艾伯維 (ABBV) 2025 Q3 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the AbbVie third 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.

早上好，感謝您的耐心等待。歡迎參加艾伯維2025年第三季財報電話會議。（操作員指示）今天的通話也將被錄音。如果您有任何異議，可以立即斷開連接。

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

現在我謹向大家介紹投資者關係資深副總裁 Liz Shea 女士。謝謝。你可以開始了。

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.

早安，感謝各位的參與。今天和我一起參加電話會議的還有：董事長兼執行長羅伯·邁克爾；執行副總裁兼首席商務官傑夫·斯圖爾特；執行副總裁兼研發首席科學官魯帕爾·塔卡爾；以及執行副總裁兼首席財務官斯科特·倫茨。

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

在開始之前，我想指出，我們今天所作的一些陳述可能被認為是基於我們目前預期的前瞻性陳述。艾伯維提醒，這些前瞻性聲明存在風險和不確定性，可能導致實際結果與前瞻性聲明中指出的結果有重大差異。有關這些風險和不確定性的更多信息，請參閱我們提交給美國證券交易委員會的文件。除法律要求外，艾伯維不承擔更新這些前瞻性聲明的義務。

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

在今天的電話會議上，我們將使用非GAAP財務指標來幫助投資人了解艾伯維的業務表現。這些非GAAP財務指標已在今天發布的盈利報告和監管文件中與相應的GAAP財務指標進行了核對，這些文件可以在我們的網站上找到。在我們發言完畢後，我們將回答各位的問題。

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

那麼，接下來我將把電話交給羅布。

Thank you, Liz. Good morning, everyone, and thank you for joining us. AbbVie's business continues to perform above our expectations. We delivered another excellent quarter, including strong financial results, pipeline advancement across all stages of development and strategic investments to drive sustainable long-term growth. Given our positive momentum, we are raising our 2025 outlook for the third time this year.

謝謝你，莉茲。各位早安，感謝各位的參與。艾伯維的業務表現持續超出我們的預期。我們又迎來了一個優秀的季度，包括強勁的財務業績、各個開發階段的研發管線推進以及推動可持續長期成長的策略性投資。鑑於我們目前的良好發展勢頭，我們將今年第三次上調 2025 年的業績展望。

Starting with our third quarter performance, we delivered adjusted earnings per share of $1.86, which is $0.10 above our guidance midpoint. Total net revenues were nearly $15.8 billion, reflecting high single-digit sales growth and beating our expectations by approximately $300 million. I'm especially pleased with the execution of our growth platform, including combined sales growth of more than 40% from Skyrizi and Rinvoq, our leading immunology medicines as well as double-digit revenue growth from neuroscience, our second largest and fastest-growing therapeutic area.

從我們第三季的業績來看，我們調整後的每股收益為 1.86 美元，比我們預期的中位數高出 0.10 美元。總淨收入接近 158 億美元，實現了高個位數的銷售成長，比我們的預期高出約 3 億美元。我對我們的成長平台的執行情況尤其感到滿意，包括我們領先的免疫學藥物 Skyrizi 和 Rinvoq 的合併銷售增長超過 40%，以及我們第二大且增長最快的治療領域——神經科學——的兩位數收入增長。

With no significant LOE events in the near term, our growth platform provides a clear line of sight to growth into the next decade. This puts AbbVie in a strong position to fully invest for the 2030s and beyond. Since our inception in 2013, we have invested more than $84 billion to research, discover and develop new medicines and solutions for patients. We anticipate $9 billion of adjusted R&D expense in 2025, a substantial increase from the prior year.

由於近期沒有重大的 LOE 事件，我們的成長平台為未來十年的成長提供了清晰的前景。這使艾伯維處於有利地位，可以全力投資於 2030 年代及以後的發展。自 2013 年成立以來，我們已投入超過 840 億美元用於研究、發現和開發新的藥物和解決方案，造福病患。我們預計 2025 年調整後的研發支出將達到 90 億美元，比前一年大幅成長。

This supports numerous pipeline opportunities across our core areas: immunology, oncology, neuroscience and aesthetics as well as new sources of growth like obesity. More broadly, I'm very pleased with the breadth and depth of our robust pipeline with approximately 90 programs across all stages of development.

這為我們核心領域的眾多研發機會提供了支持，包括免疫學、腫瘤學、神經科學和美容學，以及肥胖症等新的成長來源。更廣泛地說，我對我們強大的研發管線的廣度和深度感到非常滿意，目前我們擁有大約 90 個項目，涵蓋所有開發階段。

We are making excellent progress and expect several important milestones over the next two years, including new product approvals for Tavapadon and Pivek, expanded indications for Rinvoq, Epkinly, Qulipta and Ubrelvy and pivotal data for Lutikizumab, Temab-A and Etentamig. These pipeline programs have the potential to drive growth for AbbVie later this decade. We also continue to invest in external innovation, adding novel mechanisms and platform technologies to further augment our pipeline to drive growth in the 2030s and beyond.

我們正在取得卓越的進展，並預計在未來兩年內實現幾個重要的里程碑，包括Tavapadon和Pivek的新產品批准、Rinvoq、Epkinly、Qulipta和Ubrelvy的擴大適應症以及Lutikizumab、Temab-A和Etentamig的關鍵數據。這些在研項目預計將在本十年後期推動艾伯維的成長。我們也將繼續投資外部創新，增加新的機制和平台技術，以進一步增強我們的產品線，從而在 2030 年代及以後推動成長。

Our recent deal activity includes announcing the acquisition of Gilgamesh's Bretisilocin, expanding our psychiatry pipeline with a next-generation psychedelic currently in Phase 2 development for MDD. And closing the acquisition of Capstan Therapeutics, further strengthening our immunology pipeline with an in vivo CAR-T platform.

我們最近的交易活動包括宣布收購 Gilgamesh 的 Bretisilocin，並透過目前處於 MDD 二期開發階段的下一代迷幻藥來擴展我們的精神病學產品線。完成對 Capstan Therapeutics 的收購，進一步加強了我們的免疫學產品線，使其擁有體內 CAR-T 平台。

Our consistently strong performance as well as the progress we are making to build and advance a robust pipeline fully supports our capital allocation priorities. This includes investing at least $10 billion of capital in the US over the next 10 years. Construction is already underway for a new API manufacturing site in North Chicago as well as expansion of biologics manufacturing and R&D capacity at our existing site in Worcester.

我們持續強勁的業績以及我們在建立和推進強大的產品線方面取得的進展，完全支持我們的資本配置優先事項。這包括在未來 10 年內向美國投資至少 100 億美元。位於北芝加哥的新原料藥生產基地已經動工建設，同時，我們位於伍斯特的現有基地也在擴大生物製劑生產和研發能力。

We are also committed to delivering a healthy, sustainable dividend that grows every year. Today, we announced a 5.5% increase in our quarterly cash dividend, beginning with the dividend payable in February 2026. Since inception, we have grown our quarterly dividend by more than 330%. In summary, this is an exciting time for AbbVie. We are demonstrating outstanding execution across our portfolio, and our long-term outlook remains very strong.

我們也致力於提供健康、可持續且逐年成長的股息。今天，我們宣布將季度現金股利提高 5.5%，從 2026 年 2 月支付的股利開始生效。自成立以來，我們的季度股息成長了超過 330%。總之，對艾伯維來說，這是一個令人興奮的時刻。我們在各個投資組合中都展現了卓越的執行力，我們的長期前景仍然非常強勁。

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

接下來，我將把電話交給傑夫，請他對我們的商業亮點進行補充評論。傑夫？

Thank you, Rob. I'll start with the quarterly results for immunology, which delivered total revenues of approximately $7.9 billion, up 11.2% on an operational basis. Skyrizi and Rinvoq continue to exceed our expectations, once again demonstrating robust growth across a broad set of indications.

謝謝你，羅布。我先來看免疫學部門的季度業績，該部門的總收入約為 79 億美元，以營運基礎計算成長了 11.2%。Skyrizi 和 Rinvoq 繼續超越我們的預期，再次在廣泛的適應症範圍內展現出強勁的成長勢頭。

Skyrizi global sales were $4.7 billion, reflecting operational growth of 46%. Rinvoq global revenues were nearly $2.2 billion, up 34.1% on an operational basis. I'm especially pleased with our portfolio performance in gastroenterology, where these two medicines are on pace to nearly double their combined sales in IBD this year.

Skyrizi 全球銷售額達 47 億美元，營運成長率達 46%。Rinvoq 全球營收接近 22 億美元，以營運基礎計算成長 34.1%。我尤其對我們在胃腸病學領域的產品組合表現感到滿意，這兩種藥物今年在發炎性腸道疾病領域的總銷售額有望翻一番。

Our uptake in Crohn's disease remains impressive with Skyrizi and Rinvoq together achieving in-play share leadership in a dozen countries. This includes capturing roughly 50% of newer switching Crohn's patients across all lines of therapy in the US. We see similar momentum in ulcerative colitis as well with Skyrizi and Rinvoq collectively holding in-play share leadership in more than 10 key markets and capturing nearly one out of every three newer switching UC patients across all mechanisms in the US.

Skyrizi 和 Rinvoq 在克隆氏症領域的市場表現依然令人矚目，它們在十幾個國家/地區共同佔據了市場份額領先地位。這包括在美國所有治療方案中，約 50% 的新克隆氏症轉換患者。潰瘍性結腸炎領域也呈現出類似的成長勢頭，Skyrizi 和 Rinvoq 在 10 多個主要市場中佔據市場份額領先地位，並在美國所有治療機制的新轉換型潰瘍性結腸炎患者中佔據了近三分之一的市場份額。

IBD continues to be an area of high unmet need with substantial headroom for biologic penetration as well as expanding lines of therapy. Given the compelling efficacy, safety and dosing profiles for both assets, Skyrizi with less frequent dosing favored by patients and clinicians, especially for the maintenance treatment relative to the most effective dose for other IL-23s.

IBD 仍然是一個需求未被滿足的領域，生物製劑的滲透和治療方案的擴展都有很大的空間。鑑於兩種藥物均具有令人信服的療效、安全性和劑量特性，Skyrizi 的給藥頻率較低，因此更受患者和臨床醫生的青睞，尤其是在維持治療方面，與其他 IL-23 藥物相比，其最佳劑量更為有效。

And Rinvoq, often preferred for difficult-to-treat IBD cases, having demonstrated the strongest response rates in UC studies as well as very strong efficacy in CD as well. Along with Rinvoq's recently expanded label in IBD, which is a great outcome for patients who will now have access to Rinvoq earlier in the treatment paradigm when anti-TNF treatment is clinically and inadvisable. So we remain very competitively positioned for continued strong growth across gastroenterology.

Rinvoq 常用於治療難治性 IBD 病例，在 UC 研究中顯示出最強的反應率，在 CD 中也顯示出非常強的療效。隨著 Rinvoq 最近在 IBD 中的適應症擴大，這對患者來說是一個很好的結果，因為他們現在可以在治療方案的早期階段獲得 Rinvoq，而此時臨床上不建議使用抗 TNF 治療。因此，我們在胃腸病學領域仍保持著非常強的競爭力，並有望繼續實現強勁成長。

Moving to the rest of our core immunology indications. Skyrizi continues to perform exceptionally well in psoriasis, gaining share across our key markets. This includes an impressive 50% in-play patient share for biologics in the US. Rinvoq is also delivering strong prescription growth in rheumatology.

接下來，我們來看看其他核心免疫學適應症。Skyrizi 在銀屑病領域繼續表現出色，在我們的主要市場中不斷擴大市場份額。這其中包括生物製劑在美國患者治療市佔率高達 50%。Rinvoq 在風濕病領域也實現了強勁的處方成長。

In RA, Rinvoq continues to achieve the leading in-play patient share across lines of therapy. We now have three head-to-head studies demonstrating Rinvoq's superiority to other biologics in RA, including recent positive data from our SELECT-SWITCH trial, which clearly supports the clinical benefits of switching to Rinvoq after a first TNF failure.

在類風濕性關節炎領域，Rinvoq 繼續在各個治療領域保持領先的市場份額。我們現在有三項頭對頭研究證明 Rinvoq 在 RA 治療中優於其他生物製劑，包括我們 SELECT-SWITCH 試驗的最新積極數據，該試驗清楚地支持在首次 TNF 治療失敗後改用 Rinvoq 的臨床益處。

Lastly, we are seeing a very nice ramp in GCA, where Rinvoq now has full formulary coverage. I'm very pleased with the progress and look forward to the commercialization of additional sizable indications like alopecia areata and vitiligo.

最後，我們看到 GCA 領域出現了非常好的成長，Rinvoq 現在已經獲得了完整的藥物目錄覆蓋。我對目前的進展非常滿意，並期待像斑禿和白斑症這樣的其他較大適應症的商業化。

Turning now to Humira, which delivered global sales of $993 million, down 55.7% on an operational basis, reflecting biosimilar competition. We continue to anticipate Humira access in the US will decrease throughout the remainder of this year and into 2026 as more plans select exclusionary contracts for existing patients. This step-up in volume erosion is expected to be partially offset by a price benefit also associated with these contract changes, which is included in our fourth quarter outlook.

現在來看看阿達木單抗（Humira），其全球銷售額為 9.93 億美元，按營運基礎計算下降了 55.7%，反映了生物相似藥的競爭。我們繼續預計，隨著更多保險計劃選擇對現有患者實施排除性合同，今年剩餘時間和 2026 年美國使用 Humira 的機會將會減少。預計銷量下滑的加劇將被合約變更帶來的價格上漲部分抵消，這已納入我們的第四季度展望。

Moving to oncology, which delivered total revenues of nearly $1.7 billion, relatively flat versus prior year. Momentum from Venclexta as well as newer products, Elahere, Epkinly and EMRELIS helped to offset the expected sales decline from Imbruvica, which continues to be impacted by competitive dynamics in CLL.

轉而關注腫瘤業務，該業務總收入接近 17 億美元，與去年相比基本持平。Venclexta 以及 Elahere、Epkinly 和 EMRELIS 等新產品的銷售勢頭，有助於抵消 Imbruvica 預期的銷售下滑，而 Imbruvica 的銷售下滑仍受到 CLL 領域競爭動態的影響。

Overall, I'm very pleased with the progress we are making to expand our commercial capabilities in both heme and solid tumors with our existing portfolio. These efforts will ultimately support our emerging oncology pipeline, which includes several promising programs to improve patient outcomes in many difficult-to-treat cancers.

