Q4 2025 AbbVie Inc Earnings Call

February 4, 2026

All participants will be able to listen only until the question answer portion of this call.

Operator: All participants will be able to listen only until the question-and-answer portion of this call. You may ask a question by pressing star or one on your phone. Today's call is also being recorded. If you have any objections, you may disconnect at this time. I would now like to introduce Ms. Liz Shea, Senior Vice President, Investor Relations.

You may ask a question by pressing star 1 on your phone.

Today's call is also being recorded if you have any objections, you may disconnect at this time.

I would now like to introduce Miss Liz, Che senior, vice president, investor relations.

Good morning and thanks for joining us.

Liz Shea: Good morning, and thanks for joining us. Also on the call with me today are Rob Michael, Chairman and Chief Executive Officer; Jeff Stewart, Executive Vice President, Chief Commercial Officer; Roopal Thakkar, Executive Vice President, Research and Development, Chief Scientific Officer; and Scott Reents, Executive Vice President, Chief Financial Officer. 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.

Q4 2025 AbbVie Inc Earnings Call

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Q4 2025 AbbVie Inc Earnings Call

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Wednesday, February 4th, 2026 at 2:00 PM

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Rob Michael: These include an in vivo CAR-T platform in immunology from Capstan Therapeutics; Bretisilocin, a next-generation psychedelic with promising data in depression; ISB 2001, a novel trispecific antibody for multiple myeloma; 295, a long-acting amylin analog for obesity; and a next-generation siRNA platform from ARX that has applicability in immunology, neuroscience, and oncology. We also recently announced a transaction with RemeGen, adding a novel PD-1 VEGF bispecific antibody to combine with our ADCs across multiple solid tumors, further strengthening AbbVie's oncology portfolio. Turning to 2026, we expect AbbVie to once again deliver top-tier performance. We anticipate total sales growth of 9.5%, reflecting another year of robust sales results despite headwinds from continued Humira erosion, and Imbruvica IRA pricing. The main drivers of this growth include Skyrizi and Rinvoq, with combined sales of more than $31 billion, already surpassing our 2027 long-term guidance by half a billion.

Robert Michael: We increased adjusted R&D expense by nearly $1 billion, fully funding the 90 clinical programs currently in development. We also obtained several new product and indication approvals, including Rinvoq for GCA, Emrelis for non-squamous non-small cell lung cancer, and Epkinly for second-line follicular lymphoma. We bolstered our pipeline by investing more than $5 billion in new business development, including several promising mechanisms and technologies. These include an in vivo CAR T platform in immunology from Capstan Therapeutics, bretasilicin, a next-generation psychedelic with promising data in depression, ISB 2001, a novel trispecific antibody for multiple myeloma, ABBV-295, a long-acting amylin analog for obesity, and a next-generation siRNA platform from ADARx that has applicability in immunology, neuroscience, and oncology. We also recently announced a transaction with RemeGen, adding a novel PD-1/VEGF bispecific antibody to combine with our ADCs across multiple solid tumors, further strengthening AbbVie's oncology portfolio.

Rob Michael: We are also forecasting a substantial sales ramp for Vyalev, achieving blockbuster status this year as a transformational treatment for Parkinson's. We expect continued double-digit revenue growth from our leading migraine products, which are also trending significantly above our long-term expectations. Given the strong outlook of our diverse portfolio, we are well-positioned to deliver high single-digit revenue growth through 2029. Turning now to R&D, we anticipate a number of key catalysts across our core therapeutic areas over the next 24 months. In immunology, this includes pivotal data for three additional Rinvoq indications, as well as initial data for our Crohn's combination platform with Skyrizi. In neuroscience, we anticipate key readouts for next-generation assets 932, Bretisilocin, and Emraclidine. In oncology, we expect registrational data for ABBV-383, as well as mid to late-stage readouts for Telisotuzumab Vedotin in several solid tumors.

Robert Michael: Turning to 2026, we expect AbbVie to once again deliver top-tier performance. We anticipate total sales growth of 9.5%, reflecting another year of robust sales results, despite headwinds from continued Humira erosion and Imbruvica IRA pricing. The main drivers of this growth include Skyrizi and Rinvoq, with combined sales of more than $31 billion, already surpassing our 2027 long-term guidance by $0.5 billion. We are also forecasting a substantial sales ramp for Vyalev, achieving blockbuster status this year as a transformational treatment for Parkinson's. We expect continued double-digit revenue growth from our leading migraine products, which are also trending significantly above our long-term expectations. Given the strong outlook of our diverse portfolio, we are well positioned to deliver high single-digit revenue growth through 2029.

Robert Michael: Turning now to R&D, we anticipate a number of key catalysts across our core therapeutic areas over the next 24 months. In immunology, this includes pivotal data for three additional Rinvoq indications, as well as initial data for our Crohn's combination platform with Skyrizi. In neuroscience, we anticipate key readouts for next-generation assets, ABBV-932, Bretasilicin, and Emraclidine. In oncology, we expect registrational data for Etentamig, as well as mid- to late-stage readouts for Temab-A in several solid tumors. These are all very exciting opportunities that have the potential to drive sustained long-term growth. Lastly, we recently announced a voluntary agreement with the US government that reinforces our commitment to patient access and affordability, while also protecting our ability to invest in innovation.

Jeff Stewart: Thank you, Rob. I'll start with the quarterly results for immunology, which delivered total revenues of approximately $8.6 billion. Skyrizi total sales were $5 billion, reflecting operational growth of 31.9%. Rinvoq total sales were nearly $2.4 billion, reflecting operational growth of 28.6%. On a full-year basis, Skyrizi and Rinvoq delivered approximately $25.9 billion in total combined revenue, an impressive increase of more than $8 billion year-over-year, well exceeding our initial guidance expectations. These results reflect exceptional performance across their respective indications, and I'll highlight a few examples. Starting with psoriatic disease, a market that is growing high single digits with modest biologic penetration, where our portfolio has clear leadership. Skyrizi total prescription share in the US biologic psoriasis market is now more than 45% and accelerating in Q4.

Jeff Stewart: Our in-play capture rates of new and switching patients have exceeded 55% across all lines of therapy, four times higher than the next closest competitor. When you consider Skyrizi's very high and durable skin clearance, including new and statistically significant data across the board for hard-to-treat areas like scalp, genitals, palmar, and planter, also widely demonstrated superior efficacy to both biologic and two oral agents, along with that simple quarterly dosing, we do not expect a material impact to our robust outlook in psoriasis from any existing or new therapies this year and beyond. Moving to PSA derm, where nearly 30% of patients visiting dermatologists have both skin and joint involvement, Skyrizi is now capturing roughly 1/4 of in-play patients on biologics across all lines of therapy in the U.S., further supporting Skyrizi's strong momentum.

Jeff Stewart: The PSA indication represents a critical differentiator in the psoriasis market, especially relative to emerging options where PSA efficacy is still unproven. Importantly, Skyrizi has achieved PSA frontline in-play patient share leadership for biologics in both the derm and the rheum segments. Turning more broadly to rheum, Rinvoq continues to achieve a leading mid-teen in-play patient share for RA across all lines of therapy in the US. This is roughly double our total TRX share, highlighting a nice setup for incremental share capture in RA over the next several years, driven by our active communication of the SELECT switch trial, with data demonstrating Rinvoq's doubling of remission rates versus treatment with a second TNF inhibitor. And lastly, in IBD, where we continue to deliver strong performance and remain very well-positioned.

Jeff Stewart: Importantly, and despite in-class competition for most of 2025, Skyrizi's capture rates remain exceptionally impressive, especially in that frontline treatment of IBD, which is the strongest signal of overall physician preference, and Skyrizi remains the clear leader. Skyrizi retains a very high IL-23 category patient share, with an in-play capture rate of approximately 75% in the frontline setting overall for IBD. This is driven by an even higher frontline capture rate for Skyrizi and Crohn's disease, which is roughly 2/3 of the total IBD market. These capture rates have been strong and consistent even as the IL-23 category expands rapidly. Skyrizi's dosing convenience is also favored, with less frequent maintenance treatment to the most effective dose for other IL-23s, which is very important as patients tend to be on therapy for many years.

Jeffrey Stewart: We remain very confident in Skyrizi's profile in IBD, including its demonstrated strong impact on clinical remission, as well as extremely strong endoscopic data with best-in-class placebo-adjusted rates, particularly in the bio-naive patients. You can see this clinical profile playing out well when you consider our current market shares by line of therapy. Importantly, and despite in-class competition for most of 2025, Skyrizi's capture rates remain exceptionally impressive, especially in that frontline treatment of IBD, which is the strongest signal of overall physician preference, and Skyrizi remains the clear leader. Skyrizi retains a very high IL-23 category patient share, with an in-play capture rate of approximately 75% in the frontline setting overall for IBD. This is driven by an even higher frontline capture rate for Skyrizi in Crohn's disease, which is roughly 2/3 of the total IBD market.

Jeff Stewart: So Skyrizi continues to perform very well and will continue to do so in 2026 and beyond. Equally importantly, and unlike any other competitor, we have a second compelling treatment in IBD, Rinvoq, which is also capturing robust mid-teens in-play share across all lines of therapy in Crohn's disease and ulcerative colitis. Rinvoq has demonstrated some of the strongest response rates to date in IBD, including rapidity of action, which is important for patients who need rapid control and durable remission. With Rinvoq's recently expanded label in IBD, patients will now have access to Rinvoq earlier in the treatment paradigm when anti-TNF treatment is clinically advisable. Skyrizi and Rinvoq are a great pair in IBD. Skyrizi is well-positioned in frontline, and we see more opportunity than ever before for Rinvoq in the second-line plus setting.

Jeffrey Stewart: And these capture rates have been strong and consistent, even as the IL-23 category expands rapidly. Skyrizi's dosing convenience is also favored, with less frequent maintenance treatment to the most effective dose for other IL-23s, which is very important as patients tend to be on therapy for many years. So Skyrizi continues to perform very well and will continue to do so in 2026 and beyond. Equally importantly, and unlike any other competitor, we have a second compelling treatment in IBD, Rinvoq, which is also capturing robust mid-teens in-play share across all lines of therapy in Crohn's disease and ulcerative colitis. Rinvoq has demonstrated some of the strongest response rates to date in IBD, including rapidity of action, which is important for patients who need rapid control and durable remission.

Jeff Stewart: This robust performance is driven by continued double-digit growth of Vraylar, with global sales of $1 billion, Botox Therapeutic, with global revenues of $990 million, Ubrelvy, with global sales of $339 million, and Qulipta, with global revenues of $288 million. Beyond these leading therapies for psychiatry and migraine, we are very excited for our emerging portfolio in Parkinson's disease, which we believe remains underappreciated. Vyalev's launch continues to be outstanding. Total sales were $183 million in the quarter, up approximately 33% on a sequential basis. The uptake is exceptionally strong across international markets, and we expect sales to ramp in the U.S., where Vyalev recently received full coverage. Feedback from prescribers and patients' communities remains very encouraging, highlighting meaningful improvements in on-time and off-time as a result of Vyalev's continuous 24-hour delivery and the control of symptoms morning, day, and night.

