Q2 2024 AbbVie Inc Earnings Call

July 25, 2024

Liz Shea: Vice President, Chief Commercial Officer, Rupal Thakkar, Executive Vice President, Research and Development, Chief Scientific Officer, Scott Rentz, Executive Vice President, Chief Financial Officer, and Carrie Strom, Senior Vice President, AbbVie, and President, Global Allergan Aesthetics. Before we get started, I'll note that some statements we make today may be considered forward-looking statements based on our current expectations. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in our forward-looking statements. Additional information about these risks and uncertainties is included in our SEC filings. AbbVie undertakes no obligation to update these forward-looking statements except as required by law. On today's conference call, non-GAAP financial measures will be used to help investors understand AbbVie's business performance.

Liz Shea: Vice President, Chief Commercial Officer, Roopal Thakkar, Executive Vice President, Research and Development, Chief Scientific Officer, Scott Rentz, Executive Vice President, Chief Financial Officer, and Carrie Strom, Senior Vice President, AbbVie, and President, Global Allergan Aesthetics. Before we get started, I'll note that some statements we make today may be considered forward-looking statements based on our current expectations.

Liz Shea: Scott Reents, Executive Vice President, Chief Financial Officer, and Carrie Strom, Senior Vice President, AbbVie, and President, Global Allergan Aesthetics. Before we get started, I'll note that some statements we make today may be considered forward-looking statements based on our current expectations. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in our forward-looking statements. Additional information about these risks and uncertainties is included in our SEC filings, AbbVie undertakes no obligation to update these forward-looking statements except as required by law.

Before we get started I will note that some statements. We make today may be considered forward looking statements based on our current expectations Abbvie cautions that these forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in our forward looking statements additional information.

AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in our forward-looking statements. Additional information about these risks and uncertainties is included in our SEC filings. AbbVie undertakes no obligation to update these forward-looking statements except as required by law. On today's conference call, non-GAAP financial measures will be used to help investors understand AbbVie's business performance.

Formation about these risks and uncertainties is included in our SEC filings.

Undertakes no obligation to update these forward looking statements, except as required by law.

Liz Shea: On today's conference call, non-GAAP financial measures will be used to help investors understand AbbVie's business performance. These non-GAAP financial measures are reconciled with comparable GAAP financial measures in our earnings release and regulatory filings today, which can be found on our website. Following our prepared remarks, we'll take your questions, so with that, I'll turn the call over to Rob.

On today's conference call non-GAAP financial measures will be used to help investors understand at these business performance. These non-GAAP financial measures are reconciled with comparable GAAP financial measures in our earnings release and regulatory filings from today, which can be found on our website. Following our prepared remarks, we will take your questions. So with that I'll turn the call over to Rob.

Liz Shea: These non-GAAP financial measures are reconciled with comparable GAAP financial measures in our earnings release and regulatory filings from today, which can be found on our website. Following our prepared remarks, we'll take your questions. So with that, I'll turn the call over to Rob.

These non-GAAP financial measures are reconciled with comparable GAAP financial measures in our earnings release and regulatory filings from today, which can be found on our website. Following our prepared remarks, we'll take your questions. So with that, I'll turn the call over to Rob.

Robert A. Michael: Thank you, Liz. Good morning, everyone, and thank you for joining us, it's a pleasure to speak with you today as AbbVie's new CEO. I look forward to building on our track record of success and delivering on AbbVie's promise to our patients, employees, shareholders, and communities. As we begin this new chapter, nearly every aspect of AbbVie's business is performing at or above our expectations, we are demonstrating a rapid return to revenue growth, with operational sales up nearly 4% through the first half of this year, including robust mid-single-digit growth in the second quarter.

Robert Michael: Thank you, Liz. Good morning, everyone, and thank you for joining us. It's a pleasure to speak with you today. As AbbVie's new CEO, I look forward to building on our track record of success and delivering on AbbVie's promise to our patients, employees, shareholders, and communities. As we begin this new chapter, nearly every aspect of AbbVie's business is performing at or above our expectations. We are demonstrating a rapid return to revenue growth with operational sales up nearly 4% through the first half of this year, including robust mid-single-digit growth in the second quarter. Our Ex-Humira growth platform, which covers more than 80% of AbbVie's total sales, will outperform our initial full-year sales guidance by more than $1 billion driven by strong performance in immunology and oncology.

Rob Michael: Thank you, Liz. Good morning, everyone, and thank you for joining us. It's a pleasure to speak with you today. As AbbVie's new CEO, I look forward to building on our track record of success and delivering on AbbVie's promise to our patients, employees, shareholders, and communities. As we begin this new chapter, nearly every aspect of AbbVie's business is performing at or above our expectations.

Rob: Thank you Liz good morning, everyone and thank you for joining us it's a pleasure to speak with you today as <unk>, New CEO I look forward to building on our track record of success and delivering on Abbvie as promised to our patients employees shareholders and communities as we begin this new.

Robert A. Michael: Our Ex-Humira Growth Platform, which covers more than 80% of AbbVie's total sales, will outperform our initial full-year sales guidance by more than $1 billion dollars, driven by strong performance in immunology and oncology. In addition, US Humira performance continues to meet our expectations, having achieved or exceeded our guidance in all six quarters with biosimilar competition. The strong performance across our diversified portfolio will drive top-tier, high single-digit compound growth through the end of this decade, which will support continued investment to drive growth in the next decade.

Rob: Chapter nearly every aspect of <unk> business is performing at or above our expectations. We are demonstrating a rapid return to revenue growth with operational sales up nearly 4% through the first half of this year, including robust mid single digit growth.

We are demonstrating a rapid return to revenue growth with operational sales up nearly 4% through the first half of this year, including robust mid-single-digit growth in the second quarter. Our Ex-Humira growth platform, which covers more than 80% of AbbVie's total sales, will outperform our initial full-year sales guidance by more than $1 billion driven by strong performance in immunology and oncology.

In the second quarter.

Our ex Humira growth platform, which covers more than 80% of these total sales will outperform our initial full year sales guidance by more than $1 billion.

Driven by strong performance in immunology and oncology. In addition, U S. Humira performance continues to meet our expectations, having achieved or exceeded our guidance in all six quarters with Biosimilar competition.

Robert Michael: In addition, US Humira performance continues to meet our expectations, having achieved or exceeded our guidance in all six quarters. With biosimilar competition, the strong performance across our diversified portfolio will drive top-tier high single-digit compound growth through the end of this decade, which will support continued investment to drive growth in the next decade. Turning to our results, I'm especially pleased with immunology where our leading portfolio is delivering performance well above our expectations. Skyrizi continues to demonstrate strong momentum in psoriasis and Crohn's disease, where we have substantial headroom for additional share gains, and the recent approval in UC will add another source of long-term growth. Rinvoq is also delivering robust growth across all approved indications; we are making excellent progress with late-stage development in five additional indications that we anticipate will launch in the second half of this decade.

In addition, US Humira performance continues to meet our expectations, having achieved or exceeded our guidance in all six quarters. With biosimilar competition, the strong performance across our diversified portfolio will drive top-tier high single-digit compound growth through the end of this decade, which will support continued investment to drive growth in the next decade. Turning to our results, I'm especially pleased with immunology where our leading portfolio is delivering performance well above our expectations.

Strong performance across our diversified portfolio will drive top tier high single digit compound growth through the end of this decade, which will support continued investment to drive growth in the next decade.

Robert A. Michael: Turning to our results, I'm especially pleased with Immunology, where our leading portfolio is delivering performance well above our expectations. SKYRIZI continues to demonstrate strong momentum in psoriasis and Crohn's disease, where we have substantial headroom for additional share gains, and the recent approval in UC will add another source of long-term growth. RINVOQ is also delivering robust growth across all approved indications, we are making excellent progress with late stage development in five additional indications that we anticipate will launch in the second half of this decade. In oncology, ELAHERE has accelerated our on-market presence in solid tumors.

Turning to our results I'm, especially pleased with immunology, where our leading portfolio is delivering performance well above our expectations.

Skyrizi continues to demonstrate strong momentum in psoriasis and Crohn's disease, where we have substantial headroom for additional share gains, and the recent approval in UC will add another source of long-term growth. Rinvoq is also delivering robust growth across all approved indications; we are making excellent progress with late-stage development in five additional indications that we anticipate will launch in the second half of this decade.

<unk> continues to demonstrate strong momentum in psoriasis and Crohn's disease, where we have substantial headroom for additional share gains and the recent approval in UC will add another source of long term growth.

Revoke is also delivering robust growth across all approved indications, we are making excellent progress with late stage development and five additional indications that we anticipate will launch in the second half of this decade.

Robert A. Michael: In oncology, ELAHERE has accelerated our on-market presence in solid tumors. We also have several exciting pipeline programs, including two novel C-MET ADCs for solid tumors, TELUSOV and 400, as well as 383, our BCMA CD3 bispecific for multiple myeloma. In neuroscience, our leading therapies for migraine and mood disorders continue to gain share and are competitively well positioned.

Robert A. Michael: In oncology, ELAHERE has accelerated our on-market presence in solid tumors.

Robert Michael: In oncology, Elahere has accelerated our on-market presence in solid tumors. We also have several exciting pipeline programs including two novel c-Met ADCs for solid tumors, Teliso-V and 400, as well as 383, our BCMA CD3 bispecific for multiple myeloma.

In oncology, Elahere has accelerated our on-market presence in solid tumors. We also have several exciting pipeline programs including two novel c-Met ADCs for solid tumors, Teliso-V and 400, as well as 383, our BCMA CD3 bispecific for multiple myeloma.

Speaker Change: And oncology Ala here has accelerated our on market presence in solid tumors. We also have several exciting pipeline programs, including two novel C met Adcs for solid tumors, <unk> and 400 as well as 383 or <unk> three by specific.

Robert A. Michael: We also have several exciting pipeline programs, including two novel C-Met ADCs for solid tumors, TELISO-V and 400, as well as 383, our BCMA CD3 bi-specific for multiple myeloma. In neuroscience, our leading therapies for migraine and mood disorders continue to gain share and are competitively well positioned. The pending acquisition of Cerevel will further augment our neuroscience pipeline, and we're excited about what our two companies can achieve together to make a difference for patients with neuropsych disorders. We have certified substantial compliance with the FTC's second request and anticipate the Cerevel transaction will close soon. Lastly, we've been very active in business development, investing in exciting opportunities that can drive growth in the next decade. Through the first half of this year, we have executed nearly a dozen early-stage deals.

For multiple myeloma.

Robert Michael: In neuroscience, our leading therapies for migraine and mood disorders continue to gain share and are competitively well positioned. The pending acquisition of Cerevel will further augment our neuroscience pipeline, and we're excited about what our two companies can achieve together to make a difference for patients with neuropsych disorders. We have certified substantial compliance to the FTC second request and anticipate the Cerevel transaction will close soon.

In neuroscience, our leading therapies for migraine and mood disorders continue to gain share and are competitively well positioned. The pending acquisition of Cerevel will further augment our neuroscience pipeline, and we're excited about what our two companies can achieve together to make a difference for patients with neuropsych disorders. We have certified substantial compliance to the FTC second request and anticipate the Cerevel transaction will close soon.

Speaker Change: In neuroscience, our leading therapies for migraine and mood disorders continue to gain share and are competitively well positioned.

Rob: The pending acquisition of Cerevil will further augment our neuroscience pipeline, and we're excited about what our two companies can achieve together to make a difference for patients with neuropsych disorders. We have certified substantial compliance with the FTC's second request and anticipate the CERAVL transaction will close soon. Lastly, we've been very active in business development, investing in exciting opportunities that can drive growth in the next decade. Through the first half of this year, we have executed nearly a dozen early-stage deals.

The pending acquisition of cerebral will further augment our neuroscience pipeline and we're excited about what our two companies can achieve together to make a difference for patients with neuro psych disorders.

Speaker Change: We have certified substantial compliance to the FTC's second request and anticipate the cerebral transaction will close soon.

Robert A. Michael: Lastly, we've been very active in business development, investing in exciting opportunities that can drive growth in the next decade. Through the first half of this year, we have executed nearly a dozen early-stage deals, these include promising technologies and innovative mechanisms that can elevate the standard of care in immunology, oncology, and neuroscience. In summary, I'm very pleased with the strong momentum of our business, AbbVie's results once again exceed our expectations, and we are raising guidance for the second time this year, underscoring our confidence in the business, the robust performance of our growth platform and the advancement of our pipeline support AbbVie's top-tier long-term outlook. With that, I'll turn the call over to Geoff for additional comments on our commercial highlights. Thank you, Rob.

Robert Michael: Lastly, we've been very active with business development, investing in exciting opportunities that can drive growth in the next decade. Through the first half of this year, we have executed nearly a dozen early stage deals. These include promising technologies and innovative mechanisms that can elevate the standard of care in immunology, oncology, and neuroscience. In summary, I'm very pleased with the strong momentum of our business. AbbVie's results once again exceed our expectations, and we are raising guidance for the second time this year, underscoring our confidence in the business. The robust performance of our growth platform and the advancement of our pipeline supports AbbVie's top tier long term outlook. With that, I'll turn the call over to Jeff for additional comments on our commercial highlights.

Lastly, we've been very active with business development, investing in exciting opportunities that can drive growth in the next decade. Through the first half of this year, we have executed nearly a dozen early stage deals. These include promising technologies and innovative mechanisms that can elevate the standard of care in immunology, oncology, and neuroscience. In summary, I'm very pleased with the strong momentum of our business.

Lastly, we've been very active with business development investing in exciting opportunities that can drive growth in the next decade through the first half of this year, we have executed nearly a dozen early stage deals. These include promising technologies and innovative mechanisms that can elevate the.

Rob: These include promising technologies and innovative mechanisms that can elevate the standard of care in immunology, oncology, and neuroscience. In summary, I'm very pleased with the strong momentum of our business. AbbVie's results once again exceed our expectations, and we are raising guidance for the second time this year, underscoring our confidence in the business. The robust performance of our growth platform and the advancement of our pipeline support AbbVie's top-tier long-term outlook. With that, I'll turn the call over to Geoff for additional comments on our commercial highlights. Thank you, Rob.

Speaker Change: Standard of care in immunology oncology and neuroscience.

Robert A. Michael: In summary, I'm very pleased with the strong momentum of our business, AbbVie's results once again exceed our expectations, and we are raising guidance for the second time this year, underscoring our confidence in the business, the robust performance of our growth platform and the advancement of our pipeline support AbbVie's top-tier long-term outlook. With that, I'll turn the call over to Jeff for additional comments on our commercial highlights. Jeff Thank you, Rob.

Speaker Change: In summary, I'm very pleased with the strong momentum of our business <unk> results once again exceed our expectations and we are raising guidance for the second time this year underscoring our confidence in the business the robust performance of our growth platform and the advancement of our.

AbbVie's results once again exceed our expectations, and we are raising guidance for the second time this year, underscoring our confidence in the business. The robust performance of our growth platform and the advancement of our pipeline supports AbbVie's top tier long term outlook. With that, I'll turn the call over to Jeff for additional comments on our commercial highlights.

Speaker Change: <unk> supports add these top tier long term outlook.

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

Speaker Change: With that I'll turn the call over to Jeff for additional comments on our commercial highlights Jeff.

Jeffrey Stewart: Thank you, Rob, we continue to demonstrate strong commercial execution across our therapeutic portfolio, I'll start with the quarterly results for immunology, which deliver total revenues of approximately $7 billion dollars. SKYRIZI and RINVOQ are performing exceptionally well, contributing more than $4.1 billion in combined sales this quarter, reflecting operational growth of 50% in their fifth full year on the market. These assets are approved across a broad set of indications and are collectively supported by nine compelling head-to-head studies that demonstrate clear differentiation across multiple novel therapies, which has resulted in strong share capture. For Skyrizzy, we continue to advance our clear leadership position in psoriasis, where total prescription share of the U.S. biologic market has increased to approximately 38 percent. Share is also ramping nicely in PSA, especially in the dermatology segment, where Skyrizzy has achieved roughly 15% total prescription share in the U.S. biologic market.

Jeff Stewart: Jeff, thank you, Rob. We continue to demonstrate strong commercial execution across our therapeutic portfolio. I'll start with the quarterly results for Immunology, which delivered total revenues of approximately $7 billion. Skyrizi and Rinvoq are performing exceptionally well, contributing more than $4.1 billion in combined sales this quarter, reflecting operational growth of 50% in their fifth full year on the market.

Geoff: We continue to demonstrate strong commercial execution across our therapeutic portfolio. I'll start with the quarterly results for immunology, which deliver total revenues of approximately $7 billion. Guy Rizzi and Ren Vogue are performing exceptionally well, contributing more than $4.1 billion in combined sales this quarter, reflecting operational growth of 50% in their fifth full year on the market.

Jeff: Thank you Rob we continue to demonstrate strong commercial execution across our therapeutic portfolio I'll start with the quarterly results for immunology, which delivered total revenues of approximately $7 billion.

Jeff: <unk> and <unk> are performing exceptionally well contributing more than $4 $1 billion in combined sales this quarter reflective reflecting operational growth of 50% in their fifth full year on the market.

These assets are approved across a broad set of indications and are collectively supported by nine compelling head-to-head studies that demonstrate clear differentiation across multiple novel therapies, which has resulted in strong share capture for Skyrizi. We continue to advance our clear leadership position in psoriasis where total prescription share of the US biologic market has increased to approximately 38%.

Geoff: These assets are approved across a broad set of indications and are collectively supported by nine compelling head-to-head studies that demonstrate clear differentiation across multiple novel therapies, which has resulted in strong share capture. For Skyrizzy, we continue to advance our clear leadership position in psoriasis, where total prescription share of the U.S. biologic market has increased to approximately 38 percent. Share is also ramping nicely in PSA, especially in the dermatology segment, where Skyrizzy has achieved roughly 15% total prescription share in the U.S. biologic market.

Speaker Change: These assets are approved across a broad set of indications and are collectively supported by nine compelling head to head studies that demonstrate clear differentiation across multiple novel therapies, which has resulted in strong share capture.

Jeffrey Stewart: For SKYRIZI, we continue to advance our clear leadership position in psoriasis, where total prescription share of the U.S. biologic market has increased to approximately 38%. Share is also ramping nicely in PSA, especially in the dermatology segment, where SKYRIZI has achieved roughly 15% total prescription share in the US biologic market. And for RINVOQ, we are seeing increasing share across each of the room indications, as well as additional momentum in atopic dermatitis, including total prescription share of 10% in the US. We are very excited about the growth potential in gastroenterology, where SKYRIZI and RINVOQ are on pace to double their respective sales in IBD this year. The adoption in Crohn's disease has been impressive. With Skyrizzy and Rinvoke now achieving a combined in-play share in the U.S. of more than 40%,

Speaker Change: For <unk>, we continue to advance our clear leadership position in psoriasis, where total prescription share of the U S. Biologic market has increased to approximately 38% share is also ramping nicely and PSA, especially in the dermatology segment, where <unk> has achieved roughly 15% total.

Jeffrey Stewart: We continue to advance our clear leadership position in psoriasis where total prescription share of the US biologic market has increased to approximately 38%. Share is also ramping nicely in PsA, especially in the dermatology segment where Skyrizi has achieved roughly 15% total prescription share in the US biologic market, and for Rinvoq we are seeing increasing share across each of the rheum indications as well as additional momentum in atopic dermatitis including total prescription share of 10% in the US.

Share is also ramping nicely in PsA, especially in the dermatology segment where Skyrizi has achieved roughly 15% total prescription share in the US biologic market, and for Rinvoq we are seeing increasing share across each of the rheum indications as well as additional momentum in atopic dermatitis including total prescription share of 10% in the US. We are very excited about the growth potential in gastroenterology where Skyrizi and Rinvoq are on pace to double their respective sales in IBD this year.

Speaker Change: Prescription share in the U S biologic market.

Geoff: And for RINVOC, we are seeing increasing share across each of the room indications, as well as additional momentum in atopic dermatitis, including total prescription share of 10% in the U.S. We are very excited about the growth potential in gastroenterology, where Skyrizzy and Rinvoke are on pace to double their respective sales in IBD this year. The adoption in Crohn's disease has been impressive. With Skyrizzy and Rinvoke now achieving a combined in-play share in the U.S. of more than 40%,

Speaker Change: And for invoke we're seeing increasing share across each of the room indications as well as additional momentum in atopic dermatitis, including total prescription share of 10% in the U S.

Jeffrey Stewart: We are very excited about the growth potential in gastroenterology, where SKYRIZI and RINVOQ are on pace to double their respective sales in IBD this year. The adoption in Crohn's disease has been impressive, with SKYRIZI and RINVOQ now achieving a combined in-play share in the US of more than 40%, SKYRIZI has achieved overall in-play share leadership in Crohn's, with in-play share approximately 13 points ahead of Stelara, following our compelling head-to-head sequence data published last year. This positive trial, which demonstrated SKYRIZI's high efficacy versus Stelara, including a more than doubling of effect in endoscopic remission, has driven a significant inflection in performance, and we anticipate continued share momentum. Commercialization for Skyrizzian for Ulcerative Colitis is now underway in the U.S., with broad formulary access anticipated to ramp quickly over the next several months.

Jeffrey Stewart: We are very excited about the growth potential in gastroenterology where Skyrizi and Rinvoq are on pace to double their respective sales in IBD this year. The adoption in Crohn's disease has been impressive with Skyrizi and Rinvoq now achieving a combined market share in the US of more than 40%.

Speaker Change: We are very excited about the growth potential in gastroenterology, where sky Roseann revoke are on pace to double their respective sales in IBD. This year.

The adoption in Crohn's disease has been impressive with Skyrizi and Rinvoq now achieving a combined market share in the US of more than 40%. Skyrizi has achieved overall in-place share leadership in Crohn's with in-place share approximately now 13 points ahead of Stelara following our compelling head-to-head study data published last year.

Speaker Change: The adoption in Crohn's disease has been impressive with Sky Roseann RIN, both now achieving a combined in play share in the U S of more than 40%.

Jeffrey Stewart: Skyrizi has achieved overall in-place share leadership in Crohn's with in-place share approximately now 13 points ahead of Stelara following our compelling head-to-head study data published last year. This positive trial, which demonstrated Skyrizi's high efficacy versus Stelara, including a more than doubling of effect in endoscopic remission, has driven a significant inflection in performance, and we anticipate continued share momentum. Commercialization for Skyrizi in ulcerative colitis is now underway in the US with broad formulary access anticipated to ramp quickly over the next several months. Early feedback from gastroenterologists has been very encouraging with Skyrizi's UC data viewed as impressive, particularly for naive patients who have not been exposed to biologics. We also expect the European launch in the coming months.

Geoff: Skyrizzy has achieved overall in-play share leadership in Crohn's, with in-play share approximately 13 points ahead of Stelara, following our compelling head-to-head sequence data published last year. This positive trial, which demonstrated Skyrizzy's high efficacy versus Stelara, including a more than doubling of effect in endoscopic remission, has driven a significant inflection in performance, and we anticipate continued share momentum. Commercialization for Skyrizzian for Ulcerative Colitis is now underway in the U.S., with broad formulary access anticipated to ramp quickly over the next several months.

Speaker Change: Currency has achieved overall in play share leadership in Crohn's with in play share approximately now 13 points ahead of Solara. Following our compelling head to head sequence data published last year. This positive trial, which demonstrated sky <unk> high efficacy versus the lora, including.

This positive trial, which demonstrated Skyrizi's high efficacy versus Stelara, including a more than doubling of effect in endoscopic remission, has driven a significant inflection in performance, and we anticipate continued share momentum. Commercialization for Skyrizi in ulcerative colitis is now underway in the US with broad formulary access anticipated to ramp quickly over the next several months. Early feedback from gastroenterologists has been very encouraging with Skyrizi's UC data viewed as impressive, particularly for naive patients who have not been exposed to biologics.

Jeffrey Stewart: This positive trial, which demonstrated SKYRIZI's high efficacy versus Stelara, including a more than doubling of effect in endoscopic remission, has driven a significant inflection in performance, and we anticipate continued share momentum. Commercialization for SKYRIZI in Ulcerative Colitis is now underway in the US, with broad formulary access anticipated to ramp quickly over the next several months. Early feedback from gastroenterologists has been very encouraging, with SKYRIZI's UC data viewed as impressive, particularly for naive patients who have not been exposed to biologics, we also expect the European launch in the coming months. We also see very robust adoption of Renvoke in UC, where the brand is now achieving a leading in-place share in the U.S. Internationally, Renvoke UC is now approved in 75 countries, with reimbursement and share gaining momentum. Having two novel therapies that each deliver differentiated levels of efficacy to treat both of these IBD conditions is an advantage.

Speaker Change: A more than doubling of effect and endoscopic remission has driven a significant inflection in performance and we anticipate continued share momentum.

Speaker Change: Commercialization for <unk> in ulcerative colitis is now underway in the U S with broad formulary access anticipated to ramp quickly over the next several months.

Geoff: Early feedback from gastroenterologists has been very encouraging, with Sky Rizzi's UC data viewed as impressive, particularly for naive patients who have not been exposed to biologics. We also expect the European launch in the coming months. We also see very robust adoption of Renvoke in UC, where the brand is now achieving a leading in-place share in the U.S. Internationally, Renvoke UC is now approved in 75 countries, with reimbursement and share gaining momentum. Having two novel therapies that each deliver differentiated levels of efficacy to treat both of these IBD conditions is an advantage.

Speaker Change: Early feedback from Gastroenterologists has been very encouraging with sky Ritcey's UC data viewed as impressive, particularly for naive patients who have not been exposed to biologics.

We also expect the European launch in the coming months. We also see very robust adoption of Rinvoq in UC where the brand is now achieving a leading in place share in the US internationally. Rinvoq UC is now approved in 75 countries, with reimbursement and share gaining momentum. Having two novel therapies that each deliver differentiated levels of efficacy to treat both of these IBD conditions demonstrates our commitment to transforming the treatment landscape for physicians and patients in this area of high unmet need.

Speaker Change: We also expect the European launch in the coming months.

Jeffrey Stewart: We also see very robust adoption of RINVOQ in UC, where the brand is now achieving a leading in-place share in the US, Internationally, RINVOQ UC is now approved in 75 countries, with reimbursement and share gaining momentum. Having two novel therapies that each deliver differentiated levels of efficacy to treat both of these IBD conditions demonstrates our commitment to transforming the treatment landscape for physicians and patients in this area of high unmet need. Turning now to HUMIRA, which delivered global sales of $2.8 billion, down 28.9% on an operational basis due to biosimilar competition. However, erosion in the U.S. was in line with our expectations in the quarter, and our guidance contemplates the impact of additional formulary changes over the course of the year.

Jeffrey Stewart: We also see very robust adoption of Rinvoq in UC where the brand is now achieving a leading in place share in the US internationally. Rinvoq UC is now approved in 75 countries, with reimbursement and share gaining momentum. Having two novel therapies that each deliver differentiated levels of efficacy to treat both of these IBD conditions demonstrates our commitment to transforming the treatment landscape for physicians and patients in this area of high unmet need.

Speaker Change: We also see very robust adoption of <unk> and you see where the brand is now achieving a leading in play share in the U S. Internationally <unk> is now approved in 75 countries with reimbursement and share gaining momentum.

Speaker Change: Having two novel therapies that each deliver differentiated levels of efficacy to treat both of these IBD conditions demonstrates our commitment to transforming the treatment landscape for physicians and patients in this area of high unmet need.

Geoff: This demonstrates our commitment to transforming the treatment landscape for physicians and patients in this area of high unmet need. Turning now to Humira, which delivered global sales of $2.8 billion, down 28.9% on an operational basis due to biosimilar competition. However, erosion in the U.S. was in line with our expectations in the quarter, and our guidance contemplates the impact of additional formulary changes over the course of the year.

Jeffrey Stewart: Turning now to HUMIRA, which delivered global sales of $2.8 billion dollars, down 28.9% on an operational basis due to biosimilar competition. Erosion in the U.S. was in line with our expectations in the quarter, and our guidance contemplates the impact of additional formulary changes over the course of the year. Importantly, we continue to anticipate that HUMIRA will maintain parity access to biosimilars for a significant majority of patient lives this year. Moving now to oncology, where total revenues were more than $1.6 billion. IMBRUVICA Global revenues were $833 million, down 8.2%, reflecting continued competitive dynamics in CLL.

Jeffrey Stewart: Turning now to Humira, which delivered global sales of $2.8 billion, down 28.9% on an operational basis due to biosimilar competition. Erosion in the US was in line with our expectations in the quarter, and our guidance contemplates the impact of additional formulary changes over the course of the year. Importantly, we continue to anticipate that Humira will maintain parity access to biosimilars for a significant majority of patient lives this year. Moving now to Oncology, where total revenues were more than $1.6 billion. Imbruvica global revenues were $833 million, down 8.2%, reflecting continued competitive dynamics in CLL. Venclexta global sales were $637 million, up 15.8% on an operational basis with strong momentum across CLL and AML. Elahere is also performing very well with sales of $128 million and our compelling overall survival data.

Turning now to Humira, which delivered global sales of $2.8 billion, down 28.9% on an operational basis due to biosimilar competition. Erosion in the US was in line with our expectations in the quarter, and our guidance contemplates the impact of additional formulary changes over the course of the year. Importantly, we continue to anticipate that Humira will maintain parity access to biosimilars for a significant majority of patient lives this year.

Speaker Change: Turning now to Humira, which delivered global sales of $2 8 billion down 28, 9% on an operational basis due to biosimilar competition.

Speaker Change: Erosion in the U S was in line with our expectations in the quarter and our guidance complicated.

Speaker Change: Contemplates the impact of additional formulary changes over the course of the year.

Geoff: Importantly, we continue to anticipate that Humira will maintain parity access to biosimilars for a significant majority of patient lives this year. Moving now to oncology, where total revenues were more than $1.6 billion. Imbruvica Global revenues were $833 million, down 8.2%, reflecting continued competitive dynamics in CLL.

Speaker Change: Importantly, we continue to anticipate that Humira will maintain parity access to biosimilars for a significant majority of patient lives. This year.

Moving now to Oncology, where total revenues were more than $1.6 billion. Imbruvica global revenues were $833 million, down 8.2%, reflecting continued competitive dynamics in CLL. Venclexta global sales were $637 million, up 15.8% on an operational basis with strong momentum across CLL and AML. Elahere is also performing very well with sales of $128 million and our compelling overall survival data.

Speaker Change: Moving now to oncology, where total revenues were more than $1 6 billion.

Jeffrey Stewart: Moving now to oncology, where total revenues were more than $1.6 billion dollars, IMBRUVICA global revenues were $833 million dollars, down 8.2%, reflecting continued competitive dynamics in CLL. VENCLEXTA global sales were $637 million dollars, up 15.8% on an operational basis with strong momentum across CLL and AML. ELAHERE is also performing very well, with sales of $128 million dollars, and our compelling overall survival data, recent positive updates in the NCCN guidelines, and the expansion of commercial resources will continue to drive rapid uptake. Lastly, we continue to be pleased with the prescription trends for EPKINLY in DLBCL, commercialization is now underway for EPKINLY's second indication, follicular lymphoma, in the US, with European approval expected later this year. Neuroscience total revenues were nearly $2.2 billion, up 15.2% on an operational basis.

Speaker Change: <unk> global revenues were $833 million down eight 2%, reflecting continued competitive dynamics and CLO.

Geoff: Ben Klecks, global sales were $637 million, up 15.8% on an operational basis with strong momentum across CLL and AMB. Ella here is also performing very well, with sales of $128 million. And our compelling overall survival data, recent positive updates in the NCCN guidelines, and the expansion of commercial resources will continue to drive rapid uptake. Lastly, we continue to be pleased with the prescription trends for Epkinly in DL-BCL. Commercialization is now underway for Epkinly's second indication, follicular lymphoma, in the U.S., with European approval expected later this year. Neuroscience total revenues were nearly $2.2 billion, up 15.2% on an operational basis.

Speaker Change: And collects the global sales were $637 million up 15, 8% on an operational basis with strong momentum across CLO and AML.

Speaker Change: <unk> is also performing very well with sales of $128 million and our compelling overall survival data recent positive updates in the CCN guidelines and the expansion of commercial resources will continue to drive rapid uptake.

Jeffrey Stewart: Recent positive updates in the NCCN guidelines and the expansion of commercial resources will continue to drive rapid uptake. Lastly, we continue to be pleased with the prescription trends for Epkinli in DLBCL. Commercialization is now underway for Epkinli's second indication, Follicular Lymphoma in the US, with European approval expected later this year.

Recent positive updates in the NCCN guidelines and the expansion of commercial resources will continue to drive rapid uptake. Lastly, we continue to be pleased with the prescription trends for Epkinli in DLBCL. Commercialization is now underway for Epkinli's second indication, Follicular Lymphoma in the US, with European approval expected later this year.

Speaker Change: Lastly, we continue to be pleased with the prescription trends for our kinley and Dl Bcl commercialization is now underway for <unk> second indication Follicular lymphoma in the U S with European approval expected later this year.

Jeffrey Stewart: Lastly, we continue to be pleased with the prescription trends for EPKINLY in DLBCL, commercialization is now underway for EPKINLY's second indication, follicular lymphoma, in the US, with European approval expected later this year. Neuroscience total revenues were nearly $2.2 billion dollars, up 15.2% on an operational basis, this robust performance is driven by continued double-digit growth of VRAYLAR, with global sales of $774 million dollars, UBRELVY with total revenue of $231 million, and QULIPTA with global sales of $150 million dollars. Each of these leading assets continue to gain share and remain competitively well positioned. Botox Therapeutic is also performing well, especially in chronic migraine.

Jeffrey Stewart: Neuroscience total revenues were nearly $2.2 billion, up 15.2% on an operational basis. This robust performance is driven by continued double digit growth of Vraylar with global sales of $774 million, Ubrelvy with total revenue of $231 million, and Qulipta with global sales of $150 million. Each of these leading assets continue to gain share and remain competitively well positioned. Botox Therapeutic is also performing well, especially in chronic migraine. Total global sales were $814 million, up 9.6% on an operational basis. Finally, we are pleased with the early launch trends for 951 in Japan and Europe and look forward to bringing this innovative therapy for advanced Parkinson's to the US soon.

Neuroscience total revenues were nearly $2.2 billion, up 15.2% on an operational basis. This robust performance is driven by continued double digit growth of Vraylar with global sales of $774 million, Ubrelvy with total revenue of $231 million, and Qulipta with global sales of $150 million. Each of these leading assets continue to gain share and remain competitively well positioned. Botox Therapeutic is also performing well, especially in chronic migraine. Total global sales were $814 million, up 9.6% on an operational basis.

Speaker Change: Neuroscience total revenues were nearly $2 2 billion up 15, 2% on an operational basis. This robust performance was driven by continued double digit growth of railcar with global sales of $774 million <unk>.

Jeffrey Stewart: Neuroscience total revenues were nearly $2.2 billion, up 15.2% on an operational basis.

Geoff: This robust performance is driven by continued double-digit growth of BrayLAR, with global sales of 700... $74,000,000, Brelvey with total revenue of $231 million, and QLIPDA with global sales of $150 million. Each of these leading assets continue to gain share and remain competitively well positioned. Botox Therapeutic is also performing well, especially in chronic migraine.

Speaker Change: <unk> with total revenue of $231 million in Q, Liptak with global sales of $150 million each.

Speaker Change: Each of these leading assets continue to gain share and remain competitively well positioned.

Jeffrey Stewart: Botox Therapeutic is also performing well, especially in chronic migraine, total global sales were $814 million dollars, up 9.6% on an operational basis. Finally, we are pleased with the early launch trends for 951 in Japan and Europe and look forward to bringing this innovative therapy for advanced Parkinson's to the US, soon. Overall, I'm extremely pleased with the momentum across the therapeutic portfolio, and with that, I'll turn the call over to Carrie for additional comments on Aesthetics. Carrie?

Speaker Change: Botox therapeutic is also performing well, especially in chronic migraine total global sales were $814 million up nine 6% on an operational basis.

Geoff: Total global sales were $814 million, up 9.6% on an operational basis. Finally, we are pleased with the early launch trends for 951 in Japan and Europe and look forward to bringing this innovative therapy for advanced Parkinson's to the U.S. Overall, I'm extremely pleased with the momentum across the therapeutic portfolio. And with that, I'll turn the call over to Carrie for additional comments on aesthetics. Carrie?

Finally, we are pleased with the early launch trends for 951 in Japan and Europe and look forward to bringing this innovative therapy for advanced Parkinson's to the US soon. Overall, I'm extremely pleased with the momentum across the Therapeutic portfolio and with that I'll turn the call over to Carrie for additional comments on aesthetics.

Speaker Change: Finally, we are pleased with the early launch trends for 95, one in Japan, and Europe and look forward to bringing this innovative therapy for advanced Parkinson's to the U S. Soon.

Jeffrey Stewart: Overall, I'm extremely pleased with the momentum across the Therapeutic portfolio and with that I'll turn the call over to Carrie for additional comments on aesthetics.

