| Metric [Unit: $ Billion] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|--------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Total Net Revenues**   | **15.121**  **[0001551152-23-000006_abbv-20221231xexhibit991.htm:6]**  | **12.225**  **[0001551152-23-000019_abbv-20230331xexhibit991.htm:6]**  | **13.865**  **[0001551152-23-000028_abbv-20230630xexhibit991.htm:0]**  | **13.927**  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:0]**  | **14.301**  **[ABBV_3371746_10]**  | **14.460**  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:0]**  | **14.462**  **[0001551152-24-000026_abbv-20240630xexhibit991.htm:0]**  | **14.460**  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:0]**  |
| **Immunology**           | 7.925  **[0001551152-23-000006_abbv-20221231xexhibit991.htm:6]**  | 5.587  **[0001551152-23-000019_abbv-20230331xexhibit991.htm:6]**  | 6.813  **[0001551152-23-000028_abbv-20230630xexhibit991.htm:0]**  | 6.783  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:0]**  | 6.953  **[0001551152-24-000007_abbv-20231231xexhibit991.htm:7]**  | 5.371  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:0]**  | 6.971  **[0001551152-24-000026_abbv-20240630xexhibit991.htm:0]**  | 7.046  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:0]**  |
| - Humira                 | 5.579  **[0001551152-23-000006_abbv-20221231xexhibit991.htm:6]**  | 3.541  **[0001551152-23-000019_abbv-20230331xexhibit991.htm:6]**  | 4.012  **[0001551152-23-000028_abbv-20230630xexhibit991.htm:0]**  | 3.547  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:0]**  | 3.304  **[0001551152-24-000007_abbv-20231231xexhibit991.htm:7]**  | 2.270  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:0]**  | 2.814  **[0001551152-24-000026_abbv-20240630xexhibit991.htm:0]**  | 2.227  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:0]**  |
| - Skyrizi                | 1.576  **[0001551152-23-000006_abbv-20221231xexhibit991.htm:6]**  | 1.360  **[0001551152-23-000019_abbv-20230331xexhibit991.htm:6]**  | 1.883  **[0001551152-23-000028_abbv-20230630xexhibit991.htm:0]**  | 2.126  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:0]**  | 2.394  **[0001551152-24-000007_abbv-20231231xexhibit991.htm:7]**  | 2.008  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:0]**  | 2.727  **[0001551152-24-000026_abbv-20240630xexhibit991.htm:0]**  | 3.205  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:0]**  |
| - Rinvoq                 | 0.770  **[0001551152-23-000006_abbv-20221231xexhibit991.htm:6]**  | 0.686  **[0001551152-23-000019_abbv-20230331xexhibit991.htm:6]**  | 0.918  **[0001551152-23-000028_abbv-20230630xexhibit991.htm:0]**  | 1.110  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:0]**  | 1.255  **[0001551152-24-000007_abbv-20231231xexhibit991.htm:7]**  | 1.093  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:0]**  | 1.430  **[0001551152-24-000026_abbv-20240630xexhibit991.htm:0]**  | 1.614  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:0]**  |
| **Oncology**             | 1.631  **[0001551152-23-000006_abbv-20221231xexhibit991.htm:6]**  | 1.416  **[0001551152-23-000019_abbv-20230331xexhibit991.htm:6]**  | 1.478  **[0001551152-23-000028_abbv-20230630xexhibit991.htm:0]**  | 1.512  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:0]**  | 1.509  **[0001551152-24-000007_abbv-20231231xexhibit991.htm:7]**  | 1.543  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:0]**  | 1.634  **[0001551152-24-000026_abbv-20240630xexhibit991.htm:0]**  | 1.687  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:0]**  |
| - Imbruvica              | 1.115  **[0001551152-23-000006_abbv-20221231xexhibit991.htm:6]**  | 0.878  **[0001551152-23-000019_abbv-20230331xexhibit991.htm:6]**  | 0.907  **[0001551152-23-000028_abbv-20230630xexhibit991.htm:0]**  | 0.908  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:0]**  | 0.903  **[0001551152-24-000007_abbv-20231231xexhibit991.htm:7]**  | 0.838  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:0]**  | 0.833  **[0001551152-24-000026_abbv-20240630xexhibit991.htm:0]**  | 0.828  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:0]**  |
| - Venclexta              | 0.516  **[0001551152-23-000006_abbv-20221231xexhibit991.htm:6]**  | 0.538  **[0001551152-23-000019_abbv-20230331xexhibit991.htm:6]**  | 0.571  **[0001551152-23-000028_abbv-20230630xexhibit991.htm:0]**  | 0.590  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:0]**  | 0.589  **[0001551152-24-000007_abbv-20231231xexhibit991.htm:7]**  | 0.614  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:0]**  | 0.637  **[0001551152-24-000026_abbv-20240630xexhibit991.htm:0]**  | 0.677  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:0]**  |
| **Neuroscience**         | 1.710  **[0001551152-23-000006_abbv-20221231xexhibit991.htm:6]**  | 1.695  **[0001551152-23-000019_abbv-20230331xexhibit991.htm:6]**  | 1.885  **[0001551152-23-000028_abbv-20230630xexhibit991.htm:0]**  | 2.043  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:0]**  | 2.094  **[0001551152-24-000007_abbv-20231231xexhibit991.htm:7]**  | 1.965  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:0]**  | 2.162  **[0001551152-24-000026_abbv-20240630xexhibit991.htm:0]**  | 2.363  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:0]**  |
| - Botox Therapeutic      | 0.728  **[0001551152-23-000006_abbv-20221231xexhibit991.htm:6]**  | 0.719  **[0001551152-23-000019_abbv-20230331xexhibit991.htm:6]**  | 0.748  **[0001551152-23-000028_abbv-20230630xexhibit991.htm:0]**  | 0.748  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:0]**  | 0.776  **[0001551152-24-000007_abbv-20231231xexhibit991.htm:7]**  | 0.748  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:0]**  | 0.814  **[0001551152-24-000026_abbv-20240630xexhibit991.htm:0]**  | 0.848  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:0]**  |
| - Vraylar                | 0.565  **[0001551152-23-000006_abbv-20221231xexhibit991.htm:6]**  | 0.561  **[0001551152-23-000019_abbv-20230331xexhibit991.htm:6]**  | 0.658  **[0001551152-23-000028_abbv-20230630xexhibit991.htm:0]**  | 0.751  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:0]**  | 0.789  **[0001551152-24-000007_abbv-20231231xexhibit991.htm:7]**  | 0.694  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:0]**  | 0.774  **[0001551152-24-000026_abbv-20240630xexhibit991.htm:0]**  | 0.875  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:0]**  |
| - Ubrelvy                | N/A        | 0.152  **[0001551152-23-000019_abbv-20230331xexhibit991.htm:6]**  | N/A        | 0.233  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:0]**  | N/A        | 0.203  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:0]**  | 0.231  **[0001551152-24-000026_abbv-20240630xexhibit991.htm:0]**  | 0.269  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:0]**  |
| - Qulipta                | N/A        | 0.066  **[0001551152-23-000019_abbv-20230331xexhibit991.htm:6]**  | N/A        | 0.132  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:0]**  | N/A        | 0.131  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:0]**  | 0.150  **[0001551152-24-000026_abbv-20240630xexhibit991.htm:0]**  | 0.176  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:0]**  |
| **Aesthetics**           | 1.287  **[0001551152-23-000006_abbv-20221231xexhibit991.htm:6]**  | 1.300  **[0001551152-23-000019_abbv-20230331xexhibit991.htm:6]**  | 1.384  **[0001551152-23-000028_abbv-20230630xexhibit991.htm:0]**  | 1.239  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:0]**  | 1.371  **[0001551152-24-000007_abbv-20231231xexhibit991.htm:7]**  | 1.249  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:0]**  | 1.390  **[0001551152-24-000026_abbv-20240630xexhibit991.htm:0]**  | 1.239  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:0]**  |
| - Botox Cosmetic         | 0.642  **[0001551152-23-000006_abbv-20221231xexhibit991.htm:6]**  | 0.659  **[0001551152-23-000019_abbv-20230331xexhibit991.htm:6]**  | 0.685  **[0001551152-23-000028_abbv-20230630xexhibit991.htm:0]**  | 0.620  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:0]**  | 0.718  **[0001551152-24-000007_abbv-20231231xexhibit991.htm:7]**  | 0.633  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:0]**  | 0.729  **[0001551152-24-000026_abbv-20240630xexhibit991.htm:0]**  | 0.671  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:0]**  |
| - Juvederm Collection    | 0.322  **[0001551152-23-000006_abbv-20221231xexhibit991.htm:6]**  | 0.355  **[0001551152-23-000019_abbv-20230331xexhibit991.htm:6]**  | 0.368  **[0001551152-23-000028_abbv-20230630xexhibit991.htm:0]**  | 0.321  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:0]**  | 0.334  **[0001551152-24-000007_abbv-20231231xexhibit991.htm:7]**  | 0.297  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:0]**  | 0.343  **[0001551152-24-000026_abbv-20240630xexhibit991.htm:0]**  | 0.258  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:0]**  |
| **Eye Care**             | 0.590  **[0001551152-23-000006_abbv-20221231xexhibit991.htm:6]**  | 0.608  **[0001551152-23-000019_abbv-20230331xexhibit991.htm:6]**  | 0.617  **[0001551152-23-000028_abbv-20230630xexhibit991.htm:6]**  | N/A        | 0.585  **[0001551152-24-000007_abbv-20231231xexhibit991.htm:7]**  | 0.538  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:7]**  | 0.533  **[0001551152-24-000026_abbv-20240630xexhibit991.htm:7]**  | N/A        |
| **Other Key Products**   | N/A        | 0.928  **[0001551152-23-000019_abbv-20230331xexhibit991.htm:6]**  | 0.947  **[0001551152-23-000028_abbv-20230630xexhibit991.htm:6]**  | N/A        | 0.968  **[0001551152-24-000007_abbv-20231231xexhibit991.htm:7]**  | 0.900  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:7]**  | 0.962  **[0001551152-24-000026_abbv-20240630xexhibit991.htm:7]**  | N/A        |

