan deepening immune on expansion functions program, recently evaluating to we’re starting In increased durability, to solid antitumor solid and this system inhibitor. the is with or cohorts preliminary time dose PD-X several of PD-X combination to ABBV-XXX the PD-X urothelial as as antibody, the with relapsed reactivates cancer. we’ve a anti-GARP effector Phase for XXX. in cells, inhibitor the microenvironment. in including against in proof-of-concept which are tumors. X efficacy by combining in responses T we This over refractory enhancing of leads Our to seen a our a tumors, prolonged declared the in cell response multiple for immune immunosuppressive T

expecting additional which in readouts cancer, cancer type. this including also in year indications, later may this hard-to-treat other colorectal data enable studies further We’re tumor expansion solid

We to implicated a will based is GARP analyses. also where set tumors explore as solid begin critical new broader studies immunosuppressive pathway, tumor tissue of a on

treatment are similar also in several the c-MET chemotherapy ADCs Teliso-V cancer. payload, we the a the bearing irinotecan, a colorectal We’re toxin microtubulin solid that of we received next-generation used. which tumors. progress cancer uses c-MET making positive the Phase is breakthrough similar is of efficacy for be is lung more X The c-Met very treatment with data our payload. inhibitor In with a This designation broaden early used clinical excellent in these c-MET program, levels to is for asset colorectal our seeing by we a responses of in believe Teliso-V with advanced can that high inhibitor where ADC promising encouraged remain targeting c-Met where ABBV-XXX, and as with of signals. emerging subtype of XXX By topoisomerase range patients with potent cancer can good patients to therapy different solid warhead therapies warheads tumors tumors uses overexpression.

the and first we’ve seen tremendous progress in further of across summary, track on remain So half our remainder stages of pipeline for in XXXX. of all the year, in we the advancements

call and to Rob? comments the I’ll for Rob additional performance financial So, quarter outlook. with second over that, turn on our

Rob Michael

despite The to growth above us second $XX.X These AbbVie’s $X.XX adjusted stronger and $X.XX compared strength reported Thank $X.XX, IPR&D to recently guidance portfolio. net Imbruvica, and impact XX.X% the new higher from you, outlook diversified Total results XX.X% launched XX% basis, impact on of exchange. year prior versus dynamics gross unfavorable the earnings for of Momentum prior margin the was sales year. Tom. of X.X% of We was of adjusted acquired our XX% margin This sales, of X.X% a includes maintain adjusted acquired XX.X% and expense reflecting of points of basis U.S. unfavorable our of our of tax of the allows operating demonstrate ratio interest were sales, million, from was of market rate X.X% a adjusted an R&D inflation quarter earnings Net indications per expense expense. an sales. results include expense foreign IPR&D and dollar. of up billion, operational share excluding and adjusted adjusted improvement revenues midpoint. from SG&A sales, XXX investment XX.X%. $XXX products

financial Turning outlook. to our

impact in $XX.X billion, the full our share incurred This sales We between per an foreign performance. IPR&D of confirming operational year following guidance for earnings guidance year rates, an net global expense are the approximately have to beyond billion, updated are reflecting not share due guidance We include this expect expect exchange $X.X estimate now adjusted and acquired growth per sales full At of second a now we increase market growth. current basis. share approximately We $XXX X.X% on may assumptions. Skyrizi does $XX.XX. expect to on Included X.X% $XX.XX million that of unfavorable strong of quarter. revenues be earnings an

market we Imbruvica, approximately lack expect and given competition. in For revenue of the $X.X CLL recovery global billion, now of increasing the

operating expect adjusted of and gross of XX.X% forecast XX.X% of an P&L, sales margin the now to of sales. we adjusted ratio to margin Moving continue

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

the We products does This contributions share that incurred new quarter, we this expense indications. may recently again quarter. and between meaningful from delivered include earnings performance acquired IPR&D be strong $X.XX In launched adjusted and including closing, per $X.XX. guidance in expect not

the of are back turn as business that, advancements, positioned Given our long call Liz. over pipeline With momentum term. the our for well well as we to the I’ll

Liz Shea

Rob. Thanks,

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

Operator

Our first Baum, is question Andrew Citi.

open. is line Your

Andrew Baum

is Humira risk informed or and trajectory taken provide Could or markers pipeline First your given Medicare move an in population, whether are both colorectal a other forward. given comers presumably you with I’m suggestion any minimize and U.S., And the further time you’ve the optimize this you again you. range guidance or contracts? in relation the on particularly of subgroup long all curious is in anti-GARP guidance on agents, anticipated or even Thank for ‘XX using finishing what’s a it question you’re commercial. to using then of failures ‘XX you’ve monoclonal, of X to of any putting in [indiscernible] all question second, CMS sort which just you’re in a targeted total TGF-beta molecular order the comers, the that to contracting, biomarkers?

