艾伯維 (ABBV) 2025 Q2 法說會逐字稿

Good morning and thank you for standing by. Welcome to AbbVie second-quarter 2025 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 2025 年第二季財報電話會議。（操作員指示）今天的通話也正在被錄音。如果您有任何異議，您可以立即斷開連接。

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，您可以開始了。

Thank you. Good morning and thanks for joining us. Also on the call with me today are Rob Michael, Chairman and Chief Executive Officer; Jeff Stewart, Executive Vice President, Chief Commercial Officer; Roopal Thakkar, Executive Vice President, Research and Development, Chief Scientific Officer; and Scott Reents, Executive Vice President, Chief Financial Officer.

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董事長兼首席執行官羅布·邁克爾 (Rob Michael)、執行副總裁兼首席商務官傑夫·斯圖爾特 (Jeff Stewart)、研發執行副總裁兼首席科學官羅帕爾·塔卡爾 (Roopal Thakkar) 以及執行副總裁兼首席財務官斯科特·雷恩茨 (Scott Reents)。

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

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，艾伯維不承擔更新這些前瞻性聲明的義務。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。

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.

這些非公認會計準則 (non-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 財務指標相協調，可在我們的網站上找到。在我們準備好發言之後，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. AbbVie delivered another outstanding quarter with results exceeding our expectations. We are making excellent progress advancing our pipeline and adding more depth to strategic transactions that support our long-term growth.

謝謝你，莉茲。大家早安，感謝大家的收看。AbbVie 又一個季度表現出色，業績超出了我們的預期。我們在推進產品線和增加支持我們長期成長的策略交易深度方面取得了顯著進展。

Turning to our second quarter performance, we delivered adjusted earnings per share of $2.97 which is $0.11 above our guidance midpoint. Total net revenues were $15.4 billion more than $400 million ahead of our expectations.

回顧我們第二季的業績，我們實現的調整後每股收益為 2.97 美元，比我們的預期中位數高出 0.11 美元。總淨收入為 154 億美元，比我們的預期高出 4 億美元。

This overachievement includes sales growth of 22% from our ex-Humira platform with continued robust performance from Skyrizi and Rinvoq, which are now on pace to deliver more than $25 billion in combined sales this year, well above our initial expectations. We also delivered strong double-digit growth from neuroscience driven by Vraylar, Vyalev and our leading migraine portfolio.

這筆超額完成包括我們在 Humira 以外的平台銷售額成長 22%，以及 Skyrizi 和 Rinvoq 持續強勁的表現，這兩個平台今年的總銷售額預計將超過 250 億美元，遠高於我們最初的預期。在 Vraylar、Vyalev 和我們領先的偏頭痛產品組合的推動下，我們的神經科學業務也實現了強勁的兩位數成長。

Based on our momentum to the first half of the year, we are raising guidance for the second time. We now expect full year revenue of $60.5 billion an increase of $800 million. We have now raised our revenue guidance by $1.5 billion since the start of the year. We are also raising our full year adjusted earnings per share guidance by $0.21 and now expect adjusted EPS between $11.88 and $12.08.

根據我們上半年的發展勢頭，我們第二次上調了預期。我們現在預計全年營收為 605 億美元，增加 8 億美元。自今年年初以來，我們已將營收預期提高了 15 億美元。我們還將全年調整後每股收益預期上調 0.21 美元，目前預計調整後每股收益將介於 11.88 美元至 12.08 美元之間。

In addition to our strong financial results, we are making great progress with our R&D pipeline across all stages of development. Notable highlights from our late-stage programs include the recent approvals of Emrelis for non-squamous, non-small cell lung cancer and Rinvoq for GCA.

除了強勁的財務表現外，我們在各個開發階段的研發管道也取得了巨大進展。我們後期計畫的顯著亮點包括最近批准用於治療非鱗狀非小細胞肺癌的 Emrelis 和用於治療 GCA 的 Rinvoq。

The regulatory submission of Trenibote E, a first in class short acting toxin in anesthetics. As well as highly differentiated Phase 3 results in alopecia areata, a potential 10th indication for Rinvoq in the US. We are also focused on augmenting our pipeline with therapies and platform technologies that have the potential to elevate the standard of care for patients.

Trenibote E 的監管提交，這是麻醉藥中首創的短效毒素。除了在斑禿方面取得的高度分化的 3 期研究結果外，Rinvoq 還可能在美國獲得第 10 個適應症。我們也致力於透過有潛力提高患者護理標準的療法和平台技術來擴充我們的產品線。

These include promising early-stage programs that have the potential to drive growth for AbbVie in the next decade. We have executed more than 30 business development transactions since the beginning of last year. Our recent activity includes closing the agreement with Gubra for a long-acting amylin analog in the treatment of obesity, as well as announcing our planned acquisition of Capstan Therapeutics, giving us an in vivo CAR-T platform that can further strengthen our immunology pipeline.

其中包括有前景的早期項目，這些項目有可能在未來十年推動 AbbVie 的成長。自去年年初以來，我們已經執行了30多項業務發展交易。我們最近的活動包括與 Gubra 達成協議，開發一種用於治療肥胖症的長效胰淀素類似物，以及宣布我們計劃收購 Capstan Therapeutics，這將為我們提供體內 CAR-T 平台，從而進一步加強我們的免疫學管道。

We also in licensed ISB 2001, a novel tri-specific antibody for multiple myeloma, and we announced the collaboration with ADARx to develop next generation siRNA therapies across multiple disease areas including immunology, neuroscience and oncology.

我們還獲得了 ISB 2001 的許可，這是一種用於治療多發性骨髓瘤的新型三特異性抗體，我們宣布與 ADARx 合作開發涵蓋免疫學、神經科學和腫瘤學等多個疾病領域的下一代 siRNA 療法。

In summary, I'm very pleased with the performance of our business and the progress we are making against our long-term strategy. AbbVie's outlook is strong, and we are well positioned to deliver on our commitments in 2025 and beyond.

總而言之，我對我們的業務表現以及我們在長期策略方面的進展感到非常滿意。AbbVie 的前景光明，我們已準備好在 2025 年及以後兌現我們的承諾。

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

接下來，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 more than $7.6 billion. Skyrizi continues to demonstrate impressive growth. Global sales were $4.4 billion, up 61.8% on an operational basis. We continue to capture robust in-play patient share in psoriatic disease. In the US, this includes clear leadership in psoriasis across all lines of therapy versus both biologics and oral agents. As well as continued strong performance in the PSA derm setting with frontline in place shared leadership more than double the next closest biological oral therapy.

謝謝你，羅布。我首先介紹免疫學的季度業績，該部門的總收入超過 76 億美元。Skyrizi 繼續展現出令人矚目的成長。全球銷售額為 44 億美元，以營運基礎計算成長 61.8%。我們繼續在銀屑病領域佔據強勁的患者份額。在美國，這包括在所有治療領域（包括生物製劑和口服藥物）治療牛皮癬方面佔據明顯的領先地位。在 PSA 皮膚科領域繼續保持強勁表現，一線領導地位比緊隨其後的生物口服療法高出一倍以上。

Globally, Skyrizi continues to grow and achieve total psoriatic disease market leadership in numerous major markets around the world. I'm also very pleased with Skyrizi's performance in IBD, where we are on track to double our sales this year.

在全球範圍內，Skyrizi 持續成長並在全球許多主要市場取得銀屑病疾病市場的全面領導地位。我對 Skyrizi 在 IBD 的表現也非常滿意，我們今年的銷售額預計將翻一番。

In the US, we continue to capture more than a third of newer switching patients in Crohn's disease and nearly 20% of newer switching patients in ulcerative colitis. As we look ahead, we feel very confident in Skyrizi's profile, including compelling efficacy, safety and dosing and a very robust head-to-head program where we have demonstrated superiority and clear differentiation against multiple novel therapies sets a high bar for comparison.

在美國，我們繼續捕獲超過三分之一的克隆氏症新轉換患者和近 20% 的潰瘍性結腸炎新轉換患者。展望未來，我們對 Skyrizi 的產品線非常有信心，包括令人信服的功效、安全性和劑量，以及非常強大的頭對頭項目，我們已經證明了其優越性，並且與多種新療法有明顯的區別，為比較設定了很高的標準。

So as we do compare our current dynamic share to total prescription share, it's clear there is still a substantial opportunity for continued total share gain across all of Skyrizi's indications over time, especially in ulcerative colitis and Crohn's disease, which are still earlier in their launch trajectory.

因此，當我們將目前的動態份額與總處方份額進行比較時，很明顯，隨著時間的推移，Skyrizi 的所有適應症的總份額仍有很大的持續增長機會，特別是在潰瘍性結腸炎和克羅恩病方面，這兩個疾病仍處於上市軌蹟的早期階段。

Turning now to Rinvoq, which is also demonstrating outstanding growth. Global sales were $2 billion, up 41.2% on an operational basis as we continue to see nice momentum across all of Rinvoq's indications. Uptake in IBD continues to be very strong. In the US, Rinvoq's in-play patient share across all lines of therapy for both ulcerative colitis and Crohn's disease is second only to Skyrizi among branded medicines.

現在來看看 Rinvoq，它也表現出了出色的成長。全球銷售額達到 20 億美元，按營運基礎計算成長了 41.2%，我們繼續看到 Rinvoq 在所有適應症中都呈現良好勢頭。IBD 的吸收仍然非常強勁。在美國，Rinvoq 在潰瘍性結腸炎和克隆氏症所有治療領域的患者份額在品牌藥物中僅次於 Skyrizi。

So as a portfolio, Rinvoq and Skyrizi together are capturing one out of every two in-play Crohn's disease patients and one out of every three in-play UC patients in the US, a very strong combined leadership position in gastroenterology for AbbVie.

因此，作為一個投資組合，Rinvoq 和 Skyrizi 共同佔據了美國每兩名克羅恩病患者中的一名和每三名潰瘍性結腸炎患者中的一名，這對 AbbVie 來說是一個非常強大的胃腸病學聯合領導地位。

I'd also highlight that we are making excellent progress with Rinvoq's global launch in giant cell arteritis, our 6th indication in rheumatology. Initial prescription trends as well as feedback from rheumatologists has been positive with access in the US expected to ramp quickly over the rest of the year.

我還要強調的是，我們在 Rinvoq 在鉅細胞動脈炎（我們在風濕病學領域的第六個適應症）的全球推廣方面取得了巨大進展。最初的處方趨勢以及風濕病學家的回饋都是正面的，預計今年剩餘時間內美國的可及性將迅速提升。

Finally, we announced impressive Phase 3 results in alopecia areata, a chronic autoimmune disease leading to unpredictable hair loss with nearly 2 million diagnosed patients globally. Alopecia areata, as well as the next wave of diseases, including vitiligo, HS and lupus, would expand Rinvoq's treatment in both dermatology and rheumatology, areas where we already have very strong call points with Rinvoq's core indications.

最後，我們宣布了斑禿治療的令人印象深刻的第三階段結果，斑禿是一種導致不可預測的脫髮的慢性自體免疫疾病，全球有近 200 萬確診患者。斑禿以及下一波疾病，包括白斑症、HS 和狼瘡，將擴大 Rinvoq 在皮膚病學和風濕病學方面的治療，在這些領域我們已經對 Rinvoq 的核心適應症有了非常強烈的關注點。

Turning now to Humira, which delivered global sales of more than $1.1 billion, down 58.2% on an operational basis reflecting biosimilar competition. We anticipate Humira's access in the US will continue to decrease throughout the second half of this year as more plans select exclusionary formularies for existing patients.