2f3f5067a35e7ffefc5ef1c0e6ff178b56efbdf2523fb757b68a47c4038cce29

927c09521fe69fc8026f22b9f5b484300ca3d79b12c39f7911cee807daa4069c

Number of compounds, devices or indications in development (Number)

Number of pipeline programs in mid- and late-stage development (Number)

Number of employees (Number)

1415edefc2bca49f93b7f232d5edc0b748129903b2097ab153a243ca3e3e60af

| Metric [Unit: $ Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|--------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| United States            | N/A     | N/A     | N/A     | **10,852**  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:7]**  | **11,110**  **[0001551152-24-000007_abbv-20231231xexhibit991.htm:7]**  | **9,041**  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:7]**  | **10,147**  **[0001551152-24-000031_abbv-20240630.htm:36]**  | **31,295**  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:8]**  |
| International            | N/A     | N/A     | N/A     | **3,075**  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:7]**   | **3,191**  **[0001551152-24-000007_abbv-20231231xexhibit991.htm:7]**   | **3,269**  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:7]**  | **4,315**  **[0001551152-24-000031_abbv-20240630.htm:36]**  | **9,937**  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:8]**  |
| Total Net Revenues       | N/A     | **12,200**  **[ABBV_3247618_7]** **[0001551152-23-000023_abbv-20230331.htm:26]**  | N/A     | **13,927**  **[0001551152-23-000040_abbv-20230930xexhibit991.htm:7]**  | **14,301**  **[0001551152-24-000007_abbv-20231231xexhibit991.htm:7]**  | **12,310**  **[0001551152-24-000016_abbv-20240331xexhibit991.htm:7]**  | **14,462**  **[0001551152-24-000031_abbv-20240630.htm:36]**  | **41,232**  **[0001551152-24-000036_abbv-20240930xexhibit991.htm:8]**  |

fe5423f8e3fcd813abad75771d6779c9c47b123f2ff92b7b7776856ba3711381

AbbVie Inc. is a global, diversified research-based biopharmaceutical company with leadership positions across several therapeutic areas, including immunology, oncology, aesthetics, neuroscience, and eye care **[0001551152-24-000011_abbv-20231231.htm:3]** **[0001551152-24-000011_abbv-20231231.htm:60]** **[0001551152-24-000040_abbv-20240930.htm:35]**. The company operates as a single global business segment dedicated to the research, development, manufacturing, commercialization, and sale of innovative medicines and therapies **[0001551152-24-000011_abbv-20231231.htm:3]** **[0001551152-24-000011_abbv-20231231.htm:130]**. AbbVie's product portfolio includes blockbuster products such as Humira, Skyrizi, Rinvoq, Imbruvica, Venclexta, Botox, Juvederm, Vraylar, Ubrelvy, and Qulipta, among others **[0001551152-24-000011_abbv-20231231.htm:130]** **[ABBV_3404631_3]**.

1. **Immunology** - Develops and markets treatments for autoimmune diseases, with key products including Humira, Skyrizi, and Rinvoq.
2. **Oncology** - Focuses on cancer treatment solutions, featuring products like Imbruvica and Venclexta.
3. **Neuroscience** - Offers therapies for neurological disorders, with significant products such as Vraylar and Botox Therapeutic.
4. **Aesthetics** - Provides cosmetic products and treatments, including Botox and Juvederm.
5. **Eye Care** - Engages in the development and sale of treatments for various eye conditions.

8398ff97fbe2e494f4527e73c2f404389937d19f7e62735698b3d0a555ff55b6

1. Given the ongoing economic challenges in China that have significantly impacted Juvederm's performance, particularly within the Aesthetics segment, what specific strategies does AbbVie have to navigate these headwinds and stimulate growth in this critical market?

2. With the recent $100 million downward adjustment in VRAYLAR's full-year sales guidance due to channel mix pressures and negative pricing impact, can you elaborate on the factors leading to this shift and how you plan to mitigate similar issues moving forward?

3. In the competitive immunology space, your head-to-head trial of SKYRIZI against ENTYVIO aims for potential superiority in endoscopic improvement for ulcerative colitis patients; what gives you confidence in achieving this outcome, and what are the implications if the trial does not meet its superiority endpoints?

4. As SKYRIZI and RINVOQ continue to drive significant growth, what challenges do you foresee in maintaining their momentum across existing indications, and how do you plan to address potential competition from new market entrants and evolving treatment paradigms?

5. With the integration of Cerevel Therapeutics and the upcoming pivotal study readouts for emraclidine in schizophrenia, how is AbbVie preparing to compete against existing therapies, especially considering recent approvals with safety considerations like hepatic monitoring, and what are your expectations regarding emraclidine's safety and efficacy profile?

a99cd21a75a983e02e711262a565be2d35bf311c9a13b6d25292bea4a769d562

| Name                | Position                                                      | Start Date         | Short Bio                                                                                                                                                                                                 |
|---------------------|---------------------------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Thomas J. Hudson    | Senior Vice President, Chief Scientific Officer, Global Research | July 2019          | Dr. Thomas J. Hudson is AbbVie's Senior Vice President, Chief Scientific Officer, Global Research. He previously served as Senior Vice President, Research & Development and Chief Scientific Officer from 2019 to 2023, and as Vice President, Head of Oncology Discovery and Early Development from 2016 to 2019. Prior to joining AbbVie, Dr. Hudson served at the Ontario Institute for Cancer Research as President and Scientific Director  **[0001551152-24-000011_abbv-20231231.htm:56]** **[0001551152-23-000011_abbv-20221231.htm:54]** . |
| Roopal Thakkar      | Senior Vice President, Chief Medical Officer, Global Therapeutics | December 2023      | Roopal Thakkar, M.D. is the Senior Vice President, Chief Medical Officer, Global Therapeutics at AbbVie. Dr. Thakkar joined Abbott in 2003 and has held various positions within the company. He served as Vice President, Global Regulatory Affairs from 2015 to 2019, and as Vice President, Global Regulatory Affairs and R&D Quality Assurance from 2019 to 2022. He then became Senior Vice President of Development and Regulatory Affairs and Chief Medical Officer at AbbVie from late 2022 until early December 2023  **[0001551152-24-000011_abbv-20231231.htm:57]** **[0001551152-24-000011_abbv-20231231.htm:55]** . |
| Robert A. Michael   | Chief Executive Officer (CEO)                                 | July 1, 2024       | Robert A. Michael is the Chief Executive Officer (CEO) of AbbVie Inc., having succeeded Richard A. Gonzalez on July 1, 2024. Prior to becoming CEO, Mr. Michael served as AbbVie's President and Chief Operating Officer. He has held various leadership roles within the company, including Vice Chairman and President, and Chief Financial Officer. Mr. Michael joined Abbott, AbbVie's predecessor, in 1993 and has been a corporate officer at AbbVie since March 2017  **[0001551152-24-000011_abbv-20231231.htm:55]** **[0001104659-24-058808_tm2413796d1_8ka.htm:0]** **[0001551152-24-000040_abbv-20240930.htm:35]** . |

299ecc006b3490b29782262427c44e4f7f8e6355ee96266d4ea27d46de06a884

74e1dd6d83005d5894db2758ea215f997373f0f19ff68f351d07222fa327e644

- **Anti-TNF products**: Compete with AbbVie's immunology products  **[0001551152-24-000011_abbv-20231231.htm:11]** .
- **JAK inhibitors**: Compete with AbbVie's immunology products  **[0001551152-24-000011_abbv-20231231.htm:11]** .
- **BTK inhibitors**: Compete with AbbVie's oncology products  **[0001551152-24-000011_abbv-20231231.htm:11]** .
- **Biosimilars**: Compete with AbbVie's biologic products, including Humira  **[0001551152-24-000011_abbv-20231231.htm:11]** .
- **Generic pharmaceutical products**: Create competitive pressures on AbbVie's products that do not have patent protection  **[0001551152-24-000011_abbv-20231231.htm:11]** .
- **Orally administered products**: Compete with AbbVie's biologics  **[0001551152-24-000011_abbv-20231231.htm:11]** .
- **Other companies developing products positioned as competitors to Botox**: Compete in the aesthetics market  **[0001551152-24-000011_abbv-20231231.htm:11]** .

