AbbVie (ABBV) TD Cowen 46th Annual Health Care Conference summary

Research and development highlights

• Focus on high-efficacy immunology assets like HUMIRA, SKYRIZI, and RINVOQ, with stringent endpoint selection and real-time data monitoring to differentiate from placebo and standard of care.

• Recent trials show RINVOQ doubling response rates over HUMIRA in rheumatoid arthritis and SKYRIZI subcutaneous induction outperforming IV in Crohn's disease.

• Phase III readouts for Lutikizumab and RINVOQ in hidradenitis suppurativa expected later this year, using rigorous endpoints and diverse patient populations.

• Adoption of single-trial strategies for certain assets to increase efficiency and speed, with ongoing discussions with health authorities.

• Expansion into combination therapies, including TL1A and alpha-4 beta-7 assets, aiming to break efficacy ceilings in IBD.

Commercial and market strategy

• SKYRIZI maintains strong market share in IBD, especially among bio-naive patients, with new subcutaneous data expected to enhance positioning.

• Anticipated label submission for SKYRIZI in Crohn's disease by 2027, with ongoing evaluation for ulcerative colitis induction.

• Portfolio approach in HS and IBD, leveraging multiple assets for different lines of therapy.

• BOTOX remains a multi-billion dollar asset with continued investment in backup toxins and ongoing legal challenges regarding Medicare negotiations.

Financial outlook and growth drivers

• Projected high single-digit CAGR from 2024 to 2029, with growth expected to continue into the next decade, supported by robust product pipeline.

• Increased R&D investment by several billion dollars since 2022, with over 30 assets and platforms acquired for $8 billion in the past two years.

• Neuroscience is the fastest-growing area, with multiple $5 billion opportunities in Parkinson's, migraine, and oral therapies.

• Oncology pipeline includes antibody-drug conjugates and assets targeting ovarian, colorectal, pancreatic, and prostate cancers, with several key readouts expected this year.

• Amylin analog in obesity and innovative B-cell depletion strategies in immunology are positioned as future growth drivers.