Rick Gonzalez

you questions. I’ll Okay. Andrew, this second the cover Thank is the then Tom for one. Rick. and the cover can one, first

formulary the would refining model for positions clearly process in So, of now, quarter, through it the expect would XXXX for that of what the organizations point, would status our time would third position in that volume a the contract we’re is help in I PBMs normal It an important the to say XXXX. now. part This for will aspect XXXX in as progressing us process and will before, right end and that’s it. that we is we us that the that early tell Humira, of conclude for we that quarter. establish define particular. near have Humira that as managed expect. And fourth At that. the I our you is are with of to go care negotiating midway indicated through we’ve the

that’s that model. be able going to part being that’s us going an refine and of important so, well, And to

that along potentially get we be to us able And we so, have. ability give the to in further will process, that refine the as that model

won’t key there, occur. in until actual starts we the remember this aspect real event to price is here. all important that’s to know the thing one other the of pricing Now, And is

I just make we think assumptions. price looks like. what those So, And assumptions around they’re informed assumptions, but are will be that will they that

unknown the XXXX that’s somewhat still when more market. in particularly until so, start in XXXX. out be enter see the landscape an biosimilars we the And one midway of to through piece play will that And

clarity, So, certainly but do as now. think more and are to more provide try we that, I where Tom? we’ll get information that’s we can we right

Tom Hudson

published blocks Thank TGF-beta had learned work -- parts you. to not Andrew, I’ll data, signatures the there tumors that’s is who this, us in immunosuppressive already for but interested in actually had mechanism. to of seen many people in responding I right, in try TGF-beta least TGF-beta what’s systems people question of we circulation and that to GARP either from active we very a we signature TGF-beta susceptive often different that TGF-beta. down This the suspected to higher initially, differentiated because nice published people were the a unique, body. we TGF-beta in tumor a the itself also these tumors had Most thought actually assets actually of that it’s We that work before tracks form of TGF-beta it. you’re the from inactive And TGF-beta specificity And opposed happening that PD-X, allows break GARP. signatures. kind cells. mechanism, as assets. common other follows with solid that released exist. signature. express that can At GARP hot are often the pathways. It’s That’s all one TGF-beta had, had And -- very to that’s is receptors -- in beginning why are they believe good are or in that be as tumors you antibodies at tell a on But TGF-beta from against

data actually types So, patients And tumors was We we this expansions this our urothelial responding. why response not reason hot thought in activity, PD-Xs tumors earlier, checkpoint clinical our combination, project was not PD-X these I’ve started And lot a monotherapy just were to combination. did go we like the augment could And in see and that’s by thought initial with cancer, or discussed first where we hot a strategy refractory. doing relapsed why of after had that but did. mechanism that’s you to suggesting tumor there TGF-beta we’re that we responses sets to that response. we’re need seeing forward. time, of And again, reflect the get correct in seeing the to and PD-X, and is moving those, we’re pathway data this At these to same a bring get a could and both multiple we weren’t would in a TGF-beta cold that we’d response, we tumors, the IO response. but not it to whether also colon, we of responsive, see they’re GARP since same get signatures sure clinical

unusual. sometimes responses So, X are investigations. very start some They tumors. the responses yes, advanced Phase some And disease appear, we these did we with time, prognosis appear. year, X did studies. X patients cold durable months. over see happen X very they that in you X very tumors stable for These year, months, see poor are And have then maybe in They’re

sometimes exceptional say some, responders. saw we in I we So, would say academic -- column

And decided expand. so, to we

probably see answers inhibitory signatures. all in but have of And the to of measure will has It’s the more the to how to on And the year. inflammatory or the not signatures this end the T signatures for today, data happening the cells, it also we’ve for I tumor. this there to investigate continue now. yes, at both, sets newer, you of that course, exciting TGF-beta inflammatory But are can data the kind histology-based certainly and to at with your but seen don’t the So, it are been we’re to signatures which killing, going we right do answer have those we’re evolved. program combination. response has question, are has of looking this CMS so responses are the tumor, this. I

Liz Shea

Thanks, Andrew.

Operator

with Terence Morgan Our Stanley. Flynn question is next

Terence Flynn

for two me. Maybe

a Just wanted that you of your assuming just was so that didn’t you given think an Humira. call I discussing to ‘XX of the I the what we maintaining are margins now happens guidance is think you the out, make guidance, outlook provide do sure is XXXX XQ reiteration, aesthetics more the it I’m billion. going because that about the versus hear But, then for ‘XX. possibility on know how Rob, some question think more with you’re of update seeing XXXX to second something as one, I you’re I to Rick. about with strategic you’ll just the still are whether And able Juvederm revenue in I conversations a, in if guess, think XQ through U.S. you had $X.X relates be impact investors providing ‘XX, should with XXXX or results, the results with in

strategically how guidance, process. asking just you’re not thought that about for wondering just at more thinking this So, point,

Rick Gonzalez

questions, in here So, wants has he to Terence, I’ll Rob take and certainly can if both add. something he of those then jump

maintaining strong the of good, we the are guidance we Certainly, would on aesthetic we’ve have indicated. expect performance as it the business, side to and We seen continue. toxin

the U.S., certainly successful And was of As that we of the the lighter issues. quarter filler issue driven business, driven we a that couple we’ve did side the promotional by noted, program seen than at year. we outside by very you’ve last It ran historically. Russia this have the U.S. a say In look was as I’d it was China-

that But is side the perform be to a of a there’s I’d glimpses could the The price be business. business point pent-up drive right, it fillers through pressures. more inflationary on be I I of should inflationary can where think, than less last that And business detail as price at maybe Carrie now. have if some a or the Botox very could it the little at Gary? for to to continue we sensitive follow-up well. year. comparison almost more pressure twice So, And It’s was to or maintaining able obviously, it for comfortable we we’re toxin that. overall, question. say, we’re where doing go versus demand tough also be a even believe that $XXX, And about point toxin seen We twice will guidance things But think look vacations. more are certainly what

for challenging standpoint, disposable are. people than toxins So clearly, income more from are a fillers