總的來說，我對我們利用現有產品組合在血液腫瘤和實體腫瘤領域拓展商業能力方面取得的進展感到非常滿意。這些努力最終將支持我們正在發展的腫瘤學研發管線，其中包括幾個有前景的項目，旨在改善許多難治性癌症患者的治療效果。

Turning now to aesthetics, which delivered global sales of approximately $1.2 billion, down 4.2% on an operational basis. Botox Cosmetic global revenues were $637 million and Juvederm global sales were $253 million, with growth rates for both products down on an operational basis. While our portfolio is performing well from a competitive perspective, we continue to face challenging market conditions in several key markets, which are impacting our results.

現在來看美容產品，其全球銷售額約為 12 億美元，以營運基礎計算下降了 4.2%。Botox Cosmetic 的全球收入為 6.37 億美元，Juvederm 的全球銷售額為 2.53 億美元，但這兩個產品的成長率在營運層面上均有所下降。雖然從競爭角度來看，我們的投資組合表現良好，但我們在幾個主要市場仍然面臨充滿挑戰的市場環境，這影響了我們的表現。

With overall consumer sentiment remaining quite low, especially in the US as concerns about the economy and inflation weigh on discretionary spending, we now see category growth tracking below our previous assumptions globally. However, this near-term macro pressure does not dampen our excitement for the long-term potential of our leading aesthetics portfolio. We are investing to support patient activation with robust promotion and product innovation.

由於整體消費者信心仍然相當低迷，尤其是在美國，對經濟和通膨的擔憂抑制了可自由支配的支出，我們現在看到全球範圍內的品類增長低於我們先前的預期。然而，這種短期宏觀壓力並不會削弱我們對領先的美容產品組合的長期潛力的信心。我們正在加大投入，透過強有力的推廣和產品創新來支持患者積極參與。

We recently launched new consumer campaigns for Botox as well as fillers to further stimulate category growth, which remains highly underpenetrated and where we stand to disproportionately benefit upon market recovery giving our leading product shares. Innovation from our pipeline, including novel toxins like TrenibotE, a fast-acting short-duration toxin as well as several next-generation fillers will also provide growth in the coming years.

我們最近針對肉毒桿菌和填充劑推出了新的消費者活動，以進一步刺激該品類的成長。該品類的滲透率仍然很低，而憑藉我們領先的產品份額，我們將在市場復甦時獲得不成比例的收益。我們研發管線中的創新，包括像 TrenibotE 這樣的新型毒素（一種快速起效的短效毒素）以及幾種下一代填充劑，也將在未來幾年帶來成長。

Moving now to neuroscience, which is demonstrating exceptional performance. Total revenues were more than $2.8 billion, up 19.6% on an operational basis. I'm very pleased with our leading migraine portfolio with Ubrelvy, Qulipta and Botox Therapeutic all delivering robust double-digit growth. Qulipta is now the number 1 CGRP treatment for migraine prevention with a total prescription share of approximately 7.5%.

接下來轉向神經科學，該領域展現了卓越的表現。總收入超過 28 億美元，以營運基礎計算成長 19.6%。我對我們領先的偏頭痛產品組合非常滿意，Ubrelvy、Qulipta 和 Botox Therapeutic 都實現了強勁的兩位數成長。Qulipta 現在是治療偏頭痛的 CGRP 藥物排名第一，處方份額約為 7.5%。

Vraylar is also performing well in both bipolar and MDD, with total sales of $934 million, up 6.7%. Physicians continue to report positive feedback on Vraylar's strong benefit risk profile, including dosing flexibility, low sedation and the ability to address anhedonia and anxiety symptoms often associated with depression.

Vraylar 在躁鬱症和重度憂鬱症領域也表現出色，總銷售額達 9.34 億美元，成長 6.7%。醫生持續報告對 Vraylar 的良好獲益風險比的正面回饋，包括劑量靈活、鎮靜作用低，以及能夠解決通常與憂鬱症相關的快感缺失和焦慮症狀。

Lastly, in Parkinson's disease, Vyalev's launch trajectory has been very impressive. Total sales were $138 million, up 40% on a sequential basis. The uptake across international markets continues to exceed our expectations with physicians and patient communities highlighting meaningful improvements in on time and off time from the 24-hour delivery and the control of symptoms throughout the morning, day and night. Vyalev is the only Parkinson's treatment that often replaces the need for add-on oral therapies to manage motor fluctuations, reducing the daily pill, pill burden for these patients.

最後，在帕金森氏症領域，維亞列夫的治療進展非常令人印象深刻。總銷售額為 1.38 億美元，季增 40%。國際市場的接受度持續超出我們的預期，醫生和患者群體都強調，24 小時送達服務顯著改善了患者的出院和休息時間，並有效控制了早、中、晚的症狀。Vyalev 是唯一一種可以取代其他口服藥物來控制運動波動，從而減輕帕金森氏症患者每日服藥負擔的治療藥物。

We anticipate expanded coverage of Vyalev in the US soon, which we expect will provide further revenue inflection next year. I'm also excited about Tavapadon, where we are pursuing approval for use as a monotherapy for early Parkinson's disease as well as an adjunct to optimize oral therapy for more advanced patients. This will be a very complementary offering for both Vyalev and Duopa.

我們預計 Vyalev 在美國的覆蓋範圍很快就會擴大，我們預計這將為明年帶來進一步的收入成長。我也很興奮地談到了 Tavapadon，我們正在尋求批准將其用作早期帕金森氏症的單一療法，以及作為輔助療法來優化晚期患者的口服療法。這對 Vyalev 和 Duopa 來說都將是一個非常互補的產品。

Given the significant commercial opportunity with our emerging Parkinson's portfolio, we are now actively expanding our field sales team to support higher anticipated demand next year. Overall, again, we are demonstrating strong revenue growth and our commercial execution has been outstanding.

鑑於我們新興的帕金森氏症產品組合蘊藏著巨大的商業機會，我們正在積極擴大我們的現場銷售團隊，以滿足明年預計更高的需求。整體而言，我們再次展現了強勁的營收成長，我們的商業執行力非常出色。

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

接下來，我將把電話交給 Roopal，請他對我們的研發亮點發表評論。魯帕爾？

Thank you, Jeff. Starting with immunology, we announced positive top line results from the second Phase 3 Rinvoq alopecia areata trial, reinforcing the potential for Rinvoq to significantly improve hair regrowth for patients suffering from severe forms of this condition. Data were consistent with the results from the first trial with Rinvoq demonstrating meaningful improvement in hair regrowth across both doses compared to placebo.

謝謝你，傑夫。首先是免疫學方面，我們公佈了第二項 Rinvoq 斑禿 3 期試驗的積極初步結果，進一步證實了 Rinvoq 有潛力顯著改善患有嚴重斑禿患者的毛髮再生。數據與 Rinvoq 的首次試驗結果一致，顯示與安慰劑相比，兩種劑量均能顯著改善頭髮再生。

We remain on track to begin submitting regulatory applications later this year. We also recently announced positive top line results from two Phase 3 Rinvoq vitiligo trials. In both studies, Rinvoq met the co-primary and key secondary endpoints at week 48, demonstrating improvements in both total body and facial vitiligo scoring compared to placebo. We are very pleased with these results, which illustrate Rinvoq's potential to provide significant skin re-pigmentation to patients suffering from non-segmental vitiligo.

我們仍按計劃將於今年稍後開始提交監管申請。我們最近也公佈了兩項 Rinvoq 白斑症 3 期試驗的正面初步結果。在這兩項研究中，Rinvoq 在第 48 週均達到了共同主要終點和關鍵次要終點，與安慰劑相比，全身和臉部白斑症評分均有所改善。我們對這些結果非常滿意，這表明 Rinvoq 有潛力為患有非節段型白斑的患者提供顯著的皮膚色素再生。

The daily challenges of living with this condition can often lead to depression and anxiety. With no approved systemic treatments, there is very high unmet need for these patients. Once approved, Rinvoq could potentially be the first systemic therapy available for vitiligo. Regulatory submissions are planned for early next year. Positive top line results were also announced from the SELECT-SWITCH trial, which compared Rinvoq to Humira in RA patients who had an inadequate response or intolerance to their first TNF inhibitor. This is the first head-to-head study comparing anti-TNF cycling versus switching to Rinvoq.

患有這種疾病所帶來的日常挑戰往往會導致憂鬱和焦慮。由於目前尚無核准的全身性治療方法，這些患者的醫療需求遠未得到滿足。一旦獲得批准，Rinvoq 有可能成為首個用於治療白斑症的全身性療法。監理申報工作計劃於明年初進行。SELECT-SWITCH 試驗也公佈了積極的初步結果，該試驗比較了 Rinvoq 與 Humira 在對第一種 TNF 抑制劑反應不足或不耐受的 RA 患者中的療效。這是第一個直接比較抗 TNF 循環療法與改用 Rinvoq 的研究。

In the study, Rinvoq demonstrated superiority to Humira for efficacy measures with nearly twice as many patients achieving low disease activity and remission. For RA patients who did not respond well to their first TNF inhibitor, these results clearly show the benefit of switching to Rinvoq rather than cycling to another anti-TNF.

研究顯示，Rinvoq 在療效指標方面優於 Humira，達到低疾病活動度和緩解的患者人數幾乎是 Humira 的兩倍。對於對第一種 TNF 抑制劑反應不佳的 RA 患者，這些結果清楚地表明，改用 Rinvoq 比輪換使用另一種抗 TNF 藥物更有益。

In IBD, Rinvoq recently received a label update in Crohn's disease and ulcerative colitis, allowing its use prior to anti-TNFs in patients who have received at least one approved systemic therapy when TNF inhibitors are clinically inadvisable. The treatment paradigm has evolved in IBD with increasing utilization of newer, higher efficacy agents like Skyrizi. There are certain clinical scenarios when an anti-TNF may not be the most appropriate next treatment option for a patient. This label update provides physicians with the flexibility to use Rinvoq prior to anti-TNFs for certain patients after they have tried another approved systemic therapy.

在 IBD 領域，Rinvoq 最近更新了其在克隆氏症和潰瘍性結腸炎中的標籤，允許在臨床上不建議使用 TNF 抑制劑的情況下，對至少接受過一種已批准的全身療法的患者，在抗 TNF 藥物治療之前使用 Rinvoq。IBD 的治療模式已經發生了變化，越來越多的新型高效藥物（如 Skyrizi）被應用。在某些臨床情況下，抗 TNF 可能不是患者最合適的下一步治療選擇。此標籤更新使醫生能夠靈活地在某些患者嘗試過其他已批准的全身療法後，在抗 TNF 藥物治療之前使用 Rinvoq。

Moving to oncology. The regulatory application was submitted to the FDA for PVEK in blastic plasmacytoid dendritic cell neoplasm. This rare aggressive blood cancer primarily affects an older population who is at high risk for complications with traditional chemotherapy or precluded from stem cell transplantation. As a new treatment providing durable responses with a manageable safety profile, our novel ADC has the potential to become an important new therapeutic option for these patients.

轉入腫瘤科。針對漿細胞樣樹突狀細胞腫瘤，已向 FDA 提交了 PVEK 的監管申請。這種罕見的侵襲性血液癌症主要影響老年族群，他們接受傳統化療出現併發症的風險很高，或不適合進行幹細胞移植。作為一種能夠提供持久療效且安全性可控的新療法，我們新型的ADC有望成為這些患者的重要新治療選擇。

At the recent ESMO meeting, we presented three orals for Temab-A, highlighting this novel ADC's potential, both as a monotherapy and in combination across advanced difficult-to-treat solid tumors. In CRC patients who received two or more prior lines of therapy and regardless of c-MET expression levels, Temab-A in combination with bevacizumab demonstrated manageable safety and better responses and disease control compared to current standard of care.

在最近的 ESMO 會議上，我們進行了三場關於 Temab-A 的口頭報告，重點介紹了這種新型 ADC 的潛力，無論是作為單藥療法還是聯合療法，用於治療晚期難治性實體瘤。對於接受過兩線或兩線以上先前治療的 CRC 患者，無論 c-MET 表達水平如何，Temab-A 與貝伐單抗聯合治療均顯示出可控的安全性，並且與目前的標準治療相比，療效和疾病控制效果更佳。

Treatment with Temab-A at 2.4 milligrams per kilogram plus bevacizumab achieved an objective response rate of 30% and a confirmed disease control rate of 97% compared to rates of zero and 70%, respectively, for Lonsurf plus bevacizumab. Based on these results, we plan to begin a Phase 3 study for this combination in late-line all-comers CRC.

與 Lonsurf 加貝伐單抗治療相比，Temab-A 2.4 毫克/公斤加貝伐單抗治療的客觀緩解率達到 30%，確認疾病控制率達到 97%，而 Lonsurf 加貝伐單抗治療的客觀緩解率和確認疾病控制率分別為 0% 和 70%。基於這些結果，我們計劃針對晚期 CRC 患者進行此聯合療法的 3 期研究。

In a proof-of-concept study in pancreatic cancer, monotherapy Temab-A demonstrated an objective response rate of 24% in the overall population and 40% in patients who received first-line gemcitabine plus, Abraxane.

在胰臟癌概念驗證研究中，單藥治療 Temab-A 在總體人群中顯示出 24% 的客觀緩解率，在接受一線吉西他濱聯合 Abraxane 治療的患者中顯示出 40% 的客觀緩解率。

A Phase 2 study in pancreatic cancer is expected to begin next year. And in an exploratory study in MET-amplified solid tumors after progression following standard of care, monotherapy with Temab-A resulted in an objective response rate of 47% and median duration of response of 12.5 months for the 2.4 milligram per kilogram dose. Higher responses were observed in patients with non-small cell lung cancer with a rate of 69% and gastroesophageal cancer with a rate of 71%.

一項針對胰臟癌的第二期臨床試驗預計明年啟動。在一項針對接受標準治療後病情進展的 MET 擴增實體瘤的探索性研究中，Temab-A 單藥治療的客觀緩解率為 47%，中位緩解持續時間為 12.5 個月（劑量為每公斤 2.4 毫克）。非小細胞肺癌患者的緩解率較高，為 69%；胃食道癌患者的緩解率較高，為 71%。

A Phase 2 study in MET amplified solid tumors is expected to begin later this year. We are making significant progress with Temab-A across a broad range of tumors, and there is an increasing body of evidence demonstrating durable efficacy and a manageable safety profile in these difficult-to-treat cancers. We look forward to providing additional updates on Temab-A programs as data mature.

針對MET擴增實體瘤的II期研究預計將於今年稍後開始。我們在多種腫瘤的治療中，Temab-A 取得了顯著進展，越來越多的證據表明，它對這些難治性癌症具有持久的療效和可控的安全性。隨著數據的成熟，我們將期待提供有關Temab-A計畫的更多最新資訊。

In neuroscience, the regulatory application for tavapadon in Parkinson's disease was recently submitted to the FDA. For many patients with Parkinson's, existing oral therapies aren't sufficient to manage symptoms. Our selective D1/D5 receptor partial agonist demonstrated robust efficacy as a monotherapy in early Parkinson's disease and as an adjunct to levodopa-carbidopa oral therapy in patients still experiencing motor fluctuations. Once approved, we believe tavapadon will be an important new treatment option.

