ABBV - Earnings call transcript Q3 2024

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, and thank you for standing by. Welcome to the AbbVie Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Today's call is being recorded. I would now like to introduce Ms. Liz Shea, Senior Vice President, Investor Relations.

Elizabeth Shea

Good morning, and thanks for joining us. Research with Stewart, are Commercial Vice Executive Thakkar, Global Vice call Executive Michael, Officer; Aesthetics. President, the Scientific Allergan President, Executive Jeff Chief AbbVie and Officer; Vice President, Senior Chief on Financial me Reents, Carrie Rob today Chief Roopal Officer; Officer; Also Scott Development, Strom, Executive Vice and President, President Chief and

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

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

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

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

Robert Michael

Therapeutics joining Thank the ex-HUMIRA I'm platform, everyone, thank you, of sales us. the innovative our compelling from and pipeline strategic closing we double-digit well, and growth advance against and progress to Liz. build medicines. priorities, exceptionally the AbbVie integration our extremely you Good performing execution for is are with Cerevel of a morning, and pleased making including and continued

sales and $XXX portfolio reflect that expectations million our results. growth. our diversified AbbVie's were to sales Turning robust mid-single-digit operational above delivered

is QULIPTA. strong with and especially products growth, This overachievement, also Venclexta, VRAYLAR, XX%. The into decade. Several delivered growth $X.X of this and billion nearly see initial to and for the our Ubrelvy including demonstrates which our billion strength momentum commercial growth further impressive, we well of expected the next RINVOQ sales double-digit SKYRIZI expectations, Our sales opportunity of $XX year, continued broad-based exceed ex-HUMIRA above this platform drove is substantial combined performance including other key portfolio.

we For full and are raising this adjusted the third guidance. EPS revenue time year year, our

and total guidance by We are by $X.X million, billion our revenue year now initial guidance February. raised full since revenue $XXX have our increasing in

also are share EPS earnings We adjusted and by between expect our full $XX.XX $XX.XX. and raising year per adjusted now guidance $X.XX

the addition strong In to results, XXXXs business generate focused we achieving long-term in and sustainable been in on have quarterly very the performance investing to beyond.

help neuroscience acquisition have been of has Cerevel our the we During the enhances pipeline. completed schizophrenia. and our our talented excited are join conditions and seamless, strengthening Cereval as ability from successfully quarter, organization. devastating integration the Therapeutics, The team we such to patients Parkinson's Cerevel to suffering

of and development. pipeline, been the pleased on for read track across we studies on all advancing in broadly the profile the are the quarter. More and of schizophrenia programs pipeline, with stages very Within Phase Cerevel to emraclidine R&D And in out pivotal fourth Parkinson's. we Tavapadon emerging III results positive key we have remain both

Crohn's and and with cancer, pletizumabans, include combination of the in approvals for evaluating regulatory non-small Some several Parkinson's for SKYRIZI Phase the notable platform II highlights for cell start the novel Telio advanced of our U.S. of Biolab lung submission is U.S. study non-squamous V which BOTOX biologics.

robust our further in to once see drive continues underscoring numerous platform our execution. R&D The of growth. again commercial, and AbbVie growth, demonstrate performance In operational long-term opportunities confidence exceeded we expectations, our growth summary, that to and strong

February quarterly we we dividend more a beginning have XXXX. inception, Today, in the X.X% our our increased than in announced increase with by cash dividend, dividend quarterly XXX%. payable Since

Jeff? call turn With our highlights. comments additional commercial Jeff for the on to over I'll that,

Jeffrey Stewart

the across Rob. X.X% on you, quarterly operational pleased exceeding SKYRIZI up up more Thank I'm billion, continued for $X.X an our I'll $X which XX.X% an billion, sales momentum extremely expectations. start basis. of total the basis, results than delivered with the revenues therapeutic operational strong immunology, on portfolio. global with were

robust easy SKYRIZI see biologic other achieving patients across Canada. best-in-class head-to-head complete patient Crohn's gain on with in-play growth disease sequence with continue a further in-play U.S., now is in we dosing. across psoriatic bar very every the we supporting rapid a versus to convenient durability of This data share compelling to nearly achieving nearly countries. leadership where IBD, profile well are in-play as leadership seeing uptake believe disease, lines of In in total demonstrated quarterly share continues including clearance, for biologic for that's key that We out globally and our profile profile in clinical dosing STELARA maintenance market therapies capture disease, X development. SKYRIZI endoscopic therapy data or on therapy with in and market response, of differentiated substantial paired U.S., to the SKYRIZI's as high therapy relative onboarding room very and skin prescription SKYRIZI approximately -- share psoriatic growth. We compelling XX high Japan has in all also strong X

second in see patient treatment. SKYRIZI's inflection total approximately for U.S. of forward. significant in-play going share approximately SKYRIZI's Crohn's we opportunity double X%, revenue than XX%, the now And is share the prescription more biologic share of with

in early also in have SKYRIZI are remission clinical exposed the UC new overwhelmingly positive. trends impressed we data very we who prescription robust for achieved been endoscopic well our and biologics, demonstrated the are that gastroneurologists naive as where Physicians high feedback SKYRIZI as for particularly very indication. Initial been anticipate launch still have with in the to U.S. ulcerative yet Europe, results has been response. colitis, from uptake While not for patients and

broad We next sales have ramp in to for now the access with indication quarters. SKYRIZI meaningfully over secured UC in this several expected formulary

guidance year again SKYRIZI. momentum all full these the of given seeing for raising sales So once are be will we our we across indications,

$X.X is also RINVOQ, now growth sales Turning operational up on XX.X% an were basis. Global to which robust billion, demonstrating

