expanded U.S. DERM field force will support both launches. Lastly, in immunology, Humira Global sales were $756 million, down 36.1% on an operational basis, reflecting biosimilar competition and in line with our expectations. Moving to neuroscience, where we once again outperformed our expectations. Total revenues were more than $3.2 billion, up approximately 20% on an operational basis. All three of our leading neuro-pillars continue to demonstrate robust sales growth. In psychiatry, Vralar global sales were nearly $1.1 billion, up approximately 19%, reflecting share gains in both bipolar disorder and adjunctive MDD. In migraine, our leading portfolio continues to deliver outstanding results, with Botox Therapeutic, Ubrelvi, and Q-Lipta, each delivering double-digit sales growth again this quarter. Q-Lipta is now approved in Europe for adults as both an acute treatment option for migraine attacks and as a once-daily preventative treatment option for chronic or episodic migraine. The acute indication expansion in international markets for Q-Lipta further supports our long-term outlook for our oral CGRPs to collectively achieve more than $5 billion of peak sales. Moving to Parkinson's disease, another substantial long-term growth driver for AbbVie, total sales for Violev were $256 million, up more than 27% on a sequential basis. Violev is well on track to achieve blockbuster sales this year. And we expect continued robust momentum in Parkinson's with the anticipated U.S. approval and launch of Tevapadon in the third quarter. Feedback from key opinion leaders has been very positive, with Tevapadon demonstrating strong efficacy as both a monotherapy as well as an add-on to standard of care. Overall, we believe our Parkinson's portfolio with Violet, Tevapadon, and Duopa will be a substantial commercial opportunity. We continue to expect collective Parkinson's peak sales of more than $5 billion. Turning now to oncology, where total revenues were more than $1.6 billion, down 2.4% on an operational basis. Total Venklyksta sales were $771 million, up 9.6% on an operational basis. Performance in CLL continues to be strong, as Venklyksta use in combination with BTK inhibitors is expanding as a preferred fixed-duration treatment globally. Double-digit sales growth from Eliheer, Eptinley, and Amrelis also helped to partially offset the sales decline for Imbruvica, which was down 29.4% as expected due to IRA pricing and competitive share pressure. We also launched Dechnupas, a new therapeutic option for patients living with BPDCN, an ultra-rare form of blood cancer, further expanding AbbVie's emerging ADC portfolio. Moving now to aesthetics, which delivered global sales of nearly $1.3 billion, down 0.9% on an operational basis. Botox cosmetic total revenues were $728 million, up 3.4% operationally, reflecting modest market growth globally. Juvederm global sales were $245 million, dollars, down 6.6% operationally, reflecting continued headwinds in key dermal filler markets. As the industry leader, we continue to invest in this highly underpenetrated market to support long-term growth. I'm especially pleased with the recent Europe and Canada approvals of Bowie, our fast-acting, short-duration toxin. Bowie complements our toxin portfolio very nicely and represents a new way for patients to initiate an aesthetic treatment. We expect Bowie will meaningfully expand the toxin market and look forward to potentially bringing this exciting innovation to the U.S. Overall, we continue to demonstrate outstanding commercial execution. And with that, I'll turn the call over to Rupal for comments on our R&D highlights.

