Terence Flynn

Cristian declined to share specific bleed differential powering but expressed strong confidence in study design for both noninferiority and bleeding superiority.

David confirmed mid-single-digit growth portfolio growth but noted headwinds from Revlimid and generics impacting the portfolio in 2026.

Cristian explained primary endpoint is non-inferiority on efficacy then superiority on bleeding. Adam noted payer discussions suggest improved benefit-risk will be a strong value proposition with multibillion-dollar potential.

Cristian noted positive MRD endpoint was discussed and agreed with FDA. Will engage multiple regulatory agencies on potential accelerated/conditional approval path.

Chris said too early to comment on CMMI demos. Actively monitoring and engaging but nothing new to report.

David declined 2026 guidance but cited productivity savings, AI automation, and portfolio prioritization as margin levers while noting continued growth investment.

Adam noted virtually 100% Medicare/Medicaid access, consistent trialist growth, with $27M net sales including $9M GTN Q4 true-up. Ramp expected in H2.

David confirmed $16B OpEx in 2025 declining to $15B by 2027 end, with full $2B incremental savings dropping to bottom line.

Samit confirmed FDA discussions occurred but noted regulatory outcomes depend on risk-benefit ratio and magnitude of results. PFS retained as co-primary.

Albert directly and firmly committed to maintaining the dividend even in stretched scenarios, addressing the cut-risk question head-on.

Boshoff noted US-only population with detailed demographics at ADA; overall tolerability encouraging with GI AE distribution not alarming when switching to monthly; only one severe nausea, one severe vomiting, no severe diarrhea across program.

Boshoff explained event-driven study timing can shift; fewer events potentially positive signal; expects data possibly late this year or early next year.

Denton attributed apparent price increase to channel mix differences rather than any material pricing action.

Boshoff confirmed first-line Phase III recruiting 2x faster than planned; second-line data timing not disclosed; no current adjuvant lorlatinib study planned.

Bourla said he's unaware of specific 'grand bargain' comments; current focus is on 232 process and executive order on 340B, PBM reform, pill penalty.

Boshoff noted PFS met in ESR1 mutant population but not intent-to-treat; planning ASCO late-breaking oral presentation and regulatory filings; continuing CDK4 and KAT6 combination plans.

Malik confirmed growing community adoption alongside academic centers; Bourla added international momentum with rapid uptake in Japan and European markets.

Boshoff clarified PK data is primary, weight loss is secondary endpoint in a small in-unit study and may not be reliable for that measure.

Jennifer Taubert cited $260M sales, 56% growth, 29% sequential patient growth, and 25% community-site expansion.

Jennifer Taubert detailed ICOTYDE's differentiated label as first-and-only targeted oral IL-23 peptide, day-one launch readiness, 1,500 prescriptions and 1,000+ unique prescribers. Positioned as first-choice systemic therapy.

Taubert confirmed goal of early and broad payer access with positive ongoing conversations but deferred specifics on sampling plans, noting more to come.

Reed detailed complementary positioning: TekVeili+Darzalex for 70% CD38-naive/experienced community patients, TekVeili monotherapy for 30% refractory patients, CARVICTI as potential cure with OS advantage. FDA offered unsolicited priority review for MAJESTIQ-3. MRD may accelerate romantamig development.

Reed described cognitive endpoints plus neuroimaging tau PET data. Results will be go/no-go decision point. Differentiated epitope targeting vs competitors. Data sharing expected H1 2026.

Taubert cited TAR-200 as biggest consensus disconnect (3x higher internal vs Street for 2028). Confirmed RYBREVANT subcu CRL response was manufacturing-related, no additional clinical data needed.

Duato emphasized partnering with administration on healthcare supply chain vulnerabilities. Acknowledged their view on Section 232 scope was speculative.

Taubert gave comprehensive response covering DARZALEX, CARVYKTI near $1B annual, bispecific combinations, and 5000th CARVYKTI infusion milestone. Reed added pipeline detail on frontline combinations.

Roopal expressed confidence in the SKYRIZI subcutaneous Crohn's induction submission, citing very strong data on a well-characterized asset with well-understood manufacturing, and noted the review is proceeding to plan.

