ABBV - Earnings call transcript Q1 2024

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Operator

Good morning, and thank you for standing by. Welcome to the AbbVie First Quarter 2021 Earnings Conference Call. [Operator Instructions] Today's call is also being recorded. [Operator Instructions] I would now like to introduce Ms. Liz Shea, Senior Vice President of Investor Relations. begin. may you Ma'am,

Elizabeth Shea

Chief Chief Aesthetics; Reents, Executive thanks Commercial today Medical us. of are Executive Senior President, President and Officer; Roopal Chief Vice and AbbVie Officer, and and Stewart, Scott Vice call Chief Senior the on with Chief Thakkar, and Michael, Strom, Rob President, me Rick Officer; Global Officer; President, Officer; for President, morning, Jeff Also Executive joining the Board Operating President, Financial Good Vice Gonzalez, Carrie Global Therapeutics. Allergan Vice Chairman

is the Hudson, Officer Joining portion us for Q&A Research. Global Vice of Scientific the Chief call Tom President, Senior of

Before be cautions subject are risks these that in note considered materially forward-looking and that today to may statements. cause uncertainties indicated those forward-looking differ we our statements our to started, forward-looking may AbbVie actual make based I'll from expectations. results some statements statements get that on we current

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

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

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

Richard Gonzalez

Thank start us XXXX results to and expectations. exceeding quarter you, today. I'm extremely you Good Liz. with morning, with our everyone, pleased thank joining first for our

from planned this XX CEO, the as role year, as After Executive effective continue Board. X share was and this like earlier serving more my of we'll retire have in first July serve the performance our CEO Before year. we discuss Chairman to I'd detail, AbbVie's I to announced AbbVie to perspective that the of decided transition a than years on more

is long have move eventual it and in the strong time critical transition for with performing the our is say important position I right that this long and we me term. to transition. to now opportune heard been is before, well my make planning very a business time forward and you've As leadership board for the choose the is as succession The

We successfully loss HUMIRA navigating the are U.S. of exclusivity.

organization to and the key the several build the including on opportunities advance have of in our acquisitions our HUMIRA development our outstanding our financial been support to the and He successor. driving business ImmunoGen next strategic that excellent built with years current Board end pending many, AbbVie's which is President Chief continue productive have brings And the and of an tremendous and inception, for has navigating many known have to impact U.S. long-term leadership medicines strategy We has past experience, had the numerous a important new our and of exclusivity and diversify to to and a Operating he selected for Allergan advantage. has Rob the growth, an process, Michael, critical have cereal and our leadership transaction. AbbVie's choice as pipeline business robust innovative company competitive planning collectively our Since an R&D for AbbVie on multiyear shareholder priority engine, that worked Officer; come. culture, patients yielded positions unanimously our for CEO. enhance years, important will held Rob vision fuel value. I successes, After establishing to Rob and and my

Since billion our our inception, Looking performance revenue back, been tremendously billion. has AbbVie our $XX $XX grown an from as has truly independent evolved company. to And we've exceptional.

is new shareholder patients. return and to our that top $XX investments today. tier develop importantly, We XXX%, capitalization to which R&D peers. increased improve achieved relative from $XXX roughly more to lives discover substantially market total billion in medicines our substantially Our of has a a we have billion than And increased the to have of potential

has has company our never stronger been ahead, look our brighter. future never been and I As

to across to are past of Rob aspects business privilege and We is growth it a today, remain long-term look and gratifying leadership all what to of confidence in our growing this turn and the AbbVie to prospects of all team AbbVie's call take comments strong. In been would I all the our years, AbbVie my colleagues Rob? executing has and and all it with serve recent CEO. With our immensely that, over to to work for I thank shareholders value to with well for on put our Rob performance. forward shareholders create as our business very into the opportunity continuing trust I'll summary, and the like for me for of XX our stakeholders. And meaningful also you

Robert Michael

Thank you, Rick.

want over exceptional congratulate AbbVie on to of Before his past first our I performance, XX the I Rick leadership comment on years. quarter

Rick very today. we as and working Rick tenure, have strategic outlook to who for my Executive that made HUMIRA years, It deliver with are care role to bright on with employees, shareholders have privilege patients, impact our organization AbbVie's drove performance beyond and communities have to the patients' positioned the am that his During we very AbbVie that him genuine has will moves and consistently to been in look his continue lives. over a as several strong many defined I excited have remarkable strong, about is future that Chairman. a company I and to work forward closely demonstrated

We're broad-based performance. million was of results. quarter our share by ahead is above line our adjusted billion, reported first of overachievement ex-HUMIRA $X.XX, full which year market. Total as delivered bottom our includes multiple midpoint. SKYRIZI and approximately $XX.X revenues and double-digit revenue to above sales expectations. in as key Venclexta, quarter Qulipta. This $X.XX sales We from growth growth this with including drivers products, and demonstrates revenue year continued the support net momentum platform, our robust their top the earnings of $XXX off growth RINVOQ strength with XX% to strong driven clearly per diversified start This guidance the growth of and were excellent to than long-term our outlook. an growth several other Turning Vraylar, portfolio on more which to well from fifth Ubrelvy XX%

into are progress the impressed accelerates caliber our and tumor We been of several near-term has solid oncology We of our which of strengthens also welcomed pipeline. the we talent ImmunoGen, completed The the making market we by entry excellent acquisition into with are recently our integration and seamless, AbbVie. priorities. have

on pending acquisition which pipeline middle of assets the Cerevel, with the augment the of close will we differentiated of anticipate remain our further We portfolio. track also neuroscience in Cerevel's year. will

R&D meaningful patients advance to This includes significant growth first-in-class pipeline long-term the and for invest continue solid platinum-resistant progress long-term we ovarian for full treatment for approval FDA's cancer, alpha-positive growth. FR addition, In and for a tumors. of our opportunity ELAHERE in a AbbVie

U.S. immunology. and gained for oncology of And strengthening business partnerships VOLUMA aesthetic further also Hollows, JUVEDERM early-stage in adding fillers. our XC and in Temple we novel programs leadership We approval several development opportunities executed

commercial $XX.XX. In pleased this and the with quarter, adjusted our earnings now we Given an year we off of and for are AbbVie, Jeff? well an summary, revenue through year, to share that, $X.XX, momentum and highlights. We're our is time between full $XX.XX the exciting diverse by a high guidance expect per to positioned I'll results are our the of start deliver am CAGR raising extremely excellent to for comments over the EPS on and turn adjusted the strong additional Jeff the this end call single-digit decade. With portfolio. to I