現在來看看 Humira，其全球銷售額超過 11 億美元，由於生物相似藥的競爭，其營運銷售額下降了 58.2%。我們預計，隨著越來越多的計劃為現有患者選擇排除性處方集，Humira 在美國的可及性將在今年下半年繼續下降。

Moving to oncology, which delivered total revenues of nearly $1.7 billion. In Imbruvica global sales were $754 million, down 9.5%, reflecting continued competitive dynamics in CLL, partially offset by higher persistency rates for existing patients. Venclexta the global revenues were $691 million, up 8.3% on an operational basis. This reflects strong demand in CLL with combination use of Venclexta Plus BTK inhibitors emerging as a preferred fixed duration treatment.

轉向腫瘤學，總收入接近 17 億美元。Imbruvica 的全球銷售額為 7.54 億美元，下降 9.5%，反映出 CLL 領域持續的競爭態勢，但現有患者的持續率較高在一定程度上抵消了這一影響。Venclexta 全球營收為 6.91 億美元，以營運基礎計算成長 8.3%。這反映了 CLL 的強勁需求，其中 Venclexta Plus BTK 抑制劑的聯合使用成為首選的固定療程治療。

We are also seeing nice momentum from Elahere and Epkinly with both delivering double digit revenue growth. And we are early in the US launch of Emrelis, our newest ADC for previously treated non-squamous, non-small cell lung cancer patients.

我們也看到 Elahere 和 Epkinly 表現良好，均實現了兩位數的收入成長。我們早期在美國推出了 Emrelis，這是我們針對先前接受過治療的非鱗狀、非小細胞肺癌患者的最新 ADC。

This commercialization will help to establish c-Met expression as a valid biomarker in non-small cell lung cancer and also build AbbVie's presence more broadly in solid tumors where we have several promising next-generation ADCs in development, including Temab-A, which shares the same c-Met target.

此次商業化將有助於確立 c-Met 表達作為非小細胞肺癌的有效生物標記物，同時也將擴大 AbbVie 在實體瘤領域的影響力，我們在實體瘤領域有幾種有前景的下一代 ADC 正在開發中，包括具有相同 c-Met 靶點的 Temab-A。

Turning now to aesthetics, which delivered global sales of nearly $1.3 billion, down 8% on an operational basis. Botox Cosmetic global revenues were $692 million and Juvederm global sales were $260 million, with growth rates for both products down on an operational basis.

現在談談美學，其全球銷售額接近 13 億美元，營運基礎下降了 8%。Botox Cosmetic 的全球收入為 6.92 億美元，Juvederm 的全球銷售額為 2.6 億美元，兩種產品的營運成長率均下降。

Consistent with the past few quarters, economic challenges and lower overall consumer sentiment have impacted the aesthetics market, which continues to perform below historical levels. As noted on the first quarter call, we moderated our assumptions for near-term category growth globally, which is tracking largely in line with our expectations.

與過去幾季的情況一致，經濟挑戰和整體消費者情緒低落對美容市場產生了影響，其表現持續低於歷史水準。正如在第一季電話會議上所指出的，我們調整了對全球近期類別成長的假設，這與我們的預期基本一致。

From a competitive perspective, our facial injectable portfolio remains the clear leader with strong market shares globally. Our progress with the Alle loyalty program is going well, and we have robust plans underway to support patient activation.

從競爭角度來看，我們的臉部注射產品組合仍然佔據明顯領先地位，在全球擁有強大的市場份額。我們的 Alle 忠誠度計劃進展順利，我們正在製定強有力的計劃來支持患者的積極性。

This includes a new Botox consumer campaign in the US with ramping second half investment, continued injector training globally and bringing new products to market like Trenibote E, our fast-acting short-duration toxin with commercialization expected next year. So as economic conditions improve from current levels, we remain very well positioned for growth over the long term in the aesthetics category.

這包括在美國開展新的肉毒桿菌消費者活動，加大下半年的投資，繼續在全球範圍內進行注射器培訓，並將新產品推向市場，例如我們的速效短效毒素 Trenibote E，預計將於明年實現商業化。因此，隨著經濟狀況從當前水準改善，我們在美學領域仍將保持長期成長的良好勢頭。

Moving now to Neuroscience, our second largest therapeutic area where we continue to demonstrate robust growth. Total revenues were approximately $2.7 billion, up 24% on an operational basis. This exceptional performance is driven by continued double-digit operational growth of Vraylar with global sales of $900 million, up 16.3%. Botox Therapeutic, with global revenues of $928 million, up 14.2%. Ubrelvy with global sales of $338 million, up 47.2%, and Qulipta with global revenues of $267 million, up 76.9%.

現在轉向神經科學，這是我們的第二大治療領域，我們繼續表現出強勁的成長勢頭。總收入約 27 億美元，營運收入成長 24%。這項出色業績得益於 Vraylar 持續兩位數的營運成長，其全球銷售額達 9 億美元，成長 16.3%。保妥適治療公司（Botox Therapeutic）全球收入達 9.28 億美元，成長 14.2%。Ubrelvy全球銷售額達3.38億美元，較去年成長47.2%；Qulipta全球營收達2.67億美元，較去年成長76.9%。

Importantly, we recently announced positive results from the head-to-head TEMPLE study comparing Qulipta to Topiramate for migraine prevention. TEMPLE demonstrated that Qulipta had fewer treatment discontinuations attributed to adverse events as well as a significant reduction in migraine days versus topiramate. Given the high use of topiramate as a frontline treatment for migraine prevention, we anticipate these strong results will support earlier adoption of Qulipta.

重要的是，我們最近宣布了 TEMPLE 頭對頭研究的積極結果，該研究比較了 Qulipta 和托吡酯在預防偏頭痛方面的療效。TEMPLE 研究證明，與托吡酯相比，Qulipta 因不良事件而停止治療的人數較少，且偏頭痛發作天數也顯著減少。鑑於托吡酯作為偏頭痛預防一線治療藥物的廣泛使用，我們預計這些強勁的結果將支持更早採用 Qulipta。

Moving to Parkinson's disease. I'm very pleased with the performance of Vyalev, where the global launch is off to an excellent start. Total sales were $98 million, up 56% on a sequential basis. Feedback from movement disorder specialists has been overwhelmingly positive with uptake across the international markets exceeding our expectations.

轉向帕金森氏症。我對 Vyalev 的表現非常滿意，它的全球發布有了一個很好的開始。總銷售額為 9,800 萬美元，比上一季成長 56%。運動障礙專家的回饋非常積極，國際市場的接受度超出了我們的預期。

Looking forward, we believe our emerging Park Parkinson's disease portfolio with Vyalev, Duodopa and Tavapadon forthcoming has the collective potential to a multibillion-dollar opportunity over the long term. So overall, I'm very pleased with the execution and continued strong performance across our commercial portfolio.

展望未來，我們相信，我們即將推出的新興 Park 帕金森氏症藥物組合（包括 Vyalev、Duodopa 和 Tavapadon）具有長期創造數十億美元商機的潛力。總的來說，我對我們的商業投資組合的執行情況和持續強勁的表現感到非常滿意。

And with that, I'll turn the call over to Roopal for comments on our R&D highlights. Roopal?

接下來，我將把電話轉給 Roopal，請他們對我們的研發亮點發表評論。羅帕爾？

Thank you, Jeff. Starting with immunology, where we continue to make meaningful progress advancing our pipeline with several regulatory and clinical milestones since the last earnings call.

謝謝你，傑夫。從免疫學開始，自上次收益電話會議以來，我們繼續取得有意義的進展，透過多個監管和臨床里程碑來推進我們的產品線。

FDA approval was granted for Rinvoq in GCA, representing our sixth rheumatology indication. Additionally, top line data from the first Phase 3 Rinvoq alopecia areata trial were just announced. In the study, Rinvoq met the primary and key secondary endpoints, demonstrating a statistically significant improvement in hair regrowth across both Rinvoq doses compared to placebo.

FDA 批准 Rinvoq 治療 GCA，這是我們第六種風濕病適應症。此外，第一階段 3 期 Rinvoq 斑禿試驗的頂線數據剛剛公佈。在研究中，Rinvoq 達到了主要終點和關鍵次要終點，與安慰劑相比，兩種劑量的 Rinvoq 均在毛髮生長方面表現出統計學上的顯著改善。

Baseline scalp coverage prior to treatment was approximately 16%. In the Rinvoq 30 milligram group, 54% of patients reached 80% or more scalp hair coverage, and 47% reached 90% or more coverage at 24 weeks. A robust effect was also demonstrated with Rinvoq 15 milligrams.

治療前基線頭皮覆蓋率約為 16%。在 Rinvoq 30 毫克組中，54% 的患者達到 80% 或更高的頭皮毛髮覆蓋率，47% 的患者在 24 週時達到 90% 或更高的覆蓋率。Rinvoq 15 毫克也展現了強大的效果。

These are truly transformative results and compare very favorably to the efficacy shown in pivotal trials for other JAK inhibitors. The placebo-adjusted SALT 20 and 10 scores for Rinvoq 30 milligrams were approximately 20 percentage points above the rates for the highest approved doses of other JAK inhibitors. For the Rinvoq 15 milligram group, rates were approximately 10 points above. We are very pleased with these results, which certainly surpassed our expectations.

這些都是真正具有變革性的結果，與其他 JAK 抑制劑的關鍵試驗中所顯示的療效相比非常有利。經安慰劑調整的 Rinvoq 30 毫克 SALT 20 和 10 分數比其他 JAK 抑制劑最高核准劑量的評分高出約 20 個百分點。對於 Rinvoq 15 毫克組，比率大約高出 10 個百分點。我們對這些結果非常滿意，這確實超出了我們的預期。

Results from a second Phase 3 alopecia areata study are anticipated in the third quarter, followed by regulatory submissions starting later this year. The Vitiligo program for Rinvoq is also nearing completion, with top line results from Phase 3 studies expected later this year.

第二階段斑禿研究的結果預計將於第三季公佈，並將於今年稍晚開始向監管機構提交報告。Rinvoq 的白斑症治療計畫也即將完成，預計今年稍後將公佈第三階段研究的最終結果。

External innovation has supported expansion of our growing immunology pipeline. We recently announced plans to acquire Capstan. Their novel platform allows for in vivo programming of cells through mRNA delivery using targeted lipid nano particles.

外部創新支持了我們不斷增長的免疫學管道的擴展。我們最近宣布了收購 Capstan 的計劃。他們的新平台允許使用有針對性的脂質奈米顆粒透過 mRNA 傳遞對細胞進行體內編程。

Capstan's lead asset currently in Phase 1 generates CD19-specific, CD8-positive in vivo CAR-T cells. The CAR-T cells are designed to achieve rapid and deep B-cell depletion without the need for lympho-ablating chemotherapy while also avoiding other challenges associated with conventional ex vivo CAR-Ts.

Capstan 目前處於第 1 階段的主要資產可產生 CD19 特異性、CD8 陽性體內 CAR-T 細胞。CAR-T 細胞旨在實現快速深度 B 細胞耗竭，無需淋巴細胞消融化療，同時也可避免與傳統體外 CAR-T 相關的其他挑戰。

This innovative approach has the potential to become a transformative new treatment modality to reset the immune system and provide deep, durable drug-free remission for patients with autoimmune disease. Capstan's technology is a strong strategic fit for our early immunology efforts, where we have a number of internal assets designed to reset the immune system via depletion of pathogenic cells with the goal of delivering functional cures.

這種創新方法有可能成為一種變革性的新治療方式，以重置免疫系統並為自體免疫疾病患者提供深度、持久的無藥物緩解。Capstan 的技術與我們早期的免疫學研究有著很強的策略契合度，我們擁有一系列內部資產，旨在透過消除致病細胞來重置免疫系統，從而實現功能性治療。

We plan to advance several assets that deplete B-cells into the clinic, each with a different target or modality. These include two anti-CD19 monoclonal antibodies that activate cell-mediated cytotoxicity, one with and the other without a payload, Etentamig our BCMA CD3 bispecific T-cell engager and ISB 2001, a BCMA CD38, CD3 trispecific T-cell engager that is part of our recently announced agreement with IGI Therapeutics.

