艾伯維 (ABBV) 2024 Q4 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the AbbVie fourth-quarter 2024 earnings conference call. (Operator Instructions) Today's call is also being recorded. If you have any objections, you may disconnect at this time.

早安，感謝您的支持。歡迎參加 AbbVie 2024 年第四季財報電話會議。（操作員指示）今天的通話也正在錄音。如果您有任何異議，此時您可以斷開連接。

I would now like to introduce Ms. Liz Shea, Senior Vice President of Investor Relations. Ma'am, you may begin.

現在我想介紹投資者關係高級副總裁 Liz Shea 女士。女士，您可以開始啦。

Thank you. 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.

謝謝。早安，感謝您加入我們。今天與我一起參加電話會議的還有執行長 Rob Michael；傑夫‧史都華 (Jeff Stewart)，執行副總裁、商務長； Roopal Thakkar，研發執行副總裁、首席科學長；雷恩茲 (Scott Reents)，執行副總裁、財務長；以及 AbbVie 資深副總裁兼 Allergan Aesthetics 全球總裁 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.

在我們開始之前，我要指出的是，我們今天所做的一些聲明可能被視為基於我們當前預期的前瞻性聲明。AbbVie 警告稱，這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們的前瞻性陳述中所示的結果有重大差異。

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.

有關這些風險和不確定性的更多資訊包含在我們的美國證券交易委員會 (SEC) 文件中。除法律要求外，AbbVie 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，將採用非公認會計準則財務指標來幫助投資者了解 AbbVie 的業務表現。這些非 GAAP 財務指標與我們今天的收益報告和監管文件中的可比較 GAAP 財務指標進行了協調，可在我們的網站上找到。在我們發表準備好的發言之後，我們將回答您的問題。

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

因此，我將把電話轉給 Rob。

Thank you, Liz. Good morning, everyone, and thank you for joining us. Our fourth-quarter performance closes out another excellent year for AbbVie, and I am very pleased with the significant progress we made in 2024. We executed on our top commercial priorities, advanced our pipeline with key regulatory approvals and promising data, and further strengthened our business through strategic transactions.

謝謝你，莉茲。大家早安，感謝大家的收看。我們第四季的業績為 AbbVie 又一個出色的一年畫上了句號，我對我們在 2024 年取得的重大進展感到非常高興。我們執行了我們的首要商業重點，透過關鍵監管部門的批准和有希望的數據推進了我們的產品線，並透過策略交易進一步加強了我們的業務。

Turning to our results. We delivered full-year adjusted earnings per share of $10.12, which is $0.49 above our initial guidance midpoint, excluding the impact of IPR&D expense Total net revenues were $56.3 billion, exceeding our initial guidance by more than $2 billion.

談到我們的結果。我們實現的全年調整後每股收益為10.12 美元，比我們最初預期的中位數高出0.49 美元（不包括知識產權與開發費用的影響）。出20 多億美元。

Our results demonstrate a rapid return to sales growth with full-year revenue up 4.6% on an operational basis despite $5 billion of US HUMIRA erosion in 2024. This outstanding execution is driven by our ex-HUMIRA platform, which continues to outperform expectations, delivering full-year sales growth of more than 18% with revenue growth accelerating to 22% in the fourth quarter.

我們的結果表明，儘管 2024 年美國 HUMIRA 銷售額將減少 50 億美元，但銷售額仍迅速恢復成長，全年營收以營運基礎計算成長 4.6%。這項出色的執行力得益於我們的 HUMIRA 平台，該平台繼續超出預期，全年銷售額增長超過 18%，第四季度收入增長加速至 22%。

As I look to 2025 and beyond, we are well positioned with our ex-HUMIRA platform. It will allow AbbVie to deliver robust mid-single-digit revenue growth in 2025 and exceed our previous peak revenue in just the second year following the US HUMIRA LOE. And given that we have no significant LOE events for the rest of this decade, we have a clear runway to growth for at least the next eight years, including a high single-digit revenue CAGR through 2029.

展望 2025 年及以後，我們憑藉 HUMIRA 平台已經佔據了有利地位。它將使 AbbVie 在 2025 年實現強勁的中個位數收入成長，並在美國 HUMIRA LOE 之後的第二年就超過我們之前的峰值收入。鑑於本世紀剩餘時間內我們不會發生重大的 LOE 事件，我們至少在未來八年內擁有明確的成長跑道，包括到 2029 年實現高個位數的收入複合年增長率。

We anticipate a substantial portion of this growth will be driven by robust performance from SKYRIZI and RINVOQ. These two assets are expected to collectively generate nearly $24 billion of revenue in 2025, reflecting growth of more than $6 billion. Based on this strong momentum, we now expect SKYRIZI and RINVOQ to exceed more than $31 billion of combined sales in 2027, which is $4 billion above the guidance we provided last year.

我們預計，這一成長的很大一部分將來自 SKYRIZI 和 RINVOQ 的強勁表​​現。預計這兩項資產到 2025 年將共同創造近 240 億美元的收入，成長超過 60 億美元。基於這一強勁勢頭，我們現在預計 SKYRIZI 和 RINVOQ 的總銷售額在 2027 年將超過 310 億美元，比我們去年提供的指引高出 40 億美元。

We are seeing strong performance across all of their approved indications, especially in IBD. And we see several tailwinds that will support growth into the next decade, including healthy immunology market growth, strong share capture, given best-in-class profiles, continued robust market access, and momentum from new indications such as the recent launch of SKYRIZI in UC as well as the potential for five new indications for RINVOQ over the next few years.

我們看到其在所有核准適應症中均表現強勁，特別是在 IBD 領域。我們看到了幾個將在未來十年支持成長的順風因素，包括健康的免疫學市場成長、強勁的市場份額、一流的產品、持續強勁的市場准入，以及來自新適應症的動力，例如最近在UC 以及未來幾年 RINVOQ 可能出現的五種新適應症。

In neuroscience, our second-largest therapeutic area, we are seeing very robust performance with sales of $10 billion expected in 2025, reflecting growth of $1 billion across psychiatry, migraine, and Parkinson's. In oncology, I am very encouraged by our long-term growth prospects. This includes our BCL-2 inhibitor, VENCLEXTA; our FR alpha ADC for ovarian cancer, ELAHERE; our two novel c-Met ADCs for solid tumors, Teliso-V and 400; and our BCMA CD3 bispecific for multiple myeloma, 383.

在我們的第二大治療領域神經科學方面，我們看到了非常強勁的表現，預計2025 年的銷售額將達到100 億美元，其中精神病學、偏頭痛和帕金森氏症領域的增長幅度為10 億美元。在腫瘤學方面，我對我們的長期發展前景感到非常鼓舞。其中包括我們的 BCL-2 抑制劑 VENCLEXTA；我們的用於治療卵巢癌的 FR alpha ADC，ELAHERE；我們針對實體腫瘤的兩種新 c-Met ADC，Teliso-V 和 400；以及我們針對多發性骨髓瘤的 BCMA CD3 雙特異性抗體 383。

Lastly, while the recent performance in aesthetics has been impacted by challenging market conditions in the US and China, the category remains very attractive, given low penetration rates for facial injectables. When the market returns to more normalized growth, our leading commercial portfolio and forthcoming pipeline will help drive improved performance. Based on the market trends over the last few years and our assumption for a gradual recovery in the near term, we now expect aesthetics to deliver a high single-digit revenue CAGR through 2029.

最後，雖然近期美容領域的表現受到了美國和中國市場環境嚴峻的影響，但考慮到臉部注射的滲透率較低，這個類別仍然非常有吸引力。當市場恢復更正常的成長時，我們領先的商業組合和即將推出的產品線將有助於推動績效的提升。根據過去幾年的市場趨勢以及我們對短期內逐步復甦的假設，我們現在預計到 2029 年美學將實現高個位數的複合年增長率。

Turning now to R&D. We have made excellent progress with our late-stage programs. These advancements include recent approvals for SKYRIZI in UC, EPKINLY in later lines of follicular lymphoma, ELAHERE for FR alpha-positive platinum-resistant ovarian cancer, VYALEV for advanced Parkinson's, and new indications for BOTOX and JUVÉDERM.

現在轉向研發。我們的後期專案取得了顯著進展。這些進展包括最近批准用於治療潰瘍性結腸炎的SKYRIZI、用於治療晚期濾泡性淋巴瘤的EPKINLY、用於治療FR 阿爾法陽性鉑耐藥性卵巢癌的ELAHERE、用於治療晚期帕金森氏症的VYALEV，以及用於治療BOTOX 和JUVÃDERM 的新適應症。

In 2025, we anticipate approvals for RINVOQ in GCA and Teliso-V for non-squamous non-small cell lung cancer, as well as regulatory submissions for tavapadon in Parkinson's, VENCLEXTA in higher-risk MDS, and BoNT/E for aesthetics.

2025 年，我們預計RINVOQ 將獲準用於治療GCA，Teliso-V 將獲準用於治療非鱗狀非小細胞肺癌，此外，tavapadon 將獲準用於治療帕金森氏症，VENCLEXTA 將獲批用於治療高風險MDS，BoNT/E 將獲準用於治療美容。

We have also added up to our pipeline by signing more than 20 early-stage deals since the beginning of 2024, including promising technologies and innovative mechanisms that can elevate the standard of care in immunology, oncology, and neuroscience. We have significant capacity to continue pursuing external innovation with a focus on differentiated opportunities that can drive growth in the next decade.

自 2024 年初以來，我們還簽署了 20 多項早期交易，擴大了我們的產品線，其中包括可以提高免疫學、腫瘤學和神經科學治療標準的有前景的技術和創新機制。我們擁有強大的能力繼續追求外部創新，並專注於能夠推動未來十年成長的差異化機會。

In summary, I am very pleased with AbbVie's execution in 2024 and expect our diverse portfolio to drive strong growth in 2025 and beyond.

總而言之，我對 AbbVie 在 2024 年的執行情況非常滿意，並預計我們多元化的投資組合將在 2025 年及以後推動強勁成長。

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

說完這些，我將把電話轉給傑夫，請他對我們的商業亮點發表更多評論。傑夫？

Thank you, Rob. I'll start with the quarterly results for immunology, which delivered total revenues of approximately $7.3 billion, exceeding our expectations. SKYRIZI total sales were nearly $3.8 billion, reflecting operational growth of 57.9%. RINVOQ total sales were more than $1.8 billion, reflecting operational growth of 47.1%.

謝謝你，羅布。我首先介紹免疫學季度業績，該部門總收入約為 73 億美元，超出了我們的預期。SKYRIZI 總銷售額接近 38 億美元，營運成長 57.9%。RINVOQ 總銷售額超過 18 億美元，營運成長 47.1%。

On a full-year basis, SKYRIZI and RINVOQ delivered approximately $17.7 billion in total combined revenue, an impressive increase of nearly $6 billion year over year, exceeding our expectations. These results reflect strong performance across all approved indications. I'll share some highlights in the US.

全年來看，SKYRIZI 和 RINVOQ 的總收入約為 177 億美元，年增近 60 億美元，超出了我們的預期。這些結果反映了所有核准適應症的強勁表現。我將分享一些美國的亮點。

SKYRIZI total prescription share in the biologic psoriasis market is now approximately 40%, reflecting a very significant lead relative to all major competitors with in-play capture rates remaining very strong. Over the course of 2025, we anticipate new data for SKYRIZI on hard-to-treat areas of the body, including scalp and genital psoriasis. In addition, we expect the readout of our fifth head-to-head study in psoriasis comparing SKYRIZI to Sotyktu which will continue to differentiate the brand versus oral competitors.

SKYRIZI 在生物製劑乾癬市場的總處方份額目前約為 40%，相對於所有主要競爭對手而言，佔據非常顯著的領先地位，並且在線捕獲率仍然非常強勁。到 2025 年，我們預計將獲得 SKYRIZI 治療身體難以治療部位（包括頭皮和生殖器牛皮癬）的新數據。此外，我們預計第五次針對牛皮癬的頭對頭研究的結果將比較 SKYRIZI 和 Sotyktu，這將繼續區分該品牌與口服競爭對手。

RINVOQ is now capturing more than 20% in-play share in atopic dermatitis as our communication around our LEVEL UP study versus Dupixent continues to ramp. Recall that in LEVEL UP, we showed strong comparative results on stringent endpoints of skin resolution and itch reduction.

隨著我們圍繞 LEVEL UP 研究與 Dupixent 的溝通不斷加強，RINVOQ 目前在異位性皮膚炎治療中的份額已超過 20%。回想一下，在 LEVEL UP 中，我們在皮膚消退和減少搔癢的嚴格終點上展示了強有力的比較結果。

In RA, RINVOQ is achieving the leading in-play share in the second line-plus market, consistent with the brand's label. We see that US physicians are increasingly utilizing only one TNF prior to initiating RINVOQ treatment in RA.

在 RA 中，RINVOQ 在二線以上市場中取得了領先的遊戲份額，這與該品牌的標籤一致。我們發現，美國醫生在開始 RINVOQ 治療 RA 之前越來越多地僅使用一種 TNF。

In psoriatic arthritis, SKYRIZI and RINVOQ together are capturing a leading in-play share in the room category, highlighting the effective co-positioning of both agents in this important segment. Across IBD, SKYRIZI and RINVOQ are also capturing substantial portfolio share given their respective efficacy, safety, and dosing profiles.

在乾癬性關節炎領域，SKYRIZI 和 RINVOQ 共同佔據了房間類別的領先份額，凸顯了兩種藥物在這一重要領域的有效共同定位。在 IBD 領域，SKYRIZI 和 RINVOQ 鑑於其各自的功效、安全性和劑量特性，也佔據了相當大的投資組合份額。

In Crohn's disease, which is roughly two-thirds of the overall IBD market, these two treatments together are capturing approximately half of the in-play share with total prescription volumes ramping very rapidly. In ulcerative colitis, we are seeing a very strong inflection following the SKYRIZI launch in the second half of last year. Both SKYRIZI and RINVOQ together are already capturing roughly a third of the UC in-play market, which supports robust momentum going forward for both AbbVie brands.

克羅恩病約佔整個 IBD 市場的三分之二，這兩種治療方法合計佔據了約一半的市場份額，總處方量增長非常迅速。在潰瘍性結腸炎方面，我們看到自去年下半年 SKYRIZI 推出以來出現了非常強烈的變化。SKYRIZI 和 RINVOQ 合計已佔據 UC 線上治療市場約三分之一的份額，這為 AbbVie 兩個品牌未來的強勁發展勢頭提供了支持。

We see similar performance internationally as well, where SKYRIZI and RINVOQ are also achieving leadership positions across our major countries. So I'm very pleased with this momentum and continue to see a significant opportunity for share gains across our existing indications in addition to the typical market growth we see across rheum, derm, and gastro in 2025 and beyond.

