AbbVie Inc (ABBV)

2025 Growth Outlook
Q: Is mid-single-digit growth still expected in 2025?
A: Management expressed strong confidence in achieving robust mid-single-digit growth in both top line and bottom line for 2025. - They noted that overperformance from SKYRIZI and RINVOQ is more than offsetting HUMIRA's decline. - They highlighted a $1.3 billion increase in guidance for SKYRIZI and RINVOQ - , and expect positive momentum across their portfolio, including oncology and neuroscience. -

Aesthetics Long-Term Targets
Q: Can you still hit the $9B Aesthetics target by 2029?
A: Management believes they can achieve the over $9 billion target by 2029 for the Aesthetics business. - They acknowledge it requires around 11% compound annual growth. - While market recovery to high single digits is anticipated, they expect innovations like the short-acting BoNT/E launching in 2026 to drive growth beyond market recovery. - They will reassess the target in 2026 based on market recovery and BoNT/E performance. -

SKYRIZI and RINVOQ Pricing
Q: Any changes in SKYRIZI and RINVOQ pricing/access in 2025?
A: Contracting for 2025 is nearly complete, with no material changes expected in access for SKYRIZI and RINVOQ across Medicare and commercial plans. - They anticipate low single-digit negative pricing impact due to rebates, which is modest compared to prior years. -

Neuroscience Pipeline Strategy
Q: How does the Alliad acquisition fit into neuroscience plans?
A: The Alliad acquisition strengthens their neuroscience portfolio, particularly in Alzheimer's disease. - They see differentiation in Alliad's approach, offering higher concentrations in CSF and extended half-life, potentially enabling monthly subcutaneous dosing. - This could result in better cognitive benefits and reduced side effects, addressing challenges like ARIA. - Neuroscience is a key growth area, focusing on psychiatry, migraine, Parkinson's, and neurodegeneration. -

Imaraclidine Data Expectations
Q: Any insights on upcoming imaraclidine data?
A: Management is encouraged by imaraclidine's profile as a once-daily agent with no food effect and a favorable safety profile. - They have not observed significant GI or bladder issues in Phase Ib data and do not anticipate hepatic monitoring requirements. - Data readout is expected in the coming months, and they are optimistic about its potential in neurodegenerative-associated psychosis. -

VRAYLAR Guidance Adjustment
Q: Explain the VRAYLAR guidance reduction.
A: VRAYLAR guidance was reduced by $100 million due to slight channel mix changes accumulating over the year, leading to a small negative price impact. - However, this was offset by an increase in BOTOX Therapeutics, keeping the neuroscience growth area guidance stable. - They also extended their collaboration with Gideon Richter to develop additional psychiatric treatments. -

Eye Care Strategy
Q: How strategic is the eye care business?
A: Eye care is one of their five key growth areas, though not as high a growth driver as others. - They are building depth in areas like diabetic retinopathy and dry eye. - While their primary focus is within these growth areas, they remain open to opportunistic investments in other therapeutic areas like metabolics if they see differentiation. -

Pipeline Mechanisms (TL1A)
Q: Thoughts on new pipeline mechanisms like TL1A?
A: Management is confident in SKYRIZI's efficacy over emerging orals. - They view mechanisms like TL1A as important, especially in combination therapies. - While TL1A shows encouraging data in ulcerative colitis, they believe it needs to be part of a combination approach to be differentiated. - They are excited about other early-stage mechanisms and will share more as data matures. -

Erapiden Placebo Effect Management
Q: How are you managing placebo effects in erapiden studies?
A: They have implemented strategies to manage placebo responses, such as limiting countries and sites, central eligibility review, and training raters. - While it's difficult to predict erosion due to placebo, they are confident that even if effect size diminishes, erapiden's safety and tolerability will keep it competitive. -

Head-to-Head Trial Against ENTYVIO
Q: What's your confidence in SKYRIZI vs. ENTYVIO trial?
A: Management is confident due to SKYRIZI's high 76% endoscopic improvement in maintenance phase among biologic-naïve ulcerative colitis patients. - They believe this provides potential for superiority over ENTYVIO, especially on objective endpoints like endoscopic improvement. - They view endoscopic improvements as highly predictive of long-term outcomes. -