Thank you, Jeff. I'll begin with dermatology programs and immunology. RINVOC was approved in Europe for the treatment of severe alopecia and non-segmental vitiligo. Applications are also under review in the U.S. with approval decisions anticipated later this year for vitiligo and early next year for alopecia areata. In hydradenitis suprativa, we remain on track for 16-week data later this year from both RINVOC and ludicizumab phase 3 trials. In our early-stage dermatology pipeline, three programs were recently advanced into the clinic, including an IL-13, IL-31 receptor bispecific antibody for atopic dermatitis, an oral IL-23 receptor inhibitor for psoriasis, and a long-acting IL-1 alpha-beta bispecific antibody for hydradenitis supprativa. Turning to gastroenterology, the U.S. application for scyrizi subcutaneous induction in Crohn's disease is under review, with an approval decision expected later this fall. The subcutaneous regimen demonstrated very high levels of endoscopic response and clinical remission, with rates on both measures 25 points higher than placebo in the overall population, and 45 points higher in patients who had not previously experienced advanced therapy. To our knowledge, these results in patients naive to advanced therapies are the highest reported for induction therapies in Crohn's disease, comparing very favorably to Skyrizi IV and other approved agents. Full results from the study will be presented this fall, which will include additional important endpoints, such as endoscopic remission. Startup activities are underway for our Phase 2B combination trial in IBD. This multi-arm study will evaluate SkyRizi plus a higher dose of our novel anti-alpha-4 beta-7 antibody and extended half-life TL1A antibody in both Crohn's disease and ulcerative colitis. Interim results for Skyrisi Plus anti-alpha-4-beta-7 in Crohn's disease demonstrated a doubling of endoscopic remission at week 24 compared to either monotherapy. This study is expected to complete this fall, and final results will be submitted for presentation at a future medical meeting. And lastly, in immunology, we announced the planned acquisition of Apogee Therapeutics, which adds a portfolio of long-acting biologics targeting atopic dermatitis, respiratory conditions, and other immune-mediated diseases. These novel assets are highly complementary to our immunology strategy and further strengthen an already robust pipeline. Moving to neuroscience. CULIPTA was approved in Europe for the acute treatment of migraine, expanding options for patients. In Parkinson's disease, an FDA approval decision is expected in the third quarter for a tavapodon. Results from three phase three trials demonstrated that this novel selective D1-D5 dopamine agonist has the potential to be a highly effective treatment for motor symptoms with low rates of dyskinesia, edema, sedation, and impulse control disorder. We look forward to bringing this innovation to patients later this year. In our early stage neuroscience pipeline, multiple new trials were recently initiated, including a phase 2 study for a novel toxin, gemibod A in essential tremor, and a phase 1b study for ABBV-1758, a blood-brain barrier crossing anti-pyroglutamate A-beta antibody in Alzheimer's disease. In schizophrenia, the multi-ascending dose study for imraclidine is nearing completion. The 100 milligram dose retained a safe and tolerable profile, and now 150 milligrams is being evaluated. Dose selection for both schizophrenia and psychosis programs is expected in the coming months, and we remain on track to begin Phase II studies in the fourth quarter. Moving to solid tumor programs, progress with TMAB-A continues across a broad range of tumor In colorectal cancer, breakthrough therapy designation was granted for TMAB-A in combination with bevacizumab in refractory metastatic CRC. This designation supports our Phase III strategy in an all-comer, third-line-plus setting, and the trial is now actively recruiting. In second-line CRC, data are expected later this year from a Phase II study evaluating TMAB-A combinations versus chemotherapy. These results will help inform the development strategy for TMAB-A in 1st and 2nd 9 CRC, as in irinotecan replacement. Early-stage results in ovarian and head and neck cancers were presented at the recent ASCO meeting, demonstrating TMAB-A's potential in both tumor types. In platinum-resistant ovarian cancer, TMABA showed strong antitumor activity, particularly in CMET-selected patients, where response rates reached as high as 80%. TMABA also demonstrated a 50% response rate in clear cell carcinoma, a segment with high unmet need that typically does not respond well to cytotoxic therapy. Plans to advance TMAB-A in ovarian cancer will be discussed with regulators over the coming months. In CMET-selected patients with advanced head and neck cancer, TMAB-A demonstrated a 31% response rate and a median overall survival of 15.3 months, which compares favorably to standard of care. A Phase II study evaluating TMAB-A plus pembrolizumab in frontline will start soon. And in pancreatic cancer, a Phase II study evaluating TMAB-A with Folfox as a front-line combination therapy was recently initiated. Turning to hematologic oncology, progress continues with Etentamig across lines of therapy in multiple myeloma. An interim analysis is planned in the third quarter for progression-free survival from the monotherapy third-line plus trial. If this interim analysis is positive, regulatory submission would occur later this year. A phase 3 study evaluating atentamig in combination with pomalidomide in second-line plus patients, including those that were exposed or refractory to an anti-CD38 antibody or who lost response to an anti-BCMA CAR-T or ADC, will begin by year-end. Additionally, encouraging early-stage results for intentamig in relapsed refractory light-chain amyloidosis were presented at the recent EHA Congress. At the 40 milligram dose, 100% of patients achieved hematologic complete response with a promising safety profile that included no CRS or ICANS. Based on these results, a phase 3 trial in newly diagnosed patients is being planned. Also in hematology, Dechnopaz received FDA approval for Blastic Plasmacytoid Dendritic Cell Neoplasm, an ultra-rare and aggressive blood cancer. As a new treatment alternative providing durable responses with a manageable safety profile and outpatient administration, Dechnopaz offers a meaningful benefit to patients with this rare cancer. Moving to aesthetics. Our rapid onset and short duration toxin, Bowie, was approved in Europe and Canada for the temporary improvement in appearance of glabellar lines. This marks an important milestone in aesthetic medicine. Bowie was developed to allow patients to temporarily preview the benefits of cosmetic toxins without worrying about long-lasting results. Clinicians and patients now have another option to tailor treatment to individual needs and In summary, we are making meaningful progress with our pipeline and look forward to additional important data readouts, regulatory submissions, and approvals throughout the remainder of 2026. With that, I'll turn the call over to Scott.

