AbbVie Inc. (ABBV) September 2026 Conference Transcript

All right. Great. Thanks for joining us, everybody. I'm Terrence Flynn, Morgan Stanley's U.S. Biopharma Analyst. Very pleased to be hosting AbbVie. For important disclosures, please see Morgan Stanley's research disclosure website at www.morganstanley.com backslash research disclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. As I mentioned, very pleased to be hosting AbbVie this morning. We have Rob Michael, the company's chairman of the board and CEO. We have Jeff Stewart, the company's EVP chief commercial officer, and Rupal Fakar, the company's head of R&D and chief scientific officer. Thank you all three of you for joining me today. Really appreciate it. Great to be here. So maybe first I'll kick it off with a pipeline question. I know you guys have made a lot of progress over the last years or so on this front, And then we'll dive into it. But looking forward to the discussion.

Yeah, thanks, Sharon. So I think this one, Rupa and I will tag team. But I'm very excited about the state of the Abbey pipeline as I sit here today. You know, now we're a couple years into our next chapter. And you look at the progress we're making across immunology, oncology, neuroscience, and now entry into obesity. You're really starting to see the company. And it was really the strategy we had set out for the company as we thought about this next chapter of growth beyond Humira. We've obviously rapidly returned to growth. In fact, our guidance this year will actually be almost $10 billion higher than our peak before Humira. And that's with Humira eroding by $18 billion from its peak. So we've had $18 billion of Humira erosion, and we've offset that with $28 billion of ex-Humira growth platform delivery, particularly in immunology and neuroscience. That's really the areas that have really driven that growth. But as I look at it, whether it's the combination platform in immunology, obviously we're very excited about Apogee. We look at ludicizumab, the new indications for RINVOC. I think we have a very robust immunology pipeline that will elevate the standard of care and really drive this company to grow beyond Skyris and RINVOC. We have a very clear line of sight to growth well into the next decade, but that pipeline will then carry us forward beyond that, really similar to what we accomplished with the Humira loss exclusivity. We followed that with actually having Rinvoke, it's got really two better agents, which allowed us to continue investing in R&D. We increased R&D investment during that period. We rapidly returned to growth. I'd say the other area that doesn't get enough appreciation is in oncology. We're very excited about Etentamig, the opportunity, that as well as the trispecifics we've brought in from the outside to really give us a long-term, strong position in multiple myeloma. TMAB-A across several solid tumors, 969 in prostate cancer, 706 in small cell lung cancer, as well as the PD-1 VEGF from Remagen, which we shared some data last week at the Congress. And so I think a lot of excitement around oncology and neuroscience. When I think about we've got three franchises that are $5 billion-plus peak franchises. We are now the leaders in neuroscience. as you look across the revenue portfolio. And, you know, obviously we have Raylar, but beyond that, as we think about our pipeline, bretasilisone, emiraclidine, 932, I think a very deep pipeline in psychiatry. Obviously, we're very excited about Violev and Parkinson's, but we have Tevapadon, which will hopefully be approved soon, which gives us a nice, you know, complementary asset in Parkinson's. Migraine, we don't get a lot of questions on migraine, but we are the leaders of migraine. As we look at the entire spectrum of the disease, we've got covered with Botox therapeutic and chronic migraine, and then our oral CGRPs, Ubrelvian, and Q-Lipta. And, you know, I'd say that's one where we've said, again, $5 billion plus peak, and at least cell site consensus has it around four, so another source of upside for us. So I think, you know, tremendous momentum in the pipeline. And then, you know, bringing in the Ambulin from Gubra gives us an entry into obesity. We're obviously very interested in bringing other mechanisms in. We've been very active on the BD front. We haven't been compelled based on the data we've seen, but to the extent we see a differentiated asset, certainly we think about half-life matching, the opportunity to combine. There's a great opportunity. But as a growth driver for the company in the next decade and beyond, that's the way I see obesity. And then I briefly mentioned Apogee when I talked about immunology, but that gives us not only a late-stage asset in Zumi with an atopic dermatitis, But we've talked a lot as a management team about entering new areas of growth, and asthma was one area we identified a couple years ago. We've been looking for an opportunity. And then I think ZoomE combined with the TSLP gives us a real mid-stage asset that can really drive growth in asthma for us as well. So I'm very pleased with the state of the pipeline for AbbVie today. I think we're getting more recognition of it. You're seeing multiple expansion. I think there's obviously more room for multiple expansion as the pipeline matures. but I think we're in a very strong position sitting here today.

Perfect place to start, and I know we'll unpack a lot of this. I guess just one other high-level one is just on the policy side. We were talking about this before. The fire side is just a different place from last year for sure, which I think is a good thing. But just anything that's on your radar as we head into midterm that is a focus or you're hearing about in D.C. these days.

