All right, we're just about at time, so we can kick off our next session with AbbVie. Very excited to have the whole AbbVie management team over here with us. Rob Michael, CEO, Scott Green, CFO, and Rupal Thakar, CSO. Thank you all for being with us today.
Great to be with you. Thank you very much.
So, Rob, maybe starting with you, with a big-picture question, you know, just to sort of, like, high-level frame for us That's where AbbVie sits today as we look out to the next, you know, five to ten years. How do you expect the complexion of the company to evolve with respect to therapeutic areas, business lines, and potential new pillars of growth?
Like, I think what you're seeing is a continuation of the strategy where we've talked about a quick return to growth. We exceed our peak sales last year, just two years after the U.S. Humira LOE, with, I'd say, like four really strong growth drivers for the company. You know, immunology, clearly, I mean, Skyrisi and Rindvok, you know, are now exceeding the potential that we anticipate for 2027. I mean, a year ahead of time, right? And so, and we see significant runway for that. I'd say in oncology, and I actually have Rupal speak to some of the pipelines. I think we should really get into the pipeline. So maybe I'll have you talk a little bit about the pipeline in oncology.
Yeah, just coming out of ASCO is an exciting time. a lot of interesting developments, PD-1, VEGF space, KRAS space, and these are both areas that we're participating in, in particular combination approaches with our ADC portfolio. We saw very nice data with TMAP-A, that's our CMET targeting agent with a topo warhead stable linker. We saw new data in head and neck cancer and ovarian. And both of these areas are places we see we can start moving towards dose optimization and pivotal designs. In ovarian, we see that complementary to our FR-alpha approach with Eliheer. And in head and neck, that's a unique approach that we see even in the future as a combination with PD-1-VEGF, which is the Remagen asset that we have now, also can play in ovarian. And we also showed very good data with Intentamig in multiple myeloma, acknowledging that we're behind in the BCMA space. However, having a potential outpatient option with a single step up, getting to maximal dose immediately and having a once-a-month option right away is an exciting time. and we showed very strong data there with a single dose of tocilizumab taking CRS to 0%, which is very unique in the BCMA-TCE space. So coming in later with a strong profile could still allow for differentiation. We anticipate phase 3 data later this year.
So I think it's really important, and the reason I want to highlight oncology is as a company, we don't get enough credit there. And I look at the shape, and you asked the question of the shape of the company And as I think about in 10 years' time, oncology is going to be a very important player for us. So we will be, you know, leaders in immunology for a long time. We have an emerging pipeline in oncology. We're the largest player in neuroscience, really across, I'd say, you know, three pillars today that can each contribute in excess of $5 billion peak. You think about psych, think about migraine, Parkinson's. We have a program in neurodegeneration with Alzheimer's. We have an aesthetics business that we think strategically can play an important role with the growth in obesity. And so we see four areas plus obesity as being the key growth drivers for the company. But I wanted Rupal to talk about the pipeline on oncology because we just had ASCO. And we're not getting enough questions on it.
We have a lot of questions on ASCO for Rupal. So don't worry. We're going to get there. We're going to get there. But, Rob, before we get there, I mean, you're talking about oncology and other areas outside of SkyBizzi and Rindvok. and the immunology concentration. So maybe that's a good segue in terms of just, you know, business development, right? This is a question, and I'm sorry to ask you. You've been probably asked this multiple times in many different ways, but I'm going to do it again just to get your latest, you know, sort of thoughts on that, on just how you're thinking about deploying capital into later stage or even revenue-generating assets. It sounded like, you know, on the first quarter call you opened the aperture a little bit on being more open to those types of deals. So update us on your latest thinking as it relates to the BD lever.