Thank you, Rupal. Starting with our second quarter results, we reported adjusted earnings per share of $3.65, which is $0.06 above our guidance midpoint. These results include a $0.17 unfavorable impact from acquired IPR&D expense. Quarterly net revenues were nearly $17 billion, reflecting robust growth of 10.2%, including a 0.7% favorable impact from foreign exchange. Adjusted gross margin was 84.7% of sales, adjusted R&D expense was 13.6% of sales, and adjusted SG&A expense was 21% of sales. The adjusted operating margin was 48.3% of sales, which includes a 1.7% unfavorable impact from acquired IPRD expense. Net interest expense was $679 million. The adjusted tax rate was 14.7%. Turning to our financial outlook, we are updating our full-year adjusted earnings per share guidance to between $13.87 and $14.07. This update reflects a $0.10 improvement in the outlook of our existing business. based on strong second-quarter results and continued momentum. It also now includes $0.14 of anticipated dilution related to the planned Apogee acquisition that is more than offsetting our underlying overperformance. We continue to expect that the Apogee transaction will close in the third quarter. This guidance does not include an estimate for acquired IPRD expense that may be incurred beyond the second quarter. We now expect total net revenues of approximately $67.6 billion, increase of $300 million. This assumes a roughly 0.5% favorable impact from foreign exchange on full-year sales growth, reflecting less benefit than our previous expectation. Our increased revenue forecast includes the following approximate assumptions for several of our key products and therapeutic areas. We now expect SkyRisi global revenues of $21.7 billion, an increase of $100 million, based on momentum across psoriatic and IBD indications. Total neuroscience revenues of $12.7 billion, an increase of $100 million, now reflecting Braylar sales, approaching $4.1 billion, and Botox therapeutic sales, approaching $4.2 billion. The remaining $100 million increase reflects momentum from Renvoke and Venclexta. Moving to the P&L for 2026, we continue to forecast full-year adjusted gross margin above 84% of sales. We now expect adjusted R&D expense of approximately $9.8 billion and increase of $100 million, reflecting Apogee-related pipeline investments. We expect adjusted SG&A expense of approximately $14.5 billion as we continue to support our significant commercial momentum. We anticipate an adjusted operating margin ratio approaching 47% of sales. We also expect adjusted net interest expense of approximately $2.9 billion, an increase of $200 million, which reflects the partial year financing cost of the planned Apogee transaction. Finally, we now forecast our non-GAAP tax rate to be approximately 14.5%, which reflects the impact of acquired IPRD. Turning to the third quarter, we anticipate net revenues of approximately $17.2 billion, which includes an estimated 0.4% unfavorable impact from foreign exchange. We also forecast adjusted earnings per share between $3.84 and $3.88. This guidance contemplates a partial quarter of dilution related to the planned Apogee transaction but does not include acquired IPR&D expense that may be incurred in the quarter. Finally, AbbVie is financially well-positioned to complete the planned Apogee acquisition. We have secured interim financing and expect to issue long-term debt in the coming months. We remain committed to achieving a net leverage ratio of two times within two to three years following the deal close. Importantly, based on our strong cash flows, balance sheet, and business outlook, we continue to have substantial financial flexibility to pursue additional innovative business development. In closing, AVI continues to deliver outstanding performance and we are carrying significant momentum into the second half of 2026. With that, I'll turn the call back over to Liz.

Thanks, Scott. We will now open the call for questions. In the interest of hearing from as many analysts as possible over the remainder of the call, we ask that you please limit your questions to one or two. Operator, we'll take the first question.

Thank you. And as a reminder, that is star one if you have a question. We'll go first to Terrence Flynn with Morgan Stanley.

Great. Congrats on all the progress. Maybe a two-part for me on SkyRizzy. I know you have the FDA action on the subcutaneous formulation for induction coming up this fall. Maybe, Rupal, you could just speak through confidence in that approval. There's everything on manufacturing lined up. Just want to make sure there's no issues there. And then on SkyRizzy plus Alpha 4 Beta 7, some very exciting data. Looking forward to seeing that. Can you confirm yet if that will be at the UEGW conference in the fall? Thank you.

Thanks, Terrence. It's Rupal. So on the CD subcutaneous SkyRizzi, as I highlighted, very strong data. It is with SkyRizzi, so it's an asset well-known to health authorities, and manufacturing is very well-known to us. So we have a very complete submission that's in front of the agency, and so far that review is going according to plan, so no concerns at this moment. And then on the Alpha 4, Beta 7 combo data, I didn't specifically call out a meeting because of the timing. What we provided earlier was interim data. So as the rest of it comes in, we would obviously try for later this fall. And if we're unable to get into that window, then it would go into next year congresses. Congress is. So either way, we're very excited to show more of that data. And like I said, could be in the fall, and if not possible, we'll see it next year.

Thanks, Terrence. Operator, next question, please.

Yes, ma'am. We'll go next to Carter Gould with Cantor Fitzgerald.

Great. Good morning. Thanks for taking the question. Follow-up for Rupal. The phase two that you've talked about starting with the Alpha 4, Beta 7, it's a bit of a beast, 2,000 patients across a number of settings. Can you maybe just set the stage there? In the past, you've talked about the speed, not waiting potentially for the full Phase 3 data or Phase 2 data before moving to Phase 3. Is that still in the cards? And in that study, it also talks about ABBV 466 with Skyrizi and Trocinulimab. Is that a co-formulation or just a co-administration? Thank you.