Jeffrey Stewart: We anticipate Humira access will decrease further throughout 2026 as more plans move to exclusive biosimilar contracts. Moving to neuroscience, where full-year revenues were more than $10.7 billion, reflecting impressive absolute sales growth of nearly $1.8 billion. In the quarter, total revenues were more than $2.9 billion, up 17.3% on an operational basis. This robust performance is driven by continued double-digit growth of Vraylar, with global sales of $1 billion, Botox Therapeutic, with global revenues of $990 million, Ubrelvy, with global sales of $339 million, and Qulipta, with global revenues of $288 million. Beyond these leading therapies for psychiatry and migraine, we are very excited for our emerging portfolio in Parkinson's disease, which we believe remains underappreciated. Vyalev's launch continues to be outstanding.

Jeff Stewart: Given these insights and the robust early launch trends globally, we now expect Vyalev to achieve blockbuster revenue in 2026. When you add Tavapadon for potential use as a monotherapy for early Parkinson's disease, as well as an adjunct to optimize oral therapy for more advanced patients, we believe we have the potential multi-billion-dollar emerging PD franchise over the long term. We remain on track for commercial approval of Tavapadon in the US later this year. Moving now to oncology, where total revenues were nearly $1.7 billion in the quarter, down 2.5% on an operational basis. Venclexta global sales were $710 million, up 6.4% on an operational basis, reflecting continued strong demand in CLL, with combination use of Venclexta plus BTK inhibitors emerging as a preferred all-oral fixed-duration treatment.

Jeff Stewart: In 2026, we anticipate another major commercial catalyst with the global approvals of Venclexta plus Calquence in combination, two leading brands in CLL offering patients the potential for time-off treatment, addressing an important need. Double-digit sales growth from Elahere, Epkinly, and Imdelltra also helped to partially offset the expected sales decline for Imbruvica, which was down 20.8%, primarily due to continued competitive dynamics. We do anticipate Imbruvica IRA pricing will unfavorably impact our oncology portfolio growth in 2026. Turning now to aesthetics, which delivered global sales of nearly $1.3 billion in the quarter, down 1.2% on an operational basis. Botox Cosmetic global revenues were $717 million, up 3.8% on an operational basis. Juvederm global sales were $249 million, down 10.8% on an operational basis.

Jeff Stewart: As we've seen over the last several quarters, economic headwinds have continued to impact market conditions globally, and we anticipate category growth will remain challenged in 2026. With our leading market shares relatively stable for both toxins and fillers, we are focused on investing to stimulate the market, which remains highly underpenetrated. We expect to further catalyze growth with new promotional programs for Botox, including the Only You campaign that was launched over the last several months with encouraging early results, an unbranded program to educate practices and consumers about the benefit of HA fillers with a focus on driving natural outcomes, as well as additional injector training, which will be supported by our three new AMI training centers in the US, as well as training programs in key international geographies. Bringing innovation to the aesthetics market with our pipeline is also a clear priority.

Jeffrey Stewart: We expect to further catalyze growth with new promotional programs for BOTOX, including the Only You campaign that was launched over the last several months with encouraging early results, an unbranded program to educate practices and consumers about the benefit of HA fillers, with a focus on driving natural outcomes, as well as additional injector training, which will be supported by our three new AMI training centers in the US, as well as training programs in key international geographies. Bringing innovation to the aesthetics market with our pipeline is also a clear priority. We look forward to commercializing Trenabot-E, a fast-acting, short-duration toxin, which is expected to be approved in the US later this year. So overall, I'm extremely pleased with the execution across our commercial portfolio, which is demonstrating very, very strong momentum as we head into 2026.

Liz Shea: We continue to make substantial progress with our early and mid-stage programs as well, where we have an exciting pipeline of next-generation therapies that have the potential to drive higher efficacy relative to standard of care. This year, we'll see data from our Crohn's disease platform study evaluating Skyrizi in combination with our novel anti-alpha-4 beta-7 antibody, ABBV-382, and our anti-IL-1 alpha-beta bispecific lutikizumab. Our extended half-life TL1A antibody will also be evaluated in combination with Skyrizi with a phase 2b dose ranging study in Crohn's and ulcerative colitis beginning later this year. Separately, a phase 2 study is underway to evaluate our TREM1 antibody as a monotherapy in Crohn's disease. Data from this study will be available later this year and will help inform our combination strategy for this molecule. The phase 1b trial for ABBV-319, our anti-CD19 ADC with a steroid payload, is now underway.

Roopal Thakkar: We continue to make substantial progress with our early and mid-stage programs as well, where we have an exciting pipeline of next-generation therapies that have the potential to drive higher efficacy relative to standard of care. This year, we'll see data from our Crohn's disease platform study evaluating Skyrizi in combination with our novel anti-alpha-4 beta-7 antibody, ABBV-382, and our anti-IL-1 alpha-beta bispecific lutikizumab. Our extended half-life TL1A antibody will also be evaluated in combination with Skyrizi with a phase 2b dose ranging study in Crohn's and ulcerative colitis beginning later this year. Separately, a phase 2 study is underway to evaluate our TREM1 antibody as a monotherapy in Crohn's disease. Data from this study will be available later this year and will help inform our combination strategy for this molecule. The phase 1b trial for ABBV-319, our anti-CD19 ADC with a steroid payload, is now underway.

Roopal Thakkar: We continue to make substantial progress with our early and midstage programs as well, where we have an exciting pipeline of next-generation therapies that have the potential to drive higher efficacy relative to standard of care. This year, we'll see data from our Crohn's disease platform study, evaluating Skyrizi in combination with our novel anti-alpha 4 beta 7 antibody, ABBV-382, and our anti-IL-1 alpha beta bispecific Lutikizumab. Our extended half-life TL1A antibody will also be evaluated in combination with Skyrizi, with a phase 2B dose-ranging study in Crohn's and ulcerative colitis beginning later this year. Separately, a phase 2 study is underway to evaluate our TREM-1 antibody as a monotherapy in Crohn's disease. Data from this study will be available later this year and will help inform our combination strategy for this molecule.

Liz Shea: We will soon begin dosing patients with our in vivo CD19 CAR-T, ABBV-619. These B-cell depleting approaches have the potential to become transformative modalities to reset the immune system and provide deep, durable, drug-free remission for patients with autoimmune diseases. Individual patient data from dose escalation studies will be available on a rolling basis, and we anticipate seeing efficacy results later this year. Several additional immunology assets will also be entering the clinic this year, including an extended half-life anti-IL-23 antibody and an oral peptide IL-23 inhibitor. Moving to oncology, progress continues with our next generation c-Met ADC TMAB-A. Strong data have been observed in late-line colorectal cancer as both a monotherapy and in combination with bevacizumab. Therefore, we will be initiating a phase 3 study this year in an all-comers population in combination with VEV.

Roopal Thakkar: We will soon begin dosing patients with our in vivo CD19 CAR-T, ABBV-619. These B-cell depleting approaches have the potential to become transformative modalities to reset the immune system and provide deep, durable, drug-free remission for patients with autoimmune diseases. Individual patient data from dose escalation studies will be available on a rolling basis, and we anticipate seeing efficacy results later this year. Several additional immunology assets will also be entering the clinic this year, including an extended half-life anti-IL-23 antibody and an oral peptide IL-23 inhibitor. Moving to oncology, progress continues with our next generation c-Met ADC TMAB-A. Strong data have been observed in late-line colorectal cancer as both a monotherapy and in combination with bevacizumab. Therefore, we will be initiating a phase 3 study this year in an all-comers population in combination with VEV.

Roopal Thakkar: The phase 1b trial for ABBV-319, our anti-CD19 ADC with a steroid payload, is now underway, and we will soon begin dosing patients with our in vivo CD19 CAR T, ABBV-619. These B-cell depleting approaches have the potential to become transformative modalities to reset the immune system and provide deep, durable, drug-free remission for patients with autoimmune diseases. Individual patient data from dose escalation studies will be available on a rolling basis, and we anticipate seeing efficacy results later this year. Several additional immunology assets will also be entering the clinic this year, including an extended half-life anti-IL-23 antibody and an oral peptide IL-23 inhibitor. Moving to oncology, progress continues with our next-generation cMet ADC, Temab-A. Strong data have been observed in late-line colorectal cancer as both a monotherapy and in combination with bevacizumab.

Liz Shea: Dose optimization continues for TMAB-A in non-small cell lung cancer, where both EGFR wild type and EGFR mutant populations are being evaluated. Data from these studies will be available next year, informing our phase 3 path. In pancreatic cancer, TMAB-A will be studied in combination with different regimens of chemotherapy. Later this year, data is anticipated in head and neck, and ovarian cancer. We're making very good progress across several tumor types with TMAB-A. We recently announced a deal with RemeGen for a PD-1/VEGF antibody. This molecule will be a nice complement to our IO portfolio and has demonstrated competitive monotherapy efficacy, as well as encouraging early data in IO and chemo combinations. Our strategy is to initially combine this PD-1/VEGF with TMAB-A in lung and colorectal, with other tumor types also under consideration.

Roopal Thakkar: Dose optimization continues for TMAB-A in non-small cell lung cancer, where both EGFR wild type and EGFR mutant populations are being evaluated. Data from these studies will be available next year, informing our phase 3 path. In pancreatic cancer, TMAB-A will be studied in combination with different regimens of chemotherapy. Later this year, data is anticipated in head and neck, and ovarian cancer. We're making very good progress across several tumor types with TMAB-A. We recently announced a deal with RemeGen for a PD-1/VEGF antibody. This molecule will be a nice complement to our IO portfolio and has demonstrated competitive monotherapy efficacy, as well as encouraging early data in IO and chemo combinations. Our strategy is to initially combine this PD-1/VEGF with TMAB-A in lung and colorectal, with other tumor types also under consideration.

Roopal Thakkar: Therefore, we will be initiating a phase 3 study this year in an all-comers population in combination with bev. Dose optimization continues for Temab-A in non-small cell lung cancer, where both EGFR wild type and EGFR mutant populations are being evaluated. Data from these studies will be available next year, informing our phase 3 path. In pancreatic cancer, Temab-A will be studied in combination with different regimens of chemotherapy. Later this year, data is anticipated in head and neck, and ovarian cancer. We're making very good progress across several tumor types with Temab-A. We recently announced a deal with RemeGen for a PD-1/VEGF antibody. This molecule will be a nice complement to our ADC portfolio and has demonstrated competitive monotherapy efficacy, as well as encouraging early data in ADC and chemo combinations.