Jeffrey Stewart

quarterly billion, expectations. global reflecting Thank you, start $X.X operational which were $X for Rob. I'll revenues results approximately delivered growth with of immunology, of exceeding sales billion the our SKYRIZI XX%. total

switching to market is biologic psoriasis, is across approved therapy. exceptional prescription all XX SKYRIZI of every on X PSA, to closest of of this biologic has year. see sales market psoriasis Globally, new ramping countries. continue than the $X Share That's total the growth a indications. also U.S. we the in-play share or more nicely in IBD, leader X especially add now the key We are capturing now is billion dermatology achieved segment, patients. with track out incremental leadership biologic in XX%. clear than in where share in-play next momentum more nearly the above SKYRIZI double share in In In of psoriatic the SKYRIZI

seeing performance of are We where versus compelling meaningful a head-to-head data tremendous in our driving Crohn's Talara patient share. disease, inflection is

growth long-term lines share the in as in leadership have a all U.S. across the launch therapy markets which Crohn's another as And represents result, ulcerative preparing finally, SKYRIZI well and As we in colitis, world. of around are the Japan other both achieved substantial key now for of in-play we driver.

in decisions approval our of the rapid this the middle following and expect launch. anticipate We U.S. year in access

have Given we for the we Crohn's SKYRIZI in strong capture generated data robust frontline in bio-naive the UC, anticipate launch. and a exceptional

Turning performance is of each with especially In our reflecting globally. RINVOQ the has line rheumatoid nearly approved sales now of in in-play to our billion, across tracking achieved XX we $X.X with to XX.X%. pleased X arthritis, of in momentum Atopic share and where operational expectations markets. growth room, share continued RINVOQ with market growth strong dermatitis indications, with international key approximately see I'm prescription global leadership continue in

that itch will initiation these to in is in with strong CD RINVOQ therapy for that capture AD. both still is the in from as head-to-head and RINVOQ's as especially IBD. Level LevelUp uptake of RINVOQ's continues recently phase across and share in for second faster also clearance especially superiority disease. of be the RINVOQ's to share and starting additional dose use a patient levels mid-teens efficacy efficacy early Importantly, reduction. strong. XX-milligram announced anticipate like Crohn's ulcerative in-play on We colitis agents are support and UC expanding high which the are well results encouraging, in-play we RINVOQ higher therapy including lines the skin XX-milligram share dose. second positive very label high-teens results And U.S., recognizing in parameters, cycle we as Up, DUPIXENT the patient requires indications, plus line patients versus our growing This relatively the capturing key even newer, patients IBD, launch in demonstrated with performance head-to-head study given

on impact XX.X% $X.X the out played biosimilar with driven slightly down of competition. delivered the than an global vast Turning erosion now the expectations operational by quarter HUMIRA, majority to approximately of U.S. our quarter in to sales better the this due basis billion, in which price.

As anticipated our the line changes full U.S. and formularies in year with the tracking to is the volume CVS recent outlook HUMIRA, in communicated, impact for expectations. were template previously our

formulary impact has the over are additional also the to course expected changes of year. contemplated of Our the effect into that go guidance

parity access significant majority biosimilar year. maintain will We continue HUMIRA to for to lives this anticipate that of patient a

sales the are oncology, into pressure and reflecting compelling billion, now CLL. than revenues approval, generated total expectations. full the which, layer ovarian ImmunoGen $XX operational CLL partial revenues we both strong updates revenue very well, anticipate were basis, to NCCN performance acquisition. of before never for more survival where smooth $XXX million seeing well in will of up an the continued data overall of Moving reflecting for platinum-resistant Imbruvica AbbVie course, in platinum-sensitive of momentum down pleased continue that ELAHERE and patients in to here on that We Venclexta integration positive $XXX cancer February executing competitive global commercial platinum-resistant patients team and with and the were were label organization. these global uptake. quarter includes and $X.X our sales internationally and exceeding as strong is a X.X%, marketing drive achieved The million, million, has guidelines both ELAHERE XX.X% close the following to robust I'm AML. the the been recent with our sales as

later of nearly this the performance global robust with also Ubrelvy line revenue million, assets total growth track $XXX is these And XXX, competitively well with basis. Total and follicular well, Qulipta on the an in of were commercialized again, in also Japan advanced global is remain U.S. for in leading sales commercial plus in up potential EPKINLY and of lymphoma by $XXX approval on Feedback of finally, DLBCL we especially third are from performing share about the year. be in continued encouraging, were therapy an Europe $XXX of have next-generation ahead chronic billion, represents $X operational revenues we as remain track gain double-digit X.X% performing launch global potentially year. Neuroscience with label very and the is sales transformative sales later we of positioned. BOTOX continue on which migraine. $XXX for the and and million to Parkinson's up will driven U.S. basis, XX% This expectations. Therapeutic a VYALEV very global launches million, this Each our remain excited for well, operational disease. Vraylar million. for and on been Lastly, of expansion total

extremely growth differentiated portfolio overall, the quarter, profiles additional So that, I'm the product with our strong this and comments with balanced pleased to across aesthetics. on testament therapeutic our Carrie commercial call over to and Carrie? for a I'll turn execution. And

Carrie Strom

Thank you, Jeff.

$XXX sales year. Aesthetic modest sales aesthetic the U.S., a an quarter decline versus were over prior roughly operational First the reflecting basis. billion, $X.X Global of on In million, flat

quarterly back past of return increases procedures these grew the to momentum recovery Market the the was by a We competitive of number stable From facial time the as the early few a in percentage. see for market We toxin perspective, Consistent market in saw leaders. in remain and emerged quarters, similar perform both mid-single-digit filler assets the a market Cosmetic sustained the clear share market to in for BOTOX to quarter since year. last year-over-year facial with continue first U.S. the injectable well. continues growth portfolio JUVEDERM representing half XXXX. aesthetics that first our

normal While trends of aligned on of lower reflecting We, during were dynamic remain share decline comparison we're and sales million, the U.S. China $XXX benefited with a Consistent relates into economic the robust quarter sales levels promotional which growth the normalize by our recovery impacted expectations, from previous impacted U.S. a pleased X.X%. our quarter decision expectations, operational as market first by first that last facial to as quarter to across quarter. aesthetic aesthetic challenging expect deliver Internationally, second the full are our growth timing activities end. in the to versus quarter customers than the shift made to first results in track was quarter well persistent holding injectables second with inventory certain headwinds This year inventory were an of therefore, quarter levels a The the and COVID. in post year, at

of We economic this developments to are anticipate recovery and monitoring second across year. a continue China the the in half

the SkinVive innovation launched new of of remain assets. with products our aesthetics. pipeline to continues important Our generate uptake recently VOLUX and underscoring strong, importance

excited Given treatment the Temple for this we are launch upcoming XP JUVEDERM of VOLUMA context, for of the Hollows.