我們計劃將幾種消耗 B 細胞的資產推進到臨床，每種資產都有不同的目標或方式。這些包括兩種可活化細胞介導的細胞毒性的抗 CD19 單株抗體，一種具有有效載荷，另一種不帶有有效載荷，Etentamig 是我們的 BCMA CD3 雙特異性 T 細胞接合器，ISB 2001 是一種 BCMA CD38、CD3 三特異性 T 細胞接合器，是我們最近宣布的與 IGI Therapeutics 達成的協議的一部分。

An interim analysis was recently completed on our monotherapy trial evaluating lutikizumab in ulcerative colitis. Lutikizumab showed numerically higher efficacy for the primary endpoint of endoscopic improvement compared to Humira, which was the control arm. However, the results were not sufficiently differentiated for us to pursue it as a monotherapy in this population.

我們最近完成了魯替珠單抗治療潰瘍性結腸炎的單一療法試驗的中期分析。與對照組 Humira 相比，Lutikizumab 在內視鏡改善這一主要終點表現出更高的療效。然而，結果並沒有足夠的差異，我們無法將其作為該族群的單一療法。

We believe there is still opportunity to drive incremental efficacy as a combination therapy in Crohn's disease where lutakizumab is being evaluated in combination with Skyrizi. Lutikizumab is one of several assets being studied and results from our Crohn's combination platform study will begin to read out next year.

我們相信，作為克隆氏症的聯合療法，仍有機會提高療效，目前正評估 Lutakizumab 與 Skyrizi 的聯合療法。Lutikizumab 是正在研究的幾種藥物之一，我們的克隆氏症組合平台研究結果將於明年開始發表。

lutikizumab has the potential to drive efficacy across other autoimmune diseases. It has demonstrated strong efficacy in hydratinitis supertiva, where Phase 3 is ongoing with data expected in 2027. Additional studies are underway evaluating monotherapy or combination approaches in psoriatic arthritis, atopic dermatitis and rheumatoid arthritis.

魯替珠單抗有潛力促進其他自體免疫疾病的療效。它已被證明對水螅病具有強大的療效，目前該疾病的第三階段研究正在進行中，預計將於 2027 年獲得數據。目前正在進行其他研究，評估乾癬性關節炎、異位性皮膚炎和類風濕性關節炎的單一療法或合併療法。

Moving to oncology. Emrelis received accelerated approval from the FDA as a monotherapy in previously treated non-squamous non-small cell lung cancer with high C-Met expression. This is an important new treatment option for patients with this challenging disease.

轉向腫瘤學。Emrelis 獲得了 FDA 的加速批准，作為治療先前接受過治療且 C-Met 表達較高的非鱗狀非小細胞肺癌的單一療法。對於患有這種疑難雜症的患者來說，這是一個重要的新治療選擇。

At the recent ASCO meeting, we presented encouraging data for several novel ADCs in our oncology pipeline, including preliminary data from a Phase 1 dose expansion study evaluating Tmab-A, our next-generation C-met ADC in patients with EGFR mutated non-squamous non-small cell lung cancer.

在最近的 ASCO 會議上，我們展示了腫瘤學管道中幾種新型 ADC 的令人鼓舞的數據，包括評估 Tmab-A（我們的下一代 C-met ADC，用於治療 EGFR 突變的非鱗狀非小細胞肺癌患者）的 1 期劑量擴展研究的初步數據。

Tmab-A demonstrated high and durable responses across C-Met expression levels with an objective response rate of 63% and median duration of response of 9.8 months. Based on these results, we plan to initiate additional studies in both first and second line.

Tmab-A 在 C-Met 表現水準上表現出高效且持久的反應，客觀反應率為 63%，中位反應持續時間為 9.8 個月。基於這些結果，我們計劃在第一線和第二線進行進一步的研究。

Other highlights from the ASCO meeting included encouraging early-stage results for ABBV 706 and high-grade neuroendocrine tumors and results from a registration-enabling Phase 2 study evaluating PVEK in BPDCN, which will support a regulatory submission later this year.

ASCO 會議的其他亮點包括 ABBV 706 和高級別神經內分泌腫瘤的令人鼓舞的早期結果，以及評估 PVEK 在 BPDCN 中的註冊授權 2 期研究的結果，該結果將支持今年稍後的監管提交。

At the ESMO meeting this fall, we have several planned presentations for Tmab-A, including results from a Phase 2 study in combination with bevacizumab in CRC as well as data from a proof of concept study in pancreatic cancer. We will also present updated data at the upcoming World Conference of Lung Cancer from our ABBV 706 dose-ranging proof-of-concept study in small cell lung cancer.

在今年秋季的 ESMO 會議上，我們計劃就 Tmab-A 進行幾場演講，包括與貝伐單抗聯合治療 CRC 的 2 期研究結果以及胰腺癌概念驗證研究的數據。我們也將在即將舉行的世界肺癌大會上展示我們針對小細胞肺癌的 ABBV 706 劑量範圍概念驗證研究的最新數據。

In the area of hematologic oncology, we recently announced a license agreement with IGI Therapeutics to develop a novel tri-specific T-cell engager for multiple myeloma and autoimmune diseases. This first-in-class T-cell engaging antibody targets BCMA and CD38 on myeloma cells and has the potential to deliver deep and durable responses, ultimately improving outcomes for patients.

在血液腫瘤學領域，我們最近宣布與 IGI Therapeutics 達成許可協議，開發一種用於治療多發性骨髓瘤和自體免疫疾病的新型三特異性 T 細胞接合劑。這種一流的 T 細胞結合抗體可針對骨髓瘤細胞上的 BCMA 和 CD38，有可能產生深度和持久的反應，最終改善患者的預後。

Despite advancements, the five-year survival rate in multiple myeloma is still only about 60%. So unmet needs remain high. Quality of life is also important, patients currently receive triplet and quad therapy, which can be challenging from a safety and convenience standpoint. HCPs and patients will continue to seek next-generation therapies that can provide high efficacy better safety and less complicated dosing regimens.

儘管取得了進展，多發性骨髓瘤的五年存活率仍僅為 60% 左右。因此未滿足的需求仍然很高。生活品質也很重要，患者目前接受三聯和四聯療法，這從安全性和便利性的角度來看可能具有挑戰性。醫療保健人員和患者將繼續尋求能夠提供高效、更安全且更簡單的給藥方案的下一代治療方法。

We are extremely well positioned to address the unmet needs across all patient segments in multiple myeloma, with three next-generation multi-specific T-cell engagers, Etentamig, ISB 2001 and SIM0500. These off-the-shelf therapies may be particularly important for community-based sites where approximately 80% of patients receive care.

我們擁有三種下一代多特異性 T 細胞接合劑，即 Etentamig、ISB 2001 和 SIM0500，能夠很好地滿足多發性骨髓瘤各個患者群體的未滿足需求。這些現成的療法對於大約 80% 的患者接受護理的社區場所可能特別重要。

In the area of neuroscience, we announced positive topline results from the head-to-head Phase 3 TEMPLE trial comparing Qulipta and topiramate for migraine prevention. The primary and all secondary endpoints were met in the study, demonstrating that patients treated with Qulipta have fewer discontinuations due to adverse events and a greater reduction in migraine days compared to patients receiving topiramate.

在神經科學領域，我們公佈了第 3 階段 TEMPLE 試驗的積極頂線結果，該試驗比較了 Qulipta 和托吡酯在預防偏頭痛方面的作用。該研究達到了主要終點和所有次要終點，顯示與接受託吡酯治療的患者相比，接受 Qulipta 治療的患者因不良事件而停藥的次數更少，偏頭痛天數減少幅度更大。

Over the 24-week treatment period, 12% of patients discontinued Qulipta due to adverse events compared to 30% for topiramate. 64% of patients on Qulipta achieved at least a 50% reduction in mean monthly migraine days compared to 39% of patients on topiramate. These results add to the body of evidence supporting Qulipta as a first-line treatment option for episodic and chronic migraine prevention.

在 24 週的治療期間，12% 的患者因不良事件停止使用 Qulipta，而使用托吡酯的患者中有 30% 停止使用。 64% 的 Qulipta 患者平均每月偏頭痛天數減少了至少 50%，而使用托吡酯的患者則只有 39%。這些結果進一步證明 Qulipta 是預防發作性和慢性偏頭痛的第一線治療選擇。

In the quarter, Mavyret was approved for the treatment of acute HCV. With this label expansion, caregivers can now treat HCV patients immediately following diagnosis rather than waiting until progression to chronic disease. Earlier treatment, coupled with increased testing brings us closer to achieving the World Health Organization's goal of global HCV elimination by 2030.

本季度，Mavyret 獲批用於治療急性 HCV。隨著標籤的擴展，護理人員現在可以在診斷後立即治療 HCV 患者，而不必等到其發展為慢性疾病。早期治療加上加強檢測使我們更接近實現世界衛生組織到 2030 年在全球消除 HCV 的目標。

To summarize, we've made significant progress across all of our therapeutic areas in the first half of the year and continue to expand our pipeline through internal and external innovation. We look forward to additional data readouts and regulatory milestones throughout the remainder of 2025.

總而言之，我們在上半年的所有治療領域都取得了重大進展，並透過內部和外部創新繼續擴大我們的產品線。我們期待在 2025 年剩餘時間內獲得更多數據讀數和監管里程碑。

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 second quarter results. We reported adjusted earnings per share of $2.97 which is $0.11 above our guidance midpoint. These results include a $0.42 unfavorable impact from acquired IPR&D expense. Total net revenues were $15.4 billion, reflecting growth of 6.5% on an operational basis, excluding a modestly favorable impact from foreign exchange.

謝謝你，Roopal。從我們的第二季業績開始。我們報告的調整後每股收益為 2.97 美元，比我們的指導中點高出 0.11 美元。這些結果包括收購 IPR&D 費用帶來的 0.42 美元不利影響。總淨收入為 154 億美元，扣除外匯帶來的輕微有利影響，營運收入成長 6.5%。

Adjusted gross margin was 84.4% of sales, adjusted R&D expense was 13.7% of sales and adjusted SG&A expense was 21% of sales. The adjusted operating margin ratio was 44.3% of sales, which includes a 5.3% unfavorable impact from acquired IPR&D expense. Net interest expense was $678 million. The adjusted tax rate was 16.2%.

調整後的毛利率為銷售額的 84.4%，調整後的研發費用為銷售額的 13.7%，調整後的銷售、一般及行政費用為銷售額的 21%。調整後的營業利潤率為銷售額的44.3%，其中包括收購智慧財產權和開發費用所產生的5.3%的不利影響。淨利息支出為6.78億美元。調整後的稅率為16.2%。

Turning to our financial outlook. We are raising our full year adjusted earnings per share guidance to between $11.88 and $12.08. Please note that this guidance does not include an estimate for acquired IPR&D expense that may be incurred beyond the second quarter. We now expect total net revenues of approximately $60.5 billion, an increase of $800 million. This reflects a relatively neutral impact from foreign exchange on full year sales growth.

談談我們的財務前景。我們將全年調整後每股盈餘預期上調至11.88美元至12.08美元之間。請注意，該預期不包含可能在第二季之後發生的收購知識產權及研發費用的預估。我們現在預計總淨收入約為 605 億美元，增加 8 億美元。這反映出外匯對全年銷售成長的影響相對中性。

Our updated revenue forecast includes the following approximate assumptions for several of our key products and therapeutic areas.

我們更新的收入預測包括對我們的幾個關鍵產品和治療領域的以下近似假設。

In immunology, we now expect Skyrizi global revenues of $17.1 billion, an increase of $600 million reflecting continued share gains in psoriasis and IBD, and US Humira revenues of $3 billion, a decrease of $500 million, reflecting biosimilar competition.

