艾伯維 (ABBV) 2024 Q3 法說會逐字稿

Good morning, and thank you for standing by.

早安，感謝您的支持。

Welcome to the AbbVie third quarter 2024 earnings conference call.

歡迎參加艾伯維 2024 年第三季財報電話會議。

(Operator Instructions) Today's call is being recorded.

（操作員說明）今天的通話正在錄音。

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.

早安，感謝您加入我們。

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.

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.

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。

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.

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。

Additional information about these risks and uncertainties included in our SEC filings, AbbVie undertakes no obligation to update these forward-looking statements, except as required by law.

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，艾伯維沒有義務更新這些前瞻性聲明，除非法律要求。

On today's conference call, non-GAAP financial measures will be used to help investors understand AbbVie's business performance.

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。

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.

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。

Following our prepared remarks, we'll take your questions.

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.

謝謝你，莉茲。

Good morning, everyone, and thank you for joining us.

大家早安，感謝您加入我們。

AbbVie is performing exceptionally well, and I'm extremely pleased with the execution against our strategic priorities, including continued double-digit sales growth from our ex-Humira platform, the closing and integration of Cerevel Therapeutics and the progress we are making to build and advance a compelling pipeline of innovative medicines.

艾伯維（AbbVie）的表現非常出色，我對我們戰略重點的執行感到非常滿意，包括我們的前修美樂（Humira）平台的持續兩位數銷售增長、Cerevel Therapeutics 的關閉和整合以及我們在建構和整合方面所取得的進展。

Turning to our results.

轉向我們的結果。

AbbVie's diversified portfolio delivered sales that were $260 million above our expectations and reflect robust mid-single-digit operational sales growth.

艾伯維多元化的產品組合實現的銷售額比我們的預期高出 2.6 億美元，反映出強勁的中個位數營運銷售額成長。

Our ex-Humira platform drove this overachievement, including growth of nearly 18%.

我們的前 Humira 平台推動了這一超額成就，包括近 18% 的成長。

The momentum of Skyrizi and Rinvoq is especially impressive, with combined sales expected to exceed $17 billion this year, which is $1.3 billion above our initial expectations, and we see substantial opportunity for continued strong growth well into the next decade.

Skyrizi 和 Rinvoq 的勢頭尤其令人印象深刻，今年的總銷售額預計將超過 170 億美元，比我們最初的預期高出 13 億美元，我們看到了未來十年持續強勁增長的巨大機會。

Several other key products also delivered double-digit sales growth, including Venclexta, Vraylar, Ubrelvy and Qulipta.

其他幾個主要產品也實現了兩位數的銷售成長，包括 Venclexta、Vraylar、Ubrelvy 和 Qulipta。

This broad-based performance further demonstrates the strength of our commercial portfolio.

這種廣泛的表現進一步證明了我們商業產品組合的實力。

For the third time this year, we are raising our full year revenue and adjusted EPS guidance.

今年我們第三次提高全年營收並調整每股盈餘指引。

We are increasing our full year revenue guidance by $500 million, and have now raised total revenue by $1.8 billion since our initial guidance in February.

我們將全年收入指引提高了 5 億美元，自 2 月的初步指引以來，目前總收入已提高了 18 億美元。

We are also raising our full year adjusted earnings per share guidance by $0.15 and now expect adjusted EPS between $10.90 and $10.94. In addition to achieving strong quarterly results, we have been very focused on investing in the business to generate sustainable long-term performance in the 2030s and beyond.

我們還將全年調整後每股收益指引上調 0.15 美元，目前預計調整後每股收益將介於 10.90 美元至 10.94 美元之間。除了取得強勁的季度業績外，我們還非常注重業務投資，以在 2030 年代及以後實現可持續的長期業績。

During the quarter, we successfully completed the acquisition of Cereval Therapeutics, strengthening our neuroscience pipeline.

本季度，我們成功完成了對 Cereval Therapeutics 的收購，加強了我們的神經科學產品線。

Cerevel enhances our ability to help patients suffering from devastating conditions such as Parkinson's and schizophrenia.

Cerevel 增強了我們幫助患有帕金森氏症和精神分裂症等毀滅性疾病的患者的能力。

The integration has been seamless, and we are excited to have the talented Cerevel team join our organization.

整合是無縫的，我們很高興才華橫溢的 Cerevel 團隊加入我們的組織。

Within the Cerevel pipeline, we are very pleased with the positive Phase 3 results and emerging profile of Tavapadon in Parkinson's.

在 Cerevel 管道中，我們對 Tavapadon 在帕金森氏症治療中取得的積極的第 3 階段結果和新興的概況感到非常滿意。

And we remain on track to read out both pivotal studies for emraclidine and schizophrenia in the fourth quarter.

我們仍有望在第四季宣讀恩拉克定和精神分裂症的兩項關鍵研究。

More broadly on the pipeline, we have been advancing key R&D programs across all stages of development.

更廣泛地說，我們一直在各個發展階段推動關鍵研發專案。

Some notable highlights include the US approvals of Biolab for advanced Parkinson's and Botoxfor pletizumabans, the US regulatory submission of Telio V for non-squamous non-small cell lung cancer, and the start of our Phase 2 Crohn's platform study which is evaluating Skyrizi in combination with several novel biologics.

一些值得注意的亮點包括美國批准Biolab 用於治療晚期帕金森氏症和Botox 用於pletizumabans、Telio V 用於治療非鱗狀非小細胞肺癌的美國監管機構提交申請，以及我們正在評估Skyrizi 組合的2 期克羅恩病平台研究的啟動與幾種新型生物製劑。

In summary, AbbVie continues to demonstrate strong commercial, operational and R&D execution.

總之，艾伯維持續展現強大的商業、營運和研發執行力。

The robust performance of our growth platform once again exceeded our expectations, and we see numerous opportunities to drive long-term growth, further underscoring our confidence in that growth.

我們成長平台的強勁表現再次超出了我們的預期，我們看到了推動長期成長的眾多機會，進一步增強了我們對這一成長的信心。

Today, we announced a 5.8% increase in our quarterly cash dividend, beginning with the dividend payable in February 2025.

今天，我們宣布將季度現金股利增加 5.8%，從 2025 年 2 月的應付股利開始。

Since inception, we have increased our quarterly dividend by more than 300%.

自成立以來，我們已將季度股息增加了 300% 以上。

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

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。

Jeff?

傑夫？

Thank you, Rob.

謝謝你，羅布。

I'm extremely pleased with the continued strong momentum across the therapeutic portfolio.

我對整個治療組合持續強勁的勢頭感到非常高興。

I'll start with the quarterly results for immunology, which delivered total revenues of more than $7 billion, up 4.8% on an operational basis.

我將從免疫學的季度業績開始，該季度的總收入超過 70 億美元，營運基礎上成長了 4.8%。

Skyrizi global sales were $3.2 billion, up 51.5% on an operational basis, exceeding our expectations.

Skyrizi 全球銷售額為 32 億美元，營運基礎上成長 51.5%，超出了我們的預期。

We are seeing robust prescription growth across psoriatic disease, with Skyrizi achieving in-play biologic share leadership in approximately now 30 key countries.

我們看到銀屑病領域的處方藥強勁成長，Skyrizi 在目前約 30 個主要國家實現了生物製劑市場份額的領先地位。

In the US, we continue to capture nearly 1 out of every 2 in-play psoriatic disease patients on biologic therapy and we see substantial room for further total share growth.

在美國，我們繼續捕獲近二分之一的銀屑病患者接受生物治療，並且我們看到總份額進一步增長的巨大空間。

We believe that Skyrizi's best-in-class profile with nearly complete skin clearance, high durability of response, easy onboarding and quarterly dosing for maintenance therapy -- that's a very high bar relative to other therapies on market or in development.

我們相信，Skyrizi 具有一流的特性，幾乎完全的皮膚清除、高反應持久性、易於上手和維持治療的季度劑量——相對於市場上或正在開發的其​​他療法來說，這是一個非常高的標準。

Skyrizi has also demonstrated a compelling clinical profile in IBD, including strong endoscopic data paired with convenient dosing.

Skyrizi 在 IBD 方面也展示了令人信服的臨床特徵，包括強大的內視鏡數據與方便的劑量相結合。

This differentiated profile as well as our compelling head-to-head sequence data versus STELARA is supporting very rapid uptake in Crohn's disease, where Skyrizi continues to gain market share globally achieving in-play patient leadership across all lines of therapy in the US, Japan and Canada.

這種差異化的概況以及我們與STELARA 相比令人信服的頭對頭序列數據支持克羅恩病的快速普及，Skyrizi 繼續在全球範圍內獲得市場份額，在美國、日本的所有治療領域實現了患者領導地位和加拿大。

Skyrizi's US in-play patient share is now approximately 32%, more than double the share of the second biologic treatment.

Skyrizi 在美國的病患份額目前約為 32%，是第二種生物治療份額的兩倍以上。

And with Skyrizi's total prescription share of approximately 8%, we see significant opportunity for revenue inflection in Crohn's going forward.

Skyrizi 的總處方份額約為 8%，我們看到克羅恩病未來收入出現重大變化的機會。

While we are still very early in our launch in the US and Europe, we also anticipate robust uptake for Skyrizi in ulcerative colitis, the new indication.

雖然我們在美國和歐洲的上市仍處於早期階段，但我們也預期 Skyrizi 在潰瘍性結腸炎這項新適應症的應用將會強勁。

Initial prescription trends as well as feedback from gastroneurologists have been overwhelmingly positive.

最初的處方趨勢以及胃腸病學家的回饋都是非常正面的。

Physicians are particularly impressed with the data that has been demonstrated for naive UC patients who have not been exposed yet to biologics, where Skyrizi achieved very high results for clinical remission and endoscopic response.

醫生對尚未接觸過生物製劑的初治 UC 患者的數據印象特別深刻，Skyrizi 在臨床緩解和內視鏡反應方面取得了非常高的結果。

We have now secured broad formulary access for Skyrizi in UC with sales in this indication expected to ramp meaningfully over the next several quarters.

我們現在已經在 UC 中獲得了 Skyrizi 的廣泛處方准入，預計該適應症的銷售額將在未來幾個季度大幅增長。

So given the momentum we are seeing across all of these indications, we will be raising our full year sales guidance once again for Skyrizi.

因此，鑑於我們在所有這些跡像中看到的勢頭，我們將再次提高 Skyrizi 的全年銷售指引。

Turning now to Rinvoq, which is also demonstrating robust growth Global sales were $1.6 billion, up 47.4% on an operational basis.

現在轉向 Rinvoq，它也表現出強勁的成長 全球銷售額為 16 億美元，營運基礎上成長了 47.4%。

We continue to see strong prescription growth across all seven of Rinvoq's approved indications.

我們繼續看到 Rinvoq 批准的所有七個適應症的處方增長強勁。

I'm especially pleased with our performance in IBD, where Rinvoq's uptake is exceeding our expectations.

我對我們在 IBD 中的表現尤其滿意，Rinvoq 的使用率超出了我們的預期。

Rinvoq is now capturing double-digit in-play patient share in the US for ulcerative colitis as well as Crohn's disease.

Rinvoq 目前在美國獲得兩位數的潰瘍性結腸炎和克隆氏症患者份額。

Both indications are now available in more than 75 countries with reimbursement and share continuing to increase.

這兩種適應症現已在超過 75 個國家提供，報銷和份額持續增加。

I also wanted to highlight our recent performance in atopic dermatitis, where Rinvoq is seeing an acceleration of in-place share following recent positive data from our second head-to-head study versus Dupixent.

我還想強調一下我們最近在異位性皮膚炎方面的表現，在我們與 Dupixent 進行的第二次頭對頭研究中獲得最近的積極數據後，Rinvoq 看到了就地份額的加速增長。

As an oral option that provides rapid skin clearance and itch relief, we believe Rinvoq's strong differentiated profile will continue to compete well in this highly underpenetrated AD market.

