AbbVie at TD Cowen Conference: Strategic Growth Insights

On Wednesday, March 5, 2025, AbbVie Inc. (NYSE: ABBV) presented at the TD Cowen 45th Annual Healthcare Conference, outlining its strategic direction post-HUMIRA loss of exclusivity (LOE). The company expressed confidence in its growth trajectory, emphasizing key assets like SKYRIZI and RINVOK, while addressing challenges such as IRA price negotiations and competition in the pharmaceutical industry.

Key Takeaways

• AbbVie projects high single-digit sales growth through the decade, driven by key products and a strong pipeline.
• The Amylin acquisition positions AbbVie in the obesity market with potential for improved drug tolerability.
• Operating margin improvements are expected, with EPS growth outpacing sales growth.
• AbbVie is actively pursuing combination therapies in gastroenterology to establish new standards of care.
• The company remains confident in managing potential tariff impacts and believes its pipeline is undervalued by the market.

Financial Results

AbbVie anticipates:

• High single-digit sales growth through 2030
• EPS growth exceeding top-line growth, supported by operating margin improvements
• Stable gross margin around 84%
• R&D expenditure to grow in line with sales, maintaining 14% of sales
• Incremental interest expenses from recent financing impacting EPS

Operational Updates

Key operational insights include:

• Successful 2025 contracting season with 50% of U.S. lives as parity lives
• HUMIRA’s tail expected to be visible in 2026 but not a significant growth hindrance
• Amylin acquisition to enhance presence in the obesity market with favorable terms

Future Outlook

Future projections highlight:

• SKYRIZI and RINVOK as major sales drivers across multiple therapeutic areas
• VRAYLAR’s continued growth potential, targeting $5 billion in revenue by 2030
• Active pursuit of combination trials in UC and Crohn’s for improved remission rates
• Potential growth in BOTOX market through short-acting toxin Bontea
• Emrakladeen’s ongoing studies for potential use in Alzheimer’s, Parkinson’s, and schizophrenia

Q&A Highlights

During the Q&A session, AbbVie executives addressed:

• Focus on endoscopic endpoints in UC trials with SKYRIZI for superior efficacy
• Initial approval expectations for TELISO-V in the CMET high population
• Confidence in managing supply chain flexibility and potential tariff impacts
• Belief that the market undervalues AbbVie’s pipeline, particularly in migraine and solid tumors

In conclusion, AbbVie remains optimistic about its strategic growth and innovation. For a detailed account, readers can refer to the full transcript below.

Full transcript - TD Cowen 45th Annual Healthcare Conference:

Steve Scala, Analyst, TD Cowen: Well, good morning, and welcome once again to TD Cowen’s forty fifth Annual Healthcare Conference. We’re absolutely delighted to have AbbVie, senior management here at the Cowen conference. Representing the company is Scott Rentz, who is executive vice president and CFO, Jeff Stewart, who is executive vice president and chief operating officer, and Rupal Thakkar, who is executive vice president, r and d and chief scientific officer. AbbVie is TD Cowan Pharma team’s top pick in 02/2025. And thanks to their brilliant execution, it’s been so far a very good stock.

So thank you, for your brilliant execution. So let’s launch right into questions, and I’m gonna start with you, Rupal. Yeah. So obviously, people are very pleased with the AbbVie story, but they would even be more pleased if, there were multibillion potential seller late stage assets in the AbbVie pipeline. Are there such assets and we don’t see them?

Or or are you looking for those in the marketplace? Tell us tell us what is the complexion of big selling opportunities in your pipeline?

Rupal Thakkar, Executive Vice President, R and D and Chief Scientific Officer, AbbVie: Maybe right before I kick off, Scott, maybe you mentioned a strategy a little bit, and then I can go into a few.

Scott Rentz, Executive Vice President and CFO, AbbVie: Yeah. I mean, I think, Steve, it’s helpful. I think it’s a great question, and Ruben will walk you through it. But it’s helpful to put in the context of where we are as a company. You know, we’re we’re excited, with the set of assets that we have in place.

