ABBVIE INC. Wells Fargo 21st Annual Healthcare Conference

Thanks for having us. Thanks for having us.

Thank you. So exciting times at AbbVie. I do not know. I have leaders from three different sections of AbbVie, so I will probably have 10,000 questions in 35 minutes. Maybe I will start with you, Jeff, right? I am sure there are a lot of questions around immunology. You have done a tremendous job with SKYRIZI and RINVOQ. We do not even talk about HUMIRA anymore. You have consistently outperformed the consensus expectations for SKYRIZI and RINVOQ. Where you sit today, how much underappreciation for the franchise still is, some of that pipeline as well, and then what cards will turn over in next 3-5 years that will make you. That will see us through that.

Yeah. Thank you very much. No, we're very, very pleased with the historical performance and the visibility we have going forward. I think there's multiple factors in there, and I'll run through them. I think the first is, obviously, the markets that we play in are very substantial, and they're marked with very, very nice growth. We have markets like IBD, or atopic dermatitis, or PSA. These markets grow anywhere from mid-single digits to high single digits. Atopic dermatitis, which is basically the most underdeveloped market, is growing well into the double digits. So the markets themselves are very, very nice areas to play in. What we see that helps drive that market growth, and we've talked about this over time, is as basically innovation comes into these markets, time expands. People live with their conditions. You see line of therapy expansion.

What that does is it sets up basically these categories for multiple assets that can start to play across subsegments, et cetera. So the markets are very, very nice. The other thing that we look at, SKYRIZI and RINVOQ now are in their eighth year of growth.

Right We see that we still have significant market share gains that will accrue to the franchise because we watch the distinction between our in-play share and our total market share.

As long as that in-play share, and for most of our categories, it's still well above our TRX share, we see forward market share growth in these categories. Then we have several categories of our catalyst before we get to the pipeline. Some of them are, we're really, really close on an innovative approach for the sub-Q induction for Crohn's for SKYRIZI, and we're exceptionally excited about the quality of that data, that AFFIRM data. We'll see that later in the quarter. We also have the next generation of indications for RINVOQ, which are very, very positive. So we obviously have already launched giant cell arteritis, that's helping us drive our business in rheumatology.

But in derm, we're going to have vitiligo, alopecia. We'll have readouts that Rupel can talk about for HS on two assets, RINVOQ and lutikizumab. So when you look at all of those, we're very, very encouraged. I would take note that you may remember on the last earning calls, we've gotten more incrementally excited about the vitiligo and alopecia data, and we upped our long-term guidance to over $3 billion for just those assets themselves. So, we see very, very nice visibility to the momentum. We're in the right markets, and certainly, we know that investors are starting to see a lot more visibility to what comes next. This could be the combination platform I'm sure we'll talk about.

SKYRIZI plus the super potent alpha-4 beta-7, the TL1A combinations. There are many, many catalysts that will come here for immunology as we move forward.

Sure. We see that the competition across immunology, and we will see in IBD, has played out largely as we predicted. We had predicted that competitive IL 23s would take some share, but the category itself would grow. That is actually what we have seen play out. We continue to have an exceptional position right now with IV only in the front line.</seg <seg id="3">Whereas the competitor is mostly accruing sales in the second line, where we also play with RINVOQ. So we have a very stable and strong position. To your point, we are very, very excited that we will be able to basically bring the sub-Q for Crohn's in the fourth quarter.

Whereas the competitor is mostly accruing sales in the second line, where we also play with RINVOQ. We have a very stable and strong position. To your point, we are very, very excited that we will be able to basically bring the sub-Q for Crohn's in the fourth quarter.

That is when we anticipate the approval. The one thing that surprised us, which I think is very positive for investors, is certainly positive for our commercial and our R&D teams, is the quality of our sub-Q data.

It is very exceptional. In fact, I would say we have not seen anything like this just in terms of induction. Whether it was a sub-Q or an IV, it is exceptional data. This is the AFFIRM data, and there will be more data releases pending about that data. We are very, very excited about it. We have released the top line, so we see tremendous endoscopic healing. We have not seen anything match it. It is better than our own IV.