3f9586e22b902338f36b9958a21ba31b7cfce764d6edc0953f4b1539bbcfc480

f9dc5194ff02310e36054556a5d61c236ca8d5134b7ffb0188188ee4a8cd4d05

### Q3 2024 Earnings Call
- **Issued Period:** Q3 2024
- **Guided Period:** FY 2024
- **Guidance:**
  - **Adjusted EPS:** $10.90 to $10.94
  - **Total Net Revenues:** Approximately $56 billion
  - **Adjusted Gross Margin:** 84% of sales
  - **Adjusted R&D Investment:** 14% of sales
  - **Adjusted SG&A Expense:** 23.5% of sales
  - **Adjusted Operating Margin Ratio:** 44.5% of sales
  - **Q4 2024 Net Revenues:** Approximately $14.8 billion
  - **Q4 2024 Adjusted EPS:** $2.94 to $2.98
  - **Product-Specific Guidance:**
    - SKYRIZI Global Sales: $11.5 billion
    - RINVOQ Total Revenue: $5.8 billion
    - U.S. HUMIRA Total Sales: $7.4 billion
    - IMBRUVICA Total Revenue: $3.3 billion
    - VENCLEXTA Total Sales: $2.6 billion
    - Aesthetics Global Revenue: $5.3 billion
    - VRAYLAR Total Sales: $3.3 billion
    - BOTOX Global Revenue in Therapeutic Space: $3.3 billion  **[ABBV_3404631_7]** .

### Q2 2024 Earnings Call
- **Issued Period:** Q2 2024
- **Guided Period:** FY 2024
- **Guidance:**
  - **Adjusted EPS:** $10.71 to $10.91
  - **Total Net Revenues:** Approximately $55.5 billion
  - **Foreign Exchange Impact:** 1% unfavorable
  - **Adjusted Gross Margin:** 84% of sales
  - **Adjusted R&D Investment:** 14% of sales
  - **Adjusted SG&A Expense:** 23.5% of sales
  - **Adjusted Operating Margin Ratio:** 44.5% of sales
  - **Non-GAAP Tax Rate:** 16.3%
  - **Q3 2024 Net Revenues:** Approximately $14.2 billion
  - **Q3 2024 Adjusted EPS:** $2.92 to $2.96
  - **Product-Specific Guidance:**
    - SKYRIZI Global Sales: $11 billion
    - Rinvoq Total Revenue: $5.7 billion
    - SYNCLEXA Total Sales: $2.5 billion
    - Aesthetics Global Revenue: $5.5 billion  **[ABBV_3394275_9]** .

### Q1 2024 Earnings Call
- **Issued Period:** Q1 2024
- **Guided Period:** FY 2024 and Q2 2024
- **Guidance:**
  - **Adjusted EPS:** $11.13 to $11.33
  - **Total Net Revenues:** Approximately $55 billion
  - **Foreign Exchange Impact:** 0.9% unfavorable
  - **Adjusted Gross Margin:** 84% of sales
  - **Adjusted R&D Investment:** 14% of sales
  - **Adjusted SG&A Expense:** 23.5% of sales
  - **Adjusted Operating Margin Ratio:** 46.5%
  - **Adjusted Net Interest Expense:** $2.2 billion
  - **Q2 2024 Net Revenues:** Approximately $14 billion
  - **Q2 2024 Adjusted Operating Margin Ratio:** 49.5% of sales
  - **Q2 2024 Non-GAAP Tax Rate:** 16.4%
  - **Q2 2024 Adjusted EPS:** $3.05 to $3.09  **[ABBV_3381131_9]** .

### Q4 2023 Earnings Call
- **Issued Period:** Q4 2023
- **Guided Period:** FY 2024 and Q1 2024
- **Guidance:**
  - **Adjusted EPS:** $11.05 to $11.25
  - **Total Net Revenues:** Approximately $54.2 billion
  - **Foreign Exchange Impact:** 0.5% unfavorable
  - **Key Product and Therapeutic Area Revenue Assumptions:**
    - Global Immunology Sales: $25.6 billion
    - Humira Sales: $9.6 billion
    - Skyrizi Revenue: $10.5 billion
    - Rinvoq Sales: $5.5 billion
    - Oncology Sales: $5.7 billion
    - Imbruvica Revenue: $2.9 billion
    - Venclexta Sales: $2.4 billion
    - Aesthetics Sales: $5.7 billion
    - Neuroscience Revenue: $8.9 billion
    - Eye Care Sales: $2.2 billion
  - **Adjusted Gross Margin:** 84% of sales
  - **Adjusted R&D Investment:** 14% of sales
  - **Adjusted SG&A Expense:** 23.5% of sales
  - **Adjusted Operating Margin Ratio:** 46.5% of sales
  - **Adjusted Net Interest Expense:** $2.1 billion
  - **Non-GAAP Tax Rate:** 15.7%
  - **Share Count:** Roughly flat
  - **Q1 2024 Net Revenues:** Approximately $11.9 billion
  - **Q1 2024 Adjusted Gross Margin:** 83.5% of sales
  - **Q1 2024 Adjusted Operating Margin Ratio:** 44.5% of sales
  - **Q1 2024 Non-GAAP Tax Rate:** 14.8%
  - **Q1 2024 Adjusted EPS:** $2.30 to $2.34  **[ABBV_3371746_10]** **[ABBV_3371746_11]** .

a5b468c5f281bda79480c7d71fdd763e680e601a5bd6c1e7264e12792a46f287

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | **February 16, 2023**  **[0001551152-24-000040_abbv-20240930.htm:26]** **[0001551152-24-000040_abbv-20240930.htm:47]**  |
| End Date/Duration        | **No time limit**  **[0001551152-24-000040_abbv-20240930.htm:26]** **[0001551152-24-000040_abbv-20240930.htm:47]**  |
| Total additional amount  | **$5.0 billion**  **[0001551152-24-000040_abbv-20240930.htm:26]** **[0001551152-24-000040_abbv-20240930.htm:47]**  |
| Remaining authorization amount | **$3.9 billion** (as of September 30, 2024)  **[0001551152-24-000040_abbv-20240930.htm:26]**  |
| Details                  | The program allows for share repurchases in open-market or private transactions at management's discretion. The shares are recorded at acquisition cost and are available for general corporate purposes. The program can be discontinued at any time.  **[0001551152-23-000045_abbv-20230930.htm:20]** **[0001551152-24-000040_abbv-20240930.htm:26]** **[0001551152-22-000045_abbv-20220930.htm:21]** **[0001551152-23-000033_abbv-20230630.htm:19]** **[0001551152-24-000011_abbv-20231231.htm:121]** **[0001551152-22-000030_abbv-20220630.htm:18]** **[0001551152-23-000011_abbv-20221231.htm:122]** **[0001551152-24-000020_abbv-20240331.htm:20]** **[0001551152-24-000031_abbv-20240630.htm:22]** **[0001551152-23-000023_abbv-20230331.htm:17]**  |