Yeah, I would say it's less about opening the aperture. It's more about being, I think, clear in our intentions because I would say there's probably a misconception that we were not open to, I'd say, later stage or on-market opportunities. And look, strategically for the company, we have the growth drivers we need to drive top-tier growth well into the next decade. And so you've seen us over the last two-plus years execute transactions expending about $8 billion in capital to really add depth to the pipeline for growth drivers for the company beyond Skyris and Ruinbox to think next decade and beyond. And so that's why we've been very active with new mechanisms in immunology, TL1A, TREM1, IRAC4, and then the in vivo CAR-T platform with Capstan that gives us a B-cell depletion approach that could lead to functional cures. we're thinking about the growth in immunology, you know, well beyond Skyris and Renvoke. That's what really motivated the external innovation we brought in immunology. In oncology, there you've seen us with trispecific TCEs and multiple myeloma, IGI, Simcer, also the PD-1 VEGF with Remagen, the KRAS inhibitor with Kestrel. I mean, those were all transactions, again, as we think about what we have in our pipeline, how do we complement that with external innovation to drive growth in oncology? In neuroscience, obviously, we had the cerebral transaction a couple of years ago, but I'm very excited about bretacillus and the psychoplastogen from Gilgamesh and the transformative potential it has in depression. Obviously, we're excited about emraclidine from cerebral. We did the Aliada deal a couple of years ago to give us that brain shuttle with the next generation A-beta antibody and Alzheimer's. And then, obviously, the deal we did with Gubra to enter into obesity, We see that as an area of high unmet need where we saw an opportunity for differentiation. We also saw it as an opportunity within aesthetics. And then I also strategically think about it from a there's a cost to not participate in this space. And the cross-therapeutic benefits, as we think about combinations in immunology, migraine, there's a lot of potential with these obesity assets in the therapeutic space beyond just weight loss. And so that's why we pursued those transactions, was to add a lot of depth to our pipeline as I think about growth in the next decade and beyond. That's not to say that if we see something that's compelling within the verticals we participate in, and so think immunology, oncology, neuroscience, and aesthetics, plus really building out obesity, those are the areas that we're focused on. If there's something that's a near-term revenue driver and we think we can drive value there and it's differentiated, that's really important. It has to be differentiated in our eyes. We've seen a lot of transactions in this space. We've looked at a lot of these opportunities. We didn't see the differentiation that convinced us to pursue them. That said, if we see it, we have plenty of financial wherewithal to execute those transactions. And so my intent on the call was to be more clear because there was this – I felt there was this perception that we were not willing to pursue near-term revenue drivers. We are absolutely willing to do it. You could very well see us do that. But there was a reason why we transacted the way we did in the last couple of years was to add depth to the pipeline to drive growth beyond this decade because we have, again, a very clear line of sight to top-tier growth well into the early part of the next decade.
I want to just stick with obesity for a second because, you know, that's been a very dynamic area. We've just come off of ADA. You know, there's a lot going on, particularly in the 2028 timeframe with the, you know, new entrants coming, monthlies, higher efficacy agents such as Retitude, right? So, you know, just maybe double-click a little bit more on the framing you just laid out on the market and where you see the white spaces or the, you know, commercial opportunities that still remain untapped. And, you know, maybe, Rupal, I can bring you into that as well.
Yeah, why should we not? I can start. So much of what we've seen play out, whether it's near term now or since we did the deal for Gubra, is largely what we anticipated. Higher efficacy agents, for sure, stretching out durability or duration. And that's something that we think we can continue to differentiate, even what we've seen today. meaning even with high-efficacy agents that you see in a clinical trial setting, despite that, when you see them on market, they tend not to last very long. So we still anticipate more than 70% of patients actually falling off of therapy after a year, despite higher efficacy, because you still have the adverse event profiles. With some of the newer agents, now you're involving skin adverse events. So that's going to continue to put pressure on adherence over long term. And to realize the full benefits of weight loss, we think duration and durability are key. That's why the amylin class made a lot of sense for us. So as we move this forward, we've seen a 10% delta thus far, and that was in a setting that was a BMI of 29 and mostly men. So not really a setting where one would see an optimization of weight loss. So as we go into Phase 1B and Phase 2, we'll see the BMIs in the 35 and up and more women engaged, and also we'll be driving the dose higher than we actually studied in the Phase 1 setting, and also exploring every other week and monthly dosing, coupled with a strong adverse event profile or favorable profile, we should be able to drive greater durability in the future. And as Rob said, we're still interested in other external assets if we think they're going to be a good fit. And also what we see playing out from an access and pricing standpoint is largely what we predicted moving into a cash pay segment. And that is, I would say, a very nice fit with our ongoing strategy and work in aesthetics where we have very deep and strong relationships with these centers that are talking to many patients on a daily basis and talking about their full aesthetics journey, which includes weight loss, which includes volume loss solutions, toxin wrinkle solutions, skin quality solutions. So for us to be into that market, it's a very strong fit for us to provide that channel of offerings across the aesthetics journey, and obesity is a perfect place for us to be in, and again, fully anticipating the newer entrants along with the pricing dynamics.