And performance we we opportunities to the we any rationale business, plenty so the if the up of that’s look it. our cover behind potential at overall issue. of having have with certainly, the diversity AbbVie ended of And shortfall as an portfolio

guidance. from more comfortable I that’s to impact. play see see exactly we’re why time to we here where we And inflationary are the need So, out think U.S. maintaining a

and On something the second on an on to as potentially ‘XX question, it relates ‘XX. update

provide something quarter I to that. think try we in described what on to we going looking on I point we’ll guidance. we’re can call, guidance we way When information, when But provide is XXXX. we’ve by if be accurate. happen a the have provide to for the think the certainly gotten that it you fourth will And more quarter call, you’ve wouldn’t third

a greater But that’s potentially model the good not will our clarification certainly how provide into certainly, think more like can expectation. we we what that refine a a looks point we I And to degree, that. translate and little if contracting status at on would what think. that

XXXX, about I think now. will that not relates right unlikely we’re talk all XXXX a certainly, these we’re not bit two-year position going -- it contracts to contracts. And would be be not As going little a to in to I’m because

you won’t won’t point. through what to as the your going so, midway is be, particularly what I And pricing said, position is at really that volume And know year. you know the

level about investors position those we’re good I so, the the thing degree is that the the obviously contracting And are then, we I’d that and we’ve will know we shape of like to and to this say, curve want the important possible. things a of to think will it. But, that by business, is to ‘XX. forecast Ubrelvy, I at that little in ‘XX, you actually to is, between going should value of Those would the and certainly, going relatively and of end And that ‘XX on to some to things I’d is and AbbVie Qulipta. step how what be be performance aesthetics Rinvoq ‘XX do drive point like What Vraylar able Certainly, why between where do ‘XX. other products in. overall, the all feel Humira, these where want say, I and And achieved try model other stability be and AbbVie means it of AbbVie you that. to going. has when to to dial and and we you greatest understand about tail the AbbVie with back do the reach Humira. you really look Skyrizi forward,

pipeline. is assets to will the focus hit some something side growth is greatest Humira is on And suffering between But of the AbbVie the we and important I things and the then as up going it going on the are that level that growth because whatever key XX%. focus that So, part stability extent that’s and managing XX% before say, those are internally of we other I And erosion comes think it’s part are if on out that can. what would engine Those to underlying want tail we’re of team emerge that’s ends that’s what and part a focusing the we obviously the that on. we most to forward. -- that that you create Humira the

Operator

question with Bansal next Fargo. Wells Mohit is Our

Mohit Bansal

Maybe Rick the on and more dwelling little question for Humira a bit Jeff.

competition for the from pricing will unknown year. be that said next you So, key

than biosimilar Y year, the flexible that an or or a for realize of Thank you next be get rigid when As from more issue you. contracts X rather into or year, of are contracts XXXX? point that view the these the giving would XXXX is PBMs this pricing, how pricing

Rick Gonzalez

to me let is it. take that, Jeff certainly, Well, a at and closer shot

add position. for Typically, feel jump contract an to contracting you’re anything aren’t you add. in, formulary requirements. or free Humira, and kinds volume asset other a Jeff, of when for So, there And to requirements in like if want you

also it whether it’s one to these it’s Humira. more -- think I coexist would with that contracts, one than or will that be be biosimilars will prudent assume on

in plays role that because an will price coexist. they So, important

the the fluid, maintain in how add? maintain is is make around highest would But you decisions And that and to somewhat of to it the much to strategy volume you’d profit to employ. as as the that marketplace I’d we the Jeff, that that have have we internationally, at. logic be Humira. that becomes -- we’ll anything the and prices say that And level will to won’t that in on kinds can that to is U.S. had we that And doesn’t that volumes along, we of can at you said strategy so, the maintain maintain. responsive mean similar as we we’ve with have all you try want deal to

Jeff Stewart

see the the with that go one that favor negotiations the model, basically we you and or fall. think we’re biosimilars big And that’s look a the terms it I summer refining No, then terms -- these coexisting doing two were likely way real at work the That’s we of price negotiations are it is very terms that’s for going that’s in how at over in ‘XX I more that -- the to or we ones Rick, our of reasonable big don’t playing out. into in are mean, biosimilars. anticipate and how if of way of look scenarios excluded ‘XX. how in the where are and volume

Operator

Nachman Next with Capital Markets. BMO question is Gary

Gary Nachman

you how the could year? of nicely. could on to and point, the are the to you And contribute like epcoritamab strong you guidance? the And and are talk are guidance preparing those How revisiting thus been expecting those And Skyrizi this about pressure What very then products some near-term second was arthritis guidance raised you this intact seeing much for the into Thanks. hem/onc the quarter, just getting raised performance? contribute the franchise. keeping benefit at much of far? long-term Skyrizi much indication playing offset So, Imbruvica? you the maybe psoriatic you’ve the on from infrastructure Crohn’s a given in from Are of products for contribute? How you new see potentially strong opportunities you navitoclax, are and

Jeff Stewart

Thank question. Thanks Yes. It’s the Jeff. for you.

obviously So, moves. of sense we’re what here, your let dynamic arthritis The big instinct and saw very right. looking give psoriatic me what And some And very, at. you’re is change from seeing large the observation indication. sequential largely you for is Skyrizi

overall we’re seeing So, so disease, PSA. share position, and more in plus we’re putting headroom first into psoriatic that more basically that’s psoriasis the

at XX% up. and very of we’re in very, So, total moving share nicely TRx terms

So, PSA that’s being acceleration. by this driven

have we So the were really the -- that didn’t PSA product that first, indication. the that remember indication, last large

segment. So to first, starts happens positively very what is it interact dermatology the in

skin both XX% patients mentioned, I as joint about of So, have and involvement.

share we with the a leading weren’t because lower joints share, that the indication. despite we that And psoriasis covered so a psoriasis had had lower actually fact we we the had with

an highlighted. So, that you I very immediate, see derm overall rapid of our acceleration business

strategically Secondly, launch we’re in Skyrizi is that PSA rheumatology. important performance able the the for to indication to

Rinvoq So, and PSA large segment the with it X starts as segment. to together work the rheum derm as indication, the times is

before get So, good very two our momentum even it’s very, a dynamic to large segments, of Crohn’s. terms we in in

incredible as Skyrizi very efficacy. would a is I before, about stable, that talked say I unique dosing, very product, special very Now, mean, we’ve

And to Rob raise or But start so, is about. et playing that to too of of into see that we all are It’s encouraged on talked numbers the early the cetera. early results Crohn’s.

