艾伯維 (ABBV) 2024 Q2 法說會逐字稿

Good morning and thank you for standing by. Welcome to the AbbVie second quarter 2024 earnings conference call. All participants will be in a listen-only mode until the question-and-answer portion of this call. (Operator Instructions)

早安，感謝您的支持。歡迎參加艾伯維 2024 年第二季財報電話會議。在本次通話的問答部分之前，所有參與者都將處於只聽模式。 （操作員說明）

I would now like to introduce Ms. Liz Shea, Senior Vice President, Investor Relations.

現在我想介紹一下投資者關係資深副總裁Liz Shea女士。

Good morning and thanks for joining us. Also on the call with me today are Rob Michael, Chief Executive Officer; Jeff Stewart, Executive Vice President, Chief Commercial Officer; Roopal Thakkar, Executive Vice President, Research and Development, Chief Scientific Officer; Scott Reents, Executive Vice President, Chief Financial Officer; and Carrie Strom, Senior Vice President, AbbVie and President, Global Allergan Aesthetics.

早安，感謝您加入我們。今天與我通話的還有執行長 Rob Michael； Jeff Stewart，執行副總裁暨商務長； Roopal Thakkar，研發執行副總裁、首席科學長； Scott Reents，執行副總裁兼財務長；以及艾伯維 (AbbVie) 資深副總裁兼全球艾爾建美學 (Allergan Aesthetics) 總裁 Carrie Strom。

Before we get started, I'll note that some statements we make today may be considered forward-looking statements based on our current expectations. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in our forward-looking statements. Additional information about these risks and uncertainties is included in our SEC filings. AbbVie undertakes no obligation to update these forward-looking statements except as required by law.

在我們開始之前，我要指出的是，根據我們目前的預期，我們今天發表的一些聲明可能被視為前瞻性聲明。艾伯維警告說，這些前瞻性陳述存在風險和不確定性，可能導致實際結果與我們前瞻性陳述中所示的結果有重大差異。有關這些風險和不確定性的更多資訊包含在我們向 SEC 提交的文件中。除法律要求外，艾伯維不承擔更新這些前瞻性聲明的義務。

On today's conference call, non-GAAP financial measures will be used to help investors understand AbbVie's business performance. These non-GAAP financial measures are reconciled with comparable GAAP financial measures in our earnings release and regulatory filings from today, which can be found on our website. Following our prepared remarks, we'll take your questions.

在今天的電話會議上，將使用非公認會計準則財務指標來幫助投資者了解艾伯維的業務表現。這些非公認會計原則財務指標與我們今天發布的收益報告和監管文件中的可比較公認會計原則財務指標進行了協調一致，這些資料可以在我們的網站上找到。在我們準備好的發言之後，我們將回答您的問題。

So, with that, I'll turn the call over to Rob.

因此，我會將電話轉給 Rob。

Thank you, Liz. Good morning, everyone, and thank you for joining us. It's a pleasure to speak with you today as AbbVie's new CEO. I look forward to building on our track record of success and delivering on AbbVie's promise to our patients, employees, shareholders and communities.

謝謝你，莉茲。大家早安，感謝您加入我們。今天很高興能作為艾伯維的新任執行長與您交談。我期待著在我們的成功記錄的基礎上再接再厲，兌現艾伯維對患者、員工、股東和社區的承諾。

As we begin this new chapter, nearly every aspect of AbbVie's business is performing at or above our expectations. We are demonstrating a rapid return to revenue growth, with operational sales up nearly 4% through the first half of this year, including robust mid-single-digit growth in the second quarter.

當我們開啟新篇章時，艾伯維業務的幾乎每個方面都達到或超出了我們的預期。我們正在展示收入成長的快速恢復，今年上半年營業銷售額成長了近 4%，其中第二季實現了強勁的中個位數成長。

Our ex-Humira growth platform, which covers more than 80% of AbbVie's total sales, will outperform our initial full year sales guidance by more than $1 billion, driven by strong performance in immunology and oncology. In addition, US Humira performance continues to meet our expectations, having achieved or exceeded our guidance in all six quarters with biosimilar competition.

我們的前Humira 成長平台佔艾伯維(AbbVie) 總銷售額的80% 以上，在免疫學和腫瘤學強勁表現的推動下，該平台將比我們最初的全年銷售指引高出超過10 億美元。此外，美國 Humira 的業績繼續滿足我們的預期，在生物相似藥競爭的所有六個季度都達到或超過了我們的指導。

The strong performance across our diversified portfolio will drive top-tier high single-digit compound growth through the end of this decade, which will support continued investment to drive growth in the next decade.

我們多元化投資組合的強勁表現將在本十年末推動頂級高個位數複合成長，這將支持持續投資以推動未來十年的成長。

Turning to our results, I'm especially pleased with immunology, where our leading portfolio is delivering performance well above our expectations. Skyrizi continues to demonstrate strong momentum in psoriasis and Crohn's disease, where we have substantial headroom for additional share gains and the recent approval in UC will add another source of long-term growth.

談到我們的結果，我對免疫學特別滿意，我們領先的產品組合所提供的表現遠高於我們的預期。 Skyrizi 在牛皮癬和克羅恩病領域繼續表現出強勁的勢頭，我們在這兩個領域有很大的份額增長空間，並且最近在 UC 的批准將增加另一個長期增長來源。

Rinvoq is also delivering robust growth across all approved indications. We are making excellent progress with late-stage development in five additional indications that we anticipate will launch in the second half of this decade.

Rinvoq 也在所有核准的適應症上實現了強勁成長。我們在另外五個適應症的後期開發方面取得了巨大進展，預計將在本十年後半葉推出。

In oncology, Elahere has accelerated our on-market presence in solid tumors. We also have several exciting pipeline programs, including two novel c-Met ADCs for solid tumors, Teliso-V and 400, as well as 383, our BCMA CD3 bispecific for multiple myeloma.

在腫瘤學領域，Elahere 加速了我們在實體腫瘤領域的市場佔有率。我們還有幾個令人興奮的管道項目，包括兩種用於實體瘤的新型 c-Met ADC，Teliso-V 和 400，以及我們用於多發性骨髓瘤的 BCMA CD3 雙特異性藥物 383。

In neuroscience, our leading therapies for migraine and mood disorders continue to gain share and are competitively well-positioned. The pending acquisition of Cerevel will further augment our neuroscience pipeline and we're excited about what our two companies can achieve together to make a difference for patients with neuropsych disorders. We have certified substantial compliance to the FTC second request and anticipate the Cerevel transaction will close soon.

在神經科學領域，我們針對偏頭痛和情緒障礙的領先療法繼續獲得市場份額，並在競爭中處於有利地位。即將完成的對 Cerevel 的收購將進一步擴大我們的神經科學產品線，我們對兩家公司能夠共同實現為神經精神疾病患者帶來改變的目標感到興奮。我們已證明基本上符合 FTC 的第二項要求，並預計 Cerevel 交易很快就會完成。

Lastly, we've been very active with business development, investing in exciting opportunities that can drive growth in the next decade. Through the first half of this year, we have executed nearly a dozen early-stage deals. These include promising technologies and innovative mechanisms that can elevate the standard-of-care in immunology, oncology and neuroscience.

最後，我們一直非常積極地開展業務發展，投資於可以推動未來十年成長的令人興奮的機會。今年上半年，我們已經執行了近十幾筆早期交易。其中包括可以提高免疫學、腫瘤學和神經科學護理標準的有前景的技術和創新機制。

In summary, I'm very pleased with the strong momentum of our business. AbbVie's results once again exceed our expectations and we are raising guidance for the second time this year, underscoring our confidence in the business. The robust performance of our growth platform and the advancement of our pipeline supports AbbVie's top-tier long-term outlook.

總之，我對我們業務的強勁勢頭感到非常滿意。艾伯維的業績再次超出我們的預期，我們今年第二次提高指導，強調了我們對業務的信心。我們成長平台的強勁表現和產品線的進步支持了艾伯維的頂級長期前景。

With that, I'll turn the call over to Jeff for additional comments on our commercial highlights. Jeff?

這樣，我會將電話轉給傑夫，請他對我們的商業亮點發表更多評論。傑夫？

Thank you, Rob. We continue to demonstrate strong commercial execution across our therapeutic portfolio. I'll start with the quarterly results for immunology, which delivered total revenues of approximately $7 billion.

謝謝你，羅布。我們繼續在我們的治療產品組合中展示強大的商業執行力。我將從免疫學的季度業績開始，該季度的總收入約為 70 億美元。

Skyrizi and Rinvoq are performing exceptionally well, contributing more than $4.1 billion in combined sales this quarter, reflecting operational growth of 50% in their fifth full year on the market. These assets are approved across a broad set of indications and are collectively supported by nine compelling head-to-head studies that demonstrate clear differentiation across multiple novel therapies, which has resulted in strong share capture.

Skyrizi 和 Rinvoq 的表現異常出色，本季的合併銷售額超過 41 億美元，反映出它們在市場上第五個完整年度的營運成長了 50%。這些資產在廣泛的適應症中獲得批准，並得到九項引人注目的頭對頭研究的共同支持，這些研究證明了多種新型療法之間的明顯差異，從而導致了強勁的份額捕獲。

For Skyrizi, we continue to advance our clear leadership position in psoriasis, where total prescription share of the US biologic market has increased to approximately 38%. Share is also ramping nicely in PSA, especially in the dermatology segment, where Skyrizi has achieved roughly 15% total prescription share in the US biologic market.

對於 Skyrizi 來說，我們繼續鞏固在銀屑病領域的明確領導地位，美國生物製劑市場的總處方份額已增至約 38%。 PSA 的份額也大幅增長，尤其是在皮膚科領域，Skyrizi 在美國生物製劑市場的總處方份額中佔據了約 15% 的份額。

And for Rinvoq, we are seeing increasing share across each of the rheum indications, as well as additional momentum in atopic dermatitis, including total prescription share of 10% in the US. We are very excited about the growth potential in gastroenterology, where Skyrizi and Rinvoq are on pace to double their respective sales in IBD this year. The adoption in Crohn's disease has been impressive, with Skyrizi and Rinvoq now achieving a combined in-place share in the US of more than 40%.

對於 Rinvoq，我們看到每個大黃適應症的份額不斷增加，以及異位性皮膚炎的成長勢頭，包括在美國的總處方份額為 10%。我們對胃腸病學領域的成長潛力感到非常興奮，Skyrizi 和 Rinvoq 今年在 IBD 領域的銷售額有望翻一番。 Skyrizi 和 Rinvoq 在克隆氏症治療的應用令人印象深刻，目前在美國的綜合市佔率已超過 40%。

Skyrizi has achieved overall in-place share leadership in Crohn's, with in-place share approximately now 13 points ahead of Stelara, following our compelling head-to-head sequence data published last year. This positive trial, which demonstrated Skyrizi's high efficacy versus Stelara, including a more than doubling of effect in endoscopic remission has driven a significant inflection in performance and we anticipate continued share momentum.

根據我們去年發布的令人信服的頭對頭序列數據，Skyrizi 在克羅恩病中實現了整體就地份額領先，目前就地份額領先 Stelara 約 13 個百分點。這項積極的試驗證明了 Skyrizi 與 Stelara 相比具有較高的療效，包括內視鏡緩解效果增加了一倍以上，這推動了業績的顯著變化，我們預計股價將繼續保持強勁勢頭。

Commercialization for Skyrizi and ulcerative colitis is now underway in the US, with broad formulary access anticipated to ramp quickly over the next several months. Early feedback from gastroenterologists has been very encouraging, with Skyrizi's UC data viewed as impressive, particularly for naïve patients who have not been exposed to biologics. We also expect the European launch in the coming months.

Skyrizi 和潰瘍性結腸炎的商業化目前正在美國進行，預計未來幾個月將迅速擴大處方藥的廣泛使用範圍。胃腸病學家的早期回饋非常令人鼓舞，Skyrizi 的 UC 數據令人印象深刻，特別是對於尚未接觸過生物製劑的新手患者。我們也預計在未來幾個月內在歐洲推出。

We also see very robust adoption of Rinvoq in UC, where the brand is now achieving a leading in-place share in the US. Internationally, Rinvoq UC is now approved in 75 countries, with reimbursement and share gaining momentum.

我們也看到 Rinvoq 在 UC 的採用非常強勁，該品牌目前在美國取得了領先的就地市場份額。在國際上，Rinvoq UC 現已在 75 個國家獲得批准，報銷和份額不斷增長。

Having two novel therapies that each deliver differentiated levels of efficacy to treat both of these IBD conditions demonstrates our commitment to transforming the treatment landscape for physicians and patients in this area of high unmet need.

