AbbVie Inc.

Thank you for standing by. Welcome to the AbbVie Third Quarter 2021 Earnings Conference Call. All participants will be on a listen only until the question and answer portion of the call. You may ask a question by pressing star 1 on your phone. I would now like to introduce Ms. Liz Shea, Vice President of Investor Relations. Ma'am, you may proceed.

Good morning, and thanks for joining us. Also on the call with me today are Rick Gonzalez, Chairman of the Board and Chief Executive Officer, Michael Severino, Vice Chairman and President, Rob Michael, Executive Vice President and Chief Financial Officer, and Jeff Stewart, Executive Vice President, Commercial Operations. Before we get started, some statements we make today may be considered forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Additional information about these risks and uncertainties is included in our SEC filings. AbbVie undertakes no obligation to update these forward-looking statements except as required by law. On today's conference call, non-GAAP financial measures will be used to help investors understand AbbVie's business performance. These non-GAAP financial measures are reconciled with comparable GAAP financial measures in our earnings release and regulatory filings from today, which can be found on our website. Unless otherwise noted, our commentary on sales growth is on a comparable basis, which includes full current year and historical results for Allergan. For this comparison of underlying performance, all historically reported Allergan revenues have been recast to conform to AbbVie's revenue recognition accounting policies and exclude the divestitures of ZenPep and BioCase. References to operational growth further exclude the impact of exchange. Following our prepared remarks, we'll take your questions. So with that, I'll now turn the call over to Rick.

Thank you, Liz. Good morning, everyone, and thank you for joining us today. I'll discuss our third quarter performance and outlook, and then Jeff, Mike, and Rob will review our business highlights, pipeline progress, and financial results in more detail. AbbVie continues to perform very well. we once again delivered an outstanding quarter with adjusted earnings per share of $3.33, exceeding the midpoint of our guidance by 13 cents. Total adjusted net revenues of more than $14.3 billion was up 10.8% on an operational basis with balanced growth across each of the major growth platforms. We continue to see double-digit revenue growth in immunology. where Skyrizi and Renvoke have established very strong launch trajectories. These two assets are either approved under regulatory review or in late-stage development across all of Humira's major indications, and we remain confident that they will both be significant contributors to AbbVie's long-term growth. Aesthetics is also demonstrating impressive double-digit operational sales growth. Our dedicated global aesthetic structure and increased investment are driving accelerated category growth across both toxins and fillers, where there is substantial room for additional market penetration. Our strategic investments and targeted field force expansions have improved overall customer retention rates and significantly increased the number of first-time patients to our leading brands. We are once again raising our full-year guidance for aesthetics this quarter, and we view this portfolio as an extremely attractive growth opportunity over the long term, with high single-digit compounded annual growth rates expected through the end of the decade. Our neuroscience business drove robust double-digit revenue performance again this quarter, and we added a compelling new product to our migraine portfolio with the approval of QLIPTA. a once-daily oral medication for the preventative treatment of episodic migraine. Our hematological oncology portfolio delivered operational sales growth of approximately 8 percent this quarter, despite a protracted market recovery in CLL, which remains below pre-COVID levels. Beyond the significant contributions of Imbruvica and VanClexta, We have an exciting oncology pipeline with several promising programs in development for blood cancers and solid tumors to support sustainable long-term growth. These include Novitaclax for myelofibrosis, Epacritimab for B-cell malignancies, AVBV383 for multiple myeloma, Lemzoparlamab for AML and MDS, as well as TelisoV for non-squamous, non-small-cell lung cancer. Lastly, We continue to make excellent progress with the integration of Allergan. Our financial results show that we have created a stronger and much more diverse company with numerous products across our newly combined portfolio delivering robust growth. Overall, I'm extremely pleased with our momentum and we are once again raising our full year 2021 EPS guidance. We now expect adjusted earnings per share of $12.63 to $12.67, reflecting growth of nearly 20% at the midpoint. Additionally, as noted in our news release, today we're announcing an 8.5% increase in our quarterly cash dividend, from $1.30 per share to $1.41 per share, beginning with the dividend payable in February 2022. Since our inception, We've grown our quarterly dividend by more than 250%. In summary, we're demonstrating strong execution across our portfolio. We've assembled an impressive set of diversified assets with significant growth potential, giving us a high degree of confidence in the long-term outlook for our business. With that, I'll turn the call over to Jeff.