Rob emphasized operating from position of strength with clear growth visibility to 2030. Open to early, late-stage, or on-market assets in neuroscience, oncology, and obesity. Named recent deals as pipeline depth investments.

Robert Michael confirmed willingness to pursue both early and late-stage assets; not limited to early stage. Focus on immunology, neuroscience, oncology, and building out obesity. Roopal Thakkar detailed HS strategy: Rinvoq in treatment-failure population (leveraging derm familiarity from AD/alopecia), lutikizumab in naive and experienced populations with highest Phase II efficacy reported. Positioning mirrors Skyrizi/Rinvoq IBD strategy.

Rob Michael emphasized differentiated medicines drive performance regardless of PBM structure, citing similar strong results in non-PBM international markets. Jeff Stewart noted AbbVie operates effectively in net price, rebate, hybrid, and HTA markets globally. IRA prices not yet public; Vraylar/Linzess negotiations will not impact long-term guidance.

Rob Michael confirmed tracking well against long-term guidance, will update at appropriate time. On tariffs, insulated in 2025 via inventory management. Awaiting 232 investigation outcome. Skyrizi made in US for domestic market. Planned $10B US capital investment with 4 new sites.

Rob Michael outlined near-term mitigation via supply chain actions and cost efficiencies. Scott Reents noted AbbVie's IP/tax profile is in line with peers. Roopal Thakkar discussed amylin dose escalation potential.

Scott Reents declined to quantify exact volume offset but called it modest, noting it primarily impacts the standard eligible third of the patient segment.

Gordon contrasted Repatha's broad label (50,000+ patients, primary and secondary prevention) with the oral's food restrictions and adherence limits; market still underpenetrated.

Bob pushed back on the word 'needs' but confirmed active BD focus on innovation areas, without specifying targets or deal size preferences.

Bradner declined to share diabetes CVOT design details but emphasized MariTide's paradigm-shifting potential with monthly dosing for diabetes. Cited JPMorgan data on Phase II Type 2 diabetes study providing experience with low BMI patients and A1c across dose range as positioning well for Phase III.

Griffith highlighted key growth drivers, noted no expected step-change increase in R&D going forward, and pointed to completed Phase III studies offsetting new investments. Bradner confirmed ASTRO met co-primary endpoints with mild GI side effects at acceptable rates.

Bradner acknowledged interest in Lilly's data but declined to discuss specific diabetes CVOT design or control arm details, saying more would be shared in the fullness of time.

Bradner confirmed ADA will feature Phase II Part 1 details at 52 weeks plus new mechanistic data from Nature Metabolism. Declined to share CVOT study design details but confirmed ASCVD, heart failure, CKD, sleep apnea studies planned.

Bradner did not directly address whether there would be an interim look, only confirming the 52-week readout timeline. He confirmed Phase II Part 1 data will be presented at ADA in June.

Berger said GS3242 is in dose escalation, confident in four-month dosing and aiming for once every six months pending higher-dose Phase 1 data.

Joanna provided detailed breakdown: switch share leads with thirds split across other LAI, Truvada generics, and Descovy. 95% coverage at $0 copay. Persistency data encouraging but early.

Johanna confirmed 14-15% PrEP market growth rate is the right framework for 2026. Growth fueled by awareness efforts, social media, and direct-to-consumer advertising. Expects momentum to continue.

Johanna attributed Descovy strength to unrestricted access jumping to 88% of lives, $0 co-pays, and 15% PrEP market growth. Noted Descovy share may decline as Yeztugo gains traction. IQVIA directionally aligned but needs 2+ quarters to stabilize.

Cindy confirmed MRD negativity allows earlier assessment of patient response. Goal is to use MRD endpoint first, followed by PFS, with regulators being engaged on correlation.

Andy confirmed a mid-year launch assumption but declined to quantify len PrEP contribution, instead discussing access ramp dynamics.

Andy confirmed flat expense trajectory and operating leverage model for foreseeable future. Margin expansion in 2024 carried forward into 2025 guidance.