Yeah, thanks for the question. Yeah, it's a large study. It's a platform study similar to what we've run before. Skyrisi is the anchor asset. We'll be combining TROSU or the alpha-4 beta-7 at even a higher dose than we studied previously. We are, in parallel, working on co-formulations. So the intent at launch for any of these assets in combination with Skyrisi and IBD would be a co-formulation. So that data would be collected in Crohn's and ulcerative colitis in combination with SkyRiszy. And then also the reasoning for the scale of that study is also the TL1A is in that trial as well, combined with SkyRiszy in Crohn's disease and ulcerative colitis. The enrollment should be starting any moment where a patient will be entered. The trial is ready to go. So the other question was around when we can start seeing data. We don't have an intention to wait till the end. We will take a couple interim snapshots, and if we see, for example, the higher dose of TROSU or the alpha-4 beta-7 agent is supporting higher efficacy, then we would start making plans to move into phase three with that combination. And the same goes to the TL1A. If we start seeing really strong data, we would start moving quickly into phase three. We would anticipate right now, hopefully in the first half of 2028, being able to kick off phase three programs in IBD.

Thanks, Carter. Operator, next question, please.

Yes, ma'am. We'll go next to Chris Schott with JP Morgan. in.

Great. Thanks so much for the questions. Can I just come back to SkyRizzy in psoriasis? I know you just made some comments in terms of the launch of Iketide and the impact or just lack of impact that's had there. Just can you elaborate a bit more of just what you're seeing in terms of dynamics in psoriasis and just how much more growth opportunity there is for SkyRizzy in this setting given the higher penetration rates? Just then a quick second question is looking ahead to the upcoming readouts for Ludi and Rinvoke and HS. Can you just talk about your relative confidence in those two assets and the role you see each playing in the market there? Thanks so much.

Yeah. Hi, it's Jeff. I'll take the first question. And as I mentioned, the profile is very, very strong, as you know, the skin clearance, the joint protection, the safety, the convenience. It's a very unique product. And that's why I think we have such a high capture rate. We see a couple of things in the market, and I'll highlight them. We've not seen a material change in our momentum since the launch of ICO. So one of the things that we look at, I'll give you a couple of data points. We have a fairly detailed symphony model, which looks at sort of sequential share. And what we can see since the launch of ICO, the vast majority of ICO share that we see is being sourced from the two other orals in the marketplace. And that's pretty similar to what we had expected. I think the other thing, which is even more important, it's a sort of a quantum measurement. So just to put a fine point on it, when we can track, we can actually see our raw MBRX data in the derm and psoriasis market. And this, of course, is our new starts as well as our switching starts, you know, classical MBRX. And when we look at the data from the launch of ICO, we've absolutely seen no degradation in any of our MBRX trends. In fact, they've actually grown from the launch of ICO in March. So that leads to another point that's probably accurate as we continue to monitor, is there still significant headroom in the moderate to severe psoriatic space. a large percentage of patients in the United States and around the world are still not on an advanced therapy. So we do, of course, factor in competitive dynamics into our competitive set and we'll continue to monitor, but we're quite pleased with the SkyRizzy momentum and we think it will continue given the robustness of this marketplace.

And Chris, this is Rob. I'll just I mean, we've always viewed this as a market-expanding competitive launch, and that's exactly how we're seeing it. Obviously, we're still investing. I mean, I think you've seen some disease awareness investments that we've made. And so we are seeing very nice momentum continue. And I think Jeff's point that he's highlighting here that we're actually seeing an acceleration of NBRX growth for SkyRizzy since the launch of ICO just further supports our view that that is more of a market-expanding opportunity.

Hi, Chris. It's Rupal regarding the HS questions. We have observed other failures in the space in HS over the years, and we did our best to design two very robust studies, and enrollment has gone very well. I would say training is very important for the sites. Patient selection is very important to make sure you're picking up moderate and severe disease. As we look at the distinction between Ludi and Renvoke, the Ludi-Kizumab studies are enrolling patients that were naive to advanced therapies or biologics along with those that had failed, for example, let's say anti-TNFs. And the primary endpoint there is a high score 75, so a more stringent endpoint while including more naive patients. When we look at the Renvoke design, that is coming post-biologic, so for example, post-Humera. And given that that's 100% after, that one has a high score 50, and we'll have secondary endpoints that will look at high score 75. So these are things that we doing to manage the trial outcomes to ensure as high a probability of success as we can. And how I describe the eligibility criteria for these two trials will be our go-to market strategy, which is very consistent with what we have executed, I would say, very well. um jeff's team's done a fantastic job in ibd with skyrizi and renvok and something similar is how we're thinking here where ludi based on the robust safety profile we observed in phase two along with strong efficacy could allow that to be in earlier lines of patients and renvok as we've seen over the years across multiple indications works well as a as a later line after advanced therapies. So based on those designs, you would see a similar profile in the market with those two agents, just like you've seen very successfully in IBD.