Obviously, we’ve just navigated the HUMIRA LOE. We’ve returned to robust growth in 2025, consistent with how we’ve guided. And the assets that we have in place will deliver this high single digit guidance through the decade that we spoke about. So that is with the current assets we have in place. And in fact, the growth will continue beyond that with our current assets for at least the next eight years from today.

So we’re very excited with the strong stable assets that we have in place. We have a strong balance sheet. We’ve obviously increased our R and D expenditure over time, in fact, dollars 2,000,000,000 since 2022 in absolute terms. So we’re coming from a position of strength. And the assets that we have in place that Rolfo will talk about will be the variety of that growth for the next decade and beyond.

So we hope.

Rupal Thakkar, Executive Vice President, R and D and Chief Scientific Officer, AbbVie: Yeah. So very quickly, you know, RINVOG still has five more indications that will deliver over the next couple of years. Giant cellular arthritis being the first and then alopecia areata, vitiligo, and then, hidradenitis suppurativa and lupus. So we still have those that will, add 2,000,000,000, at peak. And then I should mention in immunology, luticizumab, this is our bispecific to IL-one alpha beta.

This is currently in phase three as we speak for hidradenitis suppurativa delivered very high response rates in a one hundred percent TNF failure population. And that asset is also in ulcerative colitis and Crohn’s disease, particularly in Crohn’s disease as a combination asset with SKYRIZI. So there’s a potential suite of combinations that we’re working on, not just with lutekizumab, again, which is in Phase three, but with an in licensed TL1A and our own alpha-four beta-seven asset. So we think those are going to be really nice opportunities. Moving to neuroscience, I should mention Parkinson’s.

Start with Violev, which is very late in the sense that it’s launched, but The U. S. Will take some time to ramp up. But while that’s happening, we also have tivapidone from the Cervel acquisition, which has read out three out of three positive Phase three studies. And the data that we’re looking at is better than what we had anticipated when we were looking at the during the original diligence.

And what we’ve observed, not just high efficacy approaching levocarbidopa, but a safety profile that may be differentiated with older generic dopamine agonists that aren’t as specific as tavapidone, where we’re seeing very low rates of dyskinesia, particularly low rates of impulse control disorder in the single digits. We’re going to get longer term data, but we are hopeful that that holds. So in Parkinson’s, that is a very high area of unmet need and will serve as a very large opportunity together. In eye care, Regenexx, bio partnership, gene therapy for wet AMD for these patient populations that are dependent on very frequent injections that can be extremely challenging for patients. This would be one injection of the gene therapy that is in two Phase three studies that should complete enrollment this year.

That could also be another very sizable opportunity for us. If I think about oncology, I should mention ABBV400 or TmAb A. This is currently in phase three for colorectal cancer in later lines. And colorectal cancer is similar to our entry into ovarian cancer with another ADC, which is Ella here. Why I say they’re similar is that there’s been very little innovation in ovarian and colorectal cancer and it’s mostly chemo driven.

However, colorectal cancer is much, much larger than ovarian cancer. So that Phase three is ongoing as a monotherapy. We have potential for Phase three in combination with bevacizumab and we have ongoing combinations with upfront chemo to access the front and second line. That asset is also in gastroesophageal adenocarcinoma. And we’ve read out strong data in eGFR wild type lung.

And that’s going to proceed into frontline combos with PD-one. And then this year, we’ll read out eGFR mutant data, which has been trending to be superior than our TELISO V asset that which we can talk about later that’s under review by the FDA right now. And there’s also a heme asset in multiple myeloma known as three eighty three, which could be a very large opportunity. That’s also in Phase three as a monotherapy while we are looking at combinations with other therapies to enter earlier lines. We like this asset because it delivers what the patients and clinicians are looking for, once a month dosing, a single step up, rapid, efficacy, potentially outpatient utilization and a strong safety profile that’s enabling combination again, which allows you to access earlier lines and can compete with CAR T, especially for those patients that can’t wait for CAR T or can’t access CAR T.

So there’s a number of assets I would say that are in the later stage or almost within launch mode, which could be address a very large unmet need and very important commercially, in particular for 02/1930 and beyond.