Liz Shea: These novel combinations have the potential to drive faster disease control, longer duration, and ultimately longer survival. In small cell lung cancer, a phase 2 trial for ABBV-706 in combination with atezolizumab recently began in treatment-naïve patients. A phase 3 study in second-line plus patients is also planned to initiate this year. In hematologic malignancies, the regulatory application for PIVC and blastic plasmacytoid dendritic cell neoplasm is under review with the FDA. An approval decision is anticipated later this year. Enrollment is projected to complete this quarter in our phase 3 trial evaluating monotherapy Atentamig in third-line plus multiple myeloma, with an objective response rate readout anticipated in the second half of this year. A phase 2 study of Atentamig plus daratumumab in frontline transplant ineligible patients was recently initiated. Additionally, a phase 3 study in second-line evaluating Atentamig with pomalidomide is expected to begin by early 2027.

Roopal Thakkar: These novel combinations have the potential to drive faster disease control, longer duration, and ultimately longer survival. In small cell lung cancer, a phase 2 trial for ABBV-706 in combination with atezolizumab recently began in treatment-naïve patients. A phase 3 study in second-line plus patients is also planned to initiate this year. In hematologic malignancies, the regulatory application for PIVC and blastic plasmacytoid dendritic cell neoplasm is under review with the FDA. An approval decision is anticipated later this year. Enrollment is projected to complete this quarter in our phase 3 trial evaluating monotherapy Atentamig in third-line plus multiple myeloma, with an objective response rate readout anticipated in the second half of this year. A phase 2 study of Atentamig plus daratumumab in frontline transplant ineligible patients was recently initiated. Additionally, a phase 3 study in second-line evaluating Atentamig with pomalidomide is expected to begin by early 2027.

Roopal Thakkar: Our strategy is to initially combine this PD-1 VEGF with Temab-A in lung and colorectal, with other tumor types also under consideration. These novel combinations have the potential to drive faster disease control, longer duration, and ultimately longer survival. In small cell lung cancer, a phase 2 trial for ABBV-706 in combination with atezolizumab recently began in treatment-naïve patients. A phase 3 study in second-line-plus patients is also planned to initiate this year. In hematologic malignancies, the regulatory application for Pivec in blastic plasmacytoid dendritic cell neoplasm is under review with the FDA. An approval decision is anticipated later this year. Enrollment is projected to complete this quarter in our phase 3 trial, evaluating monotherapy Etentamig in third-line-plus multiple myeloma, with an objective response rate readout anticipated in the second half of this year. A phase 2 study of Etentamig plus daratumumab in front-line transplant-ineligible patients was recently initiated.

Liz Shea: Turning to neuroscience, in our movement disorder programs, an approval decision is anticipated in Q3 for Tavapadon in Parkinson's disease. As a highly effective treatment for motor symptoms with low rates of dyskinesia, edema, sedation, and impulse control disorder, Tavapadon has the potential to be an important new treatment option, both as a monotherapy and as an adjunct to levodopa/carbidopa in patients still experiencing motor fluctuations. This year, a phase 2 study assessing Trenibot E in essential tremor will begin. Essential tremor is the most common movement disorder and an area with considerable need for effective and tolerable therapies. Unlike most patients with spasticity, patients with essential tremor typically have normal strength. Therefore, it is important that neighboring muscles are not inadvertently affected. And this is by toxin diffusion.

Roopal Thakkar: Turning to neuroscience, in our movement disorder programs, an approval decision is anticipated in Q3 for Tavapadon in Parkinson's disease. As a highly effective treatment for motor symptoms with low rates of dyskinesia, edema, sedation, and impulse control disorder, Tavapadon has the potential to be an important new treatment option, both as a monotherapy and as an adjunct to levodopa/carbidopa in patients still experiencing motor fluctuations. This year, a phase 2 study assessing Trenibot E in essential tremor will begin. Essential tremor is the most common movement disorder and an area with considerable need for effective and tolerable therapies. Unlike most patients with spasticity, patients with essential tremor typically have normal strength. Therefore, it is important that neighboring muscles are not inadvertently affected. And this is by toxin diffusion.

Roopal Thakkar: Additionally, a Phase 3 study in second line, evaluating Etentamig with pomalidomide, is expected to begin by early 2027. Turning to neuroscience, in our movement disorder programs, an approval decision is anticipated in Q3 for Tavapadon in Parkinson's disease. As a highly effective treatment for motor symptoms with low rates of dyskinesia, edema, sedation, and impulse control disorder, Tavapadon has the potential to be an important new treatment option, both as a monotherapy and as an adjunct to levodopa/carbidopa in patients still experiencing motor fluctuations. This year, a Phase 2 study assessing Gemabot A in essential tremor will begin. Essential tremor is the most common movement disorder and an area with considerable need for effective and tolerable therapies. Unlike most patients with spasticity, patients with essential tremor typically have normal strength.

Liz Shea: Our new toxin is highly potent and has the potential for less spread to neighboring muscles, making it well-suited for treating essential tremor. In migraine, the Phase 3 Eclipse trial evaluating Qulipta for acute treatment of migraine met its primary and key secondary endpoints, with Qulipta demonstrating superiority over placebo. Approval decisions in Europe and Japan are expected later this year. Our Phase 3 studies evaluating Qulipta and Ubrelvy for menstrual migraine prevention are progressing well, with data from both trials expected in the second half of this year. Regulatory submission for Qulipta in Europe is anticipated later this year and for Ubrelvy in the US in 2027. Menstrual migraine is a distinct subtype affecting nearly 15% of women with migraine. Attacks are considered more difficult to treat, more disabling, last longer, and have a higher tendency to recur.

Roopal Thakkar: Our new toxin is highly potent and has the potential for less spread to neighboring muscles, making it well-suited for treating essential tremor. In migraine, the Phase 3 Eclipse trial evaluating Qulipta for acute treatment of migraine met its primary and key secondary endpoints, with Qulipta demonstrating superiority over placebo. Approval decisions in Europe and Japan are expected later this year. Our Phase 3 studies evaluating Qulipta and Ubrelvy for menstrual migraine prevention are progressing well, with data from both trials expected in the second half of this year. Regulatory submission for Qulipta in Europe is anticipated later this year and for Ubrelvy in the US in 2027. Menstrual migraine is a distinct subtype affecting nearly 15% of women with migraine. Attacks are considered more difficult to treat, more disabling, last longer, and have a higher tendency to recur.

Roopal Thakkar: Therefore, it is important that neighboring muscles are not inadvertently affected, and this is by toxin diffusion. Our new toxin is highly potent and has the potential for less spread to neighboring muscles, making it well suited for treating essential tremor. In migraine, the Phase 3 Eclipse trial, evaluating Qulipta for acute treatment of migraine, met its primary and key secondary endpoints, with Qulipta demonstrating superiority over placebo. Approval decisions in Europe and Japan are expected later this year. Our Phase 3 studies evaluating Qulipta and Ubrelvy for menstrual migraine prevention are progressing well, with data from both trials expected in the second half of this year. Regulatory submission for Qulipta in Europe is anticipated later this year and for Ubrelvy in the US in 2027. Menstrual migraine is a distinct subtype affecting nearly 15% of women with migraine.

Liz Shea: There is a clear need for more effective treatment for this form of migraine. In the area of psychiatry, several readouts and study starts are planned this year across multiple programs. Our dose escalation study continues for amyloid in schizophrenia, with the 75mg dose cleared and 100mg currently being assessed. Further dose escalation is planned until a tolerability threshold is reached. Based on the favorable profile with 75mg and the potential to move the dose even higher, amyloid will be moving forward in development as both a monotherapy and adjunct of treatment for schizophrenia. Dose ranging in elderly patients is also ongoing, which will support development plans in psychosis related to Alzheimer's, Parkinson's, and dementia with Lewy bodies. Phase 2 studies across all indications will begin after the completion of multiple ascending dose evaluation.

Roopal Thakkar: There is a clear need for more effective treatment for this form of migraine. In the area of psychiatry, several readouts and study starts are planned this year across multiple programs. Our dose escalation study continues for amyloid in schizophrenia, with the 75mg dose cleared and 100mg currently being assessed. Further dose escalation is planned until a tolerability threshold is reached. Based on the favorable profile with 75mg and the potential to move the dose even higher, amyloid will be moving forward in development as both a monotherapy and adjunct of treatment for schizophrenia. Dose ranging in elderly patients is also ongoing, which will support development plans in psychosis related to Alzheimer's, Parkinson's, and dementia with Lewy bodies. Phase 2 studies across all indications will begin after the completion of multiple ascending dose evaluation.

Roopal Thakkar: Attacks are considered more difficult to treat, more disabling, last longer, and have a higher tendency to recur. There is a clear need for more effective treatment for this form of migraine. In the area of psychiatry, several readouts and study starts are planned this year across multiple programs. Our dose escalation study continues for emraclidine in schizophrenia, with the 75mg dose cleared and 100mg currently being assessed. Further dose escalation is planned until a tolerability threshold is reached. Based on the favorable profile with 75mg and the potential to move the dose even higher, emraclidine will be moving forward in development as both a monotherapy and adjunctive treatment for schizophrenia. Dose ranging in elderly patients is also ongoing, which will support development plans in psychosis related to Alzheimer's, Parkinson's, and dementia with Lewy bodies.

Liz Shea: The phase 2 study for ABBV-932 in bipolar depression is nearing completion, and data is expected around the middle of this year. Data from the generalized anxiety disorder phase 2 is anticipated in the early part of 2027. This year, data from 2 additional cohorts from a phase 2 study evaluating Bretisilocin in major depressive disorder will help inform our development strategy and phase 3 plans. This short-acting psychedelic demonstrated very strong and durable efficacy in a preliminary phase 2 study. Based on this emerging profile, Bretisilocin has the potential to become a groundbreaking new treatment in depression. Moving to other areas of our pipeline, in obesity, data will be available this year from 2 ongoing phase 1 studies evaluating our long-acting amylin analog, ABBV-295, in overweight and obese patients. Results will guide our phase 2 program, which is expected to begin near the end of this year.

Roopal Thakkar: The phase 2 study for ABBV-932 in bipolar depression is nearing completion, and data is expected around the middle of this year. Data from the generalized anxiety disorder phase 2 is anticipated in the early part of 2027. This year, data from 2 additional cohorts from a phase 2 study evaluating Bretisilocin in major depressive disorder will help inform our development strategy and phase 3 plans. This short-acting psychedelic demonstrated very strong and durable efficacy in a preliminary phase 2 study. Based on this emerging profile, Bretisilocin has the potential to become a groundbreaking new treatment in depression. Moving to other areas of our pipeline, in obesity, data will be available this year from 2 ongoing phase 1 studies evaluating our long-acting amylin analog, ABBV-295, in overweight and obese patients. Results will guide our phase 2 program, which is expected to begin near the end of this year.