在免疫學領域，我們現在預計 Skyrizi 的全球收入為 171 億美元，增加 6 億美元，反映了牛皮癬和 IBD 領域的份額持續增長，而美國 Humira 的收入為 30 億美元，減少 5 億美元，反映了生物仿製藥的競爭。

In neuroscience, we now expect global sales of $10.5 billion, an increase of $300 million. This includes a $100 million increase for Vyalev, reflecting strong international uptake with the remaining $200 million increase split relatively evenly across Vraylar, Botox Therapeutic and the total oral CGRP portfolio.

在神經科學領域，我們目前預計全球銷售額將達到 105 億美元，增加 3 億美元。其中包括 Vyalev 的 1 億美元增幅，反映出強勁的國際需求，其餘 2 億美元的增幅則相對均勻地分配給 Vraylar、Botox Therapeutic 和整個口服 CGRP 產品組合。

And in oncology, we now expect Imbruvica global revenues of $2.9 billion, an increase of $100 million reflecting higher persistency rates for existing patients, and Venclexta global sales of $2.8 billion, an increase of $100 million, reflecting continued strong demand in CLL.

在腫瘤學領域，我們現在預計 Imbruvica 的全球收入為 29 億美元，增加 1 億美元，反映出現有患者的持續率更高，Venclexta 的全球銷售額為 28 億美元，增加 1 億美元，反映出 CLL 的持續強勁需求。

Moving to the P&L for 2025. We continue to forecast full year adjusted gross margin of approximately 84% of sales. We now expect adjusted R&D expense of approximately $9 billion and adjusted SG&A expense of approximately $13.5 billion. We also now anticipate an adjusted operating margin ratio of roughly 45% of sales, in line with our previous expectations, after including the 1.8% unfavorable impact of acquired IPR&D expense incurred through the second quarter.

轉到 2025 年的損益表。我們繼續預測全年調整後的毛利率約為銷售額的 84%。我們現在預計調整後的研發費用約為 90 億美元，調整後的銷售、一般及行政費用約為 135 億美元。在計入第二季產生的 1.8% 的不利智慧財產權與開發費用影響後，我們現在預期調整後的營業利潤率約為銷售額的 45%，與我們先前預期的一致。

Turning to the third quarter. we anticipate net revenues of approximately $15.5 billion. This reflects an estimated 1% favorable impact from foreign exchange on sales growth. We expect adjusted earnings per share between $3.24 and $3.28. This guidance does not include acquired IPR&D expense that may be incurred in the quarter.

展望第三季度，我們預計淨收入約為 155 億美元。這反映了外匯對銷售成長約 1% 的有利影響。我們預計調整後每股收益將在 3.24 美元至 3.28 美元之間。此預期不包含本季可能產生的收購智慧財產權及研發費用。

In closing, AbbVie once again delivered outstanding top and bottom line performance, with results well ahead of our expectations. I'm pleased with the momentum from our ex-Humira platform, including Skyrizi, Rinvoq and Neuroscience, which further supports AbbVie long-term outlook.

最後，艾伯維再次實現了出色的營收和利潤表現，業績遠超我們的預期。我對我們除 Humira 之外的平台（包括 Skyrizi、Rinvoq 和 Neuroscience）的發展勢頭感到滿意，這進一步支持了 AbbVie 的長期前景。

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. (Event Instructions) Operator, we'll take the first question, please.

謝謝，斯科特。我們現在開始提問。（活動指示）接線員，請我們回答第一個問題。

Mohit Bansal with Wells Fargo.

富國銀行的 Mohit Bansal。

Thank you very much for taking my question and congrats on all the progress. I have a question regarding the impact of Stelara Biosimilar on Skyrizi and Rinvoq care, especially Skyrizi. So, I mean one end it could be considered as a negative impact, but as you saw with Humira biosimilar, people decided to not move change to biosimilar, but to a more efficacious drug like Skyrizi and Rinvoq. How do you think about the impact of biosimilar considering these two dynamics here? Thank you.

非常感謝您回答我的問題，並祝賀您取得的所有進展。我有一個關於 Stelara Biosimilar 對 Skyrizi 和 Rinvoq 護理（尤其是 Skyrizi）的影響的問題。所以，我的意思是，一方面它可能被視為負面影響，但正如你在 Humira 生物仿製藥中看到的那樣，人們決定不轉向生物仿製藥，而是轉向更有效的藥物，如 Skyrizi 和 Rinvoq。考慮到這兩種動態，您如何看待生物相似藥的影響？謝謝。

Yeah. Thanks, Mohit. It's Jeff. And you're right that we did see, certainly, with the first exclusionary formulary that was CVS last year, we did see movement from Humira not all of it went to the biosimilars. Some went to , as you mentioned, Skyrizi and Rinvoq.

是的。謝謝，Mohit。是傑夫。您說得對，我們確實看到了，當然，隨著去年 CVS 推出的第一個排除處方集，我們確實看到了來自 Humira 的動向，但並非所有動向都流向了生物仿製藥。正如您所說，有些人去了 Skyrizi 和 Rinvoq。

Now, Stelara is still relatively early, and there are more interchangeable biosimilars. So frankly, it was a much smaller drug because it's really just concentrated in GI. So it's difficult to tease out exactly what movement we're seeing. Certainly, we did see that some physicians as they think about a movement would be more willing to look at the higher-end products.

目前，Stelara 還處於比較早期的階段，可互換的生物相似藥較多。坦白說，它是一種小得多的藥物，因為它實際上只集中在胃腸道中。因此，很難弄清楚我們到底看到了什麼動靜。當然，我們確實看到，有些醫生在考慮運動時更願意關注更高端的產品。

But net-net, I think that fundamentally, the core momentum around Skyrizi and Rinvoq are simply related to just the outstanding data, the breadth of indications, our connections with physicians in terms of our value proposition. So I would say, if anything, it's a minor certainly contributor.

但總體而言，我認為從根本上來說，Skyrizi 和 Rinvoq 的核心動力僅僅與出色的數據、廣泛的適應症以及我們與醫生在價值主張方面的聯繫有關。所以我想說，如果有的話，它肯定是一個次要的因素。

And this is Rob. I'll just add on. If you recall, we had the sequence headed trial of Skyrizi versus Stelara, and we did see significant share gains following the release of that head-to-head. And so, when you think about Skyrizi's performance versus Stelara before the biosimilar, we saw a very notable share inflection.

這是羅布。我僅補充一點。如果您還記得的話，我們對 Skyrizi 與 Stelara 進行了序列試驗，並且在對比結果發布後，我們確實看到了顯著的市場份額增長。因此，當您考慮 Skyrizi 與生物相似藥推出之前 Stelara 的表現時，我們看到了非常顯著的份額變化。

And as Jeff mentioned, what we're seeing now is just continued momentum from Skyrizi, I would not attribute that to be an impact from the biosimilar, but I should want to make clear that we did see a very nice share uptake following the sequence head-to-head trial.

正如傑夫所提到的，我們現在看到的只是 Skyrizi 的持續發展勢頭，我不會將其歸因於生物仿製藥的影響，但我要明確指出的是，在序列頭對頭試驗之後，我們確實看到了非常好的份額增長。

Thanks, Mohit. Operator, next question please.

謝謝，Mohit。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。

Great. Thanks for taking the questions. Maybe two for me. Obviously, another solid quarter here from Skyrizi, it's annualizing at about $18 billion now. I know you have 2027 guidance out there for over $20 billion. So just maybe help us think about that number and confidence there.

偉大的。感謝您回答這些問題。對我來說也許有兩個。顯然，Skyrizi 本季業績表現穩健，年化收入目前約為 180 億美元。我知道您已經制定了 2027 年超過 200 億美元的指導金額。所以也許可以幫助我們思考這個數字和信心。

And if you tie in Rinvoq as well, again, annualizing $8 billion, I think that guidance is for over $11 billion in 2027. And then you might not have a lot of details yet, but just any thoughts on the latest tariff announcement regarding the EU and how that might impact 2026? Thank you.

如果你也把 Rinvoq 考慮進去，同樣，年化收入 80 億美元，我認為到 2027 年預計收入將超過 110 億美元。然後，您可能還沒有了解很多細節，但您對歐盟的最新關稅公告以及其將如何影響 2026 年有什麼看法？謝謝。

Terence, this is Rob. I'll take both questions. So you're right, we're seeing tremendous performance from Skyrizi and Rinvoq, we're very pleased with the progress we're making, obviously, continue to raise our expectations for this year. As you know, we occasionally update the long-term guidance. While we've been doing that the last few years around the time of the fourth quarter call, we've done that, also previously at the JPMorgan conference.

特倫斯，這是羅布。我將回答這兩個問題。所以你說得對，我們看到 Skyrizi 和 Rinvoq 的出色表現，我們對所取得的進展感到非常滿意，顯然，我們對今年的期望繼續提高。如您所知，我們偶爾會更新長期指導。雖然我們在過去幾年的第四季電話會議前後都這樣做過，但我們之前在摩根大通會議上也這樣做過。

So we do refresh long-term guidance. I'd say we're obviously tracking very well against the last long-term guidance we issued, and we will update that at the appropriate time. And then when you look at Street expectations as well, they've come up, too. And so, we're very pleased with the performance, and we'll update that long-term guidance at the appropriate time, but the momentum is clearly there.

所以我們確實更新了長期指導。我想說的是，我們顯然很好地遵循了我們發布的最新長期指導方針，我們將在適當的時候更新該指導方針。然後，當你看看華爾街的預期時，你會發現它們也出現了。因此，我們對業績非常滿意，我們會在適當的時候更新長期指導，但勢頭顯然還在。

As it relates to tariffs, I'd say as it relates to '25, we're fairly insulated from any impact this year given inventory management actions. But look, without policy details, we're not going to speculate on the longer-term impact.

至於關稅，我想說，就 25 而言，考慮到庫存管理措施，我們今年基本上不會受到任何影響。但是，如果沒有政策細節，我們就不會推測長期影響。

We do need to see the outcome of the 232 investigation and how tariffs are ultimately phased in. What I can say is that we do not expect our exposure to be outsized relative to peers. And as I mentioned during the first quarter call, we have a broad US network. It includes 11 sites that manufacture API, biologics, toxins and small molecules.

我們確實需要看看232調查的結果以及關稅最終如何分階段實施。我可以說的是，我們並不認為我們的風險敞口會比同行更大。正如我在第一季電話會議上提到的，我們擁有廣泛的美國網路。其中包括 11 個生產 API、生物製劑、毒素和小分子的工廠。

As a reminder, again, our largest product, Skyrizi is made in the US for the domestic market. And longer term, we will add more US manufacturing capacity, which is part of the planned $10 billion capital investment that we announced during the first quarter call. That again includes adding four new sites or US network that will cover API peptides, drug product and devices.

再次提醒一下，我們最大的產品 Skyrizi 是在美國製造的，主要面向國內市場。從長遠來看，我們將增加美國的製造產能，這是我們在第一季電話會議上宣布的 100 億美元資本投資計畫的一部分。這再次包括增加四個新站點或美國網絡，以覆蓋 API 肽、藥品和設備。

And so, we are well positioned. We'll obviously continue to invest in the US. I think we're having constructive discussions with the administration on sectoral tariffs. It's clearly the best way to motivate that is through tax incentives as well as a trade agenda that prioritizes innovation, but we're well positioned as a company, but we're not going to be able to really give you any details until we understand the outcome of the 232 investigation.

因此，我們處於有利地位。我們顯然會繼續在美國投資。我認為我們正在與政府就行業關稅進行建設性的討論。顯然，激勵這種做法的最佳方式是透過稅收激勵措施以及優先考慮創新的貿易議程，但作為一家公司，我們處於有利地位，但在了解 232 調查結果之前，我們無法真正向您提供任何細節。

Thanks, Terence. Operator, next question, please.