Steve Scala, Analyst, TD Cowen: Great. Sounds like investors should spend more time looking at the pipeline. Yeah. You did a deal on Monday. You acquired an Amylin.

It wasn’t the most obvious target to go after if you wanted to have a footprint in obesity. So tell us why that was a good decision.

Rupal Thakkar, Executive Vice President, R and D and Chief Scientific Officer, AbbVie: So a couple of things I’ll mention. One is we’ve been interested in the space. We’ve been considering it and looking for the right entry point. And we felt that this was a very opportune time. We like the deal terms.

We like our ability to influence the ongoing R and D and even commercial execution will be able to influence that fully. So the deal terms are very nice. We like Amylin due to the potential for improved tolerability versus GLP, GIPs, other combinations. So that was very important in our consideration because many of these patients, twenty percent to 30% may only last a month on these current assets, Up to seventy percent may fall off after a year. So many patients are cycling off, and they’re going to need a place to go after that.

Now some of this might be price related, but we feel much of this is tolerability related. And if we see the asset like this that has lower levels of nausea and vomiting, we feel that people will onboard easier and then have a longer durability of staying on the asset. What we saw initially was a single dose study in a patient population that did not have obesity, BMI average of 26, all men. The three lower doses, there was no nausea or vomiting after a single dose through six weeks. The three higher doses, there was a little bit, but that was without titration.

And we saw a 3% weight loss at six weeks after a single dose placebo corrected would have been four percent. So for those reasons, we felt it was a nice opportunity. I should mention that the formulation is a neutral pH, so it allows for combinability. I would say this is our first entry point. We are still very interested in other mechanisms and potential combinations.

So that’s why we expect that to be

Steve Scala, Analyst, TD Cowen: more active in this area over time. Okay.

Scott Rentz, Executive Vice President and CFO, AbbVie: And I think the context, sir, I mean, we’re not saying, you know, as we know, we have five therapeutic areas for five pillars within the business. We still have five pillars. This is not a new pillar. We’re not saying we’re building on a new pillar. But this is a differentiated asset that we felt very strong that gave us a nice opportunity.

Patent light goes into the 2040s. And as Rubel said, we certainly will continue to look in the area for for opportunity.

Steve Scala, Analyst, TD Cowen: Got it. Got it. Financial question. So Avi, looks for high single digit sales growth through the end of the decade. Is there any reason not to anticipate margin improvement during this time as well?

I mean, usually, when you have a growing top line, you can also deliver margin improvement. Is that kind of what we should assume?

Scott Rentz, Executive Vice President and CFO, AbbVie: Yes, absolutely. That’s something that we’ve talked about. We’ve talked about the high single digit on the top line through the decade. We’ve talked about EPS expanding at a rate faster than that. That’ll be driven by operating margin.

And I think when you think through the components, gross margin, we’ve talked about relative stability, we’re up to 84% this year. R and D, we we do see R and D continuing to grow in line with sales. We’re around a 14% profile today. But it’s also important to think R and D is gonna continue to increase on an absolute basis. As I mentioned, it’s increased $2,000,000,000 since 2022, and the absolute increase will continue.

And we’ll see that same profile. But the expansion of the operating margin will come from the SG and A, leveraging that top line, as you said, and also driving efficiencies. And we’ve proven that we can do that. In fact, operating margin did expand this year versus last year. It’s just that EPS is in line this year because there’s some incremental interest expense for the full year of the LAHERE I’m sorry, the Cerevel and ImmunoGen financing.

Steve Scala, Analyst, TD Cowen: Okay. Question for Jeff. You’ve finished the 2025 contracting season, obviously. Just in general, how how has it gone? And the company had said at one point that a Humira tail would be visible this year, wouldn’t be realized till next year, but would be visible this year.

So is it visible?

Jeff Stewart, Executive Vice President and Chief Operating Officer, AbbVie: Yeah. I mean, overall, the contracting season went quite well. You know, we’ve highlighted that we would still have about half of the total lives in The US as, parity lives. So that’s been stepped down from almost 100% the first year of the LOE, about 75% this year, 50%, 75% last year, 50% this year. So we still believe that in ’twenty six, a tail will start to appear, and we’ve looked at that in a couple different ways.