我們在國際上也看到了類似的表現，SKYRIZI 和 RINVOQ 在我們主要國家也取得了領導地位。因此，我對這一勢頭感到非常高興，除了我們在2025 年及以後看到的風濕病、皮膚病和胃腸病領域的典型市場增長之外，我們還繼續看到我們現有適應症的份額增長的巨大機會。

Turning now to HUMIRA, which delivered global sales of more than $1.6 billion, down 48.7% on an operational basis primarily due to biosimilar competition. We continue to see molecule compression in the US with volume moving to other novel mechanisms, which has resulted in a benefit to both SKYRIZI and RINVOQ.

現在來看看 HUMIRA，其全球銷售額超過 16 億美元，營運銷售額下降 48.7%，主要原因是生物相似藥的競爭。我們繼續看到美國的分子壓縮，其規模轉向其他新機制，這對 SKYRIZI 和 RINVOQ 都產生了好處。

We anticipate HUMIRA access will decrease throughout 2025 as more plans move to exclusive biosimilar contracts. It's reasonable to assume that roughly half of US-covered lives will continue to have parity access to HUMIRA on a full-year basis with select exclusionary contracts for existing patients expected to begin around the middle of the year.

我們預計，隨著越來越多的計劃轉向獨家生物仿製藥合同，HUMIRA 的獲取機會將在 2025 年減少。合理的推測是，大約有一半的美國受保人將繼續在全年享有同等的 HUMIRA 治療機會，而針對現有患者的選擇性排他性合約預計將於今年年中開始生效。

Moving now to oncology, where total revenues were approximately $1.7 billion. IMBRUVICA global revenues were $848 million, down 6.2%, reflecting continued competitive dynamics in CLL. VENCLEXTA global sales were $655 million, up 13% on an operational basis, reflecting strong demand for both CLL and AML across our key countries.

現在轉向腫瘤學，總收入約 17 億美元。IMBRUVICA 全球營收為 8.48 億美元，下降 6.2%，反映了 CLL 領域持續的競爭態勢。VENCLEXTA 全球銷售額為 6.55 億美元，以營運基礎成長 13%，反映了我們主要國家對 CLL 和 AML 的強勁需求。

Lastly, ELAHERE continues to demonstrate a strong launch trajectory for FR alpha-positive platinum-resistant ovarian cancer with global sales of $148 million. Sales in the US are annualizing at more than $600 million, and commercialization is now underway in key international markets where we are accelerating regulatory and reimbursement time lines.

最後，ELAHERE 在 FR 阿爾法陽性鉑抗藥性卵巢癌領域持續展現強勁的上市軌跡，全球銷售額達 1.48 億美元。美國市場的年銷售額超過 6 億美元，我們正在主要國際市場加快監管和報銷時間表，目前正在進行商業化。

Moving to neuroscience where total full-year revenues were $9 billion, reflecting impressive absolute sales growth of nearly $1.3 billion. In the quarter, total revenues were $2.5 billion, up 19.9% on an operational basis. This robust performance is driven by continued double-digit growth of VRAYLAR with global sales of $924 million, BOTOX Therapeutic with global revenues of $873 million, UBRELVY with global sales of $303 million, and QULIPTA with global revenues of $201 million.

轉向神經科學領域，全年總收入為 90 億美元，反映出令人印象深刻的近 13 億美元的絕對銷售額成長。本季度，總營收為 25 億美元，以營運基礎計算成長 19.9%。這項強勁業績的推動因素包括：VRAYLAR 全球銷售額達9.24 億美元，BOTOX Therapeutic 全球收入達8.73 億美元，UBRELVY 全球銷售額達3.03 億美元，QULIPTA 全球收入達2.01 億美元，持續保持兩位數成長。

Beyond these leading therapies for psychiatry and migraine, we are very excited for an emerging portfolio in Parkinson's disease. We recently launched VYALEV, the only subcutaneous 24-hour continuous infusion of levodopa-based therapy for the treatment of advanced Parkinson's disease.

除了這些針對精神病學和偏頭痛的領先療法之外，我們也對帕金森氏症領域的新興療法組合感到非常興奮。我們最近推出了 VYALEV，這是唯一一種用於治療晚期帕金森氏症的皮下 24 小時持續輸注左旋多巴療法。

As a less invasive, non-surgical delivery system that can provide meaningful improvements in on-time and off-time, we are seeing very high interest from both physicians and patient communities. Parkinson's experts report significant benefit from the continuous 24-hour delivery and the control of symptoms morning, day, and through the night.

作為一種侵入性較小、非手術性的輸送系統，它可以在準時性和停藥性方面提供有意義的改善，我們看到醫生和患者群體的高度興趣。帕金森氏症專家報告稱，24 小時連續給藥以及早上、白天和晚上對症狀的控制將帶來顯著的益處。

While sales in the US are expected to ramp gradually over the next several quarters as we work to establish the appropriate Medicare coverage and benefit determination, uptake internationally is exceeding our expectations.

隨著我們努力建立適當的醫療保險覆蓋範圍和福利確定，美國的銷售額預計在未來幾季將逐步上升，但國際上的成長超出了我們的預期。

Finally, I'm very encouraged by the data we are seeing for tavapadon for potential use as a monotherapy for early Parkinson's disease as well as an adjunct to optimize oral therapy for more advanced patients. Tavapadon represents a very complementary addition to our Parkinson's disease portfolio with VYALEV and DUOPA.

最後，我對我們看到的關於 tavapadon 的潛在用途的數據感到非常鼓舞，它既可以作為早期帕金森氏症的單一療法，也可以作為優化晚期患者口服療法的輔助療法。Tavapadon 與 VYALEV 和 DUOPA 一起對我們的帕金森氏症藥物組合起到了很好的補充作用。

So overall, I'm extremely pleased with the commercial execution across our therapeutic portfolio, which is demonstrating very strong momentum as we head into 2025.

因此，總體而言，我對我們的治療產品組合的商業執行感到非常滿意，隨著我們邁向 2025 年，它顯示出非常強勁的發展勢頭。

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

說完這些，我會把電話轉給 Carrie，請她對美學提出更多評論。嘉莉？

Thank you, Jeff. Fourth-quarter global aesthetics sales were approximately $1.3 billion, reflecting an operational decrease of 4.4%. In the US, aesthetic sales of $839 million declined 5% as challenging market conditions and promotional dynamics impacted key assets.

謝謝你，傑夫。第四季全球美學銷售額約 13 億美元，營運下降 4.4%。在美國，由於市場條件嚴峻和促銷動態影響了關鍵資產，美容銷售額為 8.39 億美元，下降 5%。

Consistent with recent quarters, the US facial injectable market continues to be affected by suppressed consumer spending that is related to the cumulative impact of high inflation over several years. As a higher price procedure relative to toxins, current conditions are most notably impacting the filler market, which declined by approximately 10% in the quarter.

與最近幾季的情況一致，美國臉部注射劑市場繼續受到與多年高通膨累積影響有關的消費支出抑制的影響。作為一種相對於毒素價格較高的程序，目前的情況對填充劑市場影響最為顯著，該市場在本季度下降了約 10%。

The toxin market remains more resilient, demonstrating low single-digit percent growth. Although we continue to be the clear market leader in toxins and fillers, in Q4, our facial injectables share declined by a few points.

毒素市場仍保持較強的彈性，呈現低個位數的百分比成長率。儘管我們仍然是毒素和填充劑市場的明顯領導者，但在第四季度，我們的臉部注射劑份額下降了幾點。

In October, we launched an updated version of our Allē Consumer Loyalty Program, which was designed to benefit providers by increasing treatment frequency, patient retention, and cross-selling. While some providers embrace the new loyalty program, many felt the new construct was too complex to integrate into their practices, therefore, negatively impacting market share and inventory levels.

在十月份，我們推出了「AllÄ 消費者忠誠度計畫」的升級版本，旨在透過增加治療頻率、病患保留率和交叉銷售使醫療服務提供者受益。雖然一些供應商接受了新的忠誠度計劃，但許多供應商認為新架構過於複雜，無法融入他們的實踐，因此對市場份額和庫存水準產生負面影響。

Based on this market reaction, we reinstated our original Allē Consumer Loyalty Program earlier this month. This action has been met with a rapid and favorable response from our providers with encouraging early indicators for sales and market share recovery.

根據市場反應，我們本月初恢復了原有的「AllÄ」消費者忠誠度計劃。此舉得到了供應商的迅速而積極的回應，銷售和市場份額的早期恢復指標令人鼓舞。

Internationally, aesthetic sales were $459 million. This represented an operational decline of 3.2% that was primarily due to lower JUVÉDERM sales, as BOTOX cosmetic sales were roughly flat on an operational basis. Our international results were impacted by our second largest global market, China, where lower consumer spending related to economic headwinds continues to affect performance.

在國際上，美學銷售額為 4.59 億美元。這意味著營運下降了 3.2%，主要原因是 JUVÃDERM 銷售額下降，因為 BOTOX 化妝品銷售額在營運基礎上基本持平。我們的國際績效受到全球第二大市場中國的影響，中國受經濟逆風影響的消費支出下降持續影響績效。

Looking to 2025, we've planned prudently with our outlook for modest aesthetic sales growth. In the US, this reflects a gradual improvement in market growth rates and share for both toxins and fillers. Additionally, based on our Allē loyalty program changes, we expect a onetime price adjustment to negatively impact our first quarter US results. Internationally, we are focused on retaining a strong competitive position as we launch multiple new products in China, while we closely monitor market conditions and consumer sentiment.

展望2025年，我們制定了審慎的計劃，希望能實現美學銷售的適度成長。在美國，這反映了毒素和填充劑的市場成長率和份額的逐步提高。此外，根據我們 AllÄ 的忠誠度計畫的變化，我們預計一次性價格調整將對我們第一季的美國業績產生負面影響。在國際上，我們專注於保持強大的競爭地位，因為我們在中國推出了多款新產品，同時我們密切關注市場狀況和消費者情緒。

In summary, while economic headwinds in key geographies have created a near-term impact on market conditions, we continue to see significant long-term growth potential given high consumer interest and low penetration rates. Allergan Aesthetics is uniquely positioned to benefit based on our customer relationships, commercial investments, and innovative pipeline.

總而言之，雖然主要地區的經濟逆風在短期內對市場狀況產生了影響，但鑑於消費者興趣高漲和滲透率低，我們仍看到巨大的長期成長潛力。艾爾建美學公司 (Allergan Aesthetics) 憑藉其獨特的優勢，能夠從客戶關係、商業投資和創新管道中獲益。

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

說完這些，我會把電話轉給 Roopal。

Thank you, Carrie. We continue to make significant progress with our R&D efforts to advance novel clinical programs across all stages of our diversified pipeline. In 2025, we expect a strong cadence of important data readouts, regulatory submissions, and new approvals as well as many clinical trial starts for key programs.

謝謝你，嘉莉。我們在研發方面持續取得重大進展，推動我們多元化產品線各階段的新型臨床專案。2025 年，我們預計重要數據讀取、監管提交和新批准以及許多關鍵項目的臨床試驗將以強勁的節奏啟動。

Starting with immunology, regulatory applications are under review for RINVOQ and GCA with approval decisions anticipated in the second quarter. Data for 2 Phase 3 RINVOQ programs will be available this year, alopecia areata and vitiligo, and for our HS and lupus programs in 2026.

從免疫學開始，RINVOQ 和 GCA 的監管申請正在接受審查，預計在第二季做出批准決定。2 個 3 期 RINVOQ 計畫的數據將於今年提供，斑禿和白斑症計畫的數據，以及我們的 HS 和狼瘡計畫的數據將於 2026 年提供。

Moving to SKYRIZI. Data from the head-to-head in psoriasis versus Sotyktu will be available this year. Also this year, to further support differentiation in IBD, a study comparing SKYRIZI to ENTYVIO in ulcerative colitis will be initiated.

轉向 SKYRIZI。牛皮癬與 Sotyktu 的頭對頭對比研究數據將於今年公佈。此外，今年為了進一步支持 IBD 的區分，將啟動一項比較 SKYRIZI 與 ENTYVIO 在潰瘍性結腸炎中的研究。

Additional mid-stage monotherapy and combination studies are planned in 2025, including a Phase 2 study evaluating lutikizumab in atopic dermatitis; a Phase 2 study evaluating SKYRIZI and lutikizumab in psoriatic arthritis; and advancement of our anti-TREM1 antibody, ABBV-8736, with the eventual goal to add it to the Crohn's disease platform study as a monotherapy and in combination with SKYRIZI.

計劃於 2025 年進行額外的中期單藥治療和聯合研究，包括一項評估盧替珠單抗治療異位性皮膚炎的 2 期研究；一項評估 SKYRIZI 和盧替吉單抗治療乾癬性關節炎的 2 期研究；以及我們抗 TREM1 抗體 ABBV-8736 的進展，最終目標是將其作為單一療法和與 SKYRIZI 聯合治療添加到克羅恩病平台研究中。

Moving to oncology, where multiple regulatory and clinical milestones as well as phase transitions for key programs are planned. One area that we are particularly excited about is our ADC pipeline, where several assets are aimed at multiple tumor types.

轉向腫瘤學，規劃了多個監管和臨床里程碑以及關鍵項目的階段轉變。我們特別興奮的一個領域是我們的 ADC 管線，其中幾種資產針對多種腫瘤類型。

Our regulatory application is under review 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. The target for an approval decision is in the first half of this year.

我們的監管申請正在接受審查，以加速批准 Teliso-V 作為單一療法，用於治療先前接受過治療的 c-Met 過度表達、EGFR 野生型、非鱗狀、非小細胞肺癌患者。預計批准決定將在今年上半年做出。

This represents a segment of lung cancer with high unmet need where patients have limited options and tend to have a very poor prognosis. If approved, Teliso-V would be the first c-Met-directed ADC for the treatment of non-small cell lung cancer.

這代表著肺癌領域存在著大量未滿足的治療需求，患者的治療選擇有限，而且預後往往很差。如果獲得批准，Teliso-V 將成為第一個用於治療非小細胞肺癌的 c-Met 標靶 ADC。

We are also rapidly advancing our next-gen c-Met asset. A Phase 3 study evaluating ABBV-400, also known as Tmab-A, was recently initiated in patients with c-Met-overexpressed refractory metastatic colorectal cancer.