Rob Michael

And is Gary, this Rob.

Just on the guidance.

said recall, the strong raise range, earlier for So, I performance probably contribute million was that in question, closer year, $XXX psoriasis. seen It’s very PSA. year. the about going share to also PSA the the given we’ve in But nice asked now guidance you million we to $XXX of this guidance if got with is uptick Skyrizi part in the

So, it includes both.

that. it tremendous, and of excited as the Crohn’s. access for year $XXX terms obviously, that But In approximately for potential long-term ramp set is very We’ve Crohn’s, million about hasn’t we’re changed. this we

Jeff Stewart

world on is continuing mentioned, to still Certainly, the also in with are important a And of CLL. the assets question. I then growth for that chime a we’re part can Certainly, as maybe around our hem/onc. -- new the second I ramp story very

more more particularly in impressive population. have and We frontline data, the unfit

the of population We fit for frontline years Venclexta. data five in for have

myeloma for the to later ways very Navitoclax very with really of in biomarker (XX;XX). this for market. the into rapid entrants encouraged terms building of of the medication driven myelofibrosis, new and only approach in one data, is terms where increasingly of data the terms in encouraging there’s unique subcu, would frontline. We’re first then get lines be been really which simple rocks Epcoritamab, that in

base indications assets that. super we Imbruvica, in on we for get we And near-term with Venclexta seeing pressure and encouraged very probability the are we’re offset helps new start see terms can build hem those very, of So to of we encouraged some what while that in in the then to there. terms

Operator

J.P. Our Morgan. next Chris is Schott question from

Chris Schott

the you guess, versus the you business. just due economic specifically, second I or any in are the wanted back saw we was U.S. as what was here space last just biosimilar pressures can expecting economic of And either that type pricing to way or terms the as just I going in -- shifts year-over-year and Humira enters hands I any Skyrizi about through -- guess are those quantify in thinking of hearing forward the what decline coming market. on you’re one, formulary promotion about in of question the of trying magnitude the events pricing product to dermal dynamics or I and the to products First this impact impact that weakness discussions, you was we its talking much just payers same dynamics filler from about of seeing down and about kind inflation major the you’re just are Rinvoq My are to seeing? get weakness come guess, the sensitivity business? thinking largest think context, you year obviously your and in I around, the signs European market. there. of the I’m of how

Carrie Strom

it comparison. in and event And we take challenging the the prior for of which Juvederm. Hi. around increased first QX created there highly a successful, Rick sales the space, This as I’ll it Juvederm in that year was year, last in is and U.S. question ran onetime was sales Carrie. promotional said, your

to filler price that key that as inflationary We on likely the toxins that -- But behavior. isn’t income. surprising said, And reasons. in was that suggestive And sensitive driver. early for the pressures also is light that discretionary economic impact as than you noted, really So, some this changes consumer more the of mentioned is point. Rick impact in the there market seeing few of we’re is a

dynamic a So a nature Botox year. the interval patient like a versus for Cosmetic, to a is reliance a regular toxin times think are than patient continuing a more more and patient sort the treatment also on toxin, price new for that of which longer patient between treatment $X,XXX there of and few from When point about paradigm dynamic base filler toxin business there’s patients and fillers toxin, a of different patient majority Also, different. the base you are more $XXX the versus -- treatments closer is of of bases is the the acquisition. versus

in And outside expect of skin the jawline quarter. as of And watching demand slowed terms performance and have to are economic to second incremental market drive launch for the year. including despite seen so, positive the yet do QX the we filler are categories in in quality, new factors fillers while get those at fourth think deceleration for fillers that QX, around will end not new market us And your help closely, of those the into U.S., the continue of very some half fillers, impact two we Juvederm, which in U.S. question quarter outside some we we HA about incremental two really to that and we’re will going the the the the in of but of has a more weighted really and the when thinking fourth U.S. about growth we’re

Jeff Stewart

it’s Thanks of terms for your In again, that. question, second Jeff.

don’t some on pressures significant we Skyrizi -- Rinvoq. We’re see and

have we really biosimilar, growth whether it’s superiority trials major Now, on whether strategy. on with our we versus IL-XX, at major evidence we it’s four mean, assets. always one be our cetera. I against head-to-head contracting payers, we have will the competitors with that STELARA, Humira, think look But discussions which an et where two fall have clinical we other day we have back Skyrizi, just these I

distinguished the clearly a momentum, just So pure performance there it’s the and asset.