擁有兩種新療法，每種療法都能提供不同程度的療效來治療這兩種 IBD 病症，這表明我們致力於改變這個高度未滿足需求領域的醫生和患者的治療模式。

Turning now to Humira, which delivered global sales of $2.8 billion, down 28.9% on an operational basis due to biosimilar competition. Erosion in the US was in line with our expectations in the quarter and our guidance complicates -- contemplates the impact of additional formulary changes over the course of the year. Importantly, we continue to anticipate that Humira will maintain parity access to biosimilars for a significant majority of patient lives this year.

現在談談 Humira，由於生物相似藥的競爭，該公司的全球銷售額為 28 億美元，營運基礎上下降了 28.9%。美國的侵蝕符合我們在本季的預期，但我們的指導變得複雜——考慮到一年中額外處方變化的影響。重要的是，我們繼續預計修美樂今年將保持絕大多數患者獲得生物相似藥的平等機會。

Moving now to oncology, where total revenues were more than $1.6 billion. Imbruvica global revenues were $833 million, down 8.2, reflecting continued competitive dynamics in CLL. Venclexta global sales were $637 million, up 15.8 on an operational basis, with strong momentum across CLL and AML.

現在轉向腫瘤學，該領域的總收入超過 16 億美元。 Imbruvica 全球營收為 8.33 億美元，下降 8.2%，反映出 CLL 領域持續的競爭動態。 Venclexta 全球銷售額為 6.37 億美元，營運基礎上成長 15.8%，CLL 和 AML 領域勢頭強勁。

Elahere is also performing very well, with sales of $128 million and our compelling overall survival data, recent positive updates in the NCCN guidelines and the expansion of commercial resources will continue to drive rapid uptake.

Elahere 的表現也非常好，銷售額為 1.28 億美元，我們令人信服的整體生存數據、NCCN 指南最近的積極更新以及商業資源的擴展將繼續推動快速普及。

Lastly, we continue to be pleased with the prescription trends for Epkinly in DLBCL. Commercialization is now underway for Epkinly's second indication, follicular lymphoma, in the US, with European approval expected later this year.

最後，我們仍然對 Epkinly 治療 DLBCL 的處方趨勢感到滿意。 Epkinly 的第二個適應症（濾泡性淋巴瘤）目前正在美國商業化，預計今年稍後獲得歐洲批准。

Neuroscience total revenues were nearly $2.2 billion, up 15.2% on an operational basis. This robust performance is driven by continued double-digit growth of Vraylar, with global sales of $774 million, Ubrelvy with total revenue of $231 million and Qulipta with global sales of $150 million. Each of these leading assets continue to gain share and remain competitively well-positioned.

神經科學總收入接近 22 億美元，營運基礎上成長 15.2%。這一強勁業績的推動因素包括：Vraylar（全球銷售額為 7.74 億美元）、Ubrelvy（總收入為 2.31 億美元）和 Qulipta（全球銷售額為 1.5 億美元）持續兩位數成長。這些領先資產均繼續擴大市場份額並保持競爭優勢。

Botox Therapeutic is also performing well, especially in chronic migraine. Total global sales were $814 million, up 9.6% on an operational basis. Finally, we are pleased with the early launch trends for 951 in Japan and Europe, and look forward to bringing this innovative therapy for advanced Parkinson's to the US soon. Overall, I'm extremely pleased with the momentum across the therapeutic portfolio.

Botox Therapeutic 也表現良好，尤其是在慢性偏頭痛方面。全球總銷售額為 8.14 億美元，以營運計算成長 9.6%。最後，我們對 951 在日本和歐洲的早期推出趨勢感到高興，並期待很快將這種針對晚期帕金森氏症的創新療法引入美國。總的來說，我對整個治療組合的勢頭非常滿意。

And with that, I'll turn the call over to Carrie for additional comments on aesthetics. Carrie?

這樣，我會將電話轉給 Carrie，以獲取有關美學的更多評論。嘉莉？

Thank you, Jeff. Second quarter global aesthetic sales were approximately $1.4 billion, representing growth of 2.8% on an operational basis. In the US, aesthetic sales of $863 million increased by 4.4%, driven by Botox Cosmetic and Juvederm growth of 7.1% and 10.4%, respectively. This toxin and filler performance is supported by a consistent recovery in the facial injectable market, as the number of procedures in both categories increased by a mid-single-digit percentage versus the prior year.

謝謝你，傑夫。第二季全球美容銷售額約 14 億美元，營運基礎上成長 2.8%。在美國，美容銷售額達 8.63 億美元，成長 4.4%，其中 Botox Cosmetic 和 Juvederm 分別成長 7.1% 和 10.4%。這種毒素和填充劑的表現得到了臉部注射市場持續復甦的支持，因為這兩個類別的手術數量與前一年相比均增加了中個位數百分比。

However, this level of market growth was lower than previously anticipated. Sales for Botox Cosmetic and Juvederm also benefited from a partial reversal of the prior quarter's inventory destock, which was related to the timing of certain promotional activities.

然而，這一市場成長水準低於先前的預期。 Botox Cosmetic 和 Juvederm 的銷售也受益於上一季庫存去庫存的部分逆轉，這與某些促銷活動的時間表有關。

From a competitive perspective, our US facial injectable portfolio remains the clear market leader, with strong and stable market share. Internationally, second quarter aesthetic sales were $527 million, roughly flat versus the prior year on an operational basis, as declines in China were balanced by growth in other international markets.

從競爭角度來看，我們的美國臉部注射產品組合仍然是明顯的市場領導者，擁有強大而穩定的市場份額。在國際上，第二季度美容銷售額為 5.27 億美元，與去年基本持平，因為中國的下滑被其他國際市場的成長所抵消。

In China, our largest international market, sales growth continued to be impacted by sustained economic headwinds, as well as a challenging comparison to the second quarter of last year, which benefited from a strong post-COVID recovery.

在我們最大的國際市場中國，銷售成長持續受到持續的經濟逆風的影響，以及與去年第二季相比充滿挑戰的情況，而去年第二季得益於新冠疫情後的強勁復甦。

Consistent with what we experienced in the US, economic challenges have impacted Juvederm sales growth more than other areas of our portfolio, based upon Juvederm's relatively higher price point.

與我們在美國的經驗一致，基於喬雅登相對較高的價格點，經濟挑戰對喬雅登銷售成長的影響比我們產品組合的其他領域更大。

Looking to the rest of the year, we expect our market-leading aesthetics portfolio to continue to perform well from a competitive perspective across the globe. As we evaluate market dynamics and leading economic indicators, particularly in the US and China, market growth trends are below our prior expectations. Based upon this, we have moderated our outlook for the remainder of the year.

展望今年剩餘時間，我們預計，從全球競爭的角度來看，我們市場領先的美學產品組合將繼續表現良好。當我們評估市場動態和領先經濟指標時，特別是在美國和中國，市場成長趨勢低於我們先前的預期。基於此，我們調整了今年剩餘時間的展望。

Despite this near-term dynamic, we remain confident in the long-term growth outlook of our aesthetics portfolio. Global market penetration rates are extremely low and we expect long-term market growth to accelerate from current levels as economic conditions improve.

儘管有這種近期動態，我們仍然對我們的美容產品組合的長期成長前景充滿信心。全球市場滲透率極低，我們預期隨著經濟狀況的改善，長期市場成長將從目前水準加速。

As the market leader, we are also committed to driving growth by activating new patients and launching innovative treatment options. For example, in China, launch activities are underway for the Botox Cosmetic masseter muscle prominence indication. And in the US, we will soon launch Juvederm VOLUMA XC for the treatment of temple hollowing and we expect an approval for Botox Cosmetic in the platysma prominence indication by the end of the year.

作為市場領導者，我們也致力於透過激活新患者和推出創新治療方案來推動成長。例如，在中國，Botox Cosmetic 咬肌突出適應症的上市活動正在進行中。在美國，我們很快就會推出用於治療太陽穴空洞的 Juvederm VOLUMA XC，我們預計 Botox Cosmetic 將於今年年底獲得針對頸闊肌突出適應症的批准。

Pipeline catalysts like these in the key US and China markets, along with our significant investment in consumer activation, injector training and practice support will enable us to grow the aesthetics market and maintain our clear leadership position over the long-term.

在美國和中國主要市場的此類管道催化劑，加上我們在消費者活化、注射器培訓和實踐支援方面的大量投資，將使我們能夠發展美容市場，並長期保持我們明確的領導地位。

With that, I'll turn the call over to Roopal.

這樣，我會將電話轉給 Roopal。

Thank you, Carrie. We continue to make very good progress advancing our pipeline with several regulatory and clinical milestones since our last earnings call. I will start with immunology.

謝謝你，嘉莉。自上次財報電話會議以來，我們繼續在推進我們的產品線方面取得了良好進展，並取得了多個監管和臨床里程碑。我將從免疫學開始。

We received FDA approval for Skyrizi in ulcerative colitis, which marks its second inflammatory bowel disease indication. Skyrizi is now the only IL-23 specific inhibitor approved for both ulcerative colitis and Crohn's disease.

我們獲得 FDA 批准 Skyrizi 用於治療潰瘍性結腸炎，這標誌著其第二個發炎性腸道疾病適應症。 Skyrizi 目前是唯一被批准用於治療潰瘍性結腸炎和克隆氏症的 IL-23 特異性抑制劑。

Skyrizi has proven to be a highly effective, durable, safe and well-tolerated treatment option for patients with moderate to severe inflammatory bowel disease. And this recent approval further strengthens AbbVie's leadership position in this market. We also received a positive CHMP opinion recommending Skyrizi for the treatment of moderate to severe ulcerative colitis in Europe with an approval decision anticipated soon.

Skyrizi 已被證明對於中度至重度發炎性腸道疾病患者來說是一種高效、持久、安全且耐受性良好的治療選擇。最近的批准進一步鞏固了艾伯維在該市場的領導地位。我們也收到了 CHMP 的正面意見，推薦 Skyrizi 在歐洲治療中度至重度潰瘍性結腸炎，預計很快就會做出批准決定。

Earlier this month, we submitted our regulatory applications in the US and Europe for Rinvoq and giant cell arteritis. Our submissions are based on the previously announced Phase 3 results from our SELECT-GCA trial, where Rinvoq demonstrated superiority compared to placebo on sustained remission from week 12 through week 52 on disease flare and showed a reduction in total steroid exposure at week 52. We expect approval decisions for this indication next year.

本月早些時候，我們在美國和歐洲提交了 Rinvoq 和鉅細胞動脈炎的監管申請。我們的提交內容是基於先前公佈的SELECT-GCA 試驗的3 期結果，其中Rinvoq 在第12 週至第52 週的疾病發作持續緩解方面表現出與安慰劑相比的優越性，並且在第52 週顯示總類固醇暴露量減少。

We also recently began a Phase 3 study for lutikizumab, our anti-IL-1-alpha-beta-bispecific in hidradenitis suppurativa. HS is a skin disease that can be debilitating and there are limited treatment options. In our Phase 2 study, lutikizumab, demonstrated strong clinical response rates and improvement in skin pain in a very refractory patient population.

我們最近也開始了 lutikizumab 的 3 期研究，lutikizumab 是我們的抗 IL-1-α-β 雙特異性藥物，用於治療化膿性汗腺炎。熱射病是一種可能使人衰弱的皮膚病，治療選擇有限。在我們的 2 期研究中，lutikizumab 在非常難治的患者群體中表現出強烈的臨床反應率和皮膚疼痛的改善。

Based on these results, we believe lutikizumab has the potential to become an important new treatment option for patients with moderate to severe HS. We look forward to providing updates on the Phase 3 program as the data become available.

基於這些結果，我們相信 lutikizumab 有潛力成為中度至重度 HS 患者的重要新治療選擇。我們期待在數據可用時提供第三階段計劃的最新資訊。

In the second quarter, we announced two additional immunology transactions as we continue to invest in external innovation to expand our pipeline. These include the acquisition of Celsius Therapeutics, which brings a Phase 2 ready anti-TREM1 antibody for IBD and a license agreement with FutureGen to develop a next-generation anti-TL1A antibody for IBD that is designed to have less frequent dosing compared to other TL1As in development and will be evaluated in combination with Skyrizi.

在第二季度，我們宣布了另外兩項免疫學交易，因為我們繼續投資外部創新以擴大我們的產品線。其中包括收購攝氏治療公司（Celsius Therapeutics），後者為IBD 帶來了第二階段的抗TREM1 抗體，以及與FutureGen 簽訂的授權協議，開發下一代IBD 抗TL1A 抗體，與其他TL1A 相比，該抗體的給藥頻率較低正在開發中，將與 Skyrizi 結合進行評估。

This follows the four immunology deals we announced earlier this year, which, as a reminder, included the acquisition of Landos and their oral NLRX1 agonist in Phase 2 for UC, a partnership with OSE to develop a novel ChemR23 agonist for IBD and RA, a collaboration with Parvus to utilize their immune tolerization platform for novel IBD therapies and a collaboration with Tentarix to develop conditionally active multi-specific biologics in immunology and oncology.