bb106e6aae0e62a667625a539d711244b37a749ee32cebdad9388d09c481b943

64b9f353f80bc67d51a31d038c5de671755a770e8889775bda3ef81e4ff02cad

f8c77d7404ab63071677eaac59013f09d70c3d63498e8744148be8b2aa1e99c2

795f378787a91333b5195b465b473adfb85f74cbbce3df187a53ba4180b52f31

- Total Revenue: $15,102 million (+**6%** YoY vs. $14,301 million)  **[0001551152-25-000011_abbv-20241231xexhibit991.htm:7]** **[0001551152-24-000011_abbv-20231231.htm:131]** **[0001551152-24-000011_abbv-20231231.htm:67]** **[0001551152-24-000011_abbv-20231231.htm:66]** **[0001551152-24-000011_abbv-20231231.htm:65]**   
- Net Income: -$22 million (down from $822 million, -**102%** YoY)  **[0001551152-25-000011_abbv-20241231xexhibit991.htm:8]** **[0001551152-24-000011_abbv-20231231.htm:82]**   
- Humira: $1,682 million (-**49%** YoY)  **[0001551152-25-000011_abbv-20241231xexhibit991.htm:7]** **[0001551152-24-000011_abbv-20231231.htm:66]** **[0001551152-24-000011_abbv-20231231.htm:130]**   
- Skyrizi: $3,778 million (+**58%** YoY)  **[0001551152-25-000011_abbv-20241231xexhibit991.htm:7]** **[0001551152-24-000011_abbv-20231231.htm:66]** **[0001551152-24-000011_abbv-20231231.htm:130]**   
- Rinvoq: $1,834 million (+**46%** YoY)  **[0001551152-25-000011_abbv-20241231xexhibit991.htm:7]** **[0001551152-24-000011_abbv-20231231.htm:66]** **[0001551152-24-000011_abbv-20231231.htm:130]**   
- US Revenue: $11,734 million (+6% YoY)  **[0001551152-25-000011_abbv-20241231xexhibit991.htm:7]** **[0001551152-24-000011_abbv-20231231.htm:132]**   