Both strong uptake expectations. RINVOQ in an colitis RINVOQ's double-digit study as is to data indications indications. Dupixent. share continue with in positive We now share X countries our with capturing to reimbursement all Crohn's see of across increase. I where dermatitis, in pleased XX highlight well our than as where available more U.S. also and now are following ulcerative performance our approved second in-play the disease. seeing for IBD, to share continuing atopic exceeding especially in RINVOQ's recent in-place growth prescription I'm RINVOQ head-to-head our patient versus performance is recent is acceleration from of wanted

clearance believe well we will underpenetrated profile oral continue strong RINVOQ's As relief, an compete and rapid to option that differentiated this skin highly in itch market. provides AD

sales of guidance again a we performance, result continued for full the As this increasing be also once strong will RINVOQ. year

derm see market the for Looking room, SKYRIZI growth including across and typical RINVOQ, indications gastro. forward, substantial we top both of across underlying continued share momentum gains on and existing

head-to-head with have Additionally, strong for compelling This half against the inflection decade perspective, has and competitive been includes into this their to making data excellent RINVOQ potential indications novel in are significant with we SKYRIZI the several provide markets RINVOQ the SKYRIZI's revenue of second XXXXs. From therapies. that a head-to-head and element a success progress differentiation new will several key another across as have sizable of for underway Otezla differentiation, well rheumatoid in for our study and in as support we further HUMIRA versus versus comparing HUMIRA ulcerative in and ENTYVIO arthritis SKYRIZI dermatitis. To with psoriasis ongoing another now in plans [indiscernible] a study versus SKYRIZI colitis. ORENCIA atopic also versus STELARA as as psoriasis and superiority STELARA in DUPIXENT Crohn's COSENTYX, in superiority well RINVOQ disease

growth long-term So about given for and these SKYRIZI factors, all we of the RINVOQ. very prospects feel both confident

now on operational HUMIRA, $X.X competition. global Turning down basis billion, delivered an to sales due biosimilar to which of XX.X%

largely line now in seeing novel previously with our erosion the HUMIRA U.S. than While to expectations, volume more are in moving anticipated. HUMIRA's mechanisms to is share biosimilars molecule other we

a impact unfavorable and to to term. the dynamic this SKYRIZI while a So and is benefit now seeing has long portfolio sales, over are for favorable we which very immunology RINVOQ, certainly HUMIRA an

oncology, Europe, dynamics reflects where partially $XXX treatment leading alone. Growth This for BTK changes in BTK rates recommend higher Global plus million, revenues XX.X% reflecting patients. VENCLEXTA guideline Moving as frontline Venclexta strong total by chemotherapy. $X.X use basis. versus very on CLL, CLL, patients induction in intensive $XXX X.X%, by is global are also offset treatment where IMBRUVICA an million, the ineligible recent inhibitors for up momentum who were continued well. especially now extremely performing approximately of supported continuous down combination duration sales competitive is our revenues to AML, operational is where a were treatment for existing position billion. in persistency VENCLEXTA preferred in were share fixed strong

and here are sequential launch growth which are We trajectories. strong ELAHERE seeing nice both revenue also at demonstrating Kinley, from

$XXX $XXX contribute Global million performance. continued prescription performance billion, $XXX QULIPTA. $X.X than of is more approved well were an revenue million, were revenues on leading total we basis. Ubrelvy robust BOTOX strong operational quarter, chronic XX% and our reflecting this where both migraine, new in XX% indications. as an in neuroscience, were see operational disorder to up as the sales in migraine demonstrating reflecting demand basis, increasing VRAYLAR prescription oral to now combined adjunctive bipolar XX.X% MDD. Within continue both other approximately Turning therapies growth up on as million, and CGRP for growth Therapeutic Sales reflecting

uncontrolled for recent a advanced U.S. Finally, patients therapy Violav, disease Parkinson's excited alone. are the for on oral we therapy are very approval of who with transformative

internationally, As determination. At Violav Violav are that interest delivery as approval sales term, we Medicare the time, with on-time exceed where have current we system in the aided billion. to establish anticipate potential XX a by already believe invasive, can to U.S. use appropriate we and expected treatment. uptake Longer time, countries peak for provide work in significantly ramp Sales several and Violav of beyond improvements has in benefit off several gradually on are the thousand same the over very we $X therapies. less expand patients next nonsurgical encouraged the quarters meaningful we now and the to to coverage device

pleased I'll commercial And Carrie comments on with for Carrie? the therapeutic performance to So portfolio. additional turn call the that, execution continued and the aesthetics. over across overall, I'm very with

Carrie Strom

Thank Jeff. you,

toxin broad Third were growth by basis. increased than versus offset year. aesthetic our were roughly the were consistent Juvederm's $XXX seller BOTOX to pricing Cosmetic flat X.X%, Aesthetic Juvederm increase brands of BOTOX X.X% on prior market-leading quarter and million sales last dynamics of more prior of X.X% $XXX market driven as Global representing leader. U.S. clear the growth $X.X year than growth was operational billion, BOTOX was sales from portfolio. U.S. $XXX erosion. million, other sales well year. the Cosmetics by remains across market as share In more an Cosmetic with and Favorable U.S., the share facial modest market the an overall million.

remains largely historical rates. market injectable facial stable, growth While is U.S. the below

X.X% As is we challenging in a consumer challenging spending. reflecting This on traditional dynamics weighed are inventory our an $XXX the economic reluctance to Juvederm's the that which result, our due toxin and quarter impactful filler the based particularly half there sales seen customers first a on continued conditions from Primarily sales the of Juvederm this that has a economic relatively U.S. for decline more million, China, aesthetic filler performance. year. be circumstance, created Within market operational impact point environment, still year levels. during Juvederm aesthetic higher to price results. Internationally, the have third maintain procedures has of basis. is moderating been to by can were results a in outlook to impacted this dynamic, upon of