First is that it will probably be small enough where it’s not going to significantly be a headwind of growth. At the same time though we probably need to go through this next cycle so we really understand how ’26 shakes out and also look to exactly how the interchangeable dynamics start to work because by May of this year we’ll start to see multiple interchangeable. So we’re getting closer probably to the emergence of that tail but exactly the shape and size, we’ll have a better sense as we as we sort of conclude this next contracting cycle.

Steve Scala, Analyst, TD Cowen: Got it. Okay. So for Skyrizi and RINVOK, what do you think will be the biggest contributors to sales growth through 02/1930 in terms of indications?

Jeff Stewart, Executive Vice President and Chief Operating Officer, AbbVie: Yeah. I think the, it’s a great question. I would say on balance, all of the indications, so across room, derm, and gastro are gonna significantly contribute. You’ll probably see a little bit more of a mix towards gastroenterology, but overall very, very nice growth across the board. So if we look at our overall performance and we look at the visibility going forward, we continue to gain significant share in rheumatology, which is largely RA and PSA.

And PSA, we have two assets. We have SKYRIZI and RINVOK in that, fast growing category. If you look at dermatology, we continue to have very strong momentum in derm, with psoriasis, derm psoriatic arthritis, and atopic dermatitis. Atopic derm dermatitis is our fastest growing immunology market. Now we’re in the second position there behind Dupixent, but a lot of runway in terms of penetration rates and and potential for share capture.

And in gastroenterology as I mentioned very nice contributions. We’re seeing significant share capture for both Renbok and SKYRIZI across both now Crohn’s and ulcerative colitis. So to give you some flavor for that, Steve, we are now capturing in Crohn’s between both assets, one is positioned in early lines, one in later lines, half, 50% of all, patients that are new to the market or switching are coming to AbbVie, And it’s about a third in ulcerative colitis. And we just recently launched over the last quarter or two ulcerative colitis. And we’ll see that cascade through the international markets as well.

So a very nice mix, a very balanced mix. We’re not relying on one indication or one asset to sort of give that growth rate to 02/1930. And then one more point I think is important, and Rupal mentioned this, is we still have five more pending indications for Ren Volk that will start to gate in at the 2027, roughly time frame and start to gate into the 02/1930. So that’s sort of the relative mix, very well balanced, very nice to give us that growth.

Steve Scala, Analyst, TD Cowen: One product that has been, kind of quietly becoming a very large product is Vraylar. However, it seems to be kinda collecting some issues. Right? So we have, now IRA price negotiation, and then we also have competition. So so how do you see Vraylar progressing over the subsequent, say, four, five years?

Jeff Stewart, Executive Vice President and Chief Operating Officer, AbbVie: Yes. VRAYLAR is going to continue to be a nice growth asset for us. I mean, if you think of that space, you know, roughly 90% of that space is generic. And right now, we sort of step through, typically you step through at least one generic from a in terms of the payer utilization management. Despite that, we see continued growth in our new prescription share, which is a good balance between bipolar one and our new, our relatively new adjunctive major depression indication.

So if we look at our share capture rate, roughly our new to brand is about 6.5% of a very large market, and the total prescription shares about 4.5. So we still have that headroom that sort of allows for the TRX growth moving forward. There’s still a lot of awareness that a drug like Vraylar that’s got a very good balance between sort of the tolerability and the efficacy is a really nice add on to major depression, to sort of your baseline SSRI, for example. So we see significant amount of room to run. And we’ve guided and I think it’s a it’s a good guidance to you know approaching 5,000,000,000 by the time this assets goes LOE which will be sometime in 02/1930 with the pediatric extension.

And we’ve contemplated we knew we had predicted quite well that we would see the selection for the IRA. And all of that calculus is in sort of how we look at the momentum of the brand over time.

Scott Rentz, Executive Vice President and CFO, AbbVie: And I think with IRA, it’s also important as Jeff said, this is how we model it. Remember, the party, the the fee that’s paid, that goes the contribution goes away with negotiation. So that headwind that we saw this year in our guidance for for a lot, that piece will go away to offset the impact of any negotiation.