reduce a improve of prominence of end continue use XC more to As upper VOLUMA the only HA to face, platysma the of growth the dermal of within filler for approved pipeline, FDA treatment the noninvasive anticipate will this activate approval we indication enhancing year. And line expect near the portfolio. definition. the toxin potential as BOTOX and filler neckbands the BOTOX's support consumers our in growth our introduction vertical for appearance and we long-term saw

track This on well short-acting toxin a the duration rapid lowering BOTOX. effect short before novel onset action for consumers end considering barrier across as year. BoNT/E toxin, the try demonstrated of to remain of our submit a to have adoption application this a hesitant We meaningfully who but for been as also has toxin new drug of

call aesthetics we BoNT/E naturally year. With the our has to single-digit portfolio Roopal. as this high underlying remain that, profile, our expectations, trends with BOTOX. would turn to previous across potential to Overall, global satisfied this patients track significant the over aesthetics convert expansion Given deliver I'll well market growth and align on

Roopal Thakkar

RINVOQ in in which results RINVOQ how U.S. which was if immunology. evaluated achieved very in studies you, LEVEL a could this superiority Phase week stringent the trial. milligrams for line We atopic milligrams X superiority on many against on treatment patients in to to primary composite for XX was the end In demonstrated points. and RINVOQ achieve announced compared they prescribed XX point from LevelUp is in and RINVOQ RINVOQ did ranked dermatitis, study, RINVOQ RINVOQ the positive measuring dermatology endpoint end in dermatitis atopic Thank escalate Up which goals, rheumatology. dupilumab III with dupilumab. on recently this which not patients demonstrated and start study Carrie. I'll twice as is XX top secondary also a at endpoint started all

arms. been serious RINVOQ as III MACE dupilumab remain the with well saw superiority VTEs trial group. from of RINVOQ has very today. events with lesions offers what in We treatment RINVOQ's advantages week Based The and infections patients adverse level was events with market confident safety in We as skin treatment very and previous treated the products in observed meaningful rapid as malignancies, rate as no in week on it in on or serious responses the believe demonstrating data, either also dermatitis, across as itch previous of one early no studies. reported X these over in were was group. Phase on consistent other There were as studies. and in similar There early profile X. RINVOQ's on results atopic we profile

also end points steroid flare week XX-week disease announced exposure as through XX-week this compared evaluated met select RINVOQ with to XX. demonstrating XX, sustained cumulative arteritis remission line receiving combination from taper which Phase primary a week cell week key the at top combination In study, reduction on milligrams a steroid well XX as superiority RINVOQ and and trial, secondary from in XX in positive on placebo We our patients results regimen taper. giant steroid in with III

similar age mean placebo tolerable the safe XX across prednisone we date year. a Based with we X this MACE serious milligrams. was population the profile treatment safety and results than on dose which plan at this RINVOQ submit events Rates this for believe RINVOQ, the there indication in observed previously the arm, and the oldest from what the potential options of in average equivalent was group. and almost be GCA groups. patients studied SELECT to events applications adverse XX,XXX There baseline in were The more no trial, later were our were trials. Importantly, across is treatment in consistent RINVOQ has while RINVOQ's XX, VTEs oral controlled to has the was been studied to with regulatory population

will disease advancements in bowel colitis. lutikizumab for several make our continue which start platform and good anticipate other of for with we year, in we the of with in of And very II the lutikizumab year. SKYRIZI the evaluate ulcerative quarter of to biologics. combinations a initiation half decisions SKYRIZI including II colitis We Phase study on our in novel track inflammatory with progress ulcerative in disease programs. for second U.S. The Crohn's expected remain the the Europe Phase this second study, approval

expand We therapies a to antibody Harvest immunotherapeutics with inflammatory Therapeutics a our X evidenced novel collaboration in their also to Lando immune and platform develop biologics acquisition Biotherapeutics invest oncology. utilize a RA, to announced novel Center in X colitis. as as develop CEMRXX with multi-specific oral with for develop such A an IVD These that agonist tolerization pipeline conditionally in II first the brings immunology active, Phase and continue and ulcerative collaboration immunology conditions, to NLX we in for to OC agonist innovation which of partnership to quarter. for by external the currently deals Biopharma, include IBD

who these all with pursuing transformative innovative approaches are partner companies very to excited therapies. to are developing We

therapies. blood quarter, Last solid platinum-resistant programs in alpha-positive ovarian where prior overall cancer cancers. the FDA Moving of trial X we full brings from significantly conversion received which transaction, on approval This to in to the cancer and the based data the III ELAHERE closed ImmunoGen month, and in an demonstrated exciting FR was approval up with both where survival benefit confirmatory to layer from Phase the full reduce patients MIRASOL treated for progression. oncology, risk

not data data in ImmunoGen called monotherapy as Phase plasmacytoid therapies. targeting for the II And a patients in line this a additional registration-enabling see are from second retreatment positive cell II platinum-based the with Phase cancer year, blood cancer including plus to neoplasm. ADC, platinum-sensitive from evaluating who year for third the Piccolo expect a rare from eligible see blastic half programs study FR-alpha dendritic of ovarian We results expect we to CDXXX PIVEK potentially our trial in ELAHERE

VENCLEXTA from trial, limited third-line readout a durable follicular refractory oncology. the best-in-class very in and TRANSFORM-X approval administration, ABBV-XXX and dosing Now recent we remain including relapsed/refractory or we U.S. our about regulators, and The for program for low responses study and excited lymphoma. treatment. we become feedback and multiple the regulatory TRANSFORM-X milestones for year, wind MDS the a submitting of the navitoclax a data the by following treatment-naive, step-up setting. to CRS approvals areas and this clinical and track from and Based totality providing will of regulatory the III on initiation from [indiscernible], moving BCMA down not study, and myeloma. for this to several hematologic beginning Phase III in of VERONA administration remain updates In in outpatient in other in monotherapy with potential trial from be Phase myelofibrosis, deep, will no on higher-risk the severity incidence in Europe in the of We for monthly bispecific EPKINLY of relapsed potential CDX asset's

of the to for we aesthetics, regulatory our other half submit In the remain application on year. BoNT/E track areas Moving in our of to pipeline. second

very the patients have in thus to business and period highly XX in an XXX, special toxin. trial to short second countries or in neurosis, considering this we far This currently for decision make complement compared facial toxins the a profile in patients for following naturally [ transition time. Our progress using experience is clinical will existing quarter. differentiated approval of BOTOX to good designed continue first as the our a time we rapid event will short-acting neurotoxins. U.S. Anti And onset would where toxin experience allow are toxin anticipate novel regulatory results with over available and received as them ] to for with a that approvals

track with providing Rob As look adjunctive transaction year. to we to in additional therapy Cerevel off announced pivotal endpoint from TEMPO trial, compared the III year. remain top disease results a recently in of on Scott. later schizophrenia time dyskinesia call line to reduction study, these Phase Parkinson's secondary the time trial well. on read significant to later transaction to evaluating positive over in in total are updates that, Tavapadon has in Cerevel expected this the increase providing out emracladine to remain III levodopa compared The troublesome studies to levodopa on levodopa as close met this patients their Two patients track primary Tavapadon demonstrating Phase closed. With out as and the forward programs year I'll mentioned, without in placebo. in begin Tavapadon Tavapadon the on this reading to studies treated once In We met endpoint, the X.X-hour middle Parkinson's the turn disease. X for and placebo. also key a with