We stimulus China. in recently announced encouraged by are government the

will for growth. market it how and monitor discretionary impact could We development and spending to further consumer any aesthetic continue positively

jaw the only platizmaban. a we innovation have Asian China, BOTOX use train committed received approval in the cosmetitoxin dynamics of and the muscle approval us U.S., China are line that that patients. In drive to with distinct first X are top BOTOX among prominence, indication indication. appearance. and challenging, potential the enables we option market beyond as approval Cosmetic growth. Along approval pleased its received enables bring will concern to current many are This for lines, in the that to the for to longterm the and to in treat remains and to Although market the face the FDA important and we us those This this we Cosmetic toxin neck this BOTOX improvement to positions this recently and market master addresses aesthetic marking for world train indications, of treatment attractive,

expansion. try the excited long-term profile, opportunity We facial also that upon the remain for to driving market toxins, its and hesitant activate BoNT/E. to rapid BoNT/E Based about are short-acting new has patients potential onset

future, the rates, the novel continue leader. With and relationships, the commitment to to portfolio for customer to based our turn position treatments, to I'll our see as over we low our call potential penetration our Looking strong introduce aesthetics upon aesthetic significant market that, global Roopal. growth

Roopal Thakkar

Starting Carrie. beta study, we will with our Crohn's other several bispecific which initially with antibody recently evaluate biologics. SKYRIZI you, Phase Thank at will our began II ABBV-XXX. luticizumab novel SKYRIZI novel look where anti-alphaXbetaX disease alpha combinations immunology of study our anti-IL-X This combination in and with platform

We to biologics are in planning novel additional the include future.

Our immunology has the elevate have therapies pursue well and approach to in to are that been care. standard potential of differentiated

achieved clearly multiple colitis. across Crohn's indications, SKYRIZI with and disease have and this RINVOQ We including ulcerative

of current the evolve, potential the think IBD to will market greatest efficacy approaches are standard of above dual we how about view levels as As we achieve care. having mechanism that

these approval look treated the the to anticipate for data recommending oncology, cancer of as platinum-resistant limited tumor IBD, a combination to an XXXX. In we decision non-small we Teliso-V was treatment non-squamous, anticipate prior III of of of EGFR tumors, an quarter, segment patients progress tumors good and in the reduce with treated very half application decision This risk ADC to pipeline. gastroesophageal first updates an in options make with c-Met. lung very first lung patients if we sharing the ranging lung in are cancer. Once response lung of cell alpha where for In based for from efficacy solid advanced with cohort also A high MIRASOL approval of XX% very of quarter. At from therapies for type, where their monotherapy response patients ESMO and across We our X the hem Phase in benefit of poor the cancer wild data stages with received FDA patients forward as all the overall fourth study to ELAHERE excited accelerated rate enter ovarian in presented with the our and become cancer recently c-Met. the I potential therapies. Phase non-small we to CHMP We the area ELAHERE cancer. across approved, survival the cell all recent submitted patients Teliso-V C-MET in continue opinion We in Europe and a and with about especially mature. In are have positive in up XX% on Early cancer. previously tend a to overexpressing c-Met FR approval prognosis, XX% to rates positive progression. cell new express an non-small the decision will targeted data the demonstrated significantly trial expression here Congress, objective we the ABBV-XXX and overexpressed and promising, in solid

XX% c-Met our we favorably in line seeing We follicular lower and and and lines in hematologic ranging for for lymphoma. large to with which follicular or of on with advanced Phase received T B-cell response as which in this II the we've III cancer is high c-Met gastroesophageal therapy. oncology, and Phase colorectal treatment well plan with levels into the pleased activity also cancer, care Epcoritamab diffuse the lung compares Recall, in earlier gastroesophageal we're c-Met approved therapy, ADC, remain of after we are an XXX cancer Teliso-V, to cancer. Similarly, begin to promising patients medium data, to second rate has XXX we very [indiscernible] XXX expressors the of standards of for third and these XXX objective of both we've next-generation monotherapy encouraging the potential in treat expression studies approval year. In rates of level expression. in non-small both relapsed/refractory XX% the in a cancer. a from objective expand track in all response in demonstrated c-Met seen bispecific lymphoma Europe engaging where therapy with chemotherapy, and portfolio U.S. combination study on line late-line and patients X only to activity from later advanced of single-agent across XX% lung c-Met now are to patients. of more This against compares patients with cell area our Europe preliminary respectively. Based lines for begin cell patients lymphoma

Moving to adults Parkinson's in neuroscience. [ of We infusion first ] subcutaneous for the motor therapy advanced with treatment of disease. recently received VilEv FDA levodopa-based approval as fluctuations for the XX-hour

Our subcutaneous deliver levodopa over can to combination and oral amount the [ with system. it It delivery and improvements extremely a similar efficacy. are that on-time significant by achieve a this XX-hour off the transformative delivers options high carbidopa in offers doesn't to meaningful novel excited bring current delivery therapeutic levodopa in in nonsurgical others provided ] to VilEv system development. [ require We're treatment to time ] option and doses drugs DUOPA, with patients benefits U.S.