Steve Scala, Analyst, TD Cowen: Okay. Couple for Rupal. So we know that you’re doing the SKOVAZI plus or or versus ENTYVIO trial in UC. What is it that you hope to demonstrate in this trial? What would be a win?

And would greater efficacy with inferior tolerability, be in your eyes a win?

Rupal Thakkar, Executive Vice President, R and D and Chief Scientific Officer, AbbVie: Maybe I’ll start with the second part, a little bit of perspective there. Jeff has already mentioned the in place share in Crohn’s disease of 50% of the two assets, but Crohn’s has been launched for some time. So physicians really like the SKYRIZI and Crohn’s disease, and they have a tremendous amount of experience with it. And they also believe with and and part of the reason for this is the strength of the efficacy and a very strong, well tolerated safety profile. The same thing is being observed in ulcerative colitis because they had the experience with Crohn’s.

And as Jeff stated, we’re already at a third in place share, which Jeff can correct me if I’m wrong, is already exceeding that elitumab. So the safety profile, I think, is already well known, well characterized, and I wouldn’t see, predict any safety differences. So I think we already have that covered. Second part is efficacy. What we want to test in particular is endoscopic endpoints, the most objective endpoints that appear to correlate best with longer term outcomes and clinicians more and more are now interested, obviously, how the patient is feeling, but that objective endpoint of endoscopic response is also a critical importance.

So that’s where we think we have an opportunity when we looked at that, bio naive population with SKYRIZI and UC, there was a seventy six percent endoscopic response rate, the highest we’ve seen in a trial higher than the other IL-twenty three’s and what we believe higher than what Entyvio can deliver. We would assume going into this study probably non inferiority from a clinical response or remission standpoint because of the subjective nature of some of these endpoints they can bounce around. So that’s the potential for for that one in addition to all the work that we’re doing in combination, with other novel assets.

Jeff Stewart, Executive Vice President and Chief Operating Officer, AbbVie: K.

Steve Scala, Analyst, TD Cowen: One, one franchise that, has moved from kind of the wary has moved to the wary list from the not wary list is Botox. And, you know, we have economic concerns. We have competitive concerns. It just seems that it’s a franchise which may never get back to its former kind of health in terms of opportunity. Am I way overstating that?

Or how would you articulate the future of Botox?

Jeff Stewart, Executive Vice President and Chief Operating Officer, AbbVie: Yeah. I think it’s, it’s certainly an iconic brand. And historically, that toxin market, I’m giving The US numbers there, prior to COVID grew sort of in the low double digits. And over the last couple of years, it’s been growing more in the low to mid single digits, both here and around the world. I think that’s been suppressed.

And I think that we’ll see that recover for for several reasons. I think the the economics will get better, and I also think we can stimulate that. And we have a sort certainly, we’ve highlighted the short acting toxin, which we think will basically stimulate that market. It’ll increase the funnel or the flow to, Botox and work on two elements of the of the market model. It’ll work on the market itself, and it’ll work on Botox share.

Because you can imagine commercially or otherwise, once someone goes on the short acting toxin to get that initial very fast result and understand how it will work, you can imagine their next appointment will be for full strength Botox. So I do think we should feel very good about that toxin market. If we think about share over time, in most countries around the world, most affiliates, our share is stable to up. In China, for example, it’s grown a little bit. In The U.

S. As I’ve highlighted before. We have seen a little bit of share loss in the fourth quarter based on some of our our patient support program and that basically we think will recover. And we’re already starting to see some share recovery here in the first quarter. So So I think it’s a fantastic market, highly under penetrated.

And when you have a brand like Botox and behind it, the short acting Bontea, we’re very, very excited about this market for many years to come.

Steve Scala, Analyst, TD Cowen: And shares in Europe, are they also, very, very stable. Okay. I should have said at the outset, should anyone in the room have questions, please just raise your hand, and we’ll, we’ll make sure your question gets asked. Let’s, let’s move back to Rupal. So TWISO b, Luminosity data, is that sufficient to get an approval both in CMET high and CMET intermediate populations?