在神經科學領域，用於治療帕金森氏症的tavapadon的監管申請最近已提交給FDA。對於許多帕金森氏症患者來說，現有的口服療法不足以控制症狀。我們的選擇性 D1/D5 受體部分激動劑在早期帕金森氏症中作為單一療法表現出強大的療效，並且在仍有運動波動的患者中作為左旋多巴-卡比多巴口服療法的輔助療法也表現出強大的療效。我們相信，一旦獲得批准，tavapadon 將成為重要的全新治療選擇。

Results from a Phase 2 study evaluating Botox in upper limb essential tremor were recently presented at the MDS Congress. In the study, Botox met the primary and all secondary endpoints, demonstrating significant improvements in all assessment measures compared to placebo.

最近在 MDS 大會上公佈了一項評估肉毒桿菌毒素治療上肢特發性震顫的 2 期研究結果。研究顯示，Botox 達到了主要終點和所有次要終點，與安慰劑相比，所有評估指標均有顯著改善。

With a global patient population of about 25 million, essential tremor is the most common movement disorder. This progressive neurological condition can substantially hinder patients' physical activities and diminish their quality of life. Current treatment options are limited in terms of both efficacy and tolerability, leaving considerable need for new therapies.

特發性震顫是全球最常見的運動障礙，患者人數約 2,500 萬人。這種進行性神經系統疾病會嚴重阻礙患者的身體活動，降低他們的生活品質。目前的治療選擇在療效和耐受性方面都存在局限性，因此迫切需要新的療法。

Based on these results, we plan to advance a new toxin for upper limb essential tremor. GemibotA is a novel toxin that has demonstrated different pharmacologic properties preclinically compared to Botox, such as less diffusion to neighboring muscles. Phase 2 studies for GemibotA in essential tremor and ventral hernia repair will begin next year.

基於這些結果，我們計劃推動一種用於治療上肢特發性震顫的新毒素的研發。GemibotA 是一種新型毒素，臨床前研究顯示其藥理特性與肉毒桿菌毒素不同，例如擴散到鄰近肌肉較少。GemibotA治療特發性震顫和腹壁疝氣修補術的第二期臨床試驗將於明年開始。

To further expand our neuropsychiatry pipeline, we acquired bretisilocin from Gilgamesh. Bretisilocin is a novel 5-HT2A receptor agonist and 5HT-releaser with a short duration of hallucination that has demonstrated robust efficacy in a Phase 2 proof-of-concept study in major depressive disorder. Rapid efficacy was achieved after the initial dose with response and remission maintained through day 74 without additional intervention.

為了進一步拓展我們的神經精神醫學產品線，我們從 Gilgamesh 收購了 bretisilocin。Bretisilocin 是一種新型 5-HT2A 受體激動劑和 5-HT 釋放劑，其致幻作用持續時間短，在重度憂鬱症的 2 期概念驗證研究中已顯示出強大的療效。首次給藥後即可迅速見效，療效和緩解持續至第 74 天，無需額外幹預。

This novel psychedelic has the potential to provide significant benefit to patients by offering rapid, robust and durable antidepressant effects following a short in-clinic treatment session. Additional Phase 2 studies in depression are expected to begin next year. To summarize, we continue to make good progress across all stages and therapeutic areas of our pipeline and look forward to many important pipeline milestones in the remainder of this year and into 2026.

這種新型迷幻劑有可能為患者帶來顯著益處，只需在診所進行短暫的治療，即可提供快速、強勁且持久的抗憂鬱效果。預計明年將開始進行更多針對憂鬱症的第二期臨床試驗。總而言之，我們在研發管線的各個階段和治療領域都持續取得良好進展，並期待在今年剩餘時間和 2026 年實現許多重要的研發管線里程碑。

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

接下來，我將把電話交給史考特。

Thank you, Roopal. Starting with our third quarter results. we reported adjusted earnings per share of $1.86, which is $0.10 above our guidance midpoint. These results include a $1.50 unfavorable impact from acquired IPR&D expense primarily reflecting upfront charges for the acquisition of Capstan Therapeutics and our license agreement with IGI. Total net revenues were nearly $15.8 billion reflecting growth of 8.4% on an operational basis, excluding a modestly favorable impact from foreign exchange.

謝謝你，魯帕爾。首先來看我們第三季的業績。我們公佈的調整後每股收益為1.86美元，比我們先前預期的中位數高出0.10美元。這些結果包括收購智慧財產權開發費用帶來的 1.50 美元不利影響，主要反映了收購 Capstan Therapeutics 和我們與 IGI 的授權協議的預付款。總淨收入接近 158 億美元，以營運基礎計算成長 8.4%，不包括外匯帶來的略微有利的影響。

Importantly, our ex-Humira growth platform delivered reported sales growth of more than 20%, once again exceeding our expectations. Adjusted gross margin was 83.9% of sales, adjusted R&D expense was 14.3% of sales, and adjusted SG&A expense was 21.6% of sales. The adjusted operating margin ratio was 30.9% of sales, which includes a 17% unfavorable impact from acquired IPR&D expense. Net interest expense was $667 million, the adjusted tax rate was 24.5%, reflecting the lower deductibility of acquired IPR&D expense this quarter.

重要的是，我們前Humira成長平台實現了超過20%的銷售成長，再次超出了我們的預期。調整後的毛利率為銷售額的 83.9%，調整後的研發費用為銷售額的 14.3%，調整後的銷售、一般及行政費用為銷售額的 21.6%。調整後的營業利潤率為銷售額的 30.9%，其中包括收購知識產權研發費用帶來的 17% 的不利影響。淨利息支出為 6.67 億美元，調整後的稅率為 24.5%，反映出本季收購的智慧財產權研發費用的扣除額較低。

Turning to our financial outlook. We are raising our full year adjusted earnings per share guidance to between $10.61 and $10.65. Please note that this guidance does not include an estimate for acquired IPR&D expense that may be incurred beyond the third quarter. We now expect total net revenues of approximately $60.9 billion, an increase of $400 million. This updated forecast primarily reflects Skyrizi global sales of $17.3 billion, an increase of $200 million with continued share gains in psoriasis and IBD.

接下來談談我們的財務前景。我們將全年調整後每股收益預期上調至 10.61 美元至 10.65 美元之間。請注意，此預期不包括第三季之後可能產生的收購知識產權研發費用預估。我們現在預計總淨收入約為 609 億美元，比上年增加 4 億美元。此次更新後的預測主要反映了 Skyrizi 全球銷售額為 173 億美元，成長了 2 億美元，這得益於其在銀屑病和 IBD 領域持續取得的市場份額成長。

Neuroscience global revenues of $10.7 billion, an increase of $200 million, reflecting continued strength across Vraylar, Botox Therapeutic, Vyalev and the total oral CGRP portfolio. Aesthetics total sales of $4.9 billion, a decrease of $200 million reflecting greater-than-expected market softness globally. With the remaining $200 million increase reflecting the collective momentum from Rinvoq and several other products across our diverse portfolio. And we also continue to assume a relatively neutral impact from foreign exchange on full year sales growth.

神經科學全球收入達 107 億美元，成長 2 億美元，反映出 Vraylar、Botox Therapeutic、Vyalev 和整個口服 CGRP 產品組合的持續強勁成長。美容產品總銷售額為 49 億美元，減少了 2 億美元，反映出全球市場疲軟程度超出預期。剩餘的 2 億美元成長反映了 Rinvoq 和我們多元化產品組合中其他幾款產品的集體成長動能。我們也繼續假設外匯波動對全年銷售成長的影響相對中性。

Moving to the P&L for full year 2025. We continue to expect adjusted gross margin of 84% of sales, adjusted R&D expense of $9 billion and adjusted SG&A expense of $13.5 billion. We now anticipate an adjusted operating margin ratio of approximately 41% of sales, in line with our previous expectations after including the roughly 6% unfavorable impact of acquired IPR&D expense incurred through the third quarter. And we now forecast our non-GAAP tax rate to be approximately 17.3%, also reflecting the impact of acquired IPR&D.

接下來將進入2025年全年損益表。我們繼續預期調整後的毛利率為銷售額的 84%，調整後的研發費用為 90 億美元，調整後的銷售、一般及行政費用為 135 億美元。我們現在預計調整後的營業利潤率約為銷售額的 41%，這與我們先前預期的一致，其中已計入第三季收購的智慧財產權研發費用帶來的約 6% 的不利影響。我們現在預測，非GAAP稅率約為17.3%，這也反映了收購的智慧財產權和研發的影響。

Turning to the fourth quarter. We anticipate net revenues of more than $16.3 billion. This reflects an estimated 1% favorable impact from foreign exchange on sales growth. We expect adjusted earnings per share between $3.32 and $3.36. This guidance does not include acquired IPR&D expense that may be incurred in the quarter.

進入第四節。我們預計淨收入將超過 163 億美元。這反映出外匯匯率對銷售成長產生了約 1% 的有利影響。我們預計調整後每股收益在 3.32 美元至 3.36 美元之間。此預期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 September was more than $5.6 billion and we generated approximately $13 billion of free cash flow in the first nine months of the year, which includes nearly $2.2 billion of Skyrizi royalty payments.

最後，艾伯維強勁的業務表現持續支持我們的資本配置重點。截至 9 月底，我們的現金餘額超過 56 億美元，今年前九個月我們產生了約 130 億美元的自由現金流，其中包括近 22 億美元的 Skyrizi 特許權使用費。

This free cash flow fully supports a strong and growing quarterly dividend, which we are increasing 5.5% to $1.73 per share beginning with the dividend payable in February 2026. As well as capacity for continued business development, we have executed approximately 30 deals since the beginning of 2024, and we continue to assess external innovation across all of our key growth areas. We also remain on track to achieve a net leverage ratio of 2 times by the end of 2026. In closing, AbbVie once again delivered outstanding results and our financial outlook remains very strong.

自由現金流完全支持強勁且不斷增長的季度股息，我們將股息提高 5.5% 至每股 1.73 美元，從 2026 年 2 月支付的股息開始。除了具備持續業務發展的能力外，自 2024 年初以來，我們已經完成了約 30 筆交易，並且我們將繼續評估所有關鍵成長領域的外部創新。我們仍有望在 2026 年底前實現淨槓桿率為 2 倍的目標。綜上所述，艾伯維再次取得了優異的業績，我們的財務前景依然非常​​強勁。

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

這樣，我就把電話轉回給莉茲了。

Thanks, Scott. (Event Instructions) Cedric, we'll take the first question, please.

謝謝你，斯科特。（活動說明）塞德里克，請您先提問。

Terence Flynn, Morgan Stanley.

Terence Flynn，摩根士丹利。

Great. Thanks so much. Congrats on the quarter. Two for me. I guess the first is just Rob would love your perspective on the potential implications for your business of the new PBM model that Cigna discussed on their earnings call yesterday, I believe.

偉大的。非常感謝。恭喜你本季取得佳績。我兩個。我想第一個問題是，羅布很想聽聽你對信諾保險昨天在財報電話會議上討論的新 PBM 模式可能對貴公司業務產生的影響的看法。

And then IRA price negotiations recently concluded. I'm just wondering if you're able to comment at all on how those went for Vraylar and Linzess.

然後，IRA價格談判最近結束了。我只是想問您是否能對Vraylar和Linzess的比賽結果發表一些看法。

Thanks, Terence. So this is Rob. I'll start with your first question. I'm going to have actually Jeff supplement as well. But I think one thing that's important to think about as it relates to whether it's PBM reform, questions we've got on DTC. Ultimately, what drives AbbVie's performance is our differentiated medicines, along with our execution track record and strong culture. And that's why we deliver similar strong performance in markets outside the US where PBMs and DTC do not play a role.

謝謝你，特倫斯。這位是羅布。我先回答你的第一個問題。我打算也讓傑夫補充一些營養品。但我認為，關於藥品福利管理機構 (PBM) 改革，以及我們對直接面向消費者 (DTC) 的疑問，有一件重要的事情需要考慮。歸根究底，推動艾伯維業績成長的是我們差異化的藥品、我們卓越的執行力以及強大的企業文化。正因如此，我們在美國以外的市場也能取得類似的強勁業績，因為在這些市場中，藥品福利管理機構 (PBM) 和直接面向消費者 (DTC) 模式並未發揮作用。

So now given our ability to execute, we are very good at utilizing the tools that are available to us. If there are changes to the PBM model, we will certainly be able to adapt effectively. I mean I think for us, as we think about it, the key is to continue developing differentiated medicines as that is what delivers real value and can drive growth in any environment.

鑑於我們目前的執行能力，我們非常擅長利用現有的工具。如果PBM模式發生變化，我們一定能夠有效適應。我的意思是，我認為對我們來說，關鍵在於繼續研發差異化藥物，因為這才能帶來真正的價值，並能在任何環境下推動成長。

And I'll let Jeff speak more specifically to how we see the PBM model playing out.

接下來，我將讓 Jeff 更具體地談談我們對 PBM 模式的看法。

Yes. Thanks, Rob. And just to sort of reiterate this approach. I mean if you think about some of these announcements over the years, whether it's rebate pass-through or there's existing models like this that work today. And we think there's a lot of merit to that like the ability for patients to share in lowering their out-of-pocket costs at the counter is a good approach. There's been a lot of structural barriers to that, of course, over the years. Sometimes it's the clients don't really have the incentive to go in, be it based on how they're using those rebates, maybe to lower premiums. We all know those stories.

是的。謝謝你，羅伯。我只是想重申一下這種方法。我的意思是，如果你回顧一下這些年來的一些公告，無論是返利轉嫁還是像這樣的現有模式，它們目前都行之有效。我們認為這樣做有很多優點，例如讓患者參與降低他們在藥房自付費用是一個好方法。當然，多年來，這方面存在著許多結構性障礙。有時，客戶並沒有真正的動力去參加，可能是因為他們沒有充分利用這些回饋來降低保費。我們都聽過這些故事。

I think the key point is Rob's point that across my global footprint, we're used to dealing with any type of approach, whether it's a net price market, it's a rebate driven market or a hybrid market that's net price and rebate like Germany or HTA markets. So we're very, very adaptable to sort of any sort of structure because we rely on the distinctiveness of our brands.