Speaker Change: Overall I'm extremely pleased with the momentum across the therapeutic portfolio and with that I'll turn the call over to Kerry for additional comments on aesthetics Eric.

Carrie Strom: Carrie, thank you, Jeff. Q2 global aesthetics sales were approximately $1.4 billion, representing growth of 2.8% on an operational basis. In the US, aesthetic sales of $863 million increased by 4.4%, driven by Botox Cosmetic and Juvederm growth of 7.1% and 10.4%, respectively. This toxin and filler performance was supported by a consistent recovery in the facial injectable market as the number of procedures in both categories increased by a mid-single-digit percentage versus the prior year. However, this level of market growth was lower than previously anticipated. Sales for Botox Cosmetic and Juvederm also benefited from a partial reversal of the prior quarter's inventory destock, which was related to the timing of certain promotional activities. From a competitive perspective, our US facial injectable portfolio remains the clear market leader with strong and stable market share internationally.

Carrie Strom: Thank you, Geoff. Second quarter global aesthetic sales were approximately $1.4 billion dollars, representing growth of 2.8% on an operational basis. In the US, aesthetic sales of $863 million dollars increased by 4.4%, driven by Botox Cosmetic and Juvederm growth of 7.1% and 10.4%, respectively. This toxin and filler performance is supported by a consistent recovery in the facial injectable market, as the number of procedures in both categories increased by a mid single-digit percentage versus the prior year. However, this level of market growth was lower than previously anticipated.

Kerry: Thank you, Jeff second quarter global aesthetic sales were approximately $1 4 billion representing growth of two 8% on an operational basis.

Kerry: In the U S aesthetic sales of $863 million increased by four 4% driven by Botox cosmetic and Juvederm growth of seven 1% and 10, 4% respectively.

Speaker Change: This toxin and seller performance is supported by a consistent recovery in the facial injectable market as the number of procedures in both categories increase by a mid single digit percentage versus the prior year. However, this level of market growth was lower than previously anticipated.

However, this level of market growth was lower than previously anticipated. Sales for Botox Cosmetic and Juvederm also benefited from a partial reversal of the prior quarter's inventory destock, which was related to the timing of certain promotional activities. From a competitive perspective, our US facial injectable portfolio remains the clear market leader with strong and stable market share internationally.

Carrie Strom: Sales for Botox Cosmetic and Juvederm also benefited from a partial reversal of the prior quarter's inventory de-stock, which was related to the timing of certain promotional activities. From a competitive perspective, our U.S. facial injectable portfolio remains the clear market leader, with strong and stable market share. Internationally, second quarter aesthetic sales were $527 million dollars, roughly flat versus the prior year on an operational basis, as declines in China were balanced by growth in other international markets. In China, our largest international market, sales growth continued to be impacted by sustained economic headwinds, as well as a challenging comparison to the second quarter of last year, which benefited from a strong post-COVID recovery.

Kerry: Sales for Botox cosmetic and children I'm also benefited from a partial reversal of the prior quarters inventory destock, which was related to the timing of certain promotional activity.

Kerry: From a competitive perspective, our U S facial injectable portfolio remains the clear market leader with strong and stable market share.

Kerry: Internationally second quarter aesthetic sales were $527 million roughly flat versus the prior year on an operational basis as declines in China were balanced by growth in other international markets.

Carrie Strom: Second quarter aesthetic sales were $527 million, roughly flat versus the prior year on an operational basis as declines in China were balanced by growth in other international markets. In China, our largest international market, sales growth continued to be impacted by sustained economic headwinds as well as a challenging comparison to the second quarter of last year, which benefited from a strong post-COVID recovery. Consistent with what we experienced in the US. Economic challenges have impacted Juvederm sales growth more than other areas of our portfolio. Based upon Juvederm's relatively higher price point.

Second quarter aesthetic sales were $527 million, roughly flat versus the prior year on an operational basis as declines in China were balanced by growth in other international markets. In China, our largest international market, sales growth continued to be impacted by sustained economic headwinds as well as a challenging comparison to the second quarter of last year, which benefited from a strong post-COVID recovery. Consistent with what we experienced in the US. Economic challenges have impacted Juvederm sales growth more than other areas of our portfolio.

Carrie Strom: In China, our largest international market, sales growth continued to be impacted by sustained economic headwinds, as well as a challenging comparison to the second quarter of last year, which benefited from a strong post-COVID recovery. Consistent with what we experienced in the U.S., economic challenges have impacted Juvederm sales growth more than other areas of our portfolio, based upon Juvederm's relatively higher price point. Looking to the rest of the year, we expect our market-leading aesthetics portfolio to continue to perform well from a competitive perspective across the globe. As we evaluate market dynamics and leading economic indicators, particularly in the U.S. and China, market growth trends are below our prior expectations.

Kerry: In China, our largest international market sales growth continued to be impacted by sustained economic headwinds as well as a challenging comparison to the second quarter of last year, which benefited from a strong post COVID-19 recovery.

Carrie: As well as a challenging comparison to the second quarter of last year, which benefited from a strong post-COVID recovery. Consistent with what we experienced in the U.S., economic challenges have impacted Juvederm sales growth more than other areas of our portfolio, based upon Juvederm's relatively higher price. Looking to the rest of the year, we expect our market-leading aesthetics portfolio to continue to perform well from a As we evaluate market dynamics and leading economic indicators, particularly in the U.S. and China, market growth trends are below our prior expectations.

As well as a challenging comparison to the second quarter of last year, which benefited from a strong post-COVID recovery.

Kerry: Consistent with what we experienced in the U S. Economic challenges have impacted juvederm sales growth more than other areas of our portfolio based upon cubic arms relatively higher price point.

Consistent with what we experienced in the U.S., economic challenges have impacted Juvederm sales growth more than other areas of our portfolio, based upon Juvederm's relatively higher price. Looking to the rest of the year, we expect our market-leading aesthetics portfolio to continue to perform well from a As we evaluate market dynamics and leading economic indicators, particularly in the U.S. and China, market growth trends are below our prior expectations.

Based upon Juvederm's relatively higher price point. Looking to the rest of the year, we expect our market leading aesthetics portfolio to continue to perform well from a competitive perspective across the globe. As we evaluate market dynamics and leading economic indicators, particularly in the US and China, market growth trends are below our prior expectations. Based upon this, we have moderated our outlook for the remainder of the year. Despite this near term dynamic, we remain confident in the long term growth outlook of our aesthetics portfolio.

Carrie Strom: Looking to the rest of the year, we expect our market leading aesthetics portfolio to continue to perform well from a competitive perspective across the globe. As we evaluate market dynamics and leading economic indicators, particularly in the US and China, market growth trends are below our prior expectations. Based upon this, we have moderated our outlook for the remainder of the year. Despite this near term dynamic, we remain confident in the long term growth outlook of our aesthetics portfolio. Global market penetration rates are extremely low and we expect long term market growth to accelerate from current levels as economic conditions improve. As the market leader, we are also committed to driving growth by activating new patients and launching innovative treatment options.

Kerry: Looking to the rest of the year, we expect our market leading aesthetics portfolio to continue to perform well from a competitive perspective across the globe.

Carrie Strom: As we evaluate market dynamics and leading economic indicators, particularly in the US and China, market growth trends are below our prior expectations, based upon this, we have moderated our outlook for the remainder of the year. Despite this near-term dynamic, we remain confident in the long-term growth outlook of our aesthetics portfolio. Global market penetration rates are extremely low, and we expect long-term market growth to accelerate from current levels as economic conditions improve. As the market leader, we are also committed to driving growth by activating new patients and launching innovative treatment options. For example, in China, launch activities are underway for Botox Cosmetic in the Masseter muscle prominence indication, and in the U.S., we will soon launch Juvederm Voluma XC for the treatment of temple hollowing, and we expect an approval for Botox Cosmetic in the Platysma Prominence In Pipeline catalysts like these in the key U.S. and China markets, along with our significant investment in consumer activation, injector training, and practice support, will enable us to grow the aesthetics market and maintain our clear leadership position over the long term. With that, I'll turn the call over to Roopal. Thank you, Carrie. We continue to make very good progress advancing our pipeline and several regulatory and clinical milestones since our last earnings call. I will start with immunology.

Kerry: As we evaluate market dynamics, and leading economic indicators, particularly in the U S and China market growth trends are below our prior expectation.

Carrie: Based upon this, we have moderated our outlook for the remainder. Despite this near-term dynamic, we remain confident in the long-term growth outlook of our aesthetics portfolio. Global market penetration rates are extremely low, and we expect long-term market growth to accelerate from current levels as economic conditions improve.

Kerry: Upon this we have moderated our outlook for the remainder of the year.

Kerry: Despite this near term dynamic we remain confident in the long term growth outlook of our aesthetics portfolio.

Global market penetration rates are extremely low and we expect long term market growth to accelerate from current levels as economic conditions improve. As the market leader, we are also committed to driving growth by activating new patients and launching innovative treatment options.

Kerry: Global market penetration rates are extremely low and we expect the long term market growth to accelerate from current levels as economic conditions improve.

Roopal: As the market leader, we are also committed to driving growth by activating new patients and launching innovative treatment options. For example, in China, launch activities are underway for Botox Cosmetic in the Masseter muscle prominence indication, and in the U.S., we will soon launch Juvederm Voluma XC for the treatment of temple hollowing, and we expect an approval for Botox Cosmetic in the Platysma Prominence In Pipeline catalysts like these in the key U.S. and China markets, along with our significant investment in consumer activation, injector training, and practice support, will enable us to grow the aesthetics market and maintain our clear leadership position over the long term. With that, I'll turn the call over to Roopal. Thank you, Carrie. We continue to make very good progress advancing our pipeline and several regulatory and clinical milestones since our last earnings call. I will start with immunology.

Kerry: As the market leader, we are also committed to driving growth by activating new patients and launching innovative treatment option.

Carrie Strom: For example, in China launch activities are underway for the Botox Cosmetic Masseter Muscle Prominence indication, and in the US we will soon launch Juvederm Voluma XC for the treatment of temple hollowing, and we expect an approval for Botox Cosmetic in the Platysma Prominence indication by the end of the year. Pipeline catalysts like these in the key US and China markets, along with our significant investment in consumer activation, injector training, and practice support, will enable us to grow the aesthetics market and maintain our clear leadership position over the long term. With that, I'll turn the call over to Rupal.

For example, in China launch activities are underway for the Botox Cosmetic Masseter Muscle Prominence indication, and in the US we will soon launch Juvederm Voluma XC for the treatment of temple hollowing, and we expect an approval for Botox Cosmetic in the Platysma Prominence indication by the end of the year.

Kerry: For example in China launch activities are underway for botox cosmetic mass at our muscle prominence indication.

Carrie Strom: For example, in China, launch activities are underway for the Botox Cosmetic masseter muscle prominence indication, and in the US, we will soon launch Juvederm Voluma XC for the treatment of temple hollowing, and we expect an approval for Botox Cosmetic in the Platysma Prominence indication by the end of the year. Pipeline catalysts like these in the key U.S. and China markets, along with our significant investment in consumer activation, injector training, and practice support, will enable us to grow the aesthetics market and maintain our clear leadership position over the long term. With that, I'll turn the call over to Roopal. Thank you, Carrie. We continue to make very good progress advancing our pipeline and several regulatory and clinical milestones since our last earnings call. I will start with immunology.

Kerry: And then the U S. We will soon launch <unk> for the treatment of temple Halloween and we expect an approval for botox cosmetic and the participant prominence indication by the end of the year.

Pipeline catalysts like these in the key US and China markets, along with our significant investment in consumer activation, injector training, and practice support, will enable us to grow the aesthetics market and maintain our clear leadership position over the long term. With that, I'll turn the call over to Rupal.

Kerry: Pipeline catalysts like these in the key U S and China markets, along with our significant investment in consumer activation injector training and practice support will enable us to grow the aesthetics market and maintain our clear leadership position over the long term.

Kerry: With that I'll turn the call over to Russell.

Roopal Thakkar: Thank you Carrie. We continue to make very good progress advancing our pipeline with several regulatory and clinical milestones since our last earnings call. I will start with immunology. We received FDA approval for Skyrizi in ulcerative colitis, which marks its second inflammatory bowel disease indication. Skyrizi is now the only IL-23 specific inhibitor approved for both ulcerative colitis and Crohn's disease. Skyrizi has proven to be a highly effective, durable, safe, and well tolerated treatment option for patients with moderate to severe inflammatory bowel disease, and this recent approval further strengthens AbbVie's leadership position in this market. We also received a positive CHMP opinion recommending Skyrizi for the treatment of moderate to severe ulcerative colitis in Europe, with an approval decision anticipated soon.

Russell: Thank you Carrie.

Roopal Thakkar: Thank you, Carrie, we continue to make very good progress advancing our pipeline, with several regulatory and clinical milestones since our last earnings call. I will start with immunology, we received FDA approval for SKYRIZI in ulcerative colitis, which marks it's second inflammatory bowel disease indication, SKYRIZI is now the only IL-23 specific inhibitor approved for both ulcerative colitis and Crohn's disease. SKYRIZI has proven to be a highly effective, durable, safe, and well-tolerated treatment option for patients with moderate to severe inflammatory bowel disease, and this recent approval further strengthens AbbVie's leadership position in this market. We also received a positive CHMP opinion recommending Skyrizzy for the treatment of moderate to severe ulcerative colitis in Europe, with an approval decision anticipated soon.

Russell: We continue to make very good progress advancing our pipeline with several regulatory and clinical milestones since our last earnings call I'll start with immunology.

Roopal: We received FDA approval for Skyrizzi in ulcerative colitis, which marks its second inflammatory bowel disease indication. Guy Rizzi is now the only IL-23 specific inhibitor approved for both ulcerative colitis and Crohn's disease. Guy Rizzi has proven to be a highly effective, durable, safe, and well-tolerated treatment option for patients with moderate to severe inflammatory bowel disease, and this recent approval further strengthens AbbVie's leadership position in this market. We also received a positive CHMP opinion recommending Skyrizzy for the treatment of moderate to severe ulcerative colitis in Europe, with an approval decision anticipated soon.

Russell: We received FDA approval for <unk> in ulcerative colitis, which marks its second inflammatory bowel disease indication <unk>.

Russell: <unk> is now the only IL 23 specific inhibitor approved for both ulcerative colitis and Crohn's disease.

Skyrizi has proven to be a highly effective, durable, safe, and well tolerated treatment option for patients with moderate to severe inflammatory bowel disease, and this recent approval further strengthens AbbVie's leadership position in this market. We also received a positive CHMP opinion recommending Skyrizi for the treatment of moderate to severe ulcerative colitis in Europe, with an approval decision anticipated soon.

Russell: <unk> has proven to be a highly effective durable safe and well tolerated treatment option for patients with moderate to severe inflammatory bowel disease.

Russell: And this recent approval.

Russell: Further strengthens <unk> leadership position in this market. We also received a positive <unk> opinion recommending <unk> for the treatment of moderate to severe ulcerative colitis in Europe with an approval decision anticipated soon.

Roopal Thakkar: We also received a positive CHMP opinion recommending SKYRIZI for the treatment of moderate to severe ulcerative colitis in Europe, with an approval decision anticipated soon. Earlier this month, we submitted our regulatory applications in the US and Europe for RINVOQ and giant cell arteritis, our submissions are based on the previously announced Phase III results from our SELECT GCA trial, where RINVOQ demonstrated superiority compared to placebo on sustained remission from Week 12 through Week 52 of disease flare and showed a reduction in total steroid exposure at Week 52. We expect approval decisions for this indication next year. We have also recently begun a Phase III study for luteicizumab, our anti-IL-1-alpha-beta bispecific, in hydradenitis supertiva. HS is a skin disease that can be debilitating, and there are limited treatment options.

Roopal Thakkar: We also received a positive CHMP opinion recommending SKYRIZI for the treatment of moderate to severe ulcerative colitis in Europe, with an approval decision anticipated soon. Earlier this month, we submitted our regulatory applications in the US and Europe for RINVOQ and giant cell arteritis, our submissions are based on the previously announced Phase III results from our SELECT GCA trial, where RINVOQ demonstrated superiority compared to placebo on sustained remission from Week 12 through Week 52 of disease flare and showed a reduction in total steroid exposure at Week 52, we expect approval decisions for this indication next year.

Roopal: Earlier this month, we submitted our regulatory applications in the U.S. and Europe for RINVOC and giant cell arteritis. Our submissions are based on the previously announced Phase 3 results from our SELECT GCA trial, where RINVO demonstrated superiority compared to placebo on sustained remission from Week 12 through Week 52 of disease flare and showed a reduction in total steroid exposure at Week 52. We expect approval decisions for this indication next year. We have also recently begun a Phase III study for luteicizumab, our anti-IL-1-alpha-beta bispecific, in hydradenitis supertiva. HS is a skin disease that can be debilitating, and there are limited treatment options.

Roopal Thakkar: Earlier this month we submitted our regulatory applications in the US and Europe for Rinvoq and Giant Cell Arteritis. Our submissions are based on the previously announced phase 3 results from our SELECT-GCA trial where Rinvoq demonstrated superiority compared to placebo on sustained remission from week 12 through week 52, on disease flare, and showed a reduction in total steroid exposure at week 52. We expect approval decisions for this indication next year. We also recently began a phase 3 study for lutekizumab. Our anti-IL-1 alpha/beta bispecific in Hidradenitis Suppurativa HS is a skin disease that can be debilitating, and there are limited treatment options. In our phase 2 study, lutekizumab demonstrated strong clinical response rates and improvement in skin pain in a very refractory patient population.

Earlier this month we submitted our regulatory applications in the US and Europe for Rinvoq and Giant Cell Arteritis. Our submissions are based on the previously announced phase 3 results from our SELECT-GCA trial where Rinvoq demonstrated superiority compared to placebo on sustained remission from week 12 through week 52, on disease flare, and showed a reduction in total steroid exposure at week 52. We expect approval decisions for this indication next year. We also recently began a phase 3 study for lutekizumab.

Russell: Earlier this month, we submitted our regulatory applications in the U S and Europe, or invoke and giant cell arteritis.

Russell: Our submissions are based on the previously announced phase III results from our select GPA trial, where <unk> demonstrated superiority compared to placebo on sustained remission from week to week 52 on disease flare and showed a reduction in total steroid exposure at week 52.

Russell: We expect approval decisions for this indication next year.

Roopal Thakkar: We expect approval decisions for this indication next year. We have also recently begun a Phase III study for luteicizumab, our anti-IL-1-alpha-beta bispecific, in hydradenitis supertiva. HS is a skin disease that can be debilitating, and there are limited treatment options.

Roopal Thakkar: We expect approval decisions for this indication next year.

Russell: We also recently began a phase III study for <unk>, our anti IL, one alpha beta by specific in Hidradenitis Suppurativa.

Roopal Thakkar: We have also recently begun a Phase III study for LUTIKIZUMAB, our anti IL-1 alpha/beta bispecific, in Hydradenitis Suppurativa, HS is a skin disease that can be debilitating, and there are limited treatment options. In our Phase II study, LUTIKIZUMAB demonstrated strong clinical response rates and improvement in skin pain in a very refractory patient population. Based on these results, we believe LUTIKIZUMAB has the potential to become an important new treatment option for patients with Moderate to Severe HS, we look forward to providing updates on the Phase III program as the data become available. In the second quarter, we announced two additional immunology transactions as we continue to invest in external innovation to expand our pipeline, these include the acquisition of Celsius Therapeutics, which brings a Phase II-ready anti-TREM1 antibody for IBD, and a license agreement with FutureGen to develop a next generation anti-TL1A antibody for IBD that is designed to have less frequent dosing compared to other TL1As in development and will be evaluated in combination with SkyRIZI.

Our anti-IL-1 alpha/beta bispecific in Hidradenitis Suppurativa HS is a skin disease that can be debilitating, and there are limited treatment options. In our phase 2 study, lutekizumab demonstrated strong clinical response rates and improvement in skin pain in a very refractory patient population.

Russell: <unk> as a skin disease that can be debilitating and there are limited treatment options and our phase II study <unk> demonstrated strong clinical response rates and improvement in skin pain.

Roopal: In our Phase II study, ludikizumab demonstrated strong clinical response rates and improvement in skin pain in a very refractory patient population. Based on these results, we believe lutecizumab has the potential to become an important new treatment option for patients with Moderate to Severe HS.

Russell: A very refractory patient population.

Roopal Thakkar: Based on these results, we believe lutekizumab has the potential to become an important new treatment option for patients with moderate to severe HS. We look forward to providing updates on the phase 3 program as the data become available.

Based on these results, we believe lutekizumab has the potential to become an important new treatment option for patients with moderate to severe HS. We look forward to providing updates on the phase 3 program as the data become available.

Russell: Based on these results we believe <unk> has the potential to become an important new treatment option for patients with moderate to severe Hs.

Roopal: We look forward to providing updates on the Phase 3 program as the data become available. In the second quarter, we announced two additional immunology transactions as we continue to invest in external innovation to expand our pipeline. These include the acquisition of Celsius Therapeutics, which brings a phase two ready anti-TREM1 antibody for IBD, and a license agreement with FutureGen to develop a next generation anti-TL1A antibody for IBD that is designed to have less frequent dosing compared to other TL1As in development and will be evaluated in combination with SkyRIZI.

Russell: We look forward to providing updates on the phase III program as the data become available.

Roopal Thakkar: In the second quarter, we announced two additional immunology transactions as we continue to invest in external innovation to expand our pipeline. These include the acquisition of Celsius Therapeutics, which brings a Phase 2-ready anti-TREM-1 antibody for IBD, and a license agreement with FutureGen to develop a next-generation anti-TL1A antibody for IBD that is designed to have less frequent dosing compared to other TL1As in development and will be evaluated in combination with Skyrizi.

In the second quarter, we announced two additional immunology transactions as we continue to invest in external innovation to expand our pipeline. These include the acquisition of Celsius Therapeutics, which brings a Phase 2-ready anti-TREM-1 antibody for IBD, and a license agreement with FutureGen to develop a next-generation anti-TL1A antibody for IBD that is designed to have less frequent dosing compared to other TL1As in development and will be evaluated in combination with Skyrizi.

Russell: In the second quarter, we announced two additional immunology transactions as we continue to invest in external innovation to expand our pipeline. These include the acquisition of Celsius Therapeutics, which brings a phase II ready anti <unk> antibody for IBD.

Roopal Thakkar: In the second quarter, we announced two additional immunology transactions as we continue to invest in external innovation to expand our pipeline, these include the acquisition of Celsius Therapeutics, which brings a Phase II-ready anti-TREM1 antibody for IBD, and a license agreement with FutureGen to develop a next generation anti-TL1A antibody for IBD that is designed to have less frequent dosing compared to other TL1As in development and will be evaluated in combination with SKYRIZI. This follows the four immunology deals we announced earlier this year, which, as a reminder, included the acquisition of Landos and their oral NLRX1 agonist in Phase II for UC, a partnership with OSI to develop a novel ChemR23 agonist for IBD and RA.

Russell: And a license agreement with future Gen to develop a next generation anti <unk> antibody for IBD that is designed to have less frequent dosing compared to other <unk> in development and will be evaluated in combination with sky rizzi.

Roopal Thakkar: This follows the four immunology deals we announced earlier this year, which as a reminder included the acquisition of Landos and their oral NLRX1 agonist in phase 2 for UC, a partnership with OSI to develop a novel ChemR23 agonist for IBD and RA, a collaboration with Parvus to utilize their immune toleration platform for novel IBD therapies, and a collaboration with Tentarix to develop conditionally active multispecific biologics in immunology and oncology.

This follows the four immunology deals we announced earlier this year, which as a reminder included the acquisition of Landos and their oral NLRX1 agonist in phase 2 for UC, a partnership with OSI to develop a novel ChemR23 agonist for IBD and RA, a collaboration with Parvus to utilize their immune toleration platform for novel IBD therapies, and a collaboration with Tentarix to develop conditionally active multispecific biologics in immunology and oncology.

Roopal: This follows the four immunology deals we announced earlier this year, which, as a reminder, included the acquisition of Landos and their oral NLRX1 agonist in Phase II for UC, and partnership with OSI to develop a novel ChemR23 agonist for IBD and RA.

Roopal Thakkar: This follows the four immunology deals we announced earlier this year, which, as a reminder, included the acquisition of Landos and their oral NLRX1 agonist in Phase II for UC, a partnership with OSE to develop a novel ChemR23 agonist for IBD and RA. A collaboration with Parvus to utilize their immune tolerization platform for novel IBD therapies, and a collaboration with Tentarix to develop conditionally active multi-specific biologics in immunology and oncology. Moving to oncology, where we continue to make very good progress across all stages of our heme and solid tumor pipeline. In the area of solid tumors, we recently announced positive top-line results from our Phase II piccolo study evaluating Elahir as monotherapy in ER-alpha positive, third-line plus, platinum-sensitive ovarian cancer for those not eligible for re-treatment with platinum-based therapy.

Russell: This follows the four immunology deals we announced earlier this year, which as a reminder included the acquisition of land does in their oral M. L. Rx one agonist in phase III for UC.

Russell: <unk> shipped with Oc the developing novel <unk> 'twenty, three agonist for IBD and re <unk>.

Roopal: Collaboration with Parvus to utilize their immune tolerization platform for novel IBD therapy, and a collaboration with Pentarex to develop conditionally active multi-specific biologics in immunology and oncology. Moving to oncology, where we continue to make very good progress across all stages of our heme and solid tumor pipeline. In the area of solid tumors, we recently announced positive top-line results from our Phase II piccolo study evaluating Elahir as monotherapy in ER-alpha positive, third-line plus, platinum-sensitive ovarian cancer for those not eligible for re-treatment with platinum-based therapy.

Russell: A collaboration with harvest to utilize their immune tolerance nation platform for novel IBD therapies, and a collaboration with <unk> to develop conditionally active multi specific biologics in immunology and oncology.

Roopal Thakkar: Moving to Oncology, where we continue to make very good progress across all stages of our heme and solid tumor pipeline. In the area of solid tumors, we recently announced positive top-line results from our phase 2 PICCOLO study evaluating Elahere as a monotherapy in ER-alpha positive, third-line plus, platinum-sensitive ovarian cancer for those not eligible for retreatment with platinum-based therapies. Elahere met the primary and key secondary endpoints in the study, demonstrating an objective response rate of 52% and median duration of response of 8 1/4 months. Detailed results will be presented at an upcoming medical congress.

Moving to Oncology, where we continue to make very good progress across all stages of our heme and solid tumor pipeline. In the area of solid tumors, we recently announced positive top-line results from our phase 2 PICCOLO study evaluating Elahere as a monotherapy in ER-alpha positive, third-line plus, platinum-sensitive ovarian cancer for those not eligible for retreatment with platinum-based therapies. Elahere met the primary and key secondary endpoints in the study, demonstrating an objective response rate of 52% and median duration of response of 8 1/4 months.

Russell: Moving to oncology, where we continue to make very good progress across all stages of our heme and solid tumor pipeline in.

Russell: In the area of solid tumors, we recently announced positive top line results from our phase two Piccolo study evaluating <unk> as a monotherapy in ER Alpha positive third line plus platinum sensitive ovarian cancer for those not eligible for re treatment with platinum based.

Roopal Thakkar: In the area of solid tumors, we recently announced positive top-line results from our Phase II PICCOLO study evaluating ELAHERE as monotherapy in ER-alpha positive, third-line plus, platinum-sensitive ovarian cancer for those not eligible for re-treatment with platinum-based therapy. ELAHERE met the primary and key secondary endpoints in the study, demonstrating an objective response rate of 52% and a median duration of response of eight and a quarter months, detailed results will be presented at an upcoming medical congress. Following discussions with the FDA, we will be submitting TELISO-V for accelerated approval as a monotherapy in patients with previously treated C-MET overexpressing EGFR wild type non-squamous, non-small cell lung cancer.

Russell: Therapies.

Roopal: Elahir met the primary and key secondary endpoints in the study, demonstrating an objective response rate of 52% and a median duration of response of eight and a quarter months. Detailed results will be presented at an upcoming medical conference. Following discussions with the FDA, we will be submitting TELISO-V for accelerated approval as a monotherapy in patients with previously treated C-MET overexpressing EGFR wild type non-squamous, non-small cell lung cancer.

Russell: <unk> met the primary and key secondary endpoints in this study demonstrating an objective response rate of 52% and median duration of response of eight in the quarter month.

Detailed results will be presented at an upcoming medical congress. Following discussions with the FDA, we will be submitting Teliso-V for accelerated approval as a monotherapy in patients with previously treated c-Met overexpressing EGFR wild-type non-squamous non-small cell lung cancer. This submission will be reviewed under FDA's Real-Time Oncology Review Program. Teliso-V has also received Breakthrough Therapy designation from the FDA.

Russell: Detailed results will be presented at an upcoming medical Congress.

Roopal Thakkar: Following discussions with the FDA, we will be submitting Teliso-V for accelerated approval as a monotherapy in patients with previously treated c-Met overexpressing EGFR wild-type non-squamous non-small cell lung cancer. This submission will be reviewed under FDA's Real-Time Oncology Review Program. Teliso-V has also received Breakthrough Therapy designation from the FDA.

Russell: Following discussions with the FDA, we will be submitting to lease a V for accelerated approval as a monotherapy in patients with previously treated C met over expressing Egfr wild type non squamous non small cell lung cancer. This submission will be reviewed.

Roopal Thakkar: Following discussions with the FDA, we will be submitting TELISO-V for accelerated approval as a monotherapy in patients with previously treated C-MET overexpressing EGFR wild type non-squamous, non-small cell lung cancer, this submission will be reviewed under FDA's Real-Time Oncology Review Program, TELISO-V has also received breakthrough therapy designation from the FDA. Our submission will be based on the results of our Phase II LUMINOSITY Study, where TELISO-V demonstrated strong clinical benefits across key endpoints, including overall response rate, duration of response, and overall survival, with a tolerable safety profile. Submission is expected in the third quarter, with an approval decision anticipated in 2025. The confirmatory Phase 3 study for this potential accelerated approval is currently ongoing. We continue to see encouraging data for ABBV 400, our next generation CMET ADC, which uses a topo payload.

Roopal: This submission will be reviewed under FDA's Real-Time Oncology Review Program. Elisa V has also received breakthrough therapy designation from the FDA. Our submission will be based on the results of our Phase II Luminosity Study, where Taliso V demonstrated strong clinical benefits across key endpoints, including overall response rate, duration of response, and overall survival, with a tolerable safety profile. Submission is expected in the third quarter, with an approval decision anticipated in 2025. The confirmatory Phase 3 study for this potential accelerated approval is currently ongoing. We continue to see encouraging data for ABBV 400, our next generation CMET ADC, which uses a topo payload.

Russell: Under Fda's real time oncology review program.

Russell: <unk> has also received breakthrough therapy designation from the FDA.

Roopal Thakkar: Our submission will be based on the results of our phase 2 LUMINOSITY study where Teliso-V demonstrated strong clinical benefits across key endpoints including overall response rate, duration of response, and overall survival with a tolerable safety profile. Submission is expected in Q3 with an approval decision anticipated in 2025. The confirmatory phase 3 study for this potential accelerated approval is currently ongoing. We continue to see encouraging data for ABBV-400, our next-generation c-Met ADC which uses a topo payload. Recall that we've advanced ABBV-400 in late-line colorectal cancer based on the deep responses and prolonged durability observed as a monotherapy in our phase 1 trial, and we remain on track to begin a phase 3 study later this year in third-line CRC.

Our submission will be based on the results of our phase 2 LUMINOSITY study where Teliso-V demonstrated strong clinical benefits across key endpoints including overall response rate, duration of response, and overall survival with a tolerable safety profile. Submission is expected in Q3 with an approval decision anticipated in 2025. The confirmatory phase 3 study for this potential accelerated approval is currently ongoing. We continue to see encouraging data for ABBV-400, our next-generation c-Met ADC which uses a topo payload.

Russell: Our submission will be based on the results of our phase III luminosity study, where <unk> demonstrated strong clinical benefits across key end points, including overall response rate duration of response and overall survival with a tolerable safety profile submission is expected in.

Russell: The third quarter with an approval decision anticipated in 2025, the confirmatory phase III study for this potential accelerated approval is currently ongoing.

Roopal Thakkar: The confirmatory Phase III study for this potential accelerated approval is currently ongoing. We continue to see encouraging data for ABBV-400, our next generation cMET ADC, which uses a Topo payload. Recall that we've advanced 400 in late-line colorectal cancer based on the deep responses and prolonged durability observed as a monotherapy in our Phase I trial, and we remain on track to begin a Phase III study later this year in third-line CRC. We're also seeing encouraging signals of activity for this next-gen ADC in the non-small-cell lung cancer cohort from our Phase I study. The preliminary data will be presented at an upcoming medical meeting, and based on the emerging Phase 1 results, we plan to begin a Phase 2 program for 400 in lung cancer. In the area of hematologic oncology, we received accelerated approval in the U.S. for Epkinly as a monotherapy treatment for patients with relapsed, refractory, follicular lymphoma after two or more lines of prior therapy. Epkinle is now the only T cell engaging bispecific approved in the U.S. to treat both follicular lymphoma and diffuse large B cells.

Russell: We continue to see encouraging data for a BBB 400, our next generation <unk> ADC, which uses a total payload recall that we've advanced 400 in late line colorectal cancer based on the deep responses and prolonged drew.

Recall that we've advanced ABBV-400 in late-line colorectal cancer based on the deep responses and prolonged durability observed as a monotherapy in our phase 1 trial, and we remain on track to begin a phase 3 study later this year in third-line CRC.

Roopal: Recall that we've advanced 400 in late-line colorectal cancer based on the deep responses and prolonged durability observed as a monotherapy in our phase one trial, and we remain on track to begin a phase three study later this year in third-line CRC. We're also seeing encouraging signals of activity for this next-gen ADC in the non-small-cell lung cancer cohort from our phase 1 study.

Russell: Ability observed as a monotherapy in our phase one trial and we remain on track to begin a phase III study later this year and third line CRC.

Roopal Thakkar: We're also seeing encouraging signals of activity for this next-gen ADC in the non-small cell lung cancer cohort from our phase 1 study. The preliminary data will be presented at an upcoming medical meeting, and based on the emerging phase 1 results, we plan to begin a phase 2 program for 400 in lung cancer.

We're also seeing encouraging signals of activity for this next-gen ADC in the non-small cell lung cancer cohort from our phase 1 study. The preliminary data will be presented at an upcoming medical meeting, and based on the emerging phase 1 results, we plan to begin a phase 2 program for 400 in lung cancer.

Russell: We're also seeing encouraging signals of activity.

Russell: This nextgen ADC in the non small cell lung cancer cohort from our phase one study the preliminary data will be presented at an upcoming medical meeting and based on the emerging phase one results.

Roopal Thakkar: The preliminary data will be presented at an upcoming medical meeting, and based on the emerging Phase I results, we plan to begin a Phase II program for 400 in lung cancer. In the area of hematologic oncology, we received accelerated approval in the US for EPKINLY as a monotherapy treatment for patients with relapsed, refractory, follicular lymphoma after two or more lines of prior therapy. EPKINLY is now the only T cell engaging bispecific approved in the U.S. to treat both follicular lymphoma and diffuse large B cell lymphoma. We're extremely excited to bring this new subcutaneous treatment option to patients suffering from follicular lymphoma. We also recently received a positive CHMP opinion, with an approval decision in Europe expected later this year. In the quarter, we initiated a phase three monotherapy study for ABBV383 in third-line multiple myeloma.

Roopal: The preliminary data will be presented at an upcoming medical meeting, and based on the emerging Phase 1 results, we plan to begin a Phase 2 program for 400 in lung cancer. In the area of hematologic oncology, we received accelerated approval in the U.S. for Epkinly as a monotherapy treatment for patients with relapsed, refractory, follicular lymphoma after two or more lines of prior therapy. Epkinle is now the only T cell engaging bispecific approved in the U.S. to treat both follicular lymphoma and diffuse large B cells.

Russell: To begin a phase III program for 400 and lung cancer.

Roopal Thakkar: In the area of hematologic oncology, we received accelerated approval in the US for Epkinli as a monotherapy treatment for patients with relapsed refractory follicular lymphoma after two or more lines of prior therapy. Epkinli is now the only T cell engaging bispecific approved in the US to treat both follicular lymphoma and diffuse large B-cell lymphoma. We're extremely excited to bring this new subcutaneous treatment option to patients suffering from follicular lymphoma. We also recently received positive CHMP opinion with an approval decision in Europe expected later this year.

In the area of hematologic oncology, we received accelerated approval in the US for Epkinli as a monotherapy treatment for patients with relapsed refractory follicular lymphoma after two or more lines of prior therapy. Epkinli is now the only T cell engaging bispecific approved in the US to treat both follicular lymphoma and diffuse large B-cell lymphoma. We're extremely excited to bring this new subcutaneous treatment option to patients suffering from follicular lymphoma.

