AbbVie (ABBV) Q3 2026 Earnings Call: Q&A Summary

Q: Vamil Divan with Guggenheim Securities asked about key pushes or pulls for next year's model and the status of payer discussions.

A: Rob Michael stated that AbbVie expects top-tier growth to continue in 2027 driven by immunology, neuroscience, and various catalysts, while noting that the IRA price will begin in 2027. Jeff Stewart added that payer access remains strong and consistent with prior years, with low single-digit rebate concessions anticipated.

Q: Chris Schott with JPMorgan asked about the market share dynamics and ramp for SKYRIZI following the subcu induction approval.

A: Jeff Stewart explained that the subcu induction data shows numerically higher efficacy in the treatment-naive setting compared to IV, which will accelerate share gains in Crohn's once full access is secured over the next 60 days to two quarters.

Q: Chris Schott with JPMorgan asked whether the alpha 4 beta 7 combination in IBD is intended for later lines of therapy or earlier treatment.

A: Roopal Thakkar noted that strong efficacy was observed in both later lines and earlier lines, with potential to modify disease and achieve better long-term outcomes in Crohn's and ulcerative colitis.

Q: Louise Chen from Scotia Bank asked what gives confidence that underdosing was the issue in prior emraclidine studies and inquired about underappreciated pipeline assets.

A: Roopal Thakkar stated that the higher 150-milligram dose provides better receptor occupancy and predictable PK. Rob Michael and Jeff Stewart added that assets such as atentimig, TMapA, and Zumi-Lokibark represent multibillion-dollar opportunities that are currently undercalled in street models.

Q: Trung Huynh with RBC asked about the strategic rationale for participating in the 340B rebate pilot and requested an update on tenibotemeq following the CRL.

A: Rob Michael stated that the 340B pilot aims to curb program abuse and bring greater transparency and accountability. Roopal Thakkar reported that the CRL was due to CMC assessments rather than safety or efficacy, with a resubmission planned before the end of the year and a 6-month review expected.

Q: Jason Gerberry with Bank of America asked if there are triggers to move ABBV-382 into Phase III faster and whether co-formulation work rate limits a 2028 start.

A: Roopal Thakkar noted that built-in interims and upcoming 100% data from the Phase II study will help refine models, leaving open the potential to start Phase III as early as the end of 2027.

Q: Keita for Simon Baker asked about the competitiveness of epcoritamab combined with R-CHOP in frontline large B-cell lymphoma compared to competitor regimens.

A: Roopal Thakkar and Jeff Stewart emphasized the simplicity and familiarity of adding a single novel agent to R-CHOP, which has resonated strongly with thought leaders and should drive rapid adoption.

Q: Terence Flynn with Morgan Stanley asked about M&A appetite regarding deal size and whether AbbVie needs a GLP-1 to compete in obesity.

A: Rob Michael stated that M&A will focus on bolt-on additions for depth in core areas rather than large transformational deals. Roopal Thakkar added that AbbVie is open to differentiated assets like amylin analogs and potential co-formulations with incretins.

Q: Steve Scala with Cowen asked about expectations for RINVOQ efficacy in HS and BOTOX IRA pricing implications.

A: Roopal Thakkar noted that the primary endpoint is HiSCR 50 and highlighted pain relief and quality of life as key drivers. Rob Michael stated that BOTOX is not eligible for IRA selection because it contains human serum albumin derived from human blood plasma, a position supported by a federal district court ruling.

Q: Dave Risinger with Leerink Partners asked Ruple to highlight I&I pipeline readouts to watch in 2027.

A: Roopal Thakkar highlighted IBD combination interims, RINVOQ in lupus, B-cell depletion portfolio data, and eight distinct Phase III programs starting from the Apigee acquisition.

Q: Mohit Bansal with Wells Fargo asked how Tavapadon is positioned in Parkinson's disease and what initial feedback has been received.

A: Roopal Thakkar and Jeff Stewart explained that Tavapadon effectively freezes levodopa dose escalations and provides strong motor control with low somnolence and no impulse control disorders, resulting in high initial funnel demand.

Q: Gary Nachman with Canaccord Genuity asked if RINVOQ will be positioned first-line for vitiligo and alopecia areata and how large those markets are.

A: Jeff Stewart stated that both indications represent small current sales bases but high prevalence, and RINVOQ will have favorable data to support a frontline approach supported by expanded dermatology sales forces and consumer activation.