我認為關鍵在於羅布的觀點，即在我遍布全球的業務範圍內，我們已經習慣於應對任何類型的市場，無論是淨價市場、回扣驅動的市場，還是像德國或 HTA 市場那樣的淨價和回扣混合市場。所以我們非常能夠適應任何類型的結構，因為我們依賴的是我們品牌的獨特性。

And when we position those in the right way, which we always do, we perform exceptionally well from a market share and a competitive perspective. So we'll continue. We don't know a lot of the details, but we talked to Cigna all the time. Our account teams talk. We talked at the executive level. So we'll continue to study it, but we're very confident in terms of if there were to be changes in the PBM model, we would adapt very well.

當我們以正確的方式進行定位時（而我們一直都是這樣做的），從市場份額和競爭的角度來看，我們就能取得非常好的成績。所以我們會繼續。我們不太了解細節，但我們一直與信諾保險公司保持聯繫。我們的客戶團隊會進行溝通。我們進行了高層會談。所以我們會繼續研究它，但我們非常有信心，如果 PBM 模型發生變化，我們也能很好地適應。

And Terence, this is Rob again. On your question regarding IRA. The prices are obviously not yet public. But I would say that the administration focus on achieving greater reductions in this year's round was very clear. That said, the outcomes for Vraylar and Linzess will not impact our long-term guidance.

特倫斯，我是羅布。關於您提出的有關個人退休帳戶（IRA）的問題。價格顯然尚未公佈。但我認為，本屆政府力求在今年實現更大幅度減排的重點非常明確。儘管如此，Vraylar 和 Linzess 的業績結果不會影響我們的長期業績指引。

Chris Schott, JP Morgan.

克里斯‧肖特，摩根大通。

Great. Thanks so much. Just would love a little bit more of a discussion on the IL-23 market, obviously, Skyrizi doing really well here. But just with the TREMFYA subcu induction kind of rolling out, what are you seeing in terms of competitive dynamics and positioning? And how do you see kind of the dynamics between those -- you and your nearest competitor kind of evolving over time?

偉大的。非常感謝。顯然，我很想就 IL-23 市場進行更多討論，Skyrizi 在這方面做得非常好。但隨著 TREMFYA 子晶片導入技術的逐步推廣，您在競爭動態和市場定位方面看到了什麼？那麼，您如何看待您和您最直接的競爭對手之間隨著時間推移而發生的動態變化？

And then my second question is just any initial look on 2026 as you think about the various pushes and pulls in the business? And anything in particular you think the Street isn't properly accounting for as we think about the outlook for next year?

那麼我的第二個問題是，您能否初步展望一下 2026 年，並考慮一下商業領域中各種推動和拉動因素？當我們展望明年市場前景時，您認為華爾街有哪些方面沒有充分考慮到？

Chris, it's Jeff. I'll take your first question. So yes, we are very pleased with Skyrizi's growth overall and in the quarter, I mean, 46% year-over-year is quite strong. So -- and we see that momentum in share gains, it's market growth, and we retain a very, very strong in-place share position in IBD. It's really a leadership position.

克里斯，我是傑夫。我先回答你的第一個問題。是的，我們對 Skyrizi 的整體成長以及本季的成長都非常滿意，我的意思是，年成長 46% 非常強勁。所以——我們看到市佔率成長的勢頭，這是市場成長，我們在IBD領域保持著非常非常強大的市佔率地位。這確實是一個領導職位。

What we do see is we know that TREMFYA is going to gain some market share and in-play share but what's actually happening is the category or the class of IL-23s is expanding incredibly rapidly. And we view this as a positive. We said before, this is not a zero-sum game we're very confident in our competitive position. I'll give you a little bit of some numbers, some more recent numbers to see how dramatic this is.

我們看到的是，我們知道 TREMFYA 將會獲得一些市場份額和實際市場份額，但實際上發生的是 IL-23 系列飛機的類別或等級正在以驚人的速度擴張。我們認為這是一個正面的信號。我們之前說過，這不是零和博弈，我們對自己的競爭地位很有信心。我提供你一些數據，一些最近的數據，讓你看看這有多劇烈。

So just over a year ago, when the IL-23 we're entering the NBRx share for UC, this is ulcerative colitis, which is the smaller of the 2, was around 5%. That was the penetration rate. Now it's approaching in this latest quarter, close to 40. So this is a dramatic change in the adoption of the IL-23s.

所以就在一年多前，當 IL-23 進入 NBRx 治療 UC 的市佔率時，潰瘍性結腸炎（這是兩種疾病中較小的一種）的市佔率約為 5%。這就是滲透率。現在，在本季度，它已經接近 40。所以，這是IL-23坦克採用方式的重大轉變。

Skyrizi continues to grow, TREMFYA will grow there's -- yes, there are subtle differences, but we're super confident in where this product will go. So Skyrizi is performing very, very well, and we'll continue to do so. And don't forget, it's just not a Skyrizi story. AbbVie has uniquely sort of a one-two punch in this market. We've got Skyrizi and Rinvoq. And as I mentioned in my prepared remarks, our position with Rinvoq just got significantly stronger for gastroneurologists and patients with that enhanced indication.

Skyrizi 會繼續發展，TREMFYA 也會發展——是的，兩者之間存在一些細微的差別，但我們對這款產品的未來發展方向充滿信心。Skyrizi 目前表現得非常出色，我們將繼續保持這種勢頭。別忘了，這不僅僅是 Skyrizi 的故事。艾伯維在這個市場上擁有獨一無二的組合拳。我們有 Skyrizi 和 Rinvoq。正如我在準備好的演講稿中提到的，Rinvoq 的這種增強適應症使我們在胃神經科醫生和患者方面的地位更加穩固。

So what that allows to do is that physicians, if they choose, if someone is not eligible or it's inadvisable clinically for a TNF, you can go right to Rinvoq. So it's a really, really powerful position and set up for AbbVie right now and over time. So that's basically what we're observing in the marketplace.

因此，如果醫生認為某人不適合或臨床上不宜使用 TNF，則可以直接使用 Rinvoq。所以，這對艾伯維來說，無論現在或將來，都是一個非常非常強大的地位和佈局。這就是我們目前在市場上觀察到的現象。

And Chris, it's Roopal. For subcutaneous for Rinvoq, we'll see data next year for our own induction. And then that plus IV still leads to every 8-week dosing, which continues to be a major advantage.

克里斯，我是魯帕爾。對於 Rinvoq 的皮下注射，我們將在明年看到我們自身導入的數據。再加上靜脈注射，仍然可以每 8 週給藥一次，這仍然是一個很大的優勢。

And Chris, this is Rob. Regarding your question on 2026. Look, our business continues to perform exceptionally well. We've raised our revenue forecast this year by nearly $2 billion since our initial guidance in February. And that's not just coming from Skyrizi and Rinvoq. We're seeing overperformance across the entire Neuroscience portfolio and oncology is ahead of our original guidance as well.

克里斯，這位是羅布。關於您提出的2026年的問題。你看，我們的業務表現一直都非常出色。自2月發布最初預期以來，我們已將今年的營收預期提高了近20億美元。而這種觀點並非僅來自 Skyrizi 和 Rinvoq。我們看到整個神經科學產品組合的表現都超乎預期，腫瘤學領域也超過了我們最初的預期。

That momentum should allow us to deliver strong growth next year despite headwinds from continued Humira erosion and Imbruvica IRA pricing. Recall that Imbruvica is negotiated and that pricing will kick in next year. And Humira erosion will continue, albeit not at the same absolute level as we saw in 2025.

儘管面臨 Humira 持續下滑和 Imbruvica IRA 定價等不利因素，但這一勢頭應該能夠使我們在明年實現強勁增長。請注意，Imbruvica 的價格是協商確定的，明年才會生效。Humira 的市佔率還會繼續下降，儘管不會像 2025 年那樣大幅下降。

When I think about just the growth platform, in particular, obviously, a lot of attention is placed on Skyrizi and Rinvoq appropriately. But in Neuroscience, when you think about the performance of Vraylar, our migraine franchise, inclusive of Botox Therapeutic, which a little bit over 40% of that business is for chronic migraine.

如果只考慮成長平台，很顯然，Skyrizi 和 Rinvoq 理所當然地受到了很多關注。但在神經科學領域，當你考慮到 Vraylar 的表現，我們的偏頭痛產品線，包括肉毒桿菌療法，其中超過 40% 的業務是針對慢性偏頭痛的。

And then Vyalev, we're just seeing tremendous ramps and we're also starting to now see, as Jeff mentioned, we expect in the inflection, particularly with the US. We've seen some nice progress there. But I would say that will be a very nice growth driver for us in 2026.

然後是維亞列夫，我們看到了巨大的成長勢頭，而且正如傑夫所提到的，我們現在也開始看到，我們預計會出現拐點，尤其是在美國。我們看到那方面取得了一些不錯的進展。但我認為，這將是我們2026年非常好的成長動力。

And so we're very pleased with the performance. Obviously, clearly, the momentum is there. We've now beaten and raised it every quarter of '25. And of course, it will provide specific guidance for '26 on the fourth quarter call.

因此，我們對這次演出非常滿意。顯然，勢頭已經很明顯了。2025 年的每個季度，我們都超越並提高了這個數字。當然，該公司將在第四季財報電話會議上提供 2026 年的具體業績指引。

Vamil Divan, Guggenheim Securities.

瓦米爾·迪萬，古根漢證券公司。

Great. Thank you for taking my question. I have two, if I could. So one, just around -- thanks for the comment 2025 and now 2026. My question is around the 2027 guidance. You gave in first coverage in Skyrizi and Rinvoq before you clearly on track to exceed that. I'm curious, your thoughts around updating the credo of your longer-term outlook for coverage in Skyrizi and Rinvoq.

偉大的。感謝您回答我的問題。如果可以的話，我想要兩個。所以，一，就在——感謝您對 2025 年和 2026 年的評論。我的問題與 2027 年的指導意見有關。你在 Skyrizi 和 Rinvoq 上率先做出了報道，之後顯然有望超越這一目標。我很好奇，您對更新 Skyrizi 和 Rinvoq 長期覆蓋範圍的信條有何想法？

And then the other question on the aesthetic side, can you just comment on the latest market share estimates you have in Botox and Duodopa in the US?

那麼，關於美容方面，您能否談談您目前在美國肉毒桿菌和多巴胺注射劑的市場份額估算情況？

Vamil, this is Rob. I'll take your first question. So as you recall, we updated the 2027 guidance for Skyrizi and Rinvoq during the Q4 call earlier this year. And since then, we have raised our combined guidance for 2025 by over $1.7 billion. So it's reasonable to assume that we will exceed that long-term guidance. And I think that will be very clear when we provide 2026 guidance on the upcoming Q4 call.

Vamil，我是Rob。我先回答你的第一個問題。如您所知，我們在今年稍早的第四季度電話會議上更新了 Skyrizi 和 Rinvoq 的 2027 年業績指引。自那以後，我們將 2025 年的綜合業績預期提高了 17 億美元以上。因此，我們有理由相信我們將超越這個長期預期目標。我認為，在即將召開的第四季電話會議上提供 2026 年業績指引時，這一點將會非常明確。

Now we have provided long-term guidance in the past, really to help investors understand what the company will look like on the other side of the Humira LOE event. We said we would rapidly return a robust growth and deliver high single-digit compound revenue growth from '24 to '29 and we gave product specifics to support that high single-digit growth outlook. I mean sitting here today, we have clearly demonstrated the rapid return to growth. Our 2025 sales outlook exceeds our previous peak by almost $3 billion, and that's within two years of the LOE event.

過去我們提供了長期指導，旨在幫助投資者了解在 Humira LOE 事件之後，公司將會是什麼樣子。我們曾表示，我們將迅速恢復強勁成長，並在 2024 年至 2029 年實現高個位數複合收入成長，並且我們提供了產品細節來支持這一高個位數成長前景。我的意思是，今天我們坐在這裡，已經清楚地證明了經濟成長的快速恢復。我們預計 2025 年的銷售預期將比先前的高峰高出近 30 億美元，而這距離 LOE 事件發生不到兩年。

And the Street now reflects our high single-digit growth outlook for this decade. I'd say there appears to be good recognition of our momentum with Skyrizi and Rinvoq, though they do continue to perform above our own expectations. And there's recognition that our diversified growth platform can drive top-tier performance. That said, there are a few things that remain underappreciated. I think one is our strategy to continue innovating in immunology and drive growth beyond Skyrizi and Rinvoq, both in terms of combination approaches with Skyrizi or Rinvoq as a backbone.

華爾街目前也反映了我們對未來十年高個位數成長的預期。我認為，Skyrizi 和 Rinvoq 的發展勢頭似乎得到了大家的認可，儘管它們的表現仍然超出了我們自己的預期。人們也意識到，我們多元化的成長平台能夠推動公司取得一流的績效。話雖如此，仍有一些事情沒有得到應有的重視。我認為我們的策略之一是繼續在免疫學領域進行創新，並在 Skyrizi 和 Rinvoq 之外推動成長，無論是在以 Skyrizi 或 Rinvoq 為骨架的聯合療法方面。

And through new platforms such as oral peptides and B-cell depletion approaches. We also have lutikizumab in our pipeline. We have a TL1A, we have a Trem1 antibody. So I think there's quite a bit of depth here in the immunology pipeline that can set us up to grow beyond Skyrizi and Rinvoq and I don't think that's always appreciated.

並透過口服勝肽和 B 細胞清除方法等新平台。我們研發管線中還有lutikizumab。我們有 TL1A，我們有 Trem1 抗體。所以我認為免疫學研發管線中蘊藏著相當深厚的實力，這使我們能夠超越 Skyrizi 和 Rinvoq 實現成長，但我認為這一點並不總是受到重視。

We also do not see enough investor focus on our neuroscience franchise. It's increased but it's still not at the level that I think it should be given it's our second largest therapeutic area and the fastest growing in our portfolio. We have very strong positions in psych and migraine and an emerging leadership position in Parkinson's with Vyalev and Tavapadon. We also have an opportunity to transform care for essential tremor. The Aliada platform also gives us the potential to advance Alzheimer's treatment. And our Gilgamesh and Gedeon Richter deals give us more depth in mood disorders.

我們也未看到投資者對我們的神經科學業務給予足夠的關注。雖然有所增長，但考慮到這是我們第二大治療領域，也是我們產品組合中成長最快的領域，我認為目前的水平仍然不夠。我們在精神病學和偏頭痛領域擁有非常強大的地位，並且在帕金森氏症領域憑藉 Vyalev 和 Tavapadon 正在嶄露頭角，佔據領先地位。我們還有機會改變原發性震顫的治療方式。Aliada平台也讓我們有可能推進阿茲海默症的治療。而我們與吉爾伽美甚和吉迪恩·里希特的合作，則讓我們對情緒障礙有了更深入的了解。

Say at the same time, we are starting to see more attention on our oncology pipeline, including Temab-A in several solid tumors, etentamig and multiple myeloma, 706 in small cell lung cancer as well as the recent BD transactions for tri-specific antibodies from Simcere and IGI. And given our clear runway to growth into the next decade, we are in a very strong position to continue increasing our R&D investment and acquiring more external innovation that can help drive long-term growth.