And I think in aesthetics in particular, having that additional element of the portfolio always helps, right? I think a lot of our customers are looking for that portfolio offering, and so it has a natural fit. I think Goober, frankly, was interested in partnering with us because of the Aesthetics Channel, so we can certainly leverage that. But I see it as, again, building around the combination approach. There's multiple segments in this category. There's a lot of places you can play, but also as we think about how does it play in other therapeutic areas, as I mentioned, immunology, neuroscience. As we look at this opportunity, it's more than just about weight loss.
Yeah, the compelling fit, again, with the Skyrisi, let's say, and psoriasis, most of the patients are overweight, and hydradenitis supertiva, a combination of ludicizumab, but overwhelming majority of patients that are higher weight, so these are the other combination approaches that we can consider.
I want to get to those combos, but maybe, you know, back to you, Rob, one last sort of high-level one, and Scott, you've been waiting patiently. I do want to bring you into the conversation, but Rob, for you, just, you know, we're asking all of our companies this just in terms of the external operating environment for the industry broadly. You know, you've got the midterms coming up. You've got some regulatory uncertainty with the FDA vacuum. You've got attempts to codify NFN. You know, these deals are going to expire in a couple of years. Let's see, you know, if that happens. So, you know, what are you, Rob, paying close attention to in terms of what you're watching? Are there any banana peels out there that we should be aware of in terms of M&A or drug pricing that could, you know, we could skid around, that are just around the corner?
Well, clearly 2025 was a very active year for the industry in engaging with the White House. And I think we're pleased that we were able to reach an agreement that recognized, you know, improving patient access and affordability while also protecting the U.S. innovation ecosystem. And that was an important part of the conversation was, you know, we have an industry now that is producing, I think, some very compelling next-generation medicines, and you don't want to disrupt that. So how do you strike that balance? And so as an industry, I think we landed in a fairly good place. But what needs to continue to happen and what we've been working with the U.S. trade on is addressing the unfair practices in Europe. I mean, the idea of, you know, most favored nations, you have to have that complement of, well, you're also addressing the unfair practices outside the U.S. And the companies by themselves cannot accomplish that. We need the administration's help. And so we've been actively communicating with U.S. trade on ways that we can address that. So I say that is certainly top of mind and something we're continuing to work on. Clearly, I think in terms of on the policy front, you've seen a lot of activity around 340B. and we've been very vocal about the abuse that's happening in 340B. I think the entire industry, we're all tacking it a little differently. But again, a high level of engagement. I was encouraged that the administration recognized that the issue there, there was talk of having a pilot. There's obviously more to do on that front, but I'd say that's another area. As it relates to codifying MFN, I mean, we're clearly across the industry. We all say that's bad policy. And so there is a level of advocacy work being done to ensure that that doesn't happen. And, again, we don't want to destroy the U.S. innovation ecosystem. So I'd say those are the main things that we're focused on, with the primary one being, you know, how do we address the unfair practices outside the U.S.?
Okay, very clear. Thank you for that. Scott, let's bring you in. Talk to us about, you know, business trends, high level, you know, we're sort of deep into the quarter now. Any trends that stand out, you know, across the portfolio that you'd like to highlight? Just wanted to give.
No, look, I think from a trend perspective, If you look at, you know, our guidance for the year, if you look at our first quarter results, very strong first quarter, double growth, you know, SkyRizzy and Renvogue, you know, they're many years into the launch. They're still growing, and based on our guidance at 23 percent, both of them are. If you look at the results we entered the first quarter, we exceeded by $300 million. We raised guidance on a four-year basis, 100 to SkyRizzy, 100 to Renvogue. So that continued momentum that we're seeing in neuroscience continues to grow very well also. It's growing 17% as an area as a whole with really broad-based growth that we're seeing there. And I think when you look at our, you know, our top-line growth, it's actually right at 10% reported. So, you know, double-digit reported growth, just over 9% operationally. And so we're seeing very strong momentum across the business. Certainly, you know, there's more competition in certain areas, certain immunology as an area with SkyRiszy that we've seen the competition. You know, we've modeled that competition very carefully, and we feel very comfortable with our guidance that we've had. And I think as you look at, you know, from another thing that I think we're doing well is growing earnings. We're growing earnings over 14 percent this year. So we are being efficient with our investment, but we're also, you know, investing with an eye to the future.