作為一種可快速清除皮膚和緩解瘙癢的口服選擇，我們相信 Rinvoq 強大的差異化形象將繼續在這個高度滲透的 AD 市場中保持良好的競爭。

As a result of this continued strong performance, we will also be increasing the full year sales guidance once again for Rinvoq.

由於持續強勁的表現，我們還將再次提高 Rinvoq 的全年銷售指引。

Looking forward, we see substantial momentum for both Skyrizi and Rinvoq, including continued share gains across existing indications on top of the typical underlying market growth across room, derm and gastro.

展望未來，我們看到 Skyrizi 和 Rinvoq 都有強勁的發展勢頭，包括除了房間、皮膚和胃部的典型基礎市場增長之外，現有適應症的份額持續增長。

Additionally, we are making excellent progress with several new indications for Rinvoq across sizable markets that will have the potential to provide another significant revenue inflection in the second half of this decade and into the 2030s.

此外，我們在 Rinvoq 的幾個新適應症方面取得了巨大進展，這些適應症在相當大的市場中將有可能在本世紀下半葉和 2030 年代帶來另一個重大的收入拐點。

From a competitive perspective, a key element of Skyrizi and Rinvoq success has been their strong differentiation with compelling head-to-head data against several novel therapies.

從競爭的角度來看，Skyrizi 和 Rinvoq 成功的一個關鍵因素是它們的強大差異化，以及針對幾種新療法的令人信服的頭對頭數據。

This includes Skyrizi's superiority versus Humira Cosentyx, Otezla and Stelara in psoriasis as well as Stelara in Crohn's disease and Rinvoq superiority versus Humira and Orencia in rheumatoid arthritis as well as Dupixent in atopic dermatitis.

這包括Skyrizi 在治療牛皮癬方面相對於Humira Cosentyx、Otezla 和Stelara 的優越性，以及在克羅恩病方面相對於Stelara 的優越性，以及Rinvoq 在類風濕性關節炎方面相對於Humira 和Orencia 的優越性，以及在異位性皮膚炎方面相對於Dupixent 的優越性。

To further support our differentiation, we have another head-to-head study ongoing for Skyrizi versus (inaudible) in psoriasis with plans also underway now for a study comparing Skyrizi versus Entyvio in ulcerative colitis.

為了進一步支持我們的差異化，我們正在進行另一項針對 Skyrizi 與（聽不清楚）治療牛皮癬的頭對頭研究，目前還計劃進行一項比較 Skyrizi 與 Entyvio 治療潰瘍性結腸炎的研究。

So given all of these factors, we feel very confident about the long-term growth prospects for both Skyrizi and Rinvoq.

因此，考慮到所有這些因素，我們對 Skyrizi 和 Rinvoq 的長期成長前景充滿信心。

Turning now to Humira, which delivered global sales of $2.2 billion, down 36.5% on an operational basis due to biosimilar competition.

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 22 億美元，營運基礎上下降了 36.5%。

While Humira's share erosion to biosimilars in the US is largely in line with our expectations, we are now seeing more Humira molecule volume moving to other novel mechanisms than previously anticipated.

雖然 Humira 在美國對生物相似藥的份額侵蝕在很大程度上符合我們的預期，但我們現在看到更多的 Humira 分子體積轉向其他新機制，比之前預期的要多。

So while this has an unfavorable impact to Humira sales, we are seeing a benefit to Skyrizi and Rinvoq, which is a very favorable dynamic for immunology portfolio now and certainly over the long term.

因此，雖然這對 Humira 的銷售產生不利影響，但我們看到 Skyrizi 和 Rinvoq 受益，這對免疫學產品組合來說是一個非常有利的動態，從長遠來看也是如此。

Moving now to oncology, where total revenues were approximately $1.7 billion.

現在轉向腫瘤學，總收入約 17 億美元。

Imbruvica global revenues were $828 million, down 8.8%, reflecting continued competitive dynamics in CLL, partially offset by higher persistency rates for existing patients.

Imbruvica 全球營收為 8.28 億美元，下降 8.8%，反映出 CLL 領域持續的競爭動態，但部分被現有患者較高的持續率所抵消。

Venclexta is performing extremely well.

Venclexta 的表現非常出色。

Global sales were $677 million, up 18.2% on an operational basis.

全球銷售額為 6.77 億美元，營運基礎上成長 18.2%。

This reflects strong momentum in CLL, especially in Europe, where recent guideline changes recommend combination use of Venclexta plus BTK inhibitors as a preferred fixed duration treatment versus continuous BTK treatment alone.

這反映了 CLL 的強勁勢頭，尤其是在歐洲，最近的指南變化建議聯合使用 Venclexta 和 BTK 抑制劑作為首選的固定療程治療，而不是單獨使用連續 BTK 治療。

Growth is also supported by our very strong share position in frontline AML, where Venclexta is the leading treatment for patients who are ineligible for intensive induction chemotherapy.

我們在一線 AML 領域非常強大的市場份額也支持了成長，其中 Venclexta 是針對不適合強化誘導化療的患者的領先治療藥物。

We are also seeing nice sequential revenue growth from Elahere here and at Kinley, which are both demonstrating strong launch trajectories.

我們也看到 Elahere 和 Kinley 的營收持續成長，這兩家公司都展現出了強勁的推出軌跡。

Turning now to neuroscience, where total revenues were more than $2.3 billion, up 16% on an operational basis.

現在轉向神經科學，該領域的總收入超過 23 億美元，營運收入成長了 16%。

Vraylar is demonstrating robust performance.

Vraylar 展現了強勁的性能。

Sales were $875 million, up 16.6% on an operational basis, reflecting continued new prescription growth in both bipolar disorder and adjunctive MDD.

銷售額為 8.75 億美元，營運基礎上成長 16.6%，反映出雙極性情感障礙和輔助 MDD 的新處方持續成長。

Within migraine, our leading oral CGRP therapies contribute $445 million in combined revenue this quarter, reflecting growth of approximately 22% as we continue to see increasing prescription demand for both Ubrelvy and Qulipta.

在偏頭痛領域，我們領先的口服 CGRP 療法本季貢獻了 4.45 億美元的合併收入，隨著我們繼續看到 Ubrelvy 和 Qulipta 的處方需求不斷增加，增長了約 22%。

Global BotoxTherapeutic sales were $848 million, reflecting strong performance in chronic migraine as well as the other approved indications.

全球 BotoxTherapeutic 銷售額為 8.48 億美元，反映出其在慢性偏頭痛以及其他核准適應症方面的強勁表現。

Finally, we are very excited for the recent US approval of Violav, a transformative therapy for patients with advanced Parkinson's disease who are uncontrolled on oral therapy alone.

最後，我們對最近美國批准 Violav 感到非常興奮，這是一種變革性療法，用於治療僅靠口服療法無法控制的晚期帕金森氏症患者。

As a less invasive, nonsurgical delivery system that can provide meaningful improvements in on-time and off time, we believe Violav has the potential to significantly expand use beyond current device aided therapies.

作為一種侵入性較小的非手術輸送系統，可以在準時和停機時間方面提供有意義的改進，我們相信 Violav 有潛力顯著擴大其使用範圍，超越當前的設備輔助療法。

Sales in the US for Violav are expected to ramp gradually over the next several quarters as we work to establish the appropriate Medicare coverage and benefit determination.

隨著我們努力建立適當的醫療保險覆蓋範圍和福利確定，Violav 在美國的銷售額預計將在未來幾季逐漸增加。

At the same time, we are very encouraged by the interest and uptake internationally, where we have approval now in 35 countries with several thousand patients already on treatment.

同時，我們對國際上的興趣和採用感到非常鼓舞，目前我們已在 35 個國家獲得批准，已有數千名患者正在接受治療。

Longer term, we anticipate peak sales of Violav to exceed $1 billion.

從長遠來看，我們預計 Violav 的峰值銷售額將超過 10 億美元。

So overall, I'm very pleased with the continued commercial execution and performance across the therapeutic portfolio.

總的來說，我對整個治療組合的持續商業執行和表現感到非常滿意。

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

這樣，我會將電話轉給 Carrie，以獲取有關美學的更多評論。

Carrie?

嘉莉？

Thank you, Jeff.

謝謝你，傑夫。

Third quarter Global Aesthetic sales were more than $1.2 billion, representing growth of 1.8% on an operational basis.

第三季全球美容銷售額超過 12 億美元，營運基礎上成長 1.8%。

In the US, aesthetic sales of $791 million increased by 3.9%, driven by growth from BotoxCosmetic as well as other brands across our broad portfolio.

在美國，受 BotoxCosmetic 以及我們廣泛產品組合中其他品牌成長的推動，美容銷售額達到 7.91 億美元，成長 3.9%。

US BotoxCosmetics sales were $414 million, an increase of 6.5% versus the prior year.

美國BotoxCosmetics銷售額為4.14億美元，較上年成長6.5%。

Favorable pricing dynamics and facial toxin market growth more than offset modest share erosion.

有利的定價動態和臉部毒素市場的成長足以抵消適度的份額侵蝕。

BotoxCosmetic remains the clear market leader.

BotoxCosmetic 仍然是明顯的市場領導者。

US Juvederm were $105 million.

美國 Juvederm 為 1.05 億美元。

Juvederm's market-leading share was consistent with last year and the overall seller market was roughly flat to the prior year.

Juvederm 的市場領先份額與去年一致，整體賣家市場與去年基本持平。

While the US facial injectable market remains largely stable, growth is below historical rates.

儘管美國臉部注射市場基本上保持穩定，但成長低於歷史水準。

As a result, there is a reluctance from customers to maintain traditional toxin and filler inventory levels. based upon the relatively higher price point of filler procedures in a still challenging US economic environment, Juvederm is more impacted by this dynamic, which can be seen in third quarter results.

因此，客戶不願意維持傳統的毒素和填充劑庫存水準。在美國經濟環境依然充滿挑戰的情況下，填充手術的價格相對較高，喬雅登受到這種動態的影響更大，這一點可以從第三季的業績中看出。

Internationally, aesthetic sales were $448 million, reflecting a decline of 1.6% on an operational basis.

國際上，美容銷售額為 4.48 億美元，營運基礎上下降 1.6%。

Within China, the economic dynamics that weighed on our results during the first half of the year have continued to impact consumer spending.

在中國，上半年影響我們業績的經濟動態持續影響消費者支出。

This has created challenging aesthetic market conditions that has been particularly impactful to Juvederm's performance.

這造成了具有挑戰性的美學市場條件，對 Juvederm 的業績影響尤其大。

Primarily due to this circumstance, we are moderating our Juvederm sales outlook for the year.

主要由於這種情況，我們調整了 Juvederm 今年的銷售前景。

We are encouraged by the recently announced government stimulus in China.

我們對中國政府最近宣布的刺激措施感到鼓舞。

We will continue to monitor for any further development and how it could positively impact consumer discretionary spending and aesthetic market growth.

我們將繼續關注任何進一步的發展，以及它如何對消費者可自由支配支出和美容市場成長產生積極影響。

Although the current dynamics in China are challenging, its potential remains attractive, and we are committed to bring innovation to this market that will drive longterm growth.

儘管中國當前的情況充滿挑戰，但其潛力仍然有吸引力，我們致力於為這個市場帶來創新，推動長期成長。

Along those lines, in China, we recently received approval for the BotoxCosmetic indication and master muscle prominence, marking the first toxin in the world to have this indication.

沿著這些思路，我們最近在中國獲得了肉毒桿菌化妝品適應症和主肌突出症的批准，這標誌著世界上第一個具有該適應症的毒素。

This approval enables us to market and train to this important treatment option that addresses a top aesthetic concern among many Asian patients.

這項批准使我們能夠行銷和培訓這項重要的治療方案，解決許多亞洲患者最關心的美學問題。

In the US, we are pleased that we received FDA approval for the use of BotoxCosmetic to treat platizmaban.