positive also TEMPO-X Tavapadon decreases from both disease. recently evaluated endpoint, XX, of of III rating disease the for scale. in study, trial, the monotherapy severity in X met met disease announced early also Parts secondary primary Phase top of combined doses results Parkinson's measured Key which Tavapadon line of the placebo doses by X unified the with at demonstrating study. Parkinson's Parkinson's reduction significant a compared In the We fixed and week the scores symptoms in in endpoints as this were

disease. Results advanced a which an Parkinson's it far with monotherapy it a strong an very as and for the as and adjunctive pleased we Tavapadon adjunct believe and generally shows drive patients Parkinson's other new the treatment carbidopa. treatment agonists on is safe the option X become market. emerging as thus dopamine are favorable efficacy an oral III early to in compared from for patients potential more and and with profile can Tavapadon has in We monotherapy well tolerated, as to the important Phase to legal studies look well

to from long-term next a TEMPO-X expect evaluating flexible this Results see TEMPO results study tampon. are from dose our Phase is year, safety monotherapy our We later year. X, expected III which of study,

the mentioned, As studies pivotal the on X Rob emaraclidine to data quarter. track in share remain we from fourth

amyloid novel conditions. And aggregate clearing to We potential application a to end subcutaneously. reduce uses BOTOX able our achieve the new neckbands cerebrospinal recently lack an an with There prominent global believe to Gideon which this of antibody therapeutics other central is BOTOX platysma of external this this the deals vertical bands patients moderate pipeline. In treatment marking targets a to submit are an neuroscience around barrier strengthen continue novel of Aliata we for lead our neurotoxin. looking expanded portfolio, been currently in to approval option the A-beta pipeline. brings year. of neuroscience jawline also for disease. Aliata's will announced we for nonsurgical collaboration an Aliata's to for system best-in-class for neuropsychiatric received to to fluid a for the first available with unique improve track area, X indication also the be technologies technology. improve important blood-brain across used our half-life and with platysma invest severe for in aesthetics, to we We toxin the of definition. In innovation any levels potential on has become appearance molecule the programs and approval This antibody BoNT/E encouraging to U.S. develop our regulatory to And remain who bands. in be an in treatments appearance represent extended recently anti-pyraglutamate Alzheimer's including the access in acquisition Richter treatment for have the nervous could enabling novel delivered crossing

approved, offer Our clinical highly option once patients currently rapid toxin will onset, a has profile differentiated a novel neurotoxins. compared to short-acting and available

I'll our organization, summary, call we've with pipeline. With this are has and broad that, R&D pleased So thus year the productive a turn very in to been Scott. over the made for far our progress advancing we

Scott Reents

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

our of sales. XX%. Our x-HUMIRA the R&D gross million, covers XX%, expense was margin adjusted more XX.X% adjusted XX.X%, of expense total tax reported Net This expense X.X% includes nearly was adjusted operating of XX.X%, rate margin of again acquired R&D of of platform of was XX% and adjusted IP expectations. The SG&A sales, ratio than XX.X%. growth growth AbbVie's which adjusted interest expense once $XXX exceeding delivered

our to financial Turning outlook.

on share estimate are that not due And U.S. note $XXX full an full increase we robust $X.X a total uptake U.S. year the does forecast beyond of of We of revenue products all raising an now $XX.X guidance expect the to includes $XXX to acquired reflecting now midpoint million, million. This increase approximately areas. SKYRIZI be in sales total net per and increase indications. RINVOQ select to share for $XX.XX. impact the guidance $X.XX. of adjusted expense revenue third earnings of per by revenues an million earnings Please $XXX of total following IBD. may HUMIRA our reflecting of global million, key rates, include therapeutic markets. Aesthetics a decrease of million, global of entirely to including an persistency international $X.X molecule more decrease conditions continues patients. billion, $X.X demand novel in $XXX the therapeutic modestly which of other of volume prescription markets. demand of million, million, increase channel total economic of key sales And of $X.X sales challenging decrease million, U.S. due partially $XXX to by SKYRIZI an a of momentum continued we revenue in reflecting $XXX billion, billion, rates expect billion, billion, quarter. We expect impacted $XXX $XX.XX that continued reflecting for $XXX adjusted $X.X space unfavorable a reflecting and increase strong incurred We expect increase million, BOTOX, sales mechanisms, strong an of total exchange global approximate be billion, both approved now unfavorable $XX VINCLEXA almost higher moving VRAYLAR performance $XXX between of IP now by revenue lower billion, X.X% foreign an billion, of mix. R&D across for and offset in year revenue sales JUVEDERM all total billion, $X.X At reflecting $X.X to current of indications. volume, total this updates existing across RINVOQ. IMBRUVICA robust and have HUMIRA growth.

for to the Moving P&L XXXX.

We which continue of XX%, margin to roughly margin expense XX% forecast sales, gross adjusted unfavorable investment IP well approximately of R&D SG&A adjusted as of ratio expense. a as acquired XX.X% full X.X% from impact year of adjusted R&D sales, adjusted of includes of an a XX.X% operating

net We approaching expect rates, a we neutral At foreign fourth impact the to quarter. to billion. revenues exchange anticipate sales $XX.X have growth. Turning current on

from the that not We acquired announced incurred excludes recently and IPR&D expect acquisition expense This Aliado may $X.XX. potential $X.XX does Therapeutics. impact in adjusted and be between guidance earnings per include the quarter any share of

AbbVie's business to our Finally, performance continues robust priorities. capital allocation support

supports and September of X a track includes fully flow SKYRIZI roughly the Our first $X.X achieving than of pay maturities We which free XXXX. X.X% of payments nearly the ratio the leverage repayment, months well debt we remain cash approximately in of dividend payable as cash $X.X XXXX. $X.XX Xx end net increasing a $X balance growing free billion on we down year dividend at billion, where beginning quarterly the cash billion strong $XX this are and flow end which with as and to to share, royalty generated more was anticipate year. This of in billion of of the we by per the

provides cash for additional flow strong capacity also development. business Our

long-term have growth this supports In the We we top and including performance call our results. our which far again continue line early-stage and external AbbVie AbbVie's ex-HUMIRA to all I'll I'm has of turn deals of Liz. to robust so RINVOQ bottom SKYRIZI from innovation once the closing, than areas. across executed pleased delivered further continued outlook. With growth very strong a dozen key assess that, back more with momentum over year, and platform,