Yeah, I mentioned earlier that, you know, we achieved a new peak sales just two years after the U.S. U.S. mayor LOE last year. But, you know, we're out here in the next year delivering double-digit top-line and bottom-line growth in the face of competition. I mean, when you think about Skyris and Renvo growing, you know, excess of 20 percent, their eighth year on the market, despite the entry of more competitors, you know, it just shows the power of that franchise. And so we're very pleased, but not just with the performance in immunology, but we see, like, in neuroscience, again, we'll be the leading neuroscience company this year when you look at the overall portfolio, growing high teens, you know, with tremendous growth potential there. And so I think we're very pleased with the, you know, when I look at the business in the first quarter, every single growth area met or exceeded expectations. And so, you know, I think we've had a very nice, broad-based, strong performance.
And then I guess to that point, Rob, you know, you provided some additional color on the first quarter earnings call on how your internal forecast, specifically for SkyRizzi and WinVoke, compared versus consensus. And, you know, that was very well received by investors. I guess any update on potentially providing another midterm guidance in the future and under what circumstances might that be?
Yeah, so we never provided midterm guidance. We provided long-term guidance ahead of the U.S. Humira LOE because if you think about the circumstances then, to give investors a picture of what the company will look like on the other side of the industry's largest LOE, it felt appropriate to give fairly granular long-term guidance. It's very unprecedented. Really, no one gives that level of detail on long-term numbers, right? But we felt it was important to help investors understand what the company looks like on the other side of, again, an unprecedented loss of exclusivity event. Now, I'd say the line of sight is very clear. I mean, it's a much easier business to model as you think about no significant LOEs this decade, very large coming in 2030, but I'd say a clear line of sight to growth well into the next decade. And so now it's really about, as we see, and I did it on the first quarter call, as we see where the street consensus is off. That's typically what we see companies do. That seems to fit. I think going out with very specific long-term guidance under the circumstances doesn't make a lot of sense. But I will say, as we looked at the models, it was clear to us that we see, you know, Skyris and Renvo, you know, in our estimates, exceeding the peak potential that's modeled by the street. We wanted to point that out. Also in neuroscience, when I go, I've mentioned I've got three verticals that they think about them as, you know, $5 billion or plus. And each one of them actually was modeled around four. So like Vralar, we've said approaching five, the streets have four. Migraine exceeding five, the streets have four. Parkinson's exceeding five, the streets have four. So each of them is off by a billion dollars. So we felt the need to highlight that. And then I would also add, and that's why I wanted Rupal to get some words in on oncology, because the street is not modeling our oncology pipeline appropriately. We are very excited about both, particularly TMAB-A, Etenta-BIG, not to mention 969 and 706, but those two assets, Etenta and TMAB-A, are multibillion-dollar potential assets. And right now, sell-side has each of them around a billion dollars. And so there are clear upside opportunities. And so expect us to talk in those terms versus going out with a very specific long-term guidance again because the circumstances have changed.
Great. Thank you. All right, let's start digging into some of the pipeline stuff, Rupal. You know, I will come back to oncology, but, you know, we've touched on it already, but maybe just starting with immunology and IBD and some of the competitive readouts that you've had over the past few months that you, you know, alluded to with respect to Skyrizzy and Renvoke Markets. You know, you've had the J&J Duet program. You've had, and that was in UC and IBD. You've had Spires as readouts. You've had AbbVivac phase three UC maintenance data. So, I guess, how are you high-level viewing these developments with respect to SkyRizzi and Renvoke and your overall development program?
Maybe starting with IBD, and then we can add TL1A into the mix that you brought in. When we step back and look at that emerging landscape, we've yet to really see differentiation from where we're at with SkyRizzi and Renvoke, and how those are positioned as SkyRizzi is in the front line in ulcerative colitis and Crohn's, and you see very strong data there and very strong share. And then Renvoke, as its label has evolved starting last year, our teams are now getting into the field talking about that independently of SkyRizzi, and you'll see more of that this year where physicians now have the flexibility to use Renvoke, not necessarily always after an anti-TNF, but after a biologic if they feel it's appropriate. So that is a much stronger fit with Skyrizi in the front line and Rinvok immediately after that for the patients