Liz Shea: In aesthetics, the regulatory application for our rapid onset short-acting toxin, Trenibot E, is under review, and an approval decision is expected this year. To summarize, we continue to demonstrate significant progress across all stages of our pipeline and anticipate many important regulatory and clinical milestones in 2026. With that, I'll turn the call over to Scott. Thank you, Roopal. Starting with our fourth quarter results, we reported adjusted earnings per share of $2.71, which is $0.08 above our guidance midpoint. These results include a $0.71 unfavorable impact from acquired IPR&D expense. Total net revenues were $16.6 billion, reflecting robust growth of 10%, including a 0.5% favorable impact from foreign exchange. Our ex-Humira growth platform delivered reported growth of 14.5%, once again exceeding our expectations. Adjusted gross margin was 83.6% of sales, adjusted R&D expense was 15.4% of sales, and adjusted SG&A expense was 22.3% of sales.

Liz Shea: The adjusted operating margin was 38.3% of sales, which included a 7.6% unfavorable impact from acquired IPR&D expense. Net interest expense was $655 million. The adjusted tax rate was 18.3%, reflecting the lower deductibility of the acquired IPR&D expense this quarter. Turning to our financial outlook for 2026, our full-year adjusted earnings per share guidance is between $14.37 and $14.57. Please note that this guidance does not include an estimate for acquired IPR&D expense that may be incurred throughout the year. We expect total net revenues of approximately $67 billion, reflecting growth of 9.5%. At current rates, we expect foreign exchange to have a roughly 0.8% favorable impact on full-year sales growth. This revenue forecast contemplates the following approximate assumptions for select key products and therapeutic areas.

Scott Reents: The adjusted operating margin was 38.3% of sales, which included a 7.6% unfavorable impact from acquired IPR&D expense. Net interest expense was $655 million. The adjusted tax rate was 18.3%, reflecting the lower deductibility of the acquired IPR&D expense this quarter. Turning to our financial outlook for 2026, our full-year adjusted earnings per share guidance is between $14.37 and $14.57. Please note that this guidance does not include an estimate for acquired IPR&D expense that may be incurred throughout the year. We expect total net revenues of approximately $67 billion, reflecting growth of 9.5%. At current rates, we expect foreign exchange to have a roughly 0.8% favorable impact on full-year sales growth. This revenue forecast contemplates the following approximate assumptions for select key products and therapeutic areas.

Liz Shea: We expect global immunology sales of $34.5 billion, including Skyrizi revenue of $21.5 billion, driven by market growth and share gains across the psoriatic and IBD indications. Rinvoq revenue of $10.1 billion, with growth across rheumatology, dermatology, and gastro indications. And Humira total revenue of $2.9 billion, reflecting continued biosimilar impact. For neuroscience, we expect global sales of $12.5 billion, reflecting robust double-digit growth. This includes Vraylar revenue of $4 billion, driven by continued strong prescription demand. Botox Therapeutic sales of $4.1 billion, with strong performance across indications. Total oral CGRP revenue of $2.9 billion, supported by market growth and share gains. And Vyalev sales of $1 billion, demonstrating the brand's impressive launch and multi-billion dollar potential.

Scott Reents: We expect global immunology sales of $34.5 billion, including Skyrizi revenue of $21.5 billion, driven by market growth and share gains across the psoriatic and IBD indications. Rinvoq revenue of $10.1 billion, with growth across rheumatology, dermatology, and gastro indications. And Humira total revenue of $2.9 billion, reflecting continued biosimilar impact. For neuroscience, we expect global sales of $12.5 billion, reflecting robust double-digit growth. This includes Vraylar revenue of $4 billion, driven by continued strong prescription demand. Botox Therapeutic sales of $4.1 billion, with strong performance across indications. Total oral CGRP revenue of $2.9 billion, supported by market growth and share gains. And Vyalev sales of $1 billion, demonstrating the brand's impressive launch and multi-billion dollar potential.

Scott Reents: We expect global immunology sales of $34.5 billion, including Skyrizi revenue of $21.5 billion, driven by market growth and share gains across the psoriatic and IBD indications. Rinvoq revenue of $10.1 billion, with growth across rheum, derm, and gastro indications, and Humira total revenue of $2.9 billion, reflecting continued biosimilar impact. For neuroscience, we expect global sales of $12.5 billion, reflecting robust double-digit growth. This includes Vraylar revenue of $4 billion, driven by continued strong prescription demand. BOTOX Therapeutic sales of $4.1 billion, with strong performance across indications. Total oral CGRP revenue of $2.9 billion, supported by market growth and share gains, and Vyalev sales of $1 billion, demonstrating the brand's impressive launch and multibillion-dollar potential....

Liz Shea: In oncology, we expect global sales of $6.5 billion, including Imbruvica revenue of $2.2 billion, reflecting competitive headwinds and the impact of lower IRA-related pricing, Venclexta sales of $3 billion, which reflects continued strong demand, and Elahere revenue of $850 million. For aesthetics, we expect global sales of $5 billion. This includes Botox Cosmetic revenue of $2.7 billion, reflecting modest market growth and relatively stable market share, and Juvéderm sales of $950 million, reflecting continued headwinds in key dermal filler markets. Moving to the P&L for 2026, we are forecasting full-year adjusted gross margin above 84% of sales, adjusted R&D expense of approximately $9.7 billion, and adjusted SG&A expense of approximately $14.2 billion. We also expect an adjusted operating margin ratio of approximately 48.5%, reflecting meaningful expansion compared to 2025. We expect adjusted net interest expense of approximately $2.8 billion, which includes anticipated refinancing.

Scott Reents: In oncology, we expect global sales of $6.5 billion, including Imbruvica revenue of $2.2 billion, reflecting competitive headwinds and the impact of lower IRA-related pricing, Venclexta sales of $3 billion, which reflects continued strong demand, and Elahere revenue of $850 million. For aesthetics, we expect global sales of $5 billion. This includes Botox Cosmetic revenue of $2.7 billion, reflecting modest market growth and relatively stable market share, and Juvéderm sales of $950 million, reflecting continued headwinds in key dermal filler markets. Moving to the P&L for 2026, we are forecasting full-year adjusted gross margin above 84% of sales, adjusted R&D expense of approximately $9.7 billion, and adjusted SG&A expense of approximately $14.2 billion. We also expect an adjusted operating margin ratio of approximately 48.5%, reflecting meaningful expansion compared to 2025. We expect adjusted net interest expense of approximately $2.8 billion, which includes anticipated refinancing.

Liz Shea: We forecast our non-GAAP tax rate to be approximately 14%, reflecting a modest underlying improvement compared to 2025 due to recent tax law changes. Keep in mind that last year's non-GAAP tax rate of 18% included a 3% impact from acquired IPR&D expense. Finally, we expect our share count to be roughly in line with 2025. Turning to the first quarter, we anticipate net revenues of approximately $14.7 billion. At current rates, we expect foreign exchange to have a roughly 2% favorable impact on sales growth. This revenue forecast considers the following approximate assumptions for key products and selected therapeutic areas. We expect global immunology sales to approach $7.1 billion, including Skyrizi sales of $4.4 billion and Rinvoq revenue of $2 billion, reflecting typical seasonality as well as an unfavorable price comparison for Rinvoq related to timing of prior year rebates in the first half.

Scott Reents: We forecast our non-GAAP tax rate to be approximately 14%, reflecting a modest underlying improvement compared to 2025 due to recent tax law changes. Keep in mind that last year's non-GAAP tax rate of 18% included a 3% impact from acquired IPR&D expense. Finally, we expect our share count to be roughly in line with 2025. Turning to the first quarter, we anticipate net revenues of approximately $14.7 billion. At current rates, we expect foreign exchange to have a roughly 2% favorable impact on sales growth. This revenue forecast considers the following approximate assumptions for key products and selected therapeutic areas. We expect global immunology sales to approach $7.1 billion, including Skyrizi sales of $4.4 billion and Rinvoq revenue of $2 billion, reflecting typical seasonality as well as an unfavorable price comparison for Rinvoq related to timing of prior year rebates in the first half.

Scott Reents: We also expect an adjusted operating margin ratio of approximately 48.5%, reflecting meaningful expansion compared to 2025. We expect adjusted net interest expense of approximately $2.8 billion, which includes anticipated refinancing. We forecast our non-GAAP tax rate to be approximately 14%, reflecting a modest underlying improvement compared to 2025 due to recent tax law changes. Keep in mind that last year's non-GAAP tax rate of 18% included a 3% impact from acquired IP R&D expense. Finally, we expect our share count to be roughly in line with 2025. Turning to Q1, we anticipate net revenues of approximately $14.7 billion. At current rates, we expect foreign exchange to have a roughly 2% favorable impact on sales growth. This revenue forecast considers the following approximate assumptions for key products and selected therapeutic areas.

Liz Shea: We also anticipate neuroscience revenue of $2.8 billion, oncology sales of $1.6 billion, and aesthetics revenue of $1.2 billion, reflecting growth of roughly 9%, including a favorable comparison as we lap one-time price headwinds associated with changes to the ALI program. We are forecasting an adjusted operating margin ratio of roughly 46% and model a non-GAAP tax rate of approximately 13.7%. We expect adjusted earnings per share between $2.97 and 3.01. This guidance does not include acquired IPR&D expense that may be incurred in the quarter. Finally, AbbVie's robust business performance continues to support our capital allocation priorities. Our cash balance at the end of December was approximately $5.2 billion, and we expect to generate free cash flow of approximately $18.5 billion in 2026, which includes roughly $3.5 billion of Skyrizi royalty payments.

Scott Reents: We also anticipate neuroscience revenue of $2.8 billion, oncology sales of $1.6 billion, and aesthetics revenue of $1.2 billion, reflecting growth of roughly 9%, including a favorable comparison as we lap one-time price headwinds associated with changes to the ALI program. We are forecasting an adjusted operating margin ratio of roughly 46% and model a non-GAAP tax rate of approximately 13.7%. We expect adjusted earnings per share between $2.97 and 3.01. This guidance does not include acquired IPR&D expense that may be incurred in the quarter. Finally, AbbVie's robust business performance continues to support our capital allocation priorities. Our cash balance at the end of December was approximately $5.2 billion, and we expect to generate free cash flow of approximately $18.5 billion in 2026, which includes roughly $3.5 billion of Skyrizi royalty payments.

Liz Shea: This free cash flow will support a strong and growing quarterly dividend, which we have increased by more than 330% since inception, as well as investments in business development to further enhance our portfolio. In closing, we are pleased with AbbVie's results in 2025, and our financial outlook remains very strong. We have significant momentum across our diverse portfolio and are well positioned to deliver strong results in 2026 and beyond. With that, I'll turn the call back over to Liz. Thanks, Scott. We will 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, we'll take the first question, please. Thank you. As a reminder, if you would like to ask a question, please press star one and record your name.