Elizabeth Shea

Scott. Thanks,

the We call now open will for questions.

are the begins our call X:XX the to up aware that a.m. around so hour. of at right we'll do Q&A our peer [Operator of wrap earnings a Instructions] best top We Central,

Operator

Our Schott with from Chris first JPMorgan. question comes

Christopher Schott

there. on My centered the Congrats and guess XXXX a outlook some around really I just question. results. preliminary specific just question was

are all HUMIRA largely [indiscernible] higher here growth. mentioned some to about volumes next with still reasonable of, to tied in context newer be think that of the the HUMIRA? given that at that terms a that, picture to seeing SKYRIZI is you're get but target is may drugs. Can $X.X Is shifting and you see of sits like line positive Street for something to mid-single-digit forecast? comment HUMIRA kind I reasonable over a bigger over the AbbVie mid-single-digit that's number maybe HUMIRA? And sounds You up top moving one RINVOQ could think It you trends net is where maybe Or a about year? volumes declining, are just billion. the then currently where with what's erosion consensus happening

Robert Michael

the then Chris. have I'll is start I'll supplement. and Jeff question, for Rob. Thanks This

we're bottom yes, line line, growth, XXXX. confident for that in very both mid-single-digit top So robust

HUMIRA. I the think from you've than seeing interpreted and trends positive with SKYRIZI RINVOQ we're more dynamics the overperformance that it seeing offsetting correctly and we're net that are

we as probably consensus, not look so at that's And reflected.

and there's SKYRIZI think shift with RINVOQ. the So strong pleased a uptake to we're say it's required that's very I for but there, fair

where molecule, dynamic a the very mechanisms, HUMIRA overall long-term all delivered and see we tremendous we're in billion across have SKYRIZI in total. We're SKYRIZI mentioned particularly now that of IBD, with is now $X.X to switching positive other are indications we guidance IBD but increases starting which indications, As remarks, seeing momentum, RINVOQ, RINVOQ and for my in the to and I this is really particularly there benefit. the including with seeing

business, oncology. We've performing And not us So well seen changes robust perform the as very oncology line top HUMIRA returning guidelines our think performance positive business, obviously as is just we bottom in positioned we Europe combination BTK across very the be in returns and SKYRIZI growth. VENCLEXTA at many in to with you've will The on RINVOQ, expectations U.S. about and years overperformed pleased nicely early we're well. parts are ELAHERE. the really look very opportunities line LOE X with inhibitors. the of essentially after the exceptionally

So Cerevel deals long-term look strong Guinean Aesthetics, the [indiscernible] as the strong. the return have it's very fortifies grower. our to as is with Obviously, We VRAYLAR in performing very be Aliana VENCLEXTA early Richter in the with while neuroscience now excited as and is pipeline, I have that. is the both robust on pleased to mid-single-digit really We're nicely outlook for look about below very a confident franchise, year, we're well. And doing very the portfolio. going that for conditions business. well. When with of that XXXX, we and neuroscience this at long-term obviously, number tremendous migraine economic for then to our that a growth. still But expectations confidence view dictated ability across

Jeffrey Stewart

I'll Rob. bit just little a It's add more flavor. Thanks, And Yes. Jeff.

we prior the trend ADA say, and CVS it the, of auto event this over to throughout terms in or accelerated to saw the we plus market, So emerge molecule the again, it HUMIRA And let's biosimilars start QX. just saw then compression of the QX. this

the we our compression you can exactly the this biosimilar data. we've So playing as are that's dynamics IQVIA dynamic, this than out And adapted in see really why anticipated. approach here. Other

for So that shrinking share little we full the HUMIRA decline quite something to precision, continue market really, is as see the highlighted It's over strong I to continues with clear. SKYRIZI difficult that's quantify gains, RINVOQ. and time can the see but and we the molecule to a or ADA sequentially, of

the flow a we that factor overperformance but compression, molecule this see incremental some contributing to also in to sales head-to-head the the We've and only the force it's So of Chris, QX, is significant in really approaches incremental about. talked launch. of the from I clearly had impact starting saw of several. QX And X the investments we're the consumer now data certainly, of we've UC space, taken, integration

said, Rob are that overall. So good put positive still that when net-net think for we're looking quite dynamics we 'XX. we all as together, And the

Operator

question next Our from comes Mohit Bansal.

Mohit Bansal

based trial you What confidence ENTYVIO to the wanted superiority looking us you at head-to-head data? or And running against touch there? Could are ENTYVIO. you non-inferiority or help over are early just We you upon there? preclinical gives potential on understand

Roopal Thakkar

one. Roopal. I'll that Mohit, it's take

data, So inhibitors. The seen in look XX% highlighted or when ulcerative population. is in this biologics maintenance and patient colitis like population SKYRIZI JAK label, was is a of in in the this in hasn't endoscopic advanced therapies the I improvement, Jeff that with portion patient at think particular, we this. naive other this This

it quite So high. was

with even observed we've what than higher RINVOQ. fact, In

gave all amount a So us to the other differentiate potential good that with of have assets. confidence we that

go looking You with heard in about the SKYRIZI us versus vedolizumab, head-to-head to there opportunity ustekinumab, disease. endoscopic one gives especially this Crohn's unique head-to-head a But improvement. at

the would would field type these particular symptoms of because sometimes endoscopic asked as So you with the say could it for of highly may improvements objective endpoint, where But like believed about being remission, outcomes. in point, be be think end to there bounce of around. that we predictive superiority now clinical long-term are we noninferiority. about endpoint That I consider an X

at would that Mohit. looking be we're how this, So

Operator

This question comes Vamil Securities. from Guggenheim Divan with

Vamil Divan

on keep I'll X Great. just it imraquidine.