同時，我們開始看到更多人關注我們的腫瘤產品線，包括用於治療多種實體瘤的 Temab-A、用於治療多發性骨髓瘤的 etentamig、用於治療小細胞肺癌的 706，以及最近從 Simcere 和 IGI 收購的三特異性抗體。鑑於我們未來十年成長前景光明，我們處於非常有利的地位，可以繼續增加研發投入，並獲得更多外部創新，從而推動長期成長。

So to me, it's more important that investors appreciate the depth of our pipeline that can drive growth in the next decade versus updating financial guidance again for this decade.

因此，對我來說，更重要的是讓投資者認識到我們未來十年能夠推動成長的產品線深度，而不是再次更新本十年的財務預期。

And Vamil, it's Jeff. I'll just give you some of the sense you asked about the dynamics in the US with aesthetics. So really, just to start with the market. If you look at the US toxin market, it's really in a flattish position in the US. The filler market has been problematic. It's been down double digits. When you look at our share, what we can see is that year-over-year, we are lower than we were last year because of the Alle reimagine, but sequentially, we're growing. So we sit in the low 60s in terms of Botox share and that's a clear leadership position by a large margin in the US.

瓦米爾，我是傑夫。我只想就你問到的美國美學動態給你一些啟發。所以，我們還是先從市場說起。如果你觀察美國的毒素市場，你會發現它在美國實際上處於較為平穩的狀態。填料市場一直存在問題。已經跌了兩位數。從我們的市場份額來看，由於 Alle 的重新構想，我們同比市場份額低於去年，但環比來看，我們正在成長。因此，我們在肉毒桿菌市場份額方面位列前 60%，這在美國市場是一個明顯的領先地位，優勢非常明顯。

When you look at the HA filler, generally, that's in the mid-40s, call it, 45% and that's largely been very stable. So that gives you some sense of the dynamics. The big thing is, as the leader, we have to invest, and we are investing in the market, as I mentioned in my remarks, we have a significant Botox consumer campaign that's in the market.

當你觀察 HA 填充劑時，通常來說，其含量在 40% 左右，大概 45% 左右，而且這個含量一直非常穩定。這樣你就能對其中的動態有一定了解了。最重要的是，身為領導者，我們必須投資，而且我們正在投資市場，正如我在演講中提到的，我們正在進行一項重要的肉毒桿菌消費推廣活動。

We're starting to see some nice pickup there. So we're encouraged. We have an HA filler sentiment campaign to make sure that we're working with all of our clinics to make sure we can revitalize and get that market stabilized and more robust because you really do need HA fillers to really get the aesthetics outcome, so we believe we can rehabilitate that segment. And we also have opened three very significant training and sort of practice growth centers around the country to continue to lead that marketplace. So that gives you a sense of the metrics that you were asking for.

我們開始看到一些不錯的成長勢頭。我們因此備受鼓舞。我們正在進行一項關於透明質酸填充劑的宣傳活動，以確保我們與所有診所合作，重振並穩定和增強該市場，因為透明質酸填充劑確實能帶來理想的美容效果，所以我們相信我們可以重振這一領域。此外，我們還在全國各地開設了三個非常重要的培訓和實踐發展中心，以繼續引領市場。這樣您就能大致了解您所要求的指標了。

Matthew Phipps, William Blair.

馬修·菲普斯，威廉·布萊爾。

Hi, thanks for taking my question. Congrats on another great quarter. Now the Gilgamesh acquisition closed, I wonder if you could give us any details on how you might design future studies, especially around the use of a low dose active control. Maybe how do you see this fitting into the overall MDD treatment paradigm given the in-clinic administration?

您好，感謝您回答我的問題。恭喜又一個季度業績出色！現在吉爾伽美甚收購案已經完成，我想知道您能否詳細介紹您未來可能會如何設計研究，特別是關於使用低劑量活性對照的研究。考慮到這種在診所內進行的治療方式，您認為它如何融入整個 MDD 治療模式中？

Yes. Thanks, Matt. It's Roopal. We're very excited about this approach. With other psychedelics, they tend to have a very long tail, especially around hallucination. And this one has a very short duration. So when it's in clinic, it will be a short duration. And a lot of clinicians are prepared to do this already. So we're not worried about having that being a barrier for uptake. There is so much depression and unmet need, we think that patients and caregivers would really like more options like this one.

是的。謝謝你，馬特。是魯帕爾。我們對這種方法感到非常興奮。與其他迷幻劑一樣，它們的作用持續時間往往很長，尤其是在產生幻覺方面。而且這個持續時間很短。所以，在診所接受治療的時間會很短。很多臨床醫生已經做好了這樣做的準備。所以我們並不擔心這會成為推廣的障礙。目前憂鬱症患者眾多，未滿足的需求也很多，我們認為患者和照護者會非常希望有更多像這樣的選擇。

The other benefit that we saw is a longer duration after just 1 or 2 doses. And that maybe speaks to this potential concept of rewiring. So we're very excited about that. So the key for us is in depression, looking at different doses and looking at different duration paradigms, and we're going to do that in Phase 2 and ultimately move into Phase 3.

我們發現的另一個好處是，只要 1 或 2 劑，藥效就能持續更久。這或許暗示了重新連結的潛在概念。我們對此感到非常興奮。因此，對我們來說，關鍵在於憂鬱症的治療，研究不同的劑量和不同的持續時間方案，我們將在第二階段進行這項研究，並最終進入第三階段。

There is this regulatory need for a low-dose comparator, and that's because of the potential unblinding. And the Phase 2 study that we've -- that Gilgamesh has already posted was against a low-dose comparator, and you saw those very large deltas. So that's what we're excited about, and we think there's opportunities in different lines of depression and potentially other mood disorders that we're going to investigate to go beyond just major depression.

監管方面需要低劑量對照試驗，這是因為有揭盲的可能性。我們已經進行的 2 期研究——吉爾伽美甚已經發布了——是與低劑量對照組進行的，你可以看到那些非常大的差異。這就是我們感到興奮的地方，我們認為在不同類型的憂鬱症以及其他潛在的情緒障礙方面存在著機會，我們將進行研究，以超越重度憂鬱症的範疇。

David Amsellem, Piper Sandler.

大衛·阿姆塞勒姆，派珀·桑德勒。

Thanks. So I wanted to drill down on your Parkinson's franchise. Can you talk to uptake of the Vyalev and specifically what you're seeing regarding competitive dynamics given the availability of an MAPCO? So that's number one.

謝謝。所以我想深入了解你們的帕金森氏症系列產品。您能否談談 Vyalev 的市場接受度，特別是考慮到 MAPCO 的存在，您觀察到的競爭格局？這是第一點。

And then on Tavapadon, which you've talked about increasingly, you've got adjunctive therapy and also monotherapy here, so pretty versatile. But also bearing in mind that with oral therapies, it's highly genericized. So how are you thinking about sales potential there and ultimately, where you see a role in practice for Tavapadon?

然後是 Tavapadon，你越來越多地提到過它，它既可以作為輔助療法，也可以作為單一療法，所以用途相當廣泛。但也要考慮到口服療法具有高度通用性。那麼，您如何看待那裡的銷售潛力？最終，您認為 Tavapadon 在實踐中扮演什麼角色？

Thank you.

謝謝。

Yes. Thanks for the question. I'll start off and then turn it over to Roopal. So as Rob and I mentioned, we're very, very pleased with Vyalev around the world with sales ramping very, very nicely. And it is levodopa-carbidopa. So it's the gold standard. It's just the ability to get that in the subcu version. Cause is incredible disease stability and recovery.

是的。謝謝你的提問。我先開始，然後交給魯帕爾。正如我和羅布提到的那樣，我們對 Vyalev 在世界各地的銷售情況非常非常滿意，銷售額增長得非常非常順利。它是左旋多巴-卡比多巴。所以它是黃金標準。關鍵在於能否在子版本中獲得該功能。病因是令人難以置信的疾病穩定性和恢復情況。

So we do see a lot of distinction versus, let's say, the competitors, and we've dealt with the competitors around the world. It's relatively new in the US. So in terms of what we see on the market perspective, the in-play capture right now is roughly 80%, 85% in favor of Vyalev. And that's because of the 24-hour coverage, you have far less supplemental orals. The levels of control are great, particularly when you wake up and you're through the night.

因此，我們確實看到了與競爭對手相比的許多不同之處，而且我們已經與世界各地的競爭對手打交道。它在美國還比較新。所以從市場角度來看，目前維亞列夫的勝算大約在 80% 到 85% 之間。正因為有了 24 小時醫療保障，你才不需要服用那麼多補充口服藥物。控製程度非常好，尤其是在你醒來並且已經睡了一整夜之後。

The other metric that we look at is, in some cases, we've launched Vyalev after subcu apomorphine has been available in the international countries. And essentially, the shares invert very, very rapidly. So we're quite confident in the both short- and long-term position for a product like Vyalev. It really is an exceptional medication.

我們關注的另一個指標是，在某些情況下，當我們推出 Vyalev 時，皮下注射阿撲嗎啡已經在國際市場上上市了。而且，股票價格的反轉速度非常非常快。因此，我們對 Vyalev 這類產品的短期和長期前景都相當有信心。這真是一種非常有效的藥物。

So I'll turn it over to Roopal to talk about the Tavapadon development and then ultimately, he and I can talk about where the positioning might be.

所以接下來我會把麥克風交給 Roopal，讓他談談 Tavapadon 的發展情況，然後最終，我和他可以討論一下它的市場定位。

Yes. Thanks, Jeff. It's Roopal. Let me start on the Vyalev side briefly, dovetailing on what Jeff just went through. So on the R&D side, we've received very favorable feedback thus far from caregivers and patients. And I would say the word transformative is the common theme. And the benefit of Vyalev is a full 24-hour opportunity for state of control. And that facilitates the ability to sleep and the ability to wake up on ready to go and face the day. The competitor that you mentioned is a 16-hour profile, so may not afford that same 24-hour control.

是的。謝謝你，傑夫。是魯帕爾。讓我先簡要地從維亞列夫這邊說起，這與傑夫剛才的經歷正好相關。因此，在研發方面，我們目前已收到來自護理人員和患者的非常正面的回饋。我認為「變革性」是貫穿始終的主題。而維亞列夫的優點在於，它提供了全天候24小時的控制權。這樣有助於獲得良好的睡眠，並能讓你醒來後精神飽滿地迎接新的一天。你提到的競爭對手提供的是 16 小時的服務，因此可能無法提供相同的 24 小時控制。

Also, as Jeff had mentioned, Vyalev delivers a meaningful dose of levodopa-carbidopa. So what that means is patients -- many patients no longer require their oral therapy. So that means a monotherapy simplified approach is possible. The competitor is provided as an adjunct. So you won't be able to get off of your oral therapies. Also with Vyalev, when you look at the maintenance phase, dyskinesia rates are very low.

另外，正如 Jeff 所提到的，Vyalev 可以提供有效劑量的左旋多巴-卡比多巴。這意味著許多患者不再需要口服藥物治療。所以這意味著可以採用簡化的單一療法。競爭對手是作為輔助因素提供的。所以你無法停止口服藥物治療。此外，使用維亞列夫（Vyalev）治療後，在維持治療階段，運動障礙的發生率非常低。

And with the competitor you mentioned, they're roughly 15% up to 30%. The other benefit of Vyalev from a competitive standpoint is we see less than a 5% rate of sedation. And with apomorphine, it's around 20%. And also Vyalev, we have limited headaches, and this is in the teens with apomorphine. Also, another benefit of Vyalev is no warnings for orthostatic hypertension or falls that can't be said about the competitor.

至於你提到的競爭對手，他們的市佔率大約在 15% 到 30% 之間。從競爭角度來看，Vyalev 的另一個優勢是鎮靜率低於 5%。而使用阿撲嗎啡時，這個數字約為 20%。此外，Vyalev 的頭痛症狀也比較輕微，這是服用阿撲嗎啡後十幾例的頭痛。此外，Vyalev 的另一個優點是不會像其競爭對手那樣發出有關姿勢性高血壓或跌倒的警告。

And also, we have very low rates in no need for treatment for nausea. And with apomorphine initiation, you need an antiemetic and often that need to be taken 3 times a day. So as Jeff stated, I think we're very well positioned from a competitive standpoint with Vyalev for all the reasons I just mentioned.

而且，我們無需治療噁心的比例也很低。開始使用阿撲嗎啡時，需要服用止吐藥，通常需要一天服用 3 次。正如傑夫所說，我認為從競爭的角度來看，我們與維亞列夫的競爭非常有利，原因正如我剛才所提到的。

And then I think it's very important that we mentioned Tavapadon. I spoke about just it's being submitted. And this will be a very nice complement to Vyalev as a monotherapy and as an adjunct. It's a once-a-day profile that has a long half-life, and it's going to allow patients to optimize their regimen before the need to moving to advanced therapies.

然後我覺得我們提到塔瓦帕頓這一點非常重要。我只是談到了它正在提交這件事。這將是維亞列夫單藥治療和輔助治療的一個很好的補充。它每天只需服用一次，半衰期長，可以讓患者在需要接受更高級的療法之前優化治療方案。

And where our clinicians are excited about differentiation from existing oral generics is the efficacy, which approaches levodopa-carbidopa and the safety profile, that could be a key differentiator, and that's what our experts are telling us about. Specifically impulse control disorders, just around 1%. We've seen others reach as high as 30% or 40%.

我們的臨床醫生對現有口服仿製藥的療效感到興奮，因為它接近左旋多巴-卡比多巴，而且安全性也很好，這可能是一個關鍵的差異化因素，這也是我們的專家告訴我們的。具體來說，衝動控制障礙的發生率約為 1%。我們見過其他人達到 30% 或 40% 的水平。

Immediate -- people fall asleep with this one, sedation is less than 5%, dyskinesia around 2% and peripheral edema, which can be quite a nuisance with the generic molecules and very difficult to treat even if you use potent diuretics, we don't see that as a problem, 1% or less with tavapadon. So we think for efficacy, safety, tolerability reasons, it has a chance to differentiate and again, a very nice complement to Vyalev.

