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

Strategic priorities and financial outlook

• Focus remains on operational excellence and advancing the pipeline to drive strong financial results into 2026 and beyond.

• Sales are projected to grow by $7 billion from 2023 to 2025, despite significant headwinds from Humira erosion and IRA impacts.

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

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

• Emphasis on providing annual guidance rather than frequent long-term updates, as the need for granular long-term guidance has diminished post-Humira LOE.

Immunology franchise and growth drivers

• Skyrizi and Rinvoq have driven $15 billion in growth since 2023, with significant runway remaining through the decade and into the 2030s.

• Combined 2027 sales guidance for Skyrizi and Rinvoq is $31 billion, with 2026 guidance to clarify progress toward this target.

• IL-23 class, led by Skyrizi, is rapidly gaining share in IBD, with new patient capture rates at 50% for Crohn's and 40% for ulcerative colitis.

• Combination therapies and new indications for Rinvoq and Skyrizi are expected to further expand market penetration and efficacy.

• Pricing headwinds are expected to remain in the low single digits, with volume growth as the primary driver.

Neuroscience and pipeline innovation

• Neuroscience is the fastest-growing segment, with ambitions to become the largest in the industry.

• Key assets include Vraylar (approaching $5 billion), a leading migraine portfolio (Ubrelvy, Qulipta, Botox), and Vyalev for Parkinson's.

• Pipeline includes new movement disorder treatments, next-generation psychiatric drugs, and a promising psychedelic asset from Gilgamesh.

• Multiple phase 2 and phase 3 readouts are expected in 2024 and 2025, supporting continued growth.