21a9abb21f9216840d3ddce23fc47f018c4448c203690839e5bb88ffce8f12ef

| Name              | Start Date | End Date | Reason for Change |
|-------------------|------------|----------|-------------------|
| Ernst & Young LLP | 2013  **[0001551152-24-000011_abbv-20231231.htm:137]**    | Present  | Current auditor   |
```

2a60167fd7133dbb72d4f8c4d7b2036a2e74d8033c56120c017fff0def6c62e3

d5d33e6aa21c88ff4c7a1a9ebb42f03f8ae7a6935b41368e27fcbfbd202bf33c

b272c8eb0ce3e1588b6ceefe6c4acd3ba33797f16b0d07638e54ea32b2d0ef20

**Quarterly guidance for Q1 2025:**  
- **Net Revenues**: $12.8B  **[ABBV_3413974_10]**  (lowered from $14.8B  **[ABBV_3404631_7]** )  
- **Foreign Exchange Impact**: 1.6% unfavorable  **[ABBV_3413974_10]**  (lowered from neutral  **[ABBV_3404631_7]** )  
- **Adjusted EPS**: $2.47 – $2.51  **[ABBV_3413974_10]**  (lowered from $2.94 – $2.98  **[ABBV_3404631_7]** )  
- **Operating Margin Ratio**: 44.5%  **[ABBV_3413974_10]**  (no prior quarterly guidance)  
- **Non-GAAP Tax Rate**: 13.8%  **[ABBV_3413974_10]**  (no prior quarterly guidance)  
- **Immunology Sales**: $6.1B  **[ABBV_3413974_10]**  (no prior quarterly guidance)  
  - **Skyrizi**: $3.2B  **[ABBV_3413974_10]**  (no prior quarterly guidance)  
  - **Rinvoq**: $1.6B  **[ABBV_3413974_10]**  (no prior quarterly guidance)  
  - **U.S. Humira**: $900M  **[ABBV_3413974_10]**  (no prior quarterly guidance)  
- **Oncology Revenue**: $1.5B  **[ABBV_3413974_10]**  (no prior quarterly guidance)  
- **Aesthetics Sales**: $1.1B  **[ABBV_3413974_10]**  (no prior quarterly guidance)  
- **Neuroscience Revenue**: $2.1B  **[ABBV_3413974_10]**  (no prior quarterly guidance)  
- **Eye Care Sales**: $550M  **[ABBV_3413974_10]**  (no prior quarterly guidance)  

---

**Annual guidance for FY 2025:**  
- **Adjusted EPS**: $12.12 – $12.32  **[ABBV_3413974_9]**  (raised from $10.90 – $10.94  **[ABBV_3404631_7]** )  
- **Total Net Revenues**: $59B  **[ABBV_3413974_9]**  (raised from $56B  **[ABBV_3404631_7]** )  
- **Foreign Exchange Impact**: 1% unfavorable  **[ABBV_3413974_9]**  (lowered from 0.7% unfavorable  **[ABBV_3404631_7]** )  
- **Adjusted Gross Margin**: 84%  **[ABBV_3413974_9]**  (no change from prior guidance 84%  **[ABBV_3404631_7]** )  
- **Adjusted R&D**: 14.5% of sales  **[ABBV_3413974_9]**  (raised from 14% of sales  **[ABBV_3404631_7]** )  
- **Adjusted SG&A**: $13.2B  **[ABBV_3413974_9]**  (no change from ~23.5% of $56B  **[ABBV_3404631_7]** )  
- **Adjusted Operating Margin Ratio**: ~47%  **[ABBV_3413974_9]**  (raised from 44.5%  **[ABBV_3404631_7]** )  
- **Adjusted Net Interest Expense**: $2.6B  **[ABBV_3413974_9]**  (no prior guidance)  
- **Non-GAAP Tax Rate**: 15.6%  **[ABBV_3413974_9]**  (no prior guidance)  
- **Free Cash Flow**: ~$17B  **[ABBV_3413974_10]**  (no prior guidance)  
- **Debt Repayment**: ~$3B  **[ABBV_3413974_10]**  (no prior guidance)  

• **Skyrizi**: $15.9B  **[ABBV_3413974_9]**  (raised from $11.5B  **[ABBV_3404631_7]** )  
• **Rinvoq**: $7.9B  **[ABBV_3413974_9]**  (raised from $5.8B  **[ABBV_3404631_7]** )  
• **Humira**: $5.6B total, including $4B U.S.  **[ABBV_3413974_9]**  (lowered from $7.4B U.S.  **[ABBV_3404631_7]** )  
• **IMBRUVICA**: $2.7B  **[ABBV_3413974_9]**  (lowered from $3.3B  **[ABBV_3404631_7]** )  
• **VENCLEXTA**: $2.6B  **[ABBV_3413974_9]**  (no change from $2.6B  **[ABBV_3404631_7]** )  
• **Aesthetics Sales**: $5.3B  **[ABBV_3413974_9]**  (no change from $5.3B  **[ABBV_3404631_7]** )  
• **ELAHERE**: $750M  **[ABBV_3413974_9]**  (no prior guidance)  
• **BOTOX Therapeutic**: $3.5B  **[ABBV_3413974_9]**  (raised from $3.3B  **[ABBV_3404631_7]** )  
• **BOTOX Cosmetic**: $2.8B  **[ABBV_3413974_9]**  (no prior guidance)  
• **JUVEDERM Sales**: relatively flat  **[ABBV_3413974_9]**  (no exact prior guidance)  
• **Neuroscience Sales**: ~$10B  **[ABBV_3413974_9]**  (no prior guidance)  
• **Braila**: $3.5B  **[ABBV_3413974_9]**  (no prior guidance)  
• **Total Oral CGRP Revenue**: $2.1B  **[ABBV_3413974_9]**  (no prior guidance)  
• **VYALEV**: $300M  **[ABBV_3413974_9]**  (no prior guidance)  
• **Eye Care Sales**: $2.2B  **[ABBV_3413974_9]**  (no prior guidance)  

9f8a01505f77b6ee701423a79c168a92f3340c2b2ee7fbfcff5fa172c572cb3a

- AbbVie's **Tmab-A (ABBV-400)** is an underappreciated oncology asset showing promising monotherapy results in colorectal cancer, significantly outperforming older chemotherapy treatments, with potential to become a **very significant product** for patients over time.  **[ABBV_3413974_17]**
- AbbVie has a **strong M&A track record** and continues to pursue strategic transactions to bolster its pipeline, having signed **more than 20 early-stage deals since the beginning of 2024** across immunology, oncology, and neuroscience, which can drive growth in the next decade.  **[ABBV_3413974_17]**
- Despite short-term headwinds, AbbVie's aesthetics business is expected to benefit in the long term from increased consumer interest, including opportunities arising from the obesity market, as new patients are introduced to aesthetics treatments, supporting **significant long-term growth potential** given high consumer interest and low penetration rates.  **[ABBV_3413974_19]**

ab8e2a9123395a0535411eca1a6ec3843c185d2b49ba0483f653a8160122a9d3

- **AbbVie increased its projected headwind from the Medicare Part D redesign from 3% to 4%**, indicating a more significant negative impact on revenues than previously expected. This change reflects a business mix shift with higher exposure in areas like immunology and oncology. ( **[ABBV_3413974_18]** )
- **The company lowered its long-term revenue guidance for its aesthetics business**, now expecting a **high single-digit revenue CAGR through 2029**, with revenues projected to be **north of $7 billion** in 2029, compared to the previous expectation of over $9 billion by 2030. This revision is due to challenging market conditions and economic headwinds in key markets like the U.S. and China. ( **[ABBV_3413974_18]** ,  **[ABBV_3413974_13]** )
- **Market share declines in key aesthetics products**, with **BOTOX Cosmetic's U.S. market share dropping to the low to mid-60s% and JUVEDERM to the low to mid-40s%**. The share erosion reflects increased competition and changes in consumer spending, and while the company aims to regain share, the challenges may persist amid economic uncertainties. ( **[ABBV_3413974_11]** )

3ac273ec9e82535e894e8e4f01b64bb238515a0e19ddeba8ae1007287274ca8f

1. **Skyrizi and Rinvoq Growth**  
   **Q:** What's driving the 2027 guidance increase for Skyrizi and Rinvoq?  
   **A:** The primary driver is **share capture across indications**, particularly in **IBD** and **psoriasis**. Skyrizi's guidance increased by **$3 billion**, with **$2 billion** from IBD and **$1 billion** from psoriatic diseases. Rinvoq's guidance rose by **$1 billion**, contributing from various indications. The robust performance is expected to continue beyond 2027, with both assets maintaining growth at least through 2032.  **[ABBV_3413974_12]** 

2. **Part D Redesign Impact**  
   **Q:** How will the Part D redesign affect financials and volume?  
   **A:** The Part D redesign presents a **4% headwind** to growth across the business. The volume offset is modest and primarily comes from standard eligible patients, about one-third of the population who will benefit from lower out-of-pocket costs. The cost-sharing applies to the entire Medicare book, so the volume does not fully offset the price impact.  **[ABBV_3413974_15]** 

3. **Aesthetics Business Outlook**  
   **Q:** When will the aesthetics business recover, and what's the outlook?  
   **A:** The aesthetics business is expected to recover, with **2025 anticipated as the trough**. Long-term guidance projects **high single-digit compound annual growth** from 2025 through 2029, potentially exceeding **$7 billion** in revenues. New products like **BoNT/E** are seen as catalysts for growth by activating new patients and driving more consumers into the toxin category.  **[ABBV_3413974_14]** 

4. **Immunology Market Growth**  
   **Q:** Why is the I&I market growing rapidly?  
   **A:** The I&I market continues to grow due to expanding lines of therapy and the emergence of second and third-line markets in conditions like **atopic dermatitis** and **IBD**. Physicians are more willing to move patients to advanced therapies like Skyrizi and Rinvoq, leading to significant market growth. Projections show **high single-digit growth** in psoriasis and IBD, and **mid-teens growth** in atopic dermatitis.  **[ABBV_3413974_16]** 

5. **Pipeline Developments**  
   **Q:** What's the progress on the NLRX1 agonist in UC?  
   **A:** The NLRX1 agonist showed promising early data in **Phase Ib** ulcerative colitis. A robust **Phase II** study with a placebo comparator is underway. If successful, it could advance to Phase III and potentially be combined with **Skyrizi** or **Rinvoq**.  **[ABBV_3413974_15]** 

6. **M&A Strategy**  
   **Q:** What's AbbVie's approach to M&A?  
   **A:** AbbVie continues to pursue assets that add depth to its pipeline, focusing on areas that can drive growth in the next decade, such as **immunology**, **oncology**, and **neuroscience**. The company has a strong track record and remains financially capable of pursuing opportunities that offer differentiation in large markets with high unmet needs.  **[ABBV_3413974_17]** 

7. **PBM Reform Impact**  
   **Q:** How would PBM reforms affect AbbVie?  
   **A:** AbbVie is confident in competing effectively regardless of changes to the rebate system. The company does not have a strong preference between rebates or discounts and can compete based on product attributes and the value provided to health systems.  **[ABBV_3413974_19]** 

8. **Atopic Dermatitis Growth**  
   **Q:** What's the outlook for Rinvoq in atopic dermatitis?  
   **A:** Rinvoq is gaining in atopic dermatitis, with **new patient capture increasing**. The drug excels in stringent endpoints like minimal disease activity and significant itch reduction, distinguishing it from competitors. There's optimism for continued growth, and additional assets are being considered to strengthen the position in this indication.  **[ABBV_3413974_20]** 

9. **Eye Care Business Role**  