Scott Reents: This guidance does not include acquired IP R&D expense that may be incurred in the quarter. Finally, AbbVie's robust business performance continues to support our capital allocation priorities. Our cash balance at the end of December was approximately $5.2 billion, and we expect to generate free cash flow of approximately $18.5 billion in 2026, which includes roughly $3.5 billion of Skyrizi royalty payments. This free cash flow will support a strong and growing quarterly dividend, which we have increased by more than 330% since inception, as well as investments in business development to further enhance our portfolio. In closing, we are pleased with AbbVie's results in 2025, and our financial outlook remains very strong. We have significant momentum across our diverse portfolio and are well-positioned to deliver strong results in 2026 and beyond.

Liz Shea: The first question in the queue is from David Risinger with Leerink Partners. Your line is open. Thanks very much, and congrats on the solid fourth quarter and the momentum of the company. I just have one question, which is you mentioned the psychedelic that's in development. Could you please provide some more details on that, including the opportunity to improve upon the profile of J&J's Spravato? Thanks very much. Hi, it's Roopal. I'll take that one. We see this one as a potential breakthrough type of therapy in a couple of elements. One is it works through 5-HT2A, serotonergic pathway, and has a short-acting, I would say, hallucination time period where patients experience the potential hallucinations upfront, and then it rapidly goes away. And what we've observed is that you see immediate efficacy, and then you see that efficacy held on for quite some time. So that's a benefit.

Liz Shea: And then we'll have a phase 3 plan going forward that we'll discuss with regulators. But this has a potential to be highly differentiated. Thanks, Dave. Thank you. Operator, next question, please. Yes, the next question is from Chris Schott with JPMorgan. Your line is open. Great. Thanks so much. Just a couple-parter on the immunology franchise. I guess just first on Skyrizi in IBD. It sounds like you haven't really seen any change in new start share here with the Tremfya entry. Here's my question: Is that the case in both Crohn's and UC, or is that just more a holistic kind of IBD comment? And my kind of bigger picture question is, I think reading more investors feeling that the street now better understands the potential for Skyrizi and Rinvoq over time, and the result is no longer as much potential upside to numbers.

All right, great, thanks so much. Just a couple partner on the, uh, the Immunology franchise I guess just works on Sky Rizzi in IBD. It sounds like you haven't really seen any change in, in new start, share here with the trim fee entry. I guess my question is that the case in both Crohn's and UC or is that just more a holistic kind of IBD comment? And and my bigger picture question is, I think reading more investors feeling that the street. Now better understands the potential for sky rzy and book over time as a result is no longer as much potential upside to numbers. I guess it just be true in your view of consensus growth expectations for these assets over time as the market. Now, largely getting this right at this point or or do you see further potential for for growth upside? As you think about the breadth of indications, Etc. Thank you.

And they're very high in both UC and Crohn's. If you look at where the starts are coming from, and I mentioned in my prepared remarks, we have very very high capture rates. 75% overall, in IBD, in Frontline setting, which sort of gives you a sense of where, the preference of the customers are, uh, and it's 80%, I didn't highlight that in my speech. It's 80% in Chrome. So it's slightly lower in, in in, you see, on the Frontline setting. So, we see the Dynamics, again, as very stable and High new patient starts, despite the competitive entrance, High capture rate, leading capture rates by far in front line, which is really, really critical, which gives you a sense that competitors coming in and capturing in the second line. Um, and then overall we see a very substantial uh overall il23 uh category expansion. So when we look at all of those Dynamics are compete, level is extremely high uh and we're

Yeah. Hi Chris. It's Jeff. So, you know, we, we see some slight distinctions between, uh, the capture rate for sky in Crohn's versus UC, and that's really probably largely based on on when the launches took place with, uh, the competitors. But as I mentioned, and it may not be widely understood we, we see, definitely a bifurcation and where the capture rate is coming. It's quite clear that our, our, our new patient starts are are very, very stable and they're very high in both UC and Crohn's. If you look at where the starts are coming from, and I mentioned in my prepared remarks, we have very very high capture rates. 75% overall, in IBD, in Frontline setting, which sort of gives you a sense of where the reference of the customers are, uh, and it's 80%. I didn't highlight that in my speech. It's 80% in Chrome. So it's slightly lower in in in you see, on the front line setting. So we see the Dynamics again, is very stable.

Able and High new patient starts, despite the competitive entrance, High capture rate, leading capture rates by far and front line, which is really really critical, which gives you a sense that competitors coming in and capturing in the second line. Um, and then overall we see a very substantial uh overall il23 uh category expansion. So when we look at all of those Dynamics are compete. Level is extremely high uh and we're very very comfortable with the momentum that we're going to continue to see with with Sky Rizzi even before we get to Reno coming in in the later line. So that gives you some sense overall on IBD. I'll let maybe Rob address the uh, exact question. Yeah. So Chris, this is Rob, thanks for your question. Look, I I I I I see uh, numerous sources of, of upside across the Enterprise. I'll start with your question on skyros and Reno obviously. The combined guidance for this year is already half a billion higher than our 2027 estimate and we do expect both governments in revoked

Liz Shea: We think our Parkinson's franchise, including Vyalev, Duopa, and Tavapadon, can achieve peak sales in excess of $5 billion. That's not reflected in treatment models. Given the ramp of our oral CGRPs, we believe our migraine franchise will also exceed $5 billion in peak sales. Recall, we gave peak sales estimates of greater than $3 billion. Based on this year's guidance, we're almost there. Clearly, the street is not modeling that type of upside for our migraine business. In psychiatry, we have several next-generation assets with 932, Bretisilocin, as Roopal highlighted, and Emraclidine, which we're clearly studying the dose. That can help replace the $5 billion peak of Vraylar after its LOE in 2030. We're in a very strong position to lead in neuroscience for the long term with three $5 billion-plus franchises.

Rob Michael: We think our Parkinson's franchise, including Vyalev, Duopa, and Tavapadon, can achieve peak sales in excess of $5 billion. That's not reflected in treatment models. Given the ramp of our oral CGRPs, we believe our migraine franchise will also exceed $5 billion in peak sales. Recall, we gave peak sales estimates of greater than $3 billion. Based on this year's guidance, we're almost there. Clearly, the street is not modeling that type of upside for our migraine business. In psychiatry, we have several next-generation assets with 932, Bretisilocin, as Roopal highlighted, and Emraclidine, which we're clearly studying the dose. That can help replace the $5 billion peak of Vraylar after its LOE in 2030. We're in a very strong position to lead in neuroscience for the long term with three $5 billion-plus franchises.

Robert Michael: You know, we have a lot of confidence in the, in the long-term potential for those two assets. But beyond immunology, when you look at AbbVie, I think what's underappreciated is both, I'd say, neuroscience and oncology in particular. I think neuroscience clearly overperforming. We delivered nearly 20% growth last year. We expect to deliver mid-teens growth this year, will put us in a number one position in the industry. I mean, Vyalev will already achieve our peak sales guidance this year. We had given long-term guidance of greater than $1 billion peak. We're guiding to $1 billion. We think our Parkinson's franchise, including Vyalev, Duodopa, and Tavapadon, can achieve peak sales in excess of $5 billion. That's not reflected in Street models. And given the ramp of our oral CGRPs, we believe our migraine franchise will also exceed $5 billion in peak sales.

80% growth last year, we expected to deliver mid- teens growth. This year will put us in the number 1 position in the industry. I mean, Vivi has already well already achieved. Our Peak sales guidance. This year, we had given long-term guidance of greater than billion dollars Peak. We're guiding to a billion dollars. Uh, we think our Parkinson's franchise including BV, duopa and tappedin can achieve Peak sales in excess of 5 billion that's not reflected in Street mode and given the ramp of our oral CPS, we believe our migraine franchise will also exceed 5 billion in Peak sales. Recall we gave uh Peak sales estimates for greater than 3 billion based on this year's guidance we're almost there. Um and so clearly the street is not modeling that type of upside for our migraine business. And Psychiatry we have several Next Generation assets with 932 breathing as ruple highlighted and Iraq leading, uh, which we're clearly studying the dose, uh, that can help replace the 5 billion peak of rayar after its Eloy in 2030. So we're in a very strong position to lead in Neuroscience for the

Liz Shea: I haven't even mentioned essential tremor or other therapeutic toxin indications or the opportunity in Alzheimer's. So we have, I'd say, a profound opportunity to lead in neuroscience for the long term, and that's clearly not reflected in street models. Then when I look at oncology, we have a very compelling pipeline that doesn't get enough attention. I mean, for example, our ADC, Team AbA, has shown promising data in CRC, lung, gastroesophageal, and pancreatic cancers. In CRC alone, Team AbA has the potential to be a multi-billion dollar opportunity, not to mention the other solid tumors that it could potentially treat. We also have exciting opportunities in oncology, such as Atentamig and the follow-on trispecifics in multiple myeloma, 706 in small cell lung cancer, and 969 in prostate cancer. So we have many opportunities to deliver upside to street long-term estimates.

Rob Michael: I haven't even mentioned essential tremor or other therapeutic toxin indications or the opportunity in Alzheimer's. So we have, I'd say, a profound opportunity to lead in neuroscience for the long term, and that's clearly not reflected in street models. Then when I look at oncology, we have a very compelling pipeline that doesn't get enough attention. I mean, for example, our ADC, Team AbA, has shown promising data in CRC, lung, gastroesophageal, and pancreatic cancers. In CRC alone, Team AbA has the potential to be a multi-billion dollar opportunity, not to mention the other solid tumors that it could potentially treat. We also have exciting opportunities in oncology, such as Atentamig and the follow-on trispecifics in multiple myeloma, 706 in small cell lung cancer, and 969 in prostate cancer. So we have many opportunities to deliver upside to street long-term estimates.

Robert Michael: Recall, we gave peak sales estimates of greater than $3 billion. Based on this year's guidance, we're almost there. And so clearly, the Street is not modeling that type of upside for our migraine business. In psychiatry, we have several next-generation assets with nine three two, brexilumab, as Roopal highlighted, and emraclidine, which we're clearly studying the dose that can help replace the $5 billion peak of Vraylar after its LOE in 2030. So we're in a very strong position to lead in neuroscience for the long term with three, $5 billion-dollar plus franchises. And I haven't even mentioned essential tremor or other therapeutic toxin indications or the opportunity in Alzheimer's. And so, you know, we have, I'd say, a profound opportunity to lead in neuroscience for the long term, and that's clearly not reflected in street models.