在美國，我們很高興獲得 FDA 批准使用 BotoxCosmetic 治療 platizmaban。

This approval positions Botoxas the only cosmetitoxin with four distinct indications, and enables us to market and train beyond the face for the improvement of neck and jaw line appearance.

這項批准使 Botoxas 成為唯一具有四種不同適應症的美容毒素，使我們能夠在臉部以外的領域進行行銷和培訓，以改善頸部和下巴線條的外觀。

We also remain excited about the opportunity for BoNT/E.

我們也對 BoNT/E 的機會感到興奮。

Based upon its rapid onset and short-acting profile, BoNT/E has the potential to activate new patients that are hesitant to try facial toxins, driving long-term market expansion.

基於其快速起效和短效特點，BoNT/E 有潛力吸引那些猶豫是否要嘗試臉部毒素的新患者，從而推動長期市場擴張。

Looking to the future, we continue to see significant growth potential for our aesthetics portfolio based upon low market penetration rates, our commitment to introduce novel treatments, our strong customer relationships, and our position as the global aesthetic leader.

展望未來，基於較低的市場滲透率、我們對引入新穎治療方法的承諾、我們強大的客戶關係以及我們作為全球美容領導者的地位，我們繼續看到我們的美容產品組合的巨大增長潛力。

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

這樣，我會將電話轉給 Roopal。

Thank you, Carrie.

謝謝你，嘉莉。

Starting with immunology where we recently began our Phase 2 Crohn's disease platform study, which will evaluate Skyrizi in combination with several other novel biologics.

從免疫學開始，我們最近開始了 2 期克羅恩病平台研究，該研究將評估 Skyrizi 與其他幾種新型生物製劑的組合。

This study will initially look at combinations of Skyrizi with our anti-IL-1 alpha beta bispecific luticizumab and our novel anti-alpha4beta7 antibody ABBV-382.

這項研究首先將研究 Skyrizi 與我們的抗 IL-1 αβ 雙特異性 luticizumab 和我們的新型抗 α4β7 抗體 ABBV-382 的組合。

We are planning to include additional novel biologics in the future.

我們計劃在未來加入更多的新型生物製劑。

Our approach in immunology has been to pursue therapies that are well differentiated and have the potential to elevate standard of care.

我們在免疫學方面的方法一直是尋求差異化且有可能提高護理標準的療法。

We have clearly achieved this with Rinvoq and Skyrizi across multiple indications, including Crohn's disease and ulcerative colitis.

我們透過 Rinvoq 和 Skyrizi 的多種適應症（包括克羅恩病和潰瘍性結腸炎）顯然實現了這一目標。

As we think about how the IBD market will evolve, we view dual mechanism approaches as having the greatest potential to achieve levels of efficacy that are above current standard of care.

當我們思考 IBD 市場將如何發展時，我們認為雙重機制方法最有可能達到高於目前護理標準的療效水準。

We are very excited about the potential for these combination therapies in IBD, and we look forward to sharing updates as the data mature.

我們對這些聯合療法在 IBD 中的潛力感到非常興奮，並期待隨著數據的成熟分享最新資訊。

In oncology, we continue to make very good progress across all stages of our hem and solid tumor pipeline.

在腫瘤學方面，我們在血管和實體瘤產品線的各個階段繼續取得非常好的進展。

In the area of solid tumors, we recently submitted our application to the FDA for accelerated approval of Teliso-V as a monotherapy in patients with previously treated C-MET overexpressing EGFR wild type, non-squamous, non-small cell lung cancer.

在實體瘤領域，我們最近向 FDA 提交了申請，加速批准 Teliso-V 作為單一療法用於既往治療過的 C-MET 過度表現 EGFR 野生型、非鱗狀、非小細胞肺癌患者。

Once approved, Teliso-V will become the first c-Met targeted ADC to enter non-small cell lung cancer.

一旦獲得批准，Teliso-V將成為第一個進入非小細胞肺癌的c-Met靶向ADC。

A segment with limited options and where patients tend to have a very poor prognosis, especially if their tumors express c-Met.

這是一個選擇有限的部分，患者的預後往往很差，尤其是當他們的腫瘤表達 c-Met 時。

We anticipate an approval decision in the first half of 2025.

我們預計將於 2025 年上半年做出批准決定。

In the quarter, we also received a positive CHMP opinion recommending Elahere for the treatment of platinum-resistant ovarian cancer in patients with high expression of FR alpha and treated with up to three prior therapies.

在本季度，我們也收到了 CHMP 的積極意見，推薦 Elahere 用於治療 FR α 高表達且接受過多達三種既往療法的患者的鉑耐藥卵巢癌。

This decision was based on the positive Phase 3 MIRASOL trial where Elahere here demonstrated an overall survival benefit and significantly reduce the risk of cancer progression.

這項決定是基於 MIRASOL 3 期試驗的積極結果，其中 Elahere 證明了整體生存獲益，並顯著降低了癌症進展的風險。

We anticipate an approval decision in Europe in the fourth quarter.

我們預計歐洲將在第四季做出批准決定。

At the recent ESMO Congress, we presented new Phase 1 data for ABBV-400 in advanced non-small cell lung cancer and gastroesophageal cancer.

在最近的 ESMO 大會上，我們展示了 ABBV-400 在晚期非小細胞肺癌和胃食道癌的新 1 期數據。

Early efficacy data from the lung cohort are promising, with an objective response rate of 48% across all patients in the study and response rates ranging from 60% to 78% in patients with overexpressed c-Met.

來自肺部群組的早期療效數據令人鼓舞，研究中所有患者的客觀緩解率為 48%，c-Met 過度表現患者的緩解率為 60% 至 78%。

We are very pleased with the level of activity we're seeing from our next-generation c-Met ADC, which compares favorably to Teliso-V, where we've seen objective response rates ranging from 23% in medium c-Met expressors to 35% in patients with high c-Met expression. 400 has the potential to expand our c-Met portfolio into earlier lines of therapy and lower levels of c-Met expression in lung cancer.

我們對下一代 c-Met ADC 的活動水平感到非常滿意，它與 Teliso-V 相比具有優勢，我們在 Teliso-V 中看到客觀緩解率範圍從中等 c-Met 表達者的 23% 到c- Met 高表達患者為35%。 400 有潛力將我們的 c-Met 產品組合擴展到肺癌的早期治療和較低水平的 c-Met 表達。

Similarly, in patients with advanced gastroesophageal cancer, 400 demonstrated promising activity with an objective response rate of 29% across all patients.

同樣，在晚期胃食道癌患者中，400 名患者表現出了有希望的活性，所有患者的客觀緩解率為 29%。

This compares well against combination and single-agent chemotherapy, which are the standards of care for patients in second line and third line of therapy, respectively.

這與合併化療和單藥化療相比效果很好，後者分別是第二線和第三線治療患者的護理標準。

Based on these encouraging preliminary data, we plan to begin Phase 2 studies for 400 in both non-small cell lung cancer and gastroesophageal cancer.

基於這些令人鼓舞的初步數據，我們計劃開始對 400 例非小細胞肺癌和胃食道癌進行第 2 期研究。

Recall, we've also advanced 400 in late-line colorectal cancer and we remain on track to begin a Phase 3 study later this year.

回想一下，我們在晚期結直腸癌方面也取得了 400 的進展，並且我們仍有望在今年稍後開始一項 3 期研究。

In the area of hematologic oncology, we received approval in Europe for (inaudible) as a monotherapy treatment for patients with relapsed, refractory follicular lymphoma after two or more lines of therapy.

在血液腫瘤學領域，我們在歐洲獲得批准（聽不清楚）作為單一療法治療經過兩種或多種治療後復發、難治性濾泡性淋巴瘤的患者。

Epcoritamab is now the only T-cell engaging bispecific approved in the US and Europe to treat both follicular lymphoma and diffuse large B-cell lymphoma.

Epcoritamab 目前是美國和歐洲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 T 細胞雙特異性治療。

Moving to neuroscience.

轉向神經科學。

We recently received FDA approval for (inaudible) as the first subcutaneous 24-hour infusion of levodopa-based therapy for the treatment of motor fluctuations in adults with advanced Parkinson's disease.

我們最近獲得 FDA 批准（聽不清楚），這是第一個基於左旋多巴的皮下 24 小時輸注療法，用於治療晚期帕金森氏症成人的運動波動。

Our novel subcutaneous levodopa carbidopa delivery system offers meaningful benefits over current treatment options and others that are in development.

我們的新型皮下左旋多巴卡比多巴給藥系統比目前的治療方案和其他正在開發的治療方案具有更有意義的優勢。

(inaudible) delivers significant improvements in on-time and off time with a nonsurgical 24-hour delivery system.

（聽不清楚）透過非手術 24 小時輸送系統顯著改善了準時和停機時間。

It can deliver high levodopa doses similar to the amount provided by DUOPA, and it doesn't require a combination with oral drugs to achieve efficacy.

它可以提供與 DUOPA 相似的高左旋多巴劑量，並且不需要與口服藥物組合即可達到療效。

We're extremely excited to bring this transformative therapeutic option to patients in the US.

我們非常高興能為美國患者帶來這種變革性的治療選擇。

We also recently announced positive top line results from the Phase 3 TEMPO-1 trial, which evaluated fixed doses of monotherapy Tavapadon in early Parkinson's disease.

我們最近也宣布了 TEMPO-1 3 期試驗的積極頂線結果，該試驗評估了固定劑量的單一療法 Tavapadon 治療早期帕金森氏症的效果。

In the study, both doses of Tavapadon met the primary endpoint, demonstrating a significant reduction in the severity of Parkinson's disease symptoms compared with placebo at week 26, as measured by decreases in the combined scores for Parts 2 and 3 of the unified Parkinson's disease rating scale.

在該研究中，兩種劑量的Tavapadon 均達到了主要終點，顯示與安慰劑相比，第26 週時帕金森氏症症狀的嚴重程度顯著降低，這是透過統一帕金森氏症評級第2 部分和第3 部分的綜合評分下降來衡量的規模。

Key secondary endpoints were also met in this study.

這項研究也達到了關鍵的次要終點。

We are very pleased with the emerging profile for Tavapadon which shows it is generally safe and well tolerated, and it can drive strong efficacy as a monotherapy in early Parkinson's and as an adjunctive treatment in patients with more advanced disease.

我們對 Tavapadon 的新概況感到非常高興，這表明它總體上是安全的且耐受性良好，並且作為早期帕金森病的單一療法和作為更晚期疾病患者的輔助治療可以發揮強大的功效。

Results from the two Phase 3 studies thus far look favorable compared to other dopamine agonists on the market. and we believe Tavapadon has the potential to become an important new treatment option and a monotherapy for Parkinson's patients as well as an adjunct to oral legal carbidopa.

迄今為止，與市場上其他多巴胺激動劑相比，兩項 3 期研究的結果看起來不錯。我們相信 Tavapadon 有潛力成為帕金森氏症患者的一種重要的新治療選擇和單一療法，以及口服合法卡比多巴的輔助療法。

We expect to see results from TEMPO-2 later this year, which is our Phase 3 monotherapy study evaluating a flexible dose of tampon.

我們預計在今年稍後看到 TEMPO-2 的結果，這是我們評估靈活劑量衛生棉條的 3 期單一療法研究。

Results from our long-term safety study, TEMPO 4, are expected next year.

我們的長期安全研究 TEMPO 4 的結果預計將於明年公佈。

As Rob mentioned, we remain on track to share data from the two emaraclidine pivotal studies in the fourth quarter.

正如羅布所提到的，我們仍將在第四季分享兩項埃馬拉利定關鍵研究的數據。

We also continue to invest in external innovation to strengthen our neuroscience pipeline.

我們也繼續投資外部創新，以加強我們的神經科學管道。

We recently announced two deals in this area, including an expanded collaboration with Gideon Richter to develop novel targets for neuropsychiatric conditions.