that it's felt to be appropriate, and we're seeing that starting to play out. So that's in ulcerative colitis and Crohn's. And when I reflect on some of the assets that you talked about in TL1A, they still don't differentiate when I think about our one-two sort of punch in IBD in front line and second line. Now, because of that lack of differentiation, the question is where can one go to break the efficacy ceiling barrier? And our strategy starting a few years ago was to combine with a safe asset that's highly efficacious, which is Skyrisi, as an anti-ALO-23, very familiar. And the first foray into that combination was a unique alpha-4 beta-7. This is not a simple extension of half-life with an existing molecule. It is a molecule, our alpha-4 beta-7, named ABBV3A2, has 3 to 4x potency, better binding affinity than an existing alpha-4, beta-7, vetalizumab. And we chose not to silence the FC tail and left it active. And that's consistent with our anti-TNF that did quite well in IBD, which is Humira, which had a wild-type FC and not dissimilar to Remicade. And what we saw there in the combination was a doubling effect, not in ulcerative colitis, which is where one would think an alpha-4-beta-7 would shine. It's actually in Crohn's disease where we've seen failures in Crohn's. And we saw a doubling effect when you combine 382 and Skyrisi for endoscopic remission, which is the most important endpoint in predicting long-term outcomes in patients with Crohn's disease. And the other unique finding there beyond the doubling, which the team is very excited about, is a lack of plateauing of effect for 3A2. So what we will do next, based on that finding, is test a higher dose of 3A2 along in combination with Skyrisi very rapidly here, and bringing in our TL1A as part of combinations not just in Crohn's but in ulcerative colitis. So those four sets of studies will be kicking off very soon, hopefully to enable us to move into phase three very rapidly with optimized dose to maximize efficacy and the safety profiles that we've observed have been very favorable. So that's in IBD, and in psoriasis, as we see emerging competition, we have the current profile of SkyRisiv, which is very strong, with quarterly dosing, head-to-toe efficacy, scalp, genital, palmar, planter, statistical significance across the board, extremely strong data, and psoriatic arthritis extending now to five years, showing limited X-ray progression. and soon pediatric indications as part of that expansion, we see that already as a very strong continued competitor in the physicians and patients that already know you very well. And that quarterly is already very convenient. And even with the existing SkyRISI data, if you take it every six months, you still see 60% preservation of efficacy. That being said, we do have a longer-acting agent in the IL-23 class that's entered into the clinic, which we feel can also support extended durability and potentially even higher efficacy if we test a little bit higher dose early on. And as we round out immunology, we're also very enthusiastic of our B-cell depletion platform, which includes a CD19-depleting antibody drug conjugate with a glucocoryl receptor modulator, a naked version of that antibody, and then the very exciting lipid nanoparticle, targeted lipid nanoparticle approach, which is from Capstan, which is an mRNA approach, which we can provide without lymphodepletion, dosing that, observing B-cell depletion, and healthy is now pivoting that into patients in rheumatology, including rheumatoid arthritis, sclerosis, Sjogren's, lupus. So that, we'll see some data out of that B-cell platform, hopefully later this year, earlier this year in patients, and then rapidly moving into dose optimization and Phase III programs. So we have a very comprehensive, I would say, replacement strategy for Renvoke and SkyRizzi many, many years before we would see a loss of exclusivity, especially with Renvoke, which is out to 2037. And obviously our attorneys and scientists have a patent estate with SkyRizzi and are working to do and evaluate a similar strategy that we saw with Renvoke.
So, and I would say it also informs how we're thinking about business development. When we look at this business, like we did for SkyRizzi and Renvoke, We elevated the standard of care to replace Humira. That's what we're pursuing here, and we think combination approaches can deliver that higher efficacy to replace Skyris and Ruin Book, which is why we did, you know, in the case of Alpha 4 Beta 7, we had our own, but we acquired a TL1A. We acquired a TREM 1. That was really the driver of that, is we thought about this combination approach. Are there mechanisms that we don't have in-house that we need to go bring in, and that's why we executed those deals.
And I guess on the Alpha 4, Beta 7, you know, that does seem to be an asset that's starting to get more investor mindshare. You guys talked about it in some detail on the first quarter earnings call. Rupal, you're beginning the Phase 2Bs shortly, and you're talking about evaluating a potential accelerated Phase 3. Talk to us about the trial design. What can you tell us in terms of what the Phase 3 might look like in terms of endpoints and the control arm? That's right.