Thanks, Chris. Operator, next question, please.

Yes, we'll go next to Michael Yee with YeeBS.

Thank you. Maybe just pivoting away from immunology for one second, can you just talk a little bit about your expectations on Tevapadon launch ultimately and how you see this playing out and what could be a slow start, fast start. Maybe just talk a little bit about how you think about that. And then similarly in CNS, which you've talked a lot about seeking to grow, you also have a Boeing shuttle as well. And just wanted to understand a little bit about how you think that's differentiated as there's obviously a lot of interest here given what's going on in Alzheimer's. Thank you.

Yeah, thanks for the question. I'm glad you brought up Tabafadon because it's a key piece of our overall long-term strategy for growth in Parkinson's, as I highlighted in my remarks. Tabafadon is a very, very unique product. There's nothing else like it in the marketplace. It's the first selective D1, D5 agonist. And obviously, we'll have both a monotherapy indication as well as an add-on to levodopa carbidopa orals, the standard of care. And it's quite remarkable data that we see. Certainly, one of the most impressive dynamics that the thought leaders are very excited about is after 85 weeks of long-term utilization of Tabapodon, more than 90 plus percent of patients don't need to basically increase their dose of levodopa carbidopa. So essentially, it kind of pauses the motor dysfunction, which is really, really critical. And there's a belief that that, of course, will then spare the dyskinesia. That's just, you know, the hallmark of what happens over time. So it's very impressive. The other thing that's impressive and very distinctive is low, very low rates of sedation or so-called sleep attacks, which are very challenging in this population, low rates of edema, and really impulse control disorder. So that profile of efficacy and safety and distinctiveness is quite attractive. Now, to get to the nub of your question, we do see that the ramp will be modest at first, and I'll tell you why. It's not the profile of the medication. It's largely because based on the timing of the approval, we will not be immediately added into the Medicare formularies. That's going to take some more time based on the way those negotiation works, etc. But nonetheless, we believe that this will be a substantial addition to the marketplace and a clear contributor to that greater than $5 billion peak potential. So lots of excitement for Tabapadon. Yeah.

And Michael, it's Rupal regarding the 1758 or the Haleata acid. So that has now entered into 1B setting. So patients who have a disease and the molecule was built to have an extended half-life. And we've observed that with the PK data in the first in human studies. The other thing we wanted was a better cerebrospinal fluid penetration than we saw with a naked antibody, which let's say is around 0.1%, 0.2%. This is over 1%, so several fold higher. So the transport is working. So if we're able to get more into the CSF and an extended half-life, and you can take down plaque, and specifically this is targeting A-beta, the pyroglutamate type, which we think is the more toxic species, we think that could set up a potential for a subcutaneous agent that could be dosed monthly. So we're looking for simplicity in the patient experience. So I would say by next year, we should start seeing data in scans to see if we can clear the brain as much as possible. And if we see that, this would rapidly move. And in parallel, we're also working on our anti-tau program utilizing sRNA and the same shuttle technology. What we've observed today is mostly intrathecal approaches. We think that can be challenging. and if we can deliver an sRNA using similar technology from Aliada, that could be another benefit. Ultimately, down the road, I think everyone has commented on this, to approach Alzheimer's will likely require a combination approach, and I would say have these well-positioned to go after this and hopefully one day help as many patients as possible.

Thank you, Michael. Operator, next question, please.

Yes, we'll go next to Mohit Bansal with Wells Fargo.

Great. Thank you very much for taking my question. So I want to come back to HS. And the biggest debate, like when you talk to KOS, is that IL-1 is simply another inflammatory mechanism for HS or it could become meaningfully superior to IL-17? of everything that is out there, also on fibrotic and all those components, what evidence today gives you confidence that lutechizumab could actually break through the efficacy ceiling And then the second part on this one, same one, is that how are you managing the GLP-1 baseline use in your clinical trial? Because that could actually contribute to high placebo rates here.

Yeah, thanks, Mohed. It's Rupal. Regarding the efficacy comparisons, I would say benefit-risk comparisons. So one, in the phase two study with ludicizumab, we saw very strong data, very high deltas that would position it very favorably against anti-TNFs and anti-IL-17s. We don't see fungal infections. We haven't seen flares in IBD. So we think all of that taken together creates a strong benefit-risk balance. And as I stated, you would have potentially strong data from RINVOC as well, so that way we would have a dual offering. Now, when it comes to the GLP use, the trial is quite large. So if there is GLP-1 use, we would see that occurring in both arms. So if it's happening in placebo and driving up placebo responses, we would anticipate a similar effect in the active treatment arm as well. And then remember, most of these studies started a little bit before the rate of increase, I would say, with GLP-1 usage. But that being said, I think weight loss is a potential important driver of inflammation and pain in the disease. And having our 295 asset, our amylin, potentially in combination with Ludi, is another approach that's under consideration. I've already mentioned blocking 23 with SkyRizzy and Acamo with amylin in psoriasis. So I think your observations are spot on on what's occurring, and we would like to build off of those observations, even in our obesity franchise combined in our immunology franchise.