我們最近宣布了該領域的兩項交易，包括與 Gideon Richter 擴大合作，開發神經精神疾病的新標靶。

And the acquisition of Aliata brings an anti-pyraglutamate A-beta antibody which uses a unique blood-brain barrier crossing an amyloid aggregate clearing technology.

收購 Aliata 帶來了抗焦谷氨酸 A-β 抗體，利用獨特的血腦屏障穿越澱粉樣蛋白聚集體清除技術。

Aliata's lead antibody has been able to achieve encouraging levels in cerebrospinal fluid with an extended half-life and the potential to be delivered subcutaneously.

Aliata 的先導抗體已能夠在腦脊髓液中達到令人鼓舞的水平，半衰期延長，並且具有皮下輸送的潛力。

This molecule could become a best-in-class treatment for Alzheimer's disease.

這種分子可能成為治療阿茲海默症的最佳療法。

Aliata's novel technologies for enabling therapeutics to access the central nervous system also have the potential to be used with other programs across our neuroscience pipeline.

Aliata 讓治療藥物能夠進入中樞神經系統的新技術也有可能與我們神經科學管道中的其他項目一起使用。

In aesthetics, we recently received approval for Botoxin the US for moderate to severe platysma bands marking the first global approval in this indication for any neurotoxin.

在美容領域，我們最近在美國獲得了用於治療中度至重度頸闊肌帶的 Botoxin 的批准，這標誌著全球首次批准適應症用於任何神經毒素。

There is currently a lack of nonsurgical treatments available to improve the appearance of prominent platysma bands.

目前缺乏可用於改善突出頸闊肌帶外觀的非手術治療方法。

And we believe Botoxwill represent an important new treatment option for patients who are looking to reduce the appearance of vertical neckbands and improve jawline definition.

我們相信，對於那些希望減少垂直頸帶的出現並改善下顎線清晰度的患者來說，肉毒桿菌將代表一種重要的新治療選擇。

In our novel toxin portfolio, we remain on track to submit our regulatory application for BoNT/E around the end of this year.

在我們的新型毒素產品組合中，我們仍有望在今年年底左右提交 BoNT/E 監管申請。

Our rapid onset, short-acting toxin has a highly differentiated clinical profile and once approved, will offer patients a novel option compared to currently available neurotoxins.

我們的快速起效、短效毒素具有高度差異化的臨床特徵，一旦獲得批准，與目前可用的神經毒素相比，將為患者提供一種新的選擇。

So in summary, this has been a very productive year thus far for our R&D organization, and we are pleased with the progress we've made advancing our broad pipeline.

總而言之，到目前為止，對於我們的研發組織來說，這是非常富有成效的一年，我們對推動廣泛的產品線所取得的進展感到高興。

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.

謝謝你，魯帕爾。

Starting with our third quarter results.

從我們第三季的業績開始。

We reported adjusted earnings per share of $3, which is $0.10 above our guidance midpoint.

我們公佈的調整後每股收益為 3 美元，比我們的指導中位數高出 0.10 美元。

These results include a $0.04 unfavorable impact from acquired IP R&D expense.

這些結果包括收購的智慧財產權研發費用帶來的 0.04 美元不利影響。

Total net revenues were nearly $14.5 billion, reflecting robust growth of 4.9% on an operational basis, excluding a 1.1% unfavorable impact from foreign exchange.

總淨收入接近 145 億美元，營運基礎上強勁成長 4.9%，排除 1.1% 的外匯不利影響。

Our ex-Humira growth platform which covers more than 80% of AbbVie's total sales, delivered reported growth of nearly 18%, once again exceeding our expectations.

我們的前 Humira 成長平台涵蓋了艾伯維總銷售額的 80% 以上，據報告實現了近 18% 的成長，再次超出了我們的預期。

The adjusted operating margin ratio was 46.7% of sales.

調整後的營業利益率為銷售額的46.7%。

This includes adjusted gross margin of 84.4%, adjusted R&D expense of 14.2%, acquired IP R&D expense of 0.6% and adjusted SG&A expense of 23%.

其中包括調整後毛利率 84.4%、調整後研發費用 14.2%、收購智慧財產權研發費用 0.6% 和調整後 SG&A 費用 23%。

Net interest expense was $591 million, the adjusted tax rate was 16.2%.

淨利息支出為5.91億美元，調整後稅率為16.2%。

Turning to our financial outlook.

轉向我們的財務前景。

We are raising the midpoint of our full year adjusted earnings per share guidance by $0.15. And now expect adjusted earnings per share between $10.90 and $10.94. Please note that this guidance does not include an estimate for acquired IP R&D expense that may be incurred beyond the third quarter.

我們將全年調整後每股盈餘指引的中點上調 0.15 美元。現在預計調整後每股收益將在 10.90 美元至 10.94 美元之間。請注意，本指南不包括第三季之後可能發生的收購知識產權研發費用的估計。

We now expect total net revenues of approximately $56 billion, an increase of $500 million.

我們現在預計總淨收入約為 560 億美元，增加 5 億美元。

At current rates, we expect foreign exchange to have a 0.7% unfavorable impact on full year sales growth.

按照目前的匯率，我們預計外匯將對全年銷售成長產生 0.7% 的不利影響。

This revenue forecast includes the following updates to select key products and therapeutic areas.

此收入預測包括對選定的關鍵產品和治療領域的以下更新。

We now approximate Skyrizi global sales of $11.5 billion, an increase of $500 million due to continued strong performance across all approved indications.

目前，Skyrizi 的全球銷售額約為 115 億美元，由於所有批准適應症的持續強勁表現，該銷售額增加了 5 億美元。

Rinvoq total revenue of $5.8 billion, an increase of $100 million, reflecting robust uptake in IBD.

Rinvoq 總營收為 58 億美元，增加了 1 億美元，反映出 IBD 的強勁成長。

US total -- US Humira total sales of $7.4 billion, a decrease of $400 million, reflecting more Humira molecule volume moving to other novel mechanisms, including Skyrizi and Rinvoq.

美國總額——美國 Humira 總銷售額為 74 億美元，減少了 4 億美元，反映出更多 Humira 分子數量轉移到其他新穎機制，包括 Skyrizi 和 Rinvoq。

Imbruvica total revenue of $3.3 billion, an increase of $200 million, reflecting higher persistency rates for existing patients.

Imbruvica 總收入為 33 億美元，增加了 2 億美元，反映出現有患者的持續率較高。

Vinclexa total sales of $2.6 billion, an increase of $100 million, reflecting momentum in both US and international markets.

Vinclexa 總銷售額達 26 億美元，增加了 1 億美元，反映了美國和國際市場的勢頭。

Aesthetics global revenue of $5.3 billion, a decrease of $200 million, almost entirely due to lower Juvederm volume, which continues to be impacted by challenging economic conditions in key markets.

美容業務全球收入為 53 億美元，減少了 2 億美元，幾乎完全是由於 Juvederm 銷量下降，而 Juvederm 銷量繼續受到主要市場充滿挑戰的經濟狀況的影響。

Vraylar total sales of $3.3 billion, a decrease of $100 million, reflecting continued strong prescription demand partially offset by modestly unfavorable channel mix.

Vraylar 的總銷售額為 33 億美元，減少了 1 億美元，反映出持續強勁的處方需求被略微不利的通路組合部分抵消。

And for Botox, we now expect global revenue in the therapeutic space of $3.3 billion, an increase of $100 million, reflecting robust demand across all indications.

對於 Botox，我們目前預計治療領域的全球收入將達到 33 億美元，增加 1 億美元，反映出所有適應症的強勁需求。

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%, adjusted SG&A expense of 23.5% as well as an adjusted operating margin ratio of roughly 44.5% of sales, which includes a 2.1% unfavorable impact from acquired IP R&D expense.

轉向2024 年的損益表，我們持續預測全年調整後的毛利率約為銷售額的84%，調整後的研發投資為14%，調整後的SG&A 費用為23.5%，調整後的營業利潤率約為銷售額的44.5%。

Turning to the fourth quarter, we anticipate net revenues approaching $14.8 billion.

談到第四季度，我們預計淨收入將接近 148 億美元。

At current rates, we expect foreign exchange to have a neutral impact on sales growth.

依照目前的匯率，我們預期外匯對銷售成長的影響是中性的。

We expect adjusted earnings per share between $2.94 and $2.98. This guidance does not include acquired IPR&D expense that may be incurred in the quarter and excludes any potential impact from the recently announced acquisition of Aliado Therapeutics.

我們預計調整後每股收益將在 2.94 美元至 2.98 美元之間。該指引不包括本季可能產生的收購智慧財產權和研發費用，也不包括最近宣布收購 Aliado Therapeutics 的任何潛在影響。

Finally, AbbVie's robust business performance continues to support our capital allocation priorities.

最後，艾伯維強勁的業務業績持續支持我們的資本配置優先事項。

Our cash balance at the end of September was nearly $7.3 billion, and we generated more than $11 billion of free cash flow which includes approximately $1.5 billion of Skyrizi royalty payments in the first nine months of the year.

截至 9 月底，我們的現金餘額接近 73 億美元，我們產生了超過 110 億美元的自由現金流，其中包括今年前 9 個月約 15 億美元的 Skyrizi 特許權使用費。

This free cash flow fully supports a strong and growing quarterly dividend which we are increasing 5.8% to $1.64 per share, beginning with the dividend payable in 2025.

這種自由現金流完全支持強勁且不斷增長的季度股息，從 2025 年的應付股息開始，我們將股息增加 5.8% 至每股 1.64 美元。

We as well as debt repayment, where we remain on track to pay down the roughly $7 billion of maturities this year and anticipate achieving a net leverage ratio of 2 times by the end of 2026.

我們還有債務償還，我們仍有望償還今年約 70 億美元的到期債務，並預計到 2026 年底實現 2 倍的淨槓桿率。

Our strong cash flow also provides capacity for additional business development.

我們強勁的現金流也為額外的業務發展提供了能力。

We have executed more than a dozen early-stage deals so far this year, and we continue to assess external innovation across all of our key growth areas.

今年到目前為止，我們已經執行了十多項早期交易，我們將繼續評估所有關鍵成長領域的外部創新。

In closing, AbbVie has once again delivered strong top and bottom line results.

最後，艾伯維再次取得了強勁的營收和利潤表現。

I'm very pleased with the momentum of our ex-Humira growth platform, including continued robust performance from Skyrizi and Rinvoq which further supports AbbVie's long-term outlook.

我對我們前 Humira 成長平台的勢頭感到非常滿意，包括 Skyrizi 和 Rinvoq 的持續強勁表現，這進一步支持了艾伯維的長期前景。

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.

謝謝，斯科特。

We will now open the call for questions.

我們現在開始提問。

We are aware of a peer earnings call that begins at 9:00 AM Central, so we'll do our best to wrap up our Q&A right around the top of the hour.

我們知道同儕財報電話會議將於中部時間上午 9:00 開始，因此我們將盡力在上午 9:00 左右結束我們的問答。

(Event Instructions)

（活動須知）

Chris Schott, JP Morgan.

克里斯‧肖特，摩根大通。

Great.

偉大的。

Thanks so much for the question and congrats on the results.

非常感謝您的提問並祝賀結果。

My question was really just centered around 2025 and just some preliminary outlook there.

我的問題實際上只集中在 2025 年左右，只是一些初步的展望。

I guess a specific question.

我猜想一個具體的問題。

You mentioned Humira volumes are maybe shifting over to newer drugs.

您提到 Humira 的銷售可能會轉向更新的藥物。

Can you comment at all about just in terms of where the Street sits currently with Humira?

您能否就修美樂目前在華爾街的處境發表評論？

I think the consensus number is up $6.8 billion.

我認為共識數字增加了 68 億美元。

Is that a reasonable forecast?

這是一個合理的預測嗎？

Or is that something you could see higher erosion given what's happening with Humira?