立即起效－服用此藥後人們會睡著，鎮靜作用低於 5%，運動障礙發生率約為 2%，外周水腫（使用仿製藥時可能相當麻煩，即使使用強效利尿劑也很難治療），但我們認為這不是問題，tavapadon 的發生率低於 1%。因此，我們認為，從療效、安全性、耐受性等方面來看，它有機會脫穎而出，並且與維亞列夫形成非常好的互補。

Dave Risinger, Leerink Partners.

Dave Risinger，Leerink Partners。

Yes, thanks very much. So I have two questions. The first is, could you please discuss the outlook for accelerating growth as Humira's absolute dollar declines diminish in coming years?

是的，非常感謝。我有兩個問題。首先，能否請您談談隨著 Humira 的美元絕對跌幅在未來幾年逐漸收窄，其成長加速的前景如何？

And then second, could you, Roopal, just comment on the top few pipeline candidate readouts that we should focus on over the next six months? I'm assuming Amylin is one of them, but what are the biggest cards that are turning over in the next six months or so?

其次，Roopal，您能否就未來六個月我們應該重點關注的幾個最重要的候選藥物檢測結果發表一下看法？我猜想艾米琳是其中之一，但在接下來的六個月左右的時間裡，還有哪些最大的變數呢？

Thanks so much.

非常感謝。

David, this is Scott. I mean I'll -- some thoughts on your question about accelerating growth. So you're right, Humira continues to erode and step down this year with our guidance, it's going to step down just over -- in the US, just over $4 billion. Certainly, that step down in absolute dollars will diminish and will diminish next year as well, of course, given the math. We will see, certainly, though, significant percentage erosion from this year to next year as well. That will continue to erode as the tail starts to form in '26. So when you look at the business, I mean, the business has a number of strong drivers. You've seen the growth of the business today.

大衛，我是史考特。我的意思是——關於你提出的加速成長的問題，我有一些想法。所以你說得對，根據我們的預測，Humira 今年將繼續下滑，在美國的銷售額將略高於 40 億美元。當然，從絕對美元金額來看，這種下降趨勢將會減弱，而且明年還會繼續減弱，這是必然的，從數學角度來看也是如此。不過，可以肯定的是，從今年到明年，百分比也會大幅下降。隨著尾部在 26 年開始形成，這種情況將繼續惡化。所以當你審視這家企業時，我的意思是，這家企業有很多強勁的驅動因素。如今，你們已經見證了公司的發展壯大。

I think that one thing that we've spoken about several times is our long-term guidance for high single-digit growth through the decade. That will be from the growth that we have this year, we've talked about that accelerating as we hit that. And we still remain extremely confident in our ability to achieve that high single-digit growth through the decade on the top line.

我認為我們已經多次談到的一點是，我們對未來十年保持高個位數成長的長期預期。那將來自我們今年的成長，我們已經討論過，隨著我們達到目標，成長速度將會加快。我們仍然非常有信心在未來十年實現營收的個位數高成長。

The bottom line will continue to expand. This year, our EPS is roughly in line, a little bit ahead of the earnings growth, but we're going to have operating margin expansion driven by leverage and efficiencies in the SG&A line. So you will see earnings growth expand a little bit faster than the revenue growth through the decade with that long-term guidance.

底線將繼續擴大。今年，我們的每股盈餘大致符合預期，略高於獲利成長預期，但我們將透過槓桿作用和銷售、一般及行政費用方面的效率提升來推動營業利潤率的擴張。因此，根據這項長期指導方針，未來十年獲利成長速度將略快於營收成長速度。

And Dave, it's Roopal. I'll talk about some of the readouts we're excited about moving into 2026. In immunology, our IBD platform will start reading out data next year. This is in combination with Skyrizi, looking at those combos versus monotherapy Skyrizi. Lutikizumab is one of those and the other is our own alpha4beta7-382. So we'll start seeing that data next year.

戴夫，我是魯帕爾。我將談談我們期待在 2026 年取得的一些進展。在免疫學領域，我們的IBD平台將於明年開始讀取數據。這是與 Skyrizi 合併用藥的情況，我們將比較這些合併用藥與 Skyrizi 單藥治療的效果。Lutikizumab 是其中之一，另一個是我們自己的 alpha4beta7-382。所以明年我們就能開始看到這些數據了。

Also in combination with lutikizumab plus rava in rheumatoid arthritis, that will be something else to look for. And then maybe turning to oncology for a moment. For Temab-A, we've -- I went through a variety of different positive readouts. Also next year, expect to readout in head and neck cancer and even ovarian cancer, which many of these patients have high c-MET expression, along with etentamig in a variety of different combinations in multiple myeloma.

此外，在類風濕性關節炎中，lutikizumab 和 rava 合併用藥也是值得關注的。然後或許可以稍微談談腫瘤學。對於 Temab-A，我們——我經歷了各種不同的陽性結果。明年，預計還將公佈頭頸癌甚至卵巢癌的治療結果，這些患者中許多人都有高 c-MET 表達，以及在多發性骨髓瘤中與 etentamig 進行各種不同組合的治療結果。

And then our next-gen coming after Elahere, our biparatopic FR alpha antibody 151, we'll start seeing readouts there in platinum-resistant ovarian cancer. And then also next year, we're excited about our -- using our bispecific technology that we spoke about in immunology, along with our linker and warhead technology from oncology putting those together, we have a bispecific ADC that binds to PSMA and STEAP for prostate cancer. And that's another one, I would say, to look for next year.

然後，在 Elahere 之後，我們的下一代產品，即雙位 FR α 抗體 151，我們將開始在鉑耐藥性卵巢癌中看到結果。明年，我們也將利用我們在免疫學領域提到的雙特異性技術，以及我們在腫瘤學領域應用的連接子和彈頭技術，開發出一種能夠與 PSMA 和 STEAP 結合的雙特異性 ADC，用於治療前列腺癌。我認為，這也是明年值得關注的一個面向。

And then in neuroscience, we have our follow-on to VRAYLAR-932. We'll start seeing data in bipolar depression, probably moving into '27, looking for generalized anxiety disorder. And then we'll also be able to give an update on emraclidine we're currently conducting a multi-ascending dose trial to see if we can move the dose above 30 milligrams, and that has already initiated, and we'll be able to give an update on where the dose lands. And once it does, we can start moving into Phase 2 programs there in schizophrenia as an adjunct and potentially as a monotherapy along with psychosis associated with neurodegeneration.

然後，在神經科學領域，我們有 VRAYLAR-932 的後續研究。我們將開始看到雙極性憂鬱症的數據，可能要到 2027 年才會開始，同時也尋找廣泛性焦慮症的數據。然後我們也可以更新恩西利定（emraclidine）的最新情況。我們目前正在進行一項多劑量遞增試驗，看看能否將劑量提高到 30 毫克以上。這項試驗已經開始，我們將能夠更新劑量最終達到多少的情況。一旦實現，我們就可以開始在精神分裂症領域開展第二階段項目，將其作為輔助療法，並有可能作為單一療法，用於治療與神經退化性疾病相關的精神病。

And then on the obesity front, the Phase 1 study will get data in the first half of next year from healthy volunteers looking at different starting doses and different titration schemes. However, these patients will have normal BMI, and we've already seen reasonable weight loss there at six weeks.

在肥胖症方面，1 期研究將於明年上半年從健康志願者那裡獲得數據，研究不同的起始劑量和不同的滴定方案。但是，這些患者的 BMI 指數正常，而且我們在六週後已經看到了明顯的體重減輕。

So we'll also have 12-week data. The other thing, Dave, I'll mention is we're starting a Phase 1b program late this year, maybe into January when we get everything started. But that will also look at our 295 Amylin asset, but the difference will be -- different titrations and in patients that have obesity. And that data will also likely read out probably in Q4 of next year. So I would say a very robust number of events that we should keep our eyes on.

因此，我們也會提供 12 週的數據。戴夫，我還要提一下，我們將在今年稍後啟動 1b 期項目，可能要到一月份才能全面啟動。但那也會考察我們的 295 Amylin 資產，但差異在於——不同的滴定方法以及針對肥胖患者。這些數據很可能要到明年第四季才能公佈。所以我認為有很多事件值得我們密切關注。

Steve Scala, TD Cowen.

史蒂夫·斯卡拉，TD Cowen。

Thank you. Two questions. Rob, it sounds like IRA discounts are deeper this year than last year. You said it will not impact the long-term outlook, but will it impact the outlook in 2026, which you have yet to share externally, but will it impact the numbers that you otherwise would have shared externally?

謝謝。兩個問題。羅布，聽起來今年的個人退休帳戶（IRA）折扣比去年更大。您曾表示這不會影響長期前景，但這是否會影響您尚未對外公佈的 2026 年前景，以及您原本會對外公佈的數據？

Secondly, why was Rinvoq's Phase 3 in HS updated to complete in 2028 from 2026 previously? Was it an issue with endpoint, enrollment or something else?

其次，為什麼 Rinvoq 在 HS 的第三期工程竣工時間從先前的 2026 年更新為 2028 年？是終端設備問題、註冊問題還是其他問題？

Thank you.

謝謝。

So Steve, this is Rob. I'll take your first question, then Roopal will take your second question. So as it relates to the Vraylar and Linzess negotiations, keep in mind, those prices will not take effect until 2027. Again, as I mentioned before, we have visibility to where it's landing. It's obviously not public yet, but we're not concerned about it impacting our long-term guidance, but there's no impact in '26 because those prices do not take effect in '26.

史蒂夫，這位是羅伯。我先回答你的第一個問題，然後魯帕爾會回答你的第二個問題。因此，就 Vraylar 和 Linzess 的談判而言，請記住，這些價格要到 2027 年才會生效。正如我之前提到的，我們可以看到它的著陸點。雖然目前尚未公開，但我們並不擔心這會影響我們的長期業績指引，而且由於這些價格在 2026 年不會生效，因此對 2026 年不會產生任何影響。

And Steve, it's Roopal. We still anticipate our double-blinded week 16 data at the end of next year in HS. We'll get other double-blinded cuts and then there's open-label extension. So sometimes that changes on duration, how long we follow patients could result in some updates to ct.gov.

史蒂夫，我是魯帕爾。我們仍然期待明年年底在高中獲得雙盲第 16 週的數據。我們也會進行其他雙盲試驗，然後還有開放標籤擴展試驗。所以有時，持續時間的變化，也就是我們對患者的追蹤時間，可能會導致 ct.gov 的一些更新。

Simon Baker, Rothschild & Co Redburn.

西蒙貝克，羅斯柴爾德公司雷德伯恩分公司。

Thank you for taking my questions. Two, if I may, please. Firstly, on Rinvoq in nonsegmental vitiligo. In some markets, that's up to 2% of the population. So I just wonder if you could give us an idea on your thoughts of the size of that opportunity.

謝謝您回答我的問題。如果可以的話，請給我兩個。首先，關於 Rinvoq 在非節段型白斑症的應用。在某些市場，這相當於人口的 2%。所以我想知道您能否談談您對這個機會規模的看法。

And then secondly, on Elahere, I note in the press release that you are launching it in the UK at a list price equal to the US. Now on the basis that people in the US don't generally pay the list price, should one assume the same situation in the UK. And going forward in the UK and Europe, do you envisage moving more to a US style gross to net type market from the more net market that we see at the moment?

其次，關於 Elahere，我在新聞稿中註意到，你們在英國的上市價格與美國相同。既然美國人通常不會支付標價，那麼英國的情況是否也一樣呢？展望未來，英國和歐洲市場是否會從目前以淨價為主的市場轉向以毛價為主導的淨價市場？

Yes. So it's Jeff. I mentioned that as we look at the -- what we call the next wave of innovation around Rinvoq, and we've seen some of those readouts, which are really, really encouraging. GCA, which is the smallest of the next set of indications is performing really well and overall helping great momentum in rheumatology.

是的。原來是傑夫。我提到過，當我們展望 Rinvoq 的下一波創新浪潮時，我們已經看到了一些結果，這些結果真的非常令人鼓舞。GCA 是下一組適應症中最小的一種，它的表現非常出色，並且總體上對風濕病學的發展起到了很大的推動作用。

So then when we look at basically the, let's say, the next big 4, okay? So you have alopecia areata, vitiligo, as you highlighted, HS, as Steve highlighted, and then lupus, we've looked and sized those that, that revenue potential is at least $2 billion at peak.

那麼，當我們審視一下接下來的四大巨頭時，好嗎？所以，正如您所強調的，斑禿、白斑，以及史蒂夫所強調的化膿性汗腺炎，還有紅斑狼瘡，我們已經研究並評估了這些疾病，其收入潛力在高峰期至少可達 20 億美元。

So we continue to work through, given as we look at the data, we watch the market develop like how they will sort of adapt and change over time. I can say that the alopecia data was quite striking. I mean it's quite striking relative to the standard of care, Ig, other JAKs that are out there.

因此，我們繼續研究，透過觀察數據，觀察市場的發展，以及它們如何隨著時間的推移而適應和變化。我可以說，脫髮數據相當驚人。我的意思是，相對於目前的治療標準，例如其他JAK抑制劑，這確實非常引人注目。

So we're going through the sizing issue. We certainly see that there are different segments of vitiligo like the high body surface area is more amenable to, let's say, a JAK inhibitor like Rinvoq, which will be the first systemic. Is it active? Or is it stable? So net-net, I mean, you could say that all of these together would be greater than $2 billion, and we're going to continue to hone those forecasts as we go towards launches over the next year or so.

所以我們現在正在解決尺寸問題。我們確實看到白斑症有不同的類型，例如體表面積較大的類型更容易接受 JAK 抑制劑（如 Rinvoq）治療，這將是第一種全身性治療藥物。它還在運作嗎？或者它穩定嗎？所以總的來說，你可以說所有這些加起來會超過 20 億美元，而且在接下來的一年左右的時間裡，隨著產品的陸續推出，我們將繼續完善這些預測。

Thanks, Simon. -- Sorry, one more.

謝謝，西蒙。 ——不好意思，再問一個。

Just one more question on Elahere. You're right, the price in the UK, the list price is similar to the US. One of the aspects that we are looking at is how basically because of the most favored nation and other global pricing dynamics, how that may or may not change our approaches around the world. Certainly, we would like to see reforms in many of the European countries, whether they are clawback systems or even the way that the HTAs work because we do think that these medicines should be more highly valued.

關於 Elahere，我還有一個問題。你說得對，英國的價格，也就是標價，跟美國的價格差不多。我們正在研究的一個方面是，由於最惠國待遇和其他全球定價動態，這可能會或不會改變我們在世界各地的策略。當然，我們希望看到許多歐洲國家進行改革，無論是追回制度還是衛生技術評估的工作方式，因為我們認為這些藥物應該得到更高的重視。

So exactly how that will ultimately play out, certainly, some of the early discussions with the administration are around basically more stable and equitable pricing around G7 inclusive of Switzerland and Denmark. So all of that strategies are basically in place.