Thanks, Mohi. Operator, next question, please.

Yes, ma'am. We'll go next to Asad Hayter with Goldman Sachs.

Great. Thanks for taking the question and congrats on the quarter. Maybe just if we can talk about oncology, Rob, I know you've said in the past that this doesn't get enough attention. So maybe just a question on the broader oncology strategy and some of your key programs in the context of a rapidly evolving landscape where both ADCs and PD-1 VEGF programs are in high focus. So first, what are we going to learn about TMAB-A in the upcoming readouts, and where do you see this ADC differentiating from others like Merck's SAC-TMT or AstraZeneca's DatoDXD? And then related, on the PD-1 VEGF compound that you licensed from RemGen, I think, Rupal, you've said that there will be some data at Whirlung in a couple of months, and you've previously noted that you're considering accelerating that program into phase three with chemo combos and ADC combos. So just any preview of what we can expect at World Lung and on your overall development strategy. Thank you.

Thanks, Asad. It's Rupal here. So regarding our ADC portfolio, if you look for a second, and it's happened pretty quickly, we have Elihir, Amrelis, and now Dechnopaz on market. So there's three ADCs already out there. The Amrelis asset is already in CMET in second-line Lung. So physicians are already getting experience. So in terms of differentiation, it's already starting now with EMRELIS because folks are now learning about CMAT testing and they're seeing, you know, I would say really reasonable uptake in EMRELIS that is exceeding our expectations. So that's the first point. And as we move on to TMAB-A, as I described, we're already in well into phase three in combination with bevacizumab and third-line colon cancer. And colon, which is not all that different from ovarian, which is going to get crowded, but right now it's all chemo-based. So it's a very broad market, and we see high rates of CMAT expression in these tumors, especially in later lines. So that's going to be in an all-comer population. And recall in phase two, against the standard of care, we saw 0% response rates with a 30% response rate with TMAB-A plus BEV in that third-line setting. What I mentioned earlier today was data readouts in second-line CRC. It's a larger population. The therapy in front-line and second-line is similar. And if we see strong data there against Ireno-TECAN, we're trying to replace Ireno-TECAN, if we see higher response rate and deeper response rates, then we are positioned to move TMAB-A into the front and second line setting, which are large markets. Now, what we'll be evaluating as you get into earlier lines is how CMED expression looks. We tend to see it quite high in later lines. And so what that could allow us then is to have a biomarker-directed approach, which, as I stated, the community and academic centers are becoming very familiar with CMAT testing. And that could be a strategy in front line and second line. And that's another layer of differentiation. Physicians want to individualize care and maximize benefit risk. and how that can occur in oncology with ADCs is first we optimize the dose, select the right patients, and then deliver a biomarker to the field so they can do exactly that as individualized care. So I would say these are distinctions that will further differentiate. Now we're also studying in head and neck, as I described, and ovarian, and we're positioned as those data read out to move into phase three. I would say in particular in ovarian, we know ovarian already in the FR-alpha space. And if we do a CMET-directed approach in ovarian, that would be highly distinctive and differentiated from everyone else, let's say, majority pursuing FR-alpha. We see little overlap between the two biomarker approaches. So another individualized approach. And if I step back further and look at the work that we're doing in lung with TMAB-A, we're exceeding efficacy levels that we saw with Ambrellis. So combinations in the frontline are going to be very, very important. And that's where PD-1 VEGF can come in. And as we're establishing that early on, and you'll see that at World Lung, what you'll see is response rates and PFS in lung, and we anticipate seeing a very competitive profile when it comes to efficacy, tolerability, safety. And we think at this stage, if we have optimized dosing and we get concordance with regulators, we can move into phase three very rapidly as a chemo combo, and then in parallel start testing our ADCs in combination with that PD-1 VEGF across tumor types. So that would include lung, as we already stated, and also potentially ovarian amongst other tumor types. I don't want to take up too much time, but 706 and SES-6 is our ADC, which has shown very strong data on small cell lung cancer. That's in phase three now. And I'll highlight our PSMA steep bispecific antibody 969 showed very strong data at ASCO. And that one is now well positioned to start moving into phase three into prostate cancer and can be very competitive and will not have all the logistical challenges of radioligand therapy. So that's a snapshot. I would say much more to come, and we're very excited about this portfolio in oncology.

Thanks, Asad. Operator, next question, please.

We'll go next to David Anselam with Piper Sandler.

Thanks. So, in light of your comments on Revoke in AA and Vitiligo, particularly regarding Vitiligo, just how do you square your expectations in terms of peak with an increasingly crowded development landscape, inclusive of other agents like IL-15s and CD-122s. So that's number one. And then maybe switching gears to Bredasilisin and the psychedelics slash neuroplastogens. How are you thinking about positioning of that agent? I know there's a lot of development work ahead, but wanted to get your thoughts on positioning, particularly in light of the recent MDD data for definium's form of LSD. So if you could comment on that, that would be helpful. thank you.