Scott Reents

$X.XX, results X.X% guidance billion, basis, Thank an is reflecting were above foreign of impact our our results. an R&D of with $XX.X return you, first unfavorable Total operational which share We $X.XX on IP exchange. quarter impact $XXX earnings expense. per from a excluding a million guidance net from to of ahead revenues growth and adjusted unfavorable X.X% acquired our reported $X.XX include midpoint. Roopal. Starting These

more growth XX.X%. of expense of adjusted $XXX of Adjusted margin million. The interest of tax gross adjusted expense X.X% sales. X XX.X% platform. sales XX% from XX.X%. XX.X%, expense net R&D ratio HUMIRA was operating growth This these reflect was IP and margin rate adjusted results our adjusted includes The Importantly, expense of SG&A was XX.X%, R&D acquired than adjusted

financial our to outlook. Turning

We $XX.XX are overperformance by to midpoint higher partially offset ImmunoGen. our the earlier share includes earnings This per dilution of at to full due between $X.XX operating the $X.XX $X.XX close guidance increase of raising year of adjusted $XX.XX. and of

acquisition this an and to includes acquisition acquired X.X% now This pending in the this year of impact expect revenue to ImmunoGen $X.X following increase driven approximately IBD. have AbbVie total X strong quarter. sales closed on updated the of of the acquisition. may full increase expect an $X.X of an of Cerevel. global R&D expect previously As to includes billion. Please that ELAHERE the and $XXX revenue include IMBRUVICA the rates, earnings a entire current unfavorable sales billion, estimate related lower RINVOQ February million. we first beyond our revenue guidance billion, reflecting close all $XX incurred We the revenue of the sales robust exchange $XXX uptake of erosion million, to of note an platform. by year $XX.X growth per forecast for of recently momentum We partial share approved of indications. total expense roughly $XXX assumptions increase of total due revenues million, HUMIRA $X.XX an $XXX increase ImmunoGen also of across increase million. not of reflecting SKYRIZI an $XXX foreign does billion, million a dilution increase million, now with net At be sales communicated, $XXX total reflecting following that IP of growth. guidance of

P&L to Moving XXXX. the for

now adjusted forecast ImmunoGen of transactions. XX.X% gross adjusted the in adjusted interest to an of continue adjusted of Caravel We margin approximately of We expect and XX.X%. roughly which ratio of and R&D XX% finance cost net operating includes year margin and to billion, sales, partial adjusted XXXX $X.X SG&A of investment XX%, the expense expense

benefit with rates, that billion, anticipate onetime a approximately CVS of erosion expect growth. also revenues U.S. we we foreign have price quarter. of HUMIRA volume current erosion $XX in At sales by recent formulary impact unfavorable the includes change. second the to change, XX%, approximately a to on net partially X.X% Turning step-up which and exchange reflecting associated offset with a

margin also XX.X%. ratio are a modeling sales, approximately tax adjusted non-GAAP XX.X% forecasting we rate of of and operating We are of

start expect to pleased I'm We guidance that not quarter. In adjusted the incurred share be expense IP does year. between in earnings acquired per include $X.XX very excellent with the R&D $X.XX. closing, the and may This

outlook are portfolio We across turn I'll very strong. With and financial back to strong call momentum Liz. that, our the the demonstrating over remains

Elizabeth Shea

please. Thanks, Instructions] question, first Scott. [Operator Operator,

Operator

First question comes from Mohit Bansal with Fargo. Wells

Mohit Bansal

progress on Congrats well. congrats as the and

this XXXX. headwinds have when So past. couple let's so highlighted the for just thanks from I But XXXX maybe that guidance. a there mean start with to are you in we 'XX, look of

volume And Part concerned grow you leg will thinking continue help the D to that another understand Can HUMIRA? 'XX? little in these a down. could redesign there. the your 'XX people and can IRA versus there. trough, obviously, you what And confidence So here, give And that us from have bit are 'XX be may HUMIRA on headwinds IRA given some current is despite you erosion us

Robert Michael

is this question. Mohit, that I'll So take Rob.

So demonstrating about ex-HUMIRA is momentum. the XX. think platform if you mean, great clearly, growth I

If heels high think $X and in per we are from more contributions Vialev SKYRIZI will incremental Vraylar by than about $X strong billion alone 'XX. and will growing on and our have Aesthetics grow by of you franchise recover over billion single-digit our ELAHERE will to year. just portfolio, for migraine RINVOQ the this year growth. neuroscience and momentum

will you most to And offset impact redesign So that that, D robust isn't Part and cost us D while across redesign really worth impact. could as for hits HUMIRA But Part estimate impact, have to share negotiation points oncology. will erosion immunology headwind subject that mind, the IRA spread still year that we think impact have impact revenue several will business, drivers that be growth, allow still next keep not benefit us that in products it years that total us, the would that the growth. deliver in a we in When we'll follow our robust of will really and revenue growth revenue well and in deliver we in about significant concentrated headwind have as 'XX are 'XX. as several

to we're on in is in think way with if follow. then that the 'XX, growth, a operating So think expand And about it about to robust rate growth still that to margins. will perspective, the that going deliver despite years we you headwind continue accelerating margin

tailwind. be So a will that

think -- mind this of modeling be, should year that XX.X annualization it as transactions. expense keep for and would roughly cerebral we essentially a ImmunoGen. from year You half for though have months And interest in of these

for be should you do that something So model that 'XX.

we'll because have to X the robust rate annualization that you of beyond, and then robust earnings growth. impact. revenue have even growth So growth, earnings revenue at growth faster and revenue growth when the we'll very quite you of have get not But

that's to well very at that think growth. platform, look of deliver So ex are and probably we about momentum HUMIRA the the best there's way But a profile robust lot growth you very positioned the company. when there, to of

Operator

Divan The next with from question is Guggenheim. Vamil

Vamil Divan

couple side. a sounds your aesthetics said to ask maybe what was in expecting. I could So even little the with It than is pretty your a quarter what like you are on but the guidance lighter generally this commentary line number just obviously, people before, that

sort quantify that little maybe more you if talk you then there? guidance of why Maybe in the mentioned inventory planned a this of on bit can You the evolved is the was don't a little gave that's when you I maybe outlook result levels the know in just just over about to and being to back some So quarter? be and would can kind a as decision maybe something this that? of maybe sort or promotional helpful comfort February, efforts second us your give some bit? shift lower, quarter And

Carrie Strom

question. Carrie. for the Thanks This is

of fundamentals the which to our I'll market give terms a were line in share, of bit little context and with market expectations. in growth First, So

be our and continues So share to strong market stable.