在此之前，我們今年稍早宣布了四項免疫學交易，其中包括收購Landos 及其在UC 治療第二階段的口服NLRX1 激動劑、與OSE 合作開發一種用於IBD 和RA 的新型ChemR23 激動劑、與 Parvus 合作，利用其免疫耐受平台進行新型 IBD 療法，並與 Tentarix 合作開發免疫學和腫瘤學領域的條件活性多特異性生物製劑。

Moving to oncology, where we continue to make very good progress across all stages of our heme and solid tumor pipeline. In the area of solid tumors, we recently announced positive topline results from our Phase 2 PICCOLO study evaluating Elahere as a monotherapy in ER alpha positive third-line plus platinum-sensitive ovarian cancer for those not eligible for retreatment with platinum-based therapies.

轉向腫瘤學，我們在血紅素和實體瘤產品線的各個階段繼續取得非常好的進展。在實體腫瘤領域，我們最近宣布了2 期PICCOLO 研究的積極頂線結果，該研究評估了Elahere 作為ER α 陽性三線加鉑敏感卵巢癌的單一療法，適用於那些不符合鉑類療法再治療條件的患者。

Elahere met the primary and key secondary endpoints in the study, demonstrating an objective response rate of 52% and median duration of response of 8.25 month. Detailed results will be presented at an upcoming medical congress.

Elahere 達到了研究中的主要和關鍵次要終點，客觀緩解率為 52%，中位緩解持續時間為 8.25 個月。詳細結果將在即將召開的醫學大會上公佈。

Following discussions with the FDA, we will be submitting to Teliso-V for accelerated approval as a monotherapy in patients with previously treated c-Met overexpressing EGFR wild-type non-squamous, non-small-cell lung cancer. This submission will be reviewed under FDA's real-time oncology review program. Teliso-V has also received breakthrough therapy designation from the FDA.

在與 FDA 討論後，我們將向 Teliso-V 提交申請，以加速批准其作為單一療法用於既往接受過治療的 c-Met 過度表現 EGFR 野生型非鱗狀、非小細胞肺癌患者。該提交文件將根據 FDA 的即時腫瘤學審查計劃進行審查。 Teliso-V 也獲得了 FDA 的突破性治療指定。

Our submission will be based on the results of our Phase 2 LUMINOSITY study, where Teliso-V demonstrated strong clinical benefits across key endpoints, including overall response rate, duration of response and overall survival, with a tolerable safety profile. Submission is expected in the third quarter, with an approval decision anticipated in 2025. The confirmatory Phase 3 study for this potential accelerated approval is currently ongoing.

我們的提交內容將基於我們 2 期 LUMINOSITY 研究的結果，其中 Teliso-V 在關鍵終點上表現出強大的臨床益處，包括整體緩解率、緩解持續時間和整體存活率，並具有可容忍的安全性。預計第三季提交申請，預計於 2025 年做出批准決定。

We continue to see encouraging data for ABBV-400, our next generation c-Met ADC, which uses a topo payload. Recall that we've advanced 400 in late-line colorectal cancer based on the deep responses and prolonged durability observed as a monotherapy in our Phase 1 trial. And we remain on track to begin a Phase 3 study later this year in third-line CRC.

我們繼續看到 ABBV-400（我們的下一代 c-Met ADC，它使用拓撲有效負載）的令人鼓舞的數據。回想一下，基於我們在 1 期試驗中觀察到的單一療法的深度反應和長期持久性，我們在晚期結直腸癌方面已經取得了 400 的進展。我們仍有望在今年稍後開始三線 CRC 的三期研究。

We're also seeing encouraging signals of activity for this next-gen ADC in the non-small-cell lung cancer cohort from our Phase 1 study. The preliminary data will be presented at an upcoming medical meeting. And based on the emerging Phase 1 results, we plan to begin a Phase 2 program for 400 in lung cancer.

我們也在 1 期研究的非小細胞肺癌隊列中看到了這種下一代 ADC 的令人鼓舞的活性訊號。初步數據將在即將召開的醫學會議上公佈。根據第一階段的新結果，我們計劃開始針對 400 名肺癌患者的第二階段計劃。

In the area of hematologic oncology, we received accelerated approval in the US for Epkinly as a monotherapy treatment for patients with relapsed refractory follicular lymphoma after two or more lines of prior therapy. Epkinly is now the only T-cell engaging bispecific approved in the US to treat both follicular lymphoma and diffuse large B-cell lymphoma. We're extremely excited to bring this new subcutaneous treatment option to patients suffering from follicular lymphoma. We also recently received positive CHMP opinion with an approval decision in Europe expected later this year.

在血液腫瘤學領域，我們在美國加速批准 Epkinly 作為單一療法，用於治療經過兩線或以上既往治療後復發難治性濾泡性淋巴瘤患者。 Epkinly 目前是美國唯一核准用於治療濾泡性淋巴瘤和瀰漫性大 B 細胞淋巴瘤的雙特異性 T 細胞療法。我們非常高興能為患有濾泡性淋巴瘤的患者提供這種新的皮下治療選擇。我們最近也收到了 CHMP 的積極意見，預計今年稍後在歐洲做出批准決定。

In the quarter, we initiated a Phase 3 monotherapy study for ABBV-383 in third-line multiple myeloma. 383 is designed for high affinity binding to BCMA on malignant cells and low affinity binding to a unique CD3 epitope on T-cells, which has the potential to mitigate some of the adverse events associated with other T-cell engaging BCMA-based therapies while preserving high levels of efficacy.

本季度，我們啟動了 ABBV-383 治療第三線多發性骨髓瘤的 3 期單藥治療研究。 383 設計用於與惡性細胞上的 BCMA 高親和力結合，並與 T 細胞上的獨特 CD3 表位低親和力結合，這有可能減輕與其他 T 細胞參與基於 BCMA 的療法相關的一些不良事件，同時保留高水平的功效。

We remain excited about this asset's potential to become a best-in-class BCMA CD3 bispecific by providing deep, durable responses and low incidence and severity of CRS, with the potential for outpatient administration, limited or no step-up dosing and monthly administration from the beginning of treatment.

我們仍然對該資產成為一流的BCMA CD3 雙特異性藥物的潛力感到興奮，因為它提供了深入、持久的反應以及CRS 的低發生率和嚴重程度，並且具有門診給藥、有限或無逐步劑量和每月給藥的潛力。

In addition to our Phase 3 monotherapy program, we have an ongoing Phase 1 study in later lines of multiple myeloma to evaluate 383 in various combinations, including with Pomalyst, Revlimid and Darzalex. Based on this work, we will begin Phase 2 combination studies in earlier lines of therapy next year.

除了我們的 3 期單藥治療計劃外，我們還在多發性骨髓瘤的後期系列中正在進行一項 1 期研究，以評估 383 種藥物的各種組合，包括與 Pomalyst、Revlimid 和 Darzalex 的組合。基於這項工作，我們將於明年開始早期療法的 2 期聯合研究。

Moving to neuroscience, where in the quarter we announced that we received a complete response letter for our 951 regulatory application in the US. The CRL is based on observations identified during an inspection at a third-party manufacturing site that was unrelated to 951.

轉向神經科學，本季我們宣布收到美國 951 監管申請的完整回覆函。 CRL 是基於在對與 951 無關的第三方製造工廠進行檢查時發現的觀察結果。

The CRL did not identify any issues related to the safety, efficacy or labeling of 951, nor has the FDA requested any additional clinical data or device-related testing. We're working closely with the site and the FDA to get clarity on timelines and we'll provide updates as soon as information becomes available.

CRL 沒有發現與 951 的安全性、有效性或標籤相關的任何問題，FDA 也沒有要求任何額外的臨床數據或設備相關測試。我們正在與該網站和 FDA 密切合作，以明確時間表，一旦有信息，我們將立即提供更新。

Moving to an update on one of our Alzheimer's disease programs. We recently completed an interim analysis of a Phase 2 study evaluating ABBV-916, our A-beta antibody. The emerging efficacy and safety profile in this study is similar to what has been demonstrated by approved agents.

接下來是我們一項阿茲海默症計畫的最新情況。我們最近完成了一項評估我們的 A-β 抗體 ABBV-916 的 2 期研究的中期分析。本研究中出現的療效和安全性與已核准藥物所證明的相似。

However, given the evolving landscape, we do not believe 916 as a monotherapy treatment will be sufficiently differentiated from other emerging therapies. As a result, we are discontinuing further development for 916 as a standalone antibody.

然而，考慮到不斷變化的形勢，我們認為 916 作為單一療法與其他新興療法不會有足夠的區別。因此，我們將停止進一步開發 916 作為獨立抗體。

As Rob mentioned, we remain on track to close the Cerevel transaction soon and we look forward to welcoming the team into our R&D organization. The emraclidine pivotal studies in schizophrenia remain on track to begin reading out near the end of this year. We'll also see data from two additional Phase 3 studies for davapidon in Parkinson's disease later this year. We look forward to providing updates on these programs once the transaction has closed and data are available.

正如 Rob 所提到的，我們仍有望盡快完成 Cerevel 交易，我們期待歡迎團隊加入我們的研發組織。恩拉克定治療精神分裂症的關鍵研究仍有望在今年底開始宣讀。今年晚些時候，我們還將看到 davapidon 治療帕金森氏症的另外兩項 3 期研究的數據。我們期待在交易結束且數據可用後提供這些計劃的最新資訊。

In aesthetics, we recently received approval for Botox in China for masseter muscle prominence, marking the first global approval in this indication for any neurotoxin. Masseter prominence is common in Asian populations and there is significant unmet need for minimally invasive treatment options. We anticipate high demand for Botox in this novel indication in China, which will help to further build our portfolio in the face-shaping segment.

在美容領域，我們最近在中國獲得了針對咬肌突出症的肉毒桿菌毒素的批准，這標誌著全球首次批准針對任何神經毒素的該適應症。咬肌突出在亞洲人群中很常見，並且對微創治療方案的需求尚未得到滿足。我們預計中國對肉毒桿菌新適應症的需求將會很高，這將有助於進一步建立我們在臉部整形領域的產品組合。

A regulatory application is under review in the US for Botox and platysma prominence, which is another novel indication that will help build our position in the lower face and neck segment. We continue to expect an FDA approval decision later this year. And we remain on track to submit a regulatory application for BoNT/E near the end of this year. A rapid-onset, short-acting toxin has a highly differentiated clinical profile and once approved would offer patients a novel option compared to currently available toxin.

美國正在審查肉毒桿菌和頸闊肌突出的監管申請，這是另一個新穎的適應症，將有助於確立我們在下臉和頸部的地位。我們預計 FDA 將在今年稍後做出批准決定。我們仍有望在今年底向 BoNT/E 提交監管申請。一種起效快、作用短的毒素具有高度差異化的臨床特徵，一旦獲得批准，與目前可用的毒素相比，將為患者提供一種新的選擇。

So, in summary, we've made great progress across all of our therapeutic areas in the first half of the year and we look forward to additional data readouts, regulatory submissions and approvals throughout the remainder of 2024.

因此，總而言之，今年上半年我們在所有治療領域都取得了巨大進展，我們期待在 2024 年剩餘時間內獲得更多數據、監管提交和批准。

With that, I'll turn the call over to Scott.

這樣，我會將電話轉給史考特。

Thank you, Roopal. Starting with our second-quarter results, we reported adjusted earnings per share of $2.65, which is $0.10 above our guidance midpoint. These results include a $0.52 unfavorable impact from acquired IPR&D expense.

謝謝你，魯帕爾。從第二季業績開始，我們報告調整後每股收益為 2.65 美元，比我們的指導中位數高出 0.10 美元。這些結果包括收購的 IPR&D 費用帶來的 0.52 美元不利影響。

Total net revenues were nearly $14.5 billion, $450 million ahead of our guidance and reflecting robust growth of 5.6% on an operational basis, excluding a 1.3% unfavorable impact from foreign exchange. Importantly, these results reflect more than 18% sales growth from our ex-Humira growth platform.

總淨收入接近 145 億美元，比我們的指引高出 4.5 億美元，反映了營運基礎上 5.6% 的強勁成長，排除了 1.3% 的外匯不利影響。重要的是，這些結果反映了我們前 Humira 成長平台超過 18% 的銷售額成長。

Adjusted gross margin was 85.2% of sales. Adjusted R&D expense was 13.3% of sales and adjusted SG&A expense was 22.9% of sales. The adjusted operating margin ratio was 42.6% of sales, which includes a 6.5% unfavorable impact from acquired IPR&D expense. Net interest expense was $506 million. The adjusted tax rate was 18.8%.