或者考慮到 Humira 所發生的情況，您是否會看到更高的侵蝕？

And then bigger picture kind of tied to that, the mid-single-digit top line growth.

然後更大的前景與此相關，中等個位數的收入成長。

It sounds like the trends you're seeing here may be a net positive where maybe Humira volumes are declining, but that's largely moving over to Skyrizi and Rinvoq.

聽起來你在這裡看到的趨勢可能是一個淨積極的趨勢，也許 Humira 的銷量正在下降，但這很大程度上轉移到了 Skyrizi 和 Rinvoq。

I just want to get some get some context of, is that mid-single-digit target still a reasonable one to think about for AbbVie next year?

我只是想了解一些背景信息，對於艾伯維來說，明年這個中個位數的目標仍然是一個合理的目標嗎？

Thank you.

謝謝。

Thanks for the question, Chris.

謝謝你的提問，克里斯。

This is Rob.

這是羅布。

I'll start and then I'll have Jeff supplement.

我先開始，然後我會得到傑夫的補充。

So yes, we're very confident in that robust mid-single-digit growth, both top line, bottom line for 2025.

所以，是的，我們對 2025 年營收和利潤實現強勁的中個位數成長非常有信心。

I think you've interpreted it correctly that the trends we're seeing are net positive and that we're seeing overperformance from Skyrizi and Rinvoq more than offsetting the dynamics with Humira.

我認為您的解釋是正確的，我們看到的趨勢是淨積極的，而且我們看到 Skyrizi 和 Rinvoq 的超額表現不僅僅是抵消了 Humira 的動態。

And so as we look at consensus, that's probably not reflected.

因此，當我們審視共識時，這可能沒有反映出來。

So I think it's fair to say there's a shift that's required there, but we're very pleased with the strong uptake for Skyrizi and Rinvoq.

因此，我認為可以公平地說，那裡需要進行轉變，但我們對 Skyrizi 和 Rinvoq 的強勁採用感到非常滿意。

As I mentioned in my remarks, we have now delivered guidance increases of $1.3 billion for Skyrizi and Rinvoq in total.

正如我在發言中提到的，我們現在已為 Skyrizi 和 Rinvoq 提供總計 13 億美元的指導成長。

We're seeing tremendous momentum, particularly with the IBD indications across really all indications, but particularly in IBD, and we are starting to see this dynamic with the overall Humira molecule, where there is the switching that we're seeing now to other mechanisms, including Skyrizi and Rinvoq, which is a long-term very positive benefit.

我們看到了巨大的勢頭，特別是針對所有適應症的 IBD 適應症，尤其是在 IBD 中，我們開始看到整個 Humira 分子的這種動態，我們現在看到向其他機制的轉變，包括Skyrizi 和Rinvoq ，這是一個長期非常積極的效益。

So as we look at the business, we're very well positioned essentially two years after the US Humira LOE will be returning to robust top line and bottom line growth.

因此，當我們審視業務時，我們處於非常有利的位置，基本上兩年後，美國 Humira LOE 將恢復強勁的營收和利潤成長。

And really performance across many parts of the business, not just Skyrizi and Rinvoq, you've seen us perform very nicely in oncology.

業務的許多部分都表現出色，不僅僅是 Skyrizi 和 Rinvoq，您已經看到我們在腫瘤學領域的表現非常出色。

We've obviously overperformed our expectations in oncology very pleased with the early returns on Elahere.

我們在腫瘤學方面的表現顯然超出了我們的預期，對 Elahere 的早期回報非常滿意。

Venclexta is performing exceptionally well.

Venclexta 的表現非常出色。

The guidelines changes in Europe are positive as we think about the combination opportunities with BTK inhibitors.

當我們考慮與 BTK 抑制劑的組合機會時，歐洲的指南變化是積極的。

So Venclexta is going to be strong.

所以 Venclexta 會很強。

Cerevel of is performing very nicely as well.

Cerevel 的表現也非常出色。

When I look across the neuroscience franchise, Vraylar is a strong grower.

當我縱觀神經科學領域時，Vraylar 是一個強大的種植者。

We're very pleased with the migraine portfolio.

我們對偏頭痛產品組合非常滿意。

Obviously, very excited about Cerevel and doing a number of deals now on the early pipeline, both with Guinean Richter and Aliana that really fortifies the long-term view for neuroscience as well.

顯然，我們對 Cerevel 感到非常興奮，並且正在與幾內亞·里克特 (Guinan Richter) 和 Aliana 進行多項早期交易，這也確實強化了神經科學的長期前景。

And then with Aesthetics, while it's below our expectations for this year, obviously, the economic conditions have dictated that.

然後是美學，雖然低於我們今年的預期，但顯然，這是由經濟狀況決定的。

We still have tremendous confidence in the long-term outlook for that business.

我們對該業務的長期前景仍然充滿信心。

But as we look at 2025, we're very confident in our ability to return to that robust mid-single-digit growth.

但展望 2025 年，我們對恢復強勁的中位數成長的能力非常有信心。

Yeah.

是的。

Thanks, Rob.

謝謝，羅布。

And I'll just add a little bit more flavor.

我只會添加一點味道。

It's Jeff.

是傑夫。

So we saw this trend start to emerge in terms of this compression of the, let's say, the auto molecule or the ADA market, the Humira plus biosimilars just prior to the CVS event and then it accelerated over Q2.

因此，我們看到這種趨勢開始出現，就汽車分子或 ADA 市場、Humira 加生物相似藥的壓縮而言，就在 CVS 事件之前，然後在第二季度加速。

And again, we saw it throughout Q3.

我們在第三季再次看到了這一點。

So that's why we've adapted our approach here.

這就是我們在這裡調整我們的方法的原因。

Other than this dynamic, the biosimilar dynamics are playing out really exactly as we anticipated.

除了這種動態之外，生物相似藥的動態也完全符合我們的預期。

And you can see this compression in the IQVIA data.

您可以在 IQVIA 資料中看到這種壓縮。

So really, the shrinking of the Humira or the ADA market is something that's quite clear.

所以說，Humira 或 ADA 市場的萎縮是非常明顯的。

It's a little difficult to quantify over time with full precision, but we can see that the molecule continues to decline sequentially, and we continue to see strong share gains, as I highlighted for Skyrizi and Rinvoq.

隨著時間的推移，要完全精確地量化有點困難，但我們可以看到該分子繼續連續下降，並且我們繼續看到強勁的份額增長，正如我為 Skyrizi 和 Rinvoq 強調的那樣。

So this incremental flow from the molecule compression, is clearly a contributing factor to some of the overperformance that we saw in Q2 and Q3, but it's really only one of several.

因此，分子壓縮帶來的增量流量顯然是我們在第二季和第三季看到的一些超性能的促成因素，但這實際上只是其中之一。

We've also had significant incremental investments in consumer space, the sales force approaches we've taken, Chris, the integration of the head-to-head data I talked about.

我們也在消費者領域、我們採取的銷售人員方法、克里斯、我談到的面對面數據的整合方面進行了大量增量投資。

And certainly, now we're starting to see the impact of the UC launch.

當然，現在我們開始看到 UC 推出的影響。

So when we put all that together, we think that the dynamics are net-net quite positive overall.

因此，當我們將所有這些放在一起時，我們認為整體動態非常積極。

And as Rob said, we're still looking good for '25.

正如 Rob 所說，我們對 25 年的前景仍然看好。

Thank you, Chris Operator.

謝謝你，克里斯接線員。

Next question please.

請下一個問題。

Mohit Bansal.

莫希特·班薩爾。

Awesome.

驚人的。

Thank you very much for taking my question.

非常感謝您回答我的問題。

Just wanted to touch upon the trial you are running head-to-head against Entyvio.

只是想談談你們正在與 Entyvio 進行的正面交鋒的審判。

Could you help us understand based on preclinical or early data?

您能否根據臨床前或早期數據幫助我們理解？

What gives you confidence there?

是什麼給了你信心？

And are you looking at non-inferiority or potential superiority over Entyvio there?

您是否正在考慮相對於 Entyvio 的非劣勢或潛在優勢？

Mohit, it's Roopal.

莫希特，我是魯帕爾。

I'll take that one.

我會接受那個。

So when we look at the data, in particular, I think Jeff highlighted this in ulcerative colitis with Skyrizi in this naive patient population.

因此，當我們查看數據時，我認為 Jeff 特別強調了 Skyrizi 在這一天真的患者群體中的潰瘍性結腸炎中的這一點。

This is a patient population that hasn't seen biologics or other advanced therapies like JAK inhibitors.

這是一個尚未使用過生物製劑或 JAK 抑制劑等其他先進療法的患者群體。

The endoscopic improvement, and this is in label, was 76% in the maintenance portion of this.

內視鏡改善（如標籤所示）在維護部分為 76%。

So it was quite high.

所以它是相當高的。

In fact, higher than what we've observed even with Rinvoq.

事實上，甚至比我們在 Rinvoq 中觀察到的還要高。

So that gave us a good amount of confidence that we have the potential to differentiate with all other assets.

因此，這給了我們很大的信心，我們有潛力與所有其他資產區分開來。

You heard about the Skyrizi versus ustekinumab, head-to-head in Crohn's disease.

您聽說過 Skyrizi 與 ustekinumab 在克隆氏症治療中的正面交鋒。

But this one gives us a unique opportunity there to go head-to-head with vedolizumab, especially looking at endoscopic improvement.

但這為我們提供了一個與維多珠單抗正面交鋒的獨特機會，特別是在內視鏡改善。

So for that particular end point, you asked about the type of endpoint, there we would think about superiority because of it being an objective endpoint sometimes with symptoms like clinical remission, these could bounce around.

因此，對於那個特定的終點，您詢問終點的類型，我們會考慮優越性，因為它是一個客觀終點，有時會出現臨床緩解等症狀，這些症狀可能會出現反彈。

That may be one where we consider as noninferiority.

這可能是我們認為的非劣效性之一。

But I would say endoscopic improvements in the field are now believed to be highly predictive of long-term outcomes.

但我想說的是，該領域的內視鏡改進現在被認為可以高度預測長期結果。

So that would be how we're looking at this, Mohit.

這就是我們看待這個問題的方式，莫希特。

Thank you very much.

非常感謝。

Appreciate it.

欣賞它。

Thanks Mohit.

謝謝莫希特。

Operator, next question, please.

接線員，請下一個問題。

Vamil Divan, Guggenheim Securities.

瓦米爾·迪萬，古根漢證券公司。

Great.

偉大的。

Thanks for taking the question.

感謝您提出問題。

I'll keep it just one on imraquidine.

我只保留一粒伊拉奎定。

Just getting a lot of questions from investors kind of leading up that data release.

在數據發布之前，投資人提出了許多問題。

So maybe you can just the level of that expectation and what you're hoping to see from the data, especially obviously now we have the approval from Bristol with just kind of what are you thinking in terms of efficacy safety profile relative to that impeder and also on the liver testing requirements that they added initiation?

因此，也許您可以了解這種期望的水平以及您希望從數據中看到的內容，尤其是現在我們已經獲得了布里斯托爾的批准，您對相對於該阻礙物的功效安全性概況有何看法？

Is that something you'd expect as well based on your data?

根據您的數據，這也是您所期望的嗎？

And then just tying to that just in terms of the data releases, we do you expect to give one press release?

然後就數據發布而言，您希望發布一份新聞稿嗎？

Or do you think you're combining both studies?

還是你認為你正在結合這兩項研究？

Or should we still expect the two separate releases?

或者我們仍然應該期待兩個單獨的版本嗎？

Thank you.

謝謝。

Vamil, it's Roopal, I'll take that one.

瓦米爾，我是魯帕爾，我選那個。

So a couple of things.

有幾件事。

Maybe starting with what we've observed with the approval.