那麼最終結果究竟會如何呢？當然，與政府的一些早期討論主要圍繞著在包括瑞士和丹麥在內的七國集團（G7）中實現更穩定、更公平的定價。所以所有這些策略基本上都已到位。

Ultimately, how that will play out, we're going to continue to see. Certainly, in the UK, as you know, you can have list prices, but ultimately, it's an HTA market, and we'll have to go through the NICE evaluation to see where that net price ultimately would land.

最終結果如何，我們將繼續拭目以待。當然，如您所知，在英國，可以有標價，但歸根結底，這是一個衛生技術評估市場，我們必須經過 NICE 評估才能確定最終的淨價是多少。

Luisa Hector, Berenberg.

路易莎·赫克托，貝倫貝格。

Thank you. I'd like to ask in immunology, just if you could outline your next steps with your CAR-T and your oral peptide platforms. And then just a sort of longer-term question, but what level of market penetration do you think is ultimately achievable for the advanced therapies in the more mature indications, where could we actually get to? And would that require success from the combinations to raise efficacy ceiling or some of these new platform technologies?

謝謝。我想請教一下免疫學方面的問題，您能否概述一下您在 CAR-T 和口服勝肽平台方面的下一步計劃？那麼，還有一個更長遠的問題，您認為對於更成熟的適應症中的先進療法，最終能夠達到怎樣的市場滲透率？我們究竟能達到什麼程度？這是否需要這些組合療法成功，以提高療效上限，或是需要一些新的平台技術？

Luisa, it's Roopal. I'll start with the insight to CAR-T from Capstan. What -- maybe some benefits and then we can talk about our plans. We have an opportunity to optimize that dose. It's also an off-the-shelf therapy. We also see rapid expression and also transient expression.

路易莎，我是魯帕爾。我先從Capstan對CAR-T療法的見解開始。什麼？或許先說說好處，然後我們再來談談我們的計畫。我們有機會優化劑量。它也是一種現成的療法。我們也觀察到快速表達和瞬時表達。

So over time, that could have some safety advantages, especially if you can deplete the pathogenic B cells and then the naive B cell population repopulates and you don't have the CAR on board any longer, and that's the advantage of the mRNA therapy.

因此，從長遠來看，這可能會帶來一些安全優勢，特別是如果你能夠清除致病性 B 細胞，然後幼稚 B 細胞群重新繁殖，而體內不再有 CAR，這就是 mRNA 療法的優勢。

In the early Phase 1, we have observed B cell depletion. And the other benefit is no need for lymphodepletion. So taken together, this could be a very exciting opportunity for patients. So next steps is to continue dosing in the first-in-human studies.

在第一階段早期，我們觀察到了 B 細胞耗竭。另一個好處是無需進行淋巴清除。綜上所述，這對患者來說可能是一個非常令人振奮的機會。因此，下一步是在首次人體試驗中繼續給藥。

And then I would say, next year, once we have a handle on dosing, we'll start looking at patients starting on the rheumatology side of things like RA and lupus. And if it works similar to ex vivo CAR-T, we think patients can have very deep and durable remissions, which could be very, very important and certainly raises the bar and breaks through existing efficacy ceilings. So that's, I would say, on Capstan.

然後我想說，明年，一旦我們掌握了劑量，我們將開始關注風濕病患者，例如類風濕性關節炎和狼瘡。如果它的作用類似於體外 CAR-T 療法，我們認為患者可以獲得非常深度和持久的緩解，這可能非常非常重要，並且肯定會提高標準，並突破現有的療效上限。所以，我想說，這就是關於Capstan的部分了。

On the oral side, the Nimble acquisition, these are macrocyclic molecules, the ones that we're focusing on, the attempt there is to make them as potent as possible and to extend the half-life. I think the current issue we see with certain oral platforms is that the half-life is very limited. We think a benefit would be to extend that half-life. So those are the two things that are going on. The lead candidates right now are an oral IL-23 and a TL1A.

在口服方面，Nimble 收購的這些是大環分子，也是我們關注的重點，我們的目標是使它們盡可能有效並延長半衰期。我認為目前某些口服藥物平台的問題是半衰期非常有限。我們認為延長其半衰期將是一項好處。所以，目前發生的就是這兩件事。目前領先的候選藥物是口服IL-23和TL1A。

And when it comes to our IBD platform, with the combination, the higher the efficacy, the better, obviously. But many of these patients that we'll see will be second line and potentially even third line because lines of treatment are continuing to expand. You have many patients that have already received anti-TNFs in IBD, and you see medicines like Skyrizi also starting to penetrate into that front line.

至於我們的 IBD 治療平台，合併用藥的效果越高越好，這是顯而易見的。但我們將會遇到的許多患者都是二線甚至三線治療對象，因為治療方案正在不斷擴展。許多 IBD 患者已經接受過抗 TNF 治療，而像 Skyrizi 這樣的藥物也開始進入第一線治療領域。

And if that's not working, then you have JAK inhibitors like Rinvoq. So we'd be studying a relatively refractory population. So if you can get 10-plus points better on the higher, the better, I think that would be a huge benefit because breaking through where current efficacy stands today has really been the challenge. And I would say some of the best assets we have are currently Rinvoq and Skyrizi

如果以上方法都不奏效，那麼你可以使用 JAK 抑制劑，例如 Rinvoq。因此，我們研究的將是一個相對難治的族群。所以，如果能在較高水準上提高 10 分以上，那就更好了，我認為這將是一個巨大的優勢，因為突破目前的療效水準一直是真正的挑戰。我認為我們目前擁有的最優秀的資產包括 Rinvoq 和 Skyrizi。

And then the idea of the market structure that you highlighted in your second question, to Roopal's point, I mean, these immunology markets are quite amazing because you essentially have a bio penetration, which varies by major indication. And then you also have line of therapy expansion. So they are very, very buoyant because there's significant headroom and unmet need.

然後，正如你在第二個問題中強調的市場結構概念，正如 Roopal 所指出的，這些免疫學市場非常了不起，因為你基本上擁有生物滲透率，而生物滲透率會因主要適應症而異。此外，還有治療方案的拓展。所以他們非常樂觀，因為市場有很大的發展空間和尚未滿足的需求。

To give you the bookend, when you look at biopenetration, I'm going to give you the US biopenetration rates roughly and the European and Asia are lower generally based on the way those markets are developing. The highest biopenetration rates are in Crohn's disease, which is above 50%. So you still have quite a few patients in a very severe disease that have not been exposed to a biologic. And these are in the moderate to severe segmentation.

為了給你們一個大致的了解，在談到生物滲透性時，我將給出美國的生物滲透率的大致數據，而歐洲和亞洲的生物滲透率通常較低，這是由於這些市場的發展方式。生物滲透率最高的是克隆氏症，超過 50%。所以，仍有不少患有非常嚴重疾病的患者沒有接受過生物製劑治療。這些屬於中度至重度分割。

On the very low end, you have a super dynamic market, which is atopic dermatitis, incredible high unmet need that just basically with the availability of drugs like Dupixent and Rinvoq, that may be in the high single-digit biopenetration for moderate to severe. So new technologies are going to help. Communications are going to help, a line of therapy is going to help. And that's why to Roopal's point, we're very excited about certainly the baseline adoption of these technologies, but transformative future technologies as well.

在市場低端，有一個非常活躍的市場，即異位性皮膚炎，存在著巨大的未滿足需求，而像 Dupixent 和 Rinvoq 這樣的藥物，對於中度至重度患者來說，其生物滲透率可能只有個位數。所以新技術將會有所幫助。溝通會有幫助，接受一系列治療也會有幫助。所以正如 Roopal 所說，我們不僅對這些技術的基礎應用感到非常興奮，也對具有變革意義的未來技術感到非常興奮。

Mohit Bansal, Wells Fargo.

莫希特·班薩爾，富國銀行。

Great, thank you very much for taking my question. I have a couple of them. So one is on oral IL-23, the competitors one. So Roopal, you mentioned some limitations there. Can you talk a little bit about how you think about this competition over time versus Skyrizi or Rinvoq?

太好了，非常感謝您回答我的問題。我有幾個。所以其中一種是口服IL-23，另一種是競爭對手的產品。Roopal，你剛才提到了一些限制。您能否談談您如何看待這場競賽與 Skyrizi 或 Rinvoq 之間的長期發展？

And then a portfolio question. So you do have Amylin in this space now with Gubra. How much do you think a portfolio of these assets, GLP or other assets is important to fight and win in this particular segment given that the competitors or incumbents have a portfolio of multiple assets out there? Thank you.

然後是一個關於投資組合的問題。所以現在Amylin和Gubra也進入了這個領域。鑑於競爭對手或現有企業擁有多種資產組合，您認為擁有這些資產、GLP 或其他資產的組合對於在這個特定領域競爭和獲勝有多重要？謝謝。

Thanks, Mohit. It's Roopal. So I'll start. I think when we look at Skyrizi, first of all, the psoriasis data are very strong. Just to think about some of the numbers that we have, by week 16, if you're looking at clear or almost clear, you're approaching 90%. If you're looking at week 52, PASI 90, that's at 80%. And if you're at PASI 100, that's at 60%. So these are very, very high efficacy.

謝謝，莫希特。是魯帕爾。那我先來。我認為，當我們審視 Skyrizi 時，首先，其銀屑病數據非常強大。想想我們掌握的一些數據，到第 16 週，如果你看到的是清晰或幾乎清晰的，那麼接近 90%。如果你查看第 52 週，PASI 90，那就是 80%。如果你的 PASI 指數是 100，那就是 60%。所以這些產品的功效非常非常高。

And you also see over time, if you're an early PASI responder, the majority of these folks are going to maintain over the course of the year and beyond. And even if there is treatment withdrawal, and that's one thing I was getting at with why we like Nimble of potential half-life extension is that if you take oral, some people may miss some doses. And if you have a very short half-life, your treatment withdrawal data will sync very quickly. And if you miss many doses, you will lose effect.

而且隨著時間的推移，如果你是 PASI 早期反應者，那麼大多數人會在一年內甚至更長時間內保持這種反應。即使出現治療停藥的情況，這也是我們喜歡 Nimble 的原因之一，因為 Nimble 具有潛在的半衰期延長作用，而口服藥物可能會導致一些人漏服。如果你的半衰期很短，那麼你的停藥資料就會很快同步。如果漏服多次，藥效就會降低。

And with Skyrizi, and actually, this is even in our label, if you stop dosing for one year, you still have 60% of patients that are clear or almost clear. Now if you keep dosing, obviously, you'll get to that 80% to 90% range. So I think it's important just to set up where is Skyrizi today, and you have this opportunity to have quarterly dosing. So the patients have a chance to forget that they have psoriasis, and they don't have to worry about when they eat their meals or how long they need to be fasting.

而且，Skyrizi 實際上，這一點甚至在我們的標籤中也有說明，即使停止用藥一年，仍有 60% 的患者病情完全緩解或幾乎完全緩解。如果你繼續服用，很顯然，你就能達到 80% 到 90% 的劑量範圍。所以我認為重要的是要明確 Skyrizi 目前的發展狀況，以及您現在有機會進行季度給藥。這樣，患者就有機會忘記自己患有銀屑病，也不必擔心何時進食或需要禁食多久。

The other benefit is Skyrizi has what I would like to say is head-to-toe benefits, and these are all statistically significant readouts. What do I mean by that? That means palmoplantar, that means scalp and genital across the board. The other insight about psoriasis is about 30% or so will have psoriatic arthritis. So they'll have joint disease. And now with Skyrizi, we have five years of data where 88 -- approaching 90% of patients do not have x-ray progression.

另一個好處是 Skyrizi 具有我所說的從頭到腳的好處，而且這些都是具有統計意義的讀數。我這話是什麼意思？這意味著掌蹠、頭皮和生殖器等所有部位都可能受到影響。關於銀屑病的另一個發現是，大約 30% 的患者會患上銀屑病關節炎。所以他們會患上關節疾病。現在有了 Skyrizi，我們有五年的數據，其中 88%（接近 90%）的患者在 X 光片上沒有出現病情進展。

And I would say taking in totality, that gives you -- gives us a benefit to continue to be very competitive, whether you're talking about another injectable or even an oral. And the oral, as Jeff has stated, will have uptake like many of these assets because psoriasis, unlike IBD, is still quite underpenetrated, and it's a growing market.

總的來說，這讓我們——讓我們能夠繼續保持強大的競爭力，無論你談論的是另一種注射劑還是口服劑。正如傑夫所說，口服藥物將會像許多其他藥物一樣被廣泛接受，因為與發炎性腸道疾病不同，乾癬的藥物滲透率仍然很低，而且這是一個不斷增長的市場。

And maybe, Jeff, if you want to make a comment as well.

傑夫，如果你也想發表一下意見的話。

No, I think it's very clear, Roopal. We're very confident in our competitive position. And we've seen other orals enter the market. We have multiple head-to-head trials in terms of where those orals will compete and what the differences are. And so I think Roopal phrased it very, very nicely with his summary.

不，我覺得很清楚了，魯帕爾。我們對自己目前的競爭地位非常有信心。我們也看到其他口服藥物進入市場。我們有多項直接比較試驗，以確定這些口服藥物將在哪些方面競爭，以及它們之間的差異是什麼。所以我認為魯帕爾的總結非常精彩。

And then on the Amylin, yes, we think it would be of a benefit, and we do continue to look with partnered programs and external opportunities where you could potentially combine with the Amylin. And the focus there is tolerability and durability. We continue to see only about 30% of patients with obesity continuing their incretins after one year.

至於 Amylin，是的，我們認為它會有益處，我們也在繼續尋找合作項目和外部機會，以便有可能將 Amylin 與這些項目結合。而其重點在於耐受性和耐用性。我們發現，一年後仍有約 30% 的肥胖患者繼續接受腸促胰島素治療。

So these beneficial gains are not going to result in long-term favorable outcomes if patients can't stay on these. So our focus is on the Amylin, but we continue to look for combination agents and also other orthogonal approaches if you have the opportunity to maintain bone and muscle and then we are also exploring the potentials.

因此，如果患者無法堅持服用這些藥物，這些有益的療效就不會帶來長期的良好結果。因此，我們的重點是胰淀素，但我們仍在尋找聯合用藥，以及在有機會維持骨骼和肌肉的情況下採用其他正交方法，我們也在探索其潛力。

(technical difficulty)

（技術難題）

Geoff Meacham, Citibank.