And been establish Rinvoq Xeljanz. significantly JAK data. to degree, think going first to terms is Crohn’s and Xeljanz be to that of start build on only scope And surveillance the going the one and market based there. indications the inhibitor it’s We’re that has have wounded not other in to on oral area of I there’s some new to

terms grow we’re of do to have able Rinvoq ability into we build in Skyrizi and our to be assets that. of that development, So, quite to next the and confident and stage protect the

Operator

Cowen. next question is Scala, Our from Steve

Steve Scala

questions. Two

you that dictate First, the four have in factors will past, laid in XXXX. Humira’s trajectory out Rick,

to it’s were and for the access part supply early you market. interchangeability the it’s those news Humira biosimilar were the in of biosimilars, ability biosimilar either of two was But any said and also which points. second price, first The too and on clear competitiveness two

four two won’t on presumably, that those visibility and have you fluctuate and three now. are that So, some factors, things

So, is I’m if how discussions, just there. wondering in And anything interchangeability there’s unusual important occurring with payers.

it, second if there steroid are this year? the X still data is, updates Phase Thank The question apologize and and but TNF expected conjugate on RA I missed any you. I is

Rick Gonzalez

I’ll cover one. the All Rick. right. can This Steve. And Roopal the Thanks, cover second first is one.

when should to of occur profile profile looks in with what That would think the you a make are look to have to two switch. to what or we an all that would summer about described can There at is is, biosimilars but And going And that we I meeting not it the to that. say, would and the XXXX. you probably to the have the as in ago that also what four somewhat a think one today? correct. good is what interchangeable a marketplace get like two is visibility as consistent I predominantly backdrop I for variables. in easier that’s make that of profile and current So, interchangeability, like. or you that biosimilars And closest the have say profile it looks organization is that is that’s Humira have pretty about today, think -- the just be a interchangeability, Humira the I

will with last has making obviously, Nothing in an what has at significant changed then their profile position And going looks a few sustainably. looking anyone Humira that at to company variable. going make a like. can the that at ability important think that Humira, I to significant produce we’re volumes, supply with it an in in So, to important be that play is months that is aspect the want able and they certainly that change do they’re to volume, sure

a the that scale able So, of scale there it do certain of important that to players players of close there also be somewhat and going that or us. ability impact. similar one able lot us I would are think market to to going an say broad ability anywhere to is small limit are to have be clearly to I aspect But supply the Certainly, no it, to have the to us. does be at

that those you talking we’re of to dynamics tell things through the with various going we care are those important so, negotiate Roopal? organizations. And can be kinds I with as managed them.

Roopal Thakkar

Yes. Yes. Thanks.

So, is anti-TNF delivery as steroid XXX mentioned, our inflammatory to you it’s cells. directly enabled of and target conjugated steroid, to

next later have do this we further year. we read patients, data and So, follow running that hundred to anticipate year and still then X getting several Phase

Operator

next Our Raymond, Chris question is Piper Sadler.

Chris Raymond

broad one little maybe Maybe policy more detailed. then questions. more another Two bit that’s that’s and a one

healthcare close Rick. So, maybe policy. you first know on I pretty guys tabs for keep

terms more be on or would but haven’t to of on seems specific Duodopa. drug be in the guys concern detailed this of terms some the this manageable from provisions in on Senate larger impact pricing maybe you most around controls. know price guidance on the XXX as reticence on pretty around a of from disorder then, thoughts ABBV-XXX. recent reconciliation guys of of a of this Any the language pricing in bill. there start among something overcoming recognition been of in you controls, provided but question real The seemed direct it movement Democrat Just terms improvement face I And appreciated. Duodopa, lot there’s on KOLs just being a

approved? be about vis-à-vis we Duodopa, Thanks. how Just should if XXX thinking

Rick Gonzalez

Okay.

take important for drug mean, at for I think you the there, issue think I issue first I’ll us, that’s certainly out if question. the and So, it’s it’s an pricing patients. proposal look an important I

was back Finance with if in and build I think bill, would better it assuming that something I if at were be were pass, I’m that Senate text. for the what the look consistent that to there somewhat

for here positive that, in it I And I’d a but along. there’s notably, so I far, of most things an in Certainly, increasing think like affordability, at is the the it ability step to important and obviously costs Medicare looks smooth, be cap evolving patients a say go especially couple what And if in that’s bit look there. to for as $X,XXX we out-of-pocket Part total, able patients in D.

hinge an standpoint, supportive from certain And alternative Essentially, they the may bill And there, to the whatever get is is is a say implications and assuming be of significant. on drug has we’re are balance, positives more being it time with that’s the drugs or it clause negotiation although it, if be that the has of so, negotiation want this challenging XX% ability that by essentially been to we’ve And a I bill something than what not to of. financial a it price take to be. has What full vocal we particularly the that’s far We’ve think basically the CMS, pretty to in revenues negotiate it negatives their in issue on for a so-called ability the a familiar or, discount. that to wouldn’t forward. important set implemented, this accept essence, this. at step And of the molecules. will been a And only be they I’d on. says they that latitude I long-term I manufacturer And big you’re decide this you CMS that’s think necessarily in in penalty XX% time call term it they’ll really small a because think is And how set it. short it that’s able has a key that there to around will have have drugs. price be be able a point negotiate on that

it ultimately, an I a challenge is. language in industry We stays it it’s It’s negotiation. So, the in controls is the we the think invest they’re if what what basically same. not this putting as innovation. just call price should And real is in place how

example I’ll illustrates through example, raise here. you an that point the I’m going that molecules as If you take an walk small to