也許可以從我們觀察到的批准情況開始。

So we were encouraged by the lack of a boxed warning, meaning there's a recognition that this is a unique mechanism of action looking specifically at the muscarinic class.

因此，我們對沒有黑框警告感到鼓舞，這意味著人們認識到這是一種專門針對毒蕈鹼類的獨特作用機制。

So we were pleased to see that.

所以我們很高興看到這一點。

I think what was notable for us was the GI adverse events, including how that would play out in terms of longer-term tolerability, also anticholinergic affects bladder retention.

我認為對我們來說值得注意的是胃腸道不良事件，包括如何在長期耐受性方面發揮作用，以及抗膽鹼能藥物對膀胱保留的影響。

That was something, I guess, we did not anticipate.

我想，這是我們沒有預料到的。

You mentioned hepatic monitoring.

您提到了肝臟監測。

That was something that we didn't anticipate.

這是我們沒有預料到的。

The other thing that was notable is along with the BID dosing, there is a food effect.

另一件值得注意的事情是，除了 BID 劑量外，還有食物效應。

So you have to wait a certain period amount of time when you eat and after you eat when you can take the pill.

因此，吃飯時和飯後必須等待一段時間才能吃藥。

So when we think about our profile, we continue to be encouraged with emracladine being a single agent once a day, no food effect.

因此，當我們考慮我們的概況時，我們繼續對恩拉拉定作為單一藥物每天一次、沒有食物影響感到鼓舞。

We don't see the extent of GI effects.

我們看不到胃腸道影響的程度。

We don't -- and we have not observed in the Phase 1b data, any bladder issues.

我們沒有——而且我們在 1b 期數據中也沒有觀察到任何膀胱問題。

And when we had looked at that Ib data, we didn't see any hepatic issues, but we don't anticipate any type of laboratory monitoring.

當我們查看 Ib 數據時，我們沒有發現任何肝臟問題，但我們預計不會進行任何類型的實驗室監測。

Also, we were also thinking about neurodegeneration associated psychosis.

此外，我們也考慮了神經退化性變相關的精神病。

And these patients are typically older and likely more sensitive to anticholinergic effects.

這些患者通常年齡較大，可能對抗膽鹼能作用較敏感。

So we continue to see an opportunity in that patient population as well.

因此，我們也繼續在患者群體中看到機會。

So we've stated that the data will read out here in the next couple of months in the quarter.

因此，我們已經聲明，數據將在本季接下來的幾個月內在這裡讀出。

The same team is working on wrapping up these two studies.

同一個團隊正在努力完成這兩項研究。

So depending on how far apart the data are, will probably determine, as you stated, is it one or two press releases.

因此，正如您所說，根據數據之間的差距，可能會確定是一篇還是兩篇新聞稿。

It's a little early right now for us to tell you, is it going to be one or two.

現在我們告訴你，是一還是兩個還太早。

But if they're going to be close together, it's potentially going to be one.

但如果他們要走得很近，那很可能會成為一個。

Thank you, Vamil.

謝謝你，瓦米爾。

Operator, next question, please.

接線員，請下一個問題。

Terence Flynn, Morgan Stanley.

特倫斯‧弗林，摩根士丹利。

Hi.

你好。

Thanks for taking the question Maybe a two part from me.

感謝您提出問題，也許是我的兩個部分。

Just wondering if you can I'm assuming contracting is now wrapped up.

只是想知道您是否可以，我假設合約現已結束。

If you can comment at all on how to think about Skyrizi and Rinvoq formulary positioning and pricing just high level for 2025.

如果您能評論如何考慮 Skyrizi 和 Rinvoq 的處方定位和 2025 年高水準定價。

Thank you.

謝謝。

Yes.

是的。

It's Jeff.

是傑夫。

So yeah, contracting is very, very close to wrapping up.

所以，是的，合約已經非常接近結束了。

We have a few more nuances.

我們還有一些細微差別。

And so typically, that may take another month or so.

通常情況下，這可能還需要一個月左右的時間。

Overall, we're making very good progress on contracting next year.

總體而言，我們明年在合約方面取得了很好的進展。

So in terms of what we've highlighted in the past is we -- we do not anticipate any material change for Skyrizi and Rinvoq in terms of the access for next year across Medicare or the commercial plans.

因此，就我們過去所強調的而言，我們預計 Skyrizi 和 Rinvoq 在明年的醫療保險准入或商業計劃方面不會發生任何重大變化。

We have quite high, very broad access and we assume that, that will continue.

我們擁有相當高、非常廣泛的存取權限，我們認為這種情況將會持續下去。

In terms of what we've highlighted to anticipate we've said that we do have over our near term and LRP sort of a negative pricing environment, but it's modest.

就我們所強調的預期而言，我們已經說過，短期內和 LRP 確實存在某種負面的定價環境，但這種情況很溫和。

It's nothing like we saw many quarters ago where we had seven indications.

這與我們許多季度前看到的七種跡像不同。

So we said from a rebate perspective, low single-digit changes is a reasonable assumption that we feel confident.

因此，我們從回扣的角度來看，低個位數變化是一個合理的假設，我們對此充滿信心。

And despite we're not fully complete, I think that's a fair assessment at this point.

儘管我們尚未完全完成，但我認為目前這是一個公平的評估。

Thanks, Terence.

謝謝，特倫斯。

Operator, next question, please.

接線員，請下一個問題。

Chris Shubitani, Goldman Sachs.

克里斯舒比塔尼，高盛。

Apologies, I was on mute.

抱歉，我當時處於靜音狀態。

Thank you for the question.

謝謝你的提問。

All the comments you've made about SyretInVok and the molecule switching are very helpful.

您對 SyretInVok 和分子轉換所做的所有評論都非常有幫助。

Just curious as we think on the forward about other potential mechanisms and modalities in particular, I think we have competitor oral data that's coming up.

只是好奇，當我們思考其他潛在的機制和模式時，我認為我們即將有競爭對手的口頭數據。

Interested to hear your thoughts in terms of that modality difference as well as how you might rank your optimism for some of the new mechanisms of action, I believe you have TL1A as well in your pipeline, the earlier stage.

有興趣聽聽您對這種模式差異的想法，以及您如何評價您對某些新作用機制的樂觀態度，我相信您的早期階段也有 TL1A。

Thank you.

謝謝。

Chris, it's Roopal.

克里斯，我是魯帕爾。

I'll take that one.

我會接受那個。

With respect to the oral, I'll take us back to the Skyrizi head-to-head that occurred with primalast, which is also an oral.

關於口頭賽，我將帶我們回到 Skyrizi 與 primalast 的正面交鋒，這也是一場口頭賽。

The data were substantially higher from an efficacy standpoint for Skyrizi as was the tolerability along with when we ask patients what did they prefer.

從 Skyrizi 的功效角度來看，數據要高得多，當我們詢問患者他們更喜歡什麼時，耐受性也是如此。

They actually preferred quarterly subcutaneous dosing.

他們實際上更喜歡每季皮下給藥。

So I would think about it that way as well.

所以我也會這樣想。

Now the question would be, it's a similar mechanism, could the efficacy be better than what has been observed with apremilast in psoriasis.

現在的問題是，這是一種類似的機制，其療效是否會比阿普斯特在乾癬中觀察到的效果更好。

Well, what we saw in the Phase 2 data, my recollection still is that Skyrizi is a full 50% higher when it comes to full skin clearance at a PASI 100.

嗯，我們在第 2 階段的數據中看到的，我仍然記得 Skyrizi 在 PASI 100 的全皮膚清除率方面高出整整 50%。

And that's where the bar is now PASI 90 and PASI 100.

這就是現在 PASI 90 和 PASI 100 的標準。

So we still see an efficacy advantage.

所以我們仍然看到功效優勢。

Also, the data I'm sharing our Phase 3 Skyrizi data the data that we saw for the oral '23 was from Phase 2.

另外，我分享的數據是我們第 3 階段 Skyrizi 數據，也就是我們在 23 年口頭賽中看到的數據來自第 2 階段。

So there is a reasonable potential that the efficacy data tend to settle down when you go to a broader patient population, especially those that have had longer-standing disease or have seen other therapies like other biologics.

因此，當你研究更廣泛的患者群體時，特別是那些患有長期疾病或已經接受過其他療法（如其他生物製劑）的患者，療效數據有可能趨於穩定。

So we continue to feel very good and optimistic about our profile versus any emerging competition.

因此，與任何新興競爭對手相比，我們仍然對自己的形象感到非常良好和樂觀。

Also, we think about our assets from a global standpoint.

此外，我們從全球角度考慮我們的資產。

And when you think about majority of the countries, they are very driven by efficacy to gain access.

當你想到大多數國家時，你會發現他們非常受效率的驅使而獲得准入。

And in the oral space, we don't really see it across the globe.

在口腔領域，我們並沒有在全球範圍內真正看到它。

Maybe there's a couple of countries.

也許有幾個國家。

I think Jeff has mentioned the US, but that space may be referred to as a prebiologic space.

我認為傑夫提到了美國，但那個空間可能被稱為前生物空間。

So maybe more of an influence on the TYK2 or in apremilast is how we see it.

因此，也許對 TYK2 或阿普斯特影響更大的是我們如何看待它。

In terms of other mechanisms that we like, as I mentioned, we like anti-IL23 the way it's delivered with Skyrizi, the depth of response, the high durability and the convenience with quarterly dosing, if we can couple that with other assets as part of our combination approach, we think that's going to be extremely competitive in the future.

就我們喜歡的其他機製而言，正如我所提到的，我們喜歡Skyrizi 提供的抗IL23 的方式、響應深度、高耐久性和季度給藥的便利性，如果我們可以將其與其他資產結合起來作為一部分就我們的組合方法而言，我們認為未來將極具競爭力。

Mechanisms like TL1A, we think are going to be important, especially from a combination approach, which we have won internally.

我們認為像 TL1A 這樣的機制將會很重要，特別是從我們內部贏得的組合方法來看。

We think the ulcerative colitis data are encouraging, but from a monotherapy standpoint, not differentiated, especially when you look at the Skyrizi data that I mentioned earlier, and Rinvoq.

我們認為潰瘍性結腸炎的數據令人鼓舞，但從單一療法的角度來看，沒有差異化，特別是當你查看我之前提到的 Skyrizi 數據和 Rinvoq 時。

And then in Crohn's, something like TL1A, we think it really does need a combo.

然後在克隆氏症中，像 TL1A 這樣的疾病，我們認為它確實需要一個組合。

So that will be part of our platform along with our novel alpha 4 beta 7.

因此，這將與我們新穎的 alpha 4 beta 7 一起成為我們平台的一部分。

We think that's also a good combo.

我們認為這也是一個很好的組合。

And then we've also provided very strong data in hidradenitis super teva with our IL-1 alpha beta ludicizumab.

然後，我們也使用 IL-1 alpha beta ludicizumab 提供了超級 Teva 汗腺炎方面非常強大的數據。

And we've seen some preclinical signals that IL-1 beta could be a driver of disease and resistance to other biologics.

我們已經看到一些臨床前訊號表明 IL-1 β 可能是疾病和對其他生物製劑產生抗藥性的驅動因素。

So luticizumab will also be part of the combo in our IBD platform.

因此，luticizumab 也將成為我們 IBD 平台組合的一部分。

So that's just a some of the mechanisms that we're excited about.

這只是我們感到興奮的一些機制。

There are several others that are early in the pipeline, and we will give you more information about those as the data mature.

還有其他幾個項目正處於早期開發階段，隨著數據的成熟，我們將為您提供更多相關資訊。

Thanks, guys.

謝謝，夥計們。

Operator, next question, please.

接線員，請下一個問題。

Trung Huynh, UBS.

Trung Huynh，瑞銀。

Hi guys.

嗨，大家好。

Thanks for taking my question.

感謝您提出我的問題。

Just on the Aesthetics business.

只是關於美學業務。

In the Q&A, you did mention that you still have a tremendous amount of confidence hitting that longer-term guide here.