謝謝，特倫斯。接線員，請問下一個問題。

Chris Schott, JPMorgan.

摩根大通的克里斯·肖特。

Great. Thanks so much. Just a couple follow ups. On Skyrizi, obviously, meaningful upside to results this year. And I just would love if you lay out what in particular is driving this, I guess, specifically, is it all IBD? Or are you also seeing upside to the derma indications as well?

偉大的。非常感謝。只需進行幾次跟進。對於 Skyrizi 而言，今年的業績顯然具有顯著的上升空間。我很想知道您具體說明了導致這現象的原因是什麼，具體來說，這都是 IBD 造成的嗎？或者您也看到了皮膚適應症的好處？

And then second question was just kind of a bigger picture kind of BD question. I know the focus is on strengthening the growth profile 2030 and beyond. But just given the momentum of the core business, it seems as though AbbVie could fund significant growth in its pipeline in R&D over the next few years and still have pretty healthy earnings growth.

第二個問題只是一個更大層次的 BD 問題。我知道重點是加強2030年及以後的成長前景。但僅從核心業務的發展勢頭來看，艾伯維似乎可以在未來幾年為其研發管道的大幅增長提供資金，並且仍然實現相當健康的盈利增長。

So just should we think about this still being kind of the string of earlier stage or mid-stage deals? Or is there appetite to also look at later-stage assets that maybe have more spend upfront but could also contribute as we get later in the decade. Thank you.

那麼我們是否應該認為這仍然是一系列早期或中期交易？或者是否有興趣考慮後期資產，這些資產可能需要更多的前期支出，但在未來十年內也可能做出貢獻。謝謝。

Yeah. Thanks. Chris, it's Jeff. And the momentum on Skyrizi is across the board. Clearly, we spent a lot of time talking about the more recent launches of Crohn's and ulcerative colitis. Rob mentioned the sequence head-to-head trial, which was quite remarkable in what that drove. But really, it's across the board.

是的。謝謝。克里斯，我是傑夫。Skyrizi 的勢頭是全面的。顯然，我們花了很多時間討論克羅恩病和潰瘍性結腸炎的最新進展。羅布提到了序列面對面試驗，該試驗的結果非常引人注目。但事實上，這是普遍現象。

I mean, particularly continue to be very, very impressed with our momentum in psoriatic disease. So it's been seven years since the initial psoriasis approval, and we are still gaining in-play share, really not been observed on a brand this big over that amount of time. And that's across both psoriasis and as I mentioned in my prepared remarks, in frontline PSA derm.

我的意思是，我們對銀屑病治療領域的發展勢頭尤其印象深刻。因此，自首次批准用於治療牛皮癬以來已經過去了七年，而我們的市場份額仍在不斷擴大，在這麼長的時間內，我們從未在如此大的品牌上看到過這樣的情況。這既適用於牛皮癬，也適用於一線 PSA 皮膚病，正如我在準備好的發言中提到的那樣。

So it really is strength across the board. We even see continued momentum in PSA in rheumatology, where our combined share with both Skyrizi and Rinvoq in terms of PSA room is the leading portfolio. So it really is well balanced.

所以這確實是一種全面的力量。我們甚至看到風濕病學領域 PSA 的持續成長勢頭，其中我們與 Skyrizi 和 Rinvoq 在 PSA 領域的合併份額是領先的。所以它確實非常平衡。

Chris, I would just add to Jeff's comments that of the $600 million raise , $400 million of that, you can think of as IBD, $200 million in psoriatic. So that's going to put the split of the $17.1 billion, at $11.3 billion for psoriatic and $5.8 billion for IBD.

克里斯，我只想補充傑夫的評論，在 6 億美元的增資中，你可以將其中的 4 億美元視為 IBD，2 億美元視為銀屑病。因此，這 171 億美元的治療費用中，有 113 億美元用於治療乾癬，58 億美元用於治療發炎性腸道疾病。

And Chris, this is Rob. I'll take your question on BD. When you look at AbbVie and the diversified growth platform we have today, that's going to provide us with the opportunity to really drive top-tier performance, clear line of sight to grow for at least the next eight years.

克里斯，這是羅布。我將回答您關於 BD 的問題。當您看到 AbbVie 和我們今天擁有的多元化成長平台時，這將為我們提供真正推動頂級業績的機會，並在未來至少八年內實現清晰的成長前景。

So as I think about strategically, the pipeline external innovation, the investments we're making are really all around what's going to drive growth in the next decade. We have a clear line of sight based on the portfolio we have today to drive that growth over the next eight years. And so, it's really more about how do we set the company up to grow beyond Skyrizi and Rinvoq.

因此，當我從策略角度思考通路外部創新時，我們所做的投資其實都是圍繞著未來十年將推動成長的因素。根據我們目前的投資組合，我們對未來八年的成長有著清晰的願景。因此，我們真正關心的是如何讓公司超越 Skyrizi 和 Rinvoq。

And so we've made, I think, a lot of very compelling investments. And you're right, without any significant LOEs this decade, we have the flexibility to invest more in R&D to continue to acquire external innovation. And we will absolutely do that. We have, I think, a lot of very exciting programs coming out of our internal pipeline.

因此我認為我們做出了很多非常引人注目的投資。你說得對，由於本十年沒有任何重大的 LOE，我們可以靈活地在研發方面投入更多資金，以繼續獲得外部創新。我們絕對會這麼做。我認為，我們內部已經有很多非常令人興奮的項目正在醞釀中。

We look at the progress we're making particularly in oncology, you look at the combination approaches in immunology. But our BD strategy will continue to be focused on assets that can really drive growth in the next decade and beyond. And if you just look at the deals we've done, obviously bolstering our pipeline in immunology with novel mechanisms, but also adding important capabilities with oral peptides as well as B-cell depletion approaches.

我們關注我們在腫瘤學領域的進展，並關注免疫學領域的組合方法。但我們的 BD 策略將繼續專注於能夠真正推動未來十年及以後成長的資產。如果你看看我們已經達成的交易，顯然我們透過新機制增強了我們在免疫學領域的研發管線，同時也增加了口服勝肽和 B 細胞耗竭方法的重要能力。

In oncology, we've added some very nice depth in multiple myeloma. We actually have our own program in Etentamig, where we've added two tri-specific deals since here IGI to really give us significant depth in multiple myeloma to drive growth for the long term. We've also made a lot of progress in neuroscience across psychiatry, migraine and Alzheimer's.

在腫瘤學方面，我們對多發性骨髓瘤的研究有了很大的深入。實際上，我們在 Etentamig 上有自己的項目，自 IGI 以來，我們已增加了兩項三重特異性交易，這確實使我們在多發性骨髓瘤方面有了顯著的深度，從而推動了長期增長。我們在精神病學、偏頭痛和阿茲海默症等神經科學領域也取得了重大進展。

And then the siRNA transaction with ADARx gives us a very compelling platform that can generate opportunities across really all three of these areas, immunology neuroscience and oncology and then not to mention our entry into obesity with the Gubra deal, which we plan to build upon with more BD.

然後，與 ADARx 的 siRNA 交易為我們提供了一個非常引人注目的平台，可以在所有這三個領域（免疫學、神經科學和腫瘤學）創造機會，更不用說我們透過與 Gubra 的交易進入肥胖領域，我們計劃在此基礎上與 BD 進行更多合作。

So as I think about the company strategically, we need to continue to invest in early-stage programs that can really drive growth for the company in the next decade and beyond, and we're very well positioned to drive growth in this decade with the portfolio we have today.

因此，當我從策略角度思考公司時，我們需要繼續投資那些能夠真正推動公司未來十年及以後成長的早期項目，而且憑藉我們目前擁有的投資組合，我們完全有能力在未來十年推動公司成長。

Thanks, Chris. Operate your next question, please.

謝謝，克里斯。請回答您的下一個問題。

Dave Risinger, Leerink Partners.

Dave Risinger，Leerink Partners。

Yeah. Thanks very much and congrats on the phenomenal financial momentum. So my question is could you please discuss your vision for leveraging your global aesthetics commercial footprint to sell obesity drugs in the future. And also, how are you thinking about potentially adding to your obesity R&D portfolio in the future? Thanks very much.

是的。非常感謝，並祝賀您取得驚人的財務發展勢頭。所以我的問題是，您能否討論一下您對未來利用全球美學商業足跡銷售減肥藥物的願景。此外，您考慮在未來如何擴大肥胖症研發組合？非常感謝。

Yeah. Hi David, it's Jeff. So this is a very important point. I mean we do have a very strong footprint around the globe. And what we observed, and it's changed a little bit over the last several quarters. We observed that the cash pay obesity or weight loss market in our aesthetics practices became the second largest revenue driver for them and in terms of patient flow.

是的。你好，大衛，我是傑夫。所以這是一個非常重要的一點。我的意思是我們確實在全球擁有非常強大的影響力。根據我們的觀察，過去幾個季度的情況發生了一些變化。我們觀察到，在我們的美容診所中，現金支付肥胖或減肥市場已成為其第二大收入驅動力，並且就患者流量而言。

So you had the toxins was number one then obesity and weight loss became number two and then dermal fillers was number three. Now that's since moderated, and it's moderated because basically the loss of some of the compounding dynamics and the way the clinics were thinking about this.

因此，毒素是第一位的，其次是肥胖和減肥，最後是皮膚填充劑。現在這種情況已經有所緩和，之所以有所緩和，是因為基本上失去了一些複合動力和診所對此的思考方式。

So this was an important -- certainly not the only an important reason for the Gubra transaction because we know that that's just going to be ongoing demand. As we think of a lot of patients who are going to have already tried to cycle through the GLP-1s, whether it was compounding or the branded over time, they're going to want to continue to think about how do they think about weight loss as part of their aesthetic journey over time.

因此，這是 Gubra 交易的一個重要原因——當然不是唯一重要的原因，因為我們知道這將是持續的需求。我們想到許多患者已經嘗試過循環使用 GLP-1，無論是複合型還是品牌型，他們都會想要繼續思考如何將減重視為他們長期美學之旅的一部分。

And we think we're very uniquely positioned to be able to deliver that to the aesthetic clinics around the world. So again, pretty important in terms of how we would do that, our ability to distribute directly to think about ways that we would handle the cash pay aspects, aspects of thinking about how Alle would work and how that interaction would take place across the emerging portfolio and existing core brands that we have. So that was a big consideration of our deal and certainly attractive.

我們認為，我們擁有獨特的優勢，能夠將這項服務推廣到世界各地的美容診所。因此，再次強調，就我們如何做到這一點而言，我們直接分銷的能力非常重要，我們要思考如何處理現金支付方面的問題，思考 Alle 如何運作，以及如何在我們擁有的新興產品組合和現有核心品牌之間進行互動。所以這是我們交易的一個重要考慮因素，而且肯定很有吸引力。

And this is Roopal talking about furthering R&D in the obesity space. And that's certainly something we're open to. The asset we have right now is in the amylin class. And the things that we were thinking about there were enhanced tolerability, a desirable dosing profile that could drive durability. The issue we see here as many people will start but a majority of whom will fall off relatively quickly and then not get the benefits of weight loss.

這是 Roopal 談論進一步推進肥胖領域的研發。我們當然願意接受這一點。我們現在擁有的資產屬於胰淀素類。我們正在考慮的是增強耐受性，以及可以提高耐久性的理想劑量曲線。我們在這裡看到的問題是，許多人會開始減肥，但其中大多數人會相對快速地失敗，然後無法獲得減肥的好處。

The other considerations are around muscle loss and bone loss. And along those lines of what I just mentioned, if there are other assets that address those similarly to an amylin class, and we have an opportunity to combine that would be something that we'd be very interested in. The other thing we like about the 295 molecule is neutral pH, which may make it simpler to combine with other assets that address these, I would say, continuing unmet needs.