調整後毛利率為銷售額的85.2%。調整後的研發費用佔銷售額的 13.3%，調整後的 SG&A 費用佔銷售額的 22.9%。調整後的營業利益率為銷售額的42.6%，其中包括收購的IPR&D費用帶來的6.5%的不利影響。淨利息支出為 5.06 億美元。調整後的稅率為18.8%。

Turning to our financial outlook, we are raising our full year adjusted earnings per share guidance by $0.10 to between $10.71 and $10.91. This EPS guidance continues to contemplate approximately $0.19 of dilution for the pending acquisition of Cerevel, which is expected to close soon. Please also note that this guidance does not include an estimate for acquired IPR&D expense that may be incurred beyond the second quarter. We now expect total net revenues of approximately $55.5 billion, an increase of $500 million. At current rates, we expect foreign exchange to have a 1% unfavorable impact on full year sales growth.

談到我們的財務前景，我們將全年調整後每股收益指引上調 0.10 美元，至 10.71 美元至 10.91 美元之間。本每股收益指引繼續考慮即將完成的 Cerevel 收購進行約 0.19 美元的稀釋，預計該收購將很快完成。另請注意，本指南不包括第二季之後可能發生的收購智慧財產權和研發費用的估計。我們現在預計總淨收入約為 555 億美元，增加 5 億美元。依照目前的匯率，我們預期外匯將對全年銷售成長產生 1% 的不利影響。

This revenue forecast includes the following updated assumptions with the entire sales increase, once again, driven by our ex-Humira growth platform, which is now on pace to deliver nearly $6 billion of sales growth in 2024.

這項收入預測包括以下更新的假設，即整個銷售額的成長，再次由我們的前 Humira 成長平台推動，目前預計在 2024 年將實現近 60 億美元的銷售額成長。

We now expect Skyrizi global sales of approximately $11 billion, an increase of $300 million due to strong performance across all approved indications.

我們目前預計 Skyrizi 全球銷售額約為 110 億美元，由於所有批准適應症的強勁表現，該銷售額將增加 3 億美元。

Rinvoq, total revenue of approximately $5.7 billion, an increase of $100 million reflecting continued robust uptake in IBD. Venclexta total sales of approximately $2.5 billion, an increase of $100 million, reflecting momentum in both US and international markets.

Rinvoq 的總收入約為 57 億美元，增加了 1 億美元，反映出 IBD 的持續強勁成長。 Venclexta 總銷售額約 25 億美元，增加了 1 億美元，反映了美國和國際市場的動能。

And for aesthetics, we now expect global revenue of approximately $5.5 billion. Given slower-than-expected near-term market growth, particularly in the US and China, as a result, our total sales guidance for Botox and Juvederm will each be lower by roughly $100 million.

對於美學，我們現在預計全球收入約為 55 億美元。鑑於近期市場成長慢於預期，特別是在美國和中國，我們對 Botox 和 Juvederm 的總銷售指引將分別降低約 1 億美元。

Moving to the P&L for 2024, we continue to forecast a full year adjusted gross margin of approximately 84% of sales, adjusted R&D investment of 14% and adjusted SG&A expense of 23.5%. We now anticipate an adjusted operating margin ratio of roughly 44.5% of sales, in line with our previous expectations after including the approximately 2% impact of acquired IPR&D expense incurred through the second quarter. And we forecast our non-GAAP tax rate to be approximately 16.3%, also reflecting the impact of IPR&D.

轉向 2024 年的損益表，我們持續預測全年調整後毛利率約為銷售額的 84%，調整後研發投資為 14%，調整後銷售及管理費用為 23.5%。我們現在預計調整後的營業利潤率約為銷售額的 44.5%，與我們先前預期的一致，考慮到第二季收購的 IPR&D 費用約 2% 的影響。我們預測我們的非 GAAP 稅率約為 16.3%，也反映了智慧財產權與發展的影響。

Turning to the third quarter, we anticipate net revenues of approximately $14.2 billion. At current rates, we expect foreign exchange to have a 1.3% unfavorable impact on sales growth. We expect adjusted earnings per share between $2.92 and $2.96. This guidance does not include acquired IPR&D expense that may be incurred in the quarter.

談到第三季度，我們預計淨收入約為 142 億美元。依照目前的匯率，我們預期外匯將對銷售成長產生 1.3% 的不利影響。我們預計調整後每股收益將在 2.92 美元至 2.96 美元之間。本指引不包括本季可能發生的收購知識產權與研發費用。

In closing, AbbVie has once again delivered outstanding performance and I'm very pleased with the strong momentum across the portfolio heading into the second half of the year.

最後，艾伯維再次取得了出色的業績，我對進入今年下半年的投資組合的強勁勢頭感到非常高興。

With that, I'll turn the call back over to Liz.

這樣，我會將電話轉回給莉茲。

Thanks, Scott. We'll now open the call for questions. In the interest of hearing from as many analysts as possible over the remainder of the call, we ask that you please limit your questions to one or two. Operator, first question, please.

謝謝，斯科特。我們現在開始提問。為了在電話會議的剩餘時間內聽取盡可能多的分析師的意見，我們要求您將問題限制為一兩個。接線員，第一個問題。

Terence Flynn, Morgan Stanley.

特倫斯‧弗林，摩根士丹利。

Great. Thanks for taking the question and congrats, Rob, on the CEO position. Looking forward to the forward here. The question I had is, last quarter you guys gave some early commentary on how to think about 2025 looking at the business, obviously, momentum in immunology, some headwinds in aesthetics. So any update on how you're thinking about the 2025 outlook, particularly, growth for revenue relative to EPS? Thanks.

偉大的。感謝您提出問題，並祝賀 Rob 擔任執行長。期待這裡的前進。我的問題是，上個季度你們就如何看待 2025 年的業務給出了一些早期評論，顯然，免疫學的勢頭，美學的一些阻力。那麼，您對 2025 年前景的看法有什麼最新進展，特別是相對於每股盈餘的營收成長嗎？謝謝。

Thanks, Terence. This is Scott. I'll handle the question. So with respect to 2025, as you know, we haven't given guidance yet and we'll provide that at a later time. But we have communicated a few top-level, high-level items to put in context of several dynamics at play next year.

謝謝，特倫斯。這是斯科特。我來處理這個問題。因此，就 2025 年而言，如您所知，我們尚未給予指導，我們將在稍後提供。但我們已經傳達了一些頂級、高階的項目，以便將明年的一些動態納入背景。

We have indicated that we'll be returning to robust revenue growth despite the headwinds from Medicare Part D redesign and continued Humira erosion. And when you think about robust growth, we characterize robust growth to be above industry average growth, which we see in the low-single digits. So when you think about the drivers, I mentioned in my remarks that we have $6 billion of growth from the growth platform in 2024 that we're expecting, $5 billion of that is coming from Skyrizi and Rinvoq alone. Our neuros franchise is growing by more than $1 billion and aesthetics has begun to recover from the economic headwinds.

我們已經表示，儘管面臨 Medicare D 部分重新設計和 Humira 持續侵蝕帶來的阻力，但我們將恢復強勁的收入成長。當你考慮強勁成長時，我們將強勁成長描述為高於產業平均成長，我們看到的是低個位數成長。因此，當您考慮驅動因素時，我在發言中提到，我們預計 2024 年成長平台將帶來 60 億美元的成長，其中 50 億美元僅來自 Skyrizi 和 Rinvoq。我們的神經特許經營權成長了超過 10 億美元，美學也開始從經濟逆風中恢復過來。

In 2025, we see incremental contributions from Skyrizi UC, which was recently approved, as well as 951. All these factors demonstrate strong momentum in the business.

2025 年，我們看到最近獲得批准的 Skyrizi UC 以及 951 的貢獻不斷增加。

And then when you think about the offset of Humira, that erosion that we have expected this year at $4.5 billion, last year that erosion was $6.5 billion and we do expect another step down in absolute dollar terms in 2025 for that erosion as well. So that will be less of a headwind to growth in 2025 than it was in 2024.

然後，當你考慮 Humira 的抵消時，我們預計今年的侵蝕為 45 億美元，去年的侵蝕為 65 億美元，我們確實預計 2025 年這種侵蝕也會以絕對美元計算進一步下降。因此，與 2024 年相比，2025 年成長面臨的阻力會更小。

So we feel very, very strong about that. And I think from a Part D perspective, we've talked about the several points of growth headwinds that we see there. And I think when you model that, you can think about those several points as approximately a 3% headwind to growth. So overall, very strong momentum from the business with some headwinds, but we feel very confident in our ability to return to robust growth at the topline.

所以我們對此感覺非常非常強烈。我認為從 D 部分的角度來看，我們已經討論了我們在那裡看到的幾個成長阻力點。我認為，當你對此進行建模時，你可以將這幾點視為增長的大約 3% 的阻力。整體而言，業務發展勢頭非常強勁，但也存在一些阻力，但我們對恢復營收強勁成長的能力非常有信心。

Regarding EPS, the bottomline, we see EPS growing in line with that revenue growth that we've talked about. So EPS will benefit from operating margin expansion. We've talked about that operating margin expansion will be on the SG&A line as we leverage the revenue growth and drive efficiencies and we have a good history of doing that.

關於每股收益，我們認為每股收益的成長與我們談到的收入成長一致。因此每股收益將受益於營業利益率的擴張。我們已經討論過，隨著我們利用收入成長並提高效率，營運利潤率的擴張將在SG&A 線上進行，我們在這方面有著良好的歷史。

So that operating margin will expand. However, that expansion will be roughly offset by the fact that in 2025, we'll have a full year of interest expense associated with the financing for Cerevel and ImmunoGen. So robust growth at the topline and in-line growth from an EPS perspective.

這樣營業利益率就會擴大。然而，這種擴張將被以下事實大致抵消：到 2025 年，我們將有一整年與 Cerevel 和 ImmunoGen 融資相關的利息支出。從每股盈餘的角度來看，營收和內線成長如此強勁。

Thanks, Terence. Operator, next question, please.

謝謝，特倫斯。接線員，請下一個問題。

Chris Schott, JPMorgan. Please go ahead.

克里斯‧肖特，摩根大通。請繼續。

Great. Thanks so much. Just two questions for me. Maybe first on Rinvoq and Skyrizi, great results in the quarter. Can you elaborate a little bit more on the price versus volume dynamics this quarter? It seemed like results were maybe a little bit stronger than the RX trends would have implied, and I just was wondering if there was anything notable there.

偉大的。非常感謝。對我來說只有兩個問題。也許首先是 Rinvoq 和 Skyrizi，本季取得了很好的成績。您能否詳細說明本季的價格與銷售動態？看起來結果可能比 RX 趨勢所暗示的要強一點，我只是想知道那裡是否有什麼值得注意的地方。

My second question was on the immunology portfolio, and as we think about 2025, I know we're probably in the middle of contracting season right now, but just directionally, what are you anticipating for Humira? And should we be thinking about any incremental pressures on Rinvoq and Skyrizi just given biosimilar Humira dynamics going forward? Thanks.

我的第二個問題是關於免疫學組合，當我們考慮 2025 年時，我知道我們現在可能正處於合約季節中期，但只是方向性的，您對 Humira 有何期待？鑑於生物相似藥 Humira 的發展動態，我們是否應該考慮 Rinvoq 和 Skyrizi 面臨的任何增量壓力？謝謝。

Yeah. Hi, Chris. It's Jeff. I'll take that question. So as noted, we're very, very pleased with the fundamental momentum on Rinvoq and Skyrizi. So all of the indications are really hitting their stride. So we can see the impact of, obviously, consumer investments we've made. We've adjusted some of the sales forces. We've started to anticipate the ulcerative colitis that's helped us basically increase our share of voice.

是的。嗨，克里斯。是傑夫。我來回答這個問題。如前所述，我們對 Rinvoq 和 Skyrizi 的基本勢頭感到非常非常滿意。所以所有的跡像都在真正取得進展。因此，我們顯然可以看到我們所做的消費者投資的影響。我們調整了部分銷售團隊。我們已經開始預見潰瘍性結腸炎從根本上幫助我們增加了我們的發言權。

And I think the other dynamic in terms of some of the incremental strength has come from this dynamic that we started to see earlier in the quarter where some of the Humira switching that takes place actually starts to accrue towards Skyrizi and Rinvoq because the physicians, when there's this disruption in the market, will sometimes bring in those patients and start to assess them, and we saw about 20% would move to other mechanisms. So while it's a component, there are certainly multifactorial approaches why we see this very, very strong volume dynamic and share capture for both of those agents.

