AbbVie (ABBV) Wells Fargo 21st Annual Healthcare Conference summary

Immunology franchise and pipeline momentum

• Immunology markets like IBD, atopic dermatitis, and PsA are experiencing robust growth, with atopic dermatitis growing in double digits.

• SKYRIZI and RINVOQ continue to gain market share, with new indications and strong data supporting further expansion.

• Subcutaneous induction for Crohn's with SKYRIZI is anticipated for approval in Q4, with AFFIRM data showing exceptional endoscopic healing.

• Combination platforms, such as SKYRIZI plus alpha-4 beta-7 and TL1A, are showing doubled efficacy in endoscopic remission and are advancing through trials.

• Long-term guidance for vitiligo and alopecia assets has been raised to over $3 billion, reflecting increased confidence in the pipeline.

Strategic capital allocation and business development

• Nearly 30 transactions totaling about $20 billion have been executed, with a focus on early- and mid-stage assets rather than revenue-accretive deals.

• R&D investment has increased by $3.5 billion since 2022, reaching almost $10 billion annually.

• The company maintains a strong balance sheet and high single-digit revenue CAGR, with no major loss of exclusivity until 2030.

• Business development targets core areas and adjacencies, with a disciplined, methodical approach to asset selection.

Oncology and neuroscience innovation

• BCMA bispecific for myeloma demonstrates high efficacy, lower CRS and infection rates, and greater convenience, positioning it as a strong late entrant.

• The oncology pipeline includes next-generation ADCs targeting c-Met, SEZ6, FR-alpha, and PSMA/STEAP, with several assets advancing to phase III.

• Neuroscience efforts focus on bretisilocin for depression, showing deep, durable remission and a favorable safety profile, with further data expected this year.

• Expansion into psychiatry and respiratory with new assets and combinations is underway, aiming to establish new pillars for future growth.