AbbVie Inc.

Good morning, and thanks for joining us. Also on the call with me today are Rick Gonzales, Chairman of the Board and Chief Executive Officer, Rob Michael, President and Chief Operating Officer, Jeff Stewart, Executive Vice President and Chief Commercial Officer, Scott Rentz, Executive Vice President and Chief Financial Officer, Terry Strum, Senior Vice President, Abbey, and President, Global Allergan Aesthetics, and Tom Hudson, Senior Vice President, R&D, and Chief Scientific Officer. Joining us for the Q&A portion of the call is Rupal Thakkar, Senior Vice President, Development and Regulatory Affairs, and Chief Medical Officer. Before we get started, I'll note that some statements we make today may be considered forward-looking statements based on our current expectations. Abby cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in our 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. Following our prepared remarks, we'll take your questions. So with that, I'll turn the call over to Rick.

Thank you, Liz. Good morning, everyone, and thank you for joining us today. 2023 is an important year for AbbVie as we experience Humira biosimilar competition in the U.S. market and as we execute our long-term diversification growth strategy. Now, roughly seven months into the year, I'm extremely pleased with the progress that we're making against these objectives. The U.S. Humira biosimilar impact is playing out as projected. and slightly better than our planning assumptions. We are competing very effectively with the various biosimilar offerings. We have exceeded our guidance in both first and second quarters with the overachievement predominantly driven by our growth platform, the base portfolio excluding Humira, which, as you know, is the critical driver in our rapid return to growth in 2025 and beyond. To that point, This platform demonstrated operational revenue growth of nearly 8% this quarter, with growth expected to further accelerate in the second half of this year. We're also once again raising our full-year revenue guidance by $1 billion, which is on top of the $400 million sales increase we delivered in the first quarter, for a total overachievement of $1.4 billion. And lastly, we are making good progress with our pipeline across all stages of development, including recent strong data for Skyrizzy and ulcerative colitis, as well as the recent U.S. approvals for RINVOC and Crohn's disease and Epkinley and relapsed or refractory DLVCL, both important new therapies for patients. So in summary, I'm extremely pleased with the strong momentum and execution across the business. It reinforces our confidence in our ability to return to robust growth in 2025 with high single-digit compounded growth rate to the end of the decade. With that, I'll turn the call over to Rob for additional comments on our business performance.

Rob? Thank you, Rick. AVI delivered excellent results once again this quarter. We are demonstrating strong execution across our business with each of our five key therapeutic areas beating expectations. We reported adjusted earnings per share of $2.91, which is 11 cents above our guidance midpoint. Total net revenues were nearly $13.9 billion, more than $350 million ahead of our guidance, with the vast majority of the beat coming from our ex-Humira growth platform. In immunology, Skyrizzy and RINVOC are demonstrating impressive growth. with sales for both therapies up more than 50% versus the prior year. These two agents have achieved differentiated clinical profiles, including head-to-head data versus Humira and other novel therapies. Skyrizzy and Rynvoke are now collectively approved across 10 large indications, and we are forecasting combined revenue growth of more than $3.5 billion this year. With ongoing programs in several additional disease areas, we expect both Skyrizzy and Rynvoke to deliver robust growth into the next decade and significantly exceed Humira peak revenue. U.S. Humira is also performing well, with first half erosion coming in better than our expectations due to volume. We have been carefully analyzing the biosimilar marketplace, where the total number of competitors has now expanded to eight. While many of these biosimilars have been added to payer formularies, Humira continues to maintain strong parity access. Based on the volume trends and parity access, we now anticipate U.S. Humira erosion of approximately 35%, an improvement of two points versus our original guidance. Neuroscience is another area that is outperforming expectations. Based on the current run rate, This portfolio is now on pace to add more than $1 billion of incremental revenue this year, with continued strong growth from Braylar as well as our leading migraine portfolio. In aesthetics, the outlook continues to improve. We delivered positive growth this quarter, driven by strong international performance and stabilizing trends in the U.S. These positive trends give us the confidence to once again raise our full-year guidance for aesthetics. And as a clear market leader, we are focused on expanding the aesthetics category with increased commercial investment and continued innovation to support robust long-term growth. Given the strong and balanced performance across our diverse portfolio, we are raising our full-year adjusted earnings per share guidance by 23 cents. And now expect adjusted earnings per share between $10.90, and $11.10. In closing, our operational execution has been outstanding, and we are very well positioned to deliver on our commitments in 2023 and beyond. With that, I'll turn the call over to Jeff for additional comments on our commercial highlights. Jeff? Thank you, Rob.