AbbVie (ABBV) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic priorities and financial outlook

• Focus remains on operational execution for strong financial results and advancing the pipeline into 2026.

• Growth platform excluding Humira has driven significant sales, with Skyrizi and Rinvoq growing $15B and neuroscience adding $3B since 2023.

• 2025 guidance projects 8% overall top-line growth, with the growth platform at 19%.

• Long-term guidance targets high single-digit CAGR through the decade, with EPS expected to outpace sales due to margin expansion.

• R&D investment will remain robust, with $9B planned for 2025, about 15% of sales.

Product portfolio and market dynamics

• Skyrizi and Rinvoq have significant growth runway through the decade, supported by head-to-head trials and market expansion in immunology.

• IL-23 class, led by Skyrizi, is rapidly gaining share in IBD, with new patient capture rates at 40-50% and potential for majority market share in coming years.

• Combination therapies in IBD are a key focus, with multiple assets in trials aiming to surpass current efficacy ceilings.

• Neuroscience is the fastest-growing franchise, with Vraylar, Ubrelvy, Qulipta, and Vyalev driving growth and new launches like Tavapadon expected.

• Oncology pipeline is expanding, with multiple phase three trials and new assets targeting solid tumors and hematologic malignancies.

Competitive landscape and pricing

• Immunology pricing headwinds remain low single-digit, with stable access and competition focused on brand profiles rather than payer shifts.

• New entrants in IBD and psoriasis are seen as market expanders rather than direct threats to leading brands.

• Aesthetics faces macro-driven softness, especially in HA fillers, but investments in consumer campaigns and innovation (e.g., Trinibot E) aim to revitalize growth.

• Market share in toxins and fillers remains stable, with geographic mix impacting performance.