Is both, I'd say neuroscience and oncology in particular, it's in Neuroscience clearly. Over performing we delivered nearly 20% growth last year, we expected to deliver mid-teens growth this year. It'll put us in the number 1 position in the industry. I mean, Vivi has already well already achieved. Our Peak sales guidance. This year, we had given long-term guidance of greater than billion dollars Peak. We're guiding to a billion dollars. Uh, we think our Parkinson's franchise including bioled, duopa and taped on can achieve Peak sales in excess of 5 billion. That's not reflected in truth 3 models and given the ramp of our oral cgrp. We believe our migraine franchise will also exceed 5 billion in Peak sales. Recall we gave uh Peak sales estimates of greater than 3 billion based on this year's guidance we're almost there. Um and so clearly the street is not modeling that type of upside for our migraine business and Psychiatry we have several Next Generation assets with 9-speed 2, breathing, as ruple, highlighted and Iraq leading, uh, which we're clearly studying the dose, uh, that can help replace the 5.

Liz Shea: And then maybe for Roopal, just wondering if you can frame expectations for the upcoming Rinvoq and Lutikizumab Phase 3 HS data in terms of what you'd like to see from a target profile perspective. Thank you. Hi, Terence. Rob, so I'll take your first question here. You're right. If you look at, in the last two years, we've invested over $8 billion in external innovation that have added significant depth to our pipeline with more than 30 deals. And again, these are opportunities that can drive growth in the next decade and beyond. To recap, I mean, in immunology, we've added new mechanisms such as TL1A and TREM1 that can play a key role in our combination strategy. We've added oral peptides capabilities from Nimble, the in vivo CAR-T platform from Capstan. In neuroscience, again, our next-generation assets in psychiatry, 932, Bretisilocin, and Emraclidine, have all come through BD.

Liz Shea: We acquired a very compelling brain shuttle platform from Aliada that gives us, I'd say, a very compelling opportunity in Alzheimer's. In oncology, we've added trispecifics in multiple myeloma that can follow Etentamig, the in vivo CAR-T platform from Umoja, as well as a PD-1 VEGF antibody, which I highlighted in my remarks, which will complement our ADC portfolio. I should also mention the siRNA platform from ARX can really generate opportunities across all three of those therapeutic areas. I mean, we're clearly focused on early-stage opportunities so that we have solid growth drivers in the middle part of the next decade, given how sizable we expect Skyrizi and Rinvoq to be. That's also why we utilize BD to enter into another growth area in obesity, which we will build upon as we identify other differentiated assets.

Rob Michael: We acquired a very compelling brain shuttle platform from Aliada that gives us, I'd say, a very compelling opportunity in Alzheimer's. In oncology, we've added trispecifics in multiple myeloma that can follow Etentamig, the in vivo CAR-T platform from Umoja, as well as a PD-1 VEGF antibody, which I highlighted in my remarks, which will complement our ADC portfolio. I should also mention the siRNA platform from ARX can really generate opportunities across all three of those therapeutic areas. I mean, we're clearly focused on early-stage opportunities so that we have solid growth drivers in the middle part of the next decade, given how sizable we expect Skyrizi and Rinvoq to be. That's also why we utilize BD to enter into another growth area in obesity, which we will build upon as we identify other differentiated assets.

Hi Terrence robs. I'll take your first question here. You're right. If you look at in the last 2 years, we've invested over 8 billion in extra Innovation that have added significant depth to our Pipeline with more than 30 deals. And again, these are opportunities I can drive growth in in the next decade and Beyond uh, to recap. I mean Immunology. You know, we've added new mechanisms such as tl1a and trim 1 that can play a key role in our combination strategy. We've added oral peptides capabilities, from Nimble, the invo, carti platform from cap, stand and Neuroscience again. Our next Generation assets and Psychiatry 932 bretto and mine have all come through VD, and we acquired a very compelling, Great Brain shell platform from alliata. That gives us an, I'd say, a very compelling opportunity in Alzheimer's and oncology. We've added try specifics and multiple myeloma that can follow a ten to make the invivo. Carti platform from umoja as well as a pd1 vegf antibody, which I highlighted as my remarks, which will complement our ADC portfolio. And I should also mention the sirna platform from a

Robert Michael: In neuroscience, again, our next generation assets in psychiatry, 932, brexpiprazole and emraclidine, have all come through BD, and we acquired a very compelling brain-shell platform from Aliada that gives us, I'd say, a very compelling opportunity in all spheres. In oncology, we've added trispecific to multiple myeloma that can follow etentamig, the in vivo CAR T platform from Umoja, as well as a PD-1 VEGF antibody, which I highlighted in my remarks, which will complement our ADC portfolio. And I should also mention the siRNA platform from ADARx can really generate opportunities across all three of those therapeutic areas. I mean, we're clearly focused on early-stage opportunities so that we have solid growth drivers in the middle part of the next decade, given how sizable we expect Skyrizi and Rinvoq to be.

From alliata that gives us an I'd say, a very compelling opportunity in Alzheimer's and oncology. We've added try specifics and multiple myeloma that can follow a tend to make the invivo carti platform from yoa as well as a pd1 vegf antibody, which I highlighted in my remarks, which will complement our ADC portfolio. And I should also mention the srna platform from an 8rx can really generate opportunities across all 3 of those therapeutic areas. I mean we're clearly focused on early stage opportunities so that we have solved growth drivers in the middle, part of the next decade, given how sizable we expect skyros and Runo to be. And that's also why we utilize BD to enter into another growth area in obesity, which we will build upon as we identify other differentiated assets. We're clearly, uh, take it a close. Look at what's available out there and to the extent, we see something that we feel is differentiated. We will pursue it and I would say to the extent, we see a differentiate asset in any of our core areas, whether early or late stage and I think sometimes there's a, a misconception that we're only interested in early stage. We we are willing

Liz Shea: And the dermatologists will already have familiarity with it when they've already used it for atopic dermatitis, and soon alopecia areata and vitiligo. So maybe the efficacy won't be as sky-high as we would see in a naive population, but we think it can be very meaningful because patients tend to cycle off of these assets as they become available. Now, with Lutikizumab, that one is a different mechanism. It's IL-1 beta. Beta in particular, it's very highly expressed in tissues of patients with hidradenitis suppurativa. And that one will be studied in a naive population and an experienced population. And so far in phase 2, we've seen amongst the highest efficacy been reported. So hopefully, in phase 3, we'll see something similar. But you can also follow the positioning of these two future medicines in this space, similar to what Jeff was describing previously in IBD.

Rob Michael: And the dermatologists will already have familiarity with it when they've already used it for atopic dermatitis, and soon alopecia areata and vitiligo. So maybe the efficacy won't be as sky-high as we would see in a naive population, but we think it can be very meaningful because patients tend to cycle off of these assets as they become available. Now, with Lutikizumab, that one is a different mechanism. It's IL-1 beta. Beta in particular, it's very highly expressed in tissues of patients with hidradenitis suppurativa. And that one will be studied in a naive population and an experienced population. And so far in phase 2, we've seen amongst the highest efficacy been reported. So hopefully, in phase 3, we'll see something similar. But you can also follow the positioning of these two future medicines in this space, similar to what Jeff was describing previously in IBD.

Liz Shea: We'll have a lead asset in the naive setting. This would be Lutikizumab. It has also shown very strong safety profile, high efficacy in phase 2, and then one for those patients that are not finding relief with current biologics or even Ludi. So our sales teams and medical teams will have both of these to talk about in a similar concept that we have now demonstrated with IBD quite successfully. Thanks, Terence. Operator, next question, please. Next question is from Asad Haider with Goldman Sachs. Your line is open. Great. Thanks. Maybe first for Roopal, you talked about this a little bit already, but maybe if you could expand upon how you see the oncology portfolio evolving from here with respect to novel-novel combos. You've got this new externally sourced PD-1/VEGF bispecific that you just brought in alongside your existing ADC assets.

Great. Um thanks uh, maybe Plus for Ruppel. Uh, you talked about this a little bit already, but maybe if you could expand upon how you see the oncology portfolio evolving from here, um, with respect to novel novel, combos, you've got this new externally, sourced pd1, budget by specific that. You just brought in alongside your existing ADC assets. Do you see the portfolio as appropriately positioned? Now from that perspective? And are there other gaps that you see with respect to whether the The Sciences evolving? And then if I could just also throw 1 in for Scott on the Aesthetics franchise that's been in a protracted downturn. Based on macro headwinds, I know you've talked about efforts to revitalize growth looking at Trend board, e approval later this year, as a potential Catalyst, are you able to provide any quantitative framing on what you expect to see post approval and launch? I just recognizing that there are some investment debates about the commercial opportunity for that program. Thank you.

Liz Shea: We get rapid efficacy, which is very important, and the strategy being maintaining that efficacy like a chemotherapy or better, but having a better tolerability profile. For example, in comparison to conventional chemo, we don't see the high rates of stomatitis, diarrhea, hair loss, which in fact you still see with certain ADCs, but we don't see that profile with our construct, with our linker technology, and our particular TOPA warhead, whether that's against c-Met or SEZ6, for example. So that's a starting point. And then the combinations become very important to help build on the durability of these assets and utilization over the long term so the patient is able to benefit maximally. And we believe a PD-1/VEGF is a terrific combo partner. I mentioned colorectal and lung thus far, but as I stated, we're going to see Teliso-V read out in head and neck and ovarian.

Liz Shea: The other internal development programs and assets we already have that we're working on that hopefully will get to the clinic soon is in KRAS. We are interested in lung, colorectal, pancreatic, strong data in pancreatic with Team AbA already. And we feel in the future, having a selective KRAS, hopefully that avoids NRAS, would allow for optimal combinations. So I would say very excited on the solid front. And just to briefly touch on, Rob mentioned 969. We haven't talked much about that today. However, we're trying to get that data to ASCO, so I would look for that. That is taking our bispecific technology, similar construct than how we built Lutikizumab against IL-1 alpha beta. But in prostate cancer, this would be against PSMA and STEAP. And then we take the warhead and linker technology from Team AbA and add that to 969.

Roopal Thakkar: The other internal development programs and assets we already have that we're working on that hopefully will get to the clinic soon is in KRAS. We are interested in lung, colorectal, pancreatic, strong data in pancreatic with Team AbA already. And we feel in the future, having a selective KRAS, hopefully that avoids NRAS, would allow for optimal combinations. So I would say very excited on the solid front. And just to briefly touch on, Rob mentioned 969. We haven't talked much about that today. However, we're trying to get that data to ASCO, so I would look for that. That is taking our bispecific technology, similar construct than how we built Lutikizumab against IL-1 alpha beta. But in prostate cancer, this would be against PSMA and STEAP. And then we take the warhead and linker technology from Team AbA and add that to 969.