If the on nine you that year take approval, molecule, right be to a drug. to small it able at says first price has the negotiate after CMS the

an or return find the length population. do typically a process patient you to a up have we what positive front take because be trials. And to we patients those benefit just oncology regulatory So, second that our we up. approval on typically do takes work drug typically for we seek If drugs patients able develop an front to X we drug. of do you populations in have you do, that that a Well, and oncology whatever as to the to if do line. authorities population. who benefit you to existing never fourth-line we drug that we the very we example, line, patients. X in then, drug. an to do they drug will therapies, what have population, up is get oncology in that risk determine, Those And this or require years who of of on towards patient your we of us the go develop failed how And patient start and patients, take that typically patients the right? on then, all patients, end And then you require fifth-line work industry? do, typically get so that And way line, refractory small That we wherever to can are way drug we

the these year is what to the right, to time going stage. puts and really figure the essentially, by of be, CMS or it’s a return dilemma patients this who within pressure do is on two larger drugs impossible is So you detrimental with But need change you how in the so to dilemma, populations, horrible to invest? price. out continue company this, and be one, the -- not could you’re you’d to with the later or part it Because it when most develop to indications. of negative or new faced a small got you Two, a indications as for patients. But

fully the start That bill of. harm It’s good for You’re Congress will until of to part this to need faced of change patients so would to I those have right in seek innovation that approval they are unless before the things late-stage that that I’m and of not I’m wants I patients sense. dilemma make supportive couple policy. start harm shortsighted. doesn’t to this But not industry, balance, clock. frontline a clock It it. say, a I in closer choose is with I the and patients, don’t And on wait do

they’re investment floor to Now, populations determine, and on on because small last drugs, make a in patients, to out. drugs or couple the what XX in They different they you is And drug years. at you’re are that or those new a they calculate Otherwise, which biologics year back change least year then the that with was can maximum it ways. consistent that highly in discount neuroscience dependent Medicare have out or of elderly a are suffer. it on return going drugs can in published oncology by pointed can clearly the the okay, going innovative molecule price report April investment are patient areas of can that CBO

fact, saying the just I’m saying. of industry magnitude isn’t anything, just in is And they say, I’d this So, impact. if or probably something undercall the

important But So, issue. in all to this model important. and process is Medicare the We affordability order destroy innovation don’t the access is patients in an that. provide you know the to for need

movement some And out. so, see some will that I’m hopeful we’ll here rationality play and

Jeff Stewart

question. Okay. it’s hi, your Jeff. And the address XXX for to Thanks --

double perspective more. up that XXX DUOPA that brand. of could the about or think give And we’ve some think I you why is billion said believe we perspective certainly, that is we that certainly So, $X.X globally, I’ll way.

Parkinson that’s if move So, generic of XX% orals you less market, the become Parkinson’s advanced surgical really can DUOPA. And is they go advanced only patients, these stay to and cycle the they they the and the on less But got about or effective. barrier. can do, deep you thing at about stimulation sort less look when to market, and brain either a through of XX% that

forced a quality symptoms a I and This So, to about I’m to hole think to gastric basically is my my if get head of patients the and my the in be improvement or I think with going in stomach a subcu. a life, forced need my in hole are get families to do surgery.

so, And XX% market of XX% to that want DUOPA. see towards least we in people at our research to move DBS or never

patients that movement a to surgery. disorder to market the we centers, the amount is create like this real where essence, of So, going and segment, about there’s in subcutaneous where take expand a that the on segment having are be significant new a start a we we for risk mentioned without option, you you excited innovation think and to it’s this believe experts in way a new that surgery. have And can don’t

Rob Michael

And Chris, this Rob. is

expect we give Jeff At market we revenue be is this greater billion conference guidance $X mean, billion. for did earlier Obviously, I JPMorgan XXX As the expanding. said, year, this to peak DUOPA than now. $X.X

it, If revenue Company I’d and grow cannibalization, think between say, the there’ll market. obviously, expand the But cannibalization XXX be you’re Duodopa, and level it’s minor of to on obviously, of for the combination the you some going modeling about when level Duodopa.

Liz Shea

next Operator, please? Chris. Thanks, question,

Operator

Wolfe Tim you. It’s Research. Thank Anderson with

Tim Anderson

the ‘XX case, that second back is then, to whole past, And it there’s at being the in to then return the just the the could back and XXXX. in trough antibody have to in or go really, don’t thought If that Is you enthusiasm program, your XXXX the you earnings or that still growth Hi. still would me just lack this thing, -- off conjugate. said despite table? its to drug I like I am a guys to immunology. and I versus of that understand that goes I question ‘XX critical all but in despite seem compound, most is much novelty franchise distinct timing your track, of feels it XXX mention We towards -- on

the couple has enthusiasm the over, of let’s years? waned say, So, last

Rob Michael

is return to your example. plus that ‘XX Europe we’ve and around the an XX% with that So and as And about trough in or expect would said On what Tim, growth first and Rob. ‘XX, ‘XX. this in analog case, be one the XX% steep to with in this erosion year the we’ve you then talked obviously, question, minus a using, range --

this As more growth if see plays out, year out. ‘XX, we’ll obviously brands. happens it in have shakes growth you of for all Ultimately, that how your another of

in But what we be which so, company lowest and with drivers in And delivering the you look growth ‘XX most we’ll floor have of industry-leading. We’ll ‘XX in have growth half that high-single-digit importantly, exposure industry in this a When decade. and scenario. is different the beyond, in beyond. happens second this it’s have, at the the you LOE

We’ll XX%, XX% good obviously given a long see direction we’re the year the in minus it as to very business. plus we expect feel year. recent prospects But on as play the this we out then that next so, of to is which we’ve term, first market stands growth or erosion, about focused the now, so that most it play ‘XX. out return And update