at stable competitor, strong the as a share in And we For JUVEDERM quarters some then pickup BOTOX in levels. share few new new even our launch continued line our past products. despite high for strength, Cosmetic, share

in expectations. with So are our line like fundamentals said, those you

quarter, with going years we the is As market of realized really and now we're aesthetics to that and were economic return a the typical typically having quite seasonality disruption, to highest sensitive that anticipating after a volume. QX through few And we QX COVID seasonality. the

promotional Scott activities, timing that question. in back And our by do QX. that QX QX, in in resulted and which to which then So we expect held of we customers shifted and investment efforts our address year. impacted I'll rest let of rest inventory and the in [Indiscernible] come And sales into and the lower sales customer marketing

Scott Reents

Carrie. Thanks, Sure.

as remarks JUVEDERM quarter, was between the inventory of Bambell, it $XX and quantify bit in million that So will think Jupiter. And impact and more expect split the than XX being I you that turn little and inventory about impact mentioned to in to X/X as that to her we Carrie of roughly a that first quarter. BOTOX in can think -- the second

Operator

from Goldman Sachs. Shibutani with comes question Chris Next

Chris Shibutani

HUMIRA We which you if can play contracting for us your Great. plus. often any have of reassure provide we're may that prescription over us calculus terms sometimes insights our forward. provide approaching as past we quite of what that dynamic year within in looking the at terms how And the in trends. upcoming Can offsets. contracting with the limited you're this seeing for out season, is incomplete. When aspects has contracts obviously about structural build visibility. help the you as X you been volume think dynamics in it the feels We're year and But XXXX

Jeffrey Stewart

Jeff. it's Chris,

we've So typically of May. in And the really year. highlighted end before, the can season or as immunology category April the contracting frankly, through the starts run

aren't a So sure if disrupted our we do to they on the make towards, with pricing have basically course. patients, which It's their concessions struggle we change disrupt -- look you a few possible, to want start we because based patients philosophies continue change. are treatment when to that that in

parity our place highlighted we sure negotiating seek of make in contracts for to can try we some some multiyear And ways so that, HUMIRA. with controls we that et contracts not relationship, those payers we think and to but with the to historically hold. look And in all, contracts the pricing, put we are will to do we've that cetera. establish as cases,

in have can't nilly some discarded. they So They be teeth willy just them.

But term, and is can't I it terms even into of clawbacks to so maybe when in And limits some with those cases. timing go details some how there's over and in terms couple long payers. a that the exactly over years changed of suffice it some controls cases, partnership these say work. in a contracts can be

of because we sustained how sort we position because we it. techniques, of the and our use So typically with that's great these for these go category those in want more brands, relationships

forward hard maintaining in we've But is it because much as and dynamic is good certainly, with access too to brands in our it's look we 'XX. tracking to successful again, look line been for HUMIRA So quite our expectations.

Operator

Our next JPMorgan. with comes from question Chris Schott

Christopher Schott

more on front. Just couple the a HUMIRA

think, volume. in mentioned I versus XXXX, that price you the you be expected most had impact would of

U.S. think the if of talk at of topic, book that I'm more particularly erosion, the been the I related payers for HUMIRA versus business. it just balance as year playing a think And so, seeing should you about And that a guess this we has time? the concerned still do maybe players you about interested kind your volume see seeing I can to over the reasonable about just latest sales revenue, I watch U.S.? all tail for price I trends guess, surprises. is being CVS of volume with Street in in part the we of or we're we a most kind et we that like so think in out? how product tale Signa, then out just the of eventually as on at about these for question, this consider we're HUMIRA guess of CVS? the switch thinking there's remainder expect decent CVS you'll volume there think cetera,

Jeffrey Stewart

there. Great Yes. a question. in There's lot

Let a fashion. systematic it me through in go

look So we We think, the believe your question. that as still, of first, will our significant be lives to majority at I parity. directly forward, answer

our So the majority that around look. is price means our being still in holding go-forward guidance

had you some I give remarks over opening with happening some me my Let CVS. in perspective. what's

really and of was line it's really I the highlight, I'll which based step right analysis is the in as on mentioned, that, data, our So first down the expectations. our anticipated with in volume

my one capture, I capture new often at in competitive cycles particularly way of about really at performance, in-play share rate or you're in to Now good our a remarks, to brand when that's dynamics. early launch looking the talk things and or look

I at be or looking it at looking have dislocation it's you analysts important switching, you and disruption very or overinflates investors NRx need you a to get that NBRx at. when mindful of be full because can very think very, sort or might what

So I think that's important.

within erosion to starting that fact the and other CVS we look we that Cosentyx weeks. the what Cosentyx down or following at at we this was we're X Taltz pattern. actually that that's first template see we in the base category, for analog ESI tracks to at other we And the the typically in XX% terms back almost in of Taltz is in step of The look similar is with analogs, X believe, And see, XXXX. look advantage

pretty patients HUMIRA to moving they being all a meaningful. patients data control, are bit moving prescriptions biosimilar. we some a X that actually makes it first and weeks, when I mechanisms this while break to take accelerated is you we at in that RINVOQ. TRx to actually if if what's if a often actions, a to you look folks SKYRIZI NBRx, that's consider the you week prescriptions Over alternative. XX% to see from as seems we sense out actually are other physician's at And really studied of what NRx you we to very pause under would in it see guide in switched, these playing the So And interesting. is can't And say, And the from And this including And at make it's the look TRx haven't much, the or really at not of in in case, And perspective, an have with HUMIRA have fact, really should look are think because Chris. the market. sure there. look this happening are market. the of what to

are a move line are could from seeing step-down with including getting other I very, for disease. in or fairly patients mechanisms, to own be of their see, SKYRIZI what for our that degradation significant very HUMIRA RINVOQ.And is better control care who pure we and good probably mentioned, the So but we as

remember XXXX. look very our whenever that and of at middle can having said through year parity rest of well, We we have solid add the And that's these now. they contracts Now payers that year, with payers that as different through really last the we choose. biosimilars saw 'XX, the not in if

do agreements, we widespread go our look existing exclusions controls we at see of when So rest structure year. not the we forward. the and as of the for

Medicaid quite move about we've And which so that that, plans We year plans. the been over I the move maintain but think which exclusion HUMIRA. template year. biosimilar, we consistent contemplated XX% for And biosimilars cycle goes may they that pretty into towards see really we've select we will year, are clients the saw And may some patients select to Kaiser of with the on, that course existing large business. that's the the do of because and talked Last about with CVS only that the or base. patients manageable approach, another as new is take XX% patients the new

at frankly a somewhat of we HUMIRA in this So see will shift to overall, operating but tracking other lives in things are a mechanisms, than in little quite interested that's parity our higher confident significant that perspective. maybe majority 'XX. believe which we We're We're is still line. and it thought, anticipated,

Okay.

that. going So are we're understanding 'XX. we've going is of watch we interchangeables what tail how the to And play out. the got highlighted good we've We be exactly negotiating to think a

fully may highlighted And be it where in that's of to start probably become probably 'XX move ultimately out visible marketplace. that emerge And 'XX volume apparent 'XX, how plays going as much the on And sit. by price may tail over we through so it to course will depend that more the the and we've in more 'XX.