在問答中，您確實提到您仍然對達到長期指南充滿信心。

I'm curious on how dependent this is on the economic environment is getting better and getting better quickly.

我很好奇這對經濟環境的改善和快速改善有多大的依賴。

So you've moderated your Juvederm outlook this year because it's not been good.

因此，您今年調整了 Juvederm 的前景，因為情況不佳。

If next year is another challenging economic year, could we see that $9 billion in 2029 being moderated or even polled?

如果明年又是一個充滿挑戰的經濟年，我們是否會看到 2029 年的 90 億美元會受到緩和甚至民意調查？

Just what's giving you confidence?

是什麼給了你信心？

Thank you.

謝謝。

Thanks for the question.

謝謝你的提問。

This is Rob.

這是羅布。

I'll take that one.

我會接受那個。

So as we think about the long-term guide, which is greater than $9 billion by 2029, you need to believe that you can have essentially a compound growth of around 11% to get there.

因此，當我們考慮到 2029 年超過 90 億美元的長期指引時，您需要相信基本上可以實現 11% 左右的複合成長率才能實現這一目標。

If we look at the historical growth of this market, it's been, let's say, call it, low double digits, low teens as we look at it going forward, we think probably a more prudent assumption is when we see the recovery, something more in the high single digits.

如果我們看看這個市場的歷史成長，可以說，當我們展望未來時，它一直是低兩位數、低十幾歲的成長，我們認為可能更謹慎的假設是，當我們看到復甦時，更多的東西在高個位數。

So you need something beyond just the market recovery to get there.

因此，要實現這一目標，您需要的不僅僅是市場復甦。

And when we look at the innovation that we're bringing, particularly with the short one, short-acting fast onset short-acting bond that we expect to launch in '26, that could really transform the market because if you think about the number 1 barrier for patients is fear of an unnatural look.

當我們看到我們帶來的創新時，特別是我們預計在 26 年推出的短期、短效、快速起效的短效債券，這可能真正改變市場，因為如果你考慮一下這個數位患者面臨的第一大障礙是擔心外觀不自然。

That could really unlock a part of the market that's dormant right now, plus it could also lead to share gains.

這確實可以釋放目前處於休眠狀態的部分市場，也可能帶來股票收益。

And so I think we need to see, one, how the market recovers.

因此，我認為我們需要看看，第一，市場如何復甦。

I would say, '25 and '26.

我會說，'25 和 '26。

And then ultimately see how the Bonte launch ramps in '26.

然後最終看看 Bonte 在 26 年的推出情況如何。

At that point, we'll have a better sense of the $9 billion as we sit here today.

到那時，當我們今天坐在這裡時，我們將對 90 億美元有更好的認識。

If you believe that the market will recover to high single digits, and we have a lot of confidence in BoNT/E.

如果您相信市場將恢復到高個位數，我們對 BoNT/E 有很大信心。

We still believe we can get there, which is why we're not updating that guidance.

我們仍然相信我們能夠實現這一目標，這就是我們不更新該指南的原因。

But I would expect us to reflect more on that more likely in the '26 time frame than in '25.

但我希望我們在 26 年的時間框架內比在 25 年的時間框架內更有可能更反思這一點。

Thanks, Trung.

謝謝，特朗。

Operator, next question, please.

接線員，請下一個問題。

Geoff Meacham, Citi.

花旗集團的傑夫‧米查姆。

Good morning, everyone.

大家早安。

Thanks for the question.

謝謝你的提問。

I had a bigger picture one for Rob.

我為羅布製定了一幅更大的圖景。

So when I look at your therapeutic areas, Eye Care stands out as one that's pretty modest contributor today and also down the road.

因此，當我審視你們的治療領域時，眼科護理脫穎而出，成為當今乃至未來的一個相當溫和的貢獻者。

How would you rank that business strategically?

您會如何對該業務進行策略排名？

And then related, when you look at BD going forward, are there other TAs that you're looking at that could be additive, just thinking specifically maybe metabolic or cardio?

然後相關的是，當你考慮未來的 BD 時，你是否正在考慮其他可以附加的 TA，只是具體考慮可能是代謝或有氧運動？

Thank you.

謝謝。

Thanks for the question, Geoff.

謝謝你的提問，傑夫。

So this is Rob.

這就是羅布。

So yes, I mean, our main focus is our 5 key growth areas, which includes eye care.

所以，是的，我的意思是，我們的主要關注點是我們的 5 個關鍵成長領域，其中包括眼部護理。

It includes immunology, oncology, nerves and eye care.

它包括免疫學、腫瘤學、神經學和眼科護理。

And we participate in large markets with high unmet need that have great growth potential.

我們參與的大型市場存在大量未滿足的需求，且具有巨大的成長潛力。

And within those five verticals, we're building depth across 24 core areas.

在這五個垂直領域內，我們正在 24 個核心領域建立深度。

That does include eye care as well.

這也包括眼睛護理。

When we think about diabetic retinopathy, wet AMD, prescription dry eye medications.

當我們想到糖尿病視網膜病變、濕性AMD、處方乾眼藥。

And so eye care does an important role, albeit it's not as high of a growth driver as the other 4 verticals, but it is part of our five.

因此，眼保健品發揮著重要作用，儘管它的成長動力不如其他 4 個垂直產業，但它是我們 5 個垂直產業的一部分。

And that ultimately guides both our internal R&D investments as well as our BD efforts, which, as you know, continue to be very active.

這最終指導了我們的內部研發投資以及我們的業務拓展工作，正如您所知，這些工作仍然非常活躍。

So far this year, we've executed 15 deals along those lines really focus more on early-stage opportunities to drive growth in the next decade.

今年到目前為止，我們已經執行了 15 筆此類交易，真正更專注於早期階段的機會，以推動未來十年的成長。

So that's our primary focus.

這是我們的首要關注點。

Now if we see an opportunity for differentiation in a large market with high unmet need like metabolics, we would consider pursuing it, especially if you can help drive growth in the next decade.

現在，如果我們在代謝等需求未滿足的大型市場中看到差異化機會，我們會考慮追求它，特別是如果您可以幫助推動未來十年的成長。

But again, it would be more opportunistic.

但同樣，這將更加機會主義。

We have to see differentiation.

我們必須看到差異化。

And right now, it's not our primary focus.

現在，這不是我們的主要關注點。

But again, we're open to more sources of growth for the next decade if we see differentiation that we can create value.

但同樣，如果我們看到能夠創造價值的差異化，我們對未來十年的更多成長來源持開放態度。

And we certainly have the financial wherewithal to pursue those opportunities.

我們當然有財力來尋求這些機會。

Thanks, Geoff.

謝謝，傑夫。

Operator, next question, please.

接線員，請下一個問題。

James Shin, Deutsche Bank.

詹姆斯‧辛，德意志銀行。

Good morning guys.

早安，夥計們。

Thanks for taking our question.

感謝您提出我們的問題。

For erapiden's readout, I think there's a question on how much erosion could be anticipated.

對於埃拉皮登的讀數，我認為存在一個問題，即可以預見到多少侵蝕。

I know you mentioned that the team -- the same team that was really working on the Phase 1b is wrapping up studies and so forth.

我知道你提到過這個團隊——真正致力於 1b 階段的團隊正在完成研究等等。

But there's been some other data that has of cerebral strategies such as high baseline pans and so forth, and placebo effect was still kind of surprisingly higher than it should be.

但還有一些其他關於大腦策略的數據，例如高基線平底鍋等，安慰劑效應仍然令人驚訝地高於應有的水平。

Is there any insight on managing this placebo effect?

對於管理這種安慰劑效應有什麼見解嗎？

Thank you.

謝謝。

Thanks, James.

謝謝，詹姆斯。

It's Roopal.

是魯帕爾。

When we did our thorough diligence, that was a major question that we and the broader team had.

當我們進行徹底的調查時，這是我們和更廣泛的團隊面臨的一個主要問題。

So you bring up a good point.

所以你提出了一個很好的觀點。

Some things that we observed in those two studies that will be the pivotal readout we're -- what Cerevel was strategically doing.

我們在這兩項研究中觀察到的一些事情將成為我們的關鍵讀數——Cerevel 正在戰略上做的事情。

One thing was limiting the number of countries, limiting the number of sites, central review for eligibility criteria, training of raters, certifying those raters, recertifying raters monitoring, blinded data with respect to site activity.

一件事是限制國家數量、限制站點數量、對資格標準進行集中審查、培訓評估者、對這些評估者進行認證、重新認證評估者監控、對站點活動的盲數據。

So I think those are important factors that could drive placebo in either direction.

所以我認為這些都是可能推動安慰劑朝任一方向發展的重要因素。

So what we observed was, we would say, a good control or at least the best one could do to manage placebo responses.

因此，我們觀察到的是，我們可以說，這是一種良好的對照，或至少是管理安慰劑反應的最佳對照。

So it's hard to know what -- if there's any erosion until we see the data.

因此，在我們看到數據之前，很難知道是否存在侵蝕。

But the effect size that we did see in the Phase 1b was a little over 12 points, so we think that was a strong separation.

但我們在第 1b 階段確實看到的效應大小略高於 12 個點，因此我們認為這是一個很強的分離。

And even if that were to go down a little bit, we still feel that based on the safety profile and tolerability profile this could still be very, very competitive even if we saw a droppage in some point on the efficacy side.

即使下降了一點，我們仍然認為，基於安全性和耐受性，即使我們看到功效方面在某些方面有所下降，這仍然非常非常有競爭力。

Thanks, James.

謝謝，詹姆斯。

Operator, next question, please.

接線員，請下一個問題。

Carter Gould, Barclays.

卡特·古爾德，巴克萊銀行。

Great.

偉大的。

Good morning.

早安.

Thanks for taking the questions.

感謝您提出問題。

I was hoping to follow up a little bit on the Alliad acquisition, sort of what differentiation you saw versus some of the other enhanced brain delivery kind of approaches there that give you confidence?

我希望對 Alliad 的收購進行一些跟進，您看到的與其他一些增強大腦輸送類型的方法相比有哪些差異讓您有信心？

And maybe we've seen AbbVie take a number of shots on goal across Alzheimer's here, just seems pretty central to your longer-term neuroscience portfolio.

也許我們已經看到艾伯維（AbbVie）在這裡針對阿茲海默症進行了多次射門，這似乎對您的長期神經科學投資組合非常重要。

Can you maybe just again put that in some broader context as you think about the TA strategy longer term?

當您考慮長期技術援助策略時，您能否再次將其放在更廣泛的背景下？

.Thank you.

。

Sure.

當然。

It's Roopal, I'll take that.

是魯帕爾，我接下。

Yes, we've been investing for a number of years in this space.

是的，我們多年來一直在這個領域進行投資。

And in addition to the recent deal, we'll have an option readout with elector and TREM2 coming up.

除了最近的交易之外，我們還將提供選舉人和 TREM2 的選擇權讀數。

We have an SV2A molecule that would look at cognition and other symptoms.

我們有一種 SV2A 分子可以觀察認知和其他症狀。

Enracladine could participate in that space from an Alzheimer psychosis standpoint.

從阿茲海默症精神病的角度來看，恩拉拉定可以參與這個領域。

We have other pipeline assets that are looking at TAL intracellular and even an approach looking at extracellular TAL.

我們還有其他正在研究細胞內 TAL 的管道資產，甚至還有一種研究細胞外 TAL 的方法。

We did have our own A beta monotherapeutic antibody, which we did read out, it did look good, but it wasn't fully differentiated.

我們確實有自己的 Aβ 單藥治療抗體，我們確實讀出了它，它看起來確實不錯，但沒有完全分化。

And moving on to the Aliata deal, what we see there is the ability to access the CSF at what we would say at this stage at higher concentrations than maybe other competitors.

繼續討論 Aliata 交易，我們看到有能力以我們現階段所說的比其他競爭對手更高的濃度進入 CSF。

So we think that's a good thing.