Yeah, I'll take the vitiligo questions, Jeff. You know, and what we've seen, and I think the whole world has seen this over time, is that these immunology markets are amazingly resilient and very expansive once these technologies come in. And I think we've seen that over and over again. We've talked about how, you know, years ago you start to establish an immunology segment, and then you start getting second line, third line. These are lifelong conditions. And I think the first key piece is vitiligo. Obviously, there's no systemic treatments approved. We will be the first. So in terms of that dynamic around being particularly effective for the higher body surface areas, which are quite common, and obviously the topicals just, they don't make sense there, particularly if they're active. It's just very difficult to manage creams. And when you look at the efficacy that we start to see, particularly in the longer term extensions that just builds over time, the ability to really systematically clear the skin is quite striking. So that gives us a significant amount of confidence in terms of how these markets will cascade and our ability to manage it. Plus, we have an extremely strong position. I mentioned in my remarks that we've already started to expand our, essentially our Renvoke sales force. So our ability to bring multiple indications with long-term safety data across the board, whether it's atopic dermatitis, alopecia, vitiligo, we'll have, I think, an exceptionally strong position to lead this emergence of the vitiligo market. So that's how we see it. I'll Let Rupal handle the bretta-sillicin dynamic.

Hey, David, it's Rupal. And, you know, regarding Vitiligo and Alpicia-Ariata, the head start is very beneficial. And at this stage, we don't know how all the other assets will play out in terms of longer-term safety and efficacy. Renvoke is very well characterized with well over a decade of safety data. and the familiarity already exists in atopic derm, and it'll build further with alopecia areata and vitiligo. And then we also anticipate improvement in efficacy over time. So that's to add to Jeff's comments. And then on Bretta Sillison, several areas of differentiation. One is the short time of the experience. The majority of the patients within two hours are ready to leave the clinic. So I think that's one advantage. The second advantage, I would say, is the experience itself, where with Brady Sillison is described as visual and a rich experience. Some of these other assets that are being developed can be quite intense. Some have described them as unpleasant and distressing. The clinics with some of these assets will observe loss of consciousness where a patient becomes unresponsive. So that's not something that we have observed with bretosilicin along with that short duration of effect. The other notable mechanistic quality is the fact that it's antagonistic at 5-HD2B. And many of the others are still agonistic at that receptor. And recall, that's the receptor where you see cardiovascular toxicity, specifically with thickening of cardiovascular, of the valves and regurgitation. So we don't see that as a problem, which could set up the potential for chronic use. And we are under study with MDD and also considering PTSD and amongst others. So hopefully that gives you a good sense of why we like this asset and how it can be differentiated once hopefully it gets to market.

Thanks, David. operator. Next question, please.

Yes, we will go next to Louisa Hector with Berenberg.

Oh, hello. Thank you for taking my question. I wonder if you can give us any kind of early indication from formulary season. I'm hearing levels of confidence as usual on Skyrisi and Rimbox. So just sort of checking around pricing environment and impacts of some of their head to head studies from competitors. And then just a quick check post the announcement of Apogee. Did you deprioritize any of your own pipeline assets in AD around that time in connection with Apogee? Thank you.

Yeah, thank you for the question. It's Jeff. And I would say that the progression of our discussions with the payers, you know, we obviously are in contracting season here, which typically starts in the, you know, early spring. It seems like it starts earlier and earlier. But I would say we're, you know, while these negotiations are always tough negotiations with the payers, I would say they're relatively consistent, very consistent with what we've seen over the years. As you know, we've highlighted before that, particularly in immunology, that this is a volume-driven business and we see sort of, you know, low single-digit concessions around rebates and price concessions as the standard. And our position really hasn't changed from that standpoint. So we continue to be encouraged with how things will play out. We're not done yet, obviously, but we have a very strong capability here and our consistency should be appreciated.

And Louisa, it's Rupal. And also on the head-to-head question, And what we've observed over time with these head-to-heads against SkyRizzy, the data gap closes over time. So you see less and less of a separation. And clinicians really like the safety profile and patients like the quarterly dosing. So there's going to be continued strong demand for SkyRizzy. And on the question on our own atopic dermatitis assets, I would say we are running all of them in parallel and as quickly as we can. Obviously, we want to move the anti-IL-13 as quickly as possible. And whatever we can do to help that post-deal closure, we're going to do that. And we are in the clinic with our 1331 bispecific and should be shortly in the clinic with a 1318 bispecific in atopic dermatitis and then potentially even asthma. And then there's a 31 monoclonal that's coming with Apogee, and that's something else that we want to test as well. And all of these assets that we've mentioned are going to be long-acting, so if they can deliver the efficacy that we want to see, we will also be able to deliver that convenience to patients as well.

