AbbVie (ABBV) Citi's 2024 Global Healthcare Conference summary

2024 performance and outlook for 2025

• Ex-Humira business outperformed expectations in 2024, with sales raised by $1.8 billion and high-teens growth year-to-date, led by Skyrizi and Rinvoq.

• Skyrizi and Rinvoq each grew around 50%, with strong launches in IBD and new indications, and robust R&D progress including tavapadon and phase 2 combination trials.

• 2025 is expected to deliver robust mid-single digit growth, overcoming Humira erosion and a 3% headwind from Part D redesign.

Immunology and IBD franchise

• Skyrizi and Rinvoq are positioned to surpass Humira's peak, with all four major IBD indications covered and strong uptake in ulcerative colitis.

• High efficacy and convenience drive strong persistence and over 50% capture rate for new or switching patients globally.

• Atopic dermatitis segment strengthened by head-to-head trial data versus Dupixent, establishing clear number two position and increasing market share.

Neuroscience and pipeline developments

• Emraclidine data showed unexpected high placebo response; further analysis and possible phase 2 de-risking planned, with safety profile seen as an advantage.

• Tavapadon phase 3 results in Parkinson's exceeded expectations; third readout and long-term safety data expected by early next year, supporting a potential submission.

• Multiple neuroscience assets in the pipeline, including backup muscarinics, migraine franchise expansion, and new D3 agent for anxiety and depression.