其他考慮因素包括肌肉流失和骨質流失。按照我剛才提到的思路，如果有其他資產可以解決與胰淀素類類似的問題，並且我們有機會將其結合起來，那將是我們非常感興趣的事情。我們喜歡 295 分子的另一個原因是它的 pH 值是中性的，這可能使它更容易與其他資產結合，從而解決這些持續未滿足的需求。

Thanks, Dave. Operator, next question, please.

謝謝，戴夫。接線員，請問下一個問題。

Carter Gould, Cantor.

卡特·古爾德，領唱者。

Thanks for the question. Maybe ask on Vyalev. Obviously, you raised the guide there. Should we think about that being primarily driven by US or OUS, I guess, specifically has the OUS success changed the way you think about the US launch there? Thank you.

謝謝你的提問。也許可以問問 Vyalev。顯然，您在那裡提出了指南。我們是否應該認為這主要是由美國還是 OUS 推動的，我想，具體來說，OUS 的成功是否改變了您對美國在那裡開展業務的看法？謝謝。

Yeah. Hi Carter. It's Jeff. So again, as we mentioned, we're super pleased with the with the launch on Vyalev and what we're seeing is just very, very strong demand. The drug device combination is really transformational. And what we see with the control over the Parkinson's or the advanced Parkinson's disease is you get 24-hour effect. And so, that helps manage the motor disorders and the sleep disturbances and throughout not just the day when people are awake but also through the night.

是的。你好，卡特。是傑夫。所以，正如我們所提到的，我們對 Vyalev 的推出感到非常高興，而且我們看到的需求非常非常強勁。藥物設備組合確實具有變革性。我們看到，對帕金森氏症或晚期帕金森氏症的控制可以帶來 24 小時的效果。因此，這有助於控制運動障礙和睡眠障礙，不僅在人們清醒的白天，而且在夜間。

So this quality-of-life impact and the control of the disease is quite remarkable. So we're just seeing real demand that's coming through largely across the international markets. So as we've highlighted before, we're very confident that we're going to start to see the Medicare ramp in the US start here in the latter part of the year, and we're right on track for that but the raise really is largely related to just the core demand. You think about really the first full year, a $400 million running rate in the international market. It's very impressive based on the performance of the brand.

因此，這種生活品質的影響和疾病的控制是相當顯著的。因此，我們看到的只是主要來自國際市場的真正需求。因此，正如我們之前所強調的那樣，我們非常有信心，我們將在今年下半年開始看到美國醫療保險的成長，而且我們正朝著這個目標前進，但成長實際上主要與核心需求有關。你想想第一個一整年，國際市場的營業額就達到了 4 億美元。從該品牌的表現來看，這非常令人印象深刻。

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

謝謝你，卡特。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。

Thank you very much. I have a question on IRA price negotiation. You guys have a horse in the race again with Vraylar in this upcoming round. You had Imbruvica in the first round, there have been investor fears that this next round of negotiations will be worse than last year. So Trump can make his mark any assurances you can give us that this won't be the case? Or can you otherwise provide any color on how those negotiations are matching up with your expectations as you first headed into those negotiations?

非常感謝。我對 IRA 價格談判有疑問。在下一輪比賽中，你們將再次派出 Vraylar 參賽。第一輪談判中出現了 Imbruvica，投資者擔心下一輪談判會比去年更糟。那麼川普可以留下自己的印記嗎？您能向我們保證不會發生這種情況嗎？或者您能否以其他方式說明這些談判與您首次參與談判時的預期是否相符？

And then second question on aesthetics. I know you talked about pushes and pulls. The question I've asked in the past, the impact from the GLP-1s on Botox and dermal fillers, what's the latest? Is it helping sales hurting sales or net neutral?

第二個問題是關於美學的。我知道您談到了推和拉。我過去問過的問題是，GLP-1 對肉毒桿菌和真皮填充劑的影響，最新情況是什麼？它對銷售有幫助還是有損銷售，還是完全中性？

Hey, Tim. It's Rob. I'll take your first question. Obviously, as we go through these negotiations, we don't publicly comment for obvious reasons. And as you know, the price will be public in November and we'll comment as appropriate at that time. But as it relates to IRA, I do think one important -- a notable change as part of the one Big Beautiful Bill Act is the expansion of the IRA orphan drug exemption, drugs with more than one orphan designation are now exempt from IRA negotiations, which will be a benefit to our own cancer therapy, Venclexta.

嘿，提姆。我是羅布。我來回答你的第一個問題。顯然，在進行這些談判時，出於顯而易見的原因，我們不會公開發表評論。如您所知，價格將於 11 月公開，屆時我們將酌情發表評論。但就 IRA 而言，我確實認為，作為「一項偉大的美麗法案」的一部分，一個重要的、值得注意的變化是擴大 IRA 孤兒藥豁免範圍，擁有多個孤兒藥稱號的藥物現在可以免於 IRA 談判，這將有利於我們自己的癌症治療藥物 Venclexta。

So we previously would have assumed we had a timeline as we model the impact of IRA. Now with this change, we would not expect Venclexta to be negotiated. And that's an example of a good policy change where innovation is being rewarded and not penalized. But as it relates to the current negotiations, we'll provide commentary once those prices are public.

因此，我們之前會假設我們有一個時間表，因為我們模擬了 IRA 的影響。現在，隨著這一變化，我們預計 Venclexta 不會再被協商。這是一個好的政策改變的例子，創新受到獎勵而不是懲罰。但由於與當前談判有關，一旦價格公開，我們將提供評論。

Yeah. And regarding the GLP-1s, I would say overall, what we see after numerous discussions and working with our clinics, Tim, is that it's really net neutral. I mean if anything, if you look at it, I mean, the filler market, where, in some cases, people are interested and as they lose their facial muscle and fat, you think that would be a tailwind for the dermal filler market, and we've seen that's just been more afflicted clearly by macro issues and some sentiment issues. So net-net, we see it as really a neutral effect.

是的。關於 GLP-1，我想說，總的來說，經過多次討論並與我們的診所合作後，蒂姆，我們看到它確實是網路中立的。我的意思是，如果你看一下填充物市場，在某些情況下，人們對此感興趣，並且隨著他們失去面部肌肉和脂肪，你認為這對真皮填充物市場來說是一個順風，我們已經看到，這顯然受到宏觀問題和一些情緒問題的影響。因此，總體而言，我們認為這實際上是一種中性效應。

Thanks, Tim. Operator, next question, please.

謝謝，蒂姆。接線員，請問下一個問題。

Vamil Divan, Guggenheim Securities

瓦米爾·迪萬，古根漢證券

Great, thanks for taking the questions. Congrats on the quarter. So just two for me. One on the alopecia areata data you touched on earlier in the call and the press release from yesterday. I am wondering if you can just talk about the commercial opportunity for that indication. Obviously, Rinvoq is a big product and going to get bigger, but just curious how much an impact that can have on Rinvoq sales?

太好了，感謝您回答這些問題。恭喜本季取得佳績。所以對我來說只有兩個。其中一個是關於您在電話會議中以及昨天的新聞稿中提到的斑禿數據。我想知道您是否可以談談該適應症的商業機會。顯然，Rinvoq 是一款大產品，而且會越來越大，但只是好奇這會對 Rinvoq 的銷售產生多大影響？

And then second, going back to the aesthetics commentary. Maybe if you can just give a little more color on what you're seeing on the ground in terms of the impact of the macro? Are things that you're getting better in the practices are you seeing an increase in patient flow as maybe the macro sentiment is getting a little better over the last few months? Thanks.

其次，回到美學評論。也許您可以更詳細地描述一下您在宏觀影響方面所看到的情況？您的實務情況是否有所改善？您是否看到患者流量增加，因為過去幾個月宏觀情緒有所改善？謝謝。

Yeah. So thanks. It's Jeff. So the data was quite impressive that you've seen the recovery of the hair growth quite striking relative to other JAK inhibitors that we've seen report out and gain approvals. So the way that we thought about Rinvoq and the new indications is really the third wave of how we've developed the product.

是的。所以謝謝。是傑夫。因此，數據非常令人印象深刻，與我們看到的報告和其他獲得批准的 JAK 抑制劑相比，頭髮生長的恢復非常顯著。因此，我們對 Rinvoq 和新適應症的思考方式實際上是我們開發該產品的第三波。

So we had the big rheumatology indications to start out with, and we built atopic dermatitis and the IBD indications. And now we have this next set of indications, GCA, lupus, et cetera, which are all overlapping with the derm and the rheum categories where you have this exceptional strength right now.

因此，我們一開始就針對的是風濕病適應症，然後我們又開發了異位性皮膚炎和發炎性腸道疾病 (IBD) 適應症。現在我們有了下一組適應症，GCA、狼瘡等，它們都與皮膚病和風濕病類別重疊，而您現在在這些類別中具有非凡的治療優勢。

So as we build that out, it's going to be, we think, quite significant. And we've highlighted that the collection of the next wave of indications would add approximately $2 billion to peak your sales for Rinvoq. Now, we're going to have to continue to study this because it's late breaking and understand, could we get more momentum coming out of the transformational quality of this data.

因此，當我們實現這一目標時，我們認為它將具有相當重要的意義。我們已經強調，下一波適應症的收集將為 Rinvoq 的銷售額增加約 20 億美元，達到頂峰。現在，我們必須繼續研究這個問題，因為它是最新的，並且要了解，我們是否可以從這些數據的轉換品質中獲得更多動力。

Because in the research that we've had with patients with alopecia, clearly, any hair recovery helps out their perception of their disease, their immune disease. But when you look at the potential to get those SALT scores at that level, could we really see more momentum than we've studied the market so far? We'll have to see. But net-net, to your point, it's a very significant strategy for us that will start to play out here towards the end of the decade, starting in '26, '27, '28, and we're really encouraged with the data.

因為在我們對脫髮患者進行的研究中，顯然，任何頭髮恢復都有助於他們了解自己的疾病、免疫疾病。但是，當您看到達到該水平的 SALT 分數的潛力時，我們是否真的能看到比迄今為止研究的市場更多的勢頭？我們得拭目以待。但總體而言，正如您所說，這對我們來說是一個非常重要的策略，它將在本世紀末開始發揮作用，也就是 26、27、28 年開始，我們對這些數據感到非常鼓舞。

In terms of additional color on the aesthetics, we've seen things pretty stable. The big issue that has come up has been really the decline across some of the major territories in the dermal filler market. So certainly, given their price points, patients are more sensitive to the price points of the fillers versus the toxins versus Botox.

就美學上的附加色彩而言，我們看到情況相當穩定。出現的最大問題其實是真皮填充劑市場一些主要地區的衰退。因此，考慮到它們的價格點，患者對填充劑的價格點比對毒素和肉毒桿菌的價格點更為敏感。

But at the same time, we've seen that the sentiment around the worry over what happens if I come over filled? Or is that the look that I want? I want to more subtle natural look. And so, that's something that we are basically going to deal with pretty substantially here in the second half with our clinics, with our thought leaders and with our trainers to make sure that the consumers can really understand -- you can just get exceptional results with dermal fillers. And so, we see things fairly stable, but we're going to have to do some work basically to make sure that market stabilizes and then grows over time.

但同時，我們也看到，人們普遍擔心“如果我過來會發生什麼？”還是這是我想要的樣子？我想要更微妙自然的外觀。因此，下半年我們將與我們的診所、思想領袖和培訓師一起大力處理這個問題，以確保消費者能夠真正理解——使用真皮填充劑可以獲得卓越的效果。因此，我們看到情況相當穩定，但我們必須做一些工作來確保市場穩定下來，然後隨著時間的推移而成長。

Thanks, Vamil. Operator, next question please.