Russell: In the area of hematologic oncology, we received accelerated approval in the U S for <unk> as a monotherapy treatment for patients with relapsed refractory follicular lymphoma, after two or more lines of prior therapy.

Kimberly: Kimberly is now the only T cell engaging by specific approved in the U S to treat both follicular lymphoma, and diffuse large b cell lymphoma.

Roopal: We're extremely excited to bring this new subcutaneous treatment option to patients suffering from follicular lymphoma. We also recently received a positive CHMP opinion, with an approval decision in Europe expected later this year. In the quarter, we initiated a phase three monotherapy study for ABBV383 in third-line multiple myeloma.

Russell: We're extremely excited to bring this new subcutaneous treatment option to patients suffering from Follicular lymphoma.

We also recently received positive CHMP opinion with an approval decision in Europe expected later this year. In the quarter, we initiated a phase 3 monotherapy study for ABBV-383 in third-line multiple myeloma. 383 is designed for high affinity binding to BCMA on malignant cells and low affinity binding to a unique CD3 epitope on T cells, which has the potential to mitigate some of the adverse events associated with other T cell engaging BCMA based therapies while preserving high levels of efficacy.

Russell: We also recently received positive <unk> opinion with an approval decision in Europe expected later this year.

Roopal Thakkar: We also recently received a positive CHMP opinion, with an approval decision in Europe expected later this year. In the quarter, we initiated a Phase III monotherapy study for ABBV-383 in third-line multiple myeloma. 383 is designed for high affinity binding to BCMA on malignant cells and low affinity binding to a unique CD3 epitope on T-cells, which has the potential to mitigate some of the adverse events associated with other T-cell engaging BCMA-based therapies while preserving high levels of effort. We remain excited about this asset's potential to become a best-in-class BCMA CD3 bispecific by providing deep, durable responses and a low incidence and severity of CRS with the potential for outpatient administration, limited or no step-up dosing, and monthly administration from the beginning of treatment.

Roopal Thakkar: In the quarter, we initiated a phase 3 monotherapy study for ABBV-383 in third-line multiple myeloma. 383 is designed for high affinity binding to BCMA on malignant cells and low affinity binding to a unique CD3 epitope on T cells, which has the potential to mitigate some of the adverse events associated with other T cell engaging BCMA based therapies while preserving high levels of efficacy.

Russell: In the quarter, we initiated a phase III monotherapy study for a BBB 383, and third line multiple myeloma 383 is designed for high affinity binding to be CMA on malignant cells.

Roopal: 383 is designed for high affinity binding to BCMA on malignant cells and low affinity binding to a unique CD3 epitope on T-cells, which has the potential to mitigate some of the adverse events associated with other T-cell engaging BCMA-based therapies while preserving high levels of effort. We remain excited about this asset's potential to become a best-in-class BCMA CD3 bispecific by providing deep, durable responses and a low incidence and severity of CRS with the potential for outpatient administration, limited or no step-up dosing, and monthly administration from the beginning of treatment.

Russell: And low affinity binding to a unique CD three epitope on T cells, which has the potential to mitigate some of the adverse events associated with other T cell engaging <unk> based therapies, while preserving high levels of efficacy.

Roopal Thakkar: We remain excited about this asset's potential to become a best-in-class BCMA CD3 bispecific by providing deep, durable responses and a low incidence and severity of CRS with the potential for outpatient administration, limited or no step-up dosing, and monthly administration from the beginning of treatment. In addition to our Phase III monotherapy program, we have an ongoing Phase I study in later lines of multiple myeloma to evaluate 383 in various combinations, including with Pomalyst, Revlimid, and Darzalex. Based on this work, we will begin Phase II combination studies in earlier lines of therapy next year. Moving to neuroscience, where we announced in the quarter that we received a complete response letter for our 951 regulatory application in the U.S. CRL is based on observations identified during an inspection at a third-party manufacturing site that was unrelated to 951. CRL did not identify any issues related to the safety, efficacy, or labeling of 951, nor has the FDA requested any additional clinical data or device-related testing.

Roopal Thakkar: We remain excited about this asset's potential to become a best in class BCMA CD3 bispecific by providing deep, durable responses and low incidence and severity of CRS with the potential for outpatient administration, limited or no step up dosing, and monthly administration from the beginning of treatment.

We remain excited about this asset's potential to become a best in class BCMA CD3 bispecific by providing deep, durable responses and low incidence and severity of CRS with the potential for outpatient administration, limited or no step up dosing, and monthly administration from the beginning of treatment.

Russell: We remain excited about this asset potential to <unk>.

Russell: <unk> a best in class D. C M. A C D. Three by specific by providing deep durable responses and low incidence and severity of Crs.

Russell: With the potential for outpatient administration limited or no step up dosing and monthly administration from the beginning of treatment.

Roopal: In addition to our Phase 3 monotherapy program, we have an ongoing Phase I study in later lines of multiple myeloma to evaluate 383 in various combinations, including with Pomalyst, Revlimid, and Darzalus. Based on this work, we will begin phase two combination studies in earlier lines of therapy next year. Moving to neuroscience, where we announced in the quarter that we received a complete response letter for our 951 regulatory application in the U.S. CRL is based on observations identified during an inspection at a third-party manufacturing site that was unrelated to 951. CRL did not identify any issues related to the safety, efficacy, or labeling of 951, nor has the FDA requested any additional clinical data or device-related testing.

Roopal Thakkar: In addition to our phase 3 monotherapy program, we have an ongoing phase 1 study in later lines of multiple myeloma to evaluate 383 in various combinations including with Pomalyst, Revlimid, and Darzalex. Based on this work, we will begin phase 2 combination studies in earlier lines of therapy next year. Moving to Neuroscience, we're in the quarter we announced that we received a complete response letter for our 951 regulatory application in the US. The CRL is based on observations identified during an inspection at a third-party manufacturing site that was unrelated to 951.

In addition to our phase 3 monotherapy program, we have an ongoing phase 1 study in later lines of multiple myeloma to evaluate 383 in various combinations including with Pomalyst, Revlimid, and Darzalex. Based on this work, we will begin phase 2 combination studies in earlier lines of therapy next year. Moving to Neuroscience, we're in the quarter we announced that we received a complete response letter for our 951 regulatory application in the US. The CRL is based on observations identified during an inspection at a third-party manufacturing site that was unrelated to 951.

Russell: In addition to our phase III monotherapy program, we have an ongoing phase one study and later lines of multiple myeloma to evaluate 383 in various combinations.

Russell: Clothing with Palm list Revlimid and <unk>.

Russell: Based on this work we will begin phase two combination studies in earlier lines of therapy next year.

Russell: Moving to neuroscience, where in the quarter, we announced that we received a complete response letter for our 95, one regulatory application in the U S.

Roopal Thakkar: Moving to neuroscience, where we announced in the quarter that we received a complete response letter for our 951 regulatory application in the US, the CRL is based on observations identified during an inspection at a third-party manufacturing site that was unrelated to 951. The CRL did not identify any issues related to the safety, efficacy, or labeling of 951, nor has the FDA requested any additional clinical data or device-related testing. We're working closely with the site and the FDA to get clarity on timelines, and we'll provide updates as soon as information becomes available. Moving on to an update on one of our Alzheimer's patients. We recently completed an interim analysis of a Phase II study evaluating ABBV916, our A-beta antibody. The emerging efficacy and safety profile in this study is similar to what has been demonstrated by approved agents. However, given the evolving landscape, we do not believe 9-1-6 as a monotherapy will be sufficiently differentiated from other emerging therapies. As a result, we are discontinuing further development for 9-1-6 as a stand-alone antibody.

Russell: <unk> is based on observations identified during an inspection at a third party manufacturing site that was unrelated to 95 one.

Roopal Thakkar: The CRL did not identify any issues related to the safety, efficacy, or labeling of 951, nor has the FDA requested any additional clinical data or device related testing. We're working closely with the site and the FDA to get clarity on timelines and we'll provide updates as soon as information becomes available.

The CRL did not identify any issues related to the safety, efficacy, or labeling of 951, nor has the FDA requested any additional clinical data or device related testing. We're working closely with the site and the FDA to get clarity on timelines and we'll provide updates as soon as information becomes available.

Russell: The <unk> did not identify any issues related to the safety efficacy or labeling of 95, one nor has the FDA requested any additional clinical data or device related testing.

Roopal: We're working closely with the site and the FDA to get clarity on timelines, and we'll provide updates as soon as information becomes available. Moving on to an update on one of our Alzheimer's patients. We recently completed an interim analysis of a Phase II study evaluating ABBV916, our A-beta antibody. The emerging efficacy and safety profile in this study is similar to what has been demonstrated by approved agents. However, given the evolving landscape, we do not believe 9-1-6 as a monotherapy will be sufficiently differentiated from other emerging therapies. As a result, we are discontinuing further development for 9-1-6 as a stand-alone antibody.

Russell: We're working closely with the site and the FDA to get clarity on timelines and we'll provide updates as soon as information becomes available.

Roopal Thakkar: Moving to an update on one of our Alzheimer's disease programs, we recently completed an interim analysis of a phase 2 study evaluating ABBV-916, our amyloid beta antibody. The emerging efficacy and safety profile in this study is similar to what has been demonstrated by approved agents. However, given the evolving landscape, we do not believe 916 as a monotherapy treatment will be sufficiently differentiated from other emerging therapies. As a result, we are discontinuing further development for 916 as a standalone antibody.

Moving to an update on one of our Alzheimer's disease programs, we recently completed an interim analysis of a phase 2 study evaluating ABBV-916, our amyloid beta antibody. The emerging efficacy and safety profile in this study is similar to what has been demonstrated by approved agents. However, given the evolving landscape, we do not believe 916 as a monotherapy treatment will be sufficiently differentiated from other emerging therapies. As a result, we are discontinuing further development for 916 as a standalone antibody.

Russell: Moving to an update on one of our all timers disease programs.

Roopal Thakkar: Moving on to an update on one of our Alzheimer's programs, we recently completed an interim analysis of a Phase II study evaluating ABBV-916, our A-beta antibody. The emerging efficacy and safety profile in this study is similar to what has been demonstrated by approved agents, however, given the evolving landscape, we do not believe 916 as a monotherapy will be sufficiently differentiated from other emerging therapies. As a result, we are discontinuing further development for 916 as a stand-alone antibody. As Rob mentioned, we remain on track to close the Cerevel transaction soon, and we look forward to welcoming the team into our R&D organization. The EMRACLIDINE Pivotal Studies in Schizophrenia remain on track to begin reading out near the end of this year, we'll also see data from two additional Phase III studies for TAVAPADON in Parkinson's disease later this year, we look forward to providing updates on these programs once the transaction has closed and data are available.

Russell: We recently completed an interim analysis of a phase two study evaluating a BBB 916 hour a beta antibody.

Russell: Emerging efficacy and safety profile in this study is similar to what has been demonstrated by approved agents.

Russell: However, given the evolving landscape.

Russell: Do not believe 916 as a monotherapy treatment will be sufficiently to free.

Speaker Change: <unk> differentiated from other emerging therapies.

Speaker Change: As a result, we are discontinuing further development for nine months six as a standalone antibody.

Roopal Thakkar: As Rob mentioned, we remain on track to close the Cerevel transaction soon and we look forward to welcoming the team into our RD organization. The Emraclidine Pivotal Studies in Schizophrenia remain on track to begin reading out near the end of this year. We'll also see data from two additional phase 3 studies for Tavapadon in Parkinson's disease later this year. We look forward to providing updates on these programs once the transaction has closed and data are available. In aesthetics, we recently received approval for Botox in China for masseter muscle prominence, marking the first global approval in this indication for any neurotoxin. Masseter prominence is common in Asian populations and there is significant unmet need for minimally invasive treatment options. We anticipate high demand for Botox in this novel indication in China, which will help to further build our portfolio in the face shaping segment.

As Rob mentioned, we remain on track to close the Cerevel transaction soon and we look forward to welcoming the team into our RD organization. The Emraclidine Pivotal Studies in Schizophrenia remain on track to begin reading out near the end of this year. We'll also see data from two additional phase 3 studies for Tavapadon in Parkinson's disease later this year. We look forward to providing updates on these programs once the transaction has closed and data are available.

Roopal: As Rob mentioned, we remain on track to close the CERAVL transaction soon, and we look forward to welcoming the team into our R&D organization. The Amarakladene Pivotal Studies in Schizophrenia remain on track to begin reading out near the end of this year. We'll also see data from two additional Phase III studies for Tavapidon in Parkinson's disease later this year. We look forward to providing updates on these programs once the transaction has closed and data are available.

Speaker Change: As Rob mentioned, we remain on track to close the service transaction soon and we look forward to welcoming the team into our R&D organization.

Roopal Thakkar: The EMRACLIDINE Pivotal Studies in Schizophrenia remain on track to begin reading out near the end of this year, we'll also see data from two additional Phase III studies for TAVAPADON in Parkinson's disease later this year, we look forward to providing updates on these programs once the transaction has closed and data are available. In aesthetics, we recently received approval for Botox in China for masseter muscle prominence, marking the first global approval for this indication for any neurotoxin. Masseter prominence is common in Asian populations, and there is a significant unmet need for minimally invasive treatment options.

Russell: <unk> pivotal studies in schizophrenia remain on track to begin reading out near the end of this year.

Russell: We'll also see data from two additional phase III studies for <unk> in Parkinson's disease. Later this year, we look forward to providing updates on these programs. Once the transaction has closed and data are available.

In aesthetics, we recently received approval for Botox in China for masseter muscle prominence, marking the first global approval in this indication for any neurotoxin. Masseter prominence is common in Asian populations and there is significant unmet need for minimally invasive treatment options. We anticipate high demand for Botox in this novel indication in China, which will help to further build our portfolio in the face shaping segment.

Roopal: In aesthetics, we recently received approval for Botox in China for masseter muscle prominence, marking the first global approval for this indication for any neurotoxin. Masseter muscle prominence is common in Asian populations, and there is a significant unmet need for minimally invasive treatment options.

Russell: In aesthetics, we recently received approval for Botox in China for Master muscle prominence marking the first global approval in this indication for any neurotoxin.

Russell: Method or prominence as common in Asian population and there is significant unmet need for minimally invasive treatment options, we anticipate high demand for botox in this novel indication in China, which will help to further build our portfolio in the face shaping segment.

Roopal: We anticipate high demand for Botox in this novel indication in China, which will help to further build our portfolio in the face shaping segment, a regulatory application is under review in the US for Botox and Platysma Prominence, which is another novel indication that will help build our position in the lower face and neck segment. We continue to expect an FDA approval decision later this year, and we remain on track to submit a regulatory application for BoNT/E near the end of this year, a rapid onset, short-acting toxin with a highly differentiated clinical profile, and once approved, it would offer patients a novel option compared to currently available toxins. So, in summary, we've made great progress across all of our therapeutic areas in the first half of the year, and we look forward to additional data readouts, regulatory submissions, and approvals throughout the remainder of 2024. With that, I'll turn the call over to Scott. Thank you, Roopal. Starting with our second quarter results, we reported adjusted earnings per share of $2.65.

Roopal Thakkar: We anticipate high demand for Botox in this novel indication in China, which will help to further build our portfolio in the face shaping segment, a regulatory application is under review in the US for Botox and Platysma Prominence, which is another novel indication that will help build our position in the lower face and neck segment. We continue to expect an FDA approval decision later this year, and we remain on track to submit a regulatory application for BoNT/E near the end of this year, a rapid onset, short-acting toxin with a highly differentiated clinical profile, and once approved, it would offer patients a novel option compared to currently available toxins.

Roopal Thakkar: A regulatory application is under review in the US for Botox and platysma prominence, which is another novel indication that will help build our position in the lower face and neck segment. We continue to expect an FDA approval decision later this year, and we remain on track to submit our regulatory application for Bontee near the end of this year. Our rapid onset short acting toxin has a highly differentiated clinical profile, and once approved would offer patients a novel option compared to currently available toxins.

A regulatory application is under review in the US for Botox and platysma prominence, which is another novel indication that will help build our position in the lower face and neck segment. We continue to expect an FDA approval decision later this year, and we remain on track to submit our regulatory application for Bontee near the end of this year. Our rapid onset short acting toxin has a highly differentiated clinical profile, and once approved would offer patients a novel option compared to currently available toxins.

Russell: Our regulatory application is under review in the U S for Botox and platysma prominence which is another novel indication that will help build our position in the lower face and neck segment.

Russell: We continue to expect an FDA approval decision later this year.

Russell: And we remain on track to submit our regulatory application for <unk> near the end of this year.

Russell: Our rapid onset short acting toxin is a highly differentiated clinical profile and once approved would offer patients a novel option compared to currently available toxins.

Roopal: Once approved, it would offer patients a novel option compared to currently available toxins. So, in summary, we've made great progress across all of our therapeutic areas in the first half of the year, and we look forward to additional data readouts, regulatory submissions, and approvals throughout the remainder of 2024. With that, I'll turn the call over to Scott. Thank you, Roopal. Starting with our second quarter results, we reported adjusted earnings per share of $2.65.

So, in summary, we've made great progress across all of our therapeutic areas in the first half of the year, and we look forward to additional data readouts, regulatory submissions, and approvals throughout the remainder of 2024. With that, I'll turn the call over to Scott. Thank you, Roopal. Starting with our second quarter results, we reported adjusted earnings per share of $2.65.

Roopal Thakkar: So, in summary, we've made great progress across all of our therapeutic areas in the first half of the year, and we look forward to additional data readouts, regulatory submissions, and approvals throughout the remainder of 2024. With that, I'll turn the call over to Scott.

Roopal Thakkar: So in summary, we've made great progress across all of our therapeutic areas in the first half of the year, and we look forward to additional data readouts, regulatory submissions, and approvals throughout the remainder of 2024. With that, I'll turn the call over to Scott.

So in summary, we've made great progress across all of our therapeutic areas in the first half of the year, and we look forward to additional data readouts, regulatory submissions, and approvals throughout the remainder of 2024. With that, I'll turn the call over to Scott.

Russell: So in summary, we've made great progress across all of our therapeutic areas in the first half of the year and we look forward to additional data readouts regulatory submissions and approvals throughout the remainder of 2024.

Russell: With that I'll turn the call over to Scott.

Scott Reents: Thank you, Rupal. Starting with our second quarter results, we reported adjusted earnings per share of $2.65, which is $0.10 above our guidance midpoint. These results include a $0.52 unfavorable impact from acquired IPR&D expense. Total net revenues were nearly $14.5 billion, $450 million ahead of our guidance and reflecting robust growth of 5.6% on an operational basis, excluding a 1.3% unfavorable impact from foreign exchange. Importantly, these results reflect more than 18% sales growth from our ex-Humira growth platform. Adjusted gross margin was 85.2% of sales, adjusted R&D expense was 13.3% of sales, and adjusted SG&A expense was 22.9% of sales.

Scott: Thank you ruble.

Scott Reents: Thank you, Roopal ,starting with our second quarter results, we reported adjusted earnings per share of $2.65. which is $0.10 above our guidance midpoint, these results include a $0.52 unfavorable impact from acquired IPR&D expense. Total net revenues were nearly $14.5 billion dollars, $450 million ahead of our guidance and reflecting robust growth of 5.6% on an operational basis, excluding a 1.3% unfavorable impact from foreign exchange, importantly, these results reflect more than 18% sales growth from our Ex-HUMIRA growth platform. Adjusted gross margin was 85.2% of sales, adjusted R&D expense was 13.3% of sales, and adjusted SG&A expense was 22.9% of sales. The adjusted operating margin ratio was 42.6% of sales, which includes a 6.5% unfavorable impact from acquired IPR&D expense, net interest expense was $506 million, and the adjusted tax rate was 18.8%.

Scott: Starting with our second quarter results, we reported adjusted earnings per share of $2 65.

Scott: $0.10 above our guidance midpoint. These results include a $0.52 unfavorable impact from acquired IPR&D expense. Total net revenues were nearly $14.5 billion.

Scott: Which is <unk> <unk> above our guidance midpoint.

Scott: These results include a 50 <unk> unfavorable.

Scott: Unfavorable impact from acquired IP R&D expense.

Scott: Total net revenues were nearly $14 5 billion.

Scott: $450 million ahead of our guidance and reflecting robust growth of 5.6% on an operational basis, excluding a 1.3% unfavorable impact from foreign exchange. Importantly, these results reflect more than 18% sales growth from our Exumera growth platform. Adjusted gross margin was 85.2% of sales. Adjusted R&D expense was 13.3% of sales, and adjusted SG&A expense was 22.9% of sales. The adjusted operating margin ratio was 42.6% of sales, which includes a 6.5% unfavorable impact from acquired IPR&D expense. The net interest expense was $506 million, and the adjusted tax rate was 18.8%.

Scott: 450 million ahead of our guidance and reflecting robust growth of five 6% on an operational basis, excluding a one 3% unfavorable impact from foreign exchange.

Scott: Importantly, these results reflect more than 18% sales growth from our ex humira growth platform.

Adjusted gross margin was 85.2% of sales, adjusted R&D expense was 13.3% of sales, and adjusted SG&A expense was 22.9% of sales. The adjusted operating margin ratio was 42.6% of sales, which includes a 6.5% unfavorable impact from acquired IPR&D expense. Net interest expense was $506 million. The adjusted tax rate was 18.8%.

Scott: Adjusted gross margin was 85, 2% of sales adjusted.

Scott: Adjusted R&D expense was 13, 3% of sales and adjusted SG&A expense was 22, 9% of sales.

Scott Reents: The adjusted operating margin ratio was 42.6% of sales, which includes a 6.5% unfavorable impact from acquired IPR&D expense. Net interest expense was $506 million. The adjusted tax rate was 18.8%.

Scott: The adjusted operating margin ratio was 42, 6% of sales, which includes a six 5% unfavorable impact from acquired IP R&D expense.

Scott Reents: The adjusted operating margin ratio was 42.6% of sales, which includes a 6.5% unfavorable impact from acquired IPR&D expense, net interest expense was $506 million, and the adjusted tax rate was 18.8%. Turning to our financial outlook, we are raising our full-year adjusted earnings per share guidance by $0.10 to between $10 and $0.71 and $10.91. This EPS guidance continues to contemplate approximately 19 cents of dilution for the pending acquisition of Cerevel, which is expected to close soon. Please also note that this guidance does not include an estimate for required IPR&D expense that may be incurred beyond the second quarter.

Scott: Net interest expense was $506 million the adjusted tax rate was 18, 8%.

Scott Reents: Turning to our financial outlook, we are raising our full year adjusted earnings per share guidance by $0.10 to between $10.71 and 10.91. This EPS guidance continues to contemplate approximately $0.19 a dilution for the pending acquisition of Cerevel, which is expected to close soon. Please also note that this guidance does not include an estimate for acquired IPR&D expense that may be incurred beyond Q2.

Turning to our financial outlook, we are raising our full year adjusted earnings per share guidance by $0.10 to between $10.71 and 10.91. This EPS guidance continues to contemplate approximately $0.19 a dilution for the pending acquisition of Cerevel, which is expected to close soon. Please also note that this guidance does not include an estimate for acquired IPR&D expense that may be incurred beyond Q2.

Scott: Turning to our financial outlook, we are raising our full-year adjusted earnings per share guidance by $0.10 to between $10 and $0.71 and $10.91. This EPS guidance continues to contemplate approximately 19 cents of dilution for the pending acquisition of CeraVel, which is expected to close soon. Please also note that this guidance does not include an estimate for required IPR&D expense that may be incurred beyond the second quarter.

Scott: Turning to our financial outlook, we are raising our full year adjusted earnings per share guidance by 10.

Speaker Change: Between $10 and 71.

Speaker Change: And $10 91.

Speaker Change: This EPS guidance continues to contemplate approximately 19 sensitive dilution for the pending acquisition of servile, which is expected to close soon.

Speaker Change: Please also note that this guidance does not include an estimate for acquired IP R&D expense that may be incurred beyond the second quarter.

Scott Reents: We now expect total net revenues of approximately $55.5 billion, an increase of $500 million. At current rates, we expect foreign exchange to have a 1% unfavorable impact on full year sales growth. This revenue forecast includes the following updated assumptions with the entire sales increase once again driven by our ex-Humira growth platform, which is now on pace to deliver nearly $6 billion of sales growth in 2024. We now expect Skyrizi global sales of approximately $11 billion, an increase of $300 million due to strong performance across all approved indications. Rinvoq total revenue of approximately $5.7 billion, an increase of $100 million reflecting continued robust uptake in IBD.

We now expect total net revenues of approximately $55.5 billion, an increase of $500 million. At current rates, we expect foreign exchange to have a 1% unfavorable impact on full year sales growth. This revenue forecast includes the following updated assumptions with the entire sales increase once again driven by our ex-Humira growth platform, which is now on pace to deliver nearly $6 billion of sales growth in 2024. We now expect Skyrizi global sales of approximately $11 billion, an increase of $300 million due to strong performance across all approved indications.

Scott Reents: We now expect total net revenues of approximately $55.5 billion dollars, an increase of $500 million dollars, at current rates, we expect foreign exchange to have a 1% unfavorable impact on full-year sales growth. This revenue forecast includes the following updated assumptions, with the entire sales increase once again driven by our Ex-HUMIRA growth platform, which is now on pace to deliver nearly $6 billion of sales growth in 2024. We now expect SKYRIZI Global Sales of approximately $11 billion dollars, an increase of $300 million due to strong performance across all approved indications.

Speaker Change: We now expect total net revenues of approximately 55 5 billion, an increase of $500 million at.

Speaker Change: At current rates, we expect foreign exchange to have a 1% unfavorable impact on full year sales growth.

Speaker Change: This revenue forecast includes the following updated assumptions with the entire sales increase once again driven by our ex Humira growth platform.

Speaker Change: Which is now on pace to deliver nearly $6 billion of sales growth in 2024.

Speaker Change: We now expect.

Geoffrey Christopher Meacham: Sky Rizzi global sales of approximately $11 billion, an increase of $300 million due to strong performance across all approved indications.

Rinvoq total revenue of approximately $5.7 billion, an increase of $100 million reflecting continued robust uptake in IBD. Venclexta total sales of approximately $2.5 billion, an increase of $100 million, reflects momentum in both US and international markets. For aesthetics, we now expect global revenue of approximately $5.5 billion given slower-than-expected near-term market growth, particularly in the US and China. As a result, our total sales guidance for Botox and Juvederm will each be lower by roughly $100 million.

Scott Reents: RINVOQ total revenue of approximately $5.7 billion, an increase of $100 million, reflecting continued robust uptake in IBD, VENCLEXTA, total sales of approximately $2.5 billion dollars, an increase of $100 million, reflecting momentum in both US and international markets. And for aesthetics, we now expect global revenue of approximately $5.5 billion dollars, given slower-than-expected near-term market growth, particularly in the U.S. and China, as a result, our total sales guidance for Botox and Juvederm will each be lower by roughly $100 million dollars. Moving to the P&L for 2024, we continue to forecast a full-year adjusted gross margin of approximately 84% of sales, adjusted R&D investment of 14%, and an adjusted SG&A expense of 23.5%.

Speaker Change: <unk> total revenue of approximately $5 7 billion.

Speaker Change: An increase of $100 million, reflecting continued robust uptake in IBD.

Scott Reents: Venclexta total sales of approximately $2.5 billion, an increase of $100 million, reflects momentum in both US and international markets. For aesthetics, we now expect global revenue of approximately $5.5 billion given slower-than-expected near-term market growth, particularly in the US and China. As a result, our total sales guidance for Botox and Juvederm will each be lower by roughly $100 million.

Speaker Change: <unk> total sales of approximately $2 5 billion.

Speaker Change: An increase of $100 million, reflecting momentum in both U S and international markets.

Speaker Change: And first statics, we now expect global revenue of approximately $5 $5 billion given slower than expected near term market growth, particularly in the U S and China.

Speaker Change: As a result, our total sales guidance for Botox and Juvederm will each be lower by roughly $100 million.

Scott Reents: Moving to the P&L for 2024, we continue to forecast a full year adjusted gross margin of approximately 84% of sales, adjusted R&D investment of 14%, and adjusted SG&A expense of 23.5%.

Moving to the P&L for 2024, we continue to forecast a full year adjusted gross margin of approximately 84% of sales, adjusted R&D investment of 14%, and adjusted SG&A expense of 23.5%. We now anticipate an adjusted operating margin ratio of roughly 44.5% of sales in line with our previous expectations after including the approximately 2% impact of acquired IPR&D expense incurred through the Q2 and we forecast our non-GAAP tax rate to be approximately 16.3%, also reflecting the impact of IPR&D.

Speaker Change: Moving to the P&L for 2024, we continue to forecast a full year adjusted gross margin of approximately 84% of sales.

Scott Reents: Moving to the P&L for 2024, we continue to forecast a full-year adjusted gross margin of approximately 84% of sales, adjusted R&D investment of 14%, and an adjusted SG&A expense of 23.5%. We now anticipate an adjusted operating margin ratio of roughly 44.5% of sales. In line with our previous expectations, after including the approximately 2% impact of acquired IPR&D expense, and we forecast our non-GAAP tax rate to be approximately 16.3%, also reflecting the impact of IPR&D. Turning to the third quarter, we anticipate net revenues of approximately $14.2 billion. At current rates, we expect foreign exchange to have a 1.3% unfavorable impact on sales growth. We expect adjusted earnings per share between $2.00 and 92 cents. $22.96, This guidance does not include acquired IPR&D expense that may occur in the quarter.

Scott Reents: Moving to the P&L for 2024, we continue to forecast a full-year adjusted gross margin of approximately 84% of sales, adjusted R&D investment of 14%, and adjusted SG&A expense of 23.5%, we now anticipate an adjusted operating margin ratio of roughly 44.5% of sales. In line with our previous expectations, after including the approximately 2% impact of acquired IPR&D expense [inaudible] second quarter, and we forecast our non-GAAP tax rate to be approximately 16.3%, also reflecting the impact of IPR&D. Turning to the third quarter, we anticipate net revenues of approximately $14.2 billion dollars.

Speaker Change: Adjusted R&D investment of 14%.

Speaker Change: And adjusted SG&A expense of 23, 5%.

Scott Reents: We now anticipate an adjusted operating margin ratio of roughly 44.5% of sales in line with our previous expectations after including the approximately 2% impact of acquired IPR&D expense incurred through the Q2 and we forecast our non-GAAP tax rate to be approximately 16.3%, also reflecting the impact of IPR&D.

Scott: We now anticipate an adjusted operating margin ratio of roughly 44.5% of sales. In line with our previous expectations, after including the approximately 2% impact of acquired IPR&D expense, and we forecast our non-GAAP tax rate to be approximately 16.3%, also reflecting the impact of IPR&D. Turning to the third quarter, we anticipate net revenues of approximately $14.2 billion. At current rates, we expect foreign exchange to have a 1.3% unfavorable impact on sales growth. We expect adjusted earnings per share between $2.00 and 92 cents. $22.96, This guidance does not include acquired IPR&D expense that may occur in the quarter.

Speaker Change: We now anticipate an adjusted operating margin ratio of roughly 44, 5% of sales.

Speaker Change: In line with our previous expectations.

Speaker Change: After including the approximately 2% impact of acquired IP R&D expense incurred through the second quarter.

Speaker Change: And we forecast our non-GAAP tax rate to be approximately 16, 3% also reflecting the impact of IP R&D.

Scott Reents: Turning to the third quarter, we anticipate net revenues of approximately $14.2 billion. At current rates, we expect foreign exchange to have a 1.3% unfavorable impact on sales growth. We expect adjusted earnings per share between $2.92 and $2.96. This guidance does not include acquired IPR&D expense that may occur in the quarter. In closing, AbbVie has once again delivered outstanding performance, and I'm very pleased with the strong momentum across the portfolio heading into the second half of the year. With that, I'll turn the call back over to Liz.

Turning to the third quarter, we anticipate net revenues of approximately $14.2 billion. At current rates, we expect foreign exchange to have a 1.3% unfavorable impact on sales growth. We expect adjusted earnings per share between $2.92 and $2.96. This guidance does not include acquired IPR&D expense that may occur in the quarter. In closing, AbbVie has once again delivered outstanding performance, and I'm very pleased with the strong momentum across the portfolio heading into the second half of the year. With that, I'll turn the call back over to Liz.

Speaker Change: Turning to the third quarter, we anticipate net revenues of approximately $14 2 billion.

Scott Reents: At current rates, we expect foreign exchange to have a 1.3% unfavorable impact on sales growth, we expect adjusted earnings per share between $2.00 and 92 cents and $2.96, this guidance does not include acquired IPR&D expense that may occur in the quarter. In closing, AbbVie has once again delivered outstanding performance, and I'm very pleased with the strong momentum across the portfolio heading into the second half of the year, with that, I'll turn the call back over to Liz. Thanks, Scott. We'll now open the call for questions. In the interest of hearing from as many analysts as possible over the remainder of the call, we ask that you please limit your questions to one or two. Operator, first question, please. Our first question comes from the line of Terence Flynn from Morgan Stanley. Please go ahead.

Speaker Change: At current rates, we expect foreign exchange to have a one 3% unfavorable impact on sales growth.

Speaker Change: We expect adjusted earnings per share between $2 and 92.

Speaker Change: And $2 96.

Speaker Change: This guidance does not include acquired IP R&D expense that maybe occurred in the quarter.

Scott: In closing, AbbVie has once again delivered outstanding performance, and I'm very pleased with the strong momentum across the portfolio heading into the second half of the year. With that, I'll turn the call back over to Liz. Thanks, Scott. We'll now open the call for questions. In the interest of hearing from as many analysts as possible over the remainder of the call, we ask that you please limit your questions to one or two. Operator, first question, please. Our first question comes from the line of Terence Flynn from Morgan Stanley. Please go ahead.

Speaker Change: In closing Abbvie has once again delivered outstanding performance and I'm very pleased with the strong momentum across the portfolio heading into the second half of the year.

Liz Shea: Thanks, Scott, we'll now open the call for questions. In the interest of hearing from as many analysts as possible over the remainder of the call, we ask that you please limit your questions to one or two. Operator, first question, please. Our first question comes from the line of Terence Flynn from Morgan Stanley. Please go ahead.

Speaker Change: With that I'll turn the call back over to Liz. Thanks, Scott, We will now open the call for questions any interested hearing from as many analysts as possible over the remainder of the call. We ask that you. Please limit your questions to one or two.

Carrie Strom: Thanks Scott.

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

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

Liz Shea: Our first question comes from the line of Terence Flynn from Morgan Stanley, please go ahead.

Speaker Change: Operator first question please.

Operator: Our first question comes from the line of Terence Flynn from Morgan Stanley. Please go ahead.

Terence Flynn: Great, thanks for taking the question, and congrats, Rob, on the CEO position, looking forward to the forward here, the question I had is, you know, last quarter, you guys gave some early commentary on how to think about 2025. You know, looking at the business, obviously, momentum and immunology, some headwinds in aesthetics, so any update on how you're thinking about the 2025 outlook, particularly, you know, growth for revenue relative to EPS? Thanks. Thanks, Terence. This is Scott.

Speaker Change: Our first question comes from the line of Terence Flynn from Morgan Stanley. Please go ahead.

Robert Michael: Great.

Terence Flynn: Great. Thanks for taking the question and congrats Rob on the CEO position. Looking forward to the forward here. The question I had is last quarter you guys gave some early commentary on. How to think about 2025. Looking at the business, obviously momentum and immunology. Some headwinds in aesthetics. So, any update on how you're thinking? About the 2025 outlook, particularly growth for revenue relative to EPS? Thanks.

Terence Flynn: Great. Thanks for taking the question and congrats Rob.

[Analyst]: Thanks for taking the question and congrats Rob on the CEO position. Looking forward to the forward here. The question I had is last quarter you guys gave some early commentary on.

Speaker Change: The CEO position looking forward to the <unk>.

Speaker Change: Forward here.

Speaker Change: A question I had is last quarter you guys gave some early commentary on how to think about 2025.

Robert Michael: How to think about 2025. Looking at the business, obviously momentum and immunology. Some headwinds in aesthetics.

Speaker Change: Looking at the business, obviously momentum in immunology, some headwinds in aesthetics, so any update on how youre thinking about 2025 outlook, particularly.

[Analyst]: So, any update on how you're thinking?

Robert Michael: About the 2025 outlook, particularly growth for revenue relative to EPS?

Speaker Change: Growth for revenue relative to EPS. Thanks.

[Analyst]: Thanks.

Scott Reents: Thanks, Terence, this is Scott, I'll handle the question, So with respect to 25, you know, as you know, we haven't given guidance yet, and we'll provide that at a later time, but we have communicated a few top-level, high-level items to put in context the several dynamics at play next year. We have indicated that we'll be returning to robust revenue growth, despite the headwinds from Medicare Part D redesign and continued [inaudible] erosion, and when you think about robust growth, we characterize robust growth to be above industry average growth, which we see in the low single digits. So when you think about the drivers, you know, I mentioned in my remarks that we have $6 billion of growth from the growth platform in 2024 that we're expecting. $5 billion of that is coming from SKYRIZI and RINVOQ alone.