Just release. up from of data getting investors that kind questions leading a of lot

testing can just to level now especially have what you'd you Is thinking just see combining something safety of requirements do you're with the X maybe impeder So studies? approval Bristol the terms that profile your to of both data? of and think you liver Or we expect what from from efficacy you're that also kind you to we expectation hoping they and [indiscernible] added terms are just as on should that then releases, the do we expect of give in you obviously data, the based release? expect separate to the Or that on And still initiation? the X data press tying that in just relative well releases?

Roopal Thakkar

Vamil, I'll take one. it's that Roopal,

couple of what So starting with a observed things. we've Maybe the with approval.

a there's this recognition lack is encouraged a that warning, at the were unique looking mechanism by a we So of specifically meaning the of muscarinic class. action boxed

that. pleased So to we were see

bladder notable was anticipate. we GI the was also for anticholinergic something, us adverse affects guess, longer-term terms including out that did would what think events, not of was I retention. in I tolerability, That play how

that didn't That hepatic mentioned monitoring. something we You anticipate. was

dosing, is The other along effect. was thing that there a BID the is with notable food

after when when to So take you you of you can and pill. have amount wait eat you eat a period the certain time

So Ib we Phase neurodegeneration encouraged likely type when single these hepatic psychosis. anticipate that and the a at also agent data, Ib we but a patients have looked sensitive older any are once any We don't bladder we were be had observed we laboratory we see day, to associated see continue when don't about data, any anticholinergic typically about not effects. we being And to think And and -- in thinking issues, We monitoring. Also, effects. GI we didn't our of profile, emracladine more issues. with food effect. no extent the don't of

So in we patient that an well. continue see as opportunity to population

stated studies. that next same wrapping out data the So the months working quarter. these The of is in we've on the here will read X in team couple up

releases. apart is depending or to the to to it's to be potentially X So us you, X going going press together, for they're you data how close little as far on early going or be are, tell X it now if one. determine, probably stated, It's X. right But a is be it will

Operator

Flynn Stanley. comes question from Morgan next Our Terence with

Terence Flynn

Maybe a part X me. from

assuming wondering is now Just can I'm if up. you contracting wrapped

at SKYRIZI XXXX. and can comment high for you just If how pricing think on to about all formulary RINVOQ positioning and level

Jeffrey Stewart

Yes. It's Jeff.

to very, wrapping up. yes, is very close So contracting

more few a have We nuances.

making And another year. very may or good so Overall, contracting next that progress we're so. month typically, take on

what for plans. any RINVOQ Medicare SKYRIZI the material access So and of not we in do in terms we've in or for terms next change the of anticipate we highlighted the year is across commercial past --

that and access continue. broad very high, we quite have assume We that, will

term to had of we have what we environment, over modest. indications. near ago of our quarters we've said we've X and In terms nothing that It's many saw where do highlighted anticipate pricing LRP like we negative but it's a sort

perspective, not And we're confident. that at despite So assumption we is feel changes this assessment we fair that's point. a a said a reasonable single-digit low from rebate fully complete, think I

Operator

from question Sachs. Chris Shubitani Our next with Goldman comes

Chris Shibutani

on mute. the helpful. are Apologies, I you SyretInVok Thank you've about the switching comments for the All very molecule question. and was made

as hear on we particular, of your coming in Just as I potential well the have modalities how data earlier you we forward curious to pipeline, mechanisms that's might think as of optimism new oral the and about as some other up. difference terms the thoughts modality in have for TLXA think I in your competitor believe interested well rank that mechanisms stage. you of action, your

Roopal Thakkar

I'll they the patients one. take for to SKYRIZI take back the substantially actually SKYRIZI an that to were with higher subcutaneous along They I'll efficacy was when as tolerability respect head-to-head also that dosing. occurred us oral. we ask With data quarterly Roopal. what it's from which prefer. the preferred oral, did [indiscernible], Chris, with is The standpoint an

think So I that as it would about way well.

is question has we would where the similar PASI is psoriasis. my could still mechanism, in now XXX. And that's recollection the it be, with Well, XXX. to XX% what when PASI what skin PASI it's Now is bar the Phase that than efficacy saw be full a a been a the and higher SKYRIZI in XX comes at clearance full observed data, better apremilast II

still the SKYRIZI oral our 'XX we data the the was data see from data we efficacy sharing an Phase III I'm that advantage. Also, for Phase saw II. So

a potential have down So longer-standing you like population, have or had reasonable data to especially the a those efficacy other seen that to biologics. that tend settle is therapies patient when other go there broader disease

across competition. Also, globe. countries. profile a of by really couple don't emerging we space, to there's So the our driven gain our think very assets when and feel about from efficacy very global in the to you Maybe majority access. And we a standpoint. And of think continue the versus are any about we about good they countries, optimistic oral see it

Jeff but referred space. be think that a to mentioned the U.S., has as space prebiologic may I

So maybe apremilast the more of in TYKX is on or see how an it. we influence

RINVOQ. think approach, need differentiated, SKYRIZI earlier, high think does the from think which data part of and I extremely response, dosing, the we colitis combination delivered like depth look anti-ILXX We really Crohn's, are think competitive mentioned, we we a it's to if we encouraging, especially then standpoint, monotherapy in the terms TLXA, our mechanisms with that as ulcerative to quarterly it won going going at data like we convenience be you that are couple but I of have from that's in we a internally. other like a the the when And important, especially we combination In that future. Mechanisms the the with with like, something not be other SKYRIZI, can TLXA, and of assets as way combo. approach, mentioned durability