Tom Hudson

This immunosuppression, give decrease that’s up. immunologist, profound used when and take using in deep I clinical Tom this often very and inflammation, been they I’ll know Hudson. is shows cases Maybe severe one. we’ve I’m a how and can patient steroids,

but when the response the clinic. that know the lot we is out weaning, our steroid’s problem So, side a strong, And, very always there are of effects. is in

to So those potential the a or the here, immunosuppression. steroid X others. preclinically biomarkers And of of that we’ve seen not again, bone seeing brain, giving very like the in data that deep, the or response quickly we’re effects studies, combination remove cortisol side in on our deep and immunomodulator or TNF us have based Phase

we’ve have So and we nice already demonstrated data. that,

so -- that’s my other enthusiasm. The

We tolerated better durable steroids. than responses, well responses to deep with expect much see

steroid some the we’re ADCs around B to in forward. systems and -- steroid other program These a immune targeted or shown the and platform that’s developing in other immune of programs for immune think out that other suppression -- coming immunology also cells, and couple specific specifically go over going is T fibroblasts. some cells believed We Our in to target play different biologies -- or platform cells some this of are this to is after different very we’ve targets profound we’ve next years. actually types, more cell

other getting So, based we into data specific cell the expanded the types. other to on we biomarkers immune platform saw,

has data, the need faster quiet course, we all Of because we’re the the actually -- moved been study day was And see we fully than expected. recruited, to randomized.

PMR see data that the there to we see bring other of a for TNF deep data we’re that there. started then Crohn’s we study. more fall going indications program just in blinded and We’re more also, it’s the actually patients. might the the that data, have we’re because also have, this to solutions where likely the We’ll we with to we And suppression expand but disease. because going seeing data believe new later, steroid in course, studies enthusiasm But is

Operator

Meacham, is America. question Geoff of next Bank Our

open. is line Your

Geoff Meacham

in ask that erosion on Europe to question. years is and still. you, for good about but thinking four-year Great. for in for for Europe, the high Thank I given wanted meaning trend that four long-term, on still talking Not the Humira, saw how belabor up point just coming tail is to you quarter Humira, proxy so we kind are a Humira we’re the much you the guys the of single-digit we’re this about

expect field or persistent class. of safety -- the your just the I on to on to on you new JAK since piece rates you changes to the with kind starts regard and also FDA Thank from just any tail change, U.S. what of just feedback So, the wanted view you in about of the And I you. Rinvoq, the the labeling ask wanted second question, you seen ask the docs how

Rob Michael

Rob. I’ll take is question. your first this Jeff,

erosion, In the erosion it deep So, is probably moderate. played beyond. modeling in the about about way now, talked years think it’s one, year steep Humira year Europe erosion our we saw one, we’ve to that’s in as moderate more out erosion more best way that

that. two, relative about year revenue in impact look annualization XX% have beyond when we countries, moderate the still the at but we an year of level of within this the have pre-LOE, revenue Europe, X more Wave footprint. And You’ll to specifically have and we

four the we after model now, in So, future, be more and an it sense Europe as it where you a will is Europe years. gives out, using right of specific Obviously, U.S. but we’re the as analog.

Jeff Stewart

from field the we regarding of It’s And we’re developing Rinvoq terms as in perceptions predicted. or what seeing. largely

do we physicians segments label that after wary are the of of see change. So, more JAKs the

However, we anticipated that.

AS in a the And confidence builds the only with we the non-radiographic in So, RA indications the are as of because inhibitor PSA, second RA, we’ll really physician. then starting of big fall. upon just JAK ultimately four That line new recovery be see indications we the level in anticipated. the to plus and

mentioned colitis. ulcerative field. colitis what encouraged on ulcerative So, that feeling we’re some color maybe mention on I I’ll start. from the we’re the that’s

the quarter early So, in a half April. those positive. and about We inhibitor. interesting a never written is prescriptions, saw quite of launched to gastroenterologists we customers had start which we write because unique And saw in XXX good, JAK

was approved. Xeljanz So,

let’s Rinvoq say, And the these risk to, obviously, understand of benefit JAK inhibitor. another of to seeing, overall relative so, the we’re ability customers

our feedback So that build I and we’re we that the the communication positive track, in highlighted as we’ve is call. feel indications on seeing

Operator

question UBS. is next Our Bristow Colin with

Colin Bristow

on at still forward? Could threshold year-end? what one XQ, anticipating And have -- of you full we’re at see us what’s surpass you fair then, through to or what ABBV-XXX, that on a percentage at confirm there here could Another to time ‘XX will going you volume just at just to walk the the the with the year data of guidance. Phase you by Humira that And point by meaningful hoping to contracts X get point? be end the the that you that you’re then And Thanks. confirmed sounds results, change. -- that’s are have Could you it like the characterization? need the just that move a

Tom Hudson

Yes.

we discussions and would they’re as So, the progressing Rick if we highlighted, that we’ve I expect. and think highlighted at look

late exclusionary the of spring. the are large they volume many months. have negotiations. would these look, complex They start very least know, often, October payers publish this cases, go they’re always, longer, that the called frame. those And very But as majority go negotiations can a the be published information. many segment, years, many, at TBD In by In PBM in vast typically, immunology in is we often the which what and used to -- an for So on the completed inflammatory the negotiations, you probably the would time as not some on formulary.

frame. would we given to before. think status sort volume assumption. biosimilar October never about the of the visibility as a sure, negotiation, volume know complexity way a component, the we’d would I have to that taken don’t to So, that’s for we But -- Rick in place reasonable as time That’s the the Again, start on mentioned, of to reasonable highlighted. visibility has which Rick when have