我們也正在迅速推進我們的下一代 c-Met 資產。一項針對 c-Met 過度表現的難治性轉移性大腸直腸癌患者評估 ABBV-400（也稱為 Tmab-A）的 3 期研究最近已啟動。

Tmab-A as a monotherapy is being compared against chemotherapy plus bevacizumab. This year, data from a Phase 1 CRC study evaluating Tmab-A in combination with bevacizumab could enable a Phase 3 study in an all-comers population.

Tmab-A 單一療法正在與化療加貝伐單抗進行比較。今年，評估 Tmab-A 與貝伐單抗聯合治療的 1 期 CRC 研究的數據可以用於在所有人群中進行 3 期研究。

Tmab-A is also progressing well across lung programs. A Phase 2 study in EGFR wild-type non-small cell lung cancer is being planned, where Tmab-A will be evaluated with a PD-1 inhibitor as a frontline combination therapy.

Tmab-A 在肺部計畫中也取得了良好的進展。目前正在計劃對 EGFR 野生型非小細胞肺癌進行第 2 階段研究，其中 Tmab-A 將與 PD-1 抑制劑一起作為一線聯合療法進行評估。

In the EGFR-mutant segment, results from the ongoing Phase 1 study could enable Tmab-A dose optimization studies as a monotherapy in the second-line setting and in combination with osimertinib in the first-line setting. In gastroesophageal cancer, a Phase 2 trial was recently started evaluating Tmab-A in combination with chemotherapy and a PD-1 inhibitor in frontline patients.

在 EGFR 突變部分，正在進行的第 1 階段研究的結果可以支持 Tmab-A 劑量優化研究，作為二線環境中的單一療法以及一線環境中與奧希替尼的聯合使用。在胃食道癌領域，最近開始了一項 2 期試驗，評估 Tmab-A 與化療和 PD-1 抑制劑聯合用於第一線患者的治療效果。

We are also excited about ABBV-706, an ADC that utilizes the same total warhead and linker technology as Tmab-A, but with an antibody that targets SEZ6. Encouraging data in small lung cancer -- small cell lung cancer were presented at ASCO last year.

我們也對 ABBV-706 感到興奮，它是一種 ADC，與 Tmab-A 相同的總彈頭和連接技術，但帶有針對 SEZ6 的抗體。去年在ASCO上公佈了關於小肺癌——小細胞肺癌的令人鼓舞的數據。

And this year, dose optimization and longer-term duration data will be available. This readout could lead to the initiation of a registrational study in second line and dose optimization in combination with standard of care in the front line.

今年，劑量優化和長期持續時間數據將可用。此讀數可能導致啟動二線註冊研究並結合第一線護理標準進行劑量優化。

Moving to FR alpha ADCs. ELAHERE is now approved for platinum-resistant ovarian cancer in the US and Europe and is currently in Phase 3 development for the platinum-sensitive ovarian cancer segment. Also, a next-generation ADC targeting FR alpha, IMGN-151 is currently in Phase 1.

轉向 FR alpha ADC。ELAHERE 目前已在美國和歐洲獲準用於治療鉑金抗藥性卵巢癌，目前正處於鉑敏感型卵巢癌領域的 3 期開發階段。此外，針對 FR alpha 的下一代 ADC，IMGN-151 目前正處於第 1 階段。

This year, ELAHERE will be tested in combination with bevacizumab and a PARP inhibitor. 151 is being advanced into dose optimization as well as in studies with standard of care agents such as bevacizumab, carboplatin, and a PARP inhibitor.

今年，ELAHERE 將與貝伐單抗和 PARP 抑制劑聯合進行測試。 151 正在進行劑量優化以及與貝伐單抗、卡鉑和 PARP 抑制劑等標準治療藥物的研究。

These mid-stage studies for ELAHERE and 151 will be used to inform our Phase 3 approach in various settings for ovarian cancer, including induction and maintenance in platinum-sensitive patients and in combination for frontline maintenance.

ELAHERE 和 151 的這些中期研究將用於指導我們在卵巢癌各種情況下的 3 期治療方案，包括對鉑敏感患者的誘導和維持治療以及聯合治療用於一線維持治療。

Another ADC from ImmunoGen known as pivek targets a rare hematologic malignancy called blastic plasmacytoid dendritic cell neoplasm. Based on positive data from the pivotal Phase 2 study, a regulatory application is planned for later this year.

ImmunoGen 的另一種 ADC 名為 pivek，針對的是一種罕見的血液系統惡性腫瘤，即母細胞性漿細胞樣樹突狀細胞腫瘤。根據關鍵的第二階段研究的積極數據，計劃於今年稍後提交監管申請。

If approved, this would be an important new treatment option for patients with this aggressive blood cancer. Also in the area of hematologic oncology, the Phase 3 VENCLEXTA MDS study is nearing completion with an overall survival data readout later this year.

如果獲得批准，這將成為這種惡性血癌患者的重要新治療選擇。此外，在血液腫瘤學領域，第 3 期 VENCLEXTA MDS 研究即將完成，今年稍後將公佈整體存活數據。

Now moving to neuroscience. Following the emraclidine EMPOWER 1 and 2 study readouts, a thorough analysis of the data was conducted to better understand the placebo effect observed in the two trials. Our findings point to a lack of uniformity of placebo effect across sites. When assessing sites beyond those with high placebo response, a clear efficacy signal was observed, albeit more modest than reported in Phase 1b.

現在轉向神經科學。在 emraclidine EMPOWER 1 和 2 研究讀數之後，對數據進行了徹底的分析，以便更好地了解在兩項試驗中觀察到的安慰劑效應。我們的研究結果顯示不同地點的安慰劑效應缺乏一致性。當評估安慰劑反應較高的部位以外的部位時，觀察到了明確的療效訊號，儘管比第 1b 階段報告的療效訊號要溫和。

Therefore, we see a path forward as an adjunct to atypicals in schizophrenia and as a monotherapy in psychosis related to Alzheimer's and Parkinson's. These are diseases where there is a high unmet need for safe and tolerable treatment that can provide even a modest benefit.

因此，我們認為該藥物有望作為精神分裂症非典型藥物的輔助治療以及阿茲海默症和帕金森氏症相關精神病的單一療法。這些疾病對於安全且可耐受的治療有著很高的需求，即使這種治療能帶來輕微的益處。

Additionally, our intention is to explore higher doses of emraclidine. This is based on the degree of variability observed in the PK data from the EMPOWER studies. If higher doses are found to be safe and well tolerated, there is a potential opportunity to evaluate emraclidine as a monotherapy in schizophrenia as higher doses may result in greater efficacy.

此外，我們的目的是探索更高劑量的恩拉克利定。這是基於 EMPOWER 研究中所觀察到的 PK 資料的變化程度。如果發現較高劑量是安全且耐受性良好的，那麼就有機會評估恩拉克利定作為精神分裂症單一療法的效果，因為較高劑量可能會產生更高的療效。

A multiple ascending dose study will be conducted this year, and data will be available in the early part of 2026. Following this dosing work, Phase 2 studies in adjunctive schizophrenia and potentially monotherapy schizophrenia will be initiated. Dose ranging in elderly patients is ongoing, with Phase 2 studies planned in 2026 in patients with psychosis related to Alzheimer's and Parkinson's disease.

今年將進行一項多次遞增劑量研究，數據將於 2026 年初提供。在完成此項劑量研究後，將啟動針對輔助性精神分裂症和潛在單一治療精神分裂症的 2 期研究。針對老年患者的劑量研究正在進行中，計劃於 2026 年針對患有阿茲海默症和帕金森氏症相關精神病的患者進行第 2 階段研究。

Staying on the topic of Parkinson's disease, positive top-line results from the third Phase 3 trial for tavapadon were recently announced. In the TEMPO 2 trial, tavapadon met the primary endpoint, demonstrating a significant reduction in the severity of Parkinson's disease symptoms compared with placebo at week 26. Key secondary endpoints were also achieved.

繼續討論帕金森氏症的話題，最近公佈了 tavapadon 第三階段 3 期試驗的積極頂線結果。在 TEMPO 2 試驗中，tavapadon 達到了主要終點，與第 26 週的安慰劑相比，帕金森氏症症狀的嚴重程度顯著減輕。關鍵次要終點也已實現。

We are very pleased with the emerging profile for tavapadon, which shows strong efficacy as a monotherapy and as an add-on to levo/carbidopa. The six-month data from the Phase 3 study show tavapadon to be generally safe and well tolerated with low rates of adverse events of special interest, such as sedation and impulse control disorder. Longer-term safety data will be available this year, and regulatory submissions will then follow.

我們對 tavapadon 的新特性感到非常滿意，它作為單一療法和左旋/卡比多巴的附加療法表現出強大的功效。第三階段研究的六個月數據顯示，tavapadon 總體上是安全的、耐受性良好，並且鎮靜和衝動控制障礙等特別令人關注的不良事件發生率較低。長期安全數據將於今年公佈，隨後將提交監管文件。

Moving to aesthetics. We met with the FDA late last year regarding our BoNT/E submission for the treatment of glabellar lines. We are in the process of generating additional CMC data requested by the agency which should be completed in the next few months. The regulatory submission will likely occur around the middle of the year.

轉向美學。去年年底，我們與 FDA 會面，討論治療眉間紋的 BoNT/E 申請。我們正在產生該機構要求的額外 CMC 數據，預計將在接下來的幾個月內完成。監管提交預計將在今年年中左右進行。

To summarize, there have been significant advancements across all stages of our pipeline. In 2025, we anticipate numerous important regulatory and clinical milestones, including many trial starts for key programs.

總而言之，我們的流程各個階段都取得了重大進展。2025 年，我們預計將出現許多重要的監管和臨床里程碑，包括許多關鍵項目的試驗啟動。

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

說完這些，我會把電話轉給史考特。

Thank you, Roopal. Starting with our fourth-quarter results. we reported adjusted earnings per share of $2.16, which is $0.08 above our guidance midpoint. These results include an $0.88 unfavorable impact from acquired IP R&D expense.

謝謝你，Roopal。從我們的第四季業績開始。我們報告調整後每股收益為 2.16 美元，比我們的指導中位數高出 0.08 美元。這些結果包括收購 IP 研發費用帶來的 0.88 美元不利影響。

Total net revenues were $15.1 billion, reflecting robust growth of 6.1% on an operational basis, excluding a 0.5% unfavorable impact from foreign exchange. Our ex-HUMIRA platform delivered reported growth of 22%, once again exceeding our expectations.

總淨收入為 151 億美元，反映出 6.1% 的營運強勁成長，不包括 0.5% 的外匯不利影響。我們的前 HUMIRA 平台報告成長率為 22%，再次超出了我們的預期。

Adjusted gross margin was 83.8% of sales. Adjusted R&D expense was 15.1% of sales. And adjusted SG&A expense was 23.6% of sales.

調整後毛利率為銷售額的83.8%。調整後的研發費用佔銷售額的15.1%。調整後的銷售、一般及行政費用佔銷售額的23.6%。

The adjusted operating margin ratio was 34.7% of sales, which includes a 10.4% unfavorable impact from acquired IP R&D expense. Net interest expense was $610 million. The adjusted tax rate was 20.2%.

調整後的營業利潤率為銷售額的 34.7%，其中包括收購 IP 研發費用帶來的 10.4% 的不利影響。淨利息支出為 6.1 億美元。調整後的稅率為20.2%。

Turning to our financial outlook for 2025. Our full-year adjusted earnings per share guidance is between $12.12 and $12.32. Please note that this guidance does not include an estimate for acquired IP R&D expense that may be incurred throughout the year.

談談我們對 2025 年的財務展望。我們對全年調整後每股收益的預期在 12.12 美元至 12.32 美元之間。請注意，本指引不包括全年可能產生的收購知識產權研發費用的估算。

We expect total net revenues of approximately $59 billion, reflecting robust operational growth of 5.7% despite a roughly 4% net unfavorable impact across our portfolio from the Medicare Part D benefit redesign. At current rates, we expect foreign exchange to have a 1% unfavorable impact on full-year sales growth.

我們預計總淨收入約為 590 億美元，反映出 5.7% 的強勁營運成長，儘管 Medicare Part D 福利重新設計對我們的投資組合產生了約 4% 的淨不利影響。以當前匯率計算，我們預計外匯將對全年銷售成長產生 1% 的不利影響。

This revenue forecast contemplates the following approximate assumptions for select key products and therapeutic areas. We expect global immunology sales of $29.4 billion, including SKYRIZI revenue of $15.9 billion, reflecting growth of more than $4.1 billion driven by continued strong performance in psoriasis as well as robust uptake in IBD; RINVOQ sales of $7.9 billion, reflecting growth of nearly $2 billion with continued market growth and share momentum across all approved indications; and HUMIRA total revenue of $5.6 billion, including US sales of $4 billion as more plans exclude branded HUMIRA around the middle of the year. This forecast includes a $600 million net unfavorable impact from the Medicare Part D benefit redesign.

此收入預測考慮了針對選定的關鍵產品和治療領域的以下近似假設。我們預計全球免疫學銷售額為 294 億美元，其中 SKYRIZI 收入為 159 億美元，成長超過 41 億美元，這得益於銀屑病領域持續強勁的表現以及 IBD 領域的強勁增長； RINVOQ 的銷售額為 79 億美元，反映出近 20 億美元的成長，並且所有核准適應症的市場和份額均保持持續成長動能； HUMIRA 的總收入為 56 億美元，其中美國銷售額為 40 億美元，因為今年年中會有更多計劃排除品牌 HUMIRA。該預測包括醫療保險 D 部分福利重新設計帶來的 6 億美元淨不利影響。

In oncology, we expect global sales of $6.3 billion, including IMBRUVICA revenue of $2.7 billion, which reflects a $400 million net unfavorable impact from the Medicare Part D benefit redesign; VENCLEXTA sales of $2.6 billion, reflecting continued strong demand, partially offset by a $100 million net unfavorable impact from Medicare Part D benefit redesign; and ELAHERE revenue of $750 million.

在腫瘤學領域，我們預計全球銷售額為 63 億美元，其中 IMBRUVICA 收入為 27 億美元，這反映了 Medicare Part D 福利重新設計帶來的 4 億美元淨不利影響； VENCLEXTA 的銷售額為 26 億美元，反映出持續強勁的需求，但部分被 Medicare Part D 福利重新設計造成的 1 億美元淨不利影響所抵消； ELAHERE 的收入為 7.5 億美元。

For aesthetics, we expect global sales of $5.3 billion, reflecting gradual improvement in market conditions across global markets as well as market share recovery in the US. This includes BOTOX Cosmetic revenue of $2.8 billion, and relatively flat sales for JUVÉDERM.

