AbbVie (ABBV) Morgan Stanley 24th Annual Global Healthcare Conference summary

Pipeline progress and growth strategy

• Achieved $28 billion in growth platforms, offsetting $18 billion HUMIRA erosion, with strong performance in immunology and neuroscience.

• Robust immunology pipeline includes Apogee, lutikizumab, and new RINVOQ indications, supporting growth beyond SKYRIZI and RINVOQ.

• Oncology pipeline features etentamig, trispecifics for multiple myeloma, and assets in prostate and lung cancer, with strong momentum.

• Neuroscience leadership with VRAYLAR, bretisilocin, emraclidine, and expansion in migraine and Parkinson’s, targeting $5 billion+ peak franchises.

• Entry into obesity via Amylin from Gubra and active pursuit of differentiated assets for future growth.

Business development and Apogee acquisition

• Apogee acquisition aligns with strategy to add depth in immunology and expand into asthma and atopic dermatitis.

• Nearly 40 deals executed in 2.5 years, focusing on differentiated assets in core areas.

• Apogee’s late-stage asset zumi offers high unmet need opportunities and complements internal programs.

• Registration program for zumi aims for global scale, with launch targeted for early 2030 and expansion into adolescents and new geographies.

• Atopic dermatitis and asthma markets are underpenetrated and growing over 15% annually, offering significant upside.

Commercial strategy and market dynamics

• Confident in navigating biosimilar competition due to low biopenetration in atopic dermatitis and proven co-positioning strategies.

• Atopic dermatitis market has three times more patients than psoriatic market, with less than a third penetrated, indicating mega blockbuster potential.

• Immunology markets are robust, with atopic dermatitis and asthma growing 15–20% annually and strong share momentum for SKYRIZI and RINVOQ.

• Multiple near-term catalysts include SKYRIZI sub-Q induction and four new RINVOQ indications.

• SKYRIZI sub-Q approval expected in Q4, with rapid market uptake anticipated due to strong clinical data.