謝謝，瓦米爾。接線員，請問下一個問題。

Steve Scala, TD Cowen.

史蒂夫·斯卡拉 (Steve Scala)，TD Cowen。

Well, thank you so much. Two questions. First, back on Aesthetics, nothing you have said is particularly encouraging. In the past, the company has pointed to past periods of uncertainty and pointed to the resilience these brands have had during that period.

嗯，非常感謝。兩個問題。首先，回到美學問題上，您所說的話沒有什麼特別令人鼓舞的。過去，該公司曾指出過去的不確定時期，並指出這些品牌在那段時期所展現的韌性。

So the question is why is this economic uncertainty different than in the past? This one seems to be lingering longer than in past soft periods? Or are there other things that work such as perhaps competition that's also gnawing away at these franchises?

那麼問題是，為什麼這種經濟不確定性與過去不同？這次的疲軟期似乎比以往的疲軟期持續更長？或者有其他因素在起作用，例如競爭也在蠶食這些特許經營權？

And then secondly, on the pipeline. So you have an anti-amyloid monoclonal antibody that completed a Phase 1 trial in April. What is the status of this product? And could AbbVie go straight to a potentially registrational trial based on imaging as an endpoint? Thank you.

其次，關於管道。因此，您有一種抗澱粉樣蛋白單株抗體，該抗體已於 4 月完成第一階段試驗。該產品的狀態如何？AbbVie 是否可以直接進行以影像為終點的潛在註冊試驗？謝謝。

Yeah. I think, Steve, to your point, I think that there is a difference between this and some other areas where we've had some economic uncertainty. It's been more short-term recessionary issues. I think the longer-term impact on the pocketbook of the consumers has just been more chronic. And we've seen that across even just recent reports on luxury good items and significant issues.

是的。史蒂夫，就你的觀點而言，我認為這與我們面臨經濟不確定性的其他一些領域有所不同。這更多的是短期衰退問題。我認為對消費者錢包的長期影響更為持久。我們甚至在最近有關奢侈品和重大問題的報導中也看到了這一點。

So I do think it's more chronic than we've seen before. Ultimately, I think we'll be able to work through it. We still see high levels of interest in aesthetic procedures, and we do see the target customers complain about issues of their wallet. I also did highlight that I do think something is different in terms of the sentiment around this natural look and worry about being overfilled in terms of the dermal fillers. All of these are addressable.

所以我確實認為它比我們以前見過的更為慢性。最終，我認為我們能夠解決這個問題。我們仍然看到人們對美容手術的興趣很高，而且我們確實看到目標客戶抱怨他們的錢包問題。我也確實強調過，我確實認為，就這種自然外觀的情緒和對皮膚填充物過度填充的擔憂而言，有些不同。所有這些都是可尋址的。

And I also think that we have the right portfolio, and we also have the right disruptive innovations that's pretty close, particularly around the toxins space with our short-acting fast-on, fast-off Trenibote E. So I do think we're set up for taking advantage of the long-term recovery, and we'll look forward to that as we continue to progress the strategy.

我還認為，我們擁有正確的產品組合，我們也擁有非常接近正確的顛覆性創新，特別是在毒素領域，包括我們的短效速效 Trenibote E。因此，我確實認為我們已經準備好利用長期復甦的優勢，我們期待這一點，並將繼續推進這項策略。

And Steve, this is Roopal talking about Alzheimer's assets. We have a monoclonal antibody in nine month six, which read out as data, I would say, similar to what's already available on the market. And that was the -- around that period, we also acquired Aliada technology, which is a monoclonal similar to our nine month six in that it binds with high potency to pyroglutamated amyloid.

史蒂夫，這是 Roopal，正在談論阿茲海默症的資產。我們在九、六個月內就開發了一種單株抗體，我想說，從數據上看，它與市場上已有的抗體類似。大約在那個時期，我們也獲得了 Aliada 技術，這是一種與我們的九個月六個月類似的單株抗體，能夠高效地與焦谷氨酸化澱粉樣蛋白結合。

And that also has the blood-brain barrier crossing technology via the transparent receptor, so we can enhance penetration into the CNS. Also, what's emerging with that asset is a relatively long half-life. Taken together, we are focused on being able to deliver that subcutaneously. And what will happen next year is that we'll be able to get into patients with that next generational asset.

它還具有透過透明受體穿越血腦屏障的技術，因此我們可以增強對中樞神經系統的滲透。此外，該資產的半衰期相對較長。總的來說，我們專注於實現皮下注射。明年，我們將能夠為患者帶來下一代資產。

Now jumping straight to Phase 3 and getting an approval based on imaging, it's probably where industry and all of us would like to go to save time. I think we're still going to have to demonstrate a favorable impact on cognition, along with that. And perhaps that can eventually -- that imaging results can eventually become a predictive biomarker. But at this stage, we're planning on doing the study based on the effect that we have and also reading out on cognition.

現在直接進入第 3 階段並根據成像獲得批准，這可能是行業和我們所有人都希望節省時間的地方。我認為我們仍然必須證明其對認知有正面的影響。也許最終——成像結果最終可以成為預測性生物標記。但在這個階段，我們計劃根據我們所獲得的效果進行研究，並讀出認知。

Steve, this is Rob. I just want to come back on your aesthetics question. So when I look at this business, as you look at the performance, I think it's important to note, as you look at this, is it market growth versus market share and the market share performance has been stable.

史蒂夫，這是羅布。我只是想回到你的美學問題。因此，當我審視這項業務時，當你審視其業績時，我認為需要注意的是，當你審視它時，它是市場增長還是市場份額，並且市場份額表現一直很穩定。

And so, when I look at this longer term, low penetration rates being a leader in this space and the innovation that we have coming forward, there's tremendous potential here, gives us a lot of confidence that over the long term, this is a very good business. We've had a prolonged economic headwind. And again, it's the dynamic we're seeing in various markets around market growth and certain dynamics, as Jeff has mentioned, around dermal fillers in certain geographies.

因此，當我從長遠角度看，低滲透率是這個領域的領導者，而且我們即將進行的創新，這裡有巨大的潛力，這讓我們非常有信心，從長遠來看，這是一項非常好的業務。我們遭遇了長期的經濟逆風。再說一次，正如傑夫所提到的，這是我們在各個市場中看到的圍繞市場成長的動態，以及圍繞某些地區的真皮填充劑的某些動態。

But that said, again, given our position, given our ability to, I think, compete very effectively as demonstrated by the market share performance, and we're very excited about the short-acting toxin and the way it driving inflection in terms of market growth and market share as well as the other items in our pipeline around fillers there's tremendous potential here.

但話雖如此，鑑於我們的地位，鑑於我們的能力，我認為，正如市場份額表現所證明的那樣，我們非常有效地競爭，我們對短效毒素以及它在市場增長和市場份額方面推動轉變的方式感到非常興奮，以及我們圍繞填充劑的其他產品線，這裡有巨大的潛力。

And then there was a question asked earlier about the role that aesthetics in-play in obesity. And so you think about strategically, we have the opportunity to play in that market as well. And so, longer term, we have a great deal of confidence in this aesthetics business. It's been a challenging few years, but the performance on a market share basis has been strong. It's just the market growth has been challenged, and we will overcome that.

之前有人問到美學在肥胖中扮演的角色。所以從策略角度考慮，我們也有機會進入該市場。因此，從長遠來看，我們對美學業務充滿信心。這幾年充滿挑戰，但市佔率表現強勁。只是市場成長受到了挑戰，我們會克服這個挑戰。

Thanks, Steve. Operator, next question, please.

謝謝，史蒂夫。接線員，請問下一個問題。

Trung Huynh, UBS.

Trung Huynh，瑞銀。

Hi, all. Thanks for the question. So when I compare your Skyrizi 2Q sales to prescription trends, it suggests pricing has been quite favorable, which seems at odds with your commentary around low single-digit price concessions. The major missing piece is the contribution from IV IBD induction scripts.

大家好。謝謝你的提問。因此，當我將您的 Skyrizi 2Q 銷售額與處方趨勢進行比較時，它表明定價非常優惠，這似乎與您關於低個位數價格優惠的評論不一致。主要缺失的部分是 IV IBD 誘導腳本的貢獻。

So perhaps can you give us some help on the proportion of sales from Skyrizi in IBD now or percentage of number of scripts getting IBD induction. And if we take that into account, is the 1H pricing performance consistent with the full year expectations? Or should we expect a more meaningful step down in pricing in the second half of the year? Thank you.

那麼，也許您能為我們提供一些關於 Skyrizi 目前在 IBD 中的銷售比例或獲得 IBD 誘導的處方數量百分比的幫助。如果考慮到這一點，上半年的定價表現是否與全年預期一致？或者我們應該期待下半年價格出現更有意義的下降？謝謝。

It's Scott. Let me address your question. So I think you're correct. From an overall perspective, the first half of the year, we did see some price favorability. Now quickly on the volume side. When you look at the IQVIA data, as we've spoken about in the past, there is a disconnect from the induction. And that really, I would call that about a 10 point differential that you need to add to what you're seeing in the data to get to the volume trend.

我是史考特。讓我來回答你的問題。所以我認為你是對的。從整體來看，上半年我們確實看到了一些價格有利的跡象。現在快速注意音量方面。當您查看 IQVIA 資料時，正如我們過去談到的，您會發現與歸納法有脫節。事實上，我認為大約有 10 點的差異，您需要將其添加到您在數據中看到的內容中以獲得數量趨勢。

But we still do have a favorable price in the quarter and also the first half. And there's really a couple of things going on there. It's really some price gating items that were unique. We also are seeing from some of the information that we've received. The Part D redesign impact will be a little bit more heavily weighted towards the back half of the year. So that was less of a headwind in the first year, but really some pricing gating items.

但本季和上半年我們的價格仍然很優惠。那裡確實發生了一些事情。這確實是一些獨特的價格限製商品。我們也從收到的一些訊息中看到了這一點。D 部分重新設計的影響將在今年下半年更加顯著。因此，第一年這不是阻力，但確實存在一些定價限制因素。

We do expect on an overall basis that pricing to be neutral for Skyrizi and on a long-term basis, of course, low single digits consistent with what we've said. But this year had some anomalies. And so, neutral for this year. You will see some negative price in the back half of the year.

我們確實預計，從總體上看，Skyrizi 的定價將保持中性，從長期來看，當然，價格將保持在低個位數，與我們所說的一致。但今年出現了一些異常狀況。因此，今年的情況是中性的。下半年你會看到一些負價格。

Thanks Trung. Operator, next. Question please.

謝謝 Trung。接線員，下一個。請問一下。

Gary Nachman, Raymond James

蓋瑞納赫曼、雷蒙詹姆斯

Thanks. Good morning and nice quarter. So first, also on Skyrizi, what are you seeing regarding the competitive dynamics in the IL-23 class, especially with J&J's Tremfya with their new IBD approvals, if that's impacting at all? Or is there just a ton of headroom in the IBD market to absorb that?

謝謝。早上好，季度愉快。那麼首先，同樣關於 Skyrizi，您認為 IL-23 類藥物的競爭動態如何，尤其是強生公司的 Tremfya 獲得新的 IBD 批准，這會產生影響嗎？或者 IBD 市場是否有足夠的空間來吸收這些成長？

And then on neuro, it was very strong in 2Q. Is that mainly volume demand driven across the various products? Any changes with gross to nets that are worth noting? And how much more have you been investing behind the neuro franchise overall, given such strong growth that you've been seeing there? Thank you.