我認為，就增量力量而言，另一個動態來自我們在本季早些時候開始看到的動態，其中發生的一些 Humira 轉換實際上開始向 Skyrizi 和 Rinvoq 累積，因為醫生，當市場出現這種混亂，有時會引入這些患者並開始對他們進行評估，我們看到大約20% 的患者會轉向其他機制。因此，雖然它是一個組件，但肯定存在多因素方法，為什麼我們看到這兩個代理的非常非常強大的交易量動態和份額捕獲。

If I move to the contracting for 2025, obviously, the contract season is in progress and it's progressing, and the negotiations are well underway. I think it's important, if you'll recall, that we already have some multiyear contracts in place that cover 2025. So that's a positive dynamic. The remaining payer negotiations, as I mentioned, are underway and we anticipate that those will close out during the normal cycle.

如果我轉向 2025 年的合同，顯然，合約季節正在進行中，並且談判正在順利進行。我認為重要的是，如果您還記得的話，我們已經簽訂了一些涵蓋 2025 年的多年期合約。正如我所提到的，剩餘的付款人談判正在進行中，我們預計這些談判將在正常週期內結束。

I would say that, at a macro level, we do expect to maintain parity access next year for Humira for a meaningful portion of lives across all of the channels. Now that said, our Humira access will certainly be lower than this year as we continue to anticipate and watch certain segments of the market move to adopt biosimilars. And we've understood and planned for this, obviously, as we enter that third year of the biosimilars. And so we're well aware of dynamically evaluating how this is going to work out.

我想說的是，從宏觀層面來看，我們確實希望明年能夠在所有管道中維持 Humira 的平價訪問，讓人們生活中有意義的一部分。話雖如此，我們的 Humira 獲取肯定會低於今年，因為我們繼續預測並觀察市場的某些部分轉向採用生物仿製藥。顯然，當我們進入生物相似藥的第三年時，我們已經理解併計劃了這一點。因此，我們非常清楚動態評估這將如何發揮作用。

So certainly, things are progressing. We already have some in place from those multiyear contracts and we'll be in a better position to provide some more information, obviously, later in the year as those negotiations or the remaining negotiations fully close out.

當然，事情正在取得進展。我們已經從這些多年合約中獲得了一些信息，顯然，隨著這些談判或剩餘談判完全結束，我們將在今年晚些時候提供更多資訊。

And Chris, this is Rob. Just to reiterate an important point that Jeff made, I mean, one trend that we are watching very closely is the switching from the Humira molecule to new mechanisms. We are starting to see an inflection that is accruing to new mechanisms like Skyrizi and Rinvoq, as Jeff mentioned. And it makes sense, doctors that are re-evaluating the patients in their practice are likely looking at more than just the patients that are covered by CVS.

克里斯，這是羅布。只是重申傑夫提出的一個重要觀點，我的意思是，我們正在密切關注的一個趨勢是從 Humira 分子轉向新機制。正如 Jeff 所提到的，我們開始看到像 Skyrizi 和 Rinvoq 這樣的新機制正在改變。這是有道理的，在實踐中重新評估患者的醫生可能不僅僅關注 CVS 覆蓋的患者。

What we have factored in is the CVS impact. What we didn't factor in necessarily is an impact beyond just the CVS-wise. And to the extent that trend continues, it would represent a downside for Humira and an upside for Skyrizi and Rinvoq, which is a very good long-term trade-off for us. That's an important point. We want to make sure that was captured.

我們考慮的是 CVS 的影響。我們不一定會考慮 CVS 以外的影響。如果這種趨勢持續下去，這對 Humira 來說將是一個不利因素，而對 Skyrizi 和 Rinvoq 來說則是一個有利因素，這對我們來說是一個非常好的長期權衡。這是很重要的一點。我們想確保它被捕獲。

Thank you, Rob. And maybe, Chris, one more point that I didn't address was the Skyrizi and Rinvoq contracting. So we are anticipating very robust and consistent access for Skyrizi and Rinvoq. And our former comments around sort of low single-digit price erosion should be quite consistent with what we said before. Obviously, the Medicare Part D is a separate dynamic. So things are stable and we're anticipating ongoing very strong access for both of those brands.

謝謝你，羅布。克里斯，也許我沒有提到的另一點是 Skyrizi 和 Rinvoq 的合約。因此，我們預計 Skyrizi 和 Rinvoq 的訪問將非常強大且一致。我們先前關於低個位數價格侵蝕的評論應該與我們之前所說的非常一致。顯然，醫療保險 D 部分是一個單獨的動態。所以事情是穩定的，我們預計這兩個品牌將繼續獲得非常強大的訪問權。

Thanks, Chris. Operator, next question, please.

謝謝，克里斯。接線員，請下一個問題。

Carter Gould, Barclays. Please go ahead.

卡特·古爾德，巴克萊銀行。請繼續。

Good morning. Thanks for taking the question and congrats on the results. I guess first, just a housekeeping point. I guess, one -- I guess, on the last call, you had talked about earnings growth not being quite at the rate of revenue growth and it sounds like today you see those more in line. Any, I guess, further color on kind of what's driving that? I would assume it's sort of the key I&I drivers, but any other color there would be appreciated.

早安.感謝您提出問題並對結果表示祝賀。我想首先，只是一個家政點。我想，我想，在上次電話會議上，您談到了獲利成長與收入成長的速度不完全一致，聽起來今天您看到的情況更加一致。我想，還有什麼進一步的解釋是什麼推動了這個趨勢嗎？我認為這是關鍵的 I&I 驅動因素，但任何其他顏色都會受到讚賞。

And I guess the more pertinent question, maybe on the commentary on Cerevel, should there be any expectation for divestments or other concessions as we contemplate that deal closing? Thank you.

我想更相關的問題，也許是關於 Cerevel 的評論，當我們考慮交易完成時，是否應該期望撤資或其他讓步？謝謝。

Yeah. This is Scott. I'll take the question regarding EPS growth or earnings growth in line with the revenue growth. So when we look at this, as I mentioned, we're looking at a couple of things. The SG&A that we're driving some operating margin expansion, we spent a lot of time focusing on that and we do see some efficiencies that we can drive, and we do have the ability to leverage that.

是的。這是斯科特。我將根據收入成長來回答有關每股收益成長或獲利成長的問題。因此，正如我所提到的，當我們考慮這個問題時，我們正在考慮幾件事。我們正在推動營業利潤率擴張的銷售管理費用，我們花了很多時間專注於此，我們確實看到了我們可以提高的一些效率，而且我們確實有能力利用它。

So there will be expansion operating margin, which you would expect to then let earnings outpace the revenue growth. However, there is this offset and we had a very successful bond offering when we set the financing in place for Cerevel and ImmunoGen.

因此，營業利潤率將會擴大，您預計這將使收益超過收入成長。然而，存在這種抵消，當我們為 Cerevel 和 ImmunoGen 提供融資時，我們進行了非常成功的債券發行。

So but that will be an offset to the operating margin expansion. So you can think of those two as essentially netting one another and then driving that earnings growth in line with the topline.

但這將抵銷營業利益率的擴張。因此，您可以將這兩者視為本質上相互抵消，然後推動獲利成長與營收保持一致。

Hey, Carter. This is Rob. I'll take your question on Cerevel. Look, we've made very good progress with the FTC and have certified substantial compliance to their second request. No divestments are expected. I would expect the transaction to close soon, potentially as early as next week. We're obviously very excited about the potential best-in-class therapies in Cerevel's pipeline, especially emraclidine for schizophrenia, davapidon for early Parkinson's and their core antagonist for major depression. I mean, these assets clearly will be great additions to our neuroscience franchise.

嘿，卡特。這是羅布。我會在 Cerevel 上回答你的問題。看，我們與聯邦貿易委員會的合作取得了非常好的進展，並且已經證明我們基本上遵守了他們的第二個要求。預計不會撤資。我預計交易將很快完成，最早可能在下週完成。顯然，我們對 Cerevel 管道中潛在的同類最佳療法感到非常興奮，特別是治療精神分裂症的 emraclidine、治療早期帕金森氏症的 davapidon 及其治療重度憂鬱症的核心拮抗劑。我的意思是，這些資產顯然將成為我們神經科學特許經營權的重要補充。

Thanks, Carter. Operator, next question, please.

謝謝，卡特。接線員，請下一個問題。

Vamil Divan. Please go ahead.

瓦米爾·迪萬。請繼續。

Yeah. Hi. Thanks for taking my question. So maybe one if I could just, I guess, for Rob, just around sort of your business development priorities now. You obviously did a sort of larger deal last year with Cerevel, ImmunoGen. You've done a number of these smaller acquisitions. And I guess I'm trying to get a sense of the kind of balance between investing for the long-term and then sort of balancing the near-term earnings growth outlook. So there's a lot of focus on that $11 floor for a long time, obviously, with all the IPR&D. You sort of dipped a little bit below that for this year, which makes sense.

是的。你好。感謝您提出我的問題。因此，我想，對於羅布來說，也許我可以圍繞您現在的業務發展優先事項進行討論。顯然，您去年與 Cerevel、ImmunoGen 達成了一項規模更大的交易。您已經完成了許多此類較小的收購。我想我正在嘗試了解長期投資與平衡近期獲利成長前景之間的平衡。因此，很明顯，在很長一段時間裡，隨著所有的智慧財產權和研發，11 美元的底線受到了許多關注。今年你的股價略低於這個水平，這是有道理的。

But I'm just trying to think now that we're sort of halfway through the year, how are you thinking about sort of where your priorities are and the need to kind of balance the near-term numbers versus investing for the long-term? Thanks.

但我只是想想想，現在我們已經過半了，你如何考慮你的優先事項以及平衡近期數字與長期投資的需要？謝謝。

Yeah. Vamil, thanks for the question. So the $11 floor, again, was on an ex-IPR&D basis, where obviously with this guidance, ex-IPR&D, I think we're just a little bit over $11.40 and we're certainly positioned to return to robust growth. I mean, we're delivering robust revenue growth this quarter. When you look at the outlook for 2025, it's very strong and so we should be beyond the conversations on the floor at this point.

是的。瓦米爾，謝謝你的提問。因此，11 美元的下限同樣是在不包括 IPR&D 的基礎上確定的，顯然根據這一指導，不包括 IPR&D，我認為我們的價格僅略高於 11.40 美元，我們肯定會恢復強勁增長。我的意思是，我們本季實現了強勁的營收成長。當你看到 2025 年的前景時，你會發現它非常強勁，因此我們此時應該超越現場對話。

As we think about the trade-offs for the long-term and the short-term, clearly we have an on-market portfolio today that can drive the growth that we need to deliver on that high single-digit, top-tier outlook in this decade. So our BD efforts continue to be focused on early-stage assets that can drive growth in the next decade, and you've seen us execute nearly a dozen deals this year along those lines. These include new mechanisms in immunology that can combine with Skyrizi or Rinvoq or be pursued as model therapies. We've also added new platforms, including multi-specifics, that have applicability in immunology and oncology. Our deal targeting in situ CAR-T therapy is another example of a platform investment in oncology. And we added a novel mechanism for psychiatric disorders, given our focus in neuroscience.

當我們考慮長期和短期的權衡時，顯然我們今天擁有一個市場投資組合，可以推動我們實現高個位數的頂級前景所需的增長這十年。因此，我們的業務發展工作繼續專注於可以推動未來十年成長的早期資產，您已經看到我們今年按照這些方針執行了近十幾筆交易。其中包括免疫學中的新機制，可以與 Skyrizi 或 Rinvoq 結合或作為模型療法。我們還添加了新平台，包括多特異性平台，適用於免疫學和腫瘤學。我們針對原位 CAR-T 療法的交易是腫瘤學平台投資的另一個例子。鑑於我們對神經科學的關注，我們增加了一種治療精神疾病的新機制。

So we intend to continue adding more depth to our pipeline in our core areas, particularly think about early-stage deals because what we're really trying to set up for is that growth in the next decade. We have a clear line of sight to top-tier growth this decade and we want to position the company to deliver strong growth in the next decade as well.

因此，我們打算繼續增加我們核心領域管道的深度，特別是考慮早期交易，因為我們真正想要實現的是未來十年的成長。我們對這十年的頂級成長有著清晰的願景，我們希望公司能夠在未來十年實現強勁成長。

Thanks, Vamil. Operator, next question, please.

謝謝，瓦米爾。接線員，請下一個問題。

Chris Shibutani, Goldman Sachs.

克里斯·澀谷，高盛。

Thank you. Good morning. On the aesthetics business, today has been a day of reporting across the industry. There's some commentary that aligns with what you said. However, some additional questions I have are on granularity about procedure volumes and pricing.

謝謝。早安.在美容產業，今天是整個產業進行報導的一天。有一些評論與您所說的一致。然而，我還有一些關於程序量和定價的粒度的其他問題。

Now, in the first quarter you talked about promotional activities that you pushed towards a seasonally strong second quarter. One, should we think about the pricing backdrop as being a component of some of the sluggishness as opposed to purely thinking about or primarily thinking about volume of procedures? And if you could sort of respond in the neurotoxin neuromodulator versus the filler segment, that'd be helpful. Thank you.

