AbbVie Inc.

As a reminder, this call is being recorded. I would now like to introduce Ms. Shea, Senior Vice President, Investor Relations. Ms.

Good morning and thanks for joining us. Also on the call with me today are Rob Michael, Chief Executive Officer, Jeff Stewart, Executive Vice President, Chief Commercial Officer, Rupal Thakkar, Executive Vice President, Research and Development, Chief Scientific Officer, and Scott Runtz, Executive Vice President, Chief Financial 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. 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 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 Rob.

Thank you, Liz. Good morning, everyone, and thank you for joining us. AbbVie is off to an excellent start to the year, with first quarter results exceeding expectations across several of our therapeutic areas. We also continue to advance our promising internal pipeline and add external opportunities to further strengthen our business and long-term outlook. Turning to our first quarter performance, we delivered adjusted earnings per share of $2.46, which is 10 cents above our guidance midpoint. Total net revenues were more than $13.3 billion, nearly $550 million ahead of our expectations. I'm especially pleased with the performance of our Exhumera platform, which delivered robust sales growth of more than 21%. Immunology, neuroscience, oncology, and aesthetics are all performing at or above our expectations, and we are well positioned to exceed our previous peak revenue in just the second full year following the US Humira LOE. Based on this strong performance, we are raising our full year adjusted earnings per share guidance by $0.10 and now expect adjusted EPS between $12.09 and $12.29. As you are aware, there is speculation that sectoral tariffs could be forthcoming. Any related impact from these tariffs, as well as other potential new or reciprocal tariffs, have not been contemplated in our guidance. To the extent there is an impact, we believe it would be in line with our peers, given that AbbVie has an extensive manufacturing presence in the United States, including API, biologics, toxins, and small molecules. and over the next decade we anticipate investing more than $10 billion of capital in the U.S. to support our volume growth and our expansion into new areas such as obesity. Turning back to our performance, I'm very pleased with the excellent progress we are making with several pipeline programs that have the potential to be meaningful sources of growth. These include ludicizumab across several immunology indications, 383 and multiple myeloma, and our next generation ADCs, including TMAB-A for several solid tumor types and 706 for small cell lung cancer. We also continue to add depth to our pipeline with strategic transactions that can help drive growth in the next decade. This includes the recent acquisition of Nimble Therapeutics to expand our immunology portfolio with oral peptides, as well as the license agreement with Gubra to develop an amylin analog for the treatment of obesity. Obesity represents a significant global health concern with high unmet need. This market will continue to evolve with improved offerings. and we believe our program with Gubra has the potential to deliver a differentiated asset. Going forward, we plan to invest further in obesity along with other opportunities across our existing five key growth areas. In summary, the fundamentals of our business are strong, and we are well positioned for the long term. AVI has a clear runway to growth for at least the next eight years, including a high single-digit revenue kegger through 2029. With that, I'll turn the call over to Jeff for additional comments on our commercial highlights.