AbbVie Morgan Stanley 24th Annual Global Healthcare Conference

Really appreciate it. Great to be here.

Yeah. Thanks, Terence. I think this one, Rupel and I will tag team, but I am very excited about the state of the AbbVie pipeline as I sit here today. Now we are a couple of years into our next chapter, and you look at the progress we are making across immunology, oncology, neuroscience, and now entry into obesity. You are really starting to see the company, and it was really the strategy we had set out for the company as we thought about this next chapter of growth beyond HUMIRA. We have obviously rapidly returned to growth. In fact, our guidance this year will actually be almost $10 billion higher than our peak before HUMIRA. And that is with HUMIRA eroding by $18 billion from its peak. Right? So we have had $18 billion of HUMIRA erosion, and we have offset that with $28 billion of ex-HUMIRA growth platform delivery, and particularly in immunology and neuroscience.

That is really the areas that have really driven that growth. But as I look at it, whether it is the combination platform in immunology, obviously we are very excited about Apogee. We look at lutikizumab, the new indications for RINVOQ. I think we have a very robust immunology pipeline that will elevate the standard of care and really drive this company to grow beyond SKYRIZI and RINVOQ. We have a very clear line of sight to growth well into the next decade, but that pipeline will then carry us forward beyond that. Really similar to what we accomplished with the HUMIRA loss exclusivity. We followed that with actually having RINVOQ and SKYRIZI, two better agents, which allowed us to continue investing in R&D. We increased R&D investment during that period. We rapidly returned to growth. I would say the other area that does not get enough appreciation is in oncology.

We are very excited about etigilimab, the opportunity that, as well as the trispecifics we have brought in from the outside to really give us a long-term strong position in multiple myeloma. Temab-A across several solid tumors, ABBV-969 in prostate cancer, ABBV-706 in small cell lung cancer, as well as the PD-1/VEGF from RemeGen, which we shared some data last week at the Congress. I think a lot of excitement around oncology and neuroscience. When I think about we have got three franchises that are $5 billion plus peak franchises. We are now the leaders in neuroscience as you look across the revenue portfolio. And obviously we have VRAYLAR, but beyond that, as we think about our pipeline, bretisilocin and emraclidine ABBV-932, I think a very deep pipeline in psychiatry.

Obviously, we are very excited about Vyalev and Parkinson's, but we have tavapadon, which will hopefully be approved soon, which gives us a nice complementary asset in Parkinson's. Migraine, we do not get a lot of questions on migraine, but we are the leaders in migraine. As we look at the entire spectrum of the disease, we have got covered with BOTOX therapeutic and chronic migraine, and then our oral CGRPs, UBRELVY and QULIPTA. And I would say that is one where we have said, again, $5 billion plus peak, and at least sell-side consensus has it around 4, so another source of upside for us. So I think, tremendous momentum in the pipeline. And then, bringing in the Amylin from Gubra gives us an entry into obesity. We are obviously very interested in bringing other mechanisms in. We have been very active on the BD front.

We haven't been compelled based on the data we've seen, but to the extent we see a differentiated asset, certainly, we think about half-life matching, the opportunity to combine. There's a great opportunity. But as a growth driver for the company in the next decade and beyond is the way I see obesity. Then, I briefly mentioned Apogee when I talked about immunology, but that gives us not only a late-stage asset in zumilokibart with atopic dermatitis, but we've talked a lot as a management team about entering new areas of growth, and asthma was one area we identified a couple of years ago. We've been looking for an opportunity. Then I think zumilokibart combined with the TSLP gives us a real mid-stage asset that can really drive growth in asthma for us as well. I'm very pleased with the state of the pipeline for AbbVie today.

I think we're getting more recognition of it. You're seeing multiple expansion. I think there's obviously more room for multiple expansion as the pipeline matures, but I think we're in a very strong position sitting here today.