   **Q:** How does eye care fit into AbbVie's portfolio?  
   **A:** AbbVie's eye care business focuses on **glaucoma**, **retinal diseases**, and **prescription dry eye**. It's a scientifically driven, efficient business participating in large markets with high unmet needs. The company sees potential for it to be a long-term growth driver, especially with programs like the gene therapy for **wet AMD** and **diabetic retinopathy** from ReGenXBio.  **[ABBV_3413974_22]** 

77b824b77651295c252319d687d46fb1e52d9d338000fbc61f3278788ebccd59

AbbVie sees a 4% Medicare Part D headwind, yet Skyrizi and Rinvoq guidance jumped by $4B for 2027 (IBD & psoriasis the primary drivers). Despite cutting aesthetics targets to over $7B in 2029, the pipeline remains strong, led by Tmab-A’s promising oncology potential.

6d0f616e2094c453440d59e5211118a43a2645af1bec6e19b2ba7168cab9260f

3194d1e70b87c144df96855d34936416848f1321bf26ac89d9f717cb6dd63b6f

05642e63b4f5dfe9862e03f9ec9e4d2ab6743413184d12d4a22ce697eea0a629

7dd7eb1c42b0e352ebf3fbdc7cfd3f08c33dede9927fc1e2db91a0e3b529b700

ee0717af5a055f2e5d49ce8827e77abb18aa4ca6156fe825a40c6b41bb85f40e

| Year | Amount Due (in millions) | Debt Type               | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|-----------------------------|-----------------------|------------------------------------------------------------------------------------|
| 2027     | $2,250 **[0001551152-24-000040_abbv-20240930.htm:24]**               | 4.80% Senior Notes          | 4.80 **[0001551152-24-000040_abbv-20240930.htm:24]**          | 3.2% = (2,250 / 71,079) * 100 **[0001551152-24-000040_abbv-20240930.htm:24]** **[0001551152-24-000040_abbv-20240930.htm:2]**                                     |
| 2029     | $2,500 **[0001551152-24-000040_abbv-20240930.htm:24]**               | 4.80% Senior Notes          | 4.80 **[0001551152-24-000040_abbv-20240930.htm:24]**          | 3.5% = (2,500 / 71,079) * 100 **[0001551152-24-000040_abbv-20240930.htm:24]** **[0001551152-24-000040_abbv-20240930.htm:2]**                                     |
| 2031     | $2,000 **[0001551152-24-000040_abbv-20240930.htm:24]**               | 4.95% Senior Notes          | 4.95 **[0001551152-24-000040_abbv-20240930.htm:24]**          | 2.8% = (2,000 / 71,079) * 100 **[0001551152-24-000040_abbv-20240930.htm:24]** **[0001551152-24-000040_abbv-20240930.htm:2]**                                     |
| 2034     | $3,000 **[0001551152-24-000040_abbv-20240930.htm:24]**               | 5.05% Senior Notes          | 5.05 **[0001551152-24-000040_abbv-20240930.htm:24]**          | 4.2% = (3,000 / 71,079) * 100 **[0001551152-24-000040_abbv-20240930.htm:24]** **[0001551152-24-000040_abbv-20240930.htm:2]**                                     |
| 2044     | $750 **[0001551152-24-000040_abbv-20240930.htm:24]**                 | 5.35% Senior Notes          | 5.35 **[0001551152-24-000040_abbv-20240930.htm:24]**          | 1.1% = (750 / 71,079) * 100 **[0001551152-24-000040_abbv-20240930.htm:24]** **[0001551152-24-000040_abbv-20240930.htm:2]**                                       |
| 2054     | $3,000 **[0001551152-24-000040_abbv-20240930.htm:24]**               | 5.40% Senior Notes          | 5.40 **[0001551152-24-000040_abbv-20240930.htm:24]**          | 4.2% = (3,000 / 71,079) * 100 **[0001551152-24-000040_abbv-20240930.htm:24]** **[0001551152-24-000040_abbv-20240930.htm:2]**                                     |
| 2064     | $1,500 **[0001551152-24-000040_abbv-20240930.htm:24]**               | 5.50% Senior Notes          | 5.50 **[0001551152-24-000040_abbv-20240930.htm:24]**          | 2.1% = (1,500 / 71,079) * 100 **[0001551152-24-000040_abbv-20240930.htm:24]** **[0001551152-24-000040_abbv-20240930.htm:2]**                                     |
| Total    | $15,000 **[0001551152-24-000040_abbv-20240930.htm:24]**              |                             |                       | 21.1% = (15,000 / 71,079) * 100 **[0001551152-24-000040_abbv-20240930.htm:24]** **[0001551152-24-000040_abbv-20240930.htm:2]**                                   |

9a2e792edc6a75ee146bb3592665aa39cc013e9a1764663b615a86d5079418a2

- **AbbVie's long-term revenue target of greater than $9 billion by 2029 for its aesthetics business is uncertain and highly dependent on economic recovery and new product launches.** The company acknowledges that achieving this requires compound growth of around 11%, but current market conditions suggest growth may only reach high single digits.  **[ABBV_3404631_14]**
- **Persistent challenging economic conditions have negatively impacted Juvederm sales, potentially impairing future growth in the aesthetics segment if these conditions continue.** AbbVie moderated its Juvederm outlook due to poor performance and admits that achieving long-term guidance is dependent on market recovery.  **[ABBV_3404631_14]**
- **Uncertainty surrounds the success of the Cerevel Therapeutics acquisition, particularly regarding pending emraclidine data for schizophrenia.** Analysts express skepticism about the potential effect size in upcoming studies, suggesting that if results are unfavorable, it could impact the value of the acquisition and AbbVie's growth in neuroscience.  **[ABBV_3404631_18]**

d5c060ad0472ea2ee0c6d20ce9be0ed43df5145de4e49687f67f2c09b4687ba2

- AbbVie **expects economic headwinds in the China aesthetics market to persist over the near term**, with the market remaining **flat overall for 2024**, which could impact the growth of their aesthetics business.  **[ABBV_3381131_23]**
- **Potential structural changes in the Pharmacy Benefit Manager (PBM) industry** due to political pressure and calls for transparency reforms may affect AbbVie's pricing and market access strategies, possibly impacting future revenues.  **[ABBV_3381131_16]**
- **Regulatory scrutiny from the FTC** regarding the pending acquisition of Cerevel, particularly concerns about overlapping indications and market competition in schizophrenia treatments, **could delay or impede the acquisition**, affecting AbbVie's plans to augment its neuroscience portfolio.  **[ABBV_3381131_20]**

3a59b3a04c8aac98a5d12a8437432675656896d657cad077d4f3ca4549ecc390

- *1. AbbVie's neuroscience portfolio shows strong growth potential, particularly with the launch of ABBV-951 for advanced Parkinson's disease.** The company is establishing a new high-efficacy category, with positive uptake observed in Japan and Germany following recent launches.  **[ABBV_3371746_17]**
- *2. AbbVie has promising assets in Alzheimer's disease, with three Phase II studies expected to read out later this year or early next year.** These assets could significantly enhance their position in the Alzheimer's market, addressing various symptoms with differentiated profiles.  **[ABBV_3371746_17]**
- *3. Exceptional commercial execution and efficient R&D investment have enabled AbbVie to successfully navigate the Humira patent expiration.** The company's ability to quickly address challenges and focus on assets like Skyrizi, Rinvoq, and others has led to continued top-tier financial performance.  **[ABBV_3371746_20]**

320562e4888c7794d46ccb4273a37b6288824a504aba54793423c95a6ec03aa5

1. **HUMIRA Erosion Impact**  
   **Q:** Can you update us on HUMIRA volume vs price erosion?  
   **A:** HUMIRA's performance is tracking in line with our expectations, with **price erosion representing the vast majority of the decline**  **[ABBV_3381131_10]** ,.  **[ABBV_3381131_13]**  We anticipated volume erosion due to contracts like CVS's, but we do not see widespread exclusions for the rest of the year  **[ABBV_3381131_12]** ,.  **[ABBV_3381131_13]**  Notably, over **20%** of HUMIRA prescriptions are moving to other mechanisms, including SKYRIZI and RINVOQ  **[ABBV_3381131_13]** ,.  **[ABBV_3381131_15]** 

2. **2025 Growth Outlook**  
   **Q:** How will AbbVie manage growth in 2025 despite headwinds?  
   **A:** Despite headwinds like the IRA Part D redesign and further HUMIRA erosion, we expect to deliver **robust revenue growth** in 2025.  **[ABBV_3381131_10]**  Growth drivers include SKYRIZI and RINVOQ, which are growing by more than **$4 billion** per year, and our neuroscience franchise, adding over **$1 billion** this year.  **[ABBV_3381131_10]**  The IRA impact is significant in 2025 but not in subsequent years.  **[ABBV_3381131_10]** 

3. **Contracting Strategies**  
   **Q:** How are you approaching HUMIRA contracting for 2025?  
   **A:** We aim to maintain patient access and minimize disruption by negotiating for parity contracts and seeking multi-year agreements with payers.  **[ABBV_3381131_12]**  We have controls in place to ensure contract stability, though details are confidential.  **[ABBV_3381131_12]**  We do not anticipate significant formulary exclusions for HUMIRA in 2025  **[ABBV_3381131_13]** ,.  **[ABBV_3381131_17]** 

4. **SKYRIZI and RINVOQ Opportunities**  
   **Q:** What's the outlook for SKYRIZI and RINVOQ in IBD?  
   **A:** SKYRIZI is showing significant acceleration in frontline Crohn's disease, and we expect similar success in ulcerative colitis, a multi-billion dollar opportunity.  **[ABBV_3381131_14]**  Our performance in naive populations is exceptional.  **[ABBV_3381131_14]**  We're capturing almost **40%** of in-play share with SKYRIZI first and RINVOQ second.  **[ABBV_3381131_14]** 

5. **Neurology Franchise Growth**  
   **Q:** Can you discuss the strong neurology performance?  
   **A:** Our neuroscience franchise is thriving, with VRAYLAR and our migraine portfolio showing strong growth  **[ABBV_3381131_10]** ,.  **[ABBV_3381131_19]**  Qulipta is now the leading preventative agent, and UBRELVY maintains a meaningful lead over competitors.  **[ABBV_3381131_19]**  VRAYLAR continues to gain market share due to its efficacy in bipolar and major depression.  **[ABBV_3381131_19]** 

6. **Aesthetics Business Challenges**  