所以我們認為這是一件好事。

The other aspect that we like is an extended half-life.

我們喜歡的另一個方面是延長的半衰期。

So that could lead to a convenient dosing.

這樣可以方便給藥。

And if this approach plays out, then one could consider having subcutaneous dosing even getting out to monthly.

如果這種方法奏效，那麼人們可以考慮皮下給藥，甚至每月一次。

And if the efficacy is high because of deeper brain penetration, that could result in lower levels faster and better able to see cognition benefit in a year or 18 months.

如果由於更深入的大腦滲透而提高療效，則可能會更快地降低水平，並且能夠在一年或 18 個月內更好地看到認知益處。

So those are some of the benefits that we would see.

這些是我們會看到的一些好處。

The other benefit would be getting to the parincomal tissue more broadly, and that could have a reduction in ARIA, which is probably what is disallowing this to really take off.

另一個好處是更廣泛地接觸到周圍組織，這可能會減少 ARIA，這可能是阻礙它真正起飛的原因。

It's very challenging to take an elderly family member to get multiple scans and worry about them having stroke-like symptoms.

帶一位年長的家庭成員進行多次掃描並擔心他們出現中風樣症狀是非常具有挑戰性的。

So that would be something else we believe we can address with this asset of having a strong safety profile, tolerability ease of onboarding and high efficacy and ultimately, strong benefits on cognition.

因此，我們相信我們可以利用這項資產來解決這個問題，即具有強大的安全性、易於上手的耐受性和高功效，並最終對認知產生巨大的好處。

And this is Rob.

這是羅布。

I'll just add on here as we think about strategically about the neuroscience franchise.

當我們策略性地思考神經科學專營權時，我將在這裡補充。

I mean I think about it as having really 4 main segments.

我的意思是，我認為它實際上有 4 個主要部分。

You have psychiatry, migraine, Parkinson's, then neurodegeneration.

你有精神病學、偏頭痛、帕金森氏症，然後是神經退化性疾病。

And if you look at what we've done to build out the long-term growth outlook for this franchise, obviously, the psychiatry between (inaudible) we also had the early stage opportunity with Gilgamesh, really investing in longer-term growth in psychiatry.

如果你看看我們為這個系列的長期增長前景所做的工作，顯然，（聽不清楚）我們也與吉爾伽美甚一起獲得了早期階段的機會，真正投資於精神病學的長期增長。

We have actually a very strong franchise in migraine with oral CGRPs as well as Botoxtherapeutic.

事實上，我們在偏頭痛方面擁有非常強大的專營權，包括口服降鈣素基因相關勝肽（CGRP）以及肉毒桿菌療法。

In Parkinson's, now with the launch of Viale, which is faring very nicely outside the US, and we expect will also perform nicely in the US The early Phase 3 data we've seen so far for Tavapadon the mytokinin disease-modifying approach is early and Parkinson's, another investment we've made.

在帕金森氏症方面，現在Viale 上市，該藥物在美國以外的地區表現非常好，我們預計在美國也將表現良好。還處於早期階段帕金森氏症是我們的另一項投資。

And then in Alzheimer's now with Aliata is another, I'd say, long-term investment we're making to grow the Neuroscience franchise.

我想說，現在與 Aliata 一起在阿茲海默症領域進行的另一項長期投資是我們為發展神經科學業務而進行的長期投資。

There's also adjacencies like ALS, MS, that we're interested in that we have some partnerships that we'll continue to pursue.

我們也對 ALS、MS 等鄰近領域感興趣，我們將繼續尋求一些合作夥伴關係。

And so we see neuroscience is an important long-term growth driver for the company.

因此，我們認為神經科學是公司重要的長期成長動力。

We're obviously investing heavily across a number of areas, but we think about it really in those four categories.

顯然，我們在許多領域進行了大量投資，但我們實際上是在這四個領域進行思考。

And so it's one that we're obviously very excited about the future prospects for.

因此，我們顯然對未來前景感到非常興奮。

Thanks, Carter.

謝謝，卡特。

Operator, next question, please.

接線員，請下一個問題。

Steve Scala, Cowen.

史蒂夫·斯卡拉，考恩。

Thank you so much.

太感謝了。

I'm a bit surprised at how Cerevel was such a focus in the prepared remarks, given the pending emracaladine data which very much will color our views of the Cerevel acquisition.

我對 Cerevel 在準備好的演講中如此關注感到有點驚訝，因為即將公佈的埃馬卡拉丁數據將極大地影響我們對 Cerevel 收購的看法。

Should we conclude you have increased confidence or insight into the pending data?

我們是否應該得出結論，您對待處理資料的信心或洞察力增強了？

And related to that, seem to be looking for an effect size of 0.6. But based on what was just said, that doesn't even seem to be a possibility.

與此相關的是，似乎正在尋找 0.6 的效應大小。但從剛才的話來看，這似乎根本不可能。

So any thoughts would be appreciated.

因此，任何想法將不勝感激。

Thank you.

謝謝。

This is Rob, and Roopal can take the second part.

這是羅布，魯帕爾可以擔任第二部分。

I'll take the first part of the question.

我將回答問題的第一部分。

So Steve, in the prepared remarks, we're talking about the quarter.

史蒂夫，在準備好的演講中，我們正在談論本季。

We obviously closed several transactions in the quarter.

顯然，我們在本季完成了幾筆交易。

That's a significant event.

這是一個重大事件。

We also did see the Phase 3 trial results for Tavapadon, so that was important to comment as well.

我們也確實看到了 Tavapadon 的第三階段試驗結果，因此發表評論也很重要。

As we've mentioned, we expect the two pivotals from Racladene to read out in the fourth quarter.

正如我們所提到的，我們預計拉克拉德尼的兩個關鍵數據將在第四季讀出。

So I wouldn't read too much into it other than it was an important event to highlight in the quarter.

因此，除了這是本季度需要強調的重要事件之外，我不會對其進行過多解讀。

Yes.

是的。

And it's Roopal.

這是魯帕爾。

I agree.

我同意。

We have two positive Phase 3 studies with Tavapadon.

我們對 Tavapadon 進行了兩項積極的 3 期研究。

And in the oral space, I don't know if we've seen a new mechanism that could have this type of approach in a very long time.

在口腔領域，我不知道我們是否已經看到一種可以在很長一段時間內採用這種方法的新機制。

So it is important to discuss that because the unmet need continues to be very, very high, and Parkinson's is a place where we believe we can meaningfully participate in.

因此，討論這一點很重要，因為未滿足的需求仍然非常非常高，而帕金森氏症是一個我們相信我們可以有意義地參與的領域。

On the effect size question, when we look at the 1b data, it was more than a 12-point differential.

關於效應大小問題，當我們查看 1b 資料時，發現差距超過 12 個百分點。

So we have observed sometimes the decrement and the question was around if placebo responses move up a little bit.

因此，我們有時會觀察到這種下降，問題是安慰劑反應是否會上升一點。

So that being said, we still think we can maintain a very strong effect size coupled with the safety profile.

話雖這麼說，我們仍然認為我們可以保持非常強的效應大小和安全性。

Remember, the issue here in therapy isn't just about efficacy, it's about maintaining these patients on a drug that they can tolerate, and the majority of these patients don't last very long and cycle through these assets and even stop these especially atypicals without even letting their physicians know and then go on to have a flare and end up in the hospital.

請記住，治療中的問題不僅僅是療效，而是讓這些患者繼續使用他們可以耐受的藥物，而這些患者中的大多數人不會持續很長時間，並且會循環使用這些資產，甚至停止這些特別非典型的藥物甚至沒有讓他們的醫生知道，然後繼續發作並最終住院。

So we think about this as a benefit, risk and tolerability profile.

因此，我們將其視為收益、風險和耐受性概況。

And from a weight, metabolic motor symptoms, sedation, these are major problems with atypicals.

從體重、代謝運動症狀、鎮靜來看，這些都是非典型患者的主要問題。

And with something like imaraclidine, we feel that we can still fully differentiate.

對於像伊馬拉利定這樣的東西，我們覺得我們仍然可以完全區分。

So I don't know if I'd read into any concerns other than maybe seeing an effect that's slightly different than what we saw in Phase 1b.

所以我不知道除了可能看到的效果與我們在第 1b 階段看到的效果略有不同之外，我是否會理解任何擔憂。

But beyond that, we think this could still be very competitive.

但除此之外，我們認為這仍然非常有競爭力。

Thanks, Steve.

謝謝，史蒂夫。

Operator, we have time for one final question.

接線員，我們有時間回答最後一個問題。

Luisa Hector, Berenberg.

路易莎·赫克托，貝倫貝格。

Hello.

你好。

Thanks for taking my question.

感謝您提出我的問題。

Just on Vraylar, could you expand a little on the comments of the channel mix pressure in Q3, and how that will play out as we move forward?

就 Vraylar 而言，您能否詳細談談第三季通路組合壓力的評論，以及隨著我們前進，這種壓力將如何發揮作用？

And perhaps just a quick comment on the extension of the collaboration with Gideon Richter and why you went down that route.

也許只是簡單地評論一下與吉迪恩·里希特 (Gideon Richter) 的合作的擴展以及你為什麼走這條路。

Thank you.

謝謝。

Lisa, this is Scott.

麗莎，這是史考特。

I'll take the question regarding Vraylar.

我將回答有關弗雷拉爾的問題。

So it was -- essentially, it was a channel mix change.

所以本質上來說，這是通路組合的改變。

It was slight.

很輕微。

I would tell you that really kind of had accumulated over the course of the year.

我想告訴你，這一點確實是在這一年累積起來的。

And that's why we made -- we decided it made sense to make the adjustments.

這就是我們決定進行調整的原因。

So as that channel mix change, we saw a little bit of negative price as a result of that.

因此，隨著通路組合的變化，我們看到了一些負價格。

So we took down the regular guidance by $100 million.Now I would note in neuroscience in totality that was offset by the raise in Botox Therapeutics.

因此，我們將常規指導減少了 1 億美元。

So neuroscience and our therapeutic or growth area guide is stable.

因此，神經科學和我們的治療或成長領域指南是穩定的。

So maybe the second question we'll go to Roopal.

那麼第二個問題我們可能會問 Roopal。

Yeah.

是的。

We -- it's Roopal.

我們——這是魯帕爾。

We expanded further.

我們進一步擴大了規模。

We've had a strong partnership.

我們有著牢固的合作關係。

They're a terrific organization.

他們是一個很棒的組織。

We have a follow-on to Vraylar that's more D3 leaning that will start entering the clinic quite soon in Phase 2, looking at bipolar depression and MDD as well as generalized anxiety disorder.

我們有 Vraylar 的後續產品，更傾向於 D3，很快就會在第二階段開始進入臨床，研究雙相憂鬱症、MDD 以及廣泛性焦慮症。

As Rob described as part of our neuroscience strategy, psychiatry is a big part of that.

正如羅布所描述的，作為我們神經科學策略的一部分，精神病學是其中的重要組成部分。

And having a deeper relationship with Gideon Richter will allow us to have potentially even more assets in depression, in bipolar disorder, in schizophrenia and anxiety and potentially, other adjacent indications that we continue to be interested in because the unmet need continues to be very high.

與吉迪恩·里克特（Gideon Richter）建立更深入的關係將使我們在抑鬱症、雙相情感障礙、精神分裂症和焦慮症以及我們繼續感興趣的其他鄰近適應症方面擁有更多的資產，因為未滿足的需求仍然非常高。

Well, thank you.

嗯，謝謝。

And thanks, Shirley.

謝謝，雪莉。

That concludes our conference call today.

我們今天的電話會議到此結束。

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.

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.

謝謝。

And this concludes today's call.

今天的電話會議到此結束。

We thank you for your participation.

我們感謝您的參與。

And at this time, you may disconnect your lines.

此時，您可以斷開線路。