Scott: I'll handle the question, So with respect to 25, you know, as you know, we haven't given guidance yet. And we'll provide that at a later time. But we have communicated a few top-level, high-level items to put in context the several dynamics at play. We have indicated that we'll be returning to robust revenue growth, despite the headwinds from Medicare Part D redesign and continued moral erosion, and when you think about robust growth, we characterize it as above industry average growth, which we see in the low single digits. So when you think about the drivers, you know, I mentioned in my remarks that we have $6 billion of growth from the growth platform in 2024 that we're expecting. $5 billion of that is coming from Skyrizzy and Renvoke alone.

Scott Reents: Thanks, Terence. This is Scott. I'll handle the question. So with respect to 25. You know, as you know, we haven't given guidance yet, and we'll provide that at a later time. But we have communicated a few top level, high level.

Speaker Change: Thanks, Terry This is Scott I'll handle the question.

Scott: So with respect to 'twenty five.

Speaker Change: As you know, we haven't given guidance, yet and we will provide that at a later time, but we have communicated a few top level high level.

Scott Reents: helps to put in context the several dynamics at play. Next year we have indicated that we'll be returning to robust revenue growth despite the headwinds from Medicare Part D redesign and continued Humira erosion. When you think about robust growth, we characterize robust growth to be above industry average growth, which we see in the low single digits. When you think about the drivers, I mentioned in my remarks that we have $6 billion of growth from the growth platform in 2024, that we're expecting $5 billion of that is coming from Skyrizi and Rinvoq alone. Our Neuroscience franchise is growing by more than a billion dollars. Aesthetics has begun to recover from the economic headwinds in 2025. We see incremental contributions from Skyrizi, UC, which was recently approved, as well as 951. All these factors demonstrate strong momentum in the business.

helps to put in context the several dynamics at play. Next year we have indicated that we'll be returning to robust revenue growth despite the headwinds from Medicare Part D redesign and continued Humira erosion. When you think about robust growth, we characterize robust growth to be above industry average growth, which we see in the low single digits. When you think about the drivers, I mentioned in my remarks that we have $6 billion of growth from the growth platform in 2024, that we're expecting $5 billion of that is coming from Skyrizi and Rinvoq alone.

Speaker Change: Items to put in context of several dynamics at play next year.

Speaker Change: We have indicated that we will be returning to robust revenue growth. Despite the headwinds from a Medicare part D redesign and continuous humira erosion.

Speaker Change: And when you think about robust growth, we characterize robust growth to be above industry average growth, which we see in the low single digits.

Scott Reents: So when you think about the drivers, you know, I mentioned in my remarks that we have $6 billion of growth from the growth platform in 2024 that we're expecting, $5 billion of that is coming from SKYRIZI and RINVOQ alone, our Neuros franchise is growing by more than a billion dollars, and aesthetics has begun to recover from the economic headwinds. In 2025, we see incremental contributions from SKYRIZI UC, which was recently approved, as well as 951, all these factors demonstrate strong momentum in the business. And then when you think about the offset of HUMIRA, you know, that erosion that we have expected this year at $4.5 billion dollars, last year, that erosion was $6.5 billion dollars, and we do expect another step down in absolute dollar terms in 2025 for that erosion as well. So that will be less of a headwind to growth in 2025 than it was in 2024. So we feel very, very strong about that.

Speaker Change: So when you think about the drivers I've mentioned in my remarks that we have $6 billion of growth from a growth platform. In 2024 that were expecting 5 billion of that is coming from Sky Roseann Roomba oak alone.

Our Neuroscience franchise is growing by more than a billion dollars. Aesthetics has begun to recover from the economic headwinds in 2025. We see incremental contributions from Skyrizi, UC, which was recently approved, as well as 951. All these factors demonstrate strong momentum in the business.

Scott: Our Neuros franchise is growing by more than a billion dollars, and aesthetics has begun to recover from the economic downturn. In 2025, we see incremental contributions from Sky Rizzy UC, which was recently approved, as well as 951. All these factors demonstrate strong momentum in the business.

Speaker Change: Our neuro franchise is growing by more than $1 billion and aesthetics has begun to recover from the economic headwinds.

Speaker Change: In 2025, we see incremental contributions from Sky Rizza, UC, which was recently approved as well as 95, one all of these factors demonstrate strong momentum in the business.

Scott Reents: And then when you think about the offset of HUMIRA, you know, that erosion that we have expected this year at $4.5 billion dollars, last year, that erosion was $6.5 billion dollars, and we do expect another step down in absolute dollar terms in 2025 for that erosion as well. So that will be less of a headwind to growth in 2025 than it was in 2024. So we feel very, very strong about that, and I think from a Part D perspective, we've talked about the several points of growth headwinds that we see there. I think when you model that, you can think about those several points as approximately a 3% headwind to growth. So overall, very strong momentum from the business with some headwinds, but we feel very confident in our ability to return to robust growth at the top. Regarding EPS, the bottom line, we see EPS growing in line with that revenue growth that we've talked about.

Scott Reents: Then when you think about the offset of Humira, you know, that erosion that we have expected this year at $4.5 billion. Last year that erosion was $6.5 billion. We do expect another step down in absolute dollar terms in 2025 for that erosion as well. So that will be less of a headwind to growth in 2025 than it was in 2024. We feel very, very strong about that. I think from a part D perspective, we've talked about the several points of growth headwinds that we see there. I think when you model that, you can think about those several points as approximately a 3% headwind to growth. Overall, very strong momentum from the business with some headwinds, but we feel very confident in our ability to return to robust growth at the top line.

Scott: And then when you think about the offset of HUMIRA, you know, that erosion that we have expected this year at $4.5 billion dollars, last year, that erosion was $6.5 billion dollars, and we do expect another step down in absolute dollar terms in 2025 for that erosion as well. So that will be less of a headwind to growth in 2025 than it was in 2024. So we feel very, very strong about that.

Then when you think about the offset of Humira, you know, that erosion that we have expected this year at $4.5 billion. Last year that erosion was $6.5 billion. We do expect another step down in absolute dollar terms in 2025 for that erosion as well. So that will be less of a headwind to growth in 2025 than it was in 2024. We feel very, very strong about that. I think from a part D perspective, we've talked about the several points of growth headwinds that we see there. I think when you model that, you can think about those several points as approximately a 3% headwind to growth.

Speaker Change: And then when you think about the offset of Humira that erosion that we have expected. It this year at $4 5 billion.

Speaker Change: Last year that erosion was $6 5 billion and we do expect another step down in absolute dollar terms in 2025 for that erosion as well.

Speaker Change: So that will be less of a headwind to growth in 2025 than it was in 2024.

Scott: And I think from a Part D perspective, we've talked about the several points of growth headwinds that we see there. And I think when you model that, you can think about those several points as approximately a 3% headwind to growth. So overall, very strong momentum from the business with some headwinds, but we feel very confident in our ability to return to robust growth at the top. Regarding EPS, the bottom line, we see EPS growing in line with that revenue growth that we've talked about.

Speaker Change: So we feel very very strong about that and I think from a part D perspective, we've talked about the several points of growth headwinds that we see there and I think when you model that you can think about those several points as approximately a 3% headwind to growth. So overall very strong momentum from the business.

Scott Reents: So overall, very strong momentum from the business with some headwinds, but we feel very confident in our ability to return to robust growth at the topline. Regarding EPS, the bottom line, we see EPS growing in line with that revenue growth that we've talked about, so EPS will benefit from operating margin expansion, we've talked about that operating margin expansion will be on the SG&A line as we leverage revenue growth and drive efficiencies, and we have a good history of doing that. That operating margin will expand, however, that expansion will be roughly offset by the fact that, in 2025, we'll have a full year of interest expense associated with the financing for Cerevel and ImmunoGen. So robust growth at the top line and in-line growth from an EPS perspective. Thanks, Terence.

Overall, very strong momentum from the business with some headwinds, but we feel very confident in our ability to return to robust growth at the top line. Regarding EPS, the bottom line, we see EPS growing in line with that revenue growth that we've talked about. So EPS will benefit from operating margin expansion. We've talked about that operating margin expansion will be on the SG&A line as we leverage the revenue growth and drive efficiencies. And we have a good history of doing that. So that operating margin will expand.

Speaker Change: With some headwinds, but we feel very confident in our ability to return to robust growth at the top line.

Scott Reents: Regarding EPS, the bottom line, we see EPS growing in line with that revenue growth that we've talked about. So EPS will benefit from operating margin expansion. We've talked about that operating margin expansion will be on the SG&A line as we leverage the revenue growth and drive efficiencies. And we have a good history of doing that. So that operating margin will expand. However, that expansion will be roughly offset by the fact that in 2025 we'll have a full year of interest expense associated with the financing for Cerevel and ImmunoGen. So robust growth at the top line and in line growth from an EPS perspective.

Speaker Change: Regarding EPS of the bottom line, we see EPS growing in line with our revenue growth that we've talked about.

Scott: So EPS will benefit from operating margin expansion. We've talked about that operating margin expansion will be on the SG&A line as we leverage revenue growth and drive efficiencies, and we have a good history of doing that. That operating margin will expand, however, that expansion will be roughly offset by the fact that, in 2025, we'll have a full year of interest expense associated with the financing for CeraVel. Thus, robust growth at the top line and in-line growth from. Thanks, Terence.

Speaker Change: So EPS will benefit from operating margin expansion.

Speaker Change: We've talked about that operating margin expansion will be will be on the SG&A line as we leverage the revenue growth and drive efficiencies and we have a good history of doing that so that operating margin will expand however that expansion will be roughly offset by the fact that in 2025 or the full year of interest expense associated with the financing.

However, that expansion will be roughly offset by the fact that in 2025 we'll have a full year of interest expense associated with the financing for Cerevel and ImmunoGen. So robust growth at the top line and in line growth from an EPS perspective.

Scott Reents: That operating margin will expand, however, that expansion will be roughly offset by the fact that, in 2025, we'll have a full year of interest expense associated with the financing for Cerevel and ImmunoGen. So robust growth at the top line and in-line growth from an EPS perspective.

Speaker Change: For service and immunogenic, so robust growth at the topline and inline growth from an EPS perspective.

Liz Shea: Thanks, Terence. Operator, next question please.

Speaker Change: Thanks, Taryn operator next question please.

Liz Shea: Thanks, Terence. Operator, next question, please.

Scott: Operator, next question, please. Next, we'll go to the line of Chris Schott from J.P. Morgan. Please go ahead. Great. Thanks so much.

Operator, next question, please.

Operator: Next we'll go to the line of Chris Schott from JPMorgan. Please go ahead.

Speaker Change: Next we will go to the line of Chris Schott from Jpmorgan. Please go ahead.

Next, we'll go to the line of Chris Schott from J.P. Morgan, please go ahead. Great. Thanks so much.

Operator: Next, we'll go to the line of Chris Schott from J.P. Morgan, please go ahead.

Chris Schott: Great, thanks so much, just two questions for me, maybe first on RINVOQ and SKYRIZI great results in the quarter, can you elaborate a little bit more on the price versus volume dynamics this quarter? It seemed like results were maybe a little bit stronger than the RX trends would have implied, and I just was wondering if there was anything notable there? My second question was on the immunology portfolio, and as we think about 2025, I know we're probably in the middle of the contracting season right now, but just directionally, what are you anticipating for Humira, and should we be thinking about any incremental pressures on Rynbok and SkyRizzy just given the biosimilar Humira dynamics going forward? Thanks. Yeah, hi Chris. It's Jeff.

Chris Schott: Great, thanks so much, just two questions for me, maybe first on RINVOQ and SKYRIZI great results in the quarter, can you elaborate a little bit more on the price versus volume dynamics this quarter? It seemed like results were maybe a little bit stronger than the RX trends would have implied, and I just was wondering if there was anything notable there? My second question was on the immunology portfolio, and as we think about 2025, I know we're probably in the middle of the contracting season right now, but just directionally, what are you anticipating for HUMIRA? And should we be thinking about any incremental pressures on RINVOQ and SKIRYZI, just given the biosimilar HUMIRA dynamics going forward? Thanks.

Geoff: Just two questions for me. Maybe first on Rynbok and SkyRizzy, great results in the quarter. Can you elaborate a little bit more on the price versus volume dynamics this quarter? It seemed like results were maybe a little bit stronger than the RX trends would have implied, and I just was wondering if there was anything notable there. My second question was on the immunology portfolio, and as we think about 2025, I know we're probably in the middle of the contracting season right now, but just directionally, what are you anticipating for Humira, and should we be thinking about any incremental pressures on Rynbok and SkyRizzy just given the biosimilar Humira dynamics going forward? Thanks. Yeah, hi Chris. It's Jeff.

Scott Reents: Great. Thanks so much. Just two questions for me. Maybe first on Rinvoq and Skyrizi, great results in the quarter. Can you elaborate a little bit more on the price versus volume dynamics this quarter? It seemed like results were maybe a little bit stronger than the RX trends would have implied, and I just was wondering if there's anything notable there. My second question was on the immunology portfolio and as we think about 2025. I know we're probably in the middle of contracting season right now, but just directionally, what are you anticipating for Humira, and should we be thinking about any incremental pressures on Rinvoq and Skyrizi just given biosimilar Humira dynamics going forward. Thanks.

Chris Schott: Great. Thanks so much. Just two questions for me. Maybe first on Rinvoq and Skyrizi, great results in the quarter. Can you elaborate a little bit more on the price versus volume dynamics this quarter? It seemed like results were maybe a little bit stronger than the RX trends would have implied, and I just was wondering if there's anything notable there. My second question was on the immunology portfolio and as we think about 2025.

Chris Schott: Great. Thanks, so much just two questions from me maybe.

Chris Schott: Maybe first on RIN book and Sky Rizzi, Great results in the quarter can you just elaborate a little bit more on the price versus volume dynamics. This quarter. It seemed like results for maybe a little bit stronger than the Rx trends would've implied this was wonder if anything notable there. My second question was on the immunology portfolio and as we think about 2025 I know, we're probably in the middle of <unk>.

Chris Schott: My second question was on the immunology portfolio, and as we think about 2025, I know we're probably in the middle of the contracting season right now, but just directionally, what are you anticipating for HUMIRA? And should we be thinking about any incremental pressures on RINVOQ and SKIRYZI, just given the biosimilar HUMIRA dynamics going forward? Thanks. Yeah, hi Chris. It's Jeff.

I know we're probably in the middle of contracting season right now, but just directionally, what are you anticipating for Humira, and should we be thinking about any incremental pressures on Rinvoq and Skyrizi just given biosimilar Humira dynamics going forward. Thanks.

Speaker Change: <unk> season, right now, but just directionally.

Speaker Change: Are you anticipating for Humira and should we be thinking about any incremental pressures on <unk>, just given biosimilar humira dynamics going forward. Thanks.

Jeffrey Stewart: Yeah, hi Chris, it's Jeff. I'll take that question. So as noted, we're very, very pleased with the fundamental momentum on Rinvoq and Skyrizi. So all of the indications are really hitting their stride. So we can see the impact of obviously consumer investments we've made. We've adjusted some of the sales forces. We started to anticipate the ulcerative colitis that's helped us basically increase our share of voice. And I think the other dynamic in terms of some of the incremental strength has come from this dynamic that we started to see earlier in the quarter where some of the Humira switching that takes place actually starts to accrue towards Skyrizi and Rinvoq because the physicians, when there's this disruption in the market, will sometimes bring in those patients and start to assess them. And we saw about 20% would move to other mechanisms.

Jeff Stewart: Yeah, hi Chris, it's Jeff. I'll take that question. So as noted, we're very, very pleased with the fundamental momentum on Rinvoq and Skyrizi. So all of the indications are really hitting their stride. So we can see the impact of obviously consumer investments we've made. We've adjusted some of the sales forces. We started to anticipate the ulcerative colitis that's helped us basically increase our share of voice.

Speaker Change: Yeah, Hi, Chris It's Jeff I'll take that.

Jeffrey Stewart: Yeah, hi Chris, it's Jeff, I'll take that question. So, as noted, we're very, very pleased with the fundamental momentum of RINVOQ and SKYRIZI. So all of the indications are really hitting their stride, so we can see the impact of the obviously consumer investments we've made. We've adjusted some of the sales forces, we started to anticipate the ulcerative colitis, and that's helped us basically increase our share of voice. And I think the other dynamic in terms of some of the incremental strength has come from this dynamic that we started to see earlier in the quarter, where some of the HUMIRA switching that takes place actually starts to accrue towards SKYRIZI and RINVOQ. Because physicians, when there's this disruption in the market, will sometimes bring in those patients and start to assess them, and we saw about 20% would move to other mechanisms.

Geoff: I'll take that. Question. So, as noted, we're very, very pleased with the fundamental momentum of Renvoke and Skyrizzy. So all of the indications are really hitting their stride, so we can see the impact of the obviously consumer investments we've made.

Speaker Change: <unk> so.

Speaker Change: As noted we're very very pleased with the fundamental momentum on <unk>. So all of the indications are really hitting their stride. So we can see the impact of obviously consumer investments we've made.

Geoff: We've adjusted some of the sales forces. We started to anticipate ulcerative colitis, and that's helped us basically increase our share of voice. And I think the other dynamic in terms of some of the incremental strength has come from this dynamic that we started to see earlier in the quarter, where some of the humerus switching that takes place actually starts to accrue towards Skyrizzy and Renvoke because physicians, when there's this disruption in the market, will sometimes bring in those patients and start to assess them, and we saw about 20% would move to other mechanisms.

Speaker Change: We've adjusted some of the sales forces we started to anticipate the ulcerative colitis. That's helped US basically increase our share of voice and I think the other dynamic in terms of.

And I think the other dynamic in terms of some of the incremental strength has come from this dynamic that we started to see earlier in the quarter where some of the Humira switching that takes place actually starts to accrue towards Skyrizi and Rinvoq because the physicians, when there's this disruption in the market, will sometimes bring in those patients and start to assess them. And we saw about 20% would move to other mechanisms.

Speaker Change: Some of the incremental strength has come from this dynamic that we started to see earlier in the quarter, where some of the humira switching that takes place actually starts to accrue towards <unk> and renova because the physicians when there's this disruption in the market will sometimes.

Jeffrey Stewart: Because physicians, when there's this disruption in the market, will sometimes bring in those patients and start to assess them, and we saw about 20% would move to other mechanisms. So while it's a component, there are certainly multi-factorial approaches why we see this very, very strong volume dynamic and share capture for both of those agencies. If I move to the contracting for 2025, obviously, the contract season is in progress, and it's progressing, and the negotiations are well underway. I think it's important if you'll recall that we already have some multi-year contracts in place that cover 2025, so that's a positive dynamic. The remaining payer negotiations, as I mentioned, are underway, and we anticipate that those will close out during the normal cycle.

Speaker Change: Bring in those patients and start to assess them and we saw about 20%.

Speaker Change: I would move to other mechanisms so while it's a component.

Geoff: So while it's a component, there are certainly multi-factorial reasons why we see this very, very strong volume dynamic and share capture for both of those agencies. If I move to the contracting for 2025, obviously, the contract season is in progress, and it's progressing, and the negotiations are well underway. I think it's important if you'll recall that we already have some multi-year contracts in place that cover 2025, so that's a positive dynamic. The remaining payer negotiations, as I mentioned, are underway, and we anticipate that those will close out during the normal cycle.

Jeffrey Stewart: So while it's a component, there are certainly multifactorial approaches why we see this very, very strong volume dynamic and share capture.

So while it's a component, there are certainly multifactorial approaches why we see this very, very strong volume dynamic and share capture. For both of those agents. If I move to the contracting for 2025, obviously the contract season is in progress and it's progressing and the negotiations are well underway. I think it's important if you'll recall that we already have some multi-year contracts in place that cover 2025. So that's a positive dynamic. The remaining payer negotiations, as I mentioned, are underway and we anticipate that those will close out during the normal cycle.

Speaker Change: There is certainly multi factorial approaches why we see this very very strong volume dynamic and share capture for for for both of those both of those agents.

Jeffrey Stewart: For both of those agents. If I move to the contracting for 2025, obviously the contract season is in progress and it's progressing and the negotiations are well underway. I think it's important if you'll recall that we already have some multi-year contracts in place that cover 2025. So that's a positive dynamic. The remaining payer negotiations, as I mentioned, are underway and we anticipate that those will close out during the normal cycle. I would say that, you know, at a macro level we do expect to maintain parity access next year for Humira for a meaningful portion of lives across all of the channels. Now that said, our Humira access will certainly be lower than this year as we continue to anticipate and watch certain segments of the market move to adopt biosimilars.

Speaker Change: If I move to the contracting for 2025.

Speaker Change: Obviously the contract season is in progress and it's progressing.

Speaker Change: And the negotiations are well underway I think it's important if you will recall that we already have some multiyear contracts in place that cover 2025.

Speaker Change: So that's a positive dynamic the remaining payer negotiations as I mentioned are underway and we anticipate that those will close out during the normal cycle.

Jeffrey Stewart: The remaining payer negotiations, as I mentioned, are underway, and we anticipate that those will close out during the normal cycle. I would say that, at a macro level, we do expect to maintain parity access next year for HUMIRA, for a meaningful portion of lives across all of the channels. Now that said, our HUMIRA access will certainly be lower than this year as we continue to anticipate and watch certain segments of the market move to adopt biosimilars. And we've understood and planned for this, obviously, as we enter that third year of the Biosimilars, and so we're well aware of dynamically evaluating how this is gonna work out.

I would say that, you know, at a macro level we do expect to maintain parity access next year for Humira for a meaningful portion of lives across all of the channels. Now that said, our Humira access will certainly be lower than this year as we continue to anticipate and watch certain segments of the market move to adopt biosimilars.

Geoff: I would say that, at a macro level, we do expect to maintain parity access next year for HUMIRA in a meaningful portion of lives across all of the channels. Now that said, our HUMIRA access will certainly be lower than this year as we continue to anticipate and watch certain segments of the market move to adopt biosimilars. And we've understood and planned for this, obviously, as we enter that third year of the Biosphere.

Speaker Change: I'd say that at a macro level, we do expect to maintain parity access next year for Humira for a meaningful portion of lives across all of the channels now that said Ah.

Speaker Change: Our humira access will certainly be lower than this year as we continue to anticipate and watch certain segments of the market move to adopt Biosimilars and we've understood and plan for this obviously as we entered that third year of the Biosimilars.

Jeffrey Stewart: We've understood and planned for this obviously as we enter that third year of the biosimilars. We're well aware of dynamically evaluating how this is going to work out. Certainly things are progressing. We already have some in place from those multi-year contracts and we'll be in a better position to provide some more information obviously later in the year as those negotiations or the remaining negotiations fully close out.

We've understood and planned for this obviously as we enter that third year of the biosimilars. We're well aware of dynamically evaluating how this is going to work out. Certainly things are progressing. We already have some in place from those multi-year contracts and we'll be in a better position to provide some more information obviously later in the year as those negotiations or the remaining negotiations fully close out.

Geoff: And so we're well aware of dynamically evaluating how this is gonna work out. So certainly things are progressing. We already have some in place from those multi-year contracts, and we'll be in a better position to provide some more information, obviously, later in the year as those negotiations, or the remaining negotiations. Chris, this is Rob, just to reiterate a point, an important point that Geoff made.

And so we're well aware of dynamically evaluating how this is gonna work out.

Speaker Change: So we're well aware of of dynamically evaluating how this is going to work out. So certainly things are progressing we already have some in place from those multiyear contracts and we'll be in a better position to provide some more information. Obviously later in the year as those negotiations so the remaining negotiations fully closeout.

Jeffrey Stewart: So certainly things are progressing, we already have some in place from those multi-year contracts, and we'll be in a better position to provide some more information, obviously, later in the year as those negotiations, or the remaining negotiations fully close out. And Chris, this is Rob, just to reiterate a point, an important point that Geoff made.

Robert A. Michael: And Chris, this is Rob, just to reiterate a point, an important point that Jeff made, and one trend that we are watching very closely is the switching from the HUMIRA molecule to new mechanisms, I mean, we are starting to see an inflection that is accruent to new mechanisms like SKYRIZI and RINVOQ, as Jeff mentioned. And it makes sense, doctors that are reevaluating the patients in their practice are likely looking at more than just the patients that are covered by CVS. What we have factored in is the CVS impact, what we didn't factor in necessarily is an impact beyond just the CVS lies. And to the extent that that trend continues, it would represent a downside for Humira and an upside for SCIRIS-E and RINVOQ, which is a very good long-term tradeoff for us. That's an important point.

Robert Michael: And Chris, this is Rob, just to reiterate a point, an important point that Jeff made. One trend that we are watching very closely is the switching from the Humira molecule to new mechanisms. I mean we are starting to see an inflection that is accruing to new mechanisms like Skyrizi and Rinvoq, as Jeff mentioned. And it makes sense. Doctors that are reevaluating the patients in their practice are likely looking at more than just the patients that are covered by CVS. What we have factored in is the CVS impact. What we didn't factor in necessarily is an impact beyond just the CVS lives. And to the extent that trend continues, it would represent a downside for Humira and an upside down upside for Skyrizi and Rinvoq, which is a very good long term trade off for us. That's an important point.

Rob Michael: And Chris, this is Rob, just to reiterate a point, an important point that Jeff made. One trend that we are watching very closely is the switching from the Humira molecule to new mechanisms. I mean we are starting to see an inflection that is accruing to new mechanisms like Skyrizi and Rinvoq, as Jeff mentioned. And it makes sense. Doctors that are reevaluating the patients in their practice are likely looking at more than just the patients that are covered by CVS. What we have factored in is the CVS impact. What we didn't factor in necessarily is an impact beyond just the CVS lives.

Rob: And Chris This is Rob just to reiterate a point an important point that Jeff made in one trend that we are watching very closely is the switching from the humira molecule to new mechanisms. I mean, we are starting to see an inflection that is accruing to new mechanisms like sky <unk> and roomba, because Jeff mentioned and it makes sense of doctors that are reevaluating the pace.

Rob: I mean, one trend that we are watching very closely is the switching from the humeral molecule to new mechanisms. I mean, we are starting to see an upsurge that is going to new mechanisms like SCIRIS-E and RIMBOK, as Geoff mentioned. And it makes sense.

Rob: Doctors that are reevaluating the patients in their practice are likely looking at more than just the patients that are covered by CVS. What we have factored in is the CVS impact. What we didn't factor in necessarily is an impact beyond just the CVS lies. And to the extent that that trend continues, it would represent a downside for Humira and an upside for SCIRIS-E and RINVOQ, which is a very good long-term tradeoff for us. That's an important point.

Speaker Change: <unk> in their practice are likely looking at more than just the patients that are covered by Cvs, but we have factored in is the Cvs impact, but we didn't factor in necessarily has a impact beyond just the Cvs lives and to the extent that trend continues it will represent a downside for humira and upside for Sky, Regina <unk>, which is a very.

And to the extent that trend continues, it would represent a downside for Humira and an upside down upside for Skyrizi and Rinvoq, which is a very good long term trade off for us. That's an important point. We want to make sure that was captured.

Robert A. Michael: And to the extent that that trend continues, it would represent a downside for HUMIRA and an upside for SKYRIZI and RINVOQ, which is a very good long-term tradeoff for us, that's an important point we want to make sure that this was captured. Thank you, Rob. And maybe, Chris, one more point that I didn't address was the SKYRIZI RINVOQ contracting. So we are anticipating very robust and consistent access for SKYRIZI RINVOQ. And our former comments around sort of low single-digit price erosion should be quite consistent with what we said before. Obviously, Medicare Part D is a separate dynamic. So things are stable, and we're anticipating ongoing very strong access for both of those. Thanks, Chris. Operator, next question, please. Next, we'll go to the line of Carter Gould from Barclays. Please go ahead. Good morning.

Speaker Change: Good long term tradeoff for us that's an important point, we wanted to make sure that was captured.

Robert Michael: We want to make sure that was captured.

Jeffrey Stewart: Thank you, Rob. And maybe Chris, one more point that I didn't address was the Skyrizi and Rinvoq contracting. We are anticipating very robust and consistent access for Skyrizi and Rinvoq. And.

Jeff Stewart: Thank you, Rob. And maybe Chris, one more point that I didn't address was the Skyrizi and Rinvoq contracting. We are anticipating very robust and consistent access for Skyrizi and Rinvoq. And. Our former comments around sort of low single digit price erosion should be quite consistent with what we said before. Obviously the Medicare Part D is a separate dynamic, so things are stable and we're anticipating ongoing very strong access for both of those brands.

Rob: We want to make sure that this was captured. Thank you, Rob. And maybe, Chris, one more point that I didn't address was the SKYRIZI RINVOQ contracting. So we are anticipating very robust and consistent access for SKYRIZI RINVOQ. And our former comments around sort of low single-digit price erosion should be quite consistent with what we said before. Obviously, Medicare Part D is a separate dynamic. So things are stable, and we're anticipating ongoing very strong access for both of those. Thanks, Chris. Operator, next question, please. Next, we'll go to the line of Carter Gould from Barclays. Please go ahead. Good morning.

Speaker Change: Thank you Robin maybe Chris one more point that I didn't address was the sky <unk> contracting. So we are anticipating very robust and consistent access for <unk> and <unk> and our.

Robert A. Michael: Thank you, Rob, and maybe, Chris, one more point that I didn't address was the SKYRIZI and RINVOQ contracting. So we are anticipating very robust and consistent access for SKYRIZI and RINVOQ, and our former comments around sort of low single-digit price erosion should be quite consistent with what we said before. Obviously, the Medicare Part D is a separate dynamic, so things are stable, and we're anticipating ongoing very strong access for both of those brands. Thanks, Chris. Operator, next question, please. Next, we'll go to the line of Carter Gould from Barclays. Please go ahead. Good morning.

Jeffrey Stewart: Our former comments around sort of low single digit price erosion should be quite consistent with what we said before. Obviously the Medicare Part D is a separate dynamic, so things are stable and we're anticipating ongoing very strong access for both of those brands.

Speaker Change: Former comments around sort of low single digit price erosion should be quite consistent.

Speaker Change: With what we said before obviously the Medicare part D. As a separate dynamic so things are are stable and were anticipating ongoing.

Speaker Change: Strong access for both of those brands.

Robert A. Michael: Thanks, Chris. Operator, next question, please. Next, we'll go to the line of Carter Gould from Barclays. Please go ahead. Good morning.

Liz Shea: Thanks, Chris. Operator, next question, please.

Liz Shea: Thanks, Chris. Operator, next question please.

Speaker Change: Thanks, Chris Operator next question please.

Robert A. Michael: Next, we'll go to the line of Carter Gould from Barclays, please go ahead. Good morning.

Operator: Next, we'll go to the line of Carter Gould from Barclays, please go ahead.

Operator: Next we'll go to the line of Carter Gould from Barclays. Please go ahead.

Speaker Change: Next we'll go to the line of Carter Gould from Barclays. Please go ahead.

Carter Gould: Good morning, thanks for taking the question and congrats on the results, I guess, first, just a housekeeping point. I guess in the last call you talked about earnings growth not being quite at the rate of revenue growth, and it sounds like today you see those more in line, any further color on what's driving that? I would assume it's sort of the key I&I drivers, but any other color there would be appreciated. And I guess the more pertinent question maybe on the commentary on Cerevel, should there be any expectation of divestments or other concessions as we contemplate that deal closing? Thank you.

Geoff: Thanks for taking the question and congrats on the results. I guess, first, just a housekeeping point. I think in the last call you talked about earnings growth not being quite at the rate of revenue growth, and it sounds like today you see those more in line. Any further color on what's driving that? I would assume it's sort of the key I&I drivers, but any other color there would be appreciated.

Jeffrey Stewart: Good morning.

Carter Gould: Good morning. Thanks for taking the question, and then congrats on the results. I guess. First, just a housekeeping point. I guess in the last call you had talked about earnings growth not being quite at the rate of revenue growth, and it sounds like today you see those more in line. Any, I guess, further color on kind of what's driving that. I would assume it's sort of the key ex-Humira drivers, but any other color there would be appreciated. And I guess the more pertinent question maybe on the commentary on Cerevel.

Carter Gould: Good morning, Thanks for the thanks.

[Analyst]: Thanks for taking the question, and then congrats on the results. I guess. First, just a housekeeping point. I guess in the last call you had talked about earnings growth not being quite at the rate of revenue growth, and it sounds like today you see those more in line. Any, I guess, further color on kind of what's driving that. I would assume it's sort of the key ex-Humira drivers, but any other color there would be appreciated. And I guess the more pertinent question maybe on the commentary on Cerevel.

Carter Gould: Thanks for taking the question and congrats on the results I guess first just a housekeeping point I guess.

Carter Gould: I guess from the last call you had talked about earnings growth not being quite at the rate of revenue growth and it sounds like today.

Carter Gould: You see those more in line any any I guess further color on kind of what's driving that I would assume it's sort of.

Speaker Change: The key drivers but.

Scott: And I guess the more pertinent question maybe on the commentary on CeraVel is, Should there be any expectation of divestments or other concessions as we contemplate that deal closing? Thank you. Yeah, this is Scott.

And I guess the more pertinent question maybe on the commentary on CeraVel is, Should there be any expectation of divestments or other concessions as we contemplate that deal closing? Thank you.

Speaker Change: Any other color there would be appreciated and then I guess the.

Speaker Change: The more pertinent question maybe.

Speaker Change: On the commentary on <unk>.

[Analyst]: Should there be any expectation for divestments or other concessions as we contemplate that deal closing? Thank you.

Should there be any expectation for divestments or other concessions as we contemplate that deal closing? Thank you.

Speaker Change: Should there be any expectation for divestments or other concessions as we contemplate that deal closing thank you.

Speaker Change: Yeah.

Scott Reents: Yeah, this is Scott. I'll take the question regarding EPS growth or earnings growth in line with the revenue growth. So when we look at this, as I mentioned, we're looking at a couple of things. The SGA that we're driving some operating margin expansion, we spend a lot of time focusing on that, and we do see some efficiencies that we can drive, and we do see we'll have the ability to leverage that. So there will be expansion operating margin, which you would expect to then let earnings outpace the revenue growth. However, there is this offset, and we had a very successful bond offering when we set the financing in place for Cerevel and ImmunoGen.

Speaker Change: Yes. This is Scott I'll take the question regarding EPS growth or earnings growth in line with the revenue growth. So when we when we look at this you know as I mentioned, we're looking at a couple of things.

Speaker Change: The SG&A that were driving some operating margin expansion.

Speaker Change: Spent a lot of time, focusing on that and we do see some efficiencies that we can drive and we do see it will have the ability to leverage that so there will be expansion in operating margin, which you would expect to then led earnings outpaced the revenue growth. However, there is this offset and we had a very successful bond offering when we set the financing in place for servo eight immunogen, so but that.

So there will be expansion operating margin, which you would expect to then let earnings outpace the revenue growth. However, there is this offset, and we had a very successful bond offering when we set the financing in place for Cerevel and ImmunoGen. So. But that will be an offset to the operating margin expansion. So you can think of those two as essentially netting one another and then driving that earnings growth in line with the top line.

Roopal Thakkar: So.

Scott Reents: But that will be an offset to the operating margin expansion. So you can think of those two as essentially netting one another and then driving that earnings growth in line with the top line.

Speaker Change: Will be an offset to the operating margin expansion. So you can think of those two is essentially netting one another and then driving.

Scott Reents: Yeah, this is Scott, I'll take the question regarding EPS growth or earnings growth in line with the revenue growth. So when we looked at this, as I mentioned we were looking at a couple of things, the SG&A that were driving some operating margin expansion, we spent a lot of time focusing on that, we do see some efficiencies [inaudible], and we do see we have evolved to leverage that. So there will be expansion operating margin, which you would expect to them but earnings outpaced the revenue growth, however there is this offset, and we had a very succesfull bond offering when we set the financing in place for Cerevel and ImmunoGen, but that will be an offset to the operating margin expansion. So you can think of those two as essentially netting one another and then driving that earnings growth in line with the... Hey Carter, this is Rob. I'll take your question on Cerevel. Look, we've made very good progress with the FTC and have certified substantial compliance with their second request. No divestments are expected.

Speaker Change: That earnings growth in line with the top line.

Scott Reents: So there will be expansion operating margin, which you would expect to them but earnings outpaced the revenue growth, however there is this offset, and we had a very succesfull bond offering when we set the financing in place for Cerevel and ImmunoGen, but that will be an offset to the operating margin expansion. So you can think of those two as essentially netting one another and then driving that earnings growth in line with the topline. Hey Carter, this is Rob. I'll take your question on Cerevel. Look, we've made very good progress with the FTC and have certified substantial compliance with their second request. No divestments are expected.

Robert Michael: Carter, this is Rob. I'll take your question on Cerevel. Look, we've made very good progress with the FTC and have certified substantial compliance to their second request. No divestments are expected. I would expect the transaction to close soon, potentially as early as next week. We're obviously very excited about the potential best in class therapies in Cerevel's pipeline, especially in emraclidine for schizophrenia, tavapadon for early Parkinson's, and their core antagonist for major depression. I mean, these assets clearly will be great additions to our neuroscience franchise.