Rupal Thakkar, Executive Vice President, R and D and Chief Scientific Officer, AbbVie: So our our base case for the accelerated approval potential undergoing review right now at the FDA is in the high population. That’s where we saw the highest response rates. However, with high and intermediate, the median OS was quite extended, and that was similar in both. So those both populations, around 25, are being addressed in the larger confirmatory study called Telemed. So that’s ongoing.

But if we think about the high expression versus, intermediate, it’s about a fiftyfifty split. So I’d say 12.5, 12 point five. The initial approval should we get it will be a more modest launch, But it’s very important to start establishing CMAT as a biomarker that clinicians should be looking for. So when we launch, I think we’ll have at least 50% of major labs that will be up and running that’ll be testing for CMAT, which is very important because it sets up the TMAB A or 400 asset that I mentioned earlier, which is also C MET targeting, but with the topoisomerase warhead. So that way, the market, the clinicians are all ready for the next gen asset that will follow.

Steve Scala, Analyst, TD Cowen: So just to be clear, 50% of labs are already doing CMAT? No.

Rupal Thakkar, Executive Vice President, R and D and Chief Scientific Officer, AbbVie: As we when we launched TALISA v, we should get that relatively quickly. So teams are working on that Okay. Already.

Scott Rentz, Executive Vice President and CFO, AbbVie: Okay.

Rupal Thakkar, Executive Vice President, R and D and Chief Scientific Officer, AbbVie: And then that will ramp up over time.

Steve Scala, Analyst, TD Cowen: Okay. Questions from the audience? What what is this this is in on Emrakladeen. What is the quickest path to market for this product? You know, paint that paint that perfect picture.

What is that perfect picture?

Rupal Thakkar, Executive Vice President, R and D and Chief Scientific Officer, AbbVie: Look? We’d love to give you a perfect picture. I think right now it’s a horse race among which indication. I’ll step back for a second. What we’re going to do first is a multiple ascending dose study to see if we can raise the dose.

That’s the first thing we want to do. That way we can have higher serum level concentrations, better receptor occupancy. The first thing is what that’s what we’re going to do. And as long as it’s safe and tolerated, we can take a higher dose forward. That would enter into, Alzheimer’s, Parkinson’s, who are having psychosis that will enter into an adjunctive setting as an add on.

And if we are able to access a higher dose, that would also go back to monotherapy schizophrenia. So it’s a bit of a horse race. We’re putting them all into parallel. And depending on which one enrolls faster, will be the quickest one that will enter the market. Currently, we anticipate that in the early part of the 2030s.

Steve Scala, Analyst, TD Cowen: Okay. So you’re you’ve alluded to them a number of times, but you’re doing these combination trials in both UC and Crohn’s. What is the earlier studies, what is the threshold for moving those forward to phase three? So do you need to to see a 10 percentage point improvement, 15 percentage point improvement in remission rates? Is that sufficient, or do you need to see more or less?

Rupal Thakkar, Executive Vice President, R and D and Chief Scientific Officer, AbbVie: Well, some of the data that we have with SKYRIZI and and RINVOK is has high levels of response rates. But as we try to drive remission rates, especially on the endoscopic side, I would think we would want quite a bit higher than what we have today. That way it’s clinically meaningful enough to use a combination asset. So we are looking for something that would be a step change that would result in a new standard of care. Now we do understand it’s going to be harder and harder to treat because these patients are now expanding in from frontline bio naive very rapidly into second and third and fourth line.

Those patients are going to need something novel and we think those combinations can provide that. And remember in the Phase two that’s running and we just keep adding assets to it, it’s all benchmarked to SKYRIZI. So we’re going to want to meaningfully beat the benchmark of SKYRIZI. And we’ll be able to observe that in phase two and derisk these combinations. And at the same time, we’re working on co formulation plans because we’d wanna deliver in a convenient way to the patient.

Steve Scala, Analyst, TD Cowen: Some investors are looking forward in in, in envisioning a very dark scenario where we have tariffs on every country on in the planet. How how problematic would that be for AbbVie from from the following standpoint? What percent of drugs that AbbVie produces are made in The US versus outside The US? Production, like, comes out of a plant.