然後在神經方面，第二季表現非常強勁。這主要是由各種產品的銷售需求所推動的嗎？總額與淨額之間有哪些值得注意的變化？鑑於您所看到的如此強勁的成長勢頭，您在神經特許經營領域總體上增加了多少投資？謝謝。

Yeah. So thanks for your question on Skyrizi and the competition. We're quite pleased again with the overall performance there, head-to-head trials, our ability to think about the dosing and the convenience and the safety, the profile of Skyrizi is just fantastic across IBD that we've highlighted multiple times.

是的。感謝您就 Skyrizi 和競爭提出的問題。我們再次對其整體表現、頭對頭試驗、我們考慮劑量、便利性和安全性的能力感到非常滿意，Skyrizi 在 IBD 中的概況非常出色，我們已經多次強調這一點。

And I think your point is consistent with how we think about how this market will develop over time. And I think I've highlighted it before there's actually the launches of the '23s, really Skyrizi first and now Tremfya are so new.

我認為你的觀點與我們對這個市場將如何隨著時間而發展的看法是一致的。我認為在真正推出 23 款藥物之前我已經強調過這一點，首先推出的是 Skyrizi，現在 Tremfya 也是新品。

You really have single-digit patient share capture. This is for total patient share. We saw the same dynamic in psoriasis where you look at it, it was that way in 2018, 2019. Now 60% of the entire market of patients is in the IL-23 category. So to your point, there's plenty of headroom when you look at the profile of these agents.

您確實擁有個位數的患者份額。這是患者總份額。我們在牛皮癬中看到了同樣的動態，2018 年、2019 年也是如此。目前整個市場中 60% 的患者屬於 IL-23 類別。所以就你的觀點而言，當你查看這些代理商的資料時，你會發現還有很大的發展空間。

And certainly, from a capture rate standpoint, we believe that Skyrizi will do very, very well relative to the peers in the IL-23 category. Having said that, we prudently would allocate a certain amount of share capture from a competitor like Tremfya. So hopefully, that will help give the perspective. Certainly, the macro perspective is important there.

當然，從捕獲率的角度來看，我們相信 Skyrizi 相對於 IL-23 類別中的同類產品將表現非常出色。話雖如此，我們還是會謹慎地從 Tremfya 等競爭對手那裡獲取一定數量的份額。所以希望這能有助於提供觀點。當然，宏觀視角很重要。

And then in terms of the neuro business, you're right, strong growth rates across the board. Most of that is volume and promotion. If you look at the migraine business, we have the leading business across all three segments of that category. So we're number one in acute with Ubrelvy number one in prevention with Qulipta and for chronic migraine where you have the injectors for Botox Therapeutics there as well. So there's no cannibalization.

然後就神經業務而言，您說得對，全面實現了強勁的成長率。其中大部分是數量和促銷。如果你看一下偏頭痛業務，你會發現我們在該類別的所有三個領域都處於領先地位。因此，我們在急性病治療領域憑藉 Ubrelvy 排名第一，在預防領域憑藉 Qulipta 排名第一，在慢性偏頭痛治療領域，我們也有 Botox Therapeutics 注射器。因此不存在蠶食現象。

All of them grow very well. We have super powerful share of voice out there. That's helping to drive all of that. And you've heard the comments, of course, on Vyalev and Vraylar as well. Scott can highlight also the mix in the quarter on price versus volume?

它們都長得很好。我們擁有超強的話語權。這有助於推動這一切。當然，您也聽到了有關 Vyalev 和 Vraylar 的評論。斯科特能否重點介紹本季的價格與銷售組合？

Sure, happy to do that. It's a great question. I mean, as Jeff said, the volume is really driving this business. When you think about our two largest brands, Vraylar and Botox Therapeutics, those are both double-digit. You did see a little bit of a price benefit from Vraylar in particular as we look at the Part D redesign impact.So we have a little bit of price favorability.

當然，我很樂意這麼做。這是一個很好的問題。我的意思是，正如傑夫所說，銷量才是真正推動這項業務的因素。當您想到我們的兩個最大品牌 Vraylar 和 Botox Therapeutics 時，它們都是兩位數。當我們考慮 D 部分重新設計的影響時，您確實看到了 Vraylar 的一點價格優勢。因此，我們有一點價格優勢。

But Vraylar in particular, double-digit growth in volume for the year, double digit every quarter. And we're really seeing that across the board. On the gross net side, I would say that especially in the oral CGRP space, Ubrelvy, Qulipta.

但尤其是 Vraylar，全年銷量都實現了兩位數成長，每季都實現了兩位數成長。我們確實全面地看到了這一點。從總淨收入來看，我想說特別是在口服 CGRP 領域，Ubrelvy、Qulipta。

We continue to work very closely on the co-pays and making sure that we're getting the right gross and net, and we've been very happy with that progress. So there's a little bit of benefit there coming across, but this is a volume-driven business and a volume-driven therapeutic area.

我們將繼續密切合作，確保共同支付正確，並獲得正確的總額和淨額，我們對這一進展感到非常滿意。因此，這確實有一點好處，但這是一個數量驅動的業務和數量驅動的治療領域。

And maybe in terms of investment going forward, we obviously have substantial investment in the therapeutic area now, but it can take more investment. For example, we are significantly ramping the investment in the US for Vyalev, we would be anticipating Tavapadon as I highlighted in my remarks.

就未來的投資而言，我們顯然現在在治療領域已經進行了大量投資，但還需要更多的投資。例如，我們正在大幅增加對美國 Vyalev 計畫的投資，正如我在演講中所強調的那樣，我們期待 Tavapadon 計畫。

This is also shaping up to be a very important product. This is the oral medication that will be used prior to Vyalev. And so, we're planning sales force expansions on that front. And certainly, Roopal and I both highlighted the study versus topiramate.

這也將成為一款非常重要的產品。這是在服用 Vyalev 之前使用的口服藥物。因此，我們計劃在這方面擴大銷售團隊。當然，Roopal 和我都強調了與托吡酯相比的研究。

Now topiramate basically is 40% to 50% of all the generics in the preventative space. And so, we will also be assessing on whether or not more representation might enable Qulipta to basically start to power forward over the long-range plan. But that approach is underway. But at a macro level, we certainly want to continue to invest into the neuroscience growth rates that we're seeing.

目前托吡酯基本上佔預防領域所有仿製藥的 40% 至 50%。因此，我們還將評估更多的代表性是否能夠使 Qulipta 基本上開始推動長期計劃的實施。但這種方法正在進行中。但從宏觀層面來看，我們當然希望繼續投資於我們所看到的神經科學成長率。

This is Rob. I mean, I think it's an important question because we are obviously going to fully invest in neuroscience. It's our second largest therapeutic area. It's the fastest growing in our portfolio. In fact, we expect to be the largest neuroscience company in the industry next year.

這是羅布。我的意思是，我認為這是一個重要的問題，因為我們顯然將全力投資神經科學。這是我們的第二大治療領域。這是我們投資組合中成長最快的。事實上，我們預計明年將成為業界最大的神經科學公司。

We clearly have very strong positions in psych and migraine and emerging leadership position in Parkinson's with Vyalev and Tavapadon, as Jeff mentioned. And we also have an opportunity to drive advancement in Alzheimer's treatment through the Aliada platform.

正如 Jeff 所提到的，我們在精神病和偏頭痛領域佔據著非常強勢的地位，而 Vyalev 和 Tavapadon 在帕金森氏症領域佔據著新興的領導地位。我們也有機會透過 Aliada 平台推動阿茲海默症治療的進步。

You've seen us over the course of the last several years, invest in external innovation. We've highlighted the Gedeon Richter discovery collaboration in psych, the Gilgamesh opportunity that we entered into last year in mood disorders. I mentioned Aliada, very excited about that next-generation A-beta antibody in Alzheimer's, again, with a unique shuttle platform.

在過去的幾年中，您已經看到我們對外部創新進行了投資。我們重點介紹了 Gedeon Richter 在心理學領域的發現合作，以及我們去年在情緒障礙領域達成的 Gilgamesh 機會。我提到了 Aliada，我對這種用於治療阿茲海默症的下一代 A-beta 抗體感到非常興奮，它同樣具有獨特的穿梭平台。

And then as I discussed earlier today, the siRNA opportunity at ADARx will play a role in neuroscience as well. And so, we are fully investing in neuroscience. We look forward to maintaining our leadership position there. It's obviously performing exceptionally well. You saw across the board. Every brand exceeded expectations in neuroscience this quarter, and we're going to keep fueling that engine.

正如我今天早些時候所討論的，ADARx 的 siRNA 機會也將在神經科學中發揮作用。因此，我們正在全力投資神經科學。我們期待在那裡保持我們的領導地位。顯然，它的表現非常出色。您看到了全部情況。本季度，每個品牌在神經科學領域的表現都超出了預期，我們將繼續為這具引擎提供動力。

Thanks, Gary. Operator, we have time for one final question.

謝謝，加里。接線員，我們還有時間回答最後一個問題。

Asad Haider, Goldman Sachs.

高盛的阿薩德·海德爾 (Asad Haider)。

Great. Thanks and congrats on yet another solid set of results. I think most of my questions have been answered at this point. Just one bigger picture question on the oncology franchise, maybe for Roopal. You've mentioned that you're watching the PD-1 VEGF class. Just curious if you have any updated thoughts on the broader landscape, how have you positioned? And given there's been a lot of BD activity there, what would it take for AbbVie to make a move here? Thank you.

偉大的。感謝並祝賀您又取得了一組堅實的成果。我想此時我的大部分問題都已經得到解答了。關於腫瘤學特許經營權的一個更大的問題，也許針對 Roopal。您提到您正在觀看 PD-1 VEGF 課程。只是好奇您是否對更廣闊的前景有什麼最新的想法，您是如何定位的？鑑於 BD 在那裡開展了大量活動，AbbVie 需要採取什麼行動？謝謝。

Yeah. It's Roopal. So yeah, we're monitoring that class. There are several assets that are revealing data over time. But it is something that we're interested in and looking. And in particular, how we think about that is what can partner well with our internal ADC platform.

是的。是 Roopal。是的，我們正在監控該課程。有幾種資產會隨著時間推移而揭示數據。但這是我們感興趣並正在研究的事情。特別是，我們如何考慮這一點才能與我們的內部 ADC 平台很好地合作。

And I think that mechanism of that class could create an opportunity. And how we think about ADCs is we look for a good target we look for high tumor expression of that target versus what we would observe on healthy tissue that can allow for a potential patient selection using biomarkers, if appropriate, that allows you to optimize benefit and risk and enhance tolerability, the platform that we have with the linker technology and our merging topo warhead.

我認為該課程的機制可以創造機會。我們對 ADC 的看法是，我們尋找一個好的目標，我們尋找該目標的高腫瘤表達，而不是我們在健康組織上觀察到的表達，這可以使用生物標誌物來選擇潛在的患者（如果合適），這可以讓你優化收益和風險並提高耐受性，這是我們擁有的連接技術平台和合併拓撲彈頭。

We're seeing, I would say, very little spill meaning low rates of alopecia, stomatitis, diarrhea, the things that you see with chemo and some other ADCs. So safety and tolerability are critical as a strategy. And if we see a partner asset that we can combine with in a variety of different indications, that is something that we would be interested in, for sure.

我想說，我們看到的溢出非常少，這意味著脫髮、口腔炎、腹瀉以及化療和其他一些 ADC 中出現的症狀的發生率很低。因此，安全性和耐受性作為一種策略至關重要。如果我們看到一種可以在各種不同適應症中與之結合的合作夥伴資產，那麼我們肯定會對此感興趣。

Thanks, Asad. 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，阿薩德。今天的電話會議到此結束。如果您想收聽電話會議重播，請造訪我們的網站 investors.abbvie.com。再次感謝您的收聽。

Thinking that concludes today's conference. You may all disconnect at this time.

今天的會議就到此結束。此時大家可以全部斷開連線。