Yeah, I think from a policy perspective, I mean, we look at it from how do you continue to improve patient access to medicines, affordability for their medicines, but balancing that with, you know, supporting a healthy U.S. innovation ecosystem. So the things that we pay a lot of attention to are how do we continue to have that edge in the U.S. in innovation. You've seen China make biopharma innovation a national priority. You've seen a lot of innovation come out of China. So how do we ensure that the policies in the U.S., the regulatory framework in the U.S. allows us to keep up and maintain that lead? That's very important. As I look at other areas like a lot of focus on, I'd say, foreign freeloading, and we work very closely with Ambassador Greer, our U.S. trade representative, recently launched a 301 investigation in Germany as a result of some unfair practices. So we have highlighted to the USTR various examples of unfair practices to try to get, I'd say, more parity in terms of U.S.-OUS pricing, get them closer together. I think there's opportunities there, and we continue to work with the administration on that. And then I'd say 340B. I think you're hearing all of the CEOs in the industry talk about the abuse. We all support the original intent of the program, but it's clear that the overly broad definition of a patient has led to a level of abuse over the years. You're seeing just really uncontrolled growth in that program that isn't benefiting patients. And frankly, it's taking R&D investment away from the industry. It's going to affect future innovation. So it's important that as an industry we continue to work with the administration and Congress on how do you solve this problem. I'd say very encouraged by the bipartisan support we're seeing across both the House and Senate on a few proposals that are heading in the right direction. And then I'd say the rebate pilot, we'll have three drugs participate in that pilot. will also be another opportunity to shed some more light and some more transparency in that program to ensure that ultimately it is serving its original intent, it's benefiting patients, and it's not stealing investment away from R&D.

Okay, great. Maybe we'll just start high level on Apogee. This is probably the most notable transaction the company's done since Allergan. So maybe just remind us kind of the strategic drivers here. You mentioned one of them getting into a lateral area and asthma. but what else was interesting about this opportunity and how do you see this evolving on the forward?

Yeah, Apigee fits very nicely with our BD approach. I mean, we've talked about with the portfolio we have today, we have a very clear line of sight to very strong growth well into the next decade, and so you've seen us really executing over the last several years more early-stage deals, but really with the idea of adding depth to our pipeline, we're always looking for ways of elevating the standard of care. So that was a strategy with Skyrisi and Renvoke to replace Humira. That is a strategy as we think about across the portfolio of what we're really trying to execute with the pipeline. Obviously, we like a lot of our internal programs, and we're advancing them, but we are, I will say, very interested in what's happening outside of AbbVie, and we've brought in quite a few. I want to say it's been maybe close to 40, 30 to 40 deals over the last two and a half years. And so where I see Apogee, it's very similar. It just happens to have a late-stage asset, and we always said we're not unwilling to pursue a late-stage, even an on-market opportunity, if it fits, if it's a differentiated asset that fits in the areas that we're focused, immunology, oncology, neuroscience, aesthetics, and obesity. And so we saw a level of differentiation. We've actually been following them for a couple years. We saw the data, and we jumped right on it and obviously then announced a transaction at the end of June. It is very complementary to our strategy in immunology. It gives us a great opportunity in an area of high met need in atopic dermatitis. As I mentioned earlier, an opportunity to expand into asthma. We are also looking at opportunities like that across our portfolio. So the lens, again, is on those key growth drivers, and we have the financial wherewithal. We have plenty of capacity to be able to continue to execute deals, whether that is an early-stage opportunity that's going to drive long-term growth, a late-stage asset, or even on market.

Yeah. Okay, great. Maybe to bring Rupo into it, just on the registration program for Zoomy, maybe you could just elaborate on kind of, I know it's still a little bit early, but what is that? What's the scope of it? What's that going to look like? What's the kind of timeframe for that program?

Yeah, so very consistent with the data that we just saw, which was the Phase 2B data set that Rob's referencing. We want to replicate that on a larger scale, and us along with the Apogee team we think we can do that so opportunities to internalize and move with speed is very important maintaining the data that we've observed we think we're in a good position to do that because the data were in a global setting oftentimes we do see data in immunology move from phase two to phase three and potentially have a dip in fact we see something different here because they actually globalized and didn't see a dip. In fact, some of the efficacy outcomes were stronger and numerically stronger across what's available. Even EZ100, the most stringent endpoint, is starting to approach RINVOC. So that was part of what has us excited. But now as we are able to internalize, globalize, we bring that scale. So we will be moving quickly. We will start enrolling, I would say, this year. and then launch in the early part of 2030. And we would do our best to include multiple countries and then age groups getting down to adolescents and potentially expanding further Japan, China, where maybe a small company doesn't have that ability to do that. While we're doing that, in parallel, we want to investigate Zumi along with TSLP, that Rob reference, that's also Half-Life Extended, and that would be in asthma. And AD in asthma, from our experience with RINVOC and with Jeff's team who have been very successful with RINVOC, we still see an underpenetrated market, advanced therapies reaching less than 10% of individuals. So there's a lot of upside. And both of these markets are growing greater than 15% annually. So that's why I think it was a great fit. We're very excited about the data in front of us and continue to build upon that and expand out indications.

Maybe, Jeff, just from the commercial lens, anything you want to add there? And then I guess the one, you know, I think the majority of investors think a great deal, strategic fit all makes sense. The one area to get some pushback is just biosimilar to Pixin and kind of how you navigate that. So maybe you could talk about just commercial profile, Zoomy, go-to-market strategy, and then how you think that plays out longer term, because I think that's the one question. Yeah, I think it's a great question.