   **Q:** What's impacting the aesthetics business, especially in China?  
   **A:** We expect economic headwinds in China to persist near-term, with the aesthetics market flat overall in 2024.  **[ABBV_3381131_23]**  We anticipate a market recovery beginning in the second half of 2024.  **[ABBV_3381131_23]**  In Q1, shifted promotional efforts impacted inventory levels, resulting in over **$50 million** lower inventory, which we expect to recover in Q2.  **[ABBV_3381131_11]** 

7. **Biosimilar HUMIRA Uptake**  
   **Q:** Will cheaper HUMIRA biosimilars lead to increased step-edits?  
   **A:** We're confident in maintaining favorable access for SKYRIZI and RINVOQ in 2025 and beyond.  **[ABBV_3381131_17]**  Physicians recognize the superior efficacy of our products, which is reflected in their prescribing patterns.  **[ABBV_3381131_17]**  The availability of biosimilars hasn't significantly altered our outlook.

8. **FTC Review of Cerevel Acquisition**  
   **Q:** Any concerns about FTC approval of the Cerevel deal?  
   **A:** We are working closely with the FTC and expect to close the transaction by mid-year.  **[ABBV_3381131_19]**  There is no overlap in mechanisms of action between our products and Cerevel's, and VRAYLAR's share in schizophrenia is very low.  **[ABBV_3381131_19]** 

9. **Emraclidine Safety Concerns**  
   **Q:** Has the FDA contacted you about emraclidine safety issues?  
   **A:** We conducted thorough diligence and have not observed any safety concerns consistent with those described in competitor reports.  **[ABBV_3381131_20]**  No health authority has reached out to us regarding this matter.  **[ABBV_3381131_20]** 

10. **Political Impact on PBMs**  
    **Q:** Will political scrutiny change PBM practices on biosimilars?  
    **A:** We do not anticipate a wholesale restructuring of the PBM industry.  **[ABBV_3381131_16]**  Transparency reforms might occur, but we expect the current contracting dynamics to remain largely unchanged in the near term.  **[ABBV_3381131_16]** 

11. **ELAHERE Sales Performance**  
    **Q:** Can you provide ELAHERE's full quarter sales?  
    **A:** Prior to the close in mid-February, ELAHERE's full quarter sales were approximately **$113 million**.  **[ABBV_3381131_18]**  The transition from accelerated to full approval has been a significant catalyst for growth.  **[ABBV_3381131_18]** 

12. **Gross-to-Net Trends**  
    **Q:** How did gross-to-nets impact Q1, and what's the outlook?  
    **A:** We have strong controls over our gross-to-net adjustments, including vouchers and co-pays, and we're seeing stability.  **[ABBV_3381131_19]**  We expect these trends to continue throughout the year.  **[ABBV_3381131_19]** 

13. **SKYRIZI Royalty Payments**  
    **Q:** What was the SKYRIZI royalty payment this quarter?  
    **A:** The cash payment for SKYRIZI royalties in the first quarter was **$400 million**.  **[ABBV_3381131_23]** 

14. **Level Up Study Impact**  
    **Q:** How will Level Up data affect RINVOQ in atopic dermatitis?  
    **A:** The Level Up study strengthens our position by demonstrating superior efficacy, which should help both market share gains and market expansion.  **[ABBV_3381131_16]**  Given the low bio-penetration in this area, we expect significant growth opportunities.  **[ABBV_3381131_16]** 

6d6af8e7928ef43719021362846e0ffa49e47667f6e6d2c8c62649d98922f652

- **AbbVie's Immunology Portfolio is Demonstrating Superior Efficacy and Expanding Market Share Across Multiple Indications**  **[ABBV_3404631_10]** **[ABBV_3404631_13]**
- **Strong Confidence in Long-Term Growth of the Aesthetics Business Driven by Innovative Products**  **[ABBV_3404631_14]**
- **Strategic Investments in Neuroscience Pipeline Position AbbVie for Long-Term Growth**  **[ABBV_3404631_17]**

804ffe8b425a820ea15bf242949ed9645f18581b60d68ccae1750b60d4ec1731

1. **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.  **[ABBV_3404631_9]**  They noted that overperformance from **SKYRIZI** and **RINVOQ** is more than offsetting HUMIRA's decline.  **[ABBV_3404631_9]**  They highlighted a **$1.3 billion** increase in guidance for SKYRIZI and RINVOQ  **[ABBV_3404631_9]** , and expect positive momentum across their portfolio, including oncology and neuroscience.  **[ABBV_3404631_9]** 

2. **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.  **[ABBV_3404631_14]**  They acknowledge it requires around **11%** compound annual growth.  **[ABBV_3404631_14]**  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.  **[ABBV_3404631_14]**  They will reassess the target in **2026** based on market recovery and BoNT/E performance.  **[ABBV_3404631_14]** 

3. **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.  **[ABBV_3404631_12]**  They anticipate **low single-digit** negative pricing impact due to rebates, which is modest compared to prior years.  **[ABBV_3404631_12]** 

4. **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.  **[ABBV_3404631_17]**  They see differentiation in Alliad's approach, offering higher concentrations in CSF and extended half-life, potentially enabling **monthly subcutaneous dosing**.  **[ABBV_3404631_17]**  This could result in better cognitive benefits and reduced side effects, addressing challenges like ARIA.  **[ABBV_3404631_17]**  Neuroscience is a key growth area, focusing on psychiatry, migraine, Parkinson's, and neurodegeneration.  **[ABBV_3404631_17]** 

5. **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.  **[ABBV_3404631_11]**  They have not observed significant GI or bladder issues in Phase Ib data and do not anticipate hepatic monitoring requirements.  **[ABBV_3404631_11]**  Data readout is expected in the coming months, and they are optimistic about its potential in neurodegenerative-associated psychosis.  **[ABBV_3404631_11]** 

6. **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.  **[ABBV_3404631_19]**  However, this was offset by an increase in BOTOX Therapeutics, keeping the neuroscience growth area guidance stable.  **[ABBV_3404631_19]**  They also extended their collaboration with **Gideon Richter** to develop additional psychiatric treatments.  **[ABBV_3404631_19]** 

7. **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.  **[ABBV_3404631_15]**  They are building depth in areas like diabetic retinopathy and dry eye.  **[ABBV_3404631_15]**  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.  **[ABBV_3404631_15]** 

8. **Pipeline Mechanisms (TL1A)**  
   **Q:** Thoughts on new pipeline mechanisms like TL1A?  
   **A:** Management is confident in SKYRIZI's efficacy over emerging orals.  **[ABBV_3404631_13]**  They view mechanisms like **TL1A** as important, especially in combination therapies.  **[ABBV_3404631_13]**  While TL1A shows encouraging data in ulcerative colitis, they believe it needs to be part of a combination approach to be differentiated.  **[ABBV_3404631_13]**  They are excited about other early-stage mechanisms and will share more as data matures.  **[ABBV_3404631_13]** 

9. **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.  **[ABBV_3404631_16]**  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.  **[ABBV_3404631_16]** 

10. **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.  **[ABBV_3404631_10]**  They believe this provides potential for superiority over ENTYVIO, especially on objective endpoints like endoscopic improvement.  **[ABBV_3404631_10]**  They view endoscopic improvements as highly predictive of long-term outcomes.  **[ABBV_3404631_10]** 

53b01dee48b27f5c8d9c33cc4f2c64e21e4fb26fbee9e51d27cb37a24292f816

1. **Immunology Growth Beyond 2027**  
   **Q:** Will Skyrizi and Rinvoq continue growing post-2027?  
   **A:** Management anticipates robust growth for both **Skyrizi** and **Rinvoq** beyond 2027, driven by significant market opportunities and new indications. They expect Rinvoq to have a higher growth rate due to up to **five new indications**, but both therapies will grow nicely, capturing significant market share in expanding markets like atopic dermatitis and IBD.  **[ABBV_3371746_12]** **[ABBV_3371746_12]** 

2. **Humira Long-Term Revenue**  
   **Q:** What's the outlook for Humira's tail revenues?  
   **A:** The company expects Humira's U.S. tail revenue to emerge in **2025-2026**, but will provide more specifics once the impact of biosimilars is clearer. Internationally, they foresee a gradual decline due to final waves of biosimilar entry and share shifts to newer agents like **Skyrizi** and **Rinvoq**.  **[ABBV_3371746_16]** **[ABBV_3371746_16]** 

3. **Part D and IRA Impact**  
   **Q:** How will Part D redesign and IRA affect growth?  
   **A:** The impacts are included in the company's long-term guidance. The **Part D redesign starting in 2025** will create a few points of growth headwind due to higher cost sharing, partially offset by volume gains from improved abandonment rates. They also acknowledge the IRA negotiation process, noting it's premature to discuss specifics on **Imbruvica** pricing until finalized.  **[ABBV_3371746_26]** **[ABBV_3371746_26]** 

4. **CEO Succession Planning**  
   **Q:** Update on CEO succession timing?  
   **A:** CEO **Rick Gonzalez** stated there's nothing new to report but detailed that the transition will occur when the company comfortably navigates the **Humira LOE** and the business is performing well. The board is actively involved, and an announcement will be made when appropriate, likely with Gonzalez serving as **Executive Chair** during the transition.  **[ABBV_3371746_13]** **[ABBV_3371746_13]** 

5. **Neuroscience and Alzheimer's Pipeline**  
   **Q:** Thoughts on upcoming Alzheimer's assets?  
   **A:** AbbVie is optimistic about its Alzheimer's pipeline, including assets like **ABBV-916**, which may offer a differentiated profile with potential for subcutaneous dosing and lower incidence of ARIA. They also highlight **ABBV-552** and collaborations like **emaracladine** with Cerevel, aiming to address various symptoms of Alzheimer's with innovative treatments.  **[ABBV_3371746_17]** **[ABBV_3371746_17]** 

6. **Obesity Drugs and Aesthetics**  