Scott: I'll take the question regarding EPS growth or earnings growth in line, but that will be an offset to the operating margin expansion. So you can think of those two as essentially netting one another and then driving that earnings growth in line with the... Hey Carter, this is Rob. I'll take your question on Cerevel. Look, we've made very good progress with the FTC and have certified substantial compliance with their second request. No divestments are expected.

Rob Michael: Carter, this is Rob. I'll take your question on Cerevel. Look, we've made very good progress with the FTC and have certified substantial compliance to their second request. No divestments are expected. I would expect the transaction to close soon, potentially as early as next week. We're obviously very excited about the potential best in class therapies in Cerevel's pipeline, especially in emraclidine for schizophrenia, tavapadon for early Parkinson's, and their core antagonist for major depression. I mean, these assets clearly will be great additions to our neuroscience franchise.

Speaker Change: Carter This is Rob I'll take your question on cerebral look we've made very good progress with the FTC and have certified substantial compliance of their second request no divestments are expected I would expect the transaction to close soon potentially as early as next week. We're obviously very excited about the potential best in class therapies in <unk> pipeline.

Scott Reents: So you can think of those two as essentially netting one another and then driving that earnings growth in line with the... Hey Carter, this is Rob. I'll take your question on Cerevel. Look, we've made very good progress with the FTC and have certified substantial compliance with their second request. No divestments are expected.

Robert A. Michael: Hey Carter, this is Rob. I'll take your question on Cerevel. Look, we've made very good progress with the FTC and have certified substantial compliance with their second request. No divestments are expected, I would expect the transaction to close soon, potentially as early as next week, we're obviously very excited about the potential best-in-class therapies in Cerevel's pipeline, especially EMRACLIDINE for schizophrenia, TAVAPADONE for early Parkinson's, and our, core antagonist for major depression, I mean this assets clearly will be a great addition to to our neuroscience franchise. Thanks, Carter. Operator, next question, please. Next we'll go to the line of Vamil Divan. Please go ahead.

Rob: I would expect the transaction to close soon, potentially as early as next week. We're obviously very excited about the potential best-in-class therapies in Cerevel's pipeline, especially raclidine for schizophrenia, davapadone for early Parkinson's, and our, Thanks, Carter. Operator, next question, please. Next we'll go to the line of Vamil Divan. Please go ahead.

Speaker Change: Especially in rack Levine for schizophrenia to vapid on for early Parkinson's and our core antagonist for major depression I mean, these assets clearly will be great additions to our neuroscience franchise.

Liz Shea: Thanks, Carter.

Liz Shea: Thanks, Carter. Operator. Next question please.

Speaker Change: Thanks Carter operator next question please.

Carrie Strom: Operator.

Liz Shea: Next question please.

Operator: Next we'll go to Vamil Divan. Please go ahead.

Robert A. Michael: Thanks, Carter. Operator, next question, please. Next we'll go to the line of Vamil Divan. Please go ahead.

Liz Shea: Thanks, Carter. Operator, next question, please.

Speaker Change: Next we will go to the line of all mode.

Operator: Next we'll go to the line of Vamil Divan. Please go ahead.

Speaker Change: Please go ahead.

[Analyst]: Yeah, hi. Thanks for taking my question. So maybe one, if I could just, I guess for Rob, just around sort of your business development priorities. Now you mentioned obviously did a sort of larger deal last year with Cerevel, ImmunoGen; you've done a number of these smaller acquisitions. And I guess I'm trying to get a sense of the kind of balance between investing for the long term and then sort of balancing the near term earnings growth outlook. I know. So there's a lot of focus on that $11 floor for a long time. Obviously with all the IPR&D, you sort of dipped a little bit below that for this year, which makes sense.

Vamil Divan: Yeah, hi. Thanks for taking my question. So maybe one, if I could just, I guess for Rob, just around sort of your business development priorities. Now you mentioned obviously did a sort of larger deal last year with Cerevel, ImmunoGen; you've done a number of these smaller acquisitions. And I guess I'm trying to get a sense of the kind of balance between investing for the long term and then sort of balancing the near term earnings growth outlook. I know. So there's a lot of focus on that $11 floor for a long time.

Vamil Divan: Yeah, hi, thanks for taking my question, so maybe one if I could just, I guess for Rob, just around sort of your business development priorities. Now, you mentioned obviously did a sort of larger deal last year with Cerevel, ImmunoGen, you've done a number of these smaller acquisitions. And I guess I'm trying to get a sense of the kind of balance between investing for the long term and then sort of balancing the near term earnings growth outlook, I know there's a lot of focus on that $11 floor for a long time, but obviously, with all the IPRD, you sort of dipped a little below that for this year, which makes sense. But I'm just trying to think now that we're sort of halfway through the year, how are you thinking about sort of where your priorities are and, you know, the need to kind of balance the near-term numbers versus investing for the long term? Thanks.

Speaker Change: Yes, hi, Thanks for taking my question. So maybe one if I could just.

Speaker Change: I guess for Rob just around sort of your.

Speaker Change: Business development priorities now you mentioned, obviously do the sort of larger deals last year with servile MD, Jim you've done a number of these smaller acquisitions and I guess I'm trying to get a sense of the.

Vamil Divan: And I guess I'm trying to get a sense of the kind of balance between investing for the long term and then sort of balancing the near term earnings growth outlook, I know there's a lot of focus on that $11 floor for a long time, but obviously, with all the IPRD, you sort of dipped a little below that for this year, which makes sense. But I'm just trying to think now that we're sort of halfway through the year, how are you thinking about sort of where your priorities are and, you know, the need to kind of balance the near-term numbers versus investing for the long term? Thanks.

Speaker Change: Kind of a balance between investing for the long term and then sort of balancing the near term earnings growth outlook.

Speaker Change: Because im going to $11 floor for long time, obviously with all the IP R&D sort of dipped a little bit below that for this year, which makes sense, but I'm just trying to think now that we're sort of halfway through the year. How are you thinking about sort of where your priorities are in.

Obviously with all the IPR&D, you sort of dipped a little bit below that for this year, which makes sense. But I'm just trying to think now that we're sort of halfway through the year, how are you thinking about sort of where your priorities are and, you know, the need to kind of balance the near term numbers versus investing for the long term. Thanks.

Vamil Divan: But I'm just trying to think now that we're sort of halfway through the year, how are you thinking about sort of where your priorities are and, you know, the need to kind of balance the near-term numbers versus investing for the long term? Thanks.

[Analyst]: But I'm just trying to think now that we're sort of halfway through the year, how are you thinking about sort of where your priorities are and, you know, the need to kind of balance the near term numbers versus investing for the long term. Thanks.

Rob: I know there's been a lot of focus on that $11 floor for a long time, but obviously, with all the IPRD, you sort of dipped a little below that for this year, which makes sense. But I'm just trying to think now that we're sort of halfway through the year, how are you thinking about sort of where your priorities are and, you know, the need to kind of balance the near-term numbers versus investing for the long term.

Speaker Change: They need to kind of balance.

Speaker Change: Near term numbers versus investing for the long term. Thanks.

Robert Michael: Yeah, yeah, thanks for the question. So you know the $11 floor again was on an ex-IPR basis where obviously with this guidance ex-IPR&D I think we're just a little bit over $11.40 and we're certainly positioned to return to robust growth. I mean we're delivering robust revenue growth this quarter. When you look at the outlook for 2025, it's very strong. We should be beyond the conversations on the floor at this point as we think about the trade-offs for the long term and the short term. Clearly we have an on-market portfolio today that can drive the growth that we need to deliver on that high single-digit top-tier outlook in this decade. So our BD efforts continue to be focused on early-stage assets that can drive growth in the next decade.

Rob Michael: Yeah, yeah, thanks for the question. So you know the $11 floor again was on an ex-IPR basis where obviously with this guidance ex-IPR&D I think we're just a little bit over $11.40 and we're certainly positioned to return to robust growth. I mean we're delivering robust revenue growth this quarter. When you look at the outlook for 2025, it's very strong. We should be beyond the conversations on the floor at this point as we think about the trade-offs for the long term and the short term.

Robert A. Michael: Yeah Vamil, thanks for the question, so, you know, the $11 dollar floor, again, was on an ex-IPRD basis, where obviously, with this guidance, ex-IPRD, I think we're just a little bit over $11.40, and we're certainly positioned to return to robust growth. I mean, we're delivering robust revenue growth this quarter, when you look at the outlook for 2025, it's very strong, and so we should be beyond the conversations on the floor at this point. As we think about the tradeoffs, you know, for the long term and the short term, I mean, clearly, we have an on-market portfolio today that can drive the growth that we need to deliver on that high single-digit, top-tier outlook in this decade. So our BD efforts continue to be focused on early-stage assets that can drive growth in the next decade. And you've seen us close nearly a dozen deals this year along those lines.

Speaker Change: Yeah.

Speaker Change: Thanks for the question so.

Speaker Change: The $11 floor again was and X IP R&D basis, where obviously with this guidance <unk> I think we're just a little bit over 11 40.

Speaker Change: And we're certainly positioned to return to robust growth I mean, we're delivering robust revenue growth. This quarter. When you look at the outlook for 25, it's very strong and so we should be beyond the conversations on the floor at this point as we think about the trade offs for.

Robert A. Michael: As we think about the tradeoffs, you know, for the long term and the short term, I mean, clearly, we have an on-market portfolio today that can drive the growth that we need to deliver on that high single-digit, top-tier outlook in this decade. So our BD efforts continue to be focused on early-stage assets that can drive growth in the next decade, and you've seen us [inaudible] nearly a dozen deals this year along those lines, these include new mechanisms in immunology that can combine with SKYRIZI or RINVOQ or be pursued as model therapies. We've also added new platforms, including multi-specifics that have applicability in immunology and oncology, our deal targeting in situ CAR-T therapy is another example of a platform investment in oncology.

Rob: As we think about the tradeoffs, you know, for the long term and the short term, I mean, clearly, we have an on-market portfolio today that can drive the growth that we need to deliver on that high single-digit, top-tier outlook in this decade. But our BD efforts continue to be focused on early-stage assets that can drive growth in the next decade. And you've seen us close nearly a dozen deals this year along those lines.

Speaker Change: For the long term in the short term I mean, clearly we have an on market portfolio today that can drive the growth that we need to deliver on that high single digit top tier outlook in this decade. So our BD efforts continue to be focused on early stage assets that can drive growth in the next decade, and you've seen us execute nearly a dozen deals this year of <unk>.

Clearly we have an on-market portfolio today that can drive the growth that we need to deliver on that high single-digit top-tier outlook in this decade. So our BD efforts continue to be focused on early-stage assets that can drive growth in the next decade.

Robert Michael: And you've seen us execute nearly a dozen deals this year along those lines. These include new mechanisms in immunology that can combine with Skyrizi or Rinvoq, or be pursued as model therapies. We've also added new platforms including multispecifics that have applicability in immunology and oncology. Our deal targeting in situ CAR T therapy is another example of a platform investment in oncology, and we added a novel mechanism for psychiatric disorders given our focus in neuroscience. So we intend to continue adding more depth to our pipeline in our core areas, particularly think about early-stage deals. Because what we're really trying to set up for is that growth in the next decade. We have a clear line of sight to top-tier growth this decade, and we want to position the company to deliver strong growth in the next decade as well.

And you've seen us execute nearly a dozen deals this year along those lines. These include new mechanisms in immunology that can combine with Skyrizi or Rinvoq, or be pursued as model therapies. We've also added new platforms including multispecifics that have applicability in immunology and oncology. Our deal targeting in situ CAR T therapy is another example of a platform investment in oncology, and we added a novel mechanism for psychiatric disorders given our focus in neuroscience.

Rob: These include new mechanisms in immunology that can combine with Skyrizia or RINVOC or be pursued as model therapies. We've also added new platforms, including multi-specifics that have applicability in immunology and oncology. Our deal targeting in situ CAR-T therapy is another example of a platform investment in oncology.

Speaker Change: Those lines are these include new mechanisms in immunology that can combine with sky raise your invoke or be pursued as mono therapies. We've also added new platforms, including multi specifics that have applicability in immunology and oncology our deal targeting insight to car T. Therapy is another example of a platform investment in encore.

Robert A. Michael: We've also added new platforms, including multi-specifics that have applicability in immunology and oncology, our deal targeting in situ CAR-T therapy is another example of a platform investment in oncology, and we added a novel mechanism for psychiatric disorders, given our focus on neuroscience. So we intend to continue adding more depth to our pipeline in our core areas, particularly think about it, you know, early-stage deals, because what we're really trying to set up for is growth in the next decade. We have a clear line of sight to top-tier growth this decade, and we want to position the company to deliver strong growth in the next decade as well. Thanks, Vamil. Operator, next question, please. Next, we'll go to the line of Chris Shibutani from Goldman Sachs. Please go ahead. Thank you. Good morning.

Speaker Change: <unk> and we added a novel mechanism for psychiatric disorders, given our focus in neuroscience. So we intend to continue adding more depth to our pipeline in our core areas, particularly think about it early stage deals because what we're really trying to set up for us that growth in the next decade, we have a clear line of sight to top tier growth. This decade, and we want to position the company to do.

Rob: And we added a novel mechanism for psychiatric disorders, given our focus on neuroscience. So we intend to continue adding more depth to our pipeline in our core areas, particularly think about it, you know, early-stage deals, because what we're really trying to set up for is growth in the next decade. We have a clear line of sight to top-tier growth this decade, and we want to position the company to deliver strong growth in the next decade as well. Thanks, Vamil. Operator, next question, please. Next, we'll go to the line of Chris Shibutani from Goldman Sachs. Please go ahead. Thank you. Good morning.

So we intend to continue adding more depth to our pipeline in our core areas, particularly think about early-stage deals. Because what we're really trying to set up for is that growth in the next decade. We have a clear line of sight to top-tier growth this decade, and we want to position the company to deliver strong growth in the next decade as well.

Speaker Change: Deliver strong growth in the next decade as well.

Robert A. Michael: Thanks, Vamil. Operator, next question, please. Next, we'll go to the line of Chris Shibutani from Goldman Sachs. Please go ahead. Thank you. Good morning.

Liz Shea: Thanks, Vamil. Operator, next question, please.

Liz Shea: Thanks, Vamil. Operator, next question please.

Chris Schott: Thanks Donal operator next question. Please next we will go to the line of Chris Cheatwood, Tony from Goldman Sachs. Please go ahead.

Robert A. Michael: Next, we'll go to the line of Chris Shibutani from Goldman Sachs. Please go ahead. Thank you. Good morning.

Operator: Next, we'll go to the line of Chris Shibutani from Goldman Sachs, please go ahead.

Operator: Next we'll go to the line of Chris Shibutani from Goldman Sachs. Please go ahead.

Chris Shibutani: Thank you, good morning, on the aesthetics business, today has been a day of reporting across the industry, and there's some commentary that aligns with what you've said, however, some additional questions I have are on granularity about procedure volumes and pricing. Now, in the first quarter, you talked about promotional activities that you pushed towards a seasonally strong second quarter. One, should we think about the pricing backdrop as being a component of some of the sluggishness as opposed to purely thinking about or primarily thinking about volume of procedures? And if you could sort of respond to the neurotoxin neuromodulator segment versus the filler segment, that'd be helpful. Thank you. Hi, this is Carrie.

Carrie: On the aesthetics business, today has been a day of reporting across the industry, and there's some commentary that aligns with what you've said. However, some additional questions I have are on granularity about procedure volumes and pricing. Now, in the first quarter, you talked about promotional activities that you pushed towards a seasonally strong second quarter. One, should we think about the pricing backdrop as being a component of some of the sluggishness as opposed to purely thinking about or primarily thinking about volume of procedures? And if you could sort of respond to the neurotoxin neuromodulator segment versus the filler segment, that'd be helpful. Thank you. Hi, this is Carrie.

Jeffrey Stewart: Thank you. Good morning.

Chris Shibutani: Thank you. Good morning. On the aesthetics business. Today has been a day of reporting across the industry. There's some commentary that aligns with what you said. However, some additional questions I have are on granularity about procedure volumes and pricing. Now, in the Q1 you talked. About promotional activities that you pushed towards a seasonally strong Q2 one.

Chris Schott: Thank you and good morning on the aesthetics business today has been a day of reporting across the industry. There was some commentary that aligns with what you said however, some additional questions I have are on granularity about procedure volumes and pricing now in the first quarter you talked about.

[Analyst]: On the aesthetics business.

Jeffrey Stewart: Today has been a day of reporting across the industry. There's some commentary that aligns with what you said. However, some additional questions I have are on granularity about procedure volumes and pricing. Now, in the Q1 you talked.

[Analyst]: About promotional activities that you pushed towards a seasonally strong Q2 one.

Speaker Change: There's no activity that you push towards the seasonally strong second quarter.

Chris Shibutani: One, should we think about the pricing backdrop as being a component of some of the sluggishness as opposed to purely thinking about or primarily thinking about volume of procedures? And if you could sort of respond to the neurotoxin neuromodulator segment versus the filler segment, that'd be helpful. Thank you.

Jeffrey Stewart: Should we think about the pricing backdrop as being a component of some of the sluggishness as opposed to purely thinking about or primarily thinking about volume procedures? And if you could sort of respond in the neurotoxin neuromodulator versus the filler segments, that'd be helpful.

Should we think about the pricing backdrop as being a component of some of the sluggishness as opposed to purely thinking about or primarily thinking about volume procedures? And if you could sort of respond in the neurotoxin neuromodulator versus the filler segments, that'd be helpful. Thank you.

Speaker Change: One should we think about the pricing backdrop as being a component of some of the sluggishness as opposed to purely thinking about.

Speaker Change: Primarily thinking about volume of procedures, and if you could sort of respond in the neurotoxin neuromodulator versus the filler segments that'd be helpful. Thank you.

[Analyst]: Thank you.

Carrie Strom: Hi, this is Carrie, I'll address the question, so first, let's talk about the market dynamics for market growth in the US for facial injectables. So, late last year, we started to see a recovery and a return to growth of the toxin market, and we've seen that market growth recovery continue this year in that mid-single-digit range. And that's volume, that is, traffic into our customers' offices, and that's really been consistent for the past few quarters. So, the market dynamics for our business are really driven by patient demand and volume, although, you know, when we think about price, price is a factor that we'll be looking for in the second half of the year, which will give us some favorable pricing dynamics. We did take a price action at the beginning of the year for toxins, and then we'll have some more efficiency when it comes to our strategic shifts in our pricing promotions for the second half of the year.

Carrie Strom: Hi, this is Carrie. I'll address the question. So first, let's talk about the market dynamics for market growth in the US for facial injectables. So late last year, we started to see a recovery and a return to growth of the toxin market. And we've seen that market growth recovery continue into this year in that mid-single-digit range. And that's volume, that is traffic into our customers' offices, and that's really been consistent for the past few quarters. So the market dynamics for our business are really driven by patient demand and volume. Although when we think about price, price is a factor that we'll be looking for the second half of the year, which will give us some favorable pricing dynamics.

Carrie: I'll address the question. First, let's talk about the market dynamics for market growth in the U.S. for facial injectables. So, late last year, we started to see a recovery and a return to growth in the toxin market, and we've seen that market growth recovery continue this year in that mid-single-digit range. And that's volume, that is, traffic into our customers' offices, and that's really been consistent for the past few quarters.

Karri: Hi, This is karri I'll address the question.

Speaker Change: Hum.

Speaker Change: First let's talk about the market dynamics for market growth in the U S for facial injectable.

Speaker Change: Late last year, we started to see a recovery and a return to growth of the toxin market and we've seen that market growth recovery continue this year in that mid single digit.

Speaker Change: Range and that's volume that is traffic into our customers' offices and that's really been consistent for the past few quarters.

Carrie Strom: So, the market dynamics for our business are really driven by patient demand and volume, although, you know, when we think about price, price is a factor that we'll be looking for in the second half of the year, which will give us some favorable pricing dynamics. We did take a price action at the beginning of the year for toxins, and then we'll have some more efficiency when it comes to our strategic shifts in our pricing promotions for the second half of the year. So, one example of that would be promotions we did last year, for example, around competitive launches that we won't need to do this year, based on the success of our competitive strategy last year. Really, our performance is driven by market growth, and we've also had some nice stability in our market share. Anything you'd like to add?

So the market dynamics for our business are really driven by patient demand and volume. Although when we think about price, price is a factor that we'll be looking for the second half of the year, which will give us some favorable pricing dynamics.

Carrie: So, the market dynamics for our business are really driven by patient demand and volume, although, you know, when we think about price, price is a factor that we'll be looking for in the second half of the year, which will give us some favorable pricing dynamics. We did take a price action at the beginning of the year for toxins, and then we'll have some more efficiency when it comes to our strategic shifts in our pricing promotions for the second half of the year.

Speaker Change: So the market dynamics for our business are really driven by patient demand and volume.

Speaker Change: Although you know when.

Speaker Change: When we think about price price is a factor that will be looking for the second half of the year, which will give us some favorable pricing dynamics, we did take a price action at the beginning of the year for toxins and then we will have some more efficiency when it comes to our strategic shift in our pricing promotions for the second half.

Carrie Strom: We did take a price action at the beginning of the year for toxins, and then we will have some more efficiency when it comes to our strategic shifts in our pricing promotions for the second half of the year. So, one example of that would be promotions we did last year, for example, around competitive launches that we won't need to do this year based on the success of our competitive strategy last year. So, really, our performance is driven by market growth, and we have also had some nice stability in our market share.

We did take a price action at the beginning of the year for toxins, and then we will have some more efficiency when it comes to our strategic shifts in our pricing promotions for the second half of the year. So, one example of that would be promotions we did last year, for example, around competitive launches that we won't need to do this year based on the success of our competitive strategy last year. So, really, our performance is driven by market growth, and we have also had some nice stability in our market share Anything you'd like to add,

Carrie Strom: So, one example of that would be promotions we did last year, for example, around competitive launches that we won't need to do this year, based on the success of our competitive strategy last year. So really, our performance is driven by market growth, and we've also had some nice stability in our market share. Anything you'd like to add?

Carrie: So, one example of that would be promotions we did last year, for example, around competitive launches that we won't need to do this year, based on the success of our competitive strategy last year. Really, our performance is driven by market growth, and we've also had some nice stability in our market share. Anything you'd like to add?

Speaker Change: So one example of that would be promotions. We did last year for example around competitive launches that we won't need to do this year based on the success of our competitive strategy last year or so.

Speaker Change: Really our our performance is driven by.

Carrie Strom: Really, our performance is driven by market growth, and we've also had some nice stability in our market share. Anything you'd like to add?

Speaker Change: By market growth and we have also had some nice stability in our market share.

Scott Reents: Anything you'd like to add, maybe because it's worth mentioning. So some of that shift in promotional activity that you mentioned, we did talk about in the first quarter that there was a destocking that occurred of inventory levels, and when Carrie made her remarks and we spoke about it last quarter, we said that would reverse over time. We did see that reversing in the second quarter on a partial basis. And when you think about the reversal of that Q1 destock, you can think about from the US market, that really would reduce by 50% or cut in half the growth rates we published for the actual results for both Botox and Juvederm.

Speaker Change: Do you think you'd like to add.

Unknown: Maybe because it's worth mentioning, so some of that shift in promotional activity that you mentioned, we did talk about in the first quarter that there was a destocking that ocurred of inventory levels, and when Carrie made her remarks and we spoke about it last quarter, we said that would reverse over time. We did see that reverse in the second quarter on a partial basis, and when you think about the reversal of that Q1 destock, you can think about it from the US market, that really would reduce by 50% or cut in half the growth rates we published for the actual results for both Botox and Juvederm. So we saw that partial reversal of that destocking event, and then we will see that continue to unwind throughout the course of the year, especially as we have some of our larger promotional activities in the back half of the year with Botox Day and Juvederm Day. Typically, an inventory, or a stocking uplift from those.

Jeff Stewart: maybe because it's worth mentioning. So some of that shift in promotional activity that you mentioned, we did talk about in the first quarter that there was a destocking that occurred of inventory levels, and when Carrie made her remarks and we spoke about it last quarter, we said that would reverse over time. We did see that reversing in the second quarter on a partial basis.

Speaker Change: Maybe because it's worth mentioning so so some of that shift in promotional activity that you mentioned, we did talk about in the first quarter that there was a destock.

Carrie: And when you think about the reversal of that Q1 destock, you can think about it from the U.S. market, that really would reduce by 50% or cut in half the growth rates we published for the actual results for both Botox and Juvederm. So we saw that partial reversal of that destocking event, and then we will see that continue to unwind throughout the course of the year, especially as we have some of our larger promotional activities in the back half of the year with Botox Day and Juvederm Day. Typically, an inventory, or a stocking uplift from those. Thanks, Chris. Operator, next question, please. Next, we'll go to the line of Mohit Bonsal from Wells Fargo. Please go ahead.

And when you think about the reversal of that Q1 destock, you can think about it from the U.S. market, that really would reduce by 50% or cut in half the growth rates we published for the actual results for both Botox and Juvederm. So we saw that partial reversal of that destocking event, and then we will see that continue to unwind throughout the course of the year, especially as we have some of our larger promotional activities in the back half of the year with Botox Day and Juvederm Day. Typically, an inventory, or a stocking uplift from those.

Speaker Change: Destocking that occurred or inventory levels.

Carrie: And when Carrie made remarks, when we spoke about it last quarter, we said that would reverse over time, we did see that reversing in the second quarter on a partial basis and when you think about the reversal of that Q1 destock you can think about from the U S market that really would reduce by 50% are cut in half the growth rates, we publish for the actual result.

And when you think about the reversal of that Q1 destock, you can think about from the US market, that really would reduce by 50% or cut in half the growth rates we published for the actual results for both Botox and Juvederm.

Carrie: For both Botox and Juvederm. So we saw that partial reversal of that Destocking event, and then we will see that continue to unwind throughout the course of the year, especially as we have some of our larger promotional activities in the back half of the year with Botox day, and Juvederm Bay, we do see typically in inventory or stocking up with.

Scott Reents: So we saw that partial reversal of that destocking event and then we will see that continue to unwind throughout the course of the year, especially as we have some of our larger promotional activities in the back half of the year with Botox Day and Juvederm Day. We do see typically an inventory, a stocking uplift from those activities.

So we saw that partial reversal of that destocking event and then we will see that continue to unwind throughout the course of the year, especially as we have some of our larger promotional activities in the back half of the year with Botox Day and Juvederm Day. We do see typically an inventory, a stocking uplift from those activities.

Unknown: So we saw that partial reversal of that destocking event, and then we will see that continue to unwind throughout the course of the year, especially as we have some of our larger promotional activities in the back half of the year with Botox Day and Juvederm Day, we do see typically, an inventory, or a stocking uplift from those activities.

Speaker Change: From those activities.

Thanks, Chris. Operator, next question, please. Next, we'll go to the line of Mohit Bonsal from Wells Fargo. Please go ahead.

Liz Shea: Thanks, Chris. Operator, next question, please.

Liz Shea: Thanks, Chris. Operator, next question please.

Speaker Change: Thanks, Chris Operator next question please.

Operator: Next, we'll go to the line of Mohit Bonsal from Wells Fargo. Please go ahead.

Operator: Next we'll go to the line of Mohit Bansal from Wells Fargo. Please go ahead.

Speaker Change: We will go to the line of Mohit Bansal from Wells Fargo. Please go ahead.

Mohit Bansal: Great, thanks for taking my question, I just wanted to talk a little bit about the pipeline in the IBD space as well, I mean, you have done a bunch of these, and then there has been some movement, especially in the oral IBD drugs as well. I mean, given your expertise, I would love to understand, how do you think about a pipeline moving beyond the likes of [inaudible] IL-17s and all, because these drugs are pretty good, but when you think about an oral, what is the ideal profile of the drug that could be a first-line drug, which RINVOQ could not be? And then when you think about combinations, I mean, what are you exactly looking for? Thank you. Hey, Mohit.

[Analyst]: Great. Thanks for taking my question. I just wanted to talk a little bit about the pipeline in IBD space as well.

Mohit Bansal: Great. Thanks for taking my question. I just wanted to talk a little bit about the pipeline in IBD space as well. I mean you have done a bunch. Of these and then there has been. Some movement, especially in the oral IBD drugs as well. I mean, given your expertise, would love to understand how do you think about? Pipeline moving beyond the likes of Sky. These IL-17s and all, because these drugs are pretty good.

Mohit Bansal: Great. Thanks for taking my question.

Speaker Change: Just wanted to talk a little bit about the pipeline in IBD space as well.

Jeffrey Stewart: I mean you have done a bunch.

Speaker Change: You have done a bunch of these.

[Analyst]: Of these and then there has been.

Speaker Change: And then there has been some movement, especially in the rural.

Jeffrey Stewart: Some movement, especially in the oral IBD drugs as well.

Speaker Change: IBD drugs.

[Analyst]: I mean, given your expertise, would love to understand how do you think about?

Speaker Change: I mean, given your expertise would love to understand how do you think about.

Jeffrey Stewart: Pipeline moving beyond the likes of Sky.

Speaker Change: Pipeline moving beyond the lifestyle society, the IL Seventeens and all because these drugs are being good but when.

Roopal Thakkar: These IL-17s and all, because these drugs are pretty good.

Jeffrey Stewart: But when you think about an oral. What is the ideal profile of the drug that could be a first-line drug which Rinvoq could not be? And then when you think about combinations.

But when you think about an oral. What is the ideal profile of the drug that could be a first-line drug which Rinvoq could not be? And then when you think about combinations. I mean, what are you exactly looking for? Thank you.

Speaker Change: When you think about in autos.

Speaker Change: Valuable finally, the drug that could be a first line that we've seen will could not be in them.

Mohit Bansal: And then when you think about combinations, I mean, what are you exactly looking for? Thank you.

Speaker Change: Then maybe thinking about combinations I mean, what are you exactly looking for.

[Analyst]: I mean, what are you exactly looking for? Thank you.

Speaker Change: Thank you.

Roopal Thakkar: Hey, Mohit, it's Roopal, I can talk about that. With respect to orals, we did this deal with Landos, and this is our NX13 asset, which we'll anticipate a readout end of this year, beginning of next year, and early data point to good outcomes in ulcerative colitis. And this asset works through NF kappa beta, so you'll see what we've observed in preclinical models are reductions in IL-6, IL-1, TNF, interferon gamma. And it's potentially a monotherapy, and pone that wouldn't have a box, so far the safety data has looked good. But there's also opportunities we believe as you mentioned combination, that you could still combine with RINVOQ, and as I mentioned the box warning and then certain geographies, RINVOQ is utilized post anti TNF, even with a combo there there's still opportunity.

Roopal Thakkar: Hey Mohit, it's Rupal. I can talk about that. With respect to orals.

Roopal Thakkar: Hey Mohit, it's Rupal. I can talk about that. With respect to orals. We did do this deal with Landos, and this is our. NX13 asset, which we'll anticipate a readout end of this year, beginning of next year, and early data point to good outcomes in ulcerative colitis. This asset works through NF-kappa B. So you'll see what we've observed in preclinical models is reductions in IL-6, IL-1, TNF, interferon gamma, and it's.

Roopal: It's Roopal. I can talk about that. With respect to orals, we did this deal with LANDOS, and this is our NX13 asset, which we'll anticipate a readout at the end of this year and the beginning of next year, and early data point to good outcomes in ulcerative colitis. And this asset works through NF kappa beta, so you'll see what we've observed in preclinical models are reductions in IL-6, IL-1, TNF, interferon gamma, and it's potentially a monotherapy.

Speaker Change: Hey, Mohit, it's Rupal I can I can talk about that.

Speaker Change: With respect to.

Speaker Change: Oracle's.

Roopal Thakkar: We did do this deal with Landos, and this is our.

Speaker Change: We did we didn't do this deal with landowners and this is our.

Roopal Thakkar: NX13 asset, which we'll anticipate a readout end of this year, beginning of next year, and early data point to good outcomes in ulcerative colitis. This asset works through NF-kappa B. So you'll see what we've observed in preclinical models is reductions in IL-6, IL-1, TNF, interferon gamma, and it's.

Speaker Change: Nx Nx 13 asset, which we will anticipate a readout end of this year beginning of next year.

Speaker Change: And early data point too good.

Speaker Change: Good outcomes in ulcerative colitis.

Speaker Change: And this asset works through Nf Kappa beta so you'll see what we've observed in preclinical models as reductions in IL six.

Speaker Change: IL, one TNF Internet interferon gamma and it's it's.

Roopal Thakkar: Potentially a monotherapy and one that wouldn't have a boxed warning. So far the safety data has looked good, but there's also opportunities. We believe, as you mentioned, combination that you could still combine with Rinvoq and, as I mentioned, the boxed warning. And in certain geographies Rinvoq has utilized post anti-TNF. Even with a combo there, there's still opportunity. The second- and third-line segments in IBD and across immunology continue to grow, and they're getting larger and larger as patients cycle through biosimilar anti-TNFs. We'll see them cycle through, for example, in IBD with IL-12/23 like Stelara. So in the future there's multiple opportunities, and the way we think about these is do we see an asset that is novel and can address mechanisms that haven't been addressed yet and can they complement something like Rinvoq?

Potentially a monotherapy and one that wouldn't have a boxed warning. So far the safety data has looked good, but there's also opportunities. We believe, as you mentioned, combination that you could still combine with Rinvoq and, as I mentioned, the boxed warning. And in certain geographies Rinvoq has utilized post anti-TNF. Even with a combo there, there's still opportunity. The second- and third-line segments in IBD and across immunology continue to grow, and they're getting larger and larger as patients cycle through biosimilar anti-TNFs.

Speaker Change: Potentially.

Speaker Change: In monotherapy.

Roopal: And one that wouldn't have a boxed warning, so far, the safety data has looked good, but there are also opportunities, we believe, as you mentioned combination, that you could still combine with Renvoke, and as I mentioned the boxed warning, and in certain geographies, RINVOC is utilized post-anti-TNF. Even with a combo there, there's still opportunities.

Speaker Change: And one that wouldn't have a box warning so far the safety data has looked good but there's also opportunities. We believe as you mentioned combination that you could still combined with <unk> and <unk>.

Roopal Thakkar: But there's also opportunities we believe as you mentioned combination, that you could still combine with RINVOQ, and as I mentioned the box warning and then certain geographies, RINVOQ is utilized post anti TNF, even with a combo there there's still opportunity. The second and third line segments in IBD and across immunology continue to grow, and they're getting larger and larger as patients cycle through biosimilar anti-TNFs, we'll see them cycle through, for example, in IBD with IL-1223, like Stelara, so in the future, there's multiple opportunities. And the way we think about these is, do we see an asset that is novel and can address mechanisms that haven't been addressed yet, and can they complement something like RINVOC? So if you see a little bit less efficacy, that may be okay if it's complementary.

Speaker Change: As I mentioned, the box warning and in certain geographies.

Speaker Change: RIN vote, because utilized post anti TNF, even with a combo. There there is still opportunity the second and third line segments in IBD and across immunology continue to grow and they are getting larger and larger as patients cycled through biosimilar anti TNF, we'll see them cycled through.

Roopal: The second and third line segments in IBD and across immunology continue to grow, and they're getting larger and larger as patients cycle through biosimilar anti-TNFs. We'll see them cycle through, for example, in IBD with IL-1223, like Stelara. So in the future, there are multiple opportunities. And the way we think about these is, do we see an asset that is novel and can address mechanisms that haven't been addressed yet, and can they complement something like RINVOC? So if you see a little bit less efficacy, that may be okay if it's complementary.

We'll see them cycle through, for example, in IBD with IL-12/23 like Stelara. So in the future there's multiple opportunities, and the way we think about these is do we see an asset that is novel and can address mechanisms that haven't been addressed yet and can they complement something like Rinvoq?

Speaker Change: Ample in IBD with IL 12 months 23 likes to Laura so the so in the future there is multiple opportunities.

Roopal Thakkar: And the way we think about these is, do we see an asset that is novel and can address mechanisms that haven't been addressed yet? And can they complement something like RINVOQ? So if you see a little bit less efficacy, that may be okay if it's complementary, it may not necessarily work as a monotherapy, but we still see opportunities for combo. And given the other assets that we've talked about that could be IV or sub-Q, we still see a lot of opportunity with SKYRIZI. And a platform study in IBD will kick off later this year, looking at various combinations, many of the assets that I mentioned in the prepared remarks, including TL1A, and our own internal alpha-4 beta-7, could be added to SCI-RIS-E to drive that efficacy even higher. Because there's still a bit of a ceiling effect, and I would say the unmet need in IBD in particular continues to be quite high Operator, next question please. Next, we'll go to the line for Chris Raymond from Piper Sandler.

Speaker Change: And the way we think about these is do we see an asset that is novel and can address them.

Speaker Change: <unk> that haven't been addressed yet and can they complement.