Robert Michael

question On is this your for year. this guidance Rob. Chris, the And regarding

price. note vast is majority it's the We've dynamic. the of said we've talked yes, think erosion important to that that about I

half, second half, step-up first the midyear about think you year. given we last annualization have rebates the impact If in

be same contract. CVS you'd first the of annualization very erosion guidance. We volume impact price that So erosion well through you were first second greater in expect half, aware to But we or gave we half. the the the the the time, half contemplate at because comes did in

there of second that pickup volume half marginal potential first versus we we more half knew could a coming so volume have be the erosion, that's for as there. an of And contemplated some interchangeable with well in, amount but as

to But So guidance. in And line still I the potentially investors We didn't did made into guidance, we but it of that think tracking other erosion is of impacts. aware we're put were CVS contract. the put very don't we but think majority our in want vast any overall, I on our price, that some we volume in volume well assumptions prudent with guidance.

Operator

Our next Stanley. question comes from Terence Morgan Flynn with

Terence Flynn

a Congrats Rick Rob luck to role. of in to new and best

could a you wondering SKYRIZI bit maybe in Just if Crohn's little for UC versus for disease. frame us the opportunity

the latest RINVOQ time but or clinical was of about data, last on some dollar about road data possibility. wondering line potentially also ulcerative through the as you label shouldn't Obviously, then an point, the think colitis. $X as commercial But at down I represented generate restrictions heard there's data, just to that therapy I were STELARA opportunity think from opportunity some comments. you about your when talking And sales. made billion if guys in think a you revisit the Crohn's we of we on J&J, of if the inroads more wondering just based have decent on there

Jeffrey Stewart

I'll Thanks, take question. Yes. Jeff. first the Terence. It's

it's think you if or XX%, than I overall larger I market see. is Crohn's So at mean, the you look revenue, XX%.

very significant. opportunity very, Crohn's is colitis us. still a indication. very, -- for is So Having it's and said a underpenetrated multibillion-dollar substantial that, It's very ulcerative

top naive symptom performance population is endoscopic very, I So very we terms the it the population of patients. I in think add about we've remarkable, overall disease would concert my into of the we to significant remarks, mean, ulcerative I underestimate prepared is of studied clearance And ability still with wouldn't means. a had what and at frontline And table Crohn's difficult ulcerative And colitis, get to naive but with amount in SKYRIZI. league substantial weighted very, it's control. but what's colitis acceleration seen XX-XX, very very I that in still, exceptional. very,

that establishing because, we exactly And setup the can obviously, UC that get approval same Crohn's we frontline, very so representatives we know when afterwards fast and in this the have are who indication we the bring year. like we

global the substantial of we opportunity, Crohn's, but the size a have still our on he it's I'll with based in So the to the not largest question. one Roopal LRP second see comment safety highlighted that And on the opportunities ask we'll that category. over data

Roopal Thakkar

thank Yes, you.

profile, I data, continue drive that the for their will sure what even more at always least with our the that learn clinicians. that data what with even seen. came we've continues high-risk And keep Phase to confirms confidence to patients we original longer-term safety generating III in So with think, confidence, we continue drive out and to

this from they're standpoint, study apply a to findings now study oral authority position still sort tofacitinib, of there's I be at jurisdictions a U.S. JAK similar health going inhibitors the to with you that's kind Now to the assets many say have there parity. in class globally, outcome probably that, those opportunity and think another in against can argue surveillance an see other I where of we how would is there's it, that's the until that for

other now to break TNF, remarks, some So that indications stated you're in where his earlier the know But second you there were even as cycling. you the sooner. there's continues therapies all seeing had starting see might as you in if you movement lines. prepared options these many have a more in of past, start was third and line But grow line Jeff now people that maybe of to people

huge we'll So data. third a that is with and and grow opportunity, this emerging line continue second I still think to

Jeffrey Stewart

the and highlight are can UC use But One punch, data. first office and we're in SKYRIZI you this you Jeff lines, to Terence, representatives And earlier same coming. about it's how CD again. lines for where exquisite more both later SKYRIZI position basically use for a the And nice those excited also are obviously, I then in what's is mentioned on able comment. X-X based RINVOQ. naive

almost is of second. in all real towards capturing in-play that in right now so us RINVOQ XX% that, positioning the share allowing time, first combination And SKYRIZI we with and actually and marketplace see that

portfolio. fill encouraging it's that an position we out as So

Operator

next with The comes question from Barclays. Gould Carter

Carter L. Gould

I overarching really is, the circle volume on guess you're wanted prior is appropriately to part back the the with TRx potentially your around HUMIRA be And all and data. there that, the being agreement that some capturing is And of captured I by seeing? there, there. commentary Is guess, I question TRx. of the of there's clearly for CVS with the Cordavis to shifting some your volume potential kind

back So and maybe data I Is just of x-IPR&D? be I guess, the of we're sort framed would sort the of growth. seeing. Any sort on way commentary wanted you any commentary there there 'XX appreciated. if on EPS that of back to And the accuracy that on circle that you that all then go color

Jeffrey Stewart

it's Yes, question. a great

of this about Cordavis XX,XXX sense, was for the captured is but downdraft you baseline. mean, prescriptions accurate. early, from Cordavis we of inclusive to data I it's X So the And believe the first you there biosimilars if XX. HUMIRA weeks the HUMIRA, primarily a captured at look give about some which HUMIRA was -- and the about is

patients, again, mechanisms discussing just forward. prescriptions physicians X,XXX of there's of SKYRIZI path it's our other see switch like care one-to-one and in So very type And that this are or with can RINVOQ. logical moving action, their including data our XX% to is we a over not because and interviewing these a

to And other clearly, we analogs mechanisms, some seen and as well. think are other that that so moving in we've

it. assumed, Again, continue HUMIRA seeing we I lands, taking believe We're accurate. line Again, that's reiterate the it's is that place. to is we early. see. ultimately with are within pure want behavior to going So Where downdraft to monitor market this data we and to other we'll what have the

Robert Michael

And Carter, this Rob. is

revenue. being growth expand, in will given beyond IP revenue that Yes, earlier that that's expect have And deliver and than generally with in 'XX, interest annualization redesign our always still in you important model expense. typically it, you is given that is robust to And in comments. earnings keep you outpace X expect x-IPR&D. true to in net guide a operating as XXXX We'll Part that while solid should D trying margin, my earnings mind just highlight you an would typically 'XX. modeling. exception do your we 'XX it x benefit you earnings to What impact from to clarify growth We But expanding revenue to our grow R&D. Just is growth. and I for 'XX, was given have expect faster margin dynamic that will in very operating that that growth impact accelerating

Operator

question from with Simon comes Our Baker Redburn. next Atlantic.

