AbbVie Inc. (ABBV) Presents at Bank of America Securities Healthcare Conference (Transcript)

Company and Industry Overview * Company: AbbVie Inc. (ABBV) * Industry: Biopharmaceuticals, Healthcare Key Points Financial Performance and Outlook * First Quarter Performance: AbbVie exceeded expectations in the first quarter, beating both top and bottom line guidance. * Full Year Outlook: The company raised its full year outlook following the strong first quarter performance. * HUMIRA Erosion: AbbVie expects HUMIRA erosion to be in the mid-40s for the second half of the year, with a full year erosion of 37%. * Aesthetics: AbbVie expects the U.S. aesthetics market to remain stable in the near term, with potential for recovery in 2024. Product Portfolio * Immunology: AbbVie's immunology portfolio performed well, with IMBRUVICA, VENCLEXTA, and VRAYLAR all exceeding expectations. * Aesthetics: AbbVie's aesthetics portfolio, including SKYRIZI, RINVOQ, and VRAYLAR, is performing exceptionally well. * Neuroscience: AbbVie's migraine portfolio, including Botox, QULIPTA, and UBRELVY, is growing rapidly. * Neurodegeneration: AbbVie is focused on developing novel therapies for neurodegenerative diseases, including Alzheimer's and ALS. * Hem/Onc: AbbVie is focused on driving growth for VENCLEXTA and launching epcoritamab and navitoclax. Pipeline and Pipeline Development * INI Portfolio: AbbVie is developing RINVOQ in additional indications, including atopic dermatitis, Giant Cell Arteritis, and lupus. * Neuroscience Pipeline: AbbVie is developing Botox for episodic migraine and exploring combinations with anti-CGRPs and other oral CGRPs. * Hem/Onc Pipeline: AbbVie is developing venetoclax in multiple indications, including multiple myeloma, MDS, and AML. Mergers and Acquisitions * Strategic Focus: AbbVie's M&A efforts are focused on the five key therapeutic areas that will drive long-term growth. * Financial Capacity: AbbVie has a net leverage target of 2x and a flexible approach to M&A. Aesthetics * Market Growth: AbbVie expects significant market growth in the aesthetics industry, driven by long-acting toxins, regenerative fillers, and cellulite treatments. Policy and Regulatory * IRA: AbbVie expects to deliver high single-digit growth even with the IRA, although it continues to evaluate the potential impact of policy changes.