現在，在第一季度，您談到了為第二季度季節性強勁而推動的促銷活動。第一，我們是否應該將定價背景視為某些經濟低迷的一個組成部分，而不是純粹考慮或主要考慮程序數量？如果你能在神經毒素神經調節劑與填充物部分之間做出某種反應，那就會有幫助。謝謝。

Hi. This is Carrie. I'll address the questions. So first, let's talk about the market dynamics for market growth in the US for facial injectables. So late last year, we started to see a recovery and a return to growth of the toxin market and we've seen that market growth recovery continue this year in that mid-single-digit range. And that's volume, that is traffic into our customers' offices and that's really been consistent for the past few quarters.

你好。這是嘉莉。我將解答這些問題。首先，讓我們來談談美國臉部注射劑市場成長的市場動態。去年年底，我們開始看到毒素市場的復甦和恢復成長，我們看到今年市場成長復甦繼續在中個位數範圍內。這就是數量，也就是進入我們客戶辦公室的流量，這在過去幾季中一直保持穩定。

So the market dynamics for our business are really driven by patient demand and volume. Although, when we think about price, price is a factor that we'll be looking for the second half of the year which will give us some favorable pricing dynamics. We did take a price action at the beginning of the year for toxins and then we'll have some more efficiency when it comes to our strategic shifts in our pricing promotions for the second half of the year.

因此，我們業務的市場動態實際上是由患者需求和數量所驅動的。不過，當我們考慮價格時，價格是我們下半年關注的因素，這將為我們帶來一些有利的定價動態。我們確實在今年年初對毒素採取了價格行動，然後在下半年定價促銷的策略轉變方面，我們的效率將會更高。

So one example of that would be promotions we did last year, for example, around competitive launches that we won't need to do this year based on the success of our competitive strategy last year. So really our performance is driven by market growth and we also had some nice stability in our market share.

因此，一個例子就是我們去年所做的促銷活動，例如，圍繞競爭性發布，基於去年競爭策略的成功，我們今年不需要進行促銷活動。因此，我們的業績確實是由市場成長所推動的，而且我們的市場佔有率也有一定的穩定性。

Anything you'd like to add?

您還有什麼要補充的嗎？

Maybe because it's worth mentioning, so some of that shift in promotional activity that you mentioned, we did talk about in the first quarter that that was a destocking that occurred of inventory levels.

也許是因為值得一提，所以您提到的促銷活動的一些轉變，我們確實在第一季談到了庫存水準的去庫存。

And when Carrie made her remarks and we spoke about it last quarter, we said that would reverse over time. We did see that reversing in the second quarter on a partial basis. And when you think about the reversal of that Q1 destock, you can think about from the US market that really would reduce by 50% or cut in half the growth rates we published for the actual results for both Botox and Juvederm. So we saw that partial reversal of that de-stocking event and then we will see that continue to unwind throughout the course of the year, especially as we have some of our larger promotional activities. And the back half of the year with Botox Day and Juvederm Day, we do see typically an inventory -- a stocking uplift from those activities.

當嘉莉發表演說並且我們在上個季度談到這一點時，我們說隨著時間的推移，這種情況將會逆轉。我們確實看到這種情況在第二季度出現了部分逆轉。當您考慮第一季庫存減少的逆轉時，您可以從美國市場的角度考慮，這實際上會減少 50% 或我們公佈的 Botox 和 Juvederm 實際結果的成長率減半。因此，我們看到去庫存活動的部分逆轉，然後我們將看到這種情況在全年繼續放鬆，特別是當我們進行一些更大規模的促銷活動時。今年下半年的肉毒桿菌日和喬雅登日，我們確實看到了典型的庫存——這些活動導致庫存增加。

Thanks, Chris. Operator, next question, please.

謝謝，克里斯。接線員，請下一個問題。

Mohit Bansal, Wells Fargo.

莫希特·班薩爾，富國銀行。

Great. Thanks for taking my question. I just wanted to talk a little bit about the pipeline in IBD space as well. I mean, you have done a bunch of these and then there has been some movement, especially in the oral IBD drugs as well. I mean, given your expertise, I would love to understand how do you think about a pipeline moving beyond the likes of Skyrizi, IL-17s and all, because these drugs are pretty good.

偉大的。感謝您提出我的問題。我只是想談談 IBD 領域的管道。我的意思是，你們已經做了很多這樣的事情，然後出現了一些進展，特別是在口服 IBD 藥物方面。我的意思是，鑑於您的專業知識，我很想了解您如何看待 Skyrizi、IL-17 等藥物以外的產品線，因為這些藥物非常好。

But when you think about an oral, what is the ideal profile of the drug that could be a first-line drug which Rinvoq could not be? And then when you think about combinations, what are you exactly looking for? Thank you.

但是，當您考慮口服藥物時，這種可以成為一線藥物而 Rinvoq 無法成為的藥物的理想特徵是什麼？然後當您考慮組合時，您到底在尋找什麼？謝謝。

Hey, Mohit. It's Roopal. I can talk about that. With respect to orals, we did do this deal with Landos and this is our NX-13asset, which we'll anticipate a readout end of this year, beginning of next year. And early data point to good outcomes in ulcerative colitis and this asset works through NF-kappa-beta, so you'll see what we've observed in preclinical models is reductions in IL-6, IL-1, TNF, interferon gamma.

嘿，莫希特。是魯帕爾。我可以談談這個。關於口頭，我們確實與 Landos 達成了這項協議，這是我們的 NX-13 資產，我們預計將在今年年底、明年初公佈。早期數據顯示潰瘍性結腸炎的治療效果良好，且該資產透過NF-kappa-beta 發揮作用，因此您會看到我們在臨床前模型中觀察到的結果是IL-6、IL-1、TNF、幹擾素γ 的減少。

And it's potentially a monotherapy and one that wouldn't have a boxed warning. So far the safety data has looked good. But there's also opportunities, we believe, as you mentioned, combinations that you could still combine with Rinvoq. And as I mentioned the boxed warning and in certain geographies, Rinvoq is utilized post-anti-TNF. Even with a combo there, there's still opportunity. The second and third line segments in IBD and across immunology continue to grow, and they're getting larger and larger as patients cycle through biosimilar anti-TNFs. We'll see them cycle through, for example, in IBD with IL-1223, like Stelara. So in the future, there's multiple opportunities.

它可能是單一療法，而且不會有黑框警告。到目前為止，安全資料看起來不錯。但正如您所提到的，我們相信您仍然可以與 Rinvoq 結合使用。正如我所提到的黑框警告，在某些地區，Rinvoq 在抗 TNF 後使用。即使有組合，仍然有機會。 IBD 和整個免疫學領域的二線和三線領域繼續增長，隨著患者循環使用抗 TNF 生物相似藥，它們變得越來越大。例如，我們將看到它們在 IBD 中循環使用 IL-1223，如 Stelara。所以未來有很多機會。

And the way we think about these is do we see an asset that is novel and can address mechanisms that haven't been addressed yet, and can they complement something like Rinvoq. So if you see a little bit less efficacy, that may be okay if it's complementary. It may not work necessarily as a monotherapy, but we still see opportunities for a combo. And given the other assets that we've talked about that could be IV or sub-q, we still see a lot of opportunity with Skyrizi.

我們思考這些問題的方式是，我們是否看到了一種新穎的資產，可以解決尚未解決的機制，並且它們可以補充 Rinvoq 這樣的東西。因此，如果您發現功效稍差，如果是互補的，那可能沒問題。它可能不一定作為單一療法起作用，但我們仍然看到聯合療法的機會。考慮到我們討論過的其他資產可能是 IV 或 sub-q，我們仍然看到 Skyrizi 有很多機會。

And a platform study in IBD we'll kick off later this year. Looking at various combinations, many of the assets that I mentioned in the prepared remarks, including a TL1A, including our own internal alpha-4 beta-7, could be added on to Skyrizi to drive that efficacy even higher because there's still a bit of a ceiling effect. And I would say the unmet need in IBD in particular continues to be quite high.

我們將於今年稍後啟動 IBD 平台研究。看看各種組合，我在準備好的評論中提到的許多資產，包括 TL1A，包括我們自己的內部 alpha-4 beta-7，都可以添加到 Skyrizi 中，以進一步提高效率，因為仍然有一些天花板效應。我想說的是，IBD 方面的未滿足需求仍然很高。

Thanks, Mohit. Operator, next question, please.

謝謝，莫希特。接線員，請下一個問題。

Chris Raymond, Piper Sandler.

克里斯·雷蒙德，派珀·桑德勒。

Thanks. Hey. Just another follow-up on Humira. So Jeff and Rob, just hearing your commentary about how when patients discontinue Humira, a number of them are switching to newer biologics. I think you gave the 20% number going to newer biologics like Skyrizi and then also Rinvoq. But we saw some of this happening in the gastro space with one of the checks we did recently, but I wonder if you could provide maybe a little more color on this phenomenon.

謝謝。嘿。這只是 Humira 的另一個後續行動。傑夫和羅布，剛剛聽到你們的評論，關於當患者停止服用 Humira 時，他們中的許多人會轉向更新的生物製劑。我認為您將 20% 的數字分配給了 Skyrizi 等較新的生物製劑，然後還有 Rinvoq。但我們在最近的一項檢查中看到了一些這種情況發生在胃腸道領域，但我想知道您是否可以對這一現象提供更多的資訊。

Is there a particular therapeutic silo where this is maybe happening more extensively? And can you give us a sense as to how this has been influenced or accelerated by biosimilar availability and just any more color there? Thanks.

是否存在一個特定的治療筒倉，這種情況可能會更廣泛地發生？您能否讓我們了解一下生物相似藥的可用性和更多的顏色如何影響或加速這種情況？謝謝。

Yeah. Thanks for the question. It's almost like a bimodal phenomenon. So the 20% I highlighted, so if you just look from our data, when we just look at the CVS template, so we can see the degradation of Humira that goes down pretty steeply because, remember, it's an exclusion. So Humira is no longer widely available at all. So most of it happens within the first two weeks or three weeks.

是的。謝謝你的提問。這幾乎就像是雙峰現象。所以我強調了 20%，所以如果你只看我們的數據，當我們只看 CVS 模板時，我們可以看到 Humira 的退化急劇下降，因為記住，這是一個排除項。因此 Humira 不再廣泛使用。所以大部分發生在前兩週或三週內。

And in that one segment, we see that the biosimilar doesn't take up all the Humira loss and we can see it moving to other mechanisms, particularly Skyrizi and Rinvoq. So that's within, let's say, the acute biosimilar event.

在這一領域，我們看到生物相似藥並沒有彌補 Humira 的所有損失，我們可以看到它轉向其他機制，特別是 Skyrizi 和 Rinvoq。可以說，這屬於急性生物相似藥事件。

Now, to Rob's point, what he highlighted is, if you take a step back and you look at the macro market, we've started to see in the first quarter and second quarter that the overall molecule, so that's the adalimumab molecule, inclusive of biosimilars, has started to compress faster than it did before there was the availability of this action that was taken by CVS. So it's a doubling of effect, acutely in the segment that takes place with the exclusion and then the wider market.

現在，就羅布的觀點而言，他強調的是，如果你退後一步，看看宏觀市場，我們已經開始在第一季和第二季看到整個分子，這就是阿達木單抗分子，包括生物相似藥的壓縮速度已經開始比CVS 採取這項行動之前更快。因此，這是一種雙重效應，尤其是在排除後的細分市場以及更廣泛的市場。

Now, we're watching this pretty carefully because we haven't -- obviously haven't seen something like this before in terms of the compression of a molecule. So that's basically the dynamics that we're seeing. And we do think it's because some physicians or segments of physicians are -- they realize that these biosimilars where there's an acute interruption, they want to check how the patients are doing. And if they're not fully in remission when they come in for their appointment, let's say before the switch, sometimes they're transitioned at the rates that I described. So that's sort of the prescriber behavior.

現在，我們正在非常仔細地觀察這一點，因為我們之前顯然沒有在分子壓縮方面看到類似的情況。這基本上就是我們所看到的動態。我們確實認為這是因為一些醫生或部分醫生 - 他們意識到這些生物相似藥會出現急性中斷，他們想要檢查患者的情況如何。如果他們來預約時沒有完全緩解，比如說在轉換之前，有時他們會按照我描述的速度進行轉換。這就是處方者的行為。

Now, where is it coming from? Like, well, we actually see that it is accruing across all of the indications, particularly Humira has quite robust, let's say, base dynamics in the rheumatology indications. But we can see it in rheum. We can see it in derm. Derm to Skyrizi in particular, which is probably not a surprise given the position, I highlighted a 38% share and a 60% in-place share for Skyrizi and derm. And we also do see it to some degree in gastroenterology.