Simon Baker

Two if quick ones, I may.

asked you that deal, the people HUMIRA, this Is assisting switches? of biosimilar I data. a expansion. in Sanofi but degree wondered of of I broader Up in to this Just competition a area evolving that's rather Or role back a still about been sense. to they on expanding structural of in within slightly in because said wonder level market competitive way than you to Level the welcome that market? expectation as political And is morning blocking unpenetrated. dynamics There's space? I RINVOQ the or relatively come the an see noise PBMs up secondly, how expect just going around uptake. then that treated if changes terms in number of the this about anything

So I commercially? see just wonder you the opportunity how

Jeffrey Stewart

of certainly Yes. near exactly maybe to clients. would say Obviously, sort I monitor possible. change, how questions. mean, major reform, we or to But the are downstream economics transparency very see restructure continuing wholesale need reasonable adjustments the that's I that very and wholesale make chance in to to. PBM might again. for industry, Jeff anticipating happening Thank that are that not It's as working, the a we we the think the of like term. would some transparencies we we're of don't example. government that the a for there's of you

dermatitis answer Regarding is question, I of a the bit both. your really atopic think

the of about penetration. penetration bio only bio I is here really market low X%. and X% we've think exceptional or oral before, terms or in as highlighted the It's

and to well Level I'll very going with penetration, Sanofi's I some serious think But comments market we global good I mean disease. this very study able grow is so And our the are to you this is think for timed. be Up delivered perspective. as innovation to also share this population this significantly marketplace give is

lower. Our U.S. around market is share It's X%.

the been our in more do couldn't in affiliates international cases of our where We to market direct starting that most see some shares XXs. of countries typically, So because the highlighted. able have low that mid-teens highlight in the have dose, We comparisons. I

to ability want skin the to levels label and of on really so that's what directly in and Level physicians want studied get and Up. a if control their they disease show they patients they study we can And comparative bring itch want And there. U.S. get higher the really linked you the how -- no don't that's to can

and think in it's going around help the share. some to certainly we particular, both world So with expansion capture to with our market ability more

helps. So I hope that

Operator

Next question comes from Tim Anderson with Wolfe Research.

Timothy Anderson

that step multiyear your brand cheap the How already like arrangement is SKYRIZI I versions same many on And while either of you is or have be HUMIRA, that the made lead to do in be biosimilar something 'XX. category, to or can won't up best just might might through the That in lives continue example, Zocor availability contracting? just HUMIRA edits increase fine. better, STELARA biosimilar for SKYRIZI under any questions then do locked statin Crestor on idea think in fine. the do contracting have for SKYRIZI of general you

Jeffrey Stewart

Yes.

in think, TAM of we're that that SKYRIZI have around access favorable XXXX are to I given RINVOQ, SKYRIZI market the position mean particular the momentum on up. I in probably pass lives we indication the and think the I very across we locked have we'll number and going of beyond. confident,

SKYRIZI thing the in anything prescribing this very going difficult like IBD. they're challenging we're pleased disease. how world's aspect I of in I'm never very control the I basically doctors significant we've with really the think it's with of to clear control, the very, voting adoption mean are of STELARA highlighted patients taking electronic the ability or the other very the get terms significant and the pen, from because sensitive is is that share trial that most seen sequence ability these under to their

think to goes significantly the to about relative as we going aid is differentiation positions by, time So us formulary as but to we think also that not STELARA. HUMIRA, only

Operator

question next Berenberg. The comes with Hector Luisa from

Luisa Hector

to inclusion? whether any I of be ELAHERE with It's might happening the and sales. may ELAHERE. how guideline you commentary off-label on us the able use then wonder of full quarter tell And think you rate around be penetration much

Scott Reents

were check With here, $XX we've $XXX we Sure. It's Prior the -- ELAHERE full sorry, the in closed quarter. quarter me February. sales, seen million in respect $XXX to full double million -- the just Luisa. let Scott. of Thanks, just approximately, to in according I'm quarter, midyear to that, full million what there

Jeffrey Stewart

catalyst see marketplace, first in the was And we approval saw the quarter from data. the the approval in it's Jeff. that the we full to What movement the Roopal big accelerated a MIRASOL also that highlighted with

the deeper of all certainly and And and call in table able the of that integrate the definitive that be managers rates growth our rapidly to were we the to folks. rest sales material label and year. go is account the plan to liaisons going to through So the positive ability the having continue medical into very into basically

platinum-resistant majority say. of terms sales that that think the far thus the in In to of We that's difficult population. platinum-resistant are off-label,

with levels prepared that my of updates some the in do remarks. mentioned I for different alpha of allow reimbursement However, guidelines the FRA

of but it, So a monitor populations headroom we'll the are coming certainly there's in significant terms are terms in ovarian continue of marketplace. the that to cancer that

Operator

question The Raymond comes from Nachman next with James. Gary

Gary Nachman

just in emraclidine on then how confidence And at dynamics neuro still impact And in be of the is respect latest thinking the overlap with year? what And on the looking that and the migraine there close might and based performance expected? XQ VRAYLAR?just and there FTC particular, with the the and much strong between how gross Cerevel, of viewing your you FTC. When trend how about to will your that midyear, versus rest market how by should it VRAYLAR conversations of those schizophrenia that talk in did the for competitive you markets? connects franchise the

Jeffrey Stewart

in what at. with off segments. we're start -- I'll these gain looking in to terms competitive It's migraine. in of the the very take with Jeff. market our comment these competitiveness pleased ability I'll We're share

new chronic to in be leader continue see to significantly. accelerating is for the Qulipta BOTOX that We we migraine, brand and share

there's Qulipta BOTOX to if what's nice is have And with use fantastic little an not interaction leading BOTOX, drug you're you access is preventative you're So with injector, because very the an if you injector, now agent. Qulipta. a

major growth. recent the And our -- we around best it's at So in have are leadership Nurtec, perceptions, Gary, over probably have substantial of and and oral the our indication X. terms Qulipta because our most really we the injectable perceptions segment, the meaningful CGRPs. VRAYLAR UBRELVY to market very competitor, of ongoing the to penetration among we table some main very efficacy is scope very larger lead top key look well, market bipolar over of into to and have seeing long-term key the depression, the perform of indications growth. our which a very, and continues really at adjunctive table, clearly the position league is taking you're around if prescribers, increased the continues is which we the triptan for

of to to are both us share. gain so And allowing those continue

good So we're a position. pretty in

which get We little to co-pay, the that also our the feel first our in net vouchers, funky a gross quarter. can sometimes

seeing controls there, and We stability. have strong of we're lot a

very businesses are performing overall, well So those

Robert Michael

Gary, the I'll Rob. take your your question. This on is take I'll question FTC.