在美學方面，我們預計全球銷售額為 53 億美元，這反映了全球市場狀況的逐步改善以及美國市場份額的恢復。其中包括 28 億美元的 BOTOX Cosmetic 營收和相對持平的 JUVÃDERM 銷售額。

For neuroscience, we expect global sales of $10 billion, reflecting continued double-digit growth. This includes VRAYLA revenue of $3.5 billion, reflecting continued strong prescription demand, partially offset by a $200 million net unfavorable impact from the Medicare Part D benefit redesign; BOTOX therapeutic sales of $3.5 billion; total oral CGRP revenue of $2.1 billion; and VYALEV sales of $300 million. For eye care, we expect global sales of $2.2 billion.

對於神經科學方面，我們預計全球銷售額將達到 100 億美元，並持續維持兩位數成長。其中包括 35 億美元的 VRAYLA 收入，反映了持續強勁的處方需求，部分抵消了 Medicare Part D 福利重新設計帶來的 2 億美元淨不利影響； BOTOX 治療銷售額達 35 億美元；口服 CGRP 總收入為 21 億美元； VYALEV的銷售額達到了3億美元。對於眼部護理方面，我們預計全球銷售額為 22 億美元。

Moving to the P&L for 2025. We are forecasting full-year adjusted gross margin of approximately 84% of sales, adjusted R&D investment of approximately 14.5%, adjusted SG&A expense of approximately $13.2 billion, and an adjusted operating margin ratio of roughly 47% of sales.

轉向 2025 年的損益表。我們預測全年調整後的毛利率約為銷售額的84%，調整後的研發投入約為14.5%，調整後的銷售、一般及行政費用約為132 億美元，調整後的營業利潤率約為銷售額的47%。

We expect adjusted net interest expense of approximately $2.6 billion, which primarily reflects the annualized financing cost for the ImmunoGen and Cerevel Transactions. We forecast our non-GAAP tax rate to be approximately 15.6%. Finally, we expect our share count to be roughly flat to 2024.

我們預計調整後的淨利息支出約為 26 億美元，主要反映 ImmunoGen 和 Cerevel 交易的年化融資成本。我們預測非公認會計準則稅率約為 15.6%。最後，我們預計到 2024 年我們的股票數量將大致保持不變。

Turning to the first quarter. We anticipate net revenues of approximately $12.8 billion. At current rates, we expect foreign exchange to have a 1.6% unfavorable impact on sales growth.

回顧第一季。我們預計淨收入約為 128 億美元。以當前匯率計算，我們預期外匯將對銷售成長產生 1.6% 的不利影響。

This revenue forecast comprehends the following approximate assumptions for our key therapeutic areas, immunology sales of $6.1 billion, including SKYRIZI sales of $3.2 billion and RINVOQ revenue of $1.6 billion. We expect US HUMIRA sales of $900 million.

這項收入預測包含對我們主要治療領域的以下近似假設，免疫學銷售額為 61 億美元，其中包括 SKY​​RIZI 銷售額 32 億美元和 RINVOQ 收入 16 億美元。我們預計美國HUMIRA的銷售額為9億美元。

We also anticipate oncology revenue of $1.5 billion; aesthetic sales of $1.1 billion, which includes an unfavorable onetime price adjustment due to the reimplementation of the original Allē program; neuroscience revenue of $2.1 billion; and eye care sales of $550 million.

我們也預計腫瘤學收入將達到 15 億美元；美學銷售額為 11 億美元，其中包括因重新實施原始 AllÄ 計劃而導致的一次性不利價格調整；神經科學收入 21 億美元；眼部護理產品銷售額達 5.5 億美元。

We are forecasting an operating margin ratio of roughly 44.5% of sales and model a non-GAAP tax rate of approximately 13.8%. We expect adjusted earnings per share between $2.47 and $2.51. This guidance does not include acquired IP R&D expense that may be incurred in the quarter.

我們預測營業利潤率約為銷售額的 44.5%，非 GAAP 稅率約為 13.8%。我們預計調整後的每股盈餘將在 2.47 美元至 2.51 美元之間。本指引不包括本季可能產生的收購知識產權研發費用。

Finally, AbbVie's robust business performance continues to support our capital allocation priorities. Our cash balance at the end of December was approximately $5.5 billion, and we expect to generate free cash flow approaching $17 billion in 2025, which includes roughly $2.7 billion of SKYRIZI royalty payments.

最後，AbbVie 強勁的業務表現持續支持我們的資本配置重點。我們 12 月底的現金餘額約為 55 億美元，我們預計 2025 年將產生接近 170 億美元的自由現金流，其中包括約 27 億美元的 SKYRIZI 特許權使用費。

This free cash flow will support a strong and growing quarterly dividend, which we have increased by 310% since inception, as well as debt repayment, where we expect to pay down nearly $3 billion of total debt this year and remain on track to achieve a net leverage ratio of 2 times by the end of 2026. Our strong cash flow also provides capacity for continued business development to further augment our portfolio.

這種自由現金流將支持強勁且不斷增長的季度股息，自成立以來，我們的季度股息已增長了 310%，並用於償還債務，我們預計今年將償還近 30 億美元的總債務，並繼續實現到2026年底淨槓桿率達2倍。我們強勁的現金流也為持續的業務發展提供了能力，從而進一步擴大我們的投資組合。

In closing, we are pleased with AbbVie's results in 2024, and our financial outlook remains very strong. We have considerable momentum across our diverse portfolio, and we continue to be well positioned to deliver robust growth in 2025 and beyond.

最後，我們對 AbbVie 2024 年的業績感到滿意，我們的財務前景仍然非常強勁。我們的多元化投資組合呈現出強勁發展勢頭，我們將繼續保持有利地位，在 2025 年及以後實現強勁成長。

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

說完這些，我就把電話轉回給 Liz。

Thanks, Scott. We will 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。為了在通話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，請問第一個問題。

Vamil Divan, Guggenheim Securities.

古根漢證券的 Vamil Divan。

So maybe just to dive a little deeper on the SKYRIZI, RINVOQ (inaudible) great performance in guidance. Can you just comment a little more on pricing dynamics that you're seeing there and how you factored in pricing both for this year and maybe over the next several years?

因此，也許只是為了更深入地了解 SKYRIZI，RINVOQ（聽不清楚）在指導方面的出色表現。您能否再評論一下您所看到的價格動態，以及您是如何影響今年以及未來幾年的價格的？

And then just a quick follow-up on the comments that were given around aesthetics, especially on the share side, I think you lost a few points, but maybe getting it back. Can you just give a sense of where you think the share is now for BOTOX and JUVÉDERM at this point in time?

然後，快速跟進一下關於美學的評論，特別是在共享方面，我認為你失去了一些觀點，但也許可以恢復。您能否介紹一下目前 BOTOX 和 JUVÃDERM 的份額是多少？

Yeah. Thanks, Vamil. It's Jeff, and I'll comment on SKYRIZI and RINVOQ. And I think we've been very consistent that over the near term and over time, this is a volume-based business.

是的。謝謝，瓦米爾。我是傑夫，我將對 SKYRIZI 和 RINVOQ 發表評論。我認為，我們始終堅信，從短期和長期來看，這是一項基於數量的業務。

So we're going to see price declines year over year, but I would say modest, right? We've highlighted that as we negotiate the formularies, we've started to consistently see these low single-digit price concessions.

因此，我們將看到價格逐年下降，但我認為下降幅度不大，對嗎？我們強調，當我們協商處方時，我們開始持續看到這些低個位數的價格優惠。

Now obviously, what Scott highlighted was unique for the 25 year with the Part D redesign that he outlined. So overall, consistent low single-digit price declines from the rebating side with a onetime Part D. And we would anticipate once we lap the Part D, we would see that trend going forward.

顯然，斯科特所強調的是，他所概述的 D 部分重新設計在 25 年內是獨一無二的。因此總體而言，透過一次性的 D 部分，回扣方面的價格會持續保持低個位數下降。

And Vamil, this is Rob. I'll just add that when you think about SKYRIZI and RINVOQ, our strategy here was to elevate the standard of care for patients and ultimately, drive a rapid return to growth for the company beyond HUMIRA. And that's exactly we've been able to execute.

瓦米爾，這是羅布。我只想補充一點，當您想到 SKYRIZI 和 RINVOQ 時，我們的策略是提高患者護理的標準，並最終推動公司在 HUMIRA 之外快速恢復成長。這正是我們能夠做到的。

That strategy has played out. You see the differentiation in the marketplace. We have nine head-to-head studies. We're launching a few more.

這項策略已取得成功。您會看到市場中的差異。我們進行了九項面對面研究。我們還會推出更多產品。

We've upgraded our guidance now by an additional $4 billion in 2027. We've been very consistent in our language around the pricing dynamics.

現在，我們已將 2027 年的預期目標額外上調了 40 億美元。我們在定價動態方面的措詞非常一致。

We said, when you think about rebates, think about it as a negative low single digits going forward. But given the robust performance of these assets, it's volume that's dominating the growth. And we would expect that to continue.

我們說，當你考慮回扣時，請將其想像為未來的負個位數。但鑑於這些資產的強勁表現，數量才是主導成長的因素。我們希望這種情況能夠持續下去。

And hi. This is Carrie. I'll answer your question around BOTOX and JUVÉDERM share. So in the US, we remain the clear market leader for both toxins and fillers in Q4, a few points of share erosion bringing BOTOX to around the low to mid-60s, JUVÉDERM to around the low to mid-40s.

你好。這是 Carrie。我將回答您有關 BOTOX 和 JUVÃDERM 份額的問題。因此在美國，我們在第四季度仍然是毒素和填充劑市場的明顯領導者，市佔率略有下降，BOTOX 的市佔率降至 60% 左右，JUVÃDERM 的市佔率降至 40% 左右。

As I said, the reversion of the loyalty program back to the original one, which we announced in December and then put into action January 21, was greeted with very positive response from our customers and encouraging signs for us to recapture that share for both BOTOX and JUVÉDERM throughout the year.

正如我所說，我們將忠誠度計劃恢復到原來的狀態，該計劃於12 月宣布，並於1 月21 日開始實施，得到了客戶的積極響應，並為我們重新奪回BOTOX 的市場份額提供了鼓舞人心的信號並全年提供 JUVÃDERM。

And just to note that the share did not go to one competitor. Rather, it was more distributed amongst the entire competitive set.

需要注意的是，這一份額並沒有落入某個競爭對手的手中。相反，它在整個競爭群體中分佈得更為均勻。

Thanks, Vamil. Operator, Next question, please.

謝謝，瓦米爾。接線員，請問下一個問題。

Chris Schott, JPMorgan.

摩根大通的克里斯·肖特 (Chris Schott)。

Just a two-parter on the SKYRIZI-RINVOQ dynamics. Maybe just first on the 2027 guidance, can you just elaborate on what were the base drivers of upside to those targets as you think about the various indications for the drugs? I guess is it fair to think most of this is coming from IBD or is it across the board?

這只是關於 SKYRIZI-RINVOQ 動態的兩個部分。也許首先是關於 2027 年的指導，您能否詳細說明一下，當您考慮藥物的各種適應症時，實現這些目標的基本驅動因素是什麼？我猜想其中大部分是由於 IBD 造成的，還是說這是普遍現象？

And then probably a longer-term question on those brands, can you just elaborate a little bit more on how we should think about the growth rate beyond 2027? Obviously, how much sure will these franchises be by then? And what type of growth rates can we think about over time?

然後可能是關於這些品牌的長期問題，您能否詳細說明我們應該如何看待 2027 年以後的成長率？顯然，到那時這些特許經營權還能有多大把握呢？隨著時間的推移，我們可以考慮什麼類型的成長率？

Yeah. Maybe -- thanks, Chris. It's Jeff. I'll start on that. So the primary driver of the change is, in fact, share capture.

是的。也許——謝謝，克里斯。是傑夫。我先從那件事開始。因此，事實上，變革的主要驅動力是份額的取得。

So the pricing assumptions have been consistent. We can call the markets pretty well. We see the actuals and the long-term trends there. So it's been really share capture.

因此定價假設一直是一致的。我們可以很好地預測市場。我們看到了實際情況和長期趨勢。因此這實際上是一種份額捕獲。

And I would say that we see it across the board. Certainly, we've been super encouraged with SKYRIZI in psoriasis. We can consider to see very, very robust TRx share trends. And there's no question that the ramps in IBD have been very, very significant.

我想說，我們全面地看到了這一點。當然，我們對 SKYRIZI 治療牛皮癬的效果感到非常鼓舞。我們可以考慮看到非常非常強勁的 TRx 份額趨勢。毫無疑問，IBD 的成長非常非常顯著。

So that's a big piece of it, but I would say it's across the board. So predominantly, share capture. I don't know, Scott, if you have anything to add, but that's the big dynamic there on the $4 billion.

這是其中很重要的一部分，但我想說的是，它是全面的。因此，主要在於分享捕獲。我不知道，斯科特，你是否還有什麼要補充，但這就是 40 億美元的巨大動態。

Yeah, Jeff. And maybe Chris, it would be helpful. I can give you the breakdown by indication between the two and the 2027 guide.

是的，傑夫。也許克里斯，這會有所幫助。我可以根據指示為您細分這兩者與 2027 年指南之間的差異。

So we talk about $31 billion combined in 2027. That's our new long-term guidance. That is $11 billion for RINVOQ and $20 billion for SKYRIZI.

因此我們談論的是 2027 年的總收入將達到 310 億美元。這是我們新的長期指導。其中 RINVOQ 為 110 億美元，SKYRIZI 為 200 億美元。

RINVOQ is broken down. Rheum is about $4.8 billion; dermatology, $2.5 billion; IBD, $3.7 billion. And then on the SKYRIZI side, $12.5 billion of that $20 billion guide is from psoriatic, and the remaining $7.5 billion is coming from IBD. So that might help you see those -- where the growth is coming from as well.

RINVOQ 已損壞。Rheum 估值約 48 億美元；皮膚病學，25 億美元； IBD，37億美元。而在 SKYRIZI 方面，200 億美元指南中的 125 億美元來自乾癬，剩餘的 75 億美元來自 IBD。這可能有助於你了解成長的來源。

And if we speak to it in terms of the $4 billion, just to give you a sense then, to add to what Scott mentioned. So SKYRIZI was up $3 billion. $1 billion of that is psoriatic, and $2 billion is IBD. We're just seeing tremendous ramps early days with IBD.