傑夫‧米查姆，花旗銀行。

Great. Can you guys hear me? All right I'll just go, thanks so much for the question. Rob, on the policy sides, I know we have some public agreements with the administration from your peers on Medicaid and onshoring and manufacturing. Just was curious if you expect to also have a formal agreement, if that's a priority. And then the second thing on aesthetics, it still seems that we're seeing more macro headwinds.

偉大的。你們聽得到我說話嗎？好的，我這就走，非常感謝你的提問。羅布，在政策方面，我知道我們與政府就醫療補助、製造業回流等問題達成了一些公開協議。我只是好奇，如果正式協議是您優先考慮的事項，您是否也希望達成正式協議。其次，從美學角度來看，我們似乎仍面臨更多宏觀層面的不利因素。

And I know you've made some commercial and DTC investments as well as new launches. But what would you say are the leading indicators of a rebound? I'm just trying to assess what green shoots perhaps you may be seeing. Thank you.

我知道你們也進行了一些商業和直接面向消費者的投資，以及推出了一些新產品。但您認為經濟反彈的領先指標是什麼？我只是想評估你可能看到的那些積極跡象。謝謝。

Geoff was asking a question. Obviously, we can't hear any. Sir, go ahead with your question.

傑夫在問問題。顯然，我們什麼也聽不到。先生，請繼續提問。

Can you guys hear me at all?

你們聽得到我說話嗎？

Now, we can hear you. Hi, Geoff, sorry. We were unfortunately, disconnected.

現在，我們可以聽到你們的聲音了。嗨，傑夫，抱歉。很遺憾，我們斷線了。

Yes. No worries. Okay. So I just had two quick ones. Rob, on the policy side, I know we have some public agreements with the administration from your peers on Medicaid and onshore and manufacturing. I was curious if you expect to also have a formal agreement, if that's a priority for you guys.

是的。不用擔心。好的。所以我只吃了兩份。羅布，在政策方面，我知道我們與政府就醫療補助、本土生產和製造業等問題達成了一些公開協議。我很好奇你們是否也希望達成正式協議，如果這是你們的優先事項的話。

The second thing on aesthetics, it still seems that we're seeing more macro headwinds. And I know you've made some commercial and DTC investments and also have some new launches. But what would you say are the leading indicators of a rebound in aesthetics, I'm just trying to assess what green shoots perhaps you may be seeing.

第二點，從美學角度來看，我們似乎仍面臨更多宏觀層面的不利因素。我知道你們進行了一些商業和 DTC 投資，也推出了一些新產品。但您認為美學復甦的領先指標是什麼？我只是想評估您可能已經看到的復甦跡象。

Thank you.

謝謝。

Geoff, it's Rob. Thanks for the questions. So obviously, we continue to actively engage with the administration on ways to improve patient access and affordability and preserve US leadership in medical innovation. We were having discussions before the July 31 letter and have had more discussions since. I'd say we are aligned on the need to address global freeloading and have been working closely with the USTR on ways to address that, which ultimately, I think a Section 301 investigation in unfair practices will be important as we partner with the administration to make progress in terms of pricing outside the US.

傑夫，我是羅布。謝謝大家的提問。因此，我們顯然將繼續積極與政府合作，探討如何改善患者獲得醫療服務的機會和降低醫療費用，並保持美國在醫療創新領域的領先地位。在7月31日信函發出之前，我們就進行過討論，之後也進行過更多討論。我認為我們在解決全球搭便車問題上立場一致，並且一直在與美國貿易代表辦公室密切合作，探討解決之道。最終，我認為根據《貿易法》第 301 條對不公平貿易行為進行調查至關重要，因為我們將與政府合作，在海外定價方面取得進展。

We're open to expanding direct-to-patient models where it makes sense beyond what we already have in place with our Synthroid direct program. You've also seen us take actions to invest further in the US by building a new API plant North Chicago and expanding biologics capacity in Worcester as part of our $10 billion capital commitment.

我們願意在現有 Synthroid 直接計劃的基礎上，進一步拓展直接面向患者的模式，只要這種模式有意義即可。您也看到了我們採取行動，進一步投資美國，包括在北芝加哥新建一家原料藥工廠，以及在伍斯特擴大生物製劑產能，這是我們 100 億美元資本承諾的一部分。

So you see the company's commitment to innovation, driving future growth, and that's certainly something we're in discussions with the administration about. We also, as we mentioned previously, announced that Elahere has been priced in the UK at the same list price as the US. I'd say all these actions are directionally aligned with the administration's stated goals. And we'll continue to work with the administration on solutions that improve access and affordability while also supporting future innovation. And we'll certainly share more information as we have it.

由此可見，公司致力於創新，推動未來成長，而這當然也是我們正在與政府討論的議題。正如我們之前提到的，我們也宣布 Elahere 在英國的定價與在美國的定價相同。我認為所有這些措施在方向上都與政府既定的目標一致。我們將繼續與政府合作，尋求能夠改善醫療服務取得和價格負擔能力，同時支持未來創新的解決方案。我們掌握更多資訊後，一定會及時分享。

And Geoff, some of the dynamics that we're looking at that we monitor, to your point, I mean, these market conditions have been more protracted than we anticipated. So it's challenging to predict. But here are a few of the things we look at. Obviously, we're looking at sort of overall consumer confidence. It's quite low.

傑夫，正如你所說，我們正在關注的一些動態因素，這些市場狀況比我們預期的持續時間更長。所以很難預測。但以下是我們關注的一些面向。顯然，我們關注的是整體消費者信心。很低。

So that can be a leading indicator. We know that our middle-income consumers, particularly for Botox and toxins are also on the sidelines. So we monitor sort of their posture relative to sort of seeking particularly new treatment with the toxin, which is the leading indicator for the facial injectable business.

所以這可以作為一個領先指標。我們知道，中等收入消費者，特別是肉毒桿菌和毒素類產品消費者，也處於觀望狀態。因此，我們會密切關注他們對於尋求使用毒素進行特別新療法的態度，這是臉部注射產業的主要指標。

And we also, as I highlighted in my remarks, we're monitoring every month sort of the HA filler sentiment. So we've seen that stabilize to some degree, which is good. It's not continuing to go down. But those are some metrics that we look at for early indicators to sort of anticipate sort of a market rebound.

而且，正如我在發言中強調的那樣，我們每個月都會監測 HA 填充劑的情緒。所以我們看到這種情況已經在某種程度上趨於穩定，這是好事。它並沒有繼續下跌。但這些是我們用來作為早期指標來預測市場反彈的一些指標。

And again, we're going to invest through that. We think that, that's a good idea. Certainly, we also believe that TrenibotE, the ability to activate new consumers, which will come next year for the US market is a significant catalyst to try to sort of lead this market back to health.

我們將繼續以這種方式進行投資。我們認為這是個好主意。當然，我們也相信，明年即將在美國市場推出的 TrenibotE（激活新消費者的能力）將成為推動該市場復甦的重要催化劑。

Courtney Breen, Bernstein.

Courtney Breen，Bernstein。

Hi, thanks so much for taking our questions today. Perhaps one more on the policy side and then just a follow-up on Rinvoq. If you were to simply look at AbbVie's ratio of the business right now, about a 75% US exposure versus 25% ex US, how different do you expect that to be in five years' time?

您好，非常感謝您今天回答我們的問題。或許還可以再談談政策上的問題，然後再跟進一下 Rinvoq 的情況。如果僅從艾伯維目前的業務比例來看，大約 75% 的業務在美國，25% 的業務在美國以外，你預計五年後這個比例會有多大變化？

How much of that might be down to the product mix? And how much of that might be down to kind of equalizing price or some of these new US policies? And then the follow-up on Rinvoq was just about the expansion opportunity associated with the changes to the Rinvoq label. Can you just help us quantify that a little bit more clearly?

其中有多少原因可能在於產品組合？其中有多少是由於價格趨於均衡或美國的一些新政策所造成的？然後，關於 Rinvoq 的後續報導主要圍繞著 Rinvoq 品牌變化帶來的擴張機會。您能幫我們更清楚地量化一下嗎？

Thank you.

謝謝。

So this is Rob. I'll take your first question. So you're right, when you look at the business today, it's in the 75% US, 25% international. I think historically, before Humira, you saw it more like two-third to one-third. We haven't publicly disclosed what that US OUS mix will look like over the long term.

這位是羅布。我先回答你的第一個問題。所以你說得對，從今天的商業格局來看，75%的業務在美國，25%的業務在國際上。我認為從歷史上看，在阿達木單抗（Humira）出現之前，這個比例更像是三分之二到三分之一。我們尚未公開揭露美國和海外美國之間的長期資產組合將如何變化。

Obviously, it's portfolio dependent. I'd say that is the larger driver of fluctuations that you see there versus assumptions around price. And so as we drive this business, given the innovative platform, there's opportunities to grow in the US, there's great opportunities to grow internationally.

顯然，這取決於投資組合。我認為，這才是造成價格波動的更大驅動因素，而不是圍繞價格的假設。因此，隨著我們推動這項業務，憑藉創新的平台，我們在美國有發展的機會，在國際上也有巨大的發展機會。

But the way to think about it is, if you think about historical levels where it was before Humira, that's not a bad way to think about where it could go over time. But we haven't publicly disclosed what that mix looks like in our long-term outlook.

但思考這個問題的方式是，如果你想想在 Humira 出現之前的歷史水平，那麼思考它未來可能的發展方向也不失為一個好方法。但我們尚未公開披露該組合在我們的長期展望中會是什麼樣子。

And then in terms of the enhanced IBD label, we -- we haven't fully quantified it, but I would say it's clearly a net incremental positive. We weren't sure, frankly, that we would get this type of language as we worked with the US KOLs and the FDA, but we did. So we're very happy with that.

至於增強型 IBD 標籤，我們——我們還沒有完全量化它，但我認為它顯然是一個淨增量正效益。坦白說，我們一開始並不確定在與美國關鍵意見領袖和美國食品藥物管理局 (FDA) 合作的過程中能否得到這樣的措辭，但我們最終得到了。我們對此非常滿意。

Clearly, what we see is that this benefit will build over time based on the dynamics that I mentioned and Roopal mentioned, which is you're seeing a very significant transformation over the structure of the IBD space, whereas a few years ago, it was a heavy TNF focus.

顯然，我們看到的是，根據我和 Roopal 提到的動態，這種益處會隨著時間的推移而增強，也就是說，IBD 領域的結構正在發生非常顯著的轉變，而幾年前，該領域主要關注 TNF。

And now you see this ascension of the IL-23s, you certainly still have Entyvio in there. And so this is a net positive, and we're going to continue to monitor how effective this is with that one, two punch with that in-play share that we're continue to be very pleased with.

現在你看到了IL-23的崛起，當然，Entyvio仍然在其中。因此，這是一個正面的訊號，我們將繼續觀察這種一擊必殺、雙管齊下的策略在比賽中取得的成效，我們對目前的比賽份額仍然非常滿意。

Thank Courtney. Operator, we have time for one final question.

謝謝你，考特尼。操作員，我們還有最後一個問題。

Asad Haider, Goldman Sachs.

阿薩德·海德爾，高盛集團。

Great, thanks for taking the question. Just maybe, Rob, for you on M&A. Just any updated thoughts following the recent acquisitions, Capstan and Gilgamesh. Just curious as to what your latest thinking is on business development.

太好了，謝謝你回答這個問題。羅布，或許這對你來說，在併購方面會有幫助。關於最近收購 Capstan 和 Gilgamesh 的一些最新想法。我很好奇您對業務拓展的最新想法是什麼。

You've always referenced BD priorities that are geared towards the 2030s. Is that still the case? And amongst your core therapeutic areas, where would you prioritize adding? And then just also curious if you have any appetite for larger deals?

您一直以來提到的業務發展優先事項都是面向 2030 年代的。現在情況仍然如此嗎？在您的核心治療領域中，您會優先考慮增加哪些領域？另外，我還想問問您是否有興趣進行更大規模的交易？

Thank you.

謝謝。

Thanks, Asad. This is Rob. I'll take that question. You're right, our BD focus continues to be on assets that can drive growth in the next decade and beyond. I mean we certainly have the financial wherewithal to pursue late-stage opportunities as well. But that's not really a need given that our current portfolio provides a clear line of sight to growth into the next decade. And that's why we have focused our efforts on novel mechanisms and platform technologies that can drive longer-term growth. And that includes B cell depletion approaches, which Roopal mentioned, and oral peptides capabilities in immunology, trispecifics and an in vivo CAR-T platform in oncology.

謝謝你，阿薩德。這是羅布。我來回答這個問題。你說得對，我們的業務拓展重點仍然是那些能夠在未來十年及更長時間內推動成長的資產。我的意思是，我們當然有足夠的財力去追求後期階段的投資機會。但鑑於我們目前的投資組合為未來十年的成長提供了清晰的前景，這並非真正的必要之舉。因此，我們致力於研發能夠推動長期成長的新機制和平台技術。這包括 Roopal 提到的 B 細胞清除方法，以及免疫學中的口服勝肽能力、三特異性抗體和腫瘤學中的體內 CAR-T 平台。

You look at neuroscience, there's novel mechanisms for mood disorders and Alzheimer's that we've licensed in. And we have a very compelling siRNA platform that can generate opportunities across all three of those therapeutic areas. And we've also utilized BD to enter another growth area, obesity, which as Roopal mentioned, we will build upon.

你看看神經科學，那裡有一些治療情緒障礙和阿茲海默症的新機制，我們已經獲得了相關技術的許可。我們擁有一個極具吸引力的siRNA平台，可以在這三個治療領域創造機會。我們也利用 BD 進入了另一個成長領域——肥胖症，正如 Roopal 所提到的，我們將在此基礎上繼續發展。

Again, given the strong outlook of the portfolio, we'll continue to focus on BD efforts that really drive long-term pipeline opportunities. And the areas of focus are our core areas: immunology, neuroscience, oncology, aesthetics, and we've now added obesity. And so you think about those are the areas.

鑑於投資組合的強勁前景，我們將繼續專注於真正推動長期專案機會的業務拓展工作。我們的重點領域是我們的核心領域：免疫學、神經科學、腫瘤學、美學，現在我們又增加了肥胖症。所以你會想到這些領域。

And if you think about the 30 deals we've executed, more than 30 deals we've executed over the last 18-plus months, there's been a nice mix between immunology, oncology, neuroscience, a few deals in aesthetics. So I think you should expect us to continue to add, I'd say, very robust depth to our pipeline to drive that long-term growth well into the next decade.

想想我們在過去 18 個月多的時間內完成的 30 多筆交易，這些交易涵蓋了免疫學、腫瘤學、神經科學等領域，還有一些涉及美容領域的交易。所以我認為，你們應該期待我們繼續增強產品線的深度，以推動未來十年的長期成長。

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

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。現在你們都可以斷開連結了。