Speaker Change: Something like <unk>. So if you see a little bit less efficacy that may be okay. If it's complementary it may not work necessarily as a monotherapy, but we still see opportunities for combo.

Roopal Thakkar: So if you see a little bit less efficacy, that may be okay. If it's complementary, it may not work necessarily as a monotherapy, but we still see opportunities for combo. And given the other assets that we've talked about that could be IV or sub Q, we still see a lot of opportunity with Skyrizi, and a platform study and IBD will kick off later this year looking at various combinations. Many of the assets that I mentioned in the prepared remarks, including a TL1A, including our own internal Alpha-4 beta-7, could be added on to Skyrizi to drive that efficacy even higher because there's still a bit of a ceiling effect, and I would say the unmet need in IBD in particular continues to be quite high.

So if you see a little bit less efficacy, that may be okay. If it's complementary, it may not work necessarily as a monotherapy, but we still see opportunities for combo. And given the other assets that we've talked about that could be IV or sub Q, we still see a lot of opportunity with Skyrizi, and a platform study and IBD will kick off later this year looking at various combinations.

Roopal: It may not necessarily work as a monotherapy, but we still see opportunities for combinations. And given the other assets that we've talked about that could be IV or sub-Q, we still see a lot of opportunity with SCI-RIS-E. In a platform study, which IBD will kick off later this year, looking at various combinations, many of the assets that I mentioned in the prepared remarks, including TL1A, and our own internal alpha-4 beta-7, could be added to SCI-RIS-E to drive that efficacy even higher. Because there's still a bit of a ceiling effect, and I would say the unmet need in IBD in particular continues to be quite high Operator, next question please. Next, we'll go to the line for Chris Raymond from Piper Sandler.

Speaker Change: And given the other assets that we've talked about that could be IV or subcutaneous, we still see a lot of opportunity with sky Rizzi and a platform study in IBD, we will kick off later this year looking at our various combinations many of the assets that I admit I mentioned in the prepared remarks, including a tailwind.

Roopal Thakkar: And a platform study in IBD will kick off later this year, looking at various combinations, many of the assets that I mentioned in the prepared remarks, including TL1A, incluiding our own internal alpha-4 beta-7, could be added to SKYRIZI to drive that efficacy even higher, because there's still a bit of a ceiling effect, and I would say the unmet need in IBD in particular continues to be quite high. Perfect thank you. Operator, next question please. Next, we'll go to the line for Chris Raymond from Piper Sandler.

Many of the assets that I mentioned in the prepared remarks, including a TL1A, including our own internal Alpha-4 beta-7, could be added on to Skyrizi to drive that efficacy even higher because there's still a bit of a ceiling effect, and I would say the unmet need in IBD in particular continues to be quite high.

Speaker Change: Including our own internal Alpha four beta seven could be added onto sky rizzi to drive that efficacy, even higher because theres still a bit of a ceiling effect and I would say the unmet need in IBD in particular continues to be quite high.

Roopal Thakkar: Perfect thank you. Operator, next question please. Next, we'll go to the line for Chris Raymond from Piper Sandler.

Mohit Bansal: Perfect thank you.

Speaker Change: Thank you.

Roopal Thakkar: Operator, next question please. Next, we'll go to the line for Chris Raymond from Piper Sandler.

Liz Shea: Operator, next question please.

Operator next question please.

Operator: Next, we'll go to the line for Chris Raymond from Piper Sandler. Please go ahead.

Operator: Next we'll go to the line of Chris Raymond from Piper Sandler. Please go ahead.

Speaker Change: Next we will go to the line of Chris Raymond from Piper Sandler. Please go ahead.

Christopher Joseph Raymond: Please go ahead. Thanks. Hey, just another follow-up on Humira. So, Geoff and Rob, just hearing your commentary about how, you know, when patients discontinue Humira. A number of them are switching to newer biologics. I think you gave the 20% number going to newer biologics like Skyrizzy and then also, you know, Rinvoke. But, you know, we saw some of this happening in the gastro space with one of the checks we did recently.

Christopher Joseph Raymond: Please go ahead.

[Analyst]: Thanks. Just another follow-up on Humira. So Jeff and Rob, just hearing your commentary about how when patients discontinue Humira, a number of them are switching to newer biologics. And I think you gave the 20% number going to newer biologics like Skyrizi and then also Rinvoq. But we saw some of this happening in the gastro space with one of.

Chris Raymond: Thanks. Just another follow-up on Humira. So Jeff and Rob, just hearing your commentary about how when patients discontinue Humira, a number of them are switching to newer biologics. And I think you gave the 20% number going to newer biologics like Skyrizi and then also Rinvoq. But we saw some of this happening in the gastro space with one of. The checks we did recently.

Christopher Joseph Raymond: Great. Thanks.

Christopher Joseph Raymond: Thanks, hey, just another follow-up on HUMIRA. So, Jeff and Rob, just hearing your commentary about how, you know, when patients discontinue HUMIRA, a number of them are switching to newer biologics. I think you gave the 20% number going to newer biologics like SKYRIZY and then also, you know, Rinvoke, but, you know, we saw some of this happening in the gastro space with one of the checks we did recently. But I wonder if you could provide maybe a little more color on this phenomenon, is there a particular therapeutic silo where this is maybe happening more extensively? And can you give us a sense as to how this has been, you know, influenced or accelerated by biosimilar availability? And just any more color there.

Speaker Change: Another follow up on Humira.

Christopher Joseph Raymond: Jeff and Rob just hearing your commentary about how you know when patients discontinue humira.

Speaker Change: Number of them are switching to newer biologics and I think you gave the 20% number going to newer biologics like <unk>.

Speaker Change: And then also you know written vote, but we saw some of this happening in the gastro space with one of the checks we did recently, but I wonder if you could provide maybe a little more color on this phenomenon is there a particular therapeutic silo.

Christopher Joseph Raymond: And can you give us a sense as to how this has been, you know, influenced or accelerated by biosimilar availability? And just any more color there. Thanks.

Robert Michael: The checks we did recently.

[Analyst]: I wonder if you could provide maybe a little more color on this phenomenon. Is there a particular therapeutic silo where this is maybe happening more extensively?

Geoff: But I wonder if you could provide maybe a little more color on this phenomenon. Is there a particular therapeutic silo where this is maybe happening more extensively? And can you give us a sense as to how this has been, you know, influenced or accelerated by biosimilar availability? And just any more color there.

I wonder if you could provide maybe a little more color on this phenomenon. Is there a particular therapeutic silo where this is maybe happening more extensively? Can you give us a sense? As to how this has been influenced. Or accelerated by biosimilar availability? Just any more color there? Thanks.

Jeffrey Stewart: Yeah, thanks for the question, it is a, it's almost like a bimodal phenomenon. So the 20% I highlighted, so if you just look, from our data, when we just look at the CVS template, so we can see the degradation of HUMIRA that goes down pretty steeply because remember it's an exclusion, so HUMIRA is no longer widely available at all, so most of it happens within the first two or three weeks. And in that one segment, we see that the biosimilar doesn't take up all the Humira loss, and we can see it moving to other mechanisms, particularly SKYRIZI and RINVOQ, so that's within, let's say, the acute biosimilar event. Now, to Rob's point, what he highlighted is that if you take a step back and you look at the macro market, we've started to see in the first and second quarter that the overall molecule, so that's the ADALIMUMAB molecule, inclusive of biosimilars, has started to compress faster than it did before there was the availability of this action that was taken by CVS.

Speaker Change: This is maybe happening more extensively.

Robert Michael: Can you give us a sense?

Speaker Change: Can you give us a sense as to how this is Ben.

[Analyst]: As to how this has been influenced.

Robert Michael: Or accelerated by biosimilar availability?

Speaker Change: Influenced or accelerated by Biosimilar availability and just any more color there. Thanks.

[Analyst]: Just any more color there? Thanks.

Jeffrey Stewart: Yeah, thanks for the question. It's almost like a bimodal phenomenon. So the 20% I highlighted. So if you just look from our data, when we just look at the CVS template, so we can see the degradation of Humira that goes down, down pretty steeply because remember, it's an exclusion. So Humira is no longer widely available at all. So most of it happens within the first two or three weeks. And in that one segment, we see that the biosimilar doesn't take up all the Humira loss and we can see it moving to other mechanisms, particularly Skyrizi and Rinvoq. So that's within, let's say, the acute biosimilar event.

Jeff Stewart: Yeah, thanks for the question. It's almost like a bimodal phenomenon. So the 20% I highlighted. So if you just look from our data, when we just look at the CVS template, so we can see the degradation of Humira that goes down, down pretty steeply because remember, it's an exclusion. So Humira is no longer widely available at all. So most of it happens within the first two or three weeks.

Geoff: So the 20% I highlighted, so if you just look at our data, when we just look at the CVS template, we can see the degradation of Humira that goes down pretty steeply because remember it's an exclusion. So Humira is no longer widely available at all. So most of it happens within the first two or three weeks.

Speaker Change: Yes. Thanks. Thanks for the question. It is it's almost like a bimodal phenomenon. So the the 20% I highlighted so if you just look from our data when we just look at the Cvs template. So we can see the degradation of Humira that goes down pretty steeply because remember it's an exclusion.

Speaker Change: So humira is no longer a widely available at all so most of it happens within the first two or three weeks and in that one segment.

And in that one segment, we see that the biosimilar doesn't take up all the Humira loss and we can see it moving to other mechanisms, particularly Skyrizi and Rinvoq. So that's within, let's say, the acute biosimilar event. Now, to Rob's point, what he highlighted is if you take a step back and you look at the macro market. We've started to see in Q1 and Q2 that the overall molecule, so that's the Adalimumab molecule, inclusive of biosimilars, has started to compress faster than it did before.

Geoff: And in that one segment, we see that the biosimilar doesn't take up all the Humira loss, and we can see it moving to other mechanisms, particularly Sky Rizzi and Ren Vogue. So that's within, let's say, the acute biosimilar event. Now, to Rob's point, what he highlighted is that if you take a step back and you look at the macro market, we've started to see in the first and second quarter that the overall molecule, so that's the Idalimab molecule, inclusive of biosimilars, has started to compress faster than it did before there was the availability of this action that was taken by CVS.

Speaker Change: We see that the the Biosimilar doesn't take up all the Humira loss and we can see it moving to other mechanisms.

Rob: Particularly <unk> and <unk>. So that's that's within let's say the the acute biosimilar event now to Rob's point, what he highlighted is if you take a step back and you look at the macro market. We've started to see in the first quarter and second quarter that the overall molecule. So that's <unk>.

Jeffrey Stewart: Now, to Rob's point, what he highlighted is that if you take a step back and you look at the macro market, we've started to see in the first and second quarter that the overall molecule, so that's the ADALIMUMAB molecule, inclusive of biosimilars, has started to compress faster than it did before there was the availability of this action that was taken by CVS. So it's a doubling of effect, acutely in the segment that takes place with the exclusion and then the wider market, now, we're watching this pretty carefully because we obviously haven't seen something like this before in terms of the compression of a molecule. So that's basically the dynamics that we're seeing. And we do think it's because some physicians or segments of physicians realize that these biosimilars where there's an acute interruption, you know, they want to check how the patients are doing. And if they're not fully in remission, when they come in for their appointment, let's say before the switch, sometimes they're transitioned at the rates that I described. So that's sort of the prescriber. Unknown Speaker Now, where is this coming from?

Jeffrey Stewart: Now, to Rob's point, what he highlighted is if you take a step back and you look at the macro market. We've started to see in Q1 and Q2 that the overall molecule, so that's the Adalimumab molecule, inclusive of biosimilars, has started to compress faster than it did before. There was the availability of this action that was taken by CVS. So it's a doubling of effect acutely in the segment that takes place with the exclusion and then the wider market. Now, we're watching this pretty carefully because we obviously haven't seen something like this before in terms of the compression of a molecule. So that's basically the dynamics that we're seeing.

Speaker Change: <unk> molecule inclusive of Biosimilars has started to compress faster than it did before there was the availability of this of this action that was taken by Cvs. So it's it's a double a doubling of affected acutely in the segment that takes place with the exclusion and then the wider.

There was the availability of this action that was taken by CVS. So it's a doubling of effect acutely in the segment that takes place with the exclusion and then the wider market. Now, we're watching this pretty carefully because we obviously haven't seen something like this before in terms of the compression of a molecule. So that's basically the dynamics that we're seeing. We do think it's because some physicians or segments of physicians.

Geoff: So it's a doubling of effect, acutely in the segment that takes place with the exclusion and then the wider market. Now, we're watching this pretty carefully because we obviously haven't seen something like this before in terms of the compression of a molecule.

Speaker Change: Market now we're watching this pretty carefully because we haven't obviously havent seen something like this before in terms of the compression of the molecule.

Jeffrey Stewart: So that's basically the dynamics that we're seeing, and we do think it's because some physicians or segments of physicians, they realize that these biosimilars where there's an acute interruption, you know, they want to check how the patients are doing. And if they're not fully in remission, when they come in for their appointment, let's say before the switch, sometimes they're transitioned at the rates that I described, so that's sort of the prescriber behavior. Now, where is this coming from? Like, well, we actually see that it is accruing across all of the indications, particularly HUMERA is quite robust, let's say based dynamics in the rheumatology indications. But we can see it in the room, we can see it in the derm, derm to SKYRIZI in particular, which is probably not a surprise given the position, I highlighted a 38% share and a 60% in-place share for SKYRIZI and derm, and we also do see it to some degree in gastroenterology. So to Rob's point, we're going to continue to monitor that, if the overall molecule would continue to compress.

Geoff: So that's basically the dynamics that we're seeing. And we do think it's because some physicians or segments of physicians realize that these biosimilars where there's an acute interruption, you know, they want to check how the patients are doing. And if they're not fully in remission, when they come in for their appointment, let's say before the switch, sometimes they're transitioned at the rates that I described. So that's sort of the prescriber. Unknown Speaker Now, where is this coming from?

Rob: So that's basically the dynamics that we're seeing and we do think it's because some physicians or segments of physicians are they realize that these biosimilars, where there is an acute interruption.

Jeffrey Stewart: We do think it's because some physicians or segments of physicians. They realize that these biosimilars, where there's an acute interruption, you know, they want to check how the patients are doing. If they're not fully in remission when they come in for their appointment, let's say before the switch, sometimes they're transitioned at the rates that I described. That's sort of the prescriber.

They realize that these biosimilars, where there's an acute interruption, you know, they want to check how the patients are doing. If they're not fully in remission when they come in for their appointment, let's say before the switch, sometimes they're transitioned at the rates that I described. That's sort of the prescriber. Behavior. Now, where is it coming from? Like. Well, we actually see that it is accruing across all of the indications, particularly Humira has quite robust, let's say, base dynamics in the rheumatology indications.

Speaker Change: They want to check how the patients are doing and if they're not fully in remission when they come in for their appointment, let's say before the switch sometimes they're transitioned at the rates that I described so that's sort of the prescriber.

Rob: Behavior, now where is it coming from like we actually see that it is accruing across.

Jeffrey Stewart: Behavior. Now, where is it coming from? Like. Well, we actually see that it is accruing across all of the indications, particularly Humira has quite robust, let's say, base dynamics in the rheumatology indications. But we can see it in rheum, we can see it in derm. Derm to Skyrizi in particular, which is probably not a surprise given the position. I highlighted a 38% share and a 60% in place share for Skyrizi and derm. And we also do see it to some degree in gastroenterology. So to Rob's point, we're going to continue to monitor that if the overall molecule would continue to compress, obviously there would be some mitigation of some of it accruing over to Skyrizi and Rinvoq. And so we'll have to continue to see how these weeks and months play out here over Q3.

Geoff: Like, well, we actually see that it is accruing across all of the indications, particularly in rheumatology indications, but we can see it in the room, we can see it in the derm, derm to SCIRIS-E in particular, which is probably not a surprise given the position. I highlighted a 38% share and a 60% in-place share for SCIRIS-E and derm, and we also do see it to some degree in gastroenterology. However, the overall molecule would continue to compress.

Rob: All of the indications.

Rob: Particularly humira is quite is quite robust.

Jeffrey Stewart: But we can see it in the room, we can see it in the derm, derm to SKYRIZI in particular, which is probably not a surprise given the position, I highlighted a 38% share and a 60% in-place share for SKYRIZI and derm, and we also do see it to some degree in gastroenterology. So to Rob's point, we're going to continue to monitor that, if the overall molecule would continue to compress, obviously, there would be some mitigation of some of it accruing over to SKYRIZI and RINVOQ, and so we'll have to continue to see how these weeks and months play out here over the third quarter. Thanks, Chris. Operator, next question, please. Next, we'll go to the line of Gary Nachman from Raymond James. Please go ahead.

Rob: Let's say base dynamics in the rheumatology indications, but we can see it in room, we can see it in <unk> <unk>.

But we can see it in rheum, we can see it in derm. Derm to Skyrizi in particular, which is probably not a surprise given the position. I highlighted a 38% share and a 60% in place share for Skyrizi and derm. And we also do see it to some degree in gastroenterology. So to Rob's point, we're going to continue to monitor that if the overall molecule would continue to compress, obviously there would be some mitigation of some of it accruing over to Skyrizi and Rinvoq. And so we'll have to continue to see how these weeks and months play out here over Q3.

Rob: <unk> to <unk> in particular, which is probably not a surprise given the position I highlighted a 38% share and a 60% in play share for <unk> and we also do see it to some degree in gastroenterology. So to Rob's point, we're going to continue to monitor that if if if if the overall mala.

Rob: <unk> would continue to compress.

Geoff: Obviously, there would be... Transcripts provided by Transcription Outsourcing, LLC. Thanks, Chris. Operator, next question, please. Next, we'll go to the line of Gary Nachman from Raymond James. Please go ahead.

Speaker Change: Obviously, there would be some.

Speaker Change: Some mitigation of some of it accruing over to Sky <unk> and <unk> and so we'll have to continue to see how these weeks and months play out here over the third quarter.

Jeffrey Stewart: Thanks, Chris. Operator, next question, please. Next, we'll go to the line of Gary Nachman from Raymond James. Please go ahead.

Liz Shea: Thanks, Chris. Operator, next question, please.

Speaker Change: Thanks, Chris Operator next question please.

Operator: Next, we'll go to the line of Gary Nachman from Raymond James. Please go ahead.

Operator: Next we'll go to the line of Gary Nachman from Raymond James, please. Go ahead.

Speaker Change: Next we will go to the line of Gary Nachman from Raymond James. Please go ahead.

[Analyst]: All right, great, thanks. Can you talk more about how you're managing the growth for Skyrizi and Rinvoq in IBD across both UC and Crohn's, which have both been really strong? And with the Skyrizi UC launch, is there any cannibalization there with Rinvoq?

Gary Nachman: All right, great, thanks. Can you talk more about how you're managing the growth for Skyrizi and Rinvoq in IBD across both UC and Crohn's, which have both been really strong? And with the Skyrizi UC launch, is there any cannibalization there with Rinvoq? I guess, generally, how do you?See those products working synergistically, both in. Terms of sales force and reimbursement, if you see any sort of issues or conflicts there. Thanks.

Gary Nachman: All right, great, thanks. Can you talk more about how you're managing the growth for SKYRIZI and RINVOQ in IBD across both UC and Crohn's, which have both been really strong? And with the SKYRIZI UC launch, is there any cannibalization there with RINVOQ? And I guess generally, how do you see those products working synergistically, both in terms of sales force and reimbursement? If you see any sort of issues or conflicts there?Thanks.

Gary Nachman: Alright, great. Thanks can you just talk more about how you are managing the growth for.

Gary Nachman: <unk> and IBD across both UC, and Crohn's, which have both been really strong and with the Sky is the UC launch is there any cannibalization there with her invoke.

Jeffrey Stewart: I guess, generally, how do you?

Gary Nachman: And I guess generally how do you see those products working synergistically, both in terms of sales force and reimbursement.

[Analyst]: See those products working synergistically, both in.

Roopal Thakkar: Terms of sales force and reimbursement, if you see any sort of issues or conflicts there.

Gary Nachman: If you see any sort of issues are conflicts there. Thanks.

[Analyst]: Thanks.

Jeffrey Stewart: Yeah, thank you for the question, a very important question in terms of how we commercialize these. Rupal highlighted it. Obviously you have the two big indications with two assets within those indications. And so we have constructed, not just in the US but around the world, a very sophisticated approach in terms of multiple sleeves of representatives and medical experts that are representing both drugs across both indications. And it really is, let's say, for example, in our largest market, the US it's relatively easy to execute because what we see is that our representatives can highlight Skyrizi's data and potential as the obvious frontline agent, which is obviously tremendous data. I mentioned the sequence data, I mentioned our core data. The naive to biologic data in UC is absolutely fantastic for the Skyrizi data.

Jeff Stewart: Yeah, thank you for the question, a very important question in terms of how we commercialize these. Rupal highlighted it. Obviously you have the two big indications with two assets within those indications. And so we have constructed, not just in the US but around the world, a very sophisticated approach in terms of multiple sleeves of representatives and medical experts that are representing both drugs across both indications.

Geoff: Yeah, thank you for the question, a very important question in terms of how we commercialize these, Roopal highlighted it, obviously, you have the two big indications with two assets within those indications, and so we have constructed, not just in the U.S. but around the world, a very sophisticated approach in terms of multiple sleeves of representatives and, you know, medical experts that are representing both drugs across both indications. And it really is, let's say, for example, in our largest market, the U.S., it's relatively easy to execute because what we see is that our representatives can highlight Skyrizzy's data and potential as the obvious frontline, which is obviously tremendous data.

Robert A. Michael: Yeah, thank you for the question, a very important question in terms of how we commercialize these, Roopal highlighted it, obviously, you have the two big indications with two assets within those indications, and so we have constructed, not just in the U.S. but around the world, a very sophisticated approach in terms of multiple sleeves of representatives and, you know, medical experts that are representing both drugs across both indications.

Speaker Change: Yes. Thank you for the question very important question in terms of how we commercialize. These ruble highlighted obviously you have the two big indications with two assets within those indications and so we have constructed not just in the U S, but around the world a very sophisticated approach in term.

Geoff: Obviously, you have the two big indications with two assets within those, and so we have constructed, not just in the U.S. but around the world, a very sophisticated approach in terms of multiple sleeves of representatives and, you know, medical experts that are representing both drugs across both indications. And it really is, let's say, for example, in our largest market, the U.S., it's relatively easy to execute because what we see is that our representatives can highlight Skyrizzy's data and potential as the obvious frontline, which is obviously tremendous data.

Gary Nachman: <unk> of multiple sleeves of representatives and.

Gary Nachman: Medical experts that are representing both drugs across both indications and it really is let's say for example in our largest market.

And it really is, let's say, for example, in our largest market, the US it's relatively easy to execute because what we see is that our representatives can highlight Skyrizi's data and potential as the obvious frontline agent, which is obviously tremendous data. I mentioned the sequence data, I mentioned our core data. The naive to biologic data in UC is absolutely fantastic for the Skyrizi data.

Robert A. Michael: And it really is, let's say, for example, in our largest market, the US, it's relatively easy to execute because what we see is that our representatives can highlight SKYRIZI's data and potential as the obvious frontline agent, which is obviously tremendous data, I mentioned the sequence data, I mentioned our core data. The naive, the biological data you see is absolutely fantastic for the SKYRIZI data, and then, really ironically, because of the label changes that took place a few years ago, RINVOQ is positioned in later lines.

Gary Nachman: The U S. It's relatively easy to execute because what we see is that.

Gary Nachman: Our representatives can highlight sky <unk> data and potential as the obvious frontline agent.

Gary Nachman: Which is obviously tremendous tremendous data I mentioned the sequence data I mentioned, our core data the naive the naive.

Geoff: I mentioned the sequence data, I mentioned our core data. The naive to biological data you see is absolutely fantastic for the SCIRISI data. And then, really ironically, because of the label changes that took place a few years ago, RINVOC is positioned in later lines.

Gary Nachman: Biologic data in UC is absolutely fantastic for the <unk> data and then.

Jeffrey Stewart: And then really ironically, because of the label changes that took place a few years ago, Rinvoq is positioned in later lines. So really that sort of approach is highly synergistic in terms of we recommend that physicians consider starting with Skyrizi and the efficacy will be fantastic. But to Rupal's point, there's still, you know, still pressure on that disease. And then you have a backstop with tremendous, tremendous data on Rinvoq in later lines. And so that's how we position it. We look and we monitor the cannibalization. It's quite modest. And overall, when you look at the dynamic of share capture, it's quite encouraging to see how the infield teams and the commercial teams are managing all of those assets. So we're very encouraged about how we've approached the market in terms of our execution and, and I think the results are speaking for themselves.

And then really ironically, because of the label changes that took place a few years ago, Rinvoq is positioned in later lines. So really that sort of approach is highly synergistic in terms of we recommend that physicians consider starting with Skyrizi and the efficacy will be fantastic. But to Rupal's point, there's still, you know, still pressure on that disease. And then you have a backstop with tremendous, tremendous data on Rinvoq in later lines.

Gary Nachman: Really ironically because of the label changes that took place a few years ago, where invoke his position in later lines. So really that sort of approach is highly synergistic in terms of we recommend that physicians consider starting with sky rosy.

Robert A. Michael: So really, that sort of approach is highly synergistic in terms of we recommend that physicians consider starting with SCIRISI, and the efficacy will be fantastic, but to Roopal's point, there's still, you know, there's still pressure on that disease, and then you have a backstop with tremendous, tremendous data on RINVOQ in later lines. And so that's how we position it, we look at, and monitor, the cannibalization it's quite modest, and overall, when you look at the dynamic of share capture, it's quite encouraging to see how the infield teams and the commercial teams are managing all of those assets.

Speaker Change: The efficacy will be fantastic, but to <unk> point, there's still.

Speaker Change: There's still pressure on that disease, and then you have a backstop with tremendous tremendous data on RIN Vulcan later lines and so that's how we position it.

And so that's how we position it. We look and we monitor the cannibalization. It's quite modest. And overall, when you look at the dynamic of share capture, it's quite encouraging to see how the infield teams and the commercial teams are managing all of those assets. So we're very encouraged about how we've approached the market in terms of our execution and, and I think the results are speaking for themselves.

Speaker Change: We look and we monitor the.

Speaker Change: Cannibalization, it's quite modest and overall when you look at the dynamic of share capture.

Speaker Change: It's quite encouraging to see how they in field teams and the commercial teams are managing.

Geoff: So we're very encouraged about how we've approached the market in terms of our execution, and I think the results are speaking for themselves. Thanks, Gary. Operator, next question, please. Next, we'll go to the line of Steve Scala from TD Cowen.

Robert A. Michael: So we're very encouraged about how we've approached the market in terms of our execution, and I think the results are speaking for themselves.

Speaker Change: All of those assets. So we're very encouraged about how we've approached the market in terms of our execution and I think the results are speaking for themselves.

Thanks, Gary. Operator, next question, please. Next, we'll go to the line of Steve Scala from TD Cowen.

Liz Shea: Thanks, Gary. Operator, next question, please.

Carrie Strom: Thanks, Gary.

Carrie Strom: Thanks, Gary. Operator, next question, please.

Speaker Change: Thanks, Gary Operator next question please.

Liz Shea: Operator, next question, please.

Operator: Next, we'll go to the line of Steve Scala from TD Cowen.

Operator: Next we'll go to the line of Steve Scala from TD Cowen. Please go ahead.

Next we'll go to the line of Steve Scala from TD Cowen. Please go ahead.

[Analyst]: Thank you. Regarding the 2024 sales guidance, which I realize is about $55 billion, but it implies similar growth in the H2 as in the H1, if not a slight deceleration. Why won't total sales do better? And what were your reservations about raising sales guidance? Seems that across the business strengths are exceeding challenges. So it would seem not unreasonable to have higher sights. Now, second question is, I'm wondering if you can elaborate on the comment. A portion of Humira loss is a portion of Humira loss closest to a quarter, a half, or three quarters of loss. Thank you.

Steve Scala: Thank you. Regarding the 2024 sales guidance, which I realize is about $55 billion, but it implies similar growth in the H2 as in the H1, if not a slight deceleration. Why won't total sales do better? And what were your reservations about raising sales guidance? Seems that across the business strengths are exceeding challenges. So it would seem not unreasonable to have higher sights. Now, second question is, I'm wondering if you can elaborate on the comment. A portion of Humira loss is a portion of Humira loss closest to a quarter, a half, or three quarters of loss. Thank you.

Steve Scala: Thank you, regarding the 2024 sales guidance, which I realize is about $55 billion, but it implies similar growth in the second half as in the first half, if not a slight deceleration. Why won't total sales do better? And what were your reservations about raising sales guidance today? Seems that across the business, strengths are exceeding challenges, so it would seem not unreasonable to have higher sights now. Second question is, I'm wondering if you can elaborate on the comment, "A portion of HUMIRA lives." Is a portion of HUMIRA lives closest to a quarter, a half, or three quarters of lives? Thank you.

Steve Scala: Thank you regarding the 2024 sales guidance, which I realize is about 55 billion, but it implies similar growth in the second half as in the first half if not a slight deceleration.

Scott: And what were your reservations about raising sales guidance today? Seems that across the business, strengths are exceeding challenges, so it would seem not unreasonable to have higher sights now. Second question is, I'm wondering if you can elaborate on the comment, "A portion of Humira lives." Is a portion of Humira lives closest to a quarter, a half, or three quarters of lives? Thank you. Steve, this is Scott.

And what were your reservations about raising sales guidance today? Seems that across the business, strengths are exceeding challenges, so it would seem not unreasonable to have higher sights now. Second question is, I'm wondering if you can elaborate on the comment, "A portion of Humira lives." Is a portion of Humira lives closest to a quarter, a half, or three quarters of lives?

Steve Scala: I won't total sales do better and what were your reservations about raising sales guidance today, it seems that across the business strengths are exceeding chat.

Speaker Change: Challenges so it would seem not unreasonable to have higher sites. Now second question is I'm wondering if you can elaborate on the comment a portion of Humira lives is a portion of humira lives closest to a quarter or half or three quarters of lives. Thank you.

Scott Reents: Steve, this is Scott, I will talk regarding the revenues. So just to clarify, we did raise the revenue guidance in total from $55 billion to $55.5 billion dollars, a $500 million raise, and that included a $300 million raise for SKYRIZI, a $100 million raise for RINVOQ, a $100 million raise for VENCLEXTA, a $200 million dollar spread across other products, and then a $200 million dollar reduction in the guidance for aesthetics. So we do see very strong momentum in the business, and we did raise our sales guidance from $55 to $55.5. billion dollars. And Steve, this is Rob.

Scott: I will talk about revenue. So just to clarify, we did raise the revenue guidance in total from $55 billion to $55.5 billion, a $500 million raise, and that included a $300 million raise for Skyrizzy, a $100 million raise for Rimvoke, a $100 million raise for VanClexta, a $200 million spread across other products, and then a $200 million reduction in the guidance for aesthetics. So we do see very strong momentum in the business, and we did raise our sales. 55-55.5. And Steve, this is Rob.

Scott Reents: Steve, this is Scott. I will talk regarding the revenue. So just to clarify, we did raise the revenue guidance in total from $55 billion to $55.5 billion, $500 million raise, and that included a $300 million raise for Skyrizi, $100 million raise for Rinvoq, $100 million raise for Venclexta, $200 million spread across other products, and then a $200 million reduction in the guidance for aesthetics. So we do see very strong momentum in the business. We did raise our sales guidance from $55 billion to $55.5 billion.

Speaker Change: Steve. This is this is Scott I will talk regarding the revenue. So just just to clarify we did raise the revenue guidance in total from 55 billion to $55 $5.500 billion raise and that included a $300 million raised for Sky Rizzi 100.

Raise for <unk> $100 million raised for bank <unk>.

The $200 million spread across other products and then a $200 million reduction in the guidance for for a study. So we do see very strong momentum in the business and we did raise our sales guidance from 55 to $55 $5 billion and Steve. This is Robin if you just look at it as I mentioned in my remarks the first.

Robert A. Michael: And Steve, this is Rob, and if you just look at, you know, as I mentioned in my remarks, the first half of the year, we talked about operational growth around 4%, the implied operational growth in the second half, based on our guidance, would be slightly above that. And really driven by the ex-HUMIRA growth platform, which our reported base is grew more than 18% this quarter, and so we're very pleased with the performance of the business. And I think when you look at the guidance and do the math, you'll see that the actual implied second half operational growth is slightly higher than the first half.

Robert Michael: And Steve, this is Rob, and if you just look at, as I mentioned in my remarks, the first half of the year, we talked about operational growth around 4%. The implied operational growth in the second half based on our guidance would be slightly above that and really driven by the ex-Humira growth platform, which on a reported basis grew more than 18% this quarter. And so we're very pleased with the performance of the business. And I think when you look at the guidance and you do the math, you'll see that the actual implied second half operational growth is slightly higher than the first half.

Rob Michael: And Steve, this is Rob, and if you just look at, as I mentioned in my remarks, the first half of the year, we talked about operational growth around 4%. The implied operational growth in the second half based on our guidance would be slightly above that and really driven by the ex-Humira growth platform, which on a reported basis grew more than 18% this quarter.

Rob: And if you just look at, you know, as I mentioned in my remarks, the first half of the year, we talked about operational growth of around 4%. The implied operational growth in the second half, based on our guidance, would be slightly above that. And really driven by the XUMR growth platform, which grew more than 18% this quarter. And so we're very pleased with the performance of the business. And I think when you look at the guidance and do the math, you'll see that the actual implied second half operational growth is slightly higher than the first.

Half of the year, we've time operational growth around 4% if you're at the implied operational growth in the second half based on our guidance would be slightly above that.

Speaker Change #100: And really driven by the extra growth platform, which on a reported basis grew more than 18%.

And so we're very pleased with the performance of the business. And I think when you look at the guidance and you do the math, you'll see that the actual implied second half operational growth is slightly higher than the first half.

Steve Scala: This quarter and so we're very pleased with performance of the business and I think when you look at the guidance and you do the math, you'll see that the actual implied second half operational growth is slightly higher than the first half.

Jeffrey Stewart: Steve, it's Jeff. To give some sense, we're looking at coming up on the third year of biosimilars. The first way to think about it, in the first year of 2023 we had very strong parity access across all the channels, and we really exited the year around, I think, 97% or something like that. This year, I think when we look at all the ins and outs, I think the three-quarter approach is quite reasonable. As I mentioned in my remarks earlier, one of the questions, it will certainly be lower next year, and I would think that that range would be around that half point. But again, we're not fully complete with all the dynamics. That gives you some broad, broad spectrum over three years, maybe around the halfway point, ± as we go into 2025.

Jefffrey Stewart: Steve it's Jeff, so to give some sense, so we're looking at the coming up on the third year of biosimilars, so the first way to think about it, in the first year, 2023, we had very strong parity access across all the channels, we really exited the year around, I think, 97% or something like that. This year, I think, you know, when we look at all the ins and outs, I think the three-quarter approach is quite reasonable, and as I mentioned in my remarks to the early one of the questions, it will certainly be lower next year, and I would think that that range would be around that half point. But again, we're not fully complete with all the dynamics, so that gives you some broad spectrum over three years, maybe around the halfway point plus or minus is we go into 2025.

Jeff Stewart: Steve, it's Jeff. To give some sense, we're looking at coming up on the third year of biosimilars. The first way to think about it, in the first year of 2023 we had very strong parity access across all the channels, and we really exited the year around, I think, 97% or something like that. This year, I think when we look at all the ins and outs, I think the three-quarter approach is quite reasonable.

And Steve it's Jeff so to give some sense. So we were looking at the coming up on the third year of Biosimilar. So the first way to think about it in the first year of 2023, we had very strong parity access across all the channels really exited the year around I think 97% or so or something like that this year.

<unk> I think when we look at all the ins and outs I think the three quarter approach is quite reasonable and as I mentioned in my my remarks to early one of the questions. It will certainly be lower next year and I would think that that range would be around that half point, but again, we're not fully complete with all.

As I mentioned in my remarks earlier, one of the questions, it will certainly be lower next year, and I would think that that range would be around that half point. But again, we're not fully complete with all the dynamics. That gives you some broad, broad spectrum over three years, maybe around the halfway point, ± as we go into 2025.

Jefffrey Stewart: But again, we're not fully complete with all the dynamics, so that gives you some broad spectrum over three years, maybe around the halfway point plus or minus is we go into 2025.

Geoff: But again, we're not fully complete with all the dynamics. Thanks, Steve. Operator, next question, please. Next, we'll go to the line of Trung Huynh from UBS. Please go ahead.

But again, we're not fully complete with all the dynamics.

The dynamics so that gives you some broad broad spectrum over three years, maybe around the halfway point plus or minus as we go into 2025.

Thanks, Steve. Operator, next question, please. Next, we'll go to the line of Trung Huynh from UBS. Please go ahead.

Liz Shea: Thanks, Steve. Operator, next question, please.