如果我們以 40 億美元來談論這個問題，那麼只是為了讓您有個概念，補充一下斯科特所提到的內容。因此 SKYRIZI 上漲了 30 億美元。其中 10 億美元是乾癬，20 億美元是發炎性腸道疾病。我們剛剛看到 IBD 早期出現了巨大的增長。

And then for RINVOQ, it's up $1 billion from the previous guidance. And that's a mix of roughly $300 million rheum, $200 million derm, and $500 million IBD. So again, across the board, we're seeing tremendous performance particularly in IBD.

對於 RINVOQ 來說，它比之前的預期高出了 10 億美元。其中，風濕病治療費用約 3 億美元，皮膚病治療費用約 2 億美元，發炎性腸道疾病治療費用約 5 億美元。因此，從整體來看，我們看到了卓越的表現，特別是在 IBD 方面。

And then your question on how to think about the growth, we haven't obviously given guidance beyond '27. But as I look at the sell-side consensus, clearly, the growth that's in sell-side consensus beyond '27 is below our expectations.

然後關於您如何看待成長的問題，我們顯然沒有給出 27 年以後的指導。但當我觀察賣方共識時，顯然，27 年以後賣方共識的成長低於我們的預期。

We would expect to see these markets continue to grow. We would also expect to see continued share gains, albeit as you start getting close to that in-place share level, the share curve bends. But still, you still expect to see some level of share growth.

我們預計這些市場將持續成長。我們也預期份額將繼續增長，儘管當你開始接近現有的份額水平時，份額曲線會發生彎曲。但您仍然希望看到一定程度的份額成長。

And then keep in mind, we will have the five -- we expect the five new indications for RINVOQ collectively adding about $2 billion in peak sales. And so that will also contribute. So as I think about the rate of growth for SKYRIZI and RINVOQ beyond '27, RINVOQ will likely grow faster than SKYRIZI because of those new indications. But you'll still see a robust performance from both assets, at least through '32.

請記住，我們將有五個——我們預計 RINVOQ 的五個新適應症將共同增加約 20 億美元的峰值銷售額。這也將會有所貢獻。因此，當我考慮 SKYRIZI 和 RINVOQ 在 27 年以後的成長率時，由於這些新的適應症，RINVOQ 的成長速度可能會比 SKYRIZI 更快。但至少到 32 年，你仍然會看到這兩項資產的強勁表現。

Thanks, Chris. Operator, next question, please.

謝謝，克里斯。接線員，請問下一個問題。

Geoff Meacham, Citigroup.

花旗集團的傑夫‧米查姆。

I just had a couple. First one on Cerevel, you guys called out the partial impairment today in the press release. Just want to get your perspective as to what the drivers are for the remaining value. Assuming tavapadon is mostly it, I wasn't sure what you'd assume for emraclidine or backup compounds.

我剛剛有了一些。首先是關於 Cerevel 的，你們在今天的新聞稿中指出了部分損害。只是想聽聽您對剩餘價值的驅動因素的看法。假設 tavapadon 主要是它，我不確定您對 emraclidine 或備用化合物有何假設。

And then just on aesthetics, with the new guidance to 2029, is it fair to say that you think '25 could be the trough? Or have we already seen a trough in terms of the growth rate? I'm just trying to think of the longer-term picture.

然後僅從美學角度來看，根據對 2029 年的新指導，您是否認為 2025 年可能是低谷？或者說我們已經看到了成長率的低谷？我只是在考慮更長遠的前景。

And then just on BoNT/E, I wanted to get your perspective about the potential success there of adding new patients to the paradigm just given the potential there.

然後就 BoNT/E 而言，我想聽聽您對在該領域增加新患者的潛在成功的看法，因為該領域具有巨大的潛力。

So Geoff, on your first question regarding -- this is Rob on your first question regarding Cereal. So keep in mind, the accounting rules do not allow you to write up an intangible. So even though we are more optimistic about tavapadon now than we were at the time of the deal, we can't write that value up. So that would be the same as what we originally ascribed.

那麼 Geoff，關於你的第一個問題——這是 Rob，關於你的第一個問題關於穀物。所以請記住，會計規則不允許您寫出無形資產。因此，儘管我們現在對 tavapadon 比交易時更樂觀，但我們無法提高該價值。所以這和我們最初歸因的是一樣的。

We still -- obviously, as Roopal walked you through the development programs for emraclidine, still see opportunity in adjunctive schizophrenia as well as neurodegenerative psychosis. And we haven't completely given up on the monotherapy opportunity either, but that's a more heavily risk-adjusted opportunity now.

顯然，正如 Roopal 向您介紹 emraclidine 的開發計劃時一樣，我們仍然看到了輔助性精神分裂症以及神經退化性精神病方面的治療機會。我們也沒有完全放棄單一治療的機會，但現在這是一個風險調整更大的機會。

So when you think about the value, you have to take into account the timing -- so there is some level of time delay -- as well as a different probability of success for monotherapy. That's all baked into -- because you're essentially valuing risk-adjusted revenues. You have to take that into account.

因此，當您考慮價值時，您必須考慮時間因素——因此存在一定程度的時間延遲——以及單一療法成功的不同機率。這一切都已考慮在內——因為你本質上是在評估風險調整後的收入。你必須考慮到這一點。

That said, we're still optimistic about the asset. We're pursuing it in these indications. And again, as I mentioned, we haven't completely given up on monotherapy. That will depend on dose ranging.

儘管如此，我們仍然對該資產持樂觀態度。我們正在根據這些跡象進行追求。正如我剛才所說，我們並沒有完全放棄單一療法。這取決於劑量範圍。

But that is the way we constructed the revaluation of the intangible. But overall, we still see a very nice opportunity, particularly for tavapadon, and we still see potential from emraclidine as well.

但這就是我們建構無形資產重新評估的方式。但總體而言，我們仍然看到了非常好的機會，特別是對於 tavapadon 而言，並且我們也看到了 emraclidine 的潛力。

Geoff, I'll take your question regarding the aesthetics trough. So we've not specifically guided that. But the way that we have modeled it and think about it is we do see recovery. And I think the big headwind here has been -- over the last two years has been the economic condition.

傑夫，我會回答你關於美學槽的問題。因此，我們沒有特別指導這一點。但根據我們的建模和思考，我們確實看到了復甦。我認為過去兩年來最大的阻力是經濟狀況。

So we do see continual improvement. Carrie spoke about some of the market growth rates that we're seeing coming back in the US for both fillers and toxins.

因此我們確實看到了持續的改善。凱莉談到了我們在美國看到的填充劑和毒素的市場成長率。

So we would -- if you model it, you would anticipate '25 to be the trough. And then our long-term guidance is that high single-digit compound annual growth using '25 as the base year through '29. And if you model that, that's going to put you somewhere north of $7 billion.

所以我們會 — — 如果你對它建模，你會預期 25 年會是低谷。我們的長期指導是，以 25 年為基準年，到 29 年，實現高個位數複合年增長率。如果你按照這個模型來算，那麼你的收入將會達到 70 億美元以上。

Certainly, this is a business we continue to be excited about. We think that there are -- we continue to be at low market penetration rates globally, frankly, and we've got some innovation to continue to drive market growth.

當然，這是一個我們一直感到興奮的事業。我們認為——坦白說，我們在全球範圍內的市場滲透率仍然較低，我們有一些創新可以繼續推動市場成長。

That market has grown low double digits historically. But I think as we model, we're thinking a high single-digit growth in the markets. But we do see some growth accelerators with BoNT/E, and maybe I'll let the team talk about BoNT/E.

從歷史上看，該市場的成長速度一直保持在兩位數以下。但我認為，正如我們所建模的，我們預計市場將呈現高個位數成長。但我們確實看到 BoNT/E 有一些成長加速器，也許我會讓團隊談談 BoNT/E。

Maybe I'll just mention here, just more broadly. This is Rob on the business. I think as you reflect on the aesthetics performance -- and we are just going through a period of macroeconomic pressure on that business, but we do continue to see an attractive long-term setup, again, given low penetration rates, high consumer interest, and our leading portfolio, including some exciting pipeline programs in toxins and fillers.

或許我在這裡只會更廣泛地提一下。這是負責業務的 Rob。我認為，當你反思美學表現時——我們正經歷一段宏觀經濟對該業務的壓力時期，但我們確實繼續看到一個有吸引力的長期設置，再次，鑑於低滲透率，高消費者興趣，以及我們領先的產品組合，其中包括毒素和填充劑領域的一些令人興奮的管道項目。

When you think about it as part of AbbVie, the aesthetics business has been able to continue investing despite the macroeconomic challenges. And that will allow us to maximize opportunities when the market does recover.

如果將其視為 AbbVie 的一部分，那麼儘管面臨宏觀經濟挑戰，美學業務仍能夠繼續投資。當市場復甦時，這將使我們能夠最大限度地抓住機會。

We have set up this business to be a global, fully integrated unit with dedicated support from R&D and business development. And I'm confident that focused approach will pay off in the long run. It's just been difficult for us to call the market recovery, but we still have a lot of confidence in the long-term outlook.

我們已將該業務打造為一個全球性的、完全一體化的部門，並由研發和業務開發部門提供專門支援。我相信，從長遠來看，專注的方法將會帶來回報。我們很難預測市場將會復甦，但我們對長期前景仍充滿信心。

And this is Carrie. I'll comment on BoNT/E. So as you said, BoNT/E will be an important catalyst for new patient activation into the category. Consideration continues to be very high for aesthetics and for toxins.

這是 Carrie。我將對 BoNT/E 發表評論。正如您所說，BoNT/E 將成為新患者進入該類別的重要催化劑。人們對於美觀和毒素的考慮仍然非常高。

And like we said, it continues to be underpenetrated. And that's because there continue to be barriers for these people who are interested in the category but not acting around cost and concerns of an unnatural look. And that's really where BoNT/E will play an important role based on its unique profile that is suited to address these concerns.

而且正如我們所說的，它的滲透率仍然較低。這是因為，對於那些對該類別感興趣但又不願意考慮成本和不自然外觀的人來說，仍然存在障礙。這就是 BoNT/E 真正發揮重要作用的地方，因為它具有適合解決這些問題的獨特特性。

It's fast acting. It has short duration. So it's going to be a nice option to position for these considerers to try BoNT/E. And then our commercial strategy will be to convert them from BoNT/E to BOTOX. So this is going to be an important pipeline catalyst to help us to activate that consumer market and drive more consumers into the toxin category for BOTOX.

其作用很快。其持續時間很短。因此，對於這些考慮者來說，嘗試 BoNT/E 將是一個不錯的選擇。然後我們的商業策略就是將它們從 BoNT/E 轉化為 BOTOX。因此，這將是一個重要的管道催化劑，幫助我們激活消費市場，並吸引更多消費者進入 BOTOX 毒素類別。

And it's Roopal. Maybe one comment to add to Carrie's. On the R&D side, even thinking past that, this year, we'll initiate a study with BoNT/E plus BOTOX to cover people immediately and get that long-term benefit. So that -- those studies will start this year.

他是 Roopal。也許有一條評論需要添加到 Carrie 的。在研發方面，即使考慮到這一點，今年我們將啟動一項使用 BoNT/E 加 BOTOX 的研究，以立即涵蓋人們並獲得長期利益。所以這些研究將於今年開始。

Thanks, Geoff. Operator, next question, please.

謝謝，傑夫。接線員，請問下一個問題。

Terence Flynn, Morgan Stanley.

摩根士丹利的特倫斯弗林 (Terence Flynn)。

You mentioned the net impact to the Part D redesign. Can you tell us what the volume impacts you guys are assuming, if any, in that calculation?

您提到了對 D 部分重新設計的淨影響。您能告訴我們，在計算過程中，你們假設的體積影響是什麼嗎（如果有的話）？

And then the second question I had is on the pipeline slide. You noted you could have some Phase 2 UC data for 113, which I believe is your oral NLRX1 agonist. Just maybe speak to conviction level there and how you think about that on the forward and if that would be something that you could move into Phase 3.

我的第二個問題是關於管道幻燈片的。您指出您可能擁有 113 的一些第 2 階段 UC 數據，我相信這是您的口服 NLRX1 激動劑。也許只是談論那裡的信念水平，以及您如何看待未來，以及這是否可以進入第三階段。

Terence, it's Scott. I'll take your question on the volume. So we have guided to 4% of a net impact across the business for a headwind to growth for Part D redesign.

特倫斯，我是史考特。我將就音量問題回答您的問題。因此，我們預計 D 部分重新設計將對整個業務的成長造成 4% 的淨影響。

Now when we think about that volume offset, we've not quantified that in the guidance, but that is part of the 4%. It's -- I would say, in the grand scheme, it's a fairly modest offset overall. And I think part of what you need to do when you think about that volume, recognize that -- when you look at the patient segments that exist, there's roughly three patient segments and they each take about a third of the business.

現在，當我們考慮該數量偏移時，我們還沒有在指導中量化它，但這是 4% 的一部分。我想說，從總體來看，這總體上是一個相當溫和的抵消。我認為，當你考慮這個數量時，你需要做的部分工作是認識到——當你查看現有的患者群體時，大約有三個患者群體，每個群體約佔業務的三分之一。

But this is really something that will impact the standard eligible, and we're working very hard to ensure that people are electing cap and smooth. And so we really see that volume offset coming from that one-third of the patient segment to drive that. And so that's why I think it's a little bit more of a modest offset, but we've not quantified it.

但這確實會影響到合格標準，我們正在努力確保人們的選擇符合上限和要求。因此，我們確實看到，這一數量偏移來自於佔患者群體三分之一的部分，從而推動了這一趨勢。所以我認為這更像是一種適度的抵消，但我們還沒有量化它。

And it's logical when you think about it. Because the other two-thirds, I mean, you have the LIS population, which is one-third. So they don't have an out-of-pocket burden like the standard eligible do. And then the other third 3 are covered by employer plans where, again, they don't have the same out-of-pocket burden.

如果你認真思考一下，你會發現這是合乎邏輯的。因為另外三分之二，我的意思是，有 LIS 人口，佔三分之一。因此他們不需要像標準合格者那樣承擔自付負擔。其餘三分之一則由雇主計劃承保，同樣，他們不需要承擔相同的自付負擔。

So when we analyzed it, we looked at the market and saw that about a third, as Scott mentioned, of the population would benefit from the lower out-of-pocket. But keep in mind, the cost share applies to the entire book of Medicare business. That's why the volume doesn't offset the price impact.

因此，當我們進行分析時，我們觀察了市場並發現，正如斯科特所提到的，大約三分之一的人口將受益於較低的自付費用。但請記住，成本分攤適用於整個醫療保險業務。這就是為何銷售量不能抵銷價格影響的原因。

And this is Roopal; I'll cover the NLRX question. This is our asset from Landos. We had observed very early data, I would say, Phase 1b, in ulcerative colitis. And that looked good, but it was a very small sample size, I would say.