現在，它來自哪裡？就像，我們實際上看到它在所有適應症中都在累積，特別是 Humira 在風濕病適應症方面具有相當強勁的基礎動態。但我們可以在大黃中看到它。我們可以在真皮中看到它。特別是 Derm 到 Skyrizi，考慮到這個位置，這可能並不令人意外，我強調了 Skyrizi 和 derm 的 38% 份額和 60% 的就地份額。我們在胃腸病學中也確實在某種程度上看到了這一點。

So to Rob's point, we're going to continue to monitor that. If the overall molecule would continue to compress, obviously, there would be some mitigation of some of it accruing over to Skyrizi and Rinvoq, and so we'll have to continue to see how these weeks and months play out here over the third quarter.

因此，就 Rob 的觀點而言，我們將繼續監控這種情況。如果整個分子繼續壓縮，很明顯，Skyrizi 和 Rinvoq 身上的部分分子會有所緩解，因此我們必須繼續觀察第三季度這幾周和幾個月的情況。

Thanks, Chris. Operator, next question, please.

謝謝，克里斯。接線員，請下一個問題。

Gary Nachman, Raymond James.

加里·納赫曼，雷蒙德·詹姆斯。

All right. Great. Thanks. Can you talk more about how you're managing the growth for Skyrizi and Rinvoq in IBD across both UC and Crohn's, which have both been really strong? And with the Skyrizi UC launch, is there any cannibalization there with Rinvoq?

好的。偉大的。謝謝。您能否多談談您如何管理 Skyrizi 和 Rinvoq 在 IBD 領域在 UC 和克隆氏症領域的成長，這兩種疾病都非常強勁？隨著 Skyrizi UC 的推出，Rinvoq 是否會被蠶食？

And I guess, generally, how do you see those products working synergistically both in terms of sales force and reimbursement, if you see any sort of issues or conflicts there? Thanks.

我想，一般來說，如果您發現這些產品在銷售人員和報銷方面有任何問題或衝突，您如何看待這些產品的協同作用？謝謝。

Yeah. Thank you for the question. A very important question in terms of how we commercialize these. Roopal highlighted it. Obviously, you have the two big indications with two assets within those indications. And so we have constructed, not just in the US, but around the world, a very sophisticated approach in terms of multiple sleeves of representatives and medical experts that are representing both drugs across both indications.

是的。感謝你的提問。關於我們如何將這些商業化，這是一個非常重要的問題。魯帕爾強調了這一點。顯然，你有兩個大的跡象，其中有兩種資產。因此，我們不僅在美國，而且在世界各地，建立了一種非常複雜的方法，由多個代表和醫學專家代表，代表這兩種藥物的兩種適應症。

And it really is -- let's say, for example, in our largest market, the US, it's relatively easy to execute. Because what we see is that our representatives can highlight Skyrizi's data and potential as the obvious frontline agent, which is obviously tremendous data. I mentioned the sequence data. I mentioned our core data. The naive to biologic data in UC is absolutely fantastic for the Skyrizi data.

確實如此，例如，在我們最大的市場美國，執行起來相對容易。因為我們看到的是，我們的代表可以突出 Skyrizi 的數據和作為明顯的前線特工的潛力，這顯然是巨大的數據。我提到了序列資料。我提到了我們的核心數據。 UC 中的原始生物數據對於 Skyrizi 數據來說絕對是非常棒的。

And then, really ironically, because of the label changes that took place a few years ago, Rinvoq is positioned in later lines. So really that sort of approach is highly synergistic in terms of we recommend that physicians consider starting with Skyrizi and the efficacy will be fantastic. But to Roopal's point, there's still pressure on that disease and then you have a backstop with tremendous, tremendous data on Rinvoq in later lines. And so that's how we position it.

然後，真正諷刺的是，由於幾年前發生的標籤變化，Rinvoq 被定位在後來的產品線中。因此，這種方法確實具有高度協同作用，我們建議醫生考慮從 Skyrizi 開始，效果會非常好。但就 Roopal 的觀點而言，這種疾病仍然面臨著壓力，而且在後面的幾行中，你會得到大量有關 Rinvoq 的數據的支持。這就是我們的定位。

We look and we monitor the cannibalization. It's quite modest, and overall, when you look at the dynamic of share capture, it's quite encouraging to see how the infield teams and the commercial teams are managing all of those assets. So we're very encouraged about how we've approached the market in terms of our execution and I think the results are speaking for themselves.

我們觀察並監控這種蠶食情況。這是相當適度的，總的來說，當你看到份額獲取的動態時，看到內場團隊和商業團隊如何管理所有這些資產是相當令人鼓舞的。因此，我們對我們在執行方面如何接近市場感到非常鼓舞，我認為結果不言而喻。

Thanks, Gary. Operator, next question, please.

謝謝，加里。接線員，請下一個問題。

Steve Scala, TD Cowen.

史蒂夫·斯卡拉，TD·考恩。

Thank you. Regarding the 2024 sales guidance, which I realize is about $55 billion, but it implies similar growth in the second half as in the first half, if not a slight deceleration. Why won't total sales do better and what were your reservations about raising sales guidance today? It seems that across the business, strengths are exceeding challenges. So it would seem not unreasonable to have higher sights now.

謝謝。關於 2024 年的銷售指導，我認為約為 550 億美元，但這意味著下半年的成長與上半年類似，甚至略有放緩。為什麼總銷售額不會表現得更好？看來整個產業的優勢都超過了挑戰。所以現在有更高的目標似乎不是沒有道理的。

Second question is, I'm wondering if you can elaborate on the comment, a portion of Humira lives. Is a portion of Humira lives closest to a quarter, a half or three-quarters of lives? Thank you.

第二個問題是，我想知道你是否可以詳細說明一下評論，修美樂生活的一部分。 Humira 生命的一部分是最接近生命的四分之一、二分之一還是四分之三？謝謝。

Steve, this is Scott. I will talk regarding the revenue. So, just to clarify, we did raise the revenue guidance in total from $55 billion to $55.5 billion, a $500 million raise. And that included a $300 million raise for Skyrizi, a $100 million raise for Rinvoq, a $100 million raise for Venclexta, a $200 million spread across other products and then a $200 million reduction in the guidance for aesthetics. So we do see very strong momentum in the business and we did raise our sales guidance from $55 billion to $55.5 billion.

史蒂夫，這是史考特。我會談談收入。因此，澄清一下，我們確實將總收入指引從 550 億美元提高到 555 億美元，即增加了 5 億美元。其中包括為 Skyrizi 籌集 3 億美元，為 Rinvoq 籌集 1 億美元，為 Venclexta 籌集 1 億美元，為其他產品籌集 2 億美元，然後在美學指導上減少 2 億美元。因此，我們確實看到了該業務的強勁勢頭，並且我們確實將銷售指引從 550 億美元提高到了 555 億美元。

And Steve, this is Rob. If you just look at, as I mentioned in my remarks, the first half of the year, we talked operational growth around 4%. If you -- the implied operational growth in the second half, based on our guidance, would be slightly above that and really driven by the ex-Humira growth platform, which on a reported basis, grew more than 18% this quarter. And so we're very pleased with the performance of the business, and I think, when you look at the guidance and you do the math, you'll see that the actual implied second half operational growth is slightly higher than the first half.

史蒂夫，這是羅布。正如我在演講中提到的，如果你看看今年上半年，我們談到的營運成長約為 4%。如果你——根據我們的指導，下半年的隱含營運成長將略高於這一水平，並且真正受到前 Humira 成長平台的推動，據報告，該成長平臺本季成長超過 18%。因此，我們對業務表現非常滿意，我認為，當您查看指導並進行數學計算時，您會發現實際隱含的下半年營運成長略高於上半年。

And Steve, it's Jeff, so to give some sense, so we're looking at coming up on the third year of biosimilar. So the first way to think about it, in the first year 2023, we had very strong parity access across all the channels and we really exited the year around, I think, 97% or something like that.

史蒂夫，我是傑夫，所以為了讓大家理解，我們正在考慮生物相似藥的第三年。因此，第一種思考方式是，在 2023 年的第一年，我們在所有管道上都擁有非常強大的平價存取權限，我認為我們確實在這一年退出了 97% 或類似的水平。

This year, I think, when we look at all the ins and outs, I think, the three-quarter approach is quite reasonable. And as I mentioned in my remarks to early one of the questions, it will certainly be lower next year and I would think that that range would be around that 0.5 point. But again, we're not fully complete with all the dynamics. So that gives you some broad spectrum over three years, maybe around the halfway point, plus or minus, as we go into 2025.

今年，我認為，當我們審視所有的來龍去脈時，我認為四分之三的做法是相當合理的。正如我在對早期問題之一的評論中提到的，明年肯定會更低，我認為這個範圍將在 0.5 個點左右。但同樣，我們還沒有完全了解所有的動態。因此，當我們進入 2025 年時，這為您提供了三年內的一些廣泛範圍，也許是中間點左右，或者是正負。

Thanks, Steve. Operator, next question, please.

謝謝，史蒂夫。接線員，請下一個問題。

Trung Huynh, UBS.

Trung Huynh，瑞銀。

Hi, guys. Trung Huynh from UBS. Thanks for taking my questions. Just two from me. On the aesthetic, thanks for your comments this year and you've also moderated your short-term guide accordingly, but you've noted that the long-term 2029 guide remains intact.

嗨，大家好。瑞銀 (UBS) 的 Trung Huynh。感謝您回答我的問題。我只有兩個。在美學方面，感謝您今年的評論，您也相應地調整了短期指南，但您注意到 2029 年長期指南保持不變。

So with growth around 4% this year in line with that new guide, I imagine next year will be slightly higher. But then it does imply that growth is well into the double digits for 2027, 2028 and 2029 on our calculations. Just what here makes you confident about that level of growth later in the decade?

因此，根據新指南，今年的成長率約為 4%，我想明年的成長率會略高。但這確實意味著根據我們的計算，2027 年、2028 年和 2029 年的成長將達到兩位數。到底是什麼讓您對本十年後期的成長水準充滿信心？

And then secondly, just following up on some of your thoughts on the immunology pipeline, you noted the potential of the utility of multispecifics in immunology. You've got a pretty strong bispecific platform. Just what are your thoughts on the data that you're seeing here? Is there anything in development that we should be looking at? Thank you.

其次，只是跟進您對免疫學管道的一些想法，您注意到了多特異性抗體在免疫學中的應用潛力。你有一個非常強大的雙特異性平台。您對此處看到的數據有何看法？開發中有什麼值得我們關注的嗎？謝謝。

Trung, this is Scott. I'll start with your question regarding the long-term guidance on aesthetics. So you're right. We've guided to a long-term $9 billion in 2029 and we're not changing that guidance. The guidance changed, as you noted, that I mentioned today is just a short-term guidance change for 2024. We remain very confident in our ability to hit that $9 billion in 2029.

特朗，這是史考特。我將從你關於美學長期指導的問題開始。所以你是對的。我們的長期目標是 2029 年 90 億美元，我們不會改變這個目標。正如您所指出的，我今天提到的指引發生了變化，這只是 2024 年的短期指引變化。

When you think about these markets, there's very low penetration in the markets globally. There's a lot of excitement in the space and we expect the market to recover and grow at historical rates. I would say, when we look at the market growth, we do see that rebounding and growing well.

當你考慮這些市場時，你會發現全球市場的滲透率非常低。這個領域有很多令人興奮的事情，我們預計市場將以歷史速度復甦和成長。我想說，當我們觀察市場成長時，我們確實看到反彈和成長良好。

And then you also should think about there's additional innovation coming that will drive that. So we have some of the additional indications in Botox that Roopal walked through, as well as the quick onset short-acting toxin BoNT/E that will also drive additional market growth. And so we continue to feel very comfortable with our ability to achieve that on a long-term basis in 2029.

然後您還應該考慮將會有更多的創新來推動這一點。因此，我們在 Botox 中獲得了 Roopal 經歷過的一些額外適應症，以及快速起效的短效毒素 BoNT/E，這也將推動額外的市場成長。因此，我們仍然對 2029 年實現這一長期目標的能力感到非常滿意。

Trung, it's Roopal. I'll take the next question on the pipeline. So we continue to be excited about bispecifics, in particular lutikizumab. And it's an IL-1 alpha, and importantly, also 1-beta. And this, we believe, distinguishes it from earlier generation assets that were singular, and let's say, only took out IL-1 alpha.

特朗，我是魯帕爾。我將回答有關管道的下一個問題。因此，我們繼續對雙特異性藥物感到興奮，特別是 lutikizumab。它是 IL-1 α，重要的是，也是 1-β。我們認為，這將其與前一代資產區分開來，前一代資產是單一的，比方說，只取出了 IL-1 alpha。

We see, I would say, very, very strong benefits in hidradenitis suppurativa and I don't think that was observed as a pure monoclonal. And the efficacy that we're seeing is in a 100% anti-TNF failure population and very sick, early Stage 3, 70%. It is one of the most severe -- probably the most severe ever studied.