keep AMBD We closely is not on in Cereval in that participate additional and their schizophrenia do case the do any VIALEV of very the with are segment, not working mind majority overlapping low. from I agency share VRAYLAR with Parkinson's we serve will the have and comes of and sales Duodopa vast requests MOAs mean, In it davapidon, bipolar which The the early indications. VRAYLAR in.

we concerns it continue middle in of expect with the year. transaction of the to and merits the the any have So closing don't

Operator

Cowen. TD with Scala Steve from comes question next The

Steve Scala

you advance the But than things in you for slightly times out to in as in that are you on mentioned planned. QX. better playing several thought U.S. HUMIRA. prepared apologize said remarks, I you And But out played asking erosion clarify

is was temporary. So that the is whatever better conclusion

to price the ago? But that? you it you from the expectations -- that You by also you yesterday. X months Accredo when sum expect due to Can like maybe all you set quantify price mentioned volume benefit. it but sounds is news up, volumes offset underperform pressure, And in part

that's the And that's but your agent? seen has only in if a competitor curious long potential question, the contacted And have second rabbits. big with the about question convulsions question. issue X FDA post a issues this emlacridine the you is with that's the at -- safety with So

Jeffrey Stewart

Yes.

So it's Jeff.

I'll So that. to try take

terms in overall performance until we -- volume So the any disruption we see first was XXX. marginally of I it because didn't quarter. part was first obviously, mean, see the better didn't

and we Now X line terms our retention tracking expectation after weeks, when you and look with SKYRIZI with the mechanisms what including CVS the template, look to we look of is our expectations the RINVOQ. other XXX in surprise were that of largely some mentioned, to HUMIRA HUMIRA going I in of as going model the at is with around at not of bit a biosimilar, that's that

I'll the as guided balance second Rob overall, to the full highlight out he year. first with line add, the has if in and the quarter, we're and to anything really what look -- is our beginning commentary, to to of quarter seeing much very ask play in So of year, look the the we've we the at what

in So we're material no in what the seeing marketplace. change

Robert Michael

what this is with I'll expectations. in saying. line Yes, Rob. tracking it's Jeff is mean our confirm that, I

the saying we vast Obviously, this saying exactly versus volume saying it's price volume volume, the is decline, expectations. dynamics? is not originally majority are is with We our but characterize it's guided. try to than line as worse price and we for is in the anticipated. that the of tracking We're erosion tracking We you there

as isn't expectation. an of there mentioned, did Jeff but mean, business, $XX slightly was the to book of the -- initial better I here. additional tune not it to first But performance we I of ahead So $XX on this overly downside million in the million think, quarter. again, have material,

Christopher Raymond

And we mentioned, a health blinded data, do particular. blinded be anything or when as as what it's has animal at thorough observe reached And also a current an toxicology, dive has look no when there, we diligence. And at do we don't far event deep questions ask I related. been take look next Steve, any data know, would to the looking tox in but we running, Roopal. from see offer this a at that can with are obviously, authority described dive about the was data consistent I data, pivotals XB we And safety thus far. We sets we either adverse that this. look like didn't out question. that at that also we did the further clinical as deep

Robert Michael

and the When in change year-over-year. essentially not That maybe Steve, price recognize you our Rob. your was our part you That benefit have is have formulary in a to question guidance. benefit back versus go confusion this dynamic. that. That a That's going and I'm onetime understand come the where was those a rebates was away It year-over-year guidance. to I could our benefit of you be. a is contemplated previous guidance.

So at it I XX%. guided Scott if you to, think was look

Scott Reents

right. That's

Robert Michael

XX% the it second in quarter. than Erosion in around first quarter, -- was is the which lower

have planned April in X. that anticipated there's change the we was was erosion. So wonder year. you'd knew why because Well, that We it the you dynamic naturally, would less coming year-over-year that but about we how

as want in a that's So benefit versus interpret calculation. guidance, to that the I our benefit don't a year-over-year

Operator

next Trung The question Huynh with comes from UBS.

Trung Huynh

CVS CVS because Rick, more chapter Are expected contract, this mentioned year-end actually the Trung could price at by any contracts increase a pricing contracts CVS the AbbVie you for that giving HUMIRA. and at there simply In like Congratulations, contract on away we're your there time. surprised? biosimilar on next life Huynh possible we biosimilar so can in to price see from additional And is this? not you HUMIRA. you to it meaningful flag remarks, post because of the UBS. Is that forward. of mentioned a And role the a the moving year. Again, here step-up you're was moving

Scott Reents

start question Scott. is regarding price your this Trung, benefit. with I'll the

longer be terms had volume in So as, with associated down a the that. CVS in Therefore, in change we rebate, that initial volume there, formulary think we no that of have there's step been those have with of price paying indicated And declines, paid. price that onetime my a with been saw the this as will step-down I we there's that can the quarter. would rebates the associated and remarks, price associated onetime that volume you that benefit benefit with in

that's what to. that So relates

Jeffrey Stewart

we significant forward. dynamics Yes. and on all patients the into exclusionary adjustments And would a from patients our on smaller would the going maintaining their see super don't degradation in for, see in existing highlighted, We HUMIRA. idea the that payers, be plan we guidance. to I what the as may maybe of removed the biosimilars going a new one not terms that of HUMIRA pricing this That's formulary put And as large, did we mentioned starting comments, forward, of obviously, all where volume plans make consider the versus action some within of I formularies. some

we're see and our marketplace. approaches 'XX in what's of we about look that, you contemplated the that shouldn't knowledge So happening within taking with that, were the if be that surprised to across as you

Operator

from And our Capital comes BMO Evan Seigerman final question Markets. with

Evan Seigerman

housekeeping about macro know headwinds, this dynamics any business, $X.X you China. disclosed payment quarter cash for And color royalties. quarter's was part maybe maybe royalty of pretty the seeing you bit a me on lot SKYRIZI. a last I the the talk in aesthetics the the there's that that of of your for is quarter. full to just provide you're a business. I And year, on but was? year big On some then billion and this what believe for Last Can us of

Carrie Strom

in to near This I'll is we're address question seeing China for XXXX. Carrie. persist expect overall the with your on over China aesthetics do market China. in term flat the economic And we that headwinds aesthetics

think So to second our to recovery business. activation, new launch to the expect about support will to the until way market a the products begin the half starts for of the invest to as and we aesthetics there China injector market. is market does important in remain market in in recover, continue starts consumer very continue training to And it XXXX. negative

Scott Reents

It's Scott.

schedule to So you're payments. the relative right. respect With

$XXX the to each in But so quarter they So the was that that have payment. amount bit a the quarter we in you on don't lag, are million a track paid cash these sales. of first remember

Elizabeth Shea

concludes That Well, thanks, Evan. today's call. conference

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

Operator

you. conference. Thank That concludes today's

disconnect may this You all at time.

AbbVie (ABBV) 26 Apr 242024 Q1 Earnings call transcript