Scott Rentz, Executive Vice President and CFO, AbbVie: Yeah. So it’s a little difficult to to state that that way because these are all multi, you know, multi a number of plants will go along the supply chain and the manufacturing process. But but but that being said, maybe I’ll answer your question. So we do have a significant US manufacturing process. We, you know, have some even at at our headquarters in North Chicago.

We’ve we’ve got a large presence. So a number of our products do touch The US, but maybe the more important question is what does that supply chain look like? How much flexibility? We have a supply chain that that always has assurance of supply, so that means we have redundancy in our supply chain. We can we can move things around, but but the tariffs that are out there today are something that’s very manageable.

Our profile is very similar to to everyone in our industry. You know, certainly Europe, we have a manufacturing presence or Europe as do many of our peers. That would be something that would be impactful, but again, that we will look through to to mitigate. It’s it’s something that, you know, we certainly, at this point in time, based on what we know, feel very comfortable with managing.

Steve Scala, Analyst, TD Cowen: Okay. We actually are out of time. Allow me one more question, and that is, there’s there’s stuff about AbbVie, obviously, which investors don’t know. Would what if we knew we’d have the greatest, change in perception? Is it the pipeline?

We just don’t fully grasp the breadth and depth of the pipeline. Is it the full potential of SKYRIZI and RINVOK and maybe BOTOX and maybe VRAYLAR, or is it something else? What what what if investors knew they would look at AbbVie in a very different way?

Scott Rentz, Executive Vice President and CFO, AbbVie: And maybe I’ll start, and then I I think I’d like to but I think when we look at from where where we see the disconnect with, say, the consensus numbers, I think we see a lot of alignment through ’27. The guidance that we gave for Sky Museum remote in ’27 was, you know, probably closer to to where the street already was. I think what what is not fully respected is the last part of the decade, and that’s why we’ve started to talk about, you know, growth from today for at least the next eight years with our current assets. I think in the in the later periods, that is not fully, it’s it’s something that has not been fully embraced, I would say. And I think, you know, seeing our ability to continue to execute, that is one thing I think I would like to see.

Steve Scala, Analyst, TD Cowen: So so but you’ve already given, I think, Skerrizi and Renbo guidance for 02/1930, have you not? No. Twenty twenty seven. Twenty ’20 ’7. Okay.

Scott Rentz, Executive Vice President and CFO, AbbVie: We’ve given whole company guidance at the top line through ’29. That’s right. So that that just the farther right you get, the the more embracing of of the projections and and what we’ve talked about and the and the strength of the assets is is one piece of it.

Rupal Thakkar, Executive Vice President, R and D and Chief Scientific Officer, AbbVie: Yeah. And I think as a r and d representative, I would say, I think the pipeline is underappreciated. I think, we’ve been very successful with Skyrozy and RenVoc, and we continue to believe in that success. Sometimes that may overshadow the rest of the pipeline. For example, we have a very, I would say impressive migraine franchise that is underappreciated, that’s growing very swiftly with wonderful assets including Culipta, UBRELVI and of course Botox in the therapeutics migraine.

So that I think is a very important and we continue to do development there to expand acute across the globe and even menstrual migraine which doesn’t currently have an indication. So that’s one thing I think we don’t really talk about very much or get questions. But in addition to that I mentioned the rest of the pipeline how we’re coming in to backfill in immunology and also entering into solid tumor not just with TMAB A and three eighty three in multiple myeloma. We also have seven zero six in small cell lung cancer. So we have a variety of ADCs that are performing very well and we’ll share more data this year.

But I think those are a few things that maybe are still underappreciated. Yep.

Steve Scala, Analyst, TD Cowen: And you’re absolutely right on migraine. I’ve I’ve underestimated it. And and, Jeff, you’ve done an incredible job against a very tough competitor. We have to end. Thank you so much for making the journey to be with us, and thank you for joining us.

Scott Rentz, Executive Vice President and CFO, AbbVie: Thanks for having us.

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