Well, I think one thing is important to consider as a patient population, which is how we're thinking about it is very broad. And what we saw in the early data was 80% of those patients had a failure of an advanced therapy, including 60% of them, which was on mechanism failure. So we had vetalizumab failures and skyrizi failures in the study. In fact, 20% of those failures actually had progressed on RINVOC. So you see a very broad population and our observation that lines of therapy will continue to expand in immunology and notably in IBD where you go from front line, second line, third line, and beyond. So we want to be able to cover all of those patients, including the treatment-naive patient population, where in IBD, one may consider using high-efficacy agents very early because you do not want ongoing damage, which would include tissue loss and an ulcerative colitis, if you don't control inflammation, sometimes immediately, could result in a colectomy. So that would be the patient population. Key endpoints are endoscopic in nature. Those are the core market value drivers where we've seen great success. When we talk about Renvoke and Skyrizi in the field, that's what's most likely to resonate with prescribers is endoscopic improvement and remission. So that would be a core endpoint. And comparators, from a safety standpoint, regulators may require placebos. So you could see some placebo-controlled trials and likely selected head-to-heads, although we have to be mindful of there really isn't a comparator to this combo because we've been able to treat patients that have failed virtually every other therapy. But that's obviously top of mind as these go forward, and the goal for us to is accelerate that combination with alpha-4, beta-7, moving into pivotals as quickly as possible, and then looking at the TL1A in combination and SkyRISE, again, Crohn's and ulcerative colitis, both moving ahead, and we anticipate subcutaneous dosing and monthly or potentially further extensions of that. But the key to this isn't necessarily convenience in IBD. It is efficacy, efficacy, efficacy, and then tolerability and then convenience because we want to preserve tissue.
Okay. Well, maybe let's shift the lens back now to oncology coming off of ASCO. And we've talked about some of this already. You know, this remains another very dynamic area. A lot's going on in the industry. You know, this year's ASCO was dominated by RAS, PD-1, VEGFs, ADCs. You've got a lot of your own, you know, earlier stage assets that you've talked about. I guess first, maybe just on the PD-1 VEGF, you know, we touched on this rum gem drug earlier, but just how has your thinking on this class changed at all in terms of some of the data that you saw at ASCO, you know, the discussion from the Harmony 6 trial, like some of the cold water that she threw. Maybe just, Rupal, I'd love to hear from you on how you're thinking about, you know, sort of putting the totality of that together.
Yeah, it's been a difficult challenge to develop in the IO space and to really firmly displace PD-1 therapies, but we were very encouraged with what we saw. I know there were some discussions in subgroups and different patient populations and how that would match to Western populations, But that's something we believe is very valid at this state to go on and continue to study. And we like the Remagen molecule very much from a preclinical standpoint, from a binding standpoint on the PD-1 side and the VEGF side. The behavior CMC characteristics are all very strong. We've seen emerging data in non-small cell lung cancer, in non-squamous and squamous. And we'll be rolling out that data currently anticipated at the World Lung Meeting. And I would say we're already starting to think about potentially even accelerating moving that into Phase 3 with chemo combinations, in addition to further behind ADC combinations with TMAB-A, based on the profile that's starting to emerge. Again, more to come at world lung, but we might be able to enter that much faster than we originally anticipated. So keep an eye out for that. And then the combinations are very approach across some of these indications, head and neck, ovarian, CRC could be another area, as well as lung combinations in non-small cell. And then on small cell, departing from TMAP-A and CMET, where we've seen very strong data and movement into phase three in CRC, we're seeing extremely strong data on small cell lung cancer. What we provided at ASCO in terms of the second-line population, there are 82% ORR, median OS of 14 months, largely unprecedented at this stage, and Phase III now about to initiate and relapse refractory small-cell lung cancer. And then combinations with PD-L1 and T-cell engagers and potentially PD-1 VEGF. So we have large and deep opportunities, referencing back to what Rob stated earlier, which is our core strategic focus in gaining depth, and that's in small cell lung cancer because we have our own DLL3 TCE in addition to the PD-1 VEGF. And then you have the KRAS in there with combinations with TMABA and pancreatic cancer down the road, potentially lung and potentially CRC as well, currently in monotherapy today. And the one I know we're running out of time that we should keep everyone, I would say, keep a close eye on is 969. That's our PSMA steep dual targeting agent in prostate cancer with our stable linker and topo amoris. This is in prostate cancer, and that's the one where we showed a 67% PSA 50 reduction and 45% ORR and PFS 15 months, and this is in fifth line plus. So this is really even unprecedented when we even look at radioligand therapy, totally different later population. Our goal here is to rapidly move into phase three and go right directly at chemotherapy in that second and third line, which has not been done yet successfully with radioligand therapy. So that can be a differentiator. And we're going to start combining with androgen receptor pathway right away. So that could be another very large opportunity that we haven't even really spent a lot of time talking about. That's why I'm so excited about oncology.
I can certainly see that. Well, that's probably a great place to wrap up since we're a little bit over time. It sounds like, Liz, we should probably do a deep dive on the oncology side and spend the whole hour on it. But thank you very much, Rob, Ruppel, and Scott, for being with us. Very helpful updates. Really appreciate your participation of this conference. Thank you, Asad. Thank you, Asad.