Operator: Next, we'll go to the line of Trung Huynh from UBS. Please go ahead.

Liz Shea: Thanks Steve. Operator, next question please.

Thanks, Steve Operator next question please.

Operator: Next we'll go to the line of Trung Huynh from UBS. Please go ahead.

Trung Huynh: Hi guys, Trung Huynh from UBS, thanks for taking my questions, just two from me. Another aesthetics, thanks for your comments this year and you've also moderated your short-term guide accordingly, but you've noticed that the long-term 2029 guide remains intact, so with growth around 4% this year in line with that new guide, I imagine next year will be slightly higher, but then it does imply that growth is well into the double digits for 27, 28 and 29 on our calculations, just what here makes you confident about that level of growth later in the decade? And then secondly, just following up on some of your thoughts on the immunology pipeline. You noted the potential of the utility of multi-specifics in immunology. You've got a pretty strong bi-specific platform. Just what are your thoughts on the data that you're seeing here? Is there anything in development that we should be looking at?

Trung Huynh: Hi guys, Trung Huynh from UBS, thanks for taking my questions, just two from me, another aesthetics, thanks for your comments this year, and you've also moderated your short-term guide accordingly, but you've noticed that the long-term 2029 guide remains intact. So with growth around 4% this year in line with that new guide, I imagine next year will be slightly higher, but then it does imply that growth is well into the double digits for '27, '28 and '29 on our calculations, just what here makes you confident about that level of growth later in the decade?

Next we will go to the line of Trung Young from UBS. Please go ahead.

[Analyst]: Hi guys, Trung Huynh from UBS. Thanks for taking my questions. Just two from me. Another aesthetics. Thanks for your comments this year, and you've also moderated your short-term guide accordingly. But you've noticed that the long-term 2029 guide remains intact. So with growth around 4% this year in line with that new guide, I imagine next year will be slightly higher. But then it does imply that growth is well into the double digits for 2027, 2028, and 2029 on calculations. Just what here makes you confident about that level of growth later in the decade? And then secondly, just following up on some of your thoughts on the immunology pipeline. You noted the potential of the utility of multispecifics in immunology. You've got a pretty strong bispecific platform. Just what are your thoughts on the data that you're seeing here?

Trung Huynh: Hi guys, Trung Huynh from UBS. Thanks for taking my questions. Just two from me. Another aesthetics. Thanks for your comments this year, and you've also moderated your short-term guide accordingly. But you've noticed that the long-term 2029 guide remains intact. So with growth around 4% this year in line with that new guide, I imagine next year will be slightly higher. But then it does imply that growth is well into the double digits for 2027, 2028, and 2029 on calculations.

Hi, guys Trung Nguyen from UBS. Thanks for taking my questions just two from me.

Hey.

Thanks for your comments this year, neither will say moderates at your short term guide accordingly, but you've noted that the long term 2029 guide remains intact, so with growth around 4%. This year in line with that New guide.

Next year will be slightly higher but then it does imply that growth well into the double digits for 27% 28, 2009 will now calculations just what makes you confident about that level of growth later in the decade.

Just what here makes you confident about that level of growth later in the decade? And then secondly, just following up on some of your thoughts on the immunology pipeline. You noted the potential of the utility of multispecifics in immunology. You've got a pretty strong bispecific platform. Just what are your thoughts on the data that you're seeing here? Is there anything in development that we should be looking at? Thank you.

Trung Huynh: And then secondly, just following up on some of your thoughts on the immunology pipeline. You noted the potential of the utility of multi-specifics in immunology, you've got a pretty strong bi-specific platform. Just what are your thoughts on the data that you're seeing here? Is there anything in development that we should be looking at? Thank you.

Scott: And then secondly, just following up on some of your thoughts on the immunology pipeline. You noted the potential of the utility of multi-specifics in immunology. You've got a pretty strong bi-specific platform. Just what are your thoughts on the data that you're seeing here? Is there anything in development that we should be looking at? Thank you. Trung, this is Scott.

And then secondly, just following up on some of your thoughts on the immunology pipeline. You noted the potential of the utility of multi-specifics in immunology. You've got a pretty strong bi-specific platform. Just what are your thoughts on the data that you're seeing here? Is there anything in development that we should be looking at?

And then secondly, just following up on some of your thoughts on that.

Immunology pipeline.

You noted the potential of.

The utility of multi specifics in immunology.

A pretty strong bi specific platform.

From the data that Youre seeing here is there anything in development that we should be looking at thank you.

[Analyst]: Is there anything in development that we should be looking at? Thank you.

Scott Reents: Trung, this is Scott, I'll start with your question regarding the long-term guidance on aesthetics. So you're right, we've guided to a long-term $9 billion dollars in 2029, and we're not changing that guidance, the guidance change, as you noted, that I mentioned today is just a short-term guidance change for 2024. You know, we remain very confident in our ability to hit that $9 billion dollars in 2029, when you think about these markets, there's very low penetration of these markets globally, there's a lot of excitement in the space, and we expect the market to recover and grow at historical rates. I would say when we look at the market growth, we do see that it's rebounding and growing well, and then you also should think about that there's additional innovation coming that'll drive that.

Scott: I'll start with your question regarding the long-term guidance on aesthetics. So you're right, we've guided to a long-term $9 billion in 2029. And we're not changing that guidance. The guidance change, as you noted, that I mentioned today is just a short-term guidance change for 2024. You know, we remain very confident in our ability to hit that $9 billion in 2029. When you think about these markets, there's very low penetration of these markets globally, there's a lot of excitement in the space, and we expect the market to recover and grow at historical rates. I would say when we look at market growth, we do see that it's rebounding and growing well. And then you also should think about that there's additional innovation coming that'll drive that.

Scott Reents: This is Scott. I'll start with your question regarding the long-term guidance on aesthetics. So you're right, we've guided to a long-term $9 billion in 2029 and we're not changing that guidance. The guidance change, as you noted that I mentioned, is just a short-term guidance change for 2024. You know, we remain very confident in our ability to hit that $9 billion in 2029. When you think about these markets, there's very low penetration in the markets globally. There's a lot of excitement, excitement in the space and we expect the market to recover and grow at historical rates. I would say when we look at the market growth we do see that rebounding and growing well. And then you also should think about there's additional innovation coming that'll drive that.

This is Scott I'll start with your question regarding the long term guidance on the static. So so you're right we guided to a long term $9 billion in 2029.

And we're not changing that guidance the guidance changed as you noted that I mentioned day is just a short term guidance change for 2024, we remain very confident in our ability to hit that $9 billion in 2029.

When you think about these markets theres very low penetration in the markets globally. There is a lot of excitement in this space and we expect the market to recover and grow at historical rates I would say when we look at the the.

Scott: The guidance change, as you noted, that I mentioned today is just a short-term guidance change for 2024. You know, we remain very confident in our ability to hit that $9 billion in 2029. When you think about these markets, there's very low penetration of these markets globally, there's a lot of excitement in the space, and we expect the market to recover and grow at historical rates. I would say when we look at market growth, we do see that it's rebounding and growing well. And then you also should think about that there's additional innovation coming that'll drive that.

I would say when we look at the market growth we do see that rebounding and growing well. And then you also should think about there's additional innovation coming that'll drive that. So we have some of the additional indications of Botox that Rupal walked through as well as the quick-onset short-acting toxin BoNT that will also drive additional market growth. And so we continue to feel very, very comfortable with our ability to achieve that on a long-term basis in 2029 strong.

The market growth, we do see that rebounding and growing well and then you also should think about theres additional innovation coming that will drive that so we have to some of the additional indications for botox that roop will walk through as well as the quick onset short acting toxin bond T that will also drive additional market growth and so we continue to feel very very comfortable with our ability.

Scott Reents: So we have some of the additional indications of Botox that Rupal walked through as well as the quick-onset short-acting toxin BoNT that will also drive additional market growth. And so we continue to feel very, very comfortable with our ability to achieve that on a long-term basis in 2029 strong.

Scott Reents: I would say when we look at the market growth, we do see that it's rebounding and growing well, and then you also should think about that there's additional innovation coming that'll drive that. So we have some of the additional indications of Botox that Roopal walked through, as well as the quick-onset, short-acting toxin BoNTE that will also drive additional market growth, so we continue to feel very, very comfortable with our ability to achieve that over the long term basis in 2029. As strong as Roopal, I'll take the next question. We continue to be excited about BuySpecifics, in particular Ludicizumab, and it's an IL-1 alpha and, importantly, also one beta, and this, we believe, distinguishes it from earlier generation assets that were singular and only took out IL-1 alpha. We see, I would say, very, very strong benefits in hydradenitis supertiva, and I don't think that was observed as a pure monoclonal antibody.

To achieve that on a long term basis in 2029.

Roopal: So we have some of the additional indications of Botox that Roopal walked through, as well as the quick-onset short-acting toxin Bonti that will also drive additional market growth. And so we continue to feel very, very comfortable with our ability to achieve that over the long term. As strong as Roopal, I'll take the next question. We continue to be excited about BuySpecifics, in particular Ludicizumab, and it's an IL-1 alpha and, importantly, also one beta, and this, we believe, distinguishes it from earlier generation assets that were singular and only took out IL-1 alpha. We see, I would say, very, very strong benefits in hydradenitis supertiva, and I don't think that was observed as a pure monoclonal antibody.

Roopal Thakkar: It's Rupal. I'll take the next question on the pipeline. So we continue to be excited about bispecifics, in particular lutekizumab. And it's an IL-1 alpha and importantly also one beta. And this we believe distinguishes it from earlier generation assets that were singular and let's say only took out IL-1 alpha. We see, I would say very, very strong benefits in hidradenitis suppurativa. And I don't think that was observed as a pure monoclonal. And the efficacy that we're seeing is in a 100% anti-TNF failure population and very significant early stage 3, 70%. It was one of the most severe, probably the most severe ever studied. So we think there continues to be potential in the bispecific space as you take out multiple cytokines. The way to address it is through engineering of the assets. The other way is combination.

Strong it's Rupal I'll I'll take the next question on the pipeline. So we continue to be excited about bi specifics in particular ludy cause Ya man and it's an IL one alpha and importantly, also one beta and this we believe distinguishes it from earlier.

Roopal Thakkar: Trung is Roopal, I'll take the next question on the pipeline. So we continue to be excited about Biospecifics, in particular LUTIKIZUMAB, and it's an IL-1 alpha and, importantly, also one beta, and this, we believe, distinguishes it from earlier generation assets that were singular and only took out IL-1 alpha. We see, I would say, very, very strong benefits in hydradenitis suppurativa, and I don't think that was observed as a pure monoclonal, and the efficacy that we're seeing is in a 100% anti-TNF failure population, and very sick, early stage 3, 70% is one of the most severe, probably the most severe ever studied. So we think there continues to be potential in the bispecific space as you take out multiple cytokines. The way to address it is through engineering of the assets. The other way is combination, so we can get to that bispecific approach through combos.

<unk> assets that were singular.

And let's say only took out IL one alpha we.

We see I would say very very strong benefits in hidradenitis suppurativa.

Think that was observed.

Pure monoclonal and the efficacy that we're seeing.

And the efficacy that we're seeing is in a 100% anti-TNF failure population and very significant early stage 3, 70%. It was one of the most severe, probably the most severe ever studied. So we think there continues to be potential in the bispecific space as you take out multiple cytokines. The way to address it is through engineering of the assets. The other way is combination.

Roopal: And the efficacy that we're seeing is in a 100% anti-TNF failure population, and very sick, early stage 3, 70% is one of the most severe, probably the most severe ever studied. So we think there continues to be potential in the bispecific space as you take out multiple cytokines. The way to address it is through engineering of the assets. The other way is combination, so we can get to that bispecific approach through combos.

<unk> is in a 100% anti TNF failure population.

Very sick Hurley stage, 370%. It was one of the most severe probably the most severe ever studied.

So we think there continues to be potential in the bio specific space as you take out multiple cytokines that are the way to address it is through engineering of the of the assets. The other way as combination. So we can get to that bi specific approach through combos and then thirdly.

Roopal Thakkar: So we think there continues to be potential in the bispecific space as you take out multiple cytokines, the way to address it is through engineering of the assets, the other way is combination, so we can get to that bispecific approach through combos. And then thirdly, I would say earlier in the pipeline is the multi-specific approach, which the advantage that could provide is you maintain your bi-specific approach, but then a third arm, let's say, can target specific cells. And that could further enhance efficacy and, in particular, safety, and we're looking at that approach in immunology and, as well, in oncology, and that was reflected in our partnership with Tentarix.

Roopal Thakkar: So we can get to that bispecific approach through combos. And then thirdly, I would say earlier in the pipeline is the multispecific approach, which the advantage that could provide is you maintain your bispecific approach, but then a third arm, let's say, can target specific cells and that could further enhance efficacy and in particular safety. And we're looking at that approach in immunology and as well in oncology. And that was reflected in our partnership with Tentarix.

So we can get to that bispecific approach through combos. And then thirdly, I would say earlier in the pipeline is the multispecific approach, which the advantage that could provide is you maintain your bispecific approach, but then a third arm, let's say, can target specific cells and that could further enhance efficacy and in particular safety. And we're looking at that approach in immunology and as well in oncology. And that was reflected in our partnership with Tentarix.

Roopal: And then thirdly, I would say earlier in the pipeline is the multi-specific approach. The advantage that could provide is you maintain your bi-specific approach, but then a third arm, let's say, can target specific cells. And that could further enhance efficacy and, in particular, safety. And we're looking at that approach in immunology and, as well, in oncology. And that was reflected in our partnership with Tentaret.

I would say earlier in the pipeline is the multi specific approach, which the advantage that could provide as you maintained your bias, but bi specific approach, but then a third arm, let's say can target specific cells.

And that could further enhance.

The efficacy and in particular safety and we're looking at that approach in immunology.

And as well in oncology.

And that was.

Reflected in our partnership with <unk>.

Liz Shea: Thank you, Trung. Operator, next question please.

Thank you Trung operator next question please.

Operator: Next we'll go to the line of Evan Segerman from BMO Capital Markets. Please go ahead.

Roopal: Thank you Trung, operator, next question, please. Next, we'll go to the line of Evan Seigerman from BMO Capital Markets. Please go ahead.

Liz Shea: Thank you Trung, operator, next question, please.

Next we'll go to the line of Evan <unk> from BMO capital markets. Please go ahead.

Operator: Next, we'll go to the line of Evan Seigerman from BMO Capital Markets. Please go ahead.

[Analyst]: Hey guys, thank you so much for.

Evan Seigerman: Hey guys, thank you so much for. Taking my question and really, really helpful updates today. So, just looking at kind of the.

Evan Seigerman: Hey guys, thank you so much for taking my question and a really, really helpful update today. So just looking at kind of the expected growth... Can you speak up just a little bit? Sorry. Can you guys hear me all right? Does that work? It's still faint, but we'll do our best. All right, sorry about that. I'll speak very loudly. So when looking at expected growth for Rayla over the next few quarters, can you comment on what type of impact you think new competitors in the NBD market might have and what you can do to help maintain your growth position going forward? Yeah, hi, it's it's Jeff. You know, we're very pleased with how both of the indications are performing.

Evan Seigerman: Hey guys, thank you so much for taking my question and a really, really helpful update today. So just looking at kind of the expected growth...

Hey, guys. Thank you so much for taking my question and I'm really really helpful.

Jeffrey Stewart: Taking my question and really, really helpful updates today.

[Analyst]: So, just looking at kind of the.

Hey, so just looking at kind of that he didn't think I missed a little bit sorry.

Liz Shea: Can you just, can you speak up just a little bit? Sorry, can you guys hear me?

Liz Shea: Can you just, can you speak up just a little bit? Sorry,

Evan Seigerman: Can you speak up just a little bit? Sorry. Can you guys hear me all right? Does that work? It's still faint, but we'll do our best. All right, sorry about that. I'll speak very loudly. So when looking at expected growth for Rayla over the next few quarters, can you comment on what type of impact you think new competitors in the NBD market might have and what you can do to help maintain your growth position going forward? Yeah, hi, it's it's Jeff. You know, we're very pleased with how both of the indications are performing.

Liz Shea: Can you speak up just a little bit? Sorry.

Evan Seigerman: can you guys hear me? All right, does that work?

Evan Seigerman: Sorry. Can you guys hear me all right? Does that work? It's still faint, but we'll do our best. All right, sorry about that. I'll speak very loudly. So when looking at expected growth for Rayla over the next few quarters, can you comment on what type of impact you think new competitors in the NBD market might have and what you can do to help maintain your growth position going forward? Yeah, hi, it's it's Jeff. You know, we're very pleased with how both of the indications are performing.

Evan Seigerman: Alright, can you guys hear me all right? Does that work?

Alright can you guys hear me all right does that work.

[Analyst]: All right, does that work?

Evan Seigerman: It's still faint, but we'll do our best. All right, sorry about that. I'll speak very loudly. So when looking at expected growth for Rayla over the next few quarters, can you comment on what type of impact you think new competitors in the NBD market might have and what you can do to help maintain your growth position going forward? Yeah, hi, it's it's Jeff. You know, we're very pleased with how both of the indications are performing.

Liz Shea: It's still faint, but we'll do our best.

It's still it's still I mean, we'll do our best.

Liz Shea: It's still faint, but we'll do our best.

Evan Seigerman: All right, sorry about that. I'll speak very loudly. So when looking at expected growth for VRAYLAR over the next few quarters, can you comment on what type of impact you think new competitors to the NBD market might have and what you can do to help maintain your growth position going forward? Yeah, hi, it's it's Jeff. You know, we're very pleased with how both of the indications are performing.

Jeffrey Stewart: All right, sorry about that. I'll speak very loudly.

Evan Seigerman: All right, sorry about that. I'll speak very loudly. So when looking at expected growth for.Rupal, over the next few quarters, can you comment on what type of impact you think new competitors to the NVD market might have and what you can? Do to help maintain or grow its position going forward?

Geoff: It's still faint, but we'll do our best. All right, sorry about that. I'll speak very loudly. So when looking at expected growth for Rayla over the next few quarters, can you comment on what type of impact you think new competitors in the NBD market might have and what you can do to help maintain your growth position going forward? Yeah, hi, it's it's Jeff. You know, we're very pleased with how both of the indications are performing.

Alright, sorry about that.

Very loudly so when looking at expected growth for <unk> over the next few quarters can you comment on what type of impact you think new competitors onto the NPD market might have and what you can do to help maintain a growth position going forward.

[Analyst]: So when looking at expected growth for.

Jeffrey Stewart: Rupal, over the next few quarters, can you comment on what type of impact you think new competitors to the NVD market might have and what you can?

[Analyst]: Do to help maintain or grow its position going forward?

Jeffrey Stewart: Yeah, hi, it's it's Jeff. You know, we're very pleased with how both of the indications are performing, and we monitor them very carefully, certainly with bipolar and AMDD, so when we look at our quarterly surveys of our target physicians and really our whole call cycle, we can see now that VRAYLAR is the most preferred agent overall for bipolar disease based on it's indication set, it's tolerability, it's efficacy, et cetera, and we've really gone to the very top of the league table for AMDD as well. So if we look overall at our demand, you know, we're tracking, you know, above 20% in terms of the push, we continue to focus our team and, where necessary, add, and share a voice in terms of our sales force. So we're quite comfortable that we can continue to grow our share, which has been growing very, very nicely, particularly on the MBRX side, and certainly face the competitive dynamics and navigate those as we go forward. Geoff, maybe to add, it's Roopal here; there will be competition, but what we see as a benefit clinically for VRAILR is that full-spectrum coverage for bipolar, and when you're able to take MANIA, you don't need an adjunctive therapy for that, so that's a big advantage.

Jeffrey Stewart: Yeah, hi, it's Jeff. We're very pleased with how both of the indications are performing, and we monitor them very carefully, certainly with bipolar and MDD. So when we look at our quarterly surveys of our target physicians and really our whole call cycle, we can see now that Vraylar is the most preferred agent overall for bipolar disease based on its indication set, its tolerability, its efficacy, etc. And we've really gone to the very top of the league table for MDD depression as well. So if we look overall on our demand, we're tracking above 20% in terms of the push. We continue to focus our team and where necessary add share of voice in terms of our sales force.

Jeff Stewart: Yeah, hi, it's Jeff. We're very pleased with how both of the indications are performing, and we monitor them very carefully, certainly with bipolar and MDD. So when we look at our quarterly surveys of our target physicians and really our whole call cycle, we can see now that Vraylar is the most preferred agent overall for bipolar disease based on its indication set, its tolerability, its efficacy, etc. And we've really gone to the very top of the league table for MDD depression as well. So if we look overall on our demand, we're tracking above 20% in terms of the push.

Geoff: And we monitor them very carefully, certainly with bipolar disorder, and when we look at our quarterly surveys of our target physicians and really our whole call cycle, we can see now that Raylar is the most preferred agent overall for bipolar disease based on its indication set, its tolerability, its efficacy, et cetera, and we've really gone to the very top of the league table for AMDD as well. So if we look overall at our demand, you know, we're tracking, you know, above 20% in terms of the push.

Yeah, Hi, it's it's Geoff we're very pleased with how both of the indications are performing and we monitor them very carefully certainly with bipolar an a M. D. D. So when we look at our quarterly surveys of our target physicians and really our whole call cycle, we can see now that.

<unk> is the most preferred.

<unk> overall for bipolar disease based on this indication set its tolerability its efficacy et cetera, and we've really gone to the very top of the league table for AMD D. As well. So if we look overall in our demand we're tracking above 20% in terms of the push we continue to focus.

Geoff: We continue to focus our team and, where necessary, add, and share a voice in terms of our sales force. So we're quite comfortable that we can continue to grow our share, which has been growing very, very nicely, particularly on the MBRX side, and certainly face the competitive dynamics and navigate those as we go forward. Geoff, maybe to add, it's Roopal here; there will be competition, but what we see as a benefit clinically for VRAILR is that full-spectrum coverage for bipolar, and when you're able to take MANIA, you don't need an adjunctive therapy for that, so that's a big advantage.

We continue to focus our team and where necessary add share of voice in terms of our sales force. So we're quite comfortable that we can continue to grow our share, which has been growing very, very nicely, particularly on the MBRX side and certainly face the competitive dynamics and navigate those as we go forward.

Our team and where necessary.

Add share of voice in terms of our Salesforce. So we're quite comfortable that we can continue to grow our share which has been growing very very nicely, particularly on the <unk> side, and certainly face face the competitive dynamics and navigate those as we go forward Jeff.

Jeffrey Stewart: So we're quite comfortable that we can continue to grow our share, which has been growing very, very nicely, particularly on the MBRX side and certainly face the competitive dynamics and navigate those as we go forward.

Roopal Thakkar: Jeff, maybe to add, it's Rupal here. There is going to be competition, but what we see as a benefit clinically for Vraylar is that full spectrum coverage in bipolar, and when you're able to take mania, you don't need an adjunct of therapy for that. So that's a big advantage. The other thing that we continue to hear, and probably reflected in data, is the really limited impact on fatigue and sedation. And so what we're hearing is with Vraylar, patients really don't have to sacrifice their daytime productivity in order to gain that benefit. And then the other.

Jeff maybe maybe to add it's rupal here.

Roopal Thakkar: Jeff, maybe to add, it's Roopal here, there is going to be competition, but what we see as a benefit clinically for VRAYLAR is that full-spectrum coverage in bipolar, and when you're able to take mania, you don't need an adjunctive therapy for that, so that's a big advantage. The other thing that we continue to hear and probably reflected in our data is that really limited impact on fatigue and sedation. And so what we're hearing is that with VRAYLAR, patients really don't have to sacrifice their daytime productivity in order to gain that benefit. And then the other benefit, I would say, with VRAYLAR is the flexible, adjustable dosing. So these things together, I think, underlie what Jeff was speaking about. Thanks, Evan.

There is going to be competition, but what we see as a benefit clinically for <unk> is that full spectrum coverage in bipolar and when Youre able to take mania, you don't need an adjunct therapy for that so that's a big advantage and the other thing that we continue to hear and probably reflected.

Geoff: The other thing that we continue to hear and probably reflected in our data is that really, what we're hearing is that with VRAILR, patients really don't have to sacrifice their daytime productivity in order to gain that benefit. And then the other...

<unk> in our.

Our data is the the really limited impact on fatigue and sedation.

And so what we're hearing is with <unk> patients.

Patients really don't have to sacrifice their daytime productivity in order to gain that benefit and then the other.

The benefit.

Roopal Thakkar: Benefit, I would say, with Vraylar is flexible adjustable dosing. So these things together, I think, underlie what Jeff was speaking about.

Benefit, I would say, with Vraylar is flexible adjustable dosing. So these things together, I think, underlie what Jeff was speaking about.

Roopal: The benefit, I would say, with Freylar is flexible, adjustable dosing. So these things together, I think, underlie what Jeff was speaking about. Thanks, Evan.

Benefit I would say with the <unk> is a flexible adjustable dosing. So these things together I think underlie what Jeff was speaking about.

Roopal Thakkar: Thanks, Evan. Operator, next question, please. Next, we'll go to the line of James Shin from Deutsche Bank. Please go ahead.

Liz Shea: Thanks, Evan. Operator, next question, please.

Liz Shea: Thanks Evan. Operator. Next question, please.

Operator: Operator, next question, please. Next, we'll go to the line of James Shin from Deutsche Bank. Please go ahead.

Thanks, Evan Operator next question please.

Roopal Thakkar: Next, we'll go to the line of James Shin from Deutsche Bank. Please go ahead.

Operator: Next we'll go to the line of James Shin from Deutsche Bank. Please go ahead.

Next we will go to the line of James <unk> from Deutsche Bank. Please go ahead.

James Shin: Hi, good morning, thanks for taking our question. You mentioned some of the HUMIRA contracts going to 2025, does that also apply to SKYRIZI and RINVOQ? And that's what gives you visibility on the low single-digit price erosion? And secondly, has the introduction of co-branded HUMIRA, and now that PBMs are more intertwined with biosimilars, changed the negotiation dynamics at all? Thank you.

[Analyst]: Hi, good morning. Thanks for taking our question. You mentioned some of the Humira contracts go into 2025. Does that also apply to Skyrizi and Rinvoq? And that's what gives you visibility on the low single-digit price erosion. And secondly, has the introduction of co.

James Shin: Hi, good morning. Thanks for taking our question. You mentioned some of the Humira contracts go into 2025. Does that also apply to Skyrizi and Rinvoq? And that's what gives you visibility on the low single-digit price erosion. And secondly, has the introduction of co. Branded Humira and now that PBMs are.More intertwined with biosimilars changed the negotiation dynamics at all. Thank you.

Hi, good morning, Thanks for taking my question.

You mentioned some of the.

Humira contracts go into 2025 does that also apply to sky really in women's boat and that's what gives you visibility on the low single digit price erosion.

Geoff: And that's what gives you visibility on the low single-digit price erosion? And secondly, has the introduction of co-branded Shumaira, and now that PBMs are more intertwined with biosimilars, changed the negotiation dynamics at all? Thank you.

And secondly has the introduction of Cobranded Humira and now that Pbms are more intertwined with Biosimilars change the negotiation dynamic at all.

Jeffrey Stewart: Branded Humira and now that PBMs are.

[Analyst]: More intertwined with biosimilars changed the negotiation dynamics at all. Thank you.

Okay.

Jeffrey Stewart: Yeah, so typically, you know, again in some cases we are able to secure, you know, multi-year contracts and as you can imagine that we, we would do that for the portfolio basically the way that our products work. So that does help with the visibility in terms of what our access would look like for 2025 as well as the pricing dynamics. Again, I want to clarify that the negotiating season is not fully complete, but the dynamics are progressing as I highlighted there. So yes to your first question. The other dynamic in terms of Cordavis.

Jeff Stewart: Yeah, so typically, you know, again in some cases we are able to secure, you know, multi-year contracts and as you can imagine that we, we would do that for the portfolio basically the way that our products work. So that does help with the visibility in terms of what our access would look like for 2025 as well as the pricing dynamics. Again, I want to clarify that the negotiating season is not fully complete, but the dynamics are progressing as I highlighted there. So yes to your first question. The other dynamic in terms of Cordavis.

Geoff: Yeah, so typically, you know, again, in some cases, we are able to secure, you know, multi-year contracts, and as you can imagine, that we would do that for the portfolio, basically the way that our products work. So that does help with the visibility, in terms of what our access would look like for 25, as well as the pricing dynamics. Again, I want to clarify that the negotiating season is not fully complete, but the dynamics are progressing, as I highlighted there. So yes, to your first question. The other dynamic in terms of Cordovus, You know, I'm not sure that that's actually changing the dynamics in terms of the negotiations overall. That was obviously a volume-related deal with CBS that we announced over a year ago, or almost a year ago now, so it doesn't necessarily play into other negotiations.

Unknown: Yeah, so typically, you know, again, in some cases, we are able to secure, you know, multi-year contracts, and as you can imagine, that we would do that for the portfolio, basically the way that our products work. So that does help with the visibility, in terms of what our access would look like for 25, as well as the pricing dynamics. Again, I want to clarify that the negotiating season is not fully complete, but the dynamics are progressing, as I highlighted there. So yes, to your first question.

Yes, so typically.

Again in some cases, we are able to secure.

Multiyear contracts.

And as you can imagine that we we would do that for for the portfolio basically the way that our products work. So that does help with the visibility.

In terms of what our access would look like for 'twenty five as well as the pricing dynamics again I want to clarify that the negotiating season is not fully complete.

Geoff: But the dynamics are progressing, as I highlighted there. So yes, to your first question, the other dynamic in terms of Cordovus, You know, I'm not sure that that's actually changing the dynamics in terms of the negotiations overall. That was obviously a volume-related deal with CBS that we announced over a year ago, or almost a year ago now, so it doesn't necessarily play into other negotiations.

But the the dynamics are are progressing as I highlighted there.

So yes.

To your first question.

Robert A. Michael: The other dynamic in terms of Cordavis, you know, I'm not sure that that's actually changing the dynamics in terms of the negotiations overall. That was obviously a volume-related deal with CBS that we announced over a year ago, or almost a year ago now, so it doesn't necessarily play into other negotiations. Each of these payers and pharmacy benefit managers, they have their own ideas in terms of how they want to approach the INI category and certainly the emergence of the HUMIRA biosimilars. So it's a CVS unique dynamic. Thanks, James.

Unknown: The other dynamic in terms of Cordavis, you know, I'm not sure that that's actually changing the dynamics in terms of the negotiations overall. That was obviously a volume-related deal with CBS that we announced over a year ago, or almost a year ago now, so it doesn't necessarily play into other negotiations. Each of these payers and pharmacy benefit managers, they have their own ideas in terms of how they want to approach the INI category and certainly the emergence of the HUMIRA biosimilars. So it's a CVS unique dynamic.

The other dynamic in terms of core <unk>.

Jeffrey Stewart: You know, I'm not sure that that's actually changing the dynamics in terms of the negotiations overall. That was, obviously, a volume-related deal with CVS that we announced, you know, over a year ago or almost a year ago now. So it doesn't necessarily play into other negotiations. Each of these payers and pharmacy benefit managers, they have their own ideas in terms of how they want to approach the INI category and certainly.

You know, I'm not sure that that's actually changing the dynamics in terms of the negotiations overall. That was, obviously, a volume-related deal with CVS that we announced, you know, over a year ago or almost a year ago now. So it doesn't necessarily play into other negotiations. Each of these payers and pharmacy benefit managers, they have their own ideas in terms of how they want to approach the INI category and certainly.The emergence of the Humira biosimilars. So it's a CVS unique dynamic.

I'm not sure that that's actually changing the dynamics in terms of the negotiations overall.

That was a obviously a volume related deal with Cvs that we announced.

No.

Over over a year ago or almost a year ago now so it doesn't necessarily play into other negotiations each of these payers and pharmacy benefit managers they have their own ideas in terms of how they want to approach the ini category and certainly the humira.

Geoff: Each of these payers and pharmacy benefit managers have their own ideas in terms of how they want to approach the INI category and certainly the emergence of the Humira biosystem. So it's a CVS unique dynamic. Thanks, James.

Jeffrey Stewart: The emergence of the Humira biosimilars. So it's a CVS unique dynamic.

The emergence of the Humira biosimilars. So it is a cvs unique dynamic.

Liz Shea: Thanks, James. We have time for one final question. Operator.

Thanks James.

Liz Shea: Thanks, James. We have time for one final question, operator.

James: We have time for one final question, operator. For our last question, we'll go to the line of Louise Chen from Cantor Fitzgerald. Please go ahead.

We have time for one final question, operator.

We have time for one final question operator.

For our last question, we'll go to the line of Louise Chen from Cantor Fitzgerald. Please go ahead.

Operator: For our last question we'll go to the line of Louise Chen from Cantor Fitzgerald. Please go ahead.

For our last question will go to the line of Louise Chen from Cantor Fitzgerald. Please go ahead.

Louise Chen: Hi, thanks for taking my questions here. So I wanted to first ask you, do you still feel that your aesthetics business is a good strategic asset for you? And if so, where do you see the synergies within your organization? And the second question I wanted to ask you is how you think pharma will fare under a Democratic versus a Republican presidency and how you're going to navigate through that uncertainty in the near term. Thank you. Louise, this is Rob.

Carrie Strom: Hi, thanks for taking my questions here.

Louise Chen: Hi, thanks for taking my questions here. So wanted to first ask you, do you still feel that your aesthetics business is a good strategic asset for you? And if so, where do you see the synergies within your organization? The second question I wanted to ask you is how you think PhRMA will fare under a Democratic versus a Republican presidency and how you're going to navigate through that uncertainty in the near term. Thank you.

Hi, Thanks for taking my questions here. So I wanted to first ask you do you still feel that your aesthetics business is a good strategic asset for you and if so where do you see the synergies within your organization and second question I wanted to ask you with how you think pharma will fare under a democratic versus Republican.

Liz Shea: So wanted to first ask you, do you still feel that your aesthetics business is a good strategic asset for you? And if so, where do you see the synergies within your organization? The second question I wanted to ask you is how you think PhRMA will fare under a Democratic versus a Republican presidency and how you're going to navigate through that uncertainty in the near term. Thank you.

<unk> C and how you're going to navigate through that uncertainty in the near term. Thank you.

Robert A. Michael: Louise, this is Rob, I'll take your question. We like the aesthetics business, when you think about the growth profile, the profitability, we have set it up as a fully integrated standalone unit because it behaves differently than the therapeutics business. We think we've actually seen, since we announced the transaction, really strong performance, we've exceeded our deal model expectations since we announced the deal. So we think it's operating very well, obviously we're going through some macroeconomic headwinds but when you look at for example share performance, we had the entry of Daxxify last year, and we did not loose any share, I think a lot of investors were concerned that we'd see considerable share losses. I think the team has done a remarkable job of competing in this marketplace, going through a period where economic headwinds were still very confident given low penetration rates, given our relation in the field, the potential innovvation that we plan to bring forward, it has a very nice fit.

Rob: I'll take your question. We like the aesthetics business. When you think about the growth profile, the profitability, we have set it up as a fully integrated standalone unit because it behaves differently than the therapeutics business. We think we've actually seen really strong performance since we announced the transaction. We've exceeded our deal model expectations since we announced the deal. So we think it's operating very well. It has a very nice fit.

Robert Michael: So, Luis, this is Rob. I'll take your question. Look, we like the aesthetics business. When you think about the growth profile, the profitability.

Rob Michael: So, Luis, this is Rob. I'll take your question. Look, we like the aesthetics business. When you think about the growth profile, the profitability. We have set it up as a fully integrated standalone unit because it behaves differently than the therapeutics business. We think we've actually seen, since we announced the transaction, really strong performance. We've exceeded our deal model expectations.

So Luis this is Rob I'll take your question look we like the aesthetics business. When you think about the growth profile the profitability.

We have we have set it up as a a fully integrated standalone unit because it behaves differently than the therapeutics business. We think we've we've actually you've seen since we announced the transaction really strong performance, we've exceeded our deal model expectations.

Robert Michael: We have set it up as a fully integrated standalone unit because it behaves differently than the therapeutics business. We think we've actually seen, since we announced the transaction, really strong performance. We've exceeded our deal model expectations.

Robert Michael: Since we announced the deal, we think it's operating very well. Obviously, we're working through some macroeconomic headwinds, but when you look at, for example, share performance, we had the entry of Daxify last year, and we did not lose any share. I think a lot of investors were concerned that we'd see considerable share loss. So, I think the team has done a remarkable job of competing in this marketplace, going through a period where economic headwinds, we're still very confident given low penetration rates, given our relationship in the field, the potential innovations that we plan to bring forward. It has a very nice fit, and you think about just from a profitability and a growth standpoint, fits the profile we're looking for. So, I certainly feel it's a nice fit for the company as it relates to the acquisition.

Since we announced the deal, we think it's operating very well. Obviously, we're working through some macroeconomic headwinds, but when you look at, for example, share performance, we had the entry of Daxify last year, and we did not lose any share. I think a lot of investors were concerned that we'd see considerable share loss.