這是 Roopal；我將介紹 NLRX 問題。這是我們從 Landos 獲得的資產。我們已經觀察到了潰瘍性結腸炎的非常早期的數據，我想說的是第 1b 階段。這看起來不錯，但我想說，樣本量非常小。

So this will be a robust Phase 2 with a placebo comparator, and we'll get objective data from centralized review of endoscopic data. So it will be a good data set to look at and, if it looks good, definitely would be a Phase 3 asset for us.

因此，這將是具有安慰劑對照的穩健的第 2 階段研究，我們將從內視鏡數據的集中審查中獲得客觀數據。所以這將是一個值得觀察的良好數據集，如果它看起來不錯，那肯定會成為我們第三階段的資產。

And the other consideration we would have, similar to what I highlighted about other biologics that we'd be combining with SKYRIZI, if this looks good, this could be a combination agent with RINVOQ as well.

我們也會考慮的另一個因素類似於我所強調的與 SKYRIZI 結合的其他生物製劑，如果效果良好，它也可以作為與 RINVOQ 的聯合用藥。

Thanks, Terrence. Operator, next question, please.

謝謝，特倫斯。接線員，請問下一個問題。

Mohit Bansal, Wells Fargo.

富國銀行的莫希特·班薩爾 (Mohit Bansal)。

Congrats on all the progress. I have a question regarding I&I. So I know you talked in the past about QIAGEN (inaudible) now benefiting from some of the HUMIRA prescriptions going to these agents as well.

祝賀你取得的所有進展。我對 I&I 有疑問。所以我知道您過去談到過 QIAGEN（聽不清楚）現在也從這些代理商獲得的一些 HUMIRA 處方中受益。

So taking that aside, still, it seems like the volume for I&I space is growing rapidly. Can you talk a little bit about the underlying dynamics as well here, why this market continues to grow, and how should we think about longer term for the overall market growth itself?

因此，撇開這一點不談，I&I 空間的規模似乎仍在快速成長。您能否稍微談談這裡的潛在動態，為什麼這個市場持續成長，以及我們應該如何看待整個市場本身的長期成長？

Yeah. So thanks, Mohit. It's Jeff. And like we talked about before, particularly around the acute event, in this case, this was the CVS exclusion in April, we could clearly start to measure the fact that not all of the switching from HUMIRA was going to was going to the biosimilar. We saw about 20% of it was slipping away into new mechanisms or more advanced mechanisms like SKYRIZI and RINVOQ.

是的。所以謝謝你，Mohit。是傑夫。正如我們之前談到的，特別是在急性事件周圍，在這種情況下，這是4 月份的CVS 排除，我們可以清楚地開始衡量這樣一個事實，即並非所有從HUMIRA 轉換到生物仿製藥的都是如此。我們發現其中約 20% 被轉移到新的機製或更先進的機制中，例如 SKYRIZI 和 RINVOQ。

Now, we've continued to see the molecule impress. And it's just -- physicians are using just less and less sequentially HUMIRA and the biosimilars over time. I would say it's becoming harder to measure because you're also seeing a lot of dynamics around new head-to-head trials, new indications, new other approaches.

現在，我們繼續觀察分子留下的痕跡。隨著時間的推移，醫生對 HUMIRA 和生物相似藥的使用越來越少。我想說它變得越來越難以衡量，因為你還會看到很多圍繞著新的面對面試驗、新的適應症、新的其他方法的動態。

So I would say overall, it's there, but it's relatively modest in the scheme of the volume that is basically accruing from basically the promotion and the profile of the medication. So it should continue. The more that we see disruption in the market, you'll probably continue to see the molecule on trend continue to compress.

因此，我想說，總體而言，它是存在的，但從基本上透過促銷和藥物概況累積的數量來看，它相對適中。因此它應該繼續下去。我們看到的市場混亂越多，你就可能會繼續看到趨勢分子繼續壓縮。

Now albeit modest, your other point is very important. These markets are still very, very buoyant and significant. And one of the dynamics that we see over time -- and I think we'll begin to see it quite dramatically around the world, particularly in IBD -- is that the lines of therapy start to expand.

儘管你的另一點很謙虛，但它非常重要。這些市場仍然非常活躍且重要。隨著時間的推移，我們看到的一個動態是 — — 我覺得我們會開始在世界各地非常顯著地看到這一變化，特別是在 IBD 領域 — — 治療的範圍開始擴大。

So it used to be like primarily -- what was fueling the markets was primarily the new patients coming in off of older traditional medications. But now, you're seeing the emergence in atopic dermatitis of the second- and third-line markets which are growing quite substantially.

因此，過去的主要情況是－推動市場發展的主要是使用傳統藥物的新患者。但現在，你會看到二線和三線市場的異位性皮膚炎正在大幅成長。

You're going to see that significantly emerge in IBD, whereas before, physicians were really, really afraid to move people along. So they did dose intensification. They added more steroids.

你會看到這在 IBD 中明顯出現，而之前，醫生們真的非常害怕讓病人繼續治療。因此他們確實增加了劑量。他們添加了更多的類固醇。

But now that there's drugs like SKYRIZI and RINVOQ and other agents, you're seeing those market lines of therapy expand. And so that should continue. And we've contemplated that in our long-term projections, but that gives you some sense of why you're observing what you're seeing.

但現在有了 SKYRIZI 和 RINVOQ 等藥物以及其他藥物，您會看到這些治療市場範圍正在擴大。這種情況應該繼續下去。我們已經在長期預測中考慮到了這一點，但這讓您了解為什麼您會觀察到所看到的情況。

And as we look across -- this is Rob. As we look across the specialty areas, in psoriasis and IBD, we're projecting high single-digit market growth, atopic dermatitis in the mid-teens. It's growing -- I mean, you're seeing still fairly low penetration rates for atopic dermatitis.

我們看過去──這是羅布。縱觀牛皮癬和發炎性腸道疾病等專業領域，我們預期市場將以高個位數成長，異位性皮膚炎則將以十五六位數成長。它正在增長 — — 我的意思是，你會看到異位性皮膚炎的滲透率仍然相當低。

So there's tremendous room for growth. So we would anticipate mid-teens market growth there. And then in rheumatoid arthritis, that' probably more like low to mid-single digits. But you can see across the board a very nice market growth, which then will be complemented by the market share gains.

因此，還有巨大的成長空間。因此我們預計那裡的市場成長率將達到十五六成。對於類風濕性關節炎來說，這個數字可能更像是低到中等個位數。但你可以看到，整個市場都呈現出非常好的成長勢頭，而且市場份額也將隨之增加。

Thanks, Mohit. Operator, next question, please.

謝謝，Mohit。接線員，請問下一個問題。

Dave Risinger, Leerink Partners.

Dave Risinger，Leerink Partners。

So I have two questions, please. First, regarding AbbVie 400 or TmAb A, could you please frame your long-term commercial vision for this candidate, including what some may underappreciate about how broadly it could potentially be adopted in the early 2030s?

我有兩個問題。首先，關於 AbbVie 400 或 TmAb A，您能否為這款候選藥物闡述一下您的長期商業願景，包括有些人可能低估了它在 2030 年代初可能被廣泛採用的可能性？

And then second, on external transactions, emraclidine was a setback, but AbbVie's overall M&A track record has been very successful. Could you please discuss your agenda for M&A, including the potential to leverage your franchise strength and related product categories?

其次，在外部交易方面，恩拉克利定遭遇挫折，但 AbbVie 的整體併購記錄非常成功。您能否討論一下您的併購計劃，包括利用您的特許經營優勢和相關產品類別的潛力？

Yeah, hi. It's Jeff. So I will give some thoughts on that. It's a very, very attractive asset. I think it's underappreciated. And part of it is the first category it will compete in, which is colorectal cancer.

是的，你好。是傑夫。因此我將就此發表一些想法。這是一項非常非常有吸引力的資產。我認為它被低估了。其中一部分是它將參與競賽的第一個類別，即結直腸癌。

I mean, if you look at the response rate that we've seen, let's say, in a smaller or midsized cancer type, which is ovarian cancer with ELAHERE, it's quite striking. I mean ELAHERE has been the most rapidly adopted ADC in the entire US oncology market. And it's because it entered this market that was basically almost all chemo-based with unmet need where there have been no innovation.

我的意思是，如果你看看我們所看到的反應率，比如說，在較小或中型癌症類型中，即使用 ELAHERE 治療的卵巢癌，它是相當驚人的。我的意思是 ELAHERE 是整個美國腫瘤學市場上採用最快的 ADC。這是因為它進入了這個基本上完全基於化療的市場，該市場的需求尚未得到滿足，而且沒有創新。

And when we look at the entry with 400 or Tmab-A into colorectal cancer, it's a substantially larger tumor type, as it's quite evident. And we've already seen very, very nice monotherapy results in later lines, much, much better than we've seen with the old chemo standard of care. And really, it's whether or not they have c-Met or not.

當我們觀察 400 或 Tmab-A 進入結直腸癌時，它是一種更大的腫瘤類型，這是非常明顯的。而且我們在後續的治療中已經看到了非常非常好的單一療法的效果，比我們看到的舊的化療標準治療效果好得多。事實上，這取決於他們是否具有 c-Met。

Now the thing that will really cause a big inflection that Roopal can talk about in a moment is that it's the combined ability as you go up into the lines of therapies, okay? And that's really going to make this thing inflect and become a very, very significant product for patients in colorectal cancer over time. The studies will have to bear that out.

現在，真正會引起巨大轉變的事情是 Roopal 稍後會談到的，那就是當你進入治療領域時所需要綜合的能力，好嗎？隨著時間的推移，這將真正使該產品轉變，並成為對大腸癌患者非常非常重要的產品。研究必須證實這一點。

And as well, we're seeing very, very significant early results in lung can as well. So it is -- I think it's an underappreciated asset. We'll have a chance with Teliso-V to set the market around this whole c-Met, the modern c-Met area, but it's quite striking.

此外，我們在肺癌方面也看到了非常非常顯著的早期結果。所以——我認為這是一項被低估的資產。我們將有機會與 Teliso-V 合作，圍繞整個 c-Met，即現代 c-Met 區域來開拓市場，但這相當引人注目。

So first, we established in later lines, very big cancer, directly against older chemotherapy, and then we move combination as we move forward. So thanks for the question.

因此，我們首先在後期研究中建立了針對非常大的癌症的治療線，直接對抗較舊的化療，然後隨著研究的進展，我們採用聯合治療。感謝您的提問。

It's Roopal. Maybe just a comment there on our strategy around ADCs, and I think 400 is a good highlight of that. So we think about what's a good target, meaning high expression on the tumor, low expression in healthy tissue. And then we are continuing to focus on patient selection, individualization of care, utilizing robust biomarkers -- as Jeff mentioned, c-Met.

是 Roopal。也許只是對我們圍繞 ADC 的策略的評論，我認為 400 是一個很好的亮點。因此我們思考什麼是一個好的目標，在腫瘤上高表達，在健康​​組織中低表達。然後我們將繼續關注患者的選擇、個人化治療、利用強大的生物標記 - 正如 Jeff 所提到的 c-Met。

That is the opportunity to optimize benefit risk and particularly tolerability. With our topo warhead platform, we've seen low rates, for example, of alopecia, dermatitis, diarrhea, which others, I think, continue to struggle with. And safety and tolerability, as Jeff has mentioned, are critical.

這是優化效益風險和特別是耐受性的機會。透過我們的地形彈頭平台，我們已經看到了脫髮、皮膚炎、腹瀉等疾病的低發病率，而我認為其他人仍在努力應對這些疾病。正如傑夫所提到的，安全性和耐受性至關重要。

So we're also very focused on proper dose optimization to get this right so we're able to combine in earlier lines. And that's the same approach that we have with the other one I mentioned, 706, in small cell lung cancer and others in the pipeline.

因此，我們也非常注重適當的劑量優化，以實現正確的效果，以便能夠在早期進行結合。這與我們對我提到的另一個藥物 706 以及正在研發的其他藥物所採用的方法相同。

Then, David, this is Rob. I'll take your question on M&A. And thank you for acknowledging the strong track record we've had as a company.

那麼，大衛，這是羅布。我將回答您關於併購的問題。感謝您對我們公司良好業績的認可。

I would agree with that when you think about the transaction with BI that brought us SKYRIZI; with Pharmacyclics that brought us IMBRUVICA and really gave us the critical mass to be a leader in blood cancers; and then the transaction with Allergan which gave us three verticals that can really drive long-term growth of the company, neuroscience, aesthetics, and eye care; and then more recently, the transaction with ImmunoGen, which really bolstered our ADC pipeline, as Roopal has highlighted.

當您想到與 BI 的交易為我們帶來 SKYRIZI 時，我會同意這一點；與 Pharmacyclics 合作，該公司為我們帶來了 IMBRUVICA，並真正為我們帶來了成為血癌領域領導者的臨界點；然後與艾爾建的交易為我們帶來了三個真正能夠推動公司長期成長的垂直領域，即神經科學、美學和眼部護理；然後最近，與 ImmunoGen 的交易真正增強了我們的 ADC 管道，正如 Roopal 所強調的那樣。

In terms of our go-forward strategy on BD, we continue to pursue assets that can add depth to our pipeline and really drive growth in the next decade. We have clear line of sight to growth for at least the next eight years within the company today. And so my focus is really about bringing in an asset that can help drive that growth in the next decade.

就 BD 的未來策略而言，我們將繼續尋求能夠增加我們產品線深度並真正推動未來十年成長的資產。目前，我們對公司未來至少八年的成長前景有著清楚的認知。因此，我的重點實際上是引入能夠幫助推動未來十年成長的資產。

And since the beginning of '24, as I mentioned in my prepared remarks, we've signed more than 20 early-stage deals across immunology, oncology, and neuroscience. In immunology, we've added novel mechanisms that have the potential (inaudible) standard of care either as a monotherapy or in combination with SKYRIZI and RINVOQ. You should expect that strategy to continue.

正如我在準備好的演講中提到的，自 24 年初以來，我們已經在免疫學、腫瘤學和神經科學領域簽署了 20 多項早期協議。在免疫學方面，我們添加了具有潛在（聽不清）護理標準的新機制，可以作為單一療法或與 SKYRIZI 和 RINVOQ 聯合使用。你應該期望這個策略能夠持續下去。

In oncology, we've added new platforms, including multispecifics, trispecifics, T-cell engagers, and in-situ CAR-T approaches. And then within neuroscience, it's not always appreciated, the work we've been doing in neuroscience. Above and beyond Cerevel, we expanded our discovery collaboration in psychiatry with Gedeon Richter, who discovered VRAYLAR.