我想說，我們看到了對化膿性汗腺炎非常非常強的益處，而且我不認為這是作為純單株抗體觀察到的。我們看到的療效是在 100% 抗 TNF 治療失敗人群和病情嚴重、處於第 3 階段的人群中，有 70% 的療效。這是最嚴重的之一——可能是有史以來研究過的最嚴重的。

So we think there continues to be potential in the bispecific space as you take out multiple cytokines. The way to address it is through engineering of the assets. The other way is combination, so we can get to that bispecific approach through combos. And then, thirdly, I would say, earlier in the pipeline is the multispecific approach, which the advantage that could provide is you maintain your bispecific approach, but then a third arm, let's say, can target specific cells and that could further enhance efficacy and in particular, safety. And we're looking at that approach in immunology and as well in oncology, and that was reflected in our partnership with Tentarix.

因此，我們認為當你去除多種細胞因子時，雙特異性空間仍然具有潛力。解決這個問題的方法是透過資產工程。另一種方法是組合，因此我們可以透過組合來實現雙特異性方法。然後，第三，我想說，在管道的早期是多特異性方法，其可以提供的優勢是您保持雙特異性方法，但是第三臂，可以說，可以針對特定細胞，這可以進一步提高功效特別是安全。我們正在免疫學和腫瘤學領域研究這種方法，這反映在我們與 Tentarix 的合作中。

Thank you, Trung. Operator, next question, please.

謝謝你，特朗。接線員，請下一個問題。

Evan Seigerman, BMO Capital Markets.

Evan Seigerman，BMO 資本市場。

Hi, guys. Thank you so much for taking my question and it was really, really helpful to update today. So just looking at kind of the expected growth --

嗨，大家好。非常感謝您提出我的問題，今天的更新真的非常非常有幫助。所以只要看看預期的成長——

Can you just -- can you speak up just a little bit? Sorry.

你能——你能說一點嗎？對不起。

All right. Can you guys hear me all right? Does that work?

好的。你們聽得到我說話嗎？那樣有用嗎？

It's still faint, but we'll do our best.

雖然還很微弱，但我們會盡力的。

All right. Sorry about that. I'll speak very loudly. So when looking at expected growth for Vraylar over the next few quarters, can you comment on what type of impact you think new competitors to the MBD market might have and what you can do to help maintain a growth position going forward?

好的。對於那個很抱歉。我會很大聲地說話。因此，在考慮 Vraylar 未來幾季的預期成長時，您能否評論一下您認為 MBD 市場的新競爭對手可能會產生什麼樣的影響，以及您可以採取哪些措施來幫助保持未來的成長地位？

Yeah. Hi. It's Jeff. We're very pleased with how both of the indications are performing and we monitor them very carefully, certainly with bipolar and aMDD. So when we look at our quarterly surveys of our target physicians and really our whole call cycle, we can see now that Vraylar is the most preferred agent overall for bipolar disease based on its indication set, its tolerability, its efficacy, et cetera. And we've really gone to the very top of the lead table for aMDD as well.

是的。你好。是傑夫。我們對這兩種適應症的表現非常滿意，我們非常仔細地監測它們，尤其是雙相情感障礙和 aMDD。因此，當我們查看對目標醫生的季度調查以及整個呼叫週期時，我們現在可以看到，基於其適應症、耐受性、療效等，Vraylar 是雙相情感障礙患者最優選的藥物。我們也確實登上了 aMDD 領先榜的頂端。

So if we look overall on our demand, we're tracking above 20% in terms of the push. We continue to focus our team and where necessary add share a voice in terms of our sales force. So we're quite comfortable that we can continue to grow our share, which has been growing very, very nicely, particularly on the MBRX side, and certainly, face the competitive dynamics and navigate those as we go forward.

因此，如果我們從總體上看我們的需求，我們的推動力將超過 20%。我們繼續專注於我們的團隊，並在必要時增加銷售團隊的發言權。因此，我們對能夠繼續增加我們的份額感到非常滿意，我們的份額增長得非常非常好，特別是在 MBRX 方面，當然，我們還要面對競爭動態並在我們前進的過程中駕馭這些競爭動態。

Jeff, maybe to add. it's Roopal here. There is going to be competition, but what we see as a benefit clinically for Vraylar is that full spectrum coverage in bipolar and when you're able to take mania, you don't need an adjunctive therapy for that. So that's a big advantage.

傑夫，也許要補充一下。我是魯帕爾。將會存在競爭，但我們認為 Vraylar 在臨床上的好處是雙相情感障礙的全頻譜覆蓋，當你能夠承受躁狂症時，你不需要輔助治療。所以這是一個很大的優勢。

The other thing that we continue to hear and probably reflected in our data is the really limited impact on fatigue and sedation. And so what we're hearing is with Vraylar, patients really don't have to sacrifice their daytime productivity in order to gain that benefit. And then the other benefit, I would say, with Vraylar is flexible, adjustable dosing. So these things together, I think, underlie what Jeff was speaking about.

我們繼續聽到並可能反映在我們的數據中的另一件事是對疲勞和鎮靜的影響非常有限。因此，我們在 Vraylar 聽到的消息是，患者實際上不必犧牲白天的工作效率來獲得這種益處。我想說的是，Vraylar 的另一個好處是靈活、可調節的劑量。所以我認為這些事情加在一起就是傑夫所說的基礎。

Thanks, Evan. Operator, next question, please.

謝謝，埃文。接線員，請下一個問題。

James Shin, Deutsche Bank.

詹姆斯‧辛，德意志銀行。

Hi. Good morning. Thanks for taking our question. You mentioned some of the Humira contracts going to 2025. Does that also apply to Skyrizi and Rinvoq, and that's what gives you visibility on the low single-digit price erosion?

你好。早安.感謝您提出我們的問題。您提到了一些到 2025 年的 Humira 合約。

And secondly, has the introduction of co-branded Humira and now that PBMs are more intertwined with biosimilars, changed the negotiation dynamics at all? Thank you.

其次，聯合品牌 Humira 的推出以及現在 PBM 與生物相似藥更加緊密地交織在一起是否徹底改變了談判動態？謝謝。

Yeah. So typically, again, in some cases we are able to secure multiyear contracts. And as you can imagine that we would do that for the portfolio, basically, the way that our products work. So that does help with the visibility in terms of what our access would look like for 2025, as well as the pricing dynamics.

是的。因此，在某些情況下，我們通常能夠獲得多年合約。正如您可以想像的那樣，我們將為產品組合做到這一點，基本上就是我們產品的工作方式。因此，這確實有助於了解 2025 年我們的訪問情況以及定價動態。

Again, I want to clarify that the negotiating season is not fully complete, but the dynamics are progressing, as I highlighted there. So yeah, to your first question.

我想再次澄清，談判季節尚未完全結束，但正如我在其中強調的那樣，動態正在取得進展。是的，關於你的第一個問題。

The other dynamic in terms of Cordavis, I'm not sure that that's actually changing the dynamics in terms of the negotiations overall. That was obviously a volume-related deal with CVS that we announced over a year ago or almost a year ago now. So it doesn't necessarily play into other negotiations. Each of these payers and pharmacy benefit managers, they have their own ideas in terms of how they want to approach the I&I category and certainly the Humira -- the emergence of the Humira biosimilars. So it's a CVS-unique dynamic.

關於科達維斯的另一個動態，我不確定這是否真的改變了整個談判的動態。這顯然是我們一年多前或差不多一年前宣布的與 CVS 的一項與銷售相關的交易。所以它不一定會影響其他談判。這些付款人和藥品福利管理者中的每一位對於如何處理 I&I 類別以及修美樂（修美樂生物仿製藥的出現）都有自己的想法。所以這是 CVS 獨有的動態。

Thanks, James. We have time for one final question, Operator.

謝謝，詹姆斯。我們還有時間回答最後一個問題，接線生。

Louise Chen, Cantor Fitzgerald.

路易絲·陳，坎托·菲茨杰拉德。

Hi. Thanks for taking my questions here. So I wanted to first ask you, do you still feel that your aesthetics business is a good strategic asset for you, and if so, where do you see the synergies within your organization?

你好。感謝您在這裡提出我的問題。所以我想先問您，您是否仍然認為您的美容業務對您來說是一項良好的策略資產？

And second question I wanted to ask you is, how do you think pharma will fare under a Democratic versus a Republican presidency and how are you going to navigate through that uncertainty in the near term? Thank you.

我想問你的第二個問題是，你認為製藥業在民主黨和共和黨總統任期內的表現如何，以及你將如何在短期內應對這種不確定性？謝謝。

So Louise, this is Rob. I'll take your question. Look, we like the aesthetics business. When you think about the growth profile, the profitability, we have set it up as a fully integrated standalone unit, because it behaves differently than the therapeutics business. We think we've actually seen, since we announced the transaction, really strong performance. We've exceeded our deal model expectations since we announced the deal. So we think it's operating very well.

路易絲，這是羅布。我來回答你的問題。聽著，我們喜歡美容產業。當你考慮成長狀況和獲利能力時，我們將其設定為一個完全整合的獨立部門，因為它的行為與治療業務不同。我們認為，自從我們宣布這項交易以來，我們實際上已經看到了非常強勁的業績。自從我們宣布這項交易以來，我們已經超越了我們對交易模式的預期。所以我們認為它運行得很好。

Obviously, we're working through some macroeconomic headwinds. But when you look at, for example, share performance, we had the entry of Daxxify last year and we did not lose any share. I think a lot of investors were concerned that we'd see considerable share loss. And so I think the team has done a remarkable job of competing in this marketplace, going through a period with economic headwinds.

顯然，我們正在應對一些宏觀經濟阻力。但是當你看一下股票表現時，我們去年有 Daxxify 的進入，我們沒有失去任何份額。我認為很多投資者都擔心我們會看到大量的股票損失。因此，我認為該團隊在經歷經濟逆風時期的市場競爭方面做得非常出色。

We're still very confident given low penetration rates, given our relationship in the field, the potential innovations that we plan to bring forward. It has a very nice fit. And you think about just from a profitability and a growth standpoint, it fits the profile we're looking for. So I certainly feel it's a nice fit for the company.

鑑於滲透率較低、我們在該領域的關係以及我們計劃提出的潛在創新，我們仍然非常有信心。它非常合身。僅從獲利能力和成長的角度來看，它符合我們正在尋找的配置。所以我當然覺得這非常適合公司。

As it relates to the election, look, it's hard to handicap it, whether Democrat or Republican. If you think about -- we've obviously contemplated the Inflation Reduction Act. We've come out and said that even with modeling that impact in, that we still expect to deliver on our long-term outlook.

因為這與選舉有關，所以無論是民主黨還是共和黨，都很難阻礙它。如果你想一想——我們顯然已經考慮過《通膨削減法案》。我們出面表示，即使模型產生了影響，我們仍然希望實現我們的長期前景。

Now, I will say our view on the IRA from a policy perspective is, we're certainly in favor of the Part D benefit redesign because it helps address patient out-of-pocket burn. But the price-setting provisions in the IRA will certainly harm long-term innovation in our industry.

現在，我要說的是，從政策角度來看，我們對 IRA 的看法是，我們當然支持 D 部分福利的重新設計，因為它有助於解決患者自付費用的問題。但 IRA 中的定價條款肯定會損害我們行業的長期創新。

So we are hopeful that if it's a new administration or the current administration that they'll reassess those provisions that ultimately are harmful for long-term patient care in the US. It clearly takes away the incentive to launch in later lines of smaller patient populations, which is really a very unfortunate negative outcome for the legislation.

因此，我們希望，如果是新政府或現任政府，他們將重新評估那些最終不利於美國患者長期照護的條款。它顯然剝奪了在較小患者群體的後期推出的動力，這對於立法來說確實是一個非常不幸的負面結果。

So the way I view it is addressing patient out-of-pocket burden is good policy, but taking away the incentive for innovation is not, and my hope is under either administration, that will be reconsidered.

因此，我認為解決病患自付費用的方式是好的政策，但取消創新的誘因則不是，我希望任何一屆政府都會重新考慮這一點。

Thanks, Louise. That concludes today's conference call. If you'd like to listen to a replay of the call, please visit our website at investors.abbvie.com. Thanks again for joining us.

謝謝，路易絲。今天的電話會議到此結束。如果您想收聽電話會議的重播，請造訪我們的網站 Investors.abbvie.com。再次感謝您加入我們。

Thank you all for joining the AbbVie second quarter 2024 earnings conference call. That concludes today's conference. Please disconnect at this time and have a wonderful rest of your day.

感謝大家參加艾伯維 2024 年第二季財報電話會議。今天的會議到此結束。請此時斷開連線並度過愉快的一天。