And then maybe it's Jeff, I'll I'll I'll I'll address your uh training bots in the uh Botox question. I think what's important is we look into into 2026 largely what we see is that the sales impact of the trendy bot will largely acrew really to Botox, and I'll walk through that, but given given the timing of the launch and the fact that right now we have plans to train, you know, 12,000 cor injectors. It's really going to not really appear until towards the end of the year, but it's going to gate heavily into 27. So I'll give you some sense of how the Dynamics will work. We, we believe, when we look at the, uh, patient funnel that, uh, at Peak we could potentially up to double the, inflow of patients that would basically start to move into the toxin Market because they're still, you know, we look in the US, 55 million considers, that just haven't made that leap yet. So, the first Dynamic is, uh, this the stimulation of the market that starts to start to gate in at the end of

Liz Shea: And the way that we think about that metric is right now, we have very high leading share in the US in the low 60s%. We would anticipate that once patients start on Trenibot as they start to gate in over this time period, that we have a much higher conversion rate than our existing share. So it starts to build share as well. And so net-net, we're very excited about this innovation. We think it's going to operate to sort of increase inflows substantially over our plan, again, more in the 2027 and beyond standpoint as we get the training ramped up and also accrue to Botox share. So that's how we're looking at that market development over time. Thanks, Asad. Operator, next question, please. Next question comes from Vamil Divan with Guggenheim Securities. Your line is open. Great. Thanks for taking the question.

Jeff Stewart: Yeah. And also in terms of the pricing separation, we're comfortable with how we understand that effectuation may ultimately take place if and when it does happen in 2028. Certainly, we did see that when the announcement was made, there were comments around Botox Cosmetic, but that's just more of a formulaic dynamic with the way the government looks at NDCs. But it's quite clear that there's a cash-pay component, so we don't see a large or meaningful interaction between the two, even if we do see the negotiation take place in 2028. Sure. And this is Scott. I'll address your question on pricing for Skyrizi and Rinvoq. So we've talked about it, and we continue to expect low single-digit pricing headwinds for both those products, both in 2026 and over the next few years as well. That's what we've seen. I would tell you that 2025 was unique.

Liz Shea: And also in terms of the pricing separation, we're comfortable with how we understand that effectuation may ultimately take place if and when it does happen in 2028. Certainly, we did see that when the announcement was made, there were comments around Botox Cosmetic, but that's just more of a formulaic dynamic with the way the government looks at NDCs. But it's quite clear that there's a cash-pay component, so we don't see a large or meaningful interaction between the two, even if we do see the negotiation take place in 2028. Sure. And this is Scott. I'll address your question on pricing for Skyrizi and Rinvoq. So we've talked about it, and we continue to expect low single-digit pricing headwinds for both those products, both in 2026 and over the next few years as well. That's what we've seen. I would tell you that 2025 was unique.

Liz Shea: We had some pricing tailwinds in 2025. And so in the end, for Skyrizi, we were roughly flat for pricing on the year for Skyrizi. We had some positive price in the first half of the year, and it was negative price in the back half of the year. And Rinvoq was slightly down on a year-over-year basis for pricing in 2025 as well, pricing favorability in the first half and pricing unfavorability in the second half, netting to slightly down. That does come into play when we look at, for instance, the first quarter of Rinvoq. You'll see that pricing headwind, frankly, in the high single digits as an unfavorable comparison that Rinvoq is facing on a prior year basis. So those dynamics will play, but you're going to see low single-digit pricing in 2026 for both products and then going forward as well as our anticipation. Thanks, Vamil.

Jeff Stewart: We had some pricing tailwinds in 2025. And so in the end, for Skyrizi, we were roughly flat for pricing on the year for Skyrizi. We had some positive price in the first half of the year, and it was negative price in the back half of the year. And Rinvoq was slightly down on a year-over-year basis for pricing in 2025 as well, pricing favorability in the first half and pricing unfavorability in the second half, netting to slightly down. That does come into play when we look at, for instance, the first quarter of Rinvoq. You'll see that pricing headwind, frankly, in the high single digits as an unfavorable comparison that Rinvoq is facing on a prior year basis. So those dynamics will play, but you're going to see low single-digit pricing in 2026 for both products and then going forward as well as our anticipation.

Sure. Uh, and this is Scott, I'll address your question on pricing for Sky RI and revoke. So we we've talked about it and we continue to expect low single digit pricing headwinds, for both, those products uh, both in 26 and and over the next few years as well. That's that that's what we've seen. I would tell you that 25 was was unique, we had some pricing Tailwind in 25. And so in the in the end for Sky Rizzi we were uh roughly flat for pricing on on the year for Sky Rizzi. We had some positive price in the first half of the Year some and it was negative price in the back half of the year and Renault was slightly down on a year-over-year basis for pricing in 25 as well. Pricing favorability in the first half and pricing unfavorably in the second. Half, netting to, to slightly down that does come into play. When we look at, you know, for instance, the first quarter of Reno, um, you'll see that pricing headwood and frankly in high school,

Liz Shea: Operator, next question, please. Next question is from Steve Scala with TD Cowen. Your line is open. Thank you so much. It is clear that you are confident in Skyrizi and IBD, but the competition is growing very rapidly, and it looks like it's inevitable. It will make an important impact on Skyrizi. So what can be done to neutralize these gains at this juncture? And secondly, in the drug pricing deal AbbVie signed with President Trump, the release noted exemption from tariffs and future pricing mandates. Can you elaborate on what exemption from future pricing mandates constitutes beyond avoidance of demonstration projects, and how important is avoidance of demonstration projects? Thank you. Yeah. Hi, Steve. It's Jeff. Just maybe a few comments. I've outlined how stable our capture rates are. Look, it is a competitive market.

Single digit pricing headwinds, for both, those products uh both in 26 and over the next few years as well. That's that's that's what we've seen. I would tell you that 25 was was unique, we had some pricing Tailwind in 25. And so in in the end for Sky Rizzi we were uh roughly flat for pricing on on the year for Sky Rizzi. We had some positive price in the first half of the Year some and it was negative price in the back half of the year and Renault was slightly down on a year-over-year basis for pricing in 25 as well. Pricing favorability in the first half and pricing unfavorably in the second. Half, netting to, to slightly down that does come into play. When we look at, you know, for instance, the first quarter of Reno, um, you'll see that pricing headwood and frankly in high single digit as an unfavorable comparison that rimbaud is facing on on a prior year basis. So those Dynamics will be play but you're going to see long low single digit pricing in 26 for both products and then, you know, going forward as well as our anticipated patient.

Jeff Stewart: Yeah. Hi, Steve. It's Jeff. Just maybe a few comments. I've outlined how stable our capture rates are. Look, it is a competitive market There have been changes in terms of front line and later lines, but we're very, very confident that we're going to see very significant growth and leadership with Skyrizi over IBD as well as the Rinvoq dynamic we discussed. Now, what are some things that we can think about and are thinking about in terms of continuing the momentum and even increasing our momentum? First, this is not a zero-sum game with two IL-23s. There's a lot of other products in the marketplace. And I think that we've highlighted before, we will shortly see a readout over a head-to-head study with Entyvio. Entyvio is the leading front line agent or close to it with Skyrizi in UC, and it does pretty well in Crohn's as well.

Liz Shea: So with the head-to-head data for Skyrizi versus Entyvio, we see a significant opportunity to continue the momentum beyond just the IL-23 growth and the competition that we've been talking about. The other dynamic that we see there is it's a modest, I would say, market value driver. It gets a lot of play over this idea of a subQ induction versus an IV induction. And as Roopal highlighted in his prepared remarks, we will close that gap, we believe, sometime in early 2027 based on the readout that we're anticipating. So we have many strategies that we continue to pursue to make sure that we can maintain and sustain our Skyrizi leadership over time. And Steve, this is Rob. We're pleased that we were able to reach an agreement with the Trump administration that, again, balances affordability, access, and protects the US innovation ecosystem going forward.

Yeah. Hi Steve it's Jeff. Just maybe maybe a few comments. Uh, you know, I've outlined how stable our capture rates are look, it is a competitive market. There have been changes in terms of front line and later lines. But we're very, very confident that we're going to see uh, very significant, uh, growth in leadership with Sky Rizzi over IBD, uh, as well as the invoke Dynamic we discussed. Now what are some things that we can think about in our thinking about in terms of continuing the momentum and even increasing our momentum first? Um, you know, it's this is not a a zero sum game with 2 IL 23s. There's a lot of other uh, products in the marketplace and I think that we've highlighted before we will shortly see a readout uh over a head-to-head study within tibio and tibio is the leading Frontline agent or close to it with Sky Rizzi in UC and it does pretty well in Crohn's as well. Uh, so with a head-to-head data for, for, for skyrizi versus in tibio, uh,

Liz Shea: And so we're pleased where that's landed. As you noted, similar to many of our peers who did also execute agreements, we are exempt during the term from tariffs as well as the pricing mandates inclusive of demonstration projects. So your understanding is correct. Thank you, Steve. Operator, next question, please. Next question is from Mohit Bansal with Wells Fargo. Your line is open. Great. Thank you very much for taking my question. Maybe a question on the migraine primary care expansion here. So I mean, Pfizer yesterday talked about that they are generating about 83% share in the new prescribers in the migraine market. I'm assuming this is all primary care, but again, would you talk a little bit about how your expansion strategy into primary care is going? And then are you seeing any increased competition there from the competition in the migraine market? Thank you. Yeah.

Rob Michael: And this is Rob. I'll just add. I mean, as we saw the comments as well, it's hard for us to reconcile when you just compare the revenue in 2025 for Qulipta and Ubrelvy combined. It's almost $1 billion higher than the competitor. So it's difficult for us to reconcile the numbers that were being quoted. When I look at the performance of the oral migraine franchise and just the continuous share gains, we were talking about over a point every year and now delivering almost $3 billion this year, which was, again, the peak that we had previously communicated. And obviously, both brands have a long runway. And so, as I mentioned before, as we look at these brands, we would expect them to exceed $5 billion now. So just tremendous momentum. The profile of both drugs is very powerful, and the commercial execution has been very strong.

Are migraine business. I mean, certainly we have a very large Botox business. It's the only toxin approved in chronic migraine and just to be very, very clear. Uh, we have the absolute leading brand with ubrelvy in acute migraine, okay? And that lead is expanding. We also have recently become the number 1 branded drug in the episodic uh, oral cgrp for prevention with culpa. So we have an extremely strong position. Uh, it's very difficult for us to triangulate against what, uh, what the competitor said, uh, but you can just look at our reported sales when you add up our, uh, total oral cgrp sales, uh, which is also rapidly go globalizing. So we see if anything that we're going to continue to stretch our lead in that uh, that area. Now we also have uh, considerable Primary Care presence, right now, with both ubrelvy and culpa where we call on essentially, over 70 or 80,000.