在腫瘤學方面，我們增加了新的平台，包括多特異性、三特異性、T 細胞接合劑和原位 CAR-T 方法。而在神經科學領域，我們在神經科學領域所做的工作並不總是受到重視。除了 Cerevel 之外，我們還與 VRAYLAR 的發現者 Gedeon Richter 擴大了精神醫學領域的探索合作。

We also invested in a novel mechanism for mood disorders with Gilgamesh, and we recently acquired a next-generation A-beta antibody for Alzheimer's from Aliada. Again, that is our area of focus.

我們也與吉爾伽美甚合作投資了一種治療情緒障礙的新型機制，最近我們從 Aliada 獲得了一種治療阿茲海默症的下一代 A-beta 抗體。再次強調，這是我們的重點領域。

We have these five areas that can drive long-term growth. I mentioned neuroscientics, aesthetics, and eye care, and of course, immunology and oncology. I mean, these are all large markets with high unmet need. And so our BD efforts are focused on building pipeline depth in those areas.

我們有這五個領域可以推動長期成長。我提到了神經科學、美學和眼部護理，當然還有免疫學和腫瘤學。我的意思是，這些都是龐大的市場，有大量未滿足的需求。因此，我們的 BD 工作重點是在這些領域建立管道深度。

Now I should say if we see an opportunity for differentiation in another large market with high unmet need, we would consider pursuing it, especially if it can help drive growth in the next decade. And the company has the financial wherewithal to pursue those opportunities as well.

現在我應該說，如果我們在另一個具有大量未滿足需求的大型市場中看到差異化的機會，我們會考慮追求它，特別是如果它能夠幫助推動未來十年的成長。而該公司也擁有足夠的財力來追求這些機會。

Thanks, Dave. Operator, next question, please.

謝謝，戴夫。接線員，請問下一個問題。

Steve Scala, TD Cowen.

史蒂夫·斯卡拉（TD Cowen）。

I have an observation and two questions. The observation is splitting hairs. But on Part D redesign, the guidance had been a 3 percentage point headwind, but we should have said on the call 4 percentage points. A year ago, it was 2 percentage points. If there is a change, please, can you identify that?

我有一個觀察和兩個問題。這個觀察有些吹毛求疵。但在 D 部分重新設計方面，指導值為 3 個百分點的逆風，但我們應該在電話會議上說 4 個百分點。一年前，這一比例為2個百分點。如果有變化，您能辨識出來嗎？

Related to that is my first question, are you seeing any evidence that IRA Medicare pricing is spilling over to the commercial market? And if yes, to what degree? Or is there absolutely none?

與此相關的是我的第一個問題，您是否看到任何證據表明 IRA Medicare 定價正在蔓延至商業市場？如果是，程度如何？或者說根本沒有？

And then my second question, the company has provided a lot of helpful perspective on the aesthetics market. But can you distill it to a number? The guidance for aesthetics was previously greater than $9 billion in 2030. What is that number now?

然後我的第二個問題是，該公司對美學市場提供了許多有益的觀點。但你能將其提煉為一個數字嗎？先前的美學指導價格是到 2030 年將超過 90 億美元。現在這個數字是多少？

Steve, this is Scott. I'll go ahead and start with your Part D observation and question. With Part D, we've really -- we saw that as something that the analysts and maybe the marketplace hadn't fully understand still the impact.

史蒂夫，這是史考特。我將繼續從您的 D 部分觀察和問題開始。對於 D 部分，我們確實——我們認為分析師和市場可能還沒有完全理解其影響。

I think we were one of the first companies to come out and talk with any specificity and granularity around what we saw in that Part D impact, mechanics of how it would work, and the impact to it. So we came out with a guidance number. And I think that has probably as you noted, the numbers, but it's evolved a little bit over time.

我認為我們是第一批站出來詳細討論 D 部分的影響、其運作機制和影響的公司之一。因此我們給了一個指導數字。我認為這可能正如您所說，是數字，但隨著時間的推移它會有一點變化。

I would say it's evolved not necessarily from our understanding of Part D, but because really the mix of the business. So when we talk about it in the second quarter, I believe I came out and said we saw -- would see an approximately 3% headwind to growth from the Part D redesign. We've distilled that number and made a precise number of 4%, roughly 4% today.

我想說，它不一定是從我們對 D 部分的理解發展而來的，而是因為業務的真正組合。因此，當我們在第二季度談論這個問題時，我相信我已經說過，我們看到——D 部分重新設計將對成長造成約 3% 的阻力。我們對這個數字進行了提煉，得出了精確的 4% 這一數字，大約是今天的 4%。

And really, when you think about when I came out of that 3%, we've seen momentum in the business. And we've seen momentum in the business in areas. Immunology and oncology, in particular, we raised some guidance, where we saw -- have high Part D channel mix. And so that's really been a business mix change that has led to that 4% change. And that's really what it amounted to.

事實上，當您回想一下我從那 3% 中脫穎而出的時候，我們就看到了業務的發展勢頭。我們已經看到各個領域的業務呈現良好發展勢頭。特別是在免疫學和腫瘤學方面，我們提出了一些指導，我們看到 D 部分管道組合較高。所以這實際上是業務組合的變化導致了 4% 的變化。事實確實如此。

And Steve, I'll just add. I mean, when you think about the setup for the company, in '25, we said we would return to robust growth. And we're delivering in absolute terms in our -- per our guidance, a little bit more than $2.5 billion of growth. And that's with headwinds from US HUMIRA erosion, around $3 billion; the Part D benefit redesign of approximately $2 billion when you do the math on the roughly 4%; and then a $500 million headwind from the stronger US dollar.

史蒂夫，我只想補充一下。我的意思是，當你考慮到公司的設置時，在25年，我們說過我們將恢復強勁成長。根據我們的預期，我們的絕對增長額略高於 25 億美元。這還不包括美國 HUMIRA 遭受的約 30 億美元的損失；如果以大約 4% 的比例計算，D 部分福利重新設計的價值將達到約 20 億美元；然後美元走強又帶來5億美元的逆風。

So the underlying growth platform is going to drive $8 billion of growth when you think about SKYRIZI and RINVOQ as well as neuroscience. So the change you're seeing from -- as Scott mentioned, is really more of a mix -- a function of mix. But we're very pleased with the underlying growth of the business that has allowed us to absorb these impacts and still deliver robust growth in 2025.

因此，當您考慮 SKYRIZI 和 RINVOQ 以及神經科學時，底層成長平台將推動 80 億美元的成長。因此，正如斯科特提到的那樣，您所看到的變化實際上更多的是一種混合——一種混合的功能。但我們對業務的潛在成長感到非常滿意，這使我們能夠吸收這些影響並在 2025 年仍然實現強勁成長。

Steve, it's Jeff. I'll take your second question. So as we've negotiated across the commercial books and the Medicare books, we have not seen any pullover or slippage in our actual negotiations over the last cycles.

史蒂夫，我是傑夫。我來回答你的第二個問題。因此，當我們就商業帳簿和醫療保險帳簿進行談判時，我們在過去的周期中沒有看到實際談判出現任何拖延或失誤。

And one thing I would add is that we have seen in '24 some more consumption on the benefit redesign, particularly in our oncology agents. So for IMBRUVICA and VENCLEXTA, we actually see lower discontinuations and some more consumption. And so that's encouraging.

我想補充一點，我們在 24 年看到了更多福利重新設計的消費，特別是在我們的腫瘤藥物方面。因此，對於 IMBRUVICA 和 VENCLEXTA，我們實際上看到停藥率降低且消費量增加。這是令人鼓舞的。

Because if you remember, the Part D had the lead in where the cap moved down to roughly 330, 340. It will sequentially move down more to 2,000 with the smoothing next year, which is a good policy. Because it's encouraging to see that the change in benefit design makes people staying on their cancer medication a bit longer.

因為如果您還記得的話，D 部分處於領先地位，上限降至約 330、340。明年將會進一步下降到2000點，這是一個好的政策。因為看到福利設計的改變讓人們能夠更長時間地服用抗癌藥物是令人鼓舞的。

Again, the volume will be more modest than the price hit, as Rob and Scott described it. But that's the dynamics that we're seeing in the channels.

再次，正如 Rob 和 Scott 所描述的那樣，交易量將比價格衝擊更為溫和。但這就是我們在頻道中看到的動態。

And Steve, on your question regarding the aesthetics guidance, I'll reinforce maybe what I said earlier and Rob as well. So when we look at that guidance, that long-term guidance is calling for high single-digit CAGR '25 through '29, so using '25 as the base here.

史蒂夫，關於你關於美學指導的問題，我可能會重申我之前所說的內容，羅布也會重申。因此，當我們查看該指導時，長期指導要求 25 年至 29 年的複合年增長率達到高個位數，因此這裡使用 25 年作為基準。

If you do the math on that range, that is something above $7 billion, little bit north of $7 billion, depending on where it falls within that high single-digit range. So that's why we've specifically given the range on the high single digit.

如果你計算一下這個範圍，那就是 70 億美元略高一點，略高於 70 億美元，這取決於它在這個高個位數範圍內的哪個數字。這就是我們特意給出高個位數範圍的原因。

The market growth that we've seen historically has been low double digits. But we're seeing, that market we're modeling for now, a high single-digit growth during the time period that we've given this long-term guidance. And so I think that answers your specific questions.

從歷史上看，我們看到的市場成長率一直都是低兩位數。但我們看到，我們目前所模擬的市場在我們給出長期指導的時間段內實現了高個位數成長。所以我認為這回答了你的具體問題。

Thanks, Steve. Operator, next question, please.

謝謝，史蒂夫。接線員，請問下一個問題。

Tim Anderson, Bank of America.

美國銀行的蒂姆·安德森。

A couple of questions, please. On aesthetics, a question I've asked before. What are your expectations for how these two drugs are going to impact this business? You could argue that the surge in use of products, the [group 1], could be either a tailwind or a headwind to the use of products like toxins and fillers. It could be a headwind if patients are having to pick and choose between which products to put their out-of-pocket dollars towards.

請問我幾個問題。關於美學，我以前問過這個問題。您對這兩種藥物將如何影響該業務有何預期？您可能會說，[第 1 組] 產品使用量的激增，對於毒素和填充劑等產品的使用來說，可能是順風，也可能是逆風。如果患者必須在要購買的產品之間做出選擇並自掏腰包，這可能會成為一個阻力。

And then a second question, unrelated to the first, PBM reforms are still being debated in Washington. If AbbVie had its way, what would change about the current relationship between PBMs and drug companies and what would you argue should be left alone?

第二個問題與第一個問題無關，PBM 改革仍在華盛頓進行辯論。如果 AbbVie 得逞，那麼 PBM 和製藥公司之間目前的關係將發生什麼變化？

This is Carrie. I'll answer your first question around the obesity market and the aesthetics opportunity. And you're exactly right. It continues to be both a headwind and a tailwind, a headwind in terms of share of wallet as these consumers are making decisions on what they're going to spend for. We see that more for the higher-priced products like fillers.

這是 Carrie。我將回答您有關肥胖市場和美學機會的第一個問題。你說得完全正確。這仍然既是逆風也是順風，在消費者的錢包份額方面，逆風是消費者在決定如何花錢時所面臨的情況。我們發現，這種情況更出現在諸如填充劑等價格較高的產品中。

And then also a tailwind, as this gets a new group of consumers or patients interested in aesthetics and many of our aesthetic providers are administering these products. And so they see this as an opportunity for lead generation and bringing new patients into the category.

這也是一個順風，因為這吸引了一群對美學感興趣的新消費者或患者，而我們的許多美學服務提供者都在管理這些產品。因此，他們將此視為一個吸引潛在客戶和新患者的機會。

So we do see it as both a tailwind -- a headwind in the short term, but a tailwind in the long term. And the question is not if injectables work. We know that these products work well in these patients. It's really about how we can partner with our customers to build it and integrate it into their treatment practice. And that's what we're doing with our customers now and helping them position BOTOX and JUVÉDERM, our product line, for these new patients that are entering their practice.

因此，我們確實將其視為一種順風——短期內是逆風，但長期來看卻是順風。問題並不在於注射劑是否有效。我們知道這些產品對這些患者效果很好。這實際上是關於我們如何與客戶合作來建立它並將其整合到他們的治療實踐中。這就是我們現在為客戶所做的事情，幫助他們為新來的患者定位我們的產品線 BOTOX 和 JUVÃDERM。

And Tim, this is Rob. I'll take your question on PBM reform. Look, if there are changes to the rebate system, we don't have a strong preference between rebates or discounts. And that's because we've always competed on the attributes of our products, both the clinical benefit they provide and the value they return to health systems.

提姆，這是羅布。我來回答您關於 PBM 改革的問題。你看，如果回扣系統發生變化，我們對回扣或折扣不會有強烈的偏好。這是因為我們一直在產品屬性上競爭，包括產品提供的臨床益處以及產品為醫療系統帶來的價值。

So we're confident in our ability to compete in either world. I would just point to our share performance in international markets that do not have a rebate-based system. And we see similar market shares in those countries as well. So we can compete effectively in either system. We don't have a preference.

因此，我們對自己在任何一個世界的競爭能力充滿信心。我只想指出我們在沒有回扣制度的國際市場上的股票表現。我們在這些國家也看到類似的市場份額。因此我們可以在任一系統中有效競爭。我們沒有偏好。

Thanks, Tim. Operator, next question, please.

謝謝，蒂姆。接線員，請問下一個問題。

Chris Raymond, Piper Sandler.

克里斯雷蒙德、派珀桑德勒。

Just a question on atopic derm as a target indication. Just from some of our work, it looks like the upside we're seeing in RINVOQ is largely in rheum and gastro. And I know you guys have mentioned this and it's fairly well known.

我只想問一下關於特異性皮膚病作為目標指徵的問題。從我們的一些工作來看，我們看到的 RINVOQ 的優勢主要在於風濕病和胃病。我知道你們已經提到過這一點，而且這是相當眾所周知的。

But in atopic derm, at least from our data, it looks like things are starting to flatten out a little bit. And I heard your comments on the derm share of RINVOQ revenue in 2027, but that would seem to infer maybe some kind of inflection. So maybe a two-part question here.

但在特異性皮膚病中，至少從我們的數據來看，情況似乎開始有所緩和。我聽到了您對 2027 年 RINVOQ 收入中皮膚科份額的評論，但這似乎暗示著某種變化。因此，這裡的問題可能分為兩部分。

First, talk about the current maybe atopic derm growth dynamic? And is there an inflection anticipated? And then the second part of that is, should we be paying more attention maybe to lutikizumab as a contributor here?

