AbbVie (ABBV) Goldman Sachs 45th Annual Global Healthcare Conference summary

Business performance and growth outlook

• Ex-Humira platform now generates over 80% of revenue, growing in the mid-teens and enabling a return to revenue growth just one year after U.S. Humira LOE.

• Expecting above-industry-average growth in 2025 and high single-digit compound annual revenue growth through the decade.

• Growth driven by immunology (Skyrizi, Rinvoq), neuroscience (Vraylar, migraine portfolio), oncology, eye care, and aesthetics.

• Continued outperformance across the growth platform, with guidance consistently raised.

• Investment in business development and innovation to sustain leadership and growth into the next decade.

Humira transition and revenue dynamics

• 2023 saw less U.S. volume erosion and better international timing than expected, leading to outperformance.

• 2024 guidance incorporates payer contract visibility and anticipated formulary changes, with biosimilar and new mechanism switching factored in.

• Trough year for Humira is 2024, with further step-downs expected in 2025 and stabilization by 2026, after which Humira will no longer be a headwind.

• New mechanisms like Skyrizi and Rinvoq are capturing share as Humira declines.

Immunology strategy and competitive positioning

• Skyrizi and Rinvoq are prioritized for current and future indications, with head-to-head trials supporting their differentiation.

• Pricing environment is stable with low single-digit concessions; no repeat of the 2023 bolus of indications expected.

• Migration from first-generation biologics to advanced therapies is consistent and ongoing.

• Head-to-head trials and strategic data releases have accelerated uptake and payer support, especially in IBD.