And this is Rob. I'll just add, I mean as as we saw the comments as well. It's hard for us to reconcile when you just compare the revenue, uh, in in 2025, for Cuba and ubrelvy combined is almost a billion dollars higher than the competitor. So, it's difficult for us to to reconcile, the numbers that were being quoted. When I look at the performance of the aural migraine franchise and just the continuous, share gains, they were talking about, you know, over a point every year. Uh, and now delivering, you know, almost 3 billion dollars this year, which was again, the, the peak that we had previously, communicated, and obviously, both, uh, brands have long Runway. And so, as I mentioned before, uh, as we look at these Brands, we would expect them to exceed 5 billion dollars now. Um, so just tremendous momentum. Uh, the profile of both drugs as, as very powerful and uh, the commercial execution has been very strong

Liz Shea: Also, do you perceive a competitive threat from IL-15 directed therapies in vitiligo down the road? That's number one. And then secondly, as you talk about potential replacements for Vraylar following its LOE, does that also contemplate a long-acting injectable form of cariprazine as one of those replacements? Thanks. Yeah. Hi. It's Jeff. I'll take the vitiligo question. So yeah, we've highlighted that if you look at our next generation of or next wave of Rinvoq approvals, that we anticipate roughly $2 billion or more in additional peak year sales. And those are going to start to gate out here relatively soon. We're right on track with GCA, which is moving quite well. It's the smallest of the bunch. It's difficult to say. When we look at vitiligo, I mean, we've sized that opportunity roughly just above $ half a billion at peak. But again, we could surprise ourselves there.

And this is Rob. I'll just add, I mean, as we saw the comments as well, it's hard for us to reconcile when you just compare the revenue, uh, in in 2025, for Cuba and your rely combined is almost a billion dollars higher than the competitor. So, it's difficult for us to to reconcile, the numbers that were being quoted. When I look at the performance of the aural migraine franchise, and just the continuous share gains, we were talking about, you know, over a point every year. Uh, and now delivering, you know, almost 3 billion dollars this year, which was again, the, the peak that we had previously, communicated, and obviously, both, uh, brands have long Runway. And so, as I mentioned before, uh, as we look at these Brands, we would expect them to exceed 5 billion dollars now. Um, so just tremendous momentum. Uh, the profile of both drugs is is very powerful. And uh the commercial execution has been very strong

Liz Shea: I mean, the data looks quite strong. And to your point, it is the only systemic agent. And so ultimately, where we end up in terms of that peak year sales will also depend on the labeling that we get as we go through the process. Certainly, we're reviewing quite a bit of disease state awareness that will start to gate in with AbbVie spending in the middle part of the year where we're going to basically highlight the fact that there is no systemic treatment for this disease that has tremendous psychosocial impact and is probably still underestimated in terms of what might happen. But again, we're still really roughly in that $2 billion-plus range for all of those new indications and excited to bring Vitiligo to the market. And David, it's Roopal. Maybe on the competitive side, we'll have to see this over time.

So, yeah, we've highlighted that. Uh, if you look at our next generation of, um, or next wave of windv approvals, uh, that we anticipate, uh, roughly 2 billion or more in additional Peak year sales and those are going to start to gate out here. Relatively soon, we're we're right on track with GCA which is, um, moving quite well. It's the smallest of the bunch, uh, it's difficult to say, when we look at Vitiligo, I mean we've sized that um, opportunity, you know, roughly just above half a billion at Peak. Uh, but again, we could surprise ourselves there. I mean, the data, uh, looks quite strong and to your point, it is the only systemic agent. And so, ultimately, uh, where we end up in terms of that Peak, your sales will depend on, you know, the labeling that we get as we go through the process. Uh, certainly, uh, we're reviewing, uh, quite a bit of disease State, awareness that, uh, we'll start to gate in with Abby, uh, uh, spending, uh, in the

Liz Shea: I mean, there's growing familiarity with Rinvoq now in dermatology with atopic dermatitis, soon for HS, alopecia areata, and the efficacy is very strong. And what we're also observing is in alopecia areata and vitiligo seems to continue to increase over time. And the tolerability with our simple oral is also appreciated by physicians and patients. So if that were to enter, again, I think we still have the opportunity to compete based on the high efficacy that we've seen across other indications. Thanks, David. Oh, sorry. Sorry. We've got a follow-up on Vraylar. Sorry. Yeah. And maybe on the Vraylar LAI. Yes, we do have some partnerships in place, and then we're assessing. I would just say, not just Vraylar, but other assets in terms of long-acting injectables. We've seen good tolerability and high efficacy with Vraylar, so that one could be quite amenable to this type of strategy.

Or next wave of Reno approvals, uh, that we anticipate uh, roughly 2 billion or more in additional Peak year sales. And those are going to start to gate out here. Relatively soon, we're we're right on track with GCA which is, um, moving quite well. It's the smallest of the bunch, uh, it's difficult to say, when we look at Vitiligo, I mean we've sized that um, opportunity, you know, roughly just above half a billion at Peak. Uh, but again, we could surprise ourselves there. I mean, the data, uh, looks quite strong and to your point, it is the only systemic agent. And so, ultimately, uh, where we end up in terms of that Peak, your sales will depend on, you know, the labeling that we get as we go through the process. Uh, certainly, uh, we're reviewing, uh, quite a bit of disease State, awareness that we'll start to gate in with Abby. Uh, uh, spending, uh, in the middle part of the Year where we're going to uh, basically highlight the fact that there is no systemic treatment.

Liz Shea: Thanks, David. Operator, next question, please. Next question is from Luisa Hector with Berenberg. Your line is now open. Oh, hi there. Thank you. I have just a couple. On aesthetics, just to check, are there any regions where you are losing share in toxins or fillers? And is this franchise less profitable than when you acquired it? And maybe to touch on obesity, I don't know if you can remind us what the profile is you're looking for in your amylin and how soon you might pivot into phase three. Could you launch on weight loss only without the longer CVOP trials? Thank you. Yeah. Hi, Luisa. I couldn't understand the full question, but there are some areas where we have had some share loss, I'd say, particularly in Brazil. Brazil has been the one area where we've seen some declines in share, particularly in the filler category.

Liz Shea: I think, as the incretins readout within a few percentage points of each other, whether it's weekly or monthly, we still feel that there's going to be a substantial number of patients that are going to cycle off of those for a variety of reasons, including tolerability. So with the two phase 1s that are underway now, us looking for dosing regimens and potentially even going out to monthly is going to be the key for us as we go forward into phase 2 and phase 3. With regard to being able to pull in phase 3, certainly, that would be regulatory discussions that we would have, especially if we see strong safety and efficacy profiles as the data emerge. Thanks, Luisa. Operator, next question, please. Next question is from Michael Yee with UBS. Your line is open. And Michael, if you're there, please check your mute button.

Yeah. Hi. Louisa I I couldn't, I couldn't understand the full question, but there, there are some areas where we have had some share loss. I say particularly in Brazil. Uh, Brazil has been the 1 area where we've seen some um, uh, some, some declines in share, particularly in the filler category. And, uh, I'm glad you asked the question because we do have a g, a geographic mix issue that has come in 2025, where Brazil and Latin America tends to grow. And we've lost a little bit of share whereas we have much more stable or growing share in in China and Asia. So hopefully that answers your question and maybe to put a little bit of perspective and just keep in mind that, you know, that the, the US and China is a vast majority of the Aesthetics business for us when, you know, Jeff talks about a market like Brazil, you know, you're you're talking about less than 100 million dollars. So just to put in perspective that, you know, its exact, we have lots of share their it's a very small market for us, right?

Liz Shea: So a key component of these IBD platform studies are also to study patients who have already received Skyrizi. So there could be a slightly different efficacy outcome there if you're looking at second- and third-line. These are very important lines in IBD because they continue to expand as patients roll off of anti-TNFs, and we've actually seen less and less clinicians turning to anti-TNFs. So this is where 23s are becoming very important, as Jeff has highlighted, in particular Skyrizi. And when we look at combinations with Skyrizi, can we treat those patients as well? The tolerability also will be very important. We're doing our best to avoid boxed warnings, if at all possible, which would exist if we combined with an anti-TNF, which is not our strategy because there's less and less utilization. We do have an alpha-4 beta-7. We've talked about lutikizumab.

Roopal Thakkar: So a key component of these IBD platform studies are also to study patients who have already received Skyrizi. So there could be a slightly different efficacy outcome there if you're looking at second- and third-line. These are very important lines in IBD because they continue to expand as patients roll off of anti-TNFs, and we've actually seen less and less clinicians turning to anti-TNFs. So this is where 23s are becoming very important, as Jeff has highlighted, in particular Skyrizi. And when we look at combinations with Skyrizi, can we treat those patients as well? The tolerability also will be very important. We're doing our best to avoid boxed warnings, if at all possible, which would exist if we combined with an anti-TNF, which is not our strategy because there's less and less utilization. We do have an alpha-4 beta-7. We've talked about lutikizumab.

Roopal Thakkar: Yeah. Hi, it's Roopal. So yes, the increasing efficacy would be important, the degree of which will be determined by the types of patients. So if we're studying naive patients, which there could be less and less, as we've seen, Skyrizi just have tremendous penetration in IBD in the front line, then our consideration is what can come after. So a key component of these IBD platform studies are also to study patients who have already received Skyrizi. So there could be a slightly different efficacy outcome there, if you're looking at second and third lines. These are very important lines in IBD because they continue to expand as patients roll off of Anti-TNFs, and we've actually seen less and less clinicians turning to Anti-TNFs. So this is where twenty-threes are becoming very important, as Jeff has highlighted, in particular, Skyrizi.

Liz Shea: Can you maybe give us some framing on how you're thinking this could compare to Vraylar given the heavier targeting of D3 versus D2? And then just a second follow-up there. I see you're looking to pursue drug in anxiety as well. Is there any expectation to expand into areas like addiction, again, given the heavier D3 reliance here? Thank you. Thanks. It's Roopal. I'll take that. So yes, later this year, we'll see the data 932. Currently, I'll talk about generalized anxiety disorder. We do not have that approved for Vraylar, though. We have seen effect in patients who have some anxiety and lowering of those scores. And that's why I think we see such strong uptake of Vraylar and why it was important to study a next-generational version. Hopefully, with less D2, we anticipate potentially less movement disorder.

In IBD because they continue to expand as patients roll off of anti-tnf and we've actually seen less and less clinicians turning to anti-tnf. So this is where 23s are becoming very important. As Jeff has highlighted in particular, Sky Rizzi, and when we look at combinations with Sky Rizzi, can we treat those patients as well? The tolerability also will be very important. We're doing our best to avoid, um, uh, boxed warnings. If at all possible, which would exist if we combined with an anti-tnf which is not our strategy uh, because there's less and less utilization. We do have an alpha 4 beta 7. We've talked about Ludy. We also have tl1a, which can also be a good combination the other core component of this strategy is also in parallel as these data read out, uh, is to look at our ability to cope, formulate and deliver these

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