首先，談談目前可能的特異性皮膚病的成長動態？是否預計會出現拐點？然後第二部分是，我們是否應該更加關注魯替珠單抗作為這裡的貢獻者？

I know, Jeff, you've talked about atopic derm as a very important indication that you guys are targeting. Or is there some other area like external innovation that you think will augment maybe your position in this indication?

我知道，傑夫，你談到了特異性皮膚病，這是你們所針對的一個非常重要的適應症。或者您認為是否存在其他領域，例如外部創新，可以增強您在此領域的地位？

Yeah. It's a very good question. It's an important segment. And to give you some sense of what we see in terms of the inflection -- so we have seen a significant inflection in our new patient capture, and this is despite the launch of other interleukin products over the last year.

是的。這是一個非常好的問題。這是一個重要的部分。讓您了解我們所看到的變化情況——儘管去年推出了其他白細胞介素產品，但我們發現新患者數量出現了顯著的變化。

So we've ramped to the highest in-play shares that we've had. And it was largely flat in the teens for -- mid-teens for many, many quarters, and it's ramping up now above 20%. And a lot of that is we've been able to start to distinguish RINVOQ on these stringent endpoints, basically like really minimal disease activity where you're taking itch down to a very, very low level and you're almost completely clearing the skin.

因此，我們已將比賽中的份額提升至最高水準。在許多季度中，這一數字基本上保持在十幾歲到十幾歲的中段水平，而現在已上升到 20% 以上。其中很大一部分是我們已經能夠開始在這些嚴格的終點上區分 RINVOQ，基本上就像非常最小的疾病活動，你將瘙癢降低到非常低的水平，並且幾乎完全清除皮膚。

And those are the endpoints where we significantly outperform Dupi. Now having said that, Dupi still got the vast majority there. But we are seeing -- we will see that in-play share start to build into the TRxs over time because our TRx share is quite below 20% at that point.

這些是我們明顯優於 Dupi 的終點。話雖如此，杜皮仍然獲得了絕大多數支持。但我們看到——我們會看到遊戲中的份額隨著時間的推移開始融入 TRxs，因為此時我們的 TRx 份額遠低於 20%。

I think the other thing that I'd note is that in many or if not most of the -- outside the US markets, our shares are much higher and build even a little bit faster. So in several large markets, we actually are ahead of Dupixent, and some of that has to do with the way that the label worked during our initial launch, et cetera.

我想指出的另一件事是，在美國以外的許多市場（如果不是大多數的話），我們的份額要高得多，而且成長速度更快。因此，在幾個大型市場中，我們實際上領先於 Dupixent，這在一定程度上與該品牌​​在我們首次推出時的運作方式有關，等等。

But we're quite bullish over time in terms of RINVOQ as this is the best agent in terms of getting to the complete control. Now having said that, we would and we will continue to look for more assets. Some are in our pipeline, as described, but this is a very, very attractive space that we want to continue to invest in.

但從長遠來看，我們對 RINVOQ 非常看好，因為從完全控制的角度來看，它是最好的藥物。話雖如此，我們會繼續尋找更多資產。如同所描述的，有些已經在我們的籌備中，但這是一個非常非常有吸引力的領域，我們希望繼續投資。

I don't know, Roopal, if you've got any comments on luti or some of the other concepts.

我不知道，Roopal，你對 luti 或其他一些概念有何評論。

That's right. I mean, with the 5% penetration rate, there's still many patients that are untreated. So lutikizumab will be our next one. And as Jeff mentioned, there's other pipeline assets that we're working on and key being skin clearance along with that itch. And if you can get them both and have a safe and tolerable profile, I think that will continue to be competitive.

這是正確的。我的意思是，儘管滲透率為 5%，但仍有許多患者未治療。因此，魯替尼單抗將是我們的下一個研究對象。正如傑夫所提到的，我們正在研究其他管道資產，其中的關鍵是皮膚清除和發癢。如果你能同時獲得這兩者，並且擁有安全和可容忍的概況，我認為這將繼續具有競爭力。

Thanks, Chris. Operator, next question, please.

謝謝，克里斯。接線員，請問下一個問題。

Trung Huynh, UBS.

瑞銀 (UBS) 的 Trung Huynh。

Just two for me. So firstly, your sales in 4Q. Did you see any notable difference in trends in stocking or gross to net patterns across the portfolio ahead of the changes in Part D versus previous years? Specifically, I'm interested if you had any meaningful one-offs for SKYRIZI and RINVOQ for the quarter.

對我來說只要兩個。首先，您第四季的銷售額。與前幾年相比，在 D 部分發生變化之前，您是否發現整個投資組合的存量趨勢或毛淨值模式有任何顯著差異？具體來說，我感興趣的是，您是否在本季度對 SKYRIZI 和 RINVOQ 有任何有意義的一次性活動。

And then circling back on aesthetics, thanks for that updated long-term guide. Can you give us a bit more color geographically of how we should think about the split between ex-US, China, versus the US as you return to growth? Is there an expectation on one coming back quicker than the other?

然後回到美學話題，感謝更新的長期指南。當您重返成長時，您能否從地理角度為我們提供更多細節，說明我們應該如何看待美國以外地區、中國和美國之間的分歧？是否預期其中一個會比另一個更快回來？

This is Scott. I'll talk about the stocking. So we did not see -- in the past, we've talked about it a couple of years ago, in particular. But the stocking was relatively minimal from -- in terms of the impact. So we did not see anything with respect to SKYRIZI and RINVOQ on the stocking in the fourth quarter that will be impacting the first quarter.

這是斯科特。我來談談長襪。所以我們沒有看到——過去，特別是幾年前我們談論過這個問題。但從影響來看，庫存相對較小。因此，我們並未看到 SKYRIZI 和 RINVOQ 在第四季度的庫存方面對第一季產生任何影響。

And no real dynamics here on gross to net either.

從毛利到淨利也沒有真正的動態。

No, that's right. For SKYRIZI and RINVOQ, I'm sorry, no dynamics around gross to net for SKYRIZI and RINVOQ. With respect to aesthetics, I don't know Carrie, if you want --

不，沒錯。對於 SKYRIZI 和 RINVOQ，抱歉，SKYRIZI 和 RINVOQ 沒有圍繞毛利和淨利的動態。至於美學，我不知道 Carrie，如果你想--

Sure. For aesthetics, as we think about the long term, we see -- like we said, we're planning prudently for the economic recovery around key markets like US and China, where it's been challenging for the past few years. Both those markets will continue to be important moving forward as well the rest of the world.

當然。對於美學，當我們考慮長遠時，我們看到——就像我們所說的那樣，我們正在審慎地規劃美國和中國等主要市場的經濟復甦，過去幾年這些市場一直面臨挑戰。這兩個市場以及世界其他市場在未來仍將保持重要地位。

We see Japan as posting nice growth as being an underdeveloped market that we're able to invest in. And then the pipeline catalyst be important in both US and the rest of the world.

我們認為日本作為一個欠發達市場正在取得良好的成長，我們值得投資。管道催化劑對美國和世界其他地區都很重要。

Notably, in China, in the past year, we've had multiple new pipeline catalysts which are going to -- which continue to help drive share for both toxins and fillers last year and this year. And we expect the international business to continue to increase as a percent of the revenue for overall global Allergan Aesthetics.

值得注意的是，在中國，過去一年來，我們推出了多種新的管道催化劑，這些催化劑將繼續幫助推動去年和今年毒素和填充劑的份額。我們預計，國際業務佔艾爾建美學全球整體收入的百分比將持續成長。

Thanks, Trung. Operator, we have time for one final question, please.

謝謝，Trung。接線員，我們還有時間回答最後一個問題。

Chris Shibutani, Goldman Sachs.

高盛的 Chris Shibutani。

When you think about going beyond 2030 with your strategy across the portfolio, can you comment about the potential impact of some of these combination approaches in immunology? Do you expect these to be IP extending?

當您考慮將整個投資組合的策略拓展到 2030 年以後時，您能否評論一下這些組合方法在免疫學領域的潛在影響？您期望這些是 IP 擴充嗎？

Will there be co-formulation based approaches? Just trying to understand the potential revenue implications, noting that clearly, there could be some clinical benefit that could certainly make sense.

是否會有基於共同配方的方法？只是想了解潛在的收入影響，並明確指出，可能會有一些臨床益處，這肯定是有意義的。

And then just a question about a business segment that has been around that you never talk about, which is eye care. How and why does this fit going forward? I understand there's a legacy with the Allergan deal.

然後我再問一個關於您從未談論但一直存在業務領域的問題，那就是眼部護理。這如何以及為什麼適合未來發展？我知道與艾爾建的交易留下了一些遺留問題。

But just trying to think about the overall portfolio in areas where you clearly have strength, but this seems to be one which is less than 5% of revenues. But what is the role for that on the forward? How are you thinking about it?

但只是試著思考你明顯具有優勢的領域的整體投資組合，但這似乎只佔收入的 5% 以下。但這對前鋒來說有什麼作用呢？您覺得怎樣？

Chris, it's Roopal. Maybe I'll start the ball rolling here on how we think about combos into '23 -- sorry, into 2030. So the first thing is we have a very strong foundational asset in particularly IBD with SKYRIZI. And you've heard of me mention other combo studies in psoriatic arthritis today as well.

克里斯，我是羅帕爾。也許我應該在這裡開始討論我們如何思考 23 年——抱歉，是 2030 年的組合。因此，首先我們擁有非常強大的基礎資產，特別是 SKYRIZI 的 IBD。而且您今天也聽說了我提到了銀屑病關節炎的其他組合研究。

Now that, we would combine it with the multiple assets that we've mentioned over time, TL1A, TREM-1, alpha-4-beta-7, IL-1 alpha beta, lutikizumab that we already have, these that we would be able to look at as monotherapies and combo therapies.

現在，我們將把它與我們長期以來提到的多種資產結合起來，TL1A、TREM-1、α-4-β-7、IL-1 αβ、盧替吉單抗，這些我們已經擁有，我們將可以將其視為單一療法和聯合療法。

If they look good as monotherapies, they could also move forward by themselves. For all of these assets, we're also looking at biomarker approaches, particularly with lutikizumab, but we would apply that same strategy to all of these assets.

如果它們作為單一療法看起來效果良好，那麼它們也可以自行發展。對於所有這些資產，我們也在研究生物標記方法，特別是魯替尼單抗，但我們會將相同的策略應用於所有這些資產。

And as combinations, the goal would be co-formulation. So as we enter into the clinical study, we are also doing CMC work in parallel to facilitate combination/co-formulation approaches. So that would also be a convenience factor.

作為組合，目標是共同製定。因此，當我們進入臨床研究時，我們也在同時進行 CMC 工作，以促進組合/共同配方方法。所以這也是一個便利因素。

And we would want to match with longer-acting agents. So for example, the TL1A, we believe to be a longer-acting agent. For TREM-1, we're seeing a long pharmacodynamic effect as an example.

我們希望找到作用時間較長的藥物。例如，我們認為 TL1A 是一種作用時間較長的藥物。對於 TREM-1，我們以長期藥效動力學作用為例。

But then the next way that we think about these combo strategies is if we start seeing utility there, obviously, moving forward with the co-formulation, but we are very confident in making bispecifics. Lutikizumab is one of those. So then in parallel, we're making bispecifics that could then also stand alone as single assets.

但是，我們對這些組合策略的下一個思考方式是，如果我們開始看到其中的效用，顯然，會推進共同配方，但我們對製造雙特異性抗體非常有信心。魯替珠單抗就是其中之一。因此，同時，我們正在製造雙特異性抗體，它們也可以獨立成為單一資產。

And then as you've heard recently with our Nimble transaction, we would also be looking at different mechanisms as an oral peptide, the lead one being IL-23. But we're also working on a TL1A. And what's unique and what we like about that platform is the potency, potentially being able to reduce the amount of peptide that's required, and these assets having long half-lives.

正如您最近在我們的 Nimble 交易中聽到的那樣，我們還將研究口服勝肽的不同機制，其中最主要的是 IL-23。但我們也在研究 TL1A。平台的獨特之處和我們喜歡的地方在於它的功效，有可能減少所需的勝肽的數量，而且這些資產具有較長的半衰期。

So if they -- if that holds, then you could imagine combinations as a pill with these peptides with that type of profile that we hope to see. So multiple steps as we think about immunology.

所以如果它們 — — 如果這是成立的，那麼你可以想像將這些勝肽組合成一種藥丸，具有我們希望看到的那種類型的特徵。當我們思考免疫學時，有多個步驟。

And then this is Rob, your question on eye care. I mean our focus on eye care is in glaucoma, retinal disease, and prescription dry eye. We like that business. It participates in a large market with high unmet need. It meets that criteria.

那麼這是 Rob，您關於眼睛護理的問題。我的意思是，我們的眼部護理重點是青光眼、視網膜疾病和處方乾眼症。我們喜歡那件生意。它參與了一個有大量未滿足需求的大型市場。它符合該標準。

It has very much a scientific focus. It's a data-driven business. It's a very efficient business as well. And obviously, we're excited about the REGENXBIO gene therapy program focused on wet AMD and diabetic retinopathy.

它非常注重科學。這是一個數據驅動的業務。這也是一項非常有效率的業務。顯然，我們對專注於濕性 AMD 和糖尿病視網膜病變的 REGENXBIO 基因治療計畫感到非常興奮。

Depending on how that plays out, I think you could see that as becoming a stronger growth driver. We obviously have four of the five -- as you think about it, you get a lot of questions there. But we don't get as many questions on eye care.

根據具體情況，我認為你可以看到它成為一個更強勁的成長動力。顯然，我們已經滿足了這五個條件中的四個——如果你仔細想想，你會發現有很多問題。但我們收到的關於眼部護理的問題並不多。

But we do believe as you start to get more visibility to this REGENXBIO program, you'll likely spend more time focusing on it. We think of it as a potential to be a long-term growth driver for the company, and we like the fit it has for AbbVie.

但我們確實相信，隨著您開始更多地了解 REGENXBIO 計劃，您可能會花更多時間關注它。我們認為它有可能成為公司的長期成長動力，我們喜歡它與 AbbVie 的契合。

Thank you, Chris. And 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.

謝謝你，克里斯。今天的電話會議到此結束。如果您想收聽電話重播，請造訪我們的網站 investor.abbvie.com。再次感謝您的加入。

Thank you. That concludes today's conference. You may all disconnect at this time.

謝謝。今天的會議到此結束。此時各位都可以斷開連線。