Roopal Thakkar

question. what consistent raising XXX of And care. Yes. see in certainly Dovetailing it’s to walked through, that develop want Roopal how Tom just on we immunology, are standard things with the on we

avoid to was anti-TNF way the and that steroids. then So, to direct this that of systemic have designed delivery side was the effects

describing sort see one-two that So, that was as response. you’d depth see of of Tom punch and

it of have us after effects, a fit steroid even bone once X a we’re that see effects where looks anti-TNFs, Phase great that study. anti-TNFs together from So, we along failed in standpoint, studying it with metabolic information this of give patients sense before taken type how will could

they XX% X remember, of And So, good and rheumatic. years polymyalgia so are really taken or sense -- a going X to these together, plus also and an that and can’t data They’re to are from them It’s disease, can of get three stuck on going will go. give a years. third patients steroid-dependent, be then we’re many not maybe uncommon steroids. and in withdraw us steroids where

data able that able see systemic prevent their we’ll them steroid to from be So flaring reduce dose. to we’re and where to

So, then and on facets in to Crohn’s of a there’s multiple potentially opportunities well. later and number disease this as

Liz Shea

Colin. Thanks,

Operator

Goldman Our Shibutani Chris with next Sachs. question from is

Chris Shibutani

questions, I Two if could.

guidance. Skyrizi, just of For long-term to return if could this question you’re the how I thinking about

think psoriatic Skyrizi, of approaching yet that recalling billion, consisting I $X about close $X.X said on something the you’re almost already X you complex. from And to billion.

CAR-T So, the that in options therapy you’re thinking overall about you treatment are can for thinking? epcoritamab, any in positioning thinking treatment after? that you relation to, about in for tell factor before, long-term of you. us How then, paradigm. treatment could how how Thank And that instance,

Rob Michael

take I’ll Rob. that is this Chris, question.

our very we’re that in exceed encouraged remain or look, continued by ability XXXX So Skyrizi’s confident achieve strong performance. guidance. to We

event than Now, we’ll a years Street $XXX higher on there’s frequently Obviously, update that billion. we the there’s keep few intend in or $X.X disconnect. that That if provide is or that guidance. updating mean, also Street major every about too. mind, million reflects guidance don’t I an said, that

way It’s uptake was guidance for about if drive very want obviously, clearly So time. appropriate to demonstrating we long-term ability provide Skyrizi. update to growth out. the But we’ll its the for and the point overall, an that off, long-term AbbVie, encouraged Street for we’re at

Neil Gallagher

on And question. epcoritamab Thanks. the

would What going not times I’m go the extremely I public all population. domain. in is remind them observed a So of robust several that through to we’ve of data heavily described in points efficacy again, the you pretreated we’ve

but of we’ve of true it’s XX% rather, of that our can those patients have CAR-Ts, sail the intention, not we what remarks, that you sailed the believe earlier relapsed/refractory Tom’s XX% Therefore, say expectation, prepared mentioned half epcoritamab think I to or that is in expect for the of CAR-Ts on anticipating filing patients total whether data Now we approval sail are strength they the because of accelerated didn’t population, population, this total those our And overall. access have during second the year. and that CAR-T. to as should

coming application confirmatory multiple positioning, the confirmatory what terms DLBCL in for study intention additional discussed our phase study, the initiating -- also the of be we’ve would Phase multiple that That’s study X, is the In past the future of in the the XX to relapsed/refractory And X initiate we ongoing. months. Xs, indications in over setting. additional is anticipation our Phase other both will and XX DLBCL Phase

Jeff Stewart

that. I Maybe on build just it’s Jeff. could Chris,

the CAR-T centers centers. community to types started different whether we’ve the or talk So, to in of physicians, they’re certainly

that We’re centers. community the in this lymphoma treated increasingly is believing

T But And so deliver so, at is to I’m fastest impressive, simple to is my where this patients at research what we subcu hear, our least is high may way far efficacy the level cells after with. wow, a even CAR-T. from that incredibly of epcoritamab be they dealing go

point, doesn’t like data Neil’s on the niching build that to look So it’s drug.

it’s of it of democratized medication this sort fact, the a like contributing In lymphoma. of is type to looks idea for the like

physicians. it’s very encouraging with we’re our that from So, initial work doing

Liz Shea

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

Operator

And SVB comes from question Risinger with David Securities. that

David Risinger

Yes. landscape, you to Thanks details opportunity for thanks with much. the more then, Thanks you M&A hoping on very current you AbbVie. today’s was broadly? and the characterize understand for all us to respect on how And very help AbbVie call. that would much, I if comment could could also specifically Rick, the set it transaction

Rick Gonzalez

think if think, to you environment, many I M&A are look at add players I to the portfolios. trying their

I across industry. appetite transactions larger less right for of an think general the in now there’s

quite kinds us, tough through. has I And FTC language mean, to execute think get it and the ability those your that their been of the us fact strategy has look and the the tremendous be on the pretty predicated highly that we’ve of amount Allergan, in larger changed in transactions continued and successful relates to probably has diversity. has brought done Allergan That the to put that’s AbbVie well. of our shape after it of obviously place performance, able and we enhanced transaction. and been clearly we have transaction a around Some really as I to

bring to continuing to areas opportunities for out that portfolio focus in there to are strategic we our be able in is opportunities fill to believe assets. Our look

a that overall finding, and looking add example good the more pipeline. working for assets Epcoritamab supplement probably of We’re earlier-stage on out to we’re of R&D the pipeline. kinds things our is to

worked do I a and strategy think going we’ll that that it’s forward. strategy has to well, continue

Liz Shea

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

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

Operator

you. call. the This conclude does And thank

disconnect your for And participation. line. thank you may your You

AbbVie (ABBV) 29 Jul 222022 Q2 Earnings call transcript