10/30/2026

speaker
Conference Call Operator
Operator

Please stand by. Good morning and thank you for standing by. Welcome to the Abbey Third Quarter 2026 Earnings Conference Call. All participants will be able to listen only until the question and answer portion of this call. You may ask a question by pressing star one 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.

speaker
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, Roopal Thakkar, Executive Vice President, Research and Development, Chief Scientific Officer, and Scott Reents, 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. Advi 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. Advi 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 Advi's business performance. These non-GAAP financial measures are reconciled with comparable gap 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.

speaker
Rob Michael
Chairman and Chief Executive Officer

Thank you, Liz. Good morning, everyone, and thank you for joining us. AbbVie continues to perform above our expectations with another quarter of outstanding results. We are delivering top-tier sales and earnings growth. and making significant progress advancing our pipeline. Given the strength of our business and our promising outlook, we are once again raising our full year guidance and increasing our quarterly dividend. Turning to our third quarter performance, we achieved adjusted earnings per share of $3.82, which is 7 cents above our guidance midpoint. Total net revenues were $17.4 billion, beating our expectations by $200 million and reflecting robust sales growth of more than 10%. This includes nine key products that delivered double-digit growth. Based on the strong performance across our business, including Skyrizzy, Renvoke, Brailar, Ubrelvi, Qlypta, and Benclexta, We are raising our full-year revenue guidance by $200 million and have now raised total revenue by $800 million since the start of the year. Further underscoring our confidence in our long-term outlook, today we announced a 5.2% increase in our quarterly cash dividend, beginning with the dividend payable in February 2027. Since inception, we have grown our quarterly dividend by more than 350%. Turning now to R&D, we are making excellent progress advancing our pipeline to help drive growth in the 2030s and beyond. In immunology, we completed the acquisition of Apogee Therapeutics, adding multiple differentiated assets in dermatology, and other related inflammatory diseases with significant sales potential. The lead asset, Zumilokibar, will be starting Phase III development in atopic dermatitis later this year. Also in immunology, we received U.S. approval for Skyrizzy sub-Q induction in Crohn's. This new dosing option demonstrated exceptional efficacy and further strengthens Skyrizzy's robust growth outlook. We also continue to make substantial progress with our strategy to combine SCI-RISI with complementary mechanisms to further elevate the standard of care for patients with IBD. We have now started a large Phase IIb program in both Crohn's and UC with SCI-RISI plus our Alpha-4-Beta-7-382 as well as SCI-RISI plus our TL1A-701. Moving to neuroscience, we recently expanded our Parkinson's portfolio with the FDA approval of Juvemo. Juvemo provides physicians and patients with a meaningful new treatment option and represents a sizable commercial opportunity for AbbVie. Along with Vylev and Duopa, we expect our Parkinson's therapies to collectively deliver peak sales of more than $5 billion. We are also making excellent progress with our oncology pipeline. Etensimig and multiple myeloma has demonstrated very high efficacy as well as differentiated safety and convenience. We have now submitted our application for Etensimig in the U.S. and anticipate approval in 2027. In addition, we reported positive Phase III data for Epkinley and Frontline DLBCL and expect regulatory submission next year. In summary, we are delivering strong execution across our business and see numerous opportunities to drive long-term growth. With that, I'll turn the call over to Jeff for additional comments on our commercial highlights. Jeff.

Disclaimer

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