Since we announced the deal. So we think it's operating very well, obviously, we're working through some macroeconomic headwinds, but when you look at for example share performance. We had the entry of <unk> last year, and we did not lose any share I think a lot of investors were concerned that we'd see considerable share loss and so I think the team has done a remarkable job.

So, I think the team has done a remarkable job of competing in this marketplace, going through a period where economic headwinds, we're still very confident given low penetration rates, given our relationship in the field, the potential innovations that we plan to bring forward. It has a very nice fit, and you think about just from a profitability and a growth standpoint, fits the profile we're looking for. So, I certainly feel it's a nice fit for the company as it relates to the acquisition.

Job of competing in this marketplace going through a period.

With economic headwinds, we're still very confident given low penetration rates given our relationship in the field the potential innovations.

Robert A. Michael: So we think it's operating very well, obviously we're going through some macroeconomic headwinds but when you look at for example share performance, we had the entry of Daxxify last year, and we did not loose any share, I think a lot of investors were concerned that we'd see considerable share losses.

We plan to bring forward.

It has a very nice fit and you think about just from a profitability and a growth standpoint fits.

Profile, we're looking for so so I certainly feel it's a nice fit for the company as it relates to the election look it's hard to handicap it whether it's a Democrat or Republican if you think about.

Robert Michael: Look, it's hard to handicap it whether it's Democrat or Republican. If you think about, you know, we've obviously contemplated the Inflation Reduction Act, we've come out and said that, you know, even with, you know, modeling that impact in that we still expect to deliver.

Look, it's hard to handicap it whether it's Democrat or Republican. If you think about, you know, we've obviously contemplated the Inflation Reduction Act, we've come out and said that, you know, even with, you know, modeling that impact in that we still expect to deliver. On our long term outlook.

We've obviously contemplated inflation reduction act we've.

We've come out and said that even with you know modeling that impact and that we still expect to deliver on our long term outlook now I will say in our view on the IRA.

Scott Reents: On our long term outlook.

Robert Michael: Now I will say, you know, our view on the IRA from a policy perspective is, you know, we're certainly in favor of the Part D benefit redesign since it helps address patient out of pocket burn. But you know, the price setting provisions in the IRA will certainly harm long term innovation in our industry. So we are hopeful that if it's a new administration or the current administration that they'll reassess those provisions that ultimately are harmful for long term patient care in the US. I mean, it clearly takes away the incentive to launch in later lines of smaller patient populations, which is really a very unfortunate negative outcome from the legislation. So the way I view it is addressing patient out of pocket burden is good policy, but taking away the incentive for innovation is not.

Now I will say, you know, our view on the IRA from a policy perspective is, you know, we're certainly in favor of the Part D benefit redesign since it helps address patient out of pocket burn. But you know, the price setting provisions in the IRA will certainly harm long term innovation in our industry. So we are hopeful that if it's a new administration or the current administration that they'll reassess those provisions that ultimately are harmful for long term patient care in the US.

Policy perspective is we're certainly in favor of the part D benefit redesigns as it helps address patient out of pocket burn, but you know the price setting provisions in the IRA will certainly harm long term innovation in our industry. So we are hopeful that if it's a new administration, where the current administration.

Robert A. Michael: I think the team has done a remarkable job of competing in this marketplace, going through a period where economic headwinds were still very confident given low penetration rates, given our relation in the field, the potential innovvation that we plan to bring forward, it has a very nice fit. And you think about just from a profitability and a growth standpoint, it fits the profile we're looking for, do I certainly feel it's a nice fit for the company. So we are hopeful that, if it's a new administration or the current administration, that they'll reassess those provisions that are ultimately harmful for long-term patient care in the U.S. I mean, it clearly takes away the incentive to launch in later lines with smaller patient populations, which is really a very unfortunate negative outcome from the legislation. So the way I view it is addressing the patient's out-of-pocket burden is good policy, but taking away the incentive for innovation is not. And my hope is, under either administration, that will be- Thanks, Louise.

Robert A. Michael: I think the team has done a remarkable job of competing in this marketplace, going through a period where economic headwinds were still very confident given low penetration rates, given our relation in the field, the potential innovvation that we plan to bring forward, it has a very nice fit. And you think about just from a profitability and a growth standpoint, it fits the profile we're looking for, so I certainly feel it's a nice fit for the company. As it relates to the election, look it's hard to handicap it, whether Democrat, Republican, if you think about, we've obviously contemplated the inflation reduction act, we've come out and said that, even in a model [inaudible] impact in, that we still expect to deliver on our long term outlook. Now I will say, in our view on the IRA, from a policy perspective is, you know, we're certainly in favor of the party benefit redesigned if it helps address patient [inaudible], but the price setting provisions in the IRA will certainly harm long term innovation in our industry.

They'll they'll reassess those provisions that are ultimately are harmful for long term patient care in the U S. I mean, it clearly takes away the incentive to launch in later lines of smaller patient population, which is really a very unfortunate negative outcome from the legislation. So the way I view it as addressing patient out of pocket burden is good policy, but taking away the incentive for innovation is.

Robert A. Michael: As it relates to the election, look it's hard to handicap it, whether Democrat, Republican, if you think about, we've obviously contemplated the inflation reduction act, we've come out and said that, even in a model [inaudible] impact in, that we still expect to deliver on our long term outlook. Now I will say, in our view on the IRA, from a policy perspective is, you know, we're certainly in favor of the party benefit redesigned if it helps address patient [inaudible], but the price setting provisions in the IRA will certainly harm long term innovation in our industry.

I mean, it clearly takes away the incentive to launch in later lines of smaller patient populations, which is really a very unfortunate negative outcome from the legislation. So the way I view it is addressing patient out of pocket burden is good policy, but taking away the incentive for innovation is not. My hope is under either administration that will be reconsidered.

Robert A. Michael: So we are hopeful that, if it's a new administration or the current administration, that they'll reassess those provisions that are ultimately harmful for long-term patient care in the US, I mean, it clearly takes away the incentive to launch in later lines with smaller patient populations, which is really a very unfortunate negative outcome from the legislation. So the way I view it is addressing the patient's out-of-pocket burden is good policy, but taking away the incentive for innovation is not, and my hope is, under either administration, that will be reconsidered. Thanks, Louise.

Robert Michael: My hope is under either administration that will be reconsidered.

Not in my hope is under either administration that will be reconsidered.

Liz Shea: Thanks, Louise, that concludes today's conference call. If you'd like to listen to a replay of the call, please visit our website at investors.abbvie.com. Thanks again for joining us.

Thanks, Louise that concludes today's conference call, if you'd like to listen to a replay of the call. Please visit our website at investors Dot Dot com. Thanks again for joining us.

Operator: Thank you all for joining the AbbVie Q2 2024 earnings conference call. That concludes today's conference. Please disconnect at this time and have a wonderful rest of your day.

Rob: And you think about just from a profitability and a growth standpoint; it fits the profile we're looking for. So I certainly feel it's a nice fit for the company. So we are hopeful that, if it's a new administration or the current administration, that they'll reassess those provisions that are ultimately harmful for long-term patient care in the U.S. I mean, it clearly takes away the incentive to launch in later lines with smaller patient populations, which is really a very unfortunate negative outcome from the legislation. So the way I view it is addressing the patient's out-of-pocket burden is good policy, but taking away the incentive for innovation is not. And my hope is, under either administration, that will be- Thanks, Louise.

Thank you all for joining the <unk> second quarter 2024 earnings Conference call that concludes today's conference. Please disconnect at this time and have a wonderful rest of your day.

Liz Shea: Thanks, Louise, that concludes today's conference call, if you'd like to listen to a replay of the call, please visit our website at investors.abbvie.com. Thanks again for joining us. Thank you all for joining ABBVIE second quarter 2024 earnings conference call, that concludes today's conference, please disconnect at this time, and have a wonderful rest of your day.

Liz Shea: Thanks, Louise, that concludes today's conference call, if you'd like to listen to a replay of the call, please visit our website at investors.abbvie.com. Thanks again for joining us.

Unknown Executive: That concludes today's conference call. If you'd like to listen to a replay of the call, please visit our website at investors.abbvie.com. Thanks again for joining us.

Operator: Thank you all for joining ABBVIE second quarter 2024 earnings conference call, that concludes today's conference, please disconnect at this time, and have a wonderful rest of your day.

Unknown Executive: Thank you all for joining the AbbVie Second Quarter 2024 Earnings Conference Call. That concludes today's conference. Please disconnect at this time and have a wonderful rest of your day.

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

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Operator: Good morning and thank you for standing by. Welcome to the AbbVie Q2 2024 earnings conference call. All participants will be in a listen-only mode until the question and answer portion of this call. You may ask a question by pressing star one on your phone. I would now like to introduce Ms. Liz Shea, Senior Vice President, Investor Relations.

Good morning, and thank you for standing by welcome to the Abbvie second quarter 2024 earnings Conference call.

All participants will be in a listen only mode until the question and answer portion of this call. You may ask a question by pressing star one on your phone I would now like to introduce MS. Liz Shea Senior Vice President Investor Relations.

Liz Shea: Good morning and thanks for joining us. Also on the call with me today are Rob Michael, Chief Executive Officer; Jeff Stewart, Executive Vice President, Chief Commercial Officer; Rupal Thakkar, Executive Vice President, Research and Development, Chief Scientific Officer; Scott Rentz, Executive Vice President, Chief Financial Officer; and Carrie Strom, Senior Vice President, AbbVie and President, Global Allergan Aesthetics. Before we get started, I'll note that some statements we make today may be considered forward-looking statements based on our current expectations. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in our forward-looking statements. Additional information about these risks and uncertainties is included in our SEC filings. AbbVie undertakes no obligation to update these forward-looking statements except as required by law.

Good morning, and thanks for joining US also on the call with me today are Rob Michael Chief Executive Officer, Jeff Stuart Executive Vice President Chief Commercial Officer, Grupo Backer Executive Vice President Research and development Chief Scientific Officer, Scott <unk> Executive Vice President Chief Financial Officer, and Carrie Strom Senior Vice President Athey and price.

<unk> global Allergan aesthetic.

Before we get started, I'll note that some statements we make today may be considered forward-looking statements based on our current expectations. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in our forward-looking statements. Additional information about these risks and uncertainties is included in our SEC filings. AbbVie undertakes no obligation to update these forward-looking statements except as required by law.

Unknown Executive: Before we get started, I'll note that some statements we make today may be considered forward-looking statements based on our current expectations. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in our forward-looking statements. Additional information about these risks and uncertainties is included in our SEC filings. AbbVie undertakes no obligation to update these forward-looking statements except as required by law.

Before we get started I will note that some statements. We make today may be considered forward looking statements based on our current expectation Abbvie cautions that these forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in our forward looking statements.

Additional information about these risks and uncertainties is included in our SEC filings Abbvie undertakes no obligation to update these forward looking statements except as required by law.

Liz Shea: On today's conference call, non-GAAP financial measures will be used to help investors understand AbbVie's business performance. These non-GAAP financial measures are reconciled with comparable GAAP financial measures in our earnings release and regulatory filings from today, which can be found on our website. Following our prepared remarks, we'll take your questions. With that, I'll turn the call over to Rob.

On today's conference call, non-GAAP financial measures will be used to help investors understand AbbVie's business performance. These non-GAAP financial measures are reconciled with comparable GAAP financial measures in our earnings release and regulatory filings from today, which can be found on our website. Following our prepared remarks, we'll take your questions. With that, I'll turn the call over to Rob.

Rob: On today's conference call, non-gap financial measures will be used to help investors understand AbbVie's business performance. These non-gap financial measures are reconciled with comparable gap financial measures in our earnings release and regulatory filings from today, which can be found on our website. Following our prepared remarks, we'll take your questions. So with that, I'll turn the call over to Rob.

On today's conference call non-GAAP financial measures will be used to help investors understand <unk> business performance. These non-GAAP financial measures are reconciled with comparable GAAP financial measures in our earnings release and regulatory filings from today, which can be found on our website. Following our prepared remarks, we'll take your questions. So with that I'll turn the call over to Rob.

Robert Michael: Thank you, Liz. Good morning everyone and thank you for joining us. It's a pleasure to speak with you today as AbbVie's new CEO. I look forward to building on our track record of success and delivering on AbbVie's promise to our patients, employees, shareholders, and communities. As we begin this new chapter, nearly every aspect of AbbVie's business is performing at or above our expectations. We are demonstrating a rapid return to revenue growth with operational sales up nearly 4% through the first half of this year, including robust mid single digit growth in Q2. Our ex-Humira growth platform, which covers more than 80% of AbbVie's total sales, will outperform our initial full year sales guidance by more than $1 billion driven by strong performance in immunology and oncology.

Rob Michael: Thank you, Liz. Good morning everyone and thank you for joining us. It's a pleasure to speak with you today as AbbVie's new CEO. I look forward to building on our track record of success and delivering on AbbVie's promise to our patients, employees, shareholders, and communities. As we begin this new chapter, nearly every aspect of AbbVie's business is performing at or above our expectations.

Thank you Liz good morning, everyone and thank you for joining us it's a pleasure to speak with you today as <unk>, New CEO I look forward to building on our track record of success and delivering on <unk> promise to our patients employees shareholders and communities as we begin this new.

Rob: Thank you, Liz. Good morning, everyone, and thank you for joining us. It's a pleasure to speak with you today as AbbVie's new CEO. I look forward to building on our track record of success and delivering on AbbVie's promise to our patients, employees, shareholders, and community. As we begin this new chapter, nearly every aspect of AbbVie's business is performing at or above our expectations. We are demonstrating a rapid return to revenue growth, with operational sales up nearly 4% through the first half of this year, including robust mid-single-digit growth in the second quarter.

Rob: Our Exhumeric Growth Platform, which covers more than 80% of AbbVie's total sales, will outperform our initial full-year sales guidance by more than $1 billion, driven by strong performance in immunology and oncology. In addition, U.S. Humira performance continues to meet our expectations, having achieved or exceeded our guidance in all six quarters with biosimilar competition. The strong performance across our diversified portfolio will drive top-tier, high single-digit compound growth through the end of this decade, which will support continued investment to drive growth in the next decade.

Chapter nearly every aspect of <unk> business is performing at or above our expectations. We are demonstrating a rapid return to revenue growth with operational sales up nearly 4% through the first half of this year, including robust mid single digit growth.

We are demonstrating a rapid return to revenue growth with operational sales up nearly 4% through the first half of this year, including robust mid single digit growth in Q2. Our ex-Humira growth platform, which covers more than 80% of AbbVie's total sales, will outperform our initial full year sales guidance by more than $1 billion driven by strong performance in immunology and oncology.

In the second quarter.

Our ex Humira growth platform, which covers more than 80% of <unk> total sales will outperform our initial full year sales guidance by more than $1 billion, driven by strong performance in immunology and oncology and.

Robert Michael: In addition, US Humira performance continues to meet our expectations, having achieved or exceeded our guidance in all six quarters with biosimilar competition. The strong performance across our diversified portfolio will drive top tier high single digit compound growth through the end of this decade, which will support continued investment to drive growth in the next decade.

In addition, US Humira performance continues to meet our expectations, having achieved or exceeded our guidance in all six quarters with biosimilar competition. The strong performance across our diversified portfolio will drive top tier high single digit compound growth through the end of this decade, which will support continued investment to drive growth in the next decade.

In addition, U S. Humira performance continues to meet our expectations, having achieved or exceeded our guidance in all six quarters with Biosimilar competition.

The strong performance across our diversified portfolio will drive top tier high single digit compound growth through the end of this decade, which will support continued investment to drive growth in the next decade.

Robert Michael: Turning to our results, I'm especially pleased with Immunology where our leading portfolio is delivering performance well above our expectations. Skyrizi continues to demonstrate strong momentum in psoriasis and Crohn's disease, where we have substantial headroom for additional share gains, and the recent approval in UC will add another source of long-term growth. Rinvoq is also delivering robust growth across all approved indications. We are making excellent progress with late-stage development in five additional indications that we anticipate will launch in the second half of this decade. In oncology, Elahere has accelerated our on-market presence in solid tumors. We also have several exciting pipeline programs including two novel c-Met ADCs for solid tumors, Teliso-V and ABBV-400, as well as ABBV-383, our BCMA x CD3 bispecific for multiple myeloma.

Turning to our results, I'm especially pleased with Immunology where our leading portfolio is delivering performance well above our expectations. Skyrizi continues to demonstrate strong momentum in psoriasis and Crohn's disease, where we have substantial headroom for additional share gains, and the recent approval in UC will add another source of long-term growth. Rinvoq is also delivering robust growth across all approved indications.

Rob: Turning to our results, I'm especially pleased with Immunology, where our leading portfolio is delivering performance well above our expectations. Guy Rizzi continues to demonstrate strong momentum in psoriasis and Crohn's disease, where we have substantial headroom for additional share gains, and the recent approval in UC will add another source of long-term growth. Renvoke is also delivering robust growth across all approved indications, and we are making excellent progress with late stage development of five additional indications that we anticipate will launch in the second half of this decade.

Turning to our results I'm, especially pleased with immunology, where our leading portfolio is delivering performance well above our expectations.

<unk> is also delivering robust growth across all approved indications, we are making excellent progress with late stage development and five additional indications that we anticipate will launch in the second half of this decade.

We are making excellent progress with late-stage development in five additional indications that we anticipate will launch in the second half of this decade. In oncology, Elahere has accelerated our on-market presence in solid tumors. We also have several exciting pipeline programs including two novel c-Met ADCs for solid tumors, Teliso-V and ABBV-400, as well as ABBV-383, our BCMA x CD3 bispecific for multiple myeloma.

Rob: Ali here has accelerated our on-market presence in solid tumors. We also have several exciting pipeline programs, including two novel C-MET ADCs for solid tumors, TELUSOV and 400, as well as 383, our BCMA CD3 bispecific for multiple myeloma. In neuroscience, our leading therapies for migraine and mood disorders continue to gain share and are competitively well positioned.

And oncology Ala here has accelerated our on market presence in solid tumors. We also have several exciting pipeline programs, including two novel C met Adcs for solid tumors, <unk> and 400 as well as 383 or <unk> three by specific.

<unk> for multiple myeloma.

Robert Michael: In neuroscience, our leading therapies for migraine and mood disorders continue to gain share and are competitively well positioned. The pending acquisition of Cerevel will further augment our neuroscience pipeline and we're excited about what our two companies can achieve together to make a difference for patients with neuropsych disorders. We have certified substantial compliance to the FTC second request and anticipate the Cerevel transaction will close soon.

In neuroscience, our leading therapies for migraine and mood disorders continue to gain share and are competitively well positioned. The pending acquisition of Cerevel will further augment our neuroscience pipeline and we're excited about what our two companies can achieve together to make a difference for patients with neuropsych disorders. We have certified substantial compliance to the FTC second request and anticipate the Cerevel transaction will close soon.

In neuroscience, our leading therapies for migraine and mood disorders continue to gain share and are competitively well positioned.

Rob: The pending acquisition of Cerevil will further augment our neuroscience pipeline, and we're excited about what our two companies can achieve together to make a difference for patients with neuropsych disorders. We have certified substantial compliance with the FTC's second request and anticipate the CEREVAL transaction will close soon. Lastly, we've been very active in business development, investing in exciting opportunities that can drive growth in the next decade. Through the first half of this year, we have executed nearly a dozen early-stage deals.

We have certified substantial compliance to the FTC's second request and anticipate the cerebral transaction will close soon.

Robert Michael: Lastly, we've been very active with business development, investing in exciting opportunities that can drive growth in the next decade. Through the first half of this year we have executed nearly a dozen early stage deals. These include promising technologies and innovative mechanisms that can elevate the standard of care in immunology, oncology, and neuroscience. In summary, I'm very pleased with the strong momentum of our business. AbbVie's results once again exceed our expectations and we are raising guidance for the second time this year, underscoring our confidence in the business. The robust performance of our growth platform and the advancement of our pipeline supports AbbVie's top-tier long-term outlook. With that, I'll turn the call over to Jeff for additional comments on our commercial highlights.

Lastly, we've been very active with business development, investing in exciting opportunities that can drive growth in the next decade. Through the first half of this year we have executed nearly a dozen early stage deals. These include promising technologies and innovative mechanisms that can elevate the standard of care in immunology, oncology, and neuroscience. In summary, I'm very pleased with the strong momentum of our business.

Standard of care in immunology oncology and neuroscience.

In summary, I'm very pleased with the strong momentum of our business and these results once again exceed our expectations and we are raising guidance for the second time this year underscoring our confidence in the business.

AbbVie's results once again exceed our expectations and we are raising guidance for the second time this year, underscoring our confidence in the business. The robust performance of our growth platform and the advancement of our pipeline supports AbbVie's top-tier long-term outlook. With that, I'll turn the call over to Jeff for additional comments on our commercial highlights.

The robust performance of our growth platform and the advancement of our pipeline supports add these top tier long term outlook.

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

Jeffrey Stewart: Jeff, thank you, Rob. We continue to demonstrate strong commercial execution across our therapeutic portfolio. I'll start with the quarterly results for Immunology, which delivered total revenues of approximately $7 billion. Skyrizi and Rinvoq are performing exceptionally well, contributing more than $4.1 billion in combined sales this quarter, reflecting operational growth of 50% in their fifth full year on the market. These assets are approved across a broad set of indications and are collectively supported by nine compelling head to head studies that demonstrate clear differentiation across multiple novel therapies, which has resulted in strong share capture for Skyrizi. We continue to advance our clear leadership position in psoriasis, where total prescription share of the US biologic market has increased to approximately 38%. Share is also ramping nicely in PsA, especially in the dermatology segment where Skyrizi has achieved roughly 15% total prescription share in the US biologic market.

Geoff: We continue to demonstrate strong commercial execution across our therapeutic portfolio. I'll start with the quarterly results for immunology, which deliver total revenues of approximately $7 billion. Guy Rizzi and Rinvoke are performing exceptionally well, contributing more than $4.1 billion in combined sales this quarter, reflecting operational growth of 50% in their fifth full year on the market.

Thank you Rob we continue to demonstrate strong commercial execution across our therapeutic portfolio I'll start with the quarterly results for immunology, which delivered total revenues of approximately $7 billion.

The resilient revoke are performing exceptionally well contributing more than $4 $1 billion in combined sales this quarter reflective reflecting operational growth of 50% in their fifth full year on the market.

These assets are approved across a broad set of indications and are collectively supported by nine compelling head to head studies that demonstrate clear differentiation across multiple novel therapies, which has resulted in strong share capture for Skyrizi. We continue to advance our clear leadership position in psoriasis, where total prescription share of the US biologic market has increased to approximately 38%. Share is also ramping nicely in PsA, especially in the dermatology segment where Skyrizi has achieved roughly 15% total prescription share in the US biologic market.

Geoff: These assets are approved across a broad set of indications and are collectively supported by nine compelling head-to-head studies that demonstrate clear differentiation across multiple novel therapies, which has resulted in strong share capture. For SCIRIS-E, we continue to advance our clear leadership position in psoriasis, where total prescription share of the U.S. biologic market has increased to approximately 38 percent. Share is also ramping nicely in PSA, especially in the dermatology segment, where Skyrizzy has achieved roughly 15% total prescription share in the U.S. biologic market, including a total prescription share of 10% in the U.S.

For <unk>, we continue to advance our clear leadership position in psoriasis, where total prescription share of the U S. Biologic market has increased to approximately 38% share is also ramping nicely and PSA, especially in the dermatology segment, where <unk> has achieved roughly 15% total.

Prescription share in the U S biologic market.

Jeffrey Stewart: For Rinvoq we are seeing increasing share across each of the rheum indications as well as additional momentum in Atopic Dermatitis including total prescription share of 10% in the US.

For Rinvoq we are seeing increasing share across each of the rheum indications as well as additional momentum in Atopic Dermatitis including total prescription share of 10% in the US.

And for <unk>, we are seeing increasing share across each of the room indications as well as additional momentum in atopic dermatitis, including total prescription share of 10% in the U S.

We are very excited about the growth potential in gastroenterology where Skyrizi and Rinvoq are on pace to double their respective sales in IBD this year. The adoption in Crohn's disease has been impressive with Skyrizi and Rinvoq now achieving a combined in-play share in the US of more than 40%. Skyrizi has achieved overall in-place share leadership in Crohn's with in-place share approximately now 13 points ahead of Stelara following our compelling head-to-head sequence data published last year.

We are very excited about the growth potential in gastroenterology, where <unk> and <unk> are on pace to double their respective sales in IBD this year the.

Geoff: The adoption in Crohn's disease has been impressive. Commercialization for Skyrizzian ulcerative colitis is now underway in the U.S., with broad formulary access anticipated to ramp quickly over the next several months. We also expect the European launch in the coming months. Having two novel therapies that each deliver differentiated levels of efficacy to treat both of these IBD conditions is an important advantage.

The adoption in Crohn's disease has been impressive with sky resilient or invoke now achieving a combined in play share in the U S of more than 40%.

Jeffrey Stewart: Skyrizi has achieved overall in-place share leadership in Crohn's with in-place share approximately now 13 points ahead of Stelara following our compelling head-to-head sequence data published last year. This positive trial, which demonstrated Skyrizi's high efficacy versus Stelara, including a more than doubling of effect in endoscopic remission, has driven a significant inflection in performance, and we anticipate continued share momentum. Commercialization for Skyrizi and ulcerative colitis is now underway in the US with broad formulary access anticipated to ramp quickly over the next several months. Early feedback from gastroenterologists has been very encouraging with Skyrizi's UC data viewed as impressive, particularly for naive patients who have not been exposed to biologics. We also expect the European launch in the coming months.

<unk> has achieved overall in play share leadership in Crohn's with in play share approximately now 13 points ahead of us to Laura <unk>.

Following our compelling head to head sequence data published last year. This positive trial, which demonstrated sky <unk> high efficacy versus the lora, including a more than doubling of effect and endoscopic remission has driven a significant inflection in performance and we anticipate continued share momentum.

Commercialization for <unk> in ulcerative colitis is now underway in the U S with broad formulary access anticipated to ramp quickly over the next several months.

Early feedback from gastroenterologists has been very encouraging with Skyrizi's UC data viewed as impressive, particularly for naive patients who have not been exposed to biologics. We also expect the European launch in the coming months. We also see very robust adoption of Rinvoq in UC, where the brand is now achieving a leading in-class share in the US internationally. Rinvoq UC is now approved in 75 countries with reimbursement and share gaining momentum.

Early feedback from Gastroenterologists has been very encouraging with sky Ritcey's UC data viewed as impressive, particularly for naive patients who have not been exposed to biologics we also.

So expect the European launch in the coming months.

Jeffrey Stewart: We also see very robust adoption of Rinvoq in UC, where the brand is now achieving a leading in-class share in the US internationally. Rinvoq UC is now approved in 75 countries with reimbursement and share gaining momentum. Having two novel therapies that each deliver differentiated levels of efficacy to treat both of these IBD conditions demonstrates our commitment to transforming the treatment landscape for physicians and patients in this area of high unmet need.

We also see very robust adoption of <unk> and you see where the brand is now achieving a leading in play share in the U S. Internationally <unk> is now approved in 75 countries with reimbursement and share gaining momentum.

Having two novel therapies that each deliver differentiated levels of efficacy to treat both of these IBD conditions demonstrates our commitment to transforming the treatment landscape for physicians and patients in this area of high unmet need.

Jeffrey Stewart: Turning now to Humira, which delivered global sales of $2.8 billion, down 28.9% on an operational basis due to biosimilar competition. Erosion in the US was in line with our expectations in the quarter, and our guidance contemplates the impact of additional formulary changes over the course of the year. Importantly, we continue to anticipate that Humira will maintain parity access to biosimilars for a significant majority of patient lives this year. Moving now to oncology, where total revenues were more than $1.6 billion. Imbruvica global revenues were $833 million, down 8.2%, reflecting continued competitive dynamics in CLL. Venclexta global sales were $637 million, up 15.8% on an operational basis, with strong momentum across CLL and AML. Elahere is also performing very well with sales of $128 million and our compelling overall survival data.

Geoff: Turning now to Humira, which delivered global sales of $2.8 billion, down 28.9% on an operational basis due to biosimilar competition. However, erosion in the U.S. was in line with our expectations in the quarter, and our guidance contemplates the impact of additional formulary changes over the course of the year. Importantly, we continue to anticipate that Humira will maintain parity access to biosimilars for a significant majority of patient lives this year. Moving now to oncology, where total revenues were more than $1.6 billion.

Turning now to Humira, which delivered global sales of $2 $8 billion down 28, 9% on an operational basis due to biosimilar competition.

Erosion in the U S was in line with our expectations in the quarter and our guidance complicated.

Contemplates the impact of additional formulary changes over the course of the year.

Importantly, we continue to anticipate that Humira will maintain parity access to biosimilars are a significant majority of patient lives. This year.

Moving now to oncology, where total revenues were more than $1 6 billion.

Imbruvica global revenues were $833 million, down 8.2%, reflecting continued competitive dynamics in CLL. Venclexta global sales were $637 million, up 15.8% on an operational basis, with strong momentum across CLL and AML. Elahere is also performing very well with sales of $128 million and our compelling overall survival data.

<unk> global revenues were $833 million down eight 2%, reflecting continued competitive dynamics and CLO.

And collects the global sales were $637 million up 15, 8% on an operational basis with strong momentum across CLO and AML.

Geoff: Ella here is also performing very well, with sales of $128 million, and our compelling overall survival data, recent positive updates in the NCCN guidelines, and the expansion of commercial resources will continue to drive rapid updates. $74,000,000. Thank you, Geoff.

Hello here is also performing very well with sales of $128 million and our compelling overall survival data recent positive updates in the CCN guidelines and the expansion of commercial resources will continue to drive rapid uptake.

Lastly, we continue to be pleased with the prescription trends for our kinley and DLP ECL commercialization is now underway for <unk> second indication Follicular lymphoma in the U S with European approval expected later this year.

Neuroscience total revenues were nearly $2 2 billion up 15, 2% on an operational basis. This robust performance was driven by continued double digit growth of railcar with global sales of $774 million <unk>.

<unk> with total revenue of $231 million in Q Liptak with global sales of $150 million.

Each of these leading assets continue to gain share and remains competitively well positioned.

Botox therapeutic is also performing well, especially in chronic migraine total global sales were $814 million up nine 6% on an operational basis.

Finally, we are pleased with the early launch trends for 951 in Japan and Europe and look forward to bringing this innovative therapy for advanced Parkinson's to the US soon. Overall, I'm extremely pleased with the momentum across the Therapeutic portfolio, and with that I'll turn the call over to Carrie for additional comments on aesthetics.

Finally, we are pleased with the early launch trends for 95, one in Japan, and Europe and look forward to bringing this innovative therapy for advanced Parkinson's to the U S. Soon.

Jeffrey Stewart: Overall, I'm extremely pleased with the momentum across the Therapeutic portfolio, and with that I'll turn the call over to Carrie for additional comments on aesthetics.

Overall, I am extremely pleased with the momentum across the therapeutic portfolio.

With that I'll turn the call over to Kerry for additional comments on aesthetics Eric.

Carrie Strom: Carrie, thank you, Jeff. Q2 global aesthetic sales were approximately $1.4 billion, representing growth of 2.8% on an operational basis. In the US, aesthetic sales of $863 million increased by 4.4%, driven by Botox Cosmetic and Juvederm growth of 7.1% and 10.4%, respectively. This toxin and filler performance is supported by a consistent recovery in the facial injectable market as the number of procedures in both categories increased by a mid single digit percentage versus the prior year. However, this level of market growth was lower than previously anticipated. Sales for Botox Cosmetic and Juvederm also benefited from a partial reversal of the prior quarter's inventory destock, which was related to the timing of certain promotional activities. From a competitive perspective, our US facial injectable portfolio remains the clear market leader with strong and stable market share internationally.

Second quarter global aesthetic sales were approximately $1.4 billion, representing growth of 2.8% on an operational basis. In the US, aesthetic sales of $863 million increased by 4.4%, driven by Botox Cosmetic and Juvederm growth of 7.1% and 10.4%, respectively. As declines in China were balanced by growth in other international markets, sales growth continued to be impacted by sustained economic headwinds. As well as a challenging comparison to the second quarter of last year, which benefited from a strong post-COVID recovery.

Thank you, Jeff second quarter global aesthetic sales were approximately $1 4 billion representing growth of two 8% on an operational basis.

In the U S aesthetic sales of $863 million increased by four 4% driven by Botox cosmetic and Juvederm growth of seven 1% and 10, 4% respectively.

This toxin and stellar performance is supported by a consistent recovery in the facial injectable market as the number of procedures in both categories increased by a mid single digit percentage versus the prior year. However, this level of market growth was lower than previously anticipated.

Sales for Botox cosmetic and <unk> also benefited from a partial reversal of the prior quarters inventory destock, which was related to the timing of certain promotional activity.

From a competitive perspective, our U S facial injectable portfolio remains the clear market leader with strong and stable market share.

Internationally second quarter aesthetic sales were $527 million roughly flat versus the prior year on an operational basis as declines in China were balanced by growth in other international markets.

Carrie Strom: Q2 aesthetic sales were $527 million, roughly flat versus the prior year on an operational basis, as declines in China were balanced by growth in other international markets. In China, our largest international market, sales growth continued to be impacted by sustained economic headwinds as well as a challenging comparison to the Q2 of last year, which benefited from a strong post-COVID recovery.

Q2 aesthetic sales were $527 million, roughly flat versus the prior year on an operational basis, as declines in China were balanced by growth in other international markets. In China, our largest international market, sales growth continued to be impacted by sustained economic headwinds as well as a challenging comparison to the Q2 of last year, which benefited from a strong post-COVID recovery.

In China, our largest international market sales growth continued to be impacted by sustained economic headwinds as well as a challenging comparison to the second quarter of last year, which benefited from a strong post COVID-19 recovery.

Carrie Strom: Consistent with what we experienced in the US, economic challenges have impacted Juvederm sales growth more than other areas of our portfolio. Based upon Juvederm's relatively higher price point.

Consistent with what we experienced in the US, economic challenges have impacted Juvederm sales growth more than other areas of our portfolio. Based upon Juvederm's relatively higher price point.

Consistent with what we experienced in the U S economic challenges have impacted juvederm Sal scrap more than other areas of our portfolio based upon cubic arms relatively higher price point.

Looking to the rest of the year, we expect our market leading aesthetics portfolio to continue to perform well from a competitive perspective across the globe. As we evaluate market dynamics and leading economic indicators, particularly in the US and China, market growth trends are below our prior expectations. Based upon this, we have moderated our outlook for the remainder of the year. Despite this near term dynamic, we remain confident in the long term growth outlook of our aesthetics portfolio.

Looking to the rest of the year, we expect our market-leading aesthetics portfolio to continue to perform well from a competitive perspective across the globe. For example, in China, launch activities are underway for Botox Cosmetic in the Masseter muscle prominence indication. And in the U.S., we will soon launch Juvederm Voluma XC for the treatment of temple hollowing, and we expect an approval for Botox Cosmetic in the Platysma Prominence Indication by the end of the year.

Looking to the rest of the year, we expect our market leading aesthetics portfolio to continue to perform well from a competitive perspective across the globe.

We evaluate market dynamics, and leading economic indicators, particularly in the U S and China market growth trends are below our prior expectation.

Based upon that we have moderated our outlook for the remainder of the year.

Despite this near term dynamic we remain confident in our long term growth outlook of our aesthetics portfolio.

Global market penetration rates are extremely low and we expect the long term market growth to accelerate from current levels as economic conditions improve.

As the market leader, we are also committed to driving growth by activating new patients and launching innovative treatment option.

Carrie Strom: For example, in China, launch activities are underway for the Botox Cosmetic Masseter muscle prominence indication, and in the US we will soon launch Juvederm Voluma XC for the treatment of temple hollowing, and we expect an approval for Botox Cosmetic in the Platysma prominence indication by the end of the year. Pipeline catalysts like these in the key US and China markets, along with our significant investment in consumer activation, injector training, and practice support, will enable us to grow the aesthetics market and maintain our clear leadership position over the long term.

For example, in China, launch activities are underway for the Botox Cosmetic Masseter muscle prominence indication, and in the US we will soon launch Juvederm Voluma XC for the treatment of temple hollowing, and we expect an approval for Botox Cosmetic in the Platysma prominence indication by the end of the year.

For example in China launch activities are underway for the botox cosmetic masseter muscle prominence indication.

And then the U S. We will soon launch <unk> for the treatment of temporal Halloween and we expect an approval for botox cosmetic and the participant prominence indication by the end of the year.

Pipeline catalysts like these in the key U.S. and China markets, along with our significant investment in consumer activation, injector training, and practice support, will enable us to grow the aesthetics market and maintain our clear leadership position over the long term.

Pipeline catalysts like these in the key U S and China markets, along with our significant investment in consumer activation injector training and practice support will enable us to grow the aesthetics market and maintain our clear leadership position over the long term.

Q2 2024 AbbVie Inc Earnings Call

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