Thanks, Louisa. Operator, next question, please.

We'll go next to Matt Phipps with William Blair.

I wanted to ask about ABV859, the oral L-23 receptor inhibitor. You talked a little bit about icotide coming into the market. How do you see the differentiation for 859 and maybe how you'll position it across other indications? Thanks, Matt. It's Rupal. So what we liked preclinically about this asset was the potency. And if that can play out, that may be a way to allow the dose to be a little bit higher and to get much better coverage. Right now, when we see how SkyRizzy provides coverage, it's much, much deeper, and we see higher responses than the oral and many other assets. and we think that could be potency and how high you can push the dose that's still tolerated by the patient and still needs to make sense from a cost of goods standpoint. That's one aspect. The second aspect is around half-life. Many of our orals will have short half-lives, and if you have a drop, what we call C-min, that's when the concentration reaches a low, you could be losing efficacy. So with this one, we have a design element that allows for an extension of half-life. And we'll start seeing that data, I would say, next year to see if we do see an extended duration of half-life that could exceed a day or two or even further. And if you have that, you can have much better coverage, potentially drive higher efficacy where we would like to get it, hopefully closer and closer to SkyRizzy. And could there be, the question mark still remains, is could there be a question here? You may not require daily dosing. If the half-life is extended long enough, could you run in quickly in a starter pack? And could you even take this once a week? And that's something we've observed preclinically. Now we'll have to see if it plays out in humans and that those studies are kicking off imminently.

Thanks, Matt. Operator, next question, please.

Thank you. We'll go next to Louise Chen with Scotiabank.

Hi, thanks for taking my question. I wanted to ask you on SkyRiszy subcutaneous, if you get this approved in the fall, do you expect that to drive an acceleration of sales in the second half of the year for SkyRiszy? And then on the runway for exclusivity for SkyRiszy beyond 2033, any updates there? Thank you.

Yeah, thanks for the question, Jeff. We do expect a meaningful acceleration for SkyRizzy because of this. And if you think about it, the number one market value driver in IBD is efficacy on these stringent endpoints we talked about, like endoscopic response, endoscopic healing. And the whole aspect over the sub-Q induction, it allows a certain segment of physicians to not have to work across two different reimbursement channels like, you know, a part B or a medical channel and then a pharmacy channel for the sub-Q. So in that sense, it's convenient. So when we look at our data that Rupal and I highlighted, you look at the availability of that induction, you're sort of hitting on all of the market value drivers. So very strong efficacy and the most stringent endpoints. You know, more convenience on induction, so certain segments don't have to work across both reimbursement channels. And then lastly, we obviously have a very strong position for our maintenance convenience. So with those three things, we are planning for an acceleration of our capture rate. Now, having said that, it will take, you know, a month or two or a few months to sort of fully ramp up the availability based on our contracts. So we'll probably start seeing that really early in 27. But nonetheless, our ability to start to communicate and basically highlight this innovation will come here in the fourth quarter.

And, Louise, this is Rob. I'll take your question on the SkyRizzy LOE. I mean, although SkyRiszy's composition of matter patent expires in 2033, as you noted, we do have later expiring IP granted and in process that embodies SkyRiszy's significant innovation. And this includes patents expiring in the U.S. in the mid-2030s and later. Now, it's important to note, though, that regulatory data protection for SkyRiszy does not expire until 2031. So we do not expect to see biosimilar application filings until the end of this decade. Obviously, we have a strong track record of vigorously defending our patents and protecting our innovation, and I would expect that to continue.

Thanks, Louise. Operator, we have time for one final question.

Yes, ma'am. We'll go next to Evan Siegerman with BMO Capital Markets.

Hi, I'm Malcolm Hoffman on for Evan. Thanks for taking our question. For MRaclidine, I know you had said 100 milligrams is safe and tolerable with further escalation Can you speak to why you may be confident this increased dosing could translate into improved efficacy above what we had previously seen with the acid? Are you looking at receptor occupancy data? Just trying to get a sense of confidence here. Thanks.

Hi, it's Rupal. I'll take that. Yes, 100 milligrams is looking good, and that would be the lowest dose that we would take forward. Next is 150. And as you stated, receptor occupancy, when we noted the previous EMPOWER data sets, was lower than what we would have wanted. So as we're able to increase the dose, we do anticipate much higher receptor occupancy. The other observation is PK variability, even within patients. So if we can deliver a higher dose, we can have a better, consistent PK dose to dose, and then over time, improved receptor occupancy. We still like this profile. If we can deliver on that efficacy, we are seeing good safety. It's once a day, and we're not having the GI adverse events. I think that can be quite problematic today in schizophrenia. So more to come, and Phase 2 is kicking off later this week.

Thanks, Malcolm. That concludes today's conference call. If you'd like to listen to a replay of the call, please visit our website at investors.abvi.com. Thanks again for joining us.

This does conclude today's call. Thank you for your participation. You may now disconnect.