X. resistance ludicizumab. also be some beta disease combo. our beta also in other super signals and a to driver that novel our our IL-X of good we've of very a IL-X seen alpha alpha biologics. hidradenitis preclinical with X teva with provided that's part We strong And So beta will platform we've be think And could along data then that

part So will be platform. our combo of luticizumab the in IBD also

we're and pipeline, the excited about as about. the mature. those will information give So a are we of that's the that more that mechanisms some just in There early several you are others data

Operator

Trung comes Our with Huynh from UBS. next question

Trung Huynh

business. hitting mention you I'm confidence curious Aesthetics In better here. did still tremendous on that have quickly. getting amount a is the longer-term the economic that guide getting how on the is this of environment dependent Just you better on Q&A, and

this you've it's moderated giving economic year in could outlook been because is even billion you we Just confidence? XXXX that your being If challenging moderated another So not $X see next polled? Juvederm year, or year good. what's

Robert Michael

is for This Thanks take that question. one. the Rob. I'll

a growth bond short-acting to can historical you about XXXX, onset we you launch essentially that So it a could prudent we the at more short the innovation beyond around to fear of at more single billion something high really we digits, at that have is could growth expect we which just market this in been, with that recovery, there. And share XX% it think the in the If now, need we that's of $X unlock 'XX, market, teens we see fast by low lead we it, one, look compound really get going of transform short-acting dormant barrier about need long-term for the get the as also a greater look it's if part digits, there. call recovery is the we're probably that when guide, than let's as unnatural the low market assumption gains. an say, double look to the particularly think you look. bringing, the right? believe could So something to market right to That plus you because of think #X is patients forward, when

to see, $X we ramps point, think we'll I one, And 'XX. how ultimately the here as see Bonte And in then I and At how that a billion better so have we of sense sit recovers. launch 'XX. would need today. 'XX the say, the market

frame If BoNT/E. likely single to you there, believe still the not that than the of we're guidance. in more in But 'XX. that market which can high why more and is I We reflect we updating that confidence would a will recover believe we get in lot to expect digits, us 'XX time have on

Operator

from question Geoff with Citi. next Meacham Our comes

Geoffrey Meacham

the for for Thanks one Rob. a question. had bigger I picture

and could when that's cardio? road. at would strategically? you business that also be So other that thinking Care And maybe stands modest additive, the BD How X forward, rank that you're there out areas, or when therapeutic down look pretty related, you specifically metabolic as are your contributor just then look going looking at I Eye today TAs at

Robert Michael

for question, the Thanks Geoff.

Rob. So this is

XX we When medications. core dry eye growth wet we're building prescription care. diabetic that main yes, with X care. nerves within and includes mean, markets And those key does eye about which great AMD, It eye X across well. we areas, include as includes care I need growth unmet is in retinopathy, oncology, focus our That depth So potential. And our participate have immunology, areas. high think large eye verticals,

of it X. And albeit that as but be which, continue as And you growth as know, so to an part role, ultimately X internal BD well active. our high other our a R&D investments efforts, as it's does eye not care both verticals, is guides important of as very the driver our

the early-stage next this deals drive those more lines we've in on year, along really decade. growth So focus far opportunities XX executed to

our that's primary So focus.

drive it, if Now large can market again, be need if unmet would more opportunistic. we But metabolics, high like see with in an opportunity consider for it pursuing growth would especially decade. you next the a in differentiation help we

our have sources again, We pursue now, for see if see open we we're have the decade to not the right But focus. differentiation And opportunities. more of to we primary that wherewithal certainly to differentiation. financial it's we value. And can growth next create those

Operator

Our next question comes with Deutsche from James Shin Bank.

James Shin

some be so think forth. insight there on be. this readout, forth, studies really been high erosion that placebo data it up has strategies anticipated. of should But other was on Is there's than higher as effect? -- team and question the effect pans and same such working I on you managing that there's could a I and team how surprisingly so cerebral erapiden's For still much mentioned the any baseline Phase of know the placebo was kind Ib that is wrapping

Roopal Thakkar

It's Roopal. major a broader was When and diligence, that the James. had. thorough that team our question did we we Thanks,

point. bring you good a So up

limiting we're blinded countries, pivotal Some the doing. One those respect things of what that with criteria, number was for the in central was we the raters of of limiting eligibility sites, strategically readout that be observed to recertifying data number X thing site Cerevel studies will certifying raters, those review monitoring, -- training raters, activity.

direction. either factors could So in important I think are that placebo those drive

say, do control would we a responses. manage X or what to So observed the at best least could was, placebo we good

efficacy if even very that tolerability did go what profile safety point side. so -- So But there's until was we see some was that could strong the if a in a that effect XX we that still think on feel a we little know if any Ib very, down a still over separation. the bit, the based to in even erosion Phase points, profile it's this droppage see we be little on the were the we to and competitive size And data. saw hard

Operator

Gould Barclays. Carter Our with comes next from question

Carter L. Gould

pretty there differentiation other up some what acquisition, on And brain hoping the Great. bit of maybe of of you think a take Alliad little we've just on that context . about here, to neuroscience longer-term Alzheimer's confidence? maybe AbbVie just [indiscernible] sort was broader term? of central the I strategy as longer to enhanced approaches seems delivery that Can the you you a follow portfolio. your shots you seen versus kind some put TA give in number across saw again

Roopal Thakkar

the and addition with Roopal, we'll we've I'll this for Sure. to elector an And recent been option up. deal, in have coming take space. years readout number that. It's a Yes, of TREMX investing in

symptoms. SVXA participate look Alzheimer an from have that would We psychosis in that at standpoint. cognition molecule Enracladine could other space and an

but at other moving out, say are it access own intracellular at we pipeline approach it extracellular Aliata TAL the other beta see that on which at to did fully than A what did would differentiated. And what read we did ability antibody, have look this the the at good, looking have We there We TAL. to deal, is our stage CSF wasn't and an at we higher concentrations looking maybe competitors. assets even monotherapeutic

that's So thing. good we think a

that other we is The aspect like extended an half-life.

