AbbVie Inc.

Good morning, and thank you for standing by. Welcome to the AbbVie Fourth Quarter 2025 Earnings Conference Call. All participants will be able to listen only until the question-answer portion of this call. You may ask a question by pressing star 1 on your phone. Today's call is also being recorded. If you have any objections, you may disconnect at this time. I would now like to introduce Ms. Liz Shea, Senior Vice President, Investor Relations.

Good morning, and thanks for joining us. Also on the call with me today are Rob Michael, Chairman and Chief Executive Officer, Jeff Stewart, Executive Vice President, Chief Commercial Officer, Rupal Thakkar, Executive Vice President, Research and Development, Chief Scientific Officer, and Scott Rents, 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. I'd be cautious 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. ABBYY 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 ABBYY'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 marks, We will 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. Our fourth quarter performance closes out another excellent year for AbbVie, and I am very pleased with the significant progress we made in 2025. We delivered record net sales and exceeded our financial commitments, advanced our pipeline across all stages of development, and acquired new sources of growth through strategic transactions. We are entering 2026 with substantial momentum and remain well-positioned to deliver another year of strong growth. Turning to our results, we delivered full-year adjusted earnings per share of $10, which is 54 cents above our initial guidance midpoint, excluding the impact of IPRD expense. Total net revenues were $61.2 billion, beating our initial guidance by more than $2 billion. Our sales growth of 8.6% led to a new all-time high for AbbVie, exceeding our previous peak revenue by more than $3 billion, despite nearly $16 billion of U.S. Humira erosion since the LOE. our excellent performance puts us in a strong position to advance our innovative medicines. In 2025, we increased adjusted R&D expense by nearly $1 billion, fully funding the 90 clinical programs currently in development. We also obtained several new product and indication approvals, including RINVOC for GCA, Emerilus for non-squamous non-small cell lung cancer, Annette Kinley for Second Line Follicular Lymphoma. And we've bolstered our pipeline by investing more than $5 billion in new business development, including several promising mechanisms and technologies. These include an in vivo CAR-T platform in immunology from Capstan Therapeutics, Brett Asilison, a next-generation psychedelic with promising data in depression, ISB2001, a novel tri-specific antibody for multiple myeloma, 295, a long-acting amylin analog for obesity, and a next-generation siRNA platform from 8RX that has applicability in immunology, neuroscience, and oncology. We also recently announced a transaction with Remagen, adding a novel PD-1 VEGF bispecific antibody to combine with our ADCs across multiple solid tumors, further strengthening AbbVie's oncology portfolio. Turning to 2026, we expect AbbVie to once again deliver top-tier performance. We anticipate total sales growth of 9.5%, reflecting another year of robust sales results, despite headwinds from continued Humira erosion and Imbruvica IRA pricing. The main drivers of this growth include SkyRizzy and Renvoke, with combined sales of more than $31 billion, already surpassing our 2027 long-term guidance by half a billion. We are also forecasting a substantial sales ramp for Vylev, achieving blockbuster status this year as a transformational treatment for Parkinson's. And we expect continued double-digit revenue growth from our leading migraine products, which are also trending significantly above our long-term expectations. Given the strong outlook of our diverse portfolio, we are well-positioned to deliver high single-digit revenue growth through 2029. Turning now to R&D, we anticipate a number of key catalysts across our core therapeutic areas over the next 24 months. In immunology, this includes pivotal data for three additional RINVOC indications, as well as initial data for our Crohn's combination platform with Skyrizzy. In neuroscience, we anticipate key readouts for next-generation assets, 932, bredacilicin, and imraclidine. And in oncology, we expect registrational data for etensimig. as well as mid- to late-stage readouts for TMAP-A in several solid tumors. These are all very exciting opportunities that have the potential to drive sustained long-term growth. Lastly, we recently announced a voluntary agreement with the U.S. government that reinforces our commitment to patient access and affordability while also protecting our ability to invest in innovation. Key elements of this three-year agreement include offering low prices in Medicaid, expanding direct-to-patient cash pay options for select products, and committing $100 billion in U.S. R&D and capital investments over the next decade. In summary, we are delivering outstanding execution, and the outlook of our business remains very strong. With that, I'll turn the call over to Jeff for additional comments on our commercial highlights. Jeff.