   **Q:** Impact of obesity drugs on aesthetics business?  
   **A:** Management has not observed any significant impact, positive or negative, from obesity drugs on their aesthetics business. They believe these drugs may reinforce long-term growth as patients become more engaged in their appearance, potentially increasing interest in aesthetic treatments post-weight loss.  **[ABBV_3371746_22]** **[ABBV_3371746_22]** 

7. **ImmunoGen Acquisition Plans**  
   **Q:** Strategy for ImmunoGen's ovarian cancer drug?  
   **A:** AbbVie plans to move the drug into earlier lines of ovarian cancer therapy, including first-line maintenance settings, by exploring combinations with existing treatments like **carboplatin**, **Bevacizumab**, and **PARP inhibitors**. They acknowledge longer progression-free survival (PFS) and overall survival (OS) in earlier settings but are committed to starting studies as soon as possible.  **[ABBV_3371746_15]** **[ABBV_3371746_15]** 

8. **Operating Margin Expectations**  
   **Q:** Will operating margins expand in 2025?  
   **A:** Operating margins are expected to expand starting in 2025 with the return to robust growth, continuing steadily over several years and peaking at around **50%**. This expansion factors in the full-year impact of recent acquisitions like **ImmunoGen** and **Cerevel**.  **[ABBV_3371746_19]** **[ABBV_3371746_19]** 

9. **Future M&A Plans**  
   **Q:** Thoughts on M&A in 2024?  
   **A:** AbbVie continues to focus on identifying early-stage opportunities across key areas like immunology, oncology, neuroscience, aesthetics, and eye care. While the company is well-positioned financially to pursue acquisitions, their current portfolio supports growth expectations, and future deals are likely to be **smaller in size**, aimed at bolstering the pipeline for the next decade.  **[ABBV_3371746_23]** **[ABBV_3371746_23]** 

10. **Skyrizi Impact on Rinvoq**  
    **Q:** Will Skyrizi's UC approval affect Rinvoq sales?  
    **A:** The company believes Skyrizi and Rinvoq have **complementary positioning** in markets like Crohn's disease and ulcerative colitis. Skyrizi, with impressive efficacy, is positioned for **frontline use**, while Rinvoq is indicated after a TNF inhibitor. They expect minimal cannibalization and significant overall share growth for AbbVie in these therapeutic areas.  **[ABBV_3371746_21]** **[ABBV_3371746_21]** 

b85e0848f6364c8476064839ca8da1f012d64de05a5862d51e0a747e4dcd2043

- **AbbVie has moderated its near-term revenue outlook for its aesthetics business due to slower-than-expected market growth, particularly in the U.S. and China, impacted by sustained economic headwinds. This raises concerns about the company's ability to achieve its long-term growth targets for the aesthetics segment.**  **[ABBV_3394275_4]** ,  **[ABBV_3394275_18]** ,  **[ABBV_3394275_11]**
- **The company anticipates that HUMIRA will have lower access in 2025 compared to 2024 due to increasing biosimilar competition, which may lead to further erosion of HUMIRA sales and negatively impact revenues.**  **[ABBV_3394275_20]** ,  **[ABBV_3394275_21]**
- **There may be potential pricing pressures on key growth drivers SKYRIZI and RINVOQ due to ongoing contracting negotiations and the dynamics introduced by biosimilar HUMIRA, which could impact future revenue growth and profitability.**  **[ABBV_3394275_20]** ,  **[ABBV_3394275_21]**

9defb1f9b39516ec5896d11b4acf1666ad16131512bb25d09d6bcd2056c97071

1. **2025 Revenue and EPS Outlook**  
   **Q:** How will revenue and EPS grow in 2025?  
   **A:** AbbVie expects **robust revenue growth above industry average** in 2025 despite headwinds from Medicare Part D redesign and continued HUMIRA erosion.  **[ABBV_3394275_10]**  They anticipate **EPS growth in line with revenue**, supported by operating margin expansion offset by interest expenses related to financing for Cerevel and ImmunoGen.  **[ABBV_3394275_10]** 

2. **HUMIRA Erosion and SKYRIZI/Rinvoq Growth**  
   **Q:** How is HUMIRA erosion affecting SKYRIZI and Rinvoq?  
   **A:** As patients switch from HUMIRA, around **20% are moving to new mechanisms**, particularly SKYRIZI and Rinvoq  **[ABBV_3394275_11]** **[ABBV_3394275_15]** . This trend is observed across all indications and may represent a downside for HUMIRA but an upside for SKYRIZI and Rinvoq, benefiting AbbVie in the long term.  **[ABBV_3394275_11]** 

3. **Contracting and Pricing for 2025**  
   **Q:** What are the contracting and pricing expectations for 2025?  
   **A:** AbbVie has multiyear contracts in place for HUMIRA and expects to maintain **parity access for a meaningful portion of lives**, though HUMIRA access will be lower next year due to biosimilar adoption  **[ABBV_3394275_11]** **[ABBV_3394275_17]** . They anticipate **robust and consistent access for SKYRIZI and Rinvoq** with low single-digit price erosion  **[ABBV_3394275_11]** **[ABBV_3394275_20]** . The negotiating season is progressing, and dynamics are in line with expectations.  **[ABBV_3394275_20]** 

4. **Aesthetics Business Outlook**  
   **Q:** How confident are you in the long-term growth of the aesthetics business?  
   **A:** Despite a moderated short-term guide, AbbVie remains confident in achieving **$9 billion in aesthetics sales by 2029**, driven by low global market penetration and expected market recovery.  **[ABBV_3394275_18]**  Upcoming innovations like additional BOTOX indications and new toxins will contribute to growth.  **[ABBV_3394275_18]** 

5. **Cerevel Acquisition Update**  
   **Q:** What's the status of the Cerevel acquisition?  
   **A:** AbbVie has made good progress with the FTC, with **no divestments expected**, and anticipates closing the Cerevel deal soon, potentially as early as next week.  **[ABBV_3394275_12]**  This acquisition adds promising neuroscience assets to their portfolio.  **[ABBV_3394275_12]** 

6. **Pipeline Developments in Immunology**  
   **Q:** How is the immunology pipeline evolving beyond SKYRIZI and Rinvoq?  
   **A:** AbbVie is excited about assets like **NX-13**, with anticipated positive data in ulcerative colitis.  **[ABBV_3394275_14]**  They are exploring novel mechanisms and combination therapies, including bispecifics and multispecifics like **lutikizumab**, to address high unmet needs in IBD  **[ABBV_3394275_14]** **[ABBV_3394275_18]** .

7. **VRAYLAR Growth Amid Competition**  
   **Q:** How will VRAYLAR maintain growth with new competitors in MDD?  
   **A:** VRAYLAR is now the **most preferred agent for bipolar disorder**.  **[ABBV_3394275_19]**  Its full-spectrum coverage and favorable tolerability profile, including minimal sedation and flexible dosing, position it well to continue growing market share despite competition.  **[ABBV_3394275_19]** 

8. **Managing SKYRIZI and Rinvoq in IBD**  
   **Q:** How are you managing growth and potential cannibalization between SKYRIZI and Rinvoq in IBD?  
   **A:** AbbVie has a sophisticated approach with multiple teams representing both drugs.  **[ABBV_3394275_16]**  SKYRIZI is positioned as the **frontline agent with strong efficacy**, while RINVOQ is used in later lines.  **[ABBV_3394275_16]**  Cannibalization is modest, and execution is yielding strong results.  **[ABBV_3394275_16]** 

9. **HUMIRA Access and Lives Covered**  
   **Q:** What portion of HUMIRA lives will continue in 2025?  
   **A:** AbbVie expects to maintain parity access for a **meaningful portion of lives**, though HUMIRA access will be **lower in 2025**, potentially around **half** compared to previous years, due to market shifts toward biosimilars.  **[ABBV_3394275_17]** 

10. **Navigating Political Uncertainty**  
    **Q:** How will you navigate political uncertainty and policy impacts?  
    **A:** AbbVie models the impact of the Inflation Reduction Act and expects to deliver on its long-term outlook.  **[ABBV_3394275_22]**  They are hopeful that future administrations will reconsider provisions that harm innovation, such as price-setting measures, and are focused on addressing patient out-of-pocket burdens.  **[ABBV_3394275_22]** 

1d329f301b5cde506d6a63f3a44c87f916edad08e8997eb9b300bb7557895ccf

- **Strong performance in the neuroscience franchise**, with products like **VRAYLAR**, **Qulipta**, and **UBRELVY** gaining market share and leading their markets, driving significant growth.  **[ABBV_3381131_19]**
- **Confidence in the successful closure of the Cerevel acquisition by mid-year**, expected to strengthen AbbVie's neuroscience portfolio, with **no FTC concerns**.  **[ABBV_3381131_19]**
- **ELAHERE received full FDA approval**, and AbbVie expects it to drive strong growth with significant market potential in ovarian cancer treatments.  **[ABBV_3381131_18]**

a1e368b9ae824343330c6a94c397b170870a1607669210c55009382f855648ed

- **Skyrizi and Rinvoq are demonstrating exceptional growth**, with combined sales exceeding **$4.1 billion** (up **50%**)  **[ABBV_3394275_18]** , capturing increasing market share across multiple indications. This strong momentum is expected to offset the impact of Humira biosimilar competition and drive long-term growth.  **[ABBV_3394275_11]**
- **AbbVie is confident in the long-term growth outlook for its aesthetics portfolio**, expecting market growth to accelerate as economic conditions improve. The company is launching innovative treatment options in key markets like the U.S. and China, aiming to maintain its leadership position in aesthetics.  **[ABBV_3394275_4]**
- **Active business development strategy**, with nearly **a dozen deals executed this year** to expand the pipeline in core areas such as immunology, oncology, and neuroscience, positioning AbbVie for strong growth in the next decade.  **[ABBV_3394275_12]**

8d4a20bc6fc1c1c9ffde4e62bbcaafc8f54e50e495cd6a6d025ffee654912191

AbbVie Inc (ABBV)

Financials