of dosing able dosing. And out having And is convenient a could and deeper efficacy or cognition brain in monthly. subcutaneous then months. that could in could to result XX a high consider one faster approach if because that So benefit to plays better even to lower getting lead penetration, see if year out, the this levels

that we see. benefits of So the would those some are

is the what member family them get to about It's having and disallowing parincomal could challenging The more this take take other elderly off. stroke-like an multiple reduction probably benefit and really worry would very a in is ARIA, broadly, getting to to tissue be scans to symptoms. that which have

So something profile, strong ultimately, of cognition. a and of benefits we we efficacy safety this with asset would believe high be strong else having on address that tolerability and ease onboarding can

Robert Michael

And having segments. about about really on think about this main as I I mean think as strategically it the here we X just is add I'll Rob. franchise. neuroscience

really had we've longer-term in investing at between with psychiatry. You Gilgamesh, you in growth [indiscernible] migraine, growth have the franchise, what early long-term look the done the psychiatry, stage opportunity if for Parkinson's, then out psychiatry to neurodegeneration. And build also we this outlook obviously,

Phase Parkinson's, data is Tavapadon We we're I'd BOTOX and expect oral another, And like the we've now that ALS, CGRPs long-term another grow launch mytokinin U.S., then very as therapeutic. In migraine say, early also also the of that Neuroscience The III pursue. we interested made. the Viale, early disease-modifying which with so adjacencies with now far to the strong and Alzheimer's is franchise we're will franchise. There's outside have approach Parkinson's, well that have is very making actually MS, Aliata seen we've investment with continue we'll as some to in perform the in in faring in nicely investment a nicely for partnerships we U.S.

those see an obviously in number a company. but driver important growth categories. about And heavily we areas, We're the is think so investing we really long-term it of for neuroscience X across

And so about future it's very obviously excited the X that we're prospects for.

Operator

Scala with question comes This from Steve Cowen.

Steve Scala

that to to insight color or into doesn't to which data much will X.X. very said, how Cerevel emracaladine at such in based a an Should focus a remarks, But confidence seem possibility. even related surprised bit views the of just a given was be effect I'm pending we the Cerevel data? And conclude on the our for have prepared be you of pending acquisition. increased that, was looking what seem size the

would any thoughts be appreciated. So

Robert Michael

of the the Roopal take is question. the can take This part Rob, part. and first second I'll

several we're the Steve, remarks, a in in about the quarter. significant talking transactions We event. So That's the obviously quarter. prepared closed

well. Tavapadon, important Phase trial see that III did to also for the results We so as was comment

fourth we in out pivotals the from As X the we've mentioned, expect Racladene to quarter. read

an to too So it read in much was wouldn't other event I important into than the quarter. highlight it

Roopal Thakkar

Roopal. it's Yes. And agree. I

studies of that don't mechanism the long know we've with have And new X this very We could seen III a oral have Phase positive in if type time. approach space, Tavapadon. I in a

to very, unmet important a to participate can be So where believe is meaningfully and we it very the discuss Parkinson's is place because that we continues high, need in.

when size more it at data, look Ib the On we was than a question, the differential. XX-point effect

and little decrement the responses placebo was observed question move have if bit. around a up we sometimes the So

that can patients flare even hospital. in isn't size assets being and strong on we the atypicals to maintain go in very think profile. Remember, said, therapy tolerate, it's physicians patients especially drug know and still can the these just and majority of issue a safety without we and effect cycle about these So last and they even the coupled about long here a don't on their letting end a have with through very maintaining up that these these stop efficacy, then the

So as These we problems profile. with are that think something risk about atypicals. weight, tolerability still with a sedation. from metabolic And a like feel fully imaraclidine, we And major and differentiate. symptoms, we benefit, can this motor

if Ib. very don't than think know that, that's what an could into any maybe other still So beyond But different competitive. this I'd effect than we I read slightly concerns Phase saw in seeing be we

Operator

with question final Our Berenberg. comes Hector Luisa from

Luisa Hector

Just you extension how quick down QX, on perhaps the in with on and the of And will forward? comment move could mix and Richter route. just out the of comments expand Gideon little a channel collaboration play that the on why VRAYLAR, as pressure that you went we a

Scott Reents

Lisa, I'll regarding take this question Scott. VRAYLAR. the is

It mix the I over adjustments. year. was accumulated slight. to the So -- sense of tell a made channel kind really would -- decided it made change. had it that's the we was you it that we was essentially, And course make why of

negative a change, of a we as mix that. of as result bit little saw So that channel price

down took we by the So million. guidance regular $XXX

in the Therapeutics. BOTOX offset neuroscience was that I note Now by in raise in totality would

neuroscience So or guide our therapeutic area stable. and is growth

we'll So to go Roopal. maybe the second question

Roopal Thakkar

partnership. -- They're it's further. had a strong We've Roopal. We expanded organization. We a terrific Yes.

start that depression in looking Phase as bipolar DX disorder. generalized well entering We that's II, more at will have a quite clinic MDD as leaning the follow-on to soon anxiety VRAYLAR and

strategy, because neuroscience depression, in to part is even a Gideon Richter psychiatry big adjacent continue we potentially, As allow bipolar of high. Rob relationship be in part potentially having interested with anxiety be other deeper that. unmet in and that have described to will continues as assets and more to the a our very in disorder, us And schizophrenia indications of need

Elizabeth Shea

our Well, And concludes thank That you. conference thanks, call Shirley. today.

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

Operator

may this disconnect And call. your at And you. thank you concludes participation. We for your Thank time, you lines. this today's

AbbVie (ABBV) 30 Oct 242024 Q3 Earnings call transcript