Dude, just to reiterate what Rupal said, I mean, the profile's very, very nice. And certainly the way we look at it, we'll have RINVOC in AD through 2037. And so when you look at our ability to co-position assets, we've been very successful at that, whether it's been PSA or IDD. And so it's quite exciting. We're not really too worried about biosimilar dupixin just because we've seen how these markets evolve. We've seen biosimilar Humira. We've seen biosimilar Solara. And sort of when you reset the standard of care and you're able to bring basically the AbbVie capability, we've shown we can navigate that exceptionally well. I would like to reiterate a key point that Rupel made. I mean, if you look at the biopenetration rate of atopic dermatitis, it's very low. It's by far the lowest of any of the immunological categories. It's about 8% in the U.S., and it's lower than that outside of the U.S. It's probably got three times the number of moderate to severe patients as the psoriatic market that we've seen develop over the last couple of decades. And while we think that, okay, Dupixin's been out there for a while, it's a mega blockbuster, Renvoke is the second product in that category, a very significant agent, there's a lot of runway to this market over time, and we're well-positioned commercially to make sure this Apogee transaction is fully exploited.

Just from a psoriatic market right now, dollar value, what is that roughly, like $25 billion? Yeah, it's even higher than that, growing even faster. So you're telling us that it's threefold higher, atopic derm could be a seven?

The pure number of patients is 3x, and it's less than a third penetrated at this point. So the way that these markets work is you get line of therapy expansion, you get momentum over time as people live with these conditions for atopic dermatitis can be lifelong because you have a significant pediatric population so it's extremely attractive and I think the investors have seen that with the...

There's a reason why we use mega blockbuster potential in our announcement.

Great. Okay so maybe just going we'll get to some of the other therapeutic areas but immunology still again the core of the company and really you know, has been such a success story, key growth driver, just maybe level set us on kind of how you're thinking about SkyRizzy Renvoke over the long term, you know, some competitive dynamics at play here, whether it's Trimfaya, Iketide, but maybe just give us kind of mark to market on how you're thinking about the long term. And then kind of the related question is just on the sub-Q approval, just remind us kind of confidence level there, and then what's in your guidance for this year and next year? Because I think there's a lot of focus on that, obviously, important upcoming FDA decision.

Yeah, so when we look at the immunology markets, as I mentioned before in our last question, they're extremely robust. So the biopenetration rates are quite small. What we see is that these markets are growing very nicely. I mean, the most mature markets may grow in the mid-single digits, like rheumatoid arthritis. The other is in the high single digits, and atopic dermatitis and asthma are growing almost 20%, between 15% and 20%. So they're extremely robust. They're characterized by this idea that as patients live for decades with these conditions, line of therapy expands. So we see in many of the segments that second or third line is now larger than front line. So this basically creates a lot of space for innovation and people moving through their patient journey. The other dynamic that we see is if we look at our actuals, and we've highlighted this over the years, we look at both in-play share, which is actually your dynamic share. So those are your capture rates of your new patients or switching patients compared to your total prescription share. So we can see that we still have very, very strong capture rates for both Skyrisi and Renvoke, well ahead of where the prescription share is or the TRX is. And so we know that we're going to have share momentum that is going to continue. And this is despite the fact that competition has increased, but it doesn't lower our confidence level. Then we see multiple catalysts over the near term. Certainly, we can highlight the sub-Q induction for SkyRizzy. And then we have four more key indications here for RINVOC. And these indications for RINVOC are right on top of our commercial footprint. So we have GCA and lupus. Those are right on top of our rheumatology community. And the rest, like HS, vitiligo, and alopecia, are on that dermatology call point. So we see incremental catalysts coming with what we call the sort of the third wave of RINVOC indications over time. So that gives us a lot of confidence in the sustainability of the momentum that we have with our big core assets. And you asked about Skyrisi sub-Q. So we see this as a significant catalyst that we're right on top of. So we expect the approval here in the fourth quarter. It'll probably take 60 or 90 days for us, which is typical to get full paid access because we do have to go through sort of a formulary acceptance process, which we think will be quite reasonable. And then we think we can bring this to the market in Crohn's. And what's remarkable about this new catalyst is the quality of the data. This is our firm data. And what we saw was, whether you look at placebo-controlled, endoscopic endpoints in particular, but also clinical remission, we've never seen anything like this level of basically induction quality in the category. So, you know, take the IL-23 competitive dynamic out of it, across Crohn's disease, this will be an extremely effective and well-perceived asset when it comes in the fourth quarter. So very, very positive momentum as we look at the long-term for Skyrisi and Renvogue.

Maybe, Rob, one area just from a strategic lens is just immunology combos. I know you guys have done a lot of work here. So maybe just give us kind of the strategic view of it, and then do you guys have all the pathways that you need? Because, again, it seems like a puzzle, and like which ones are going to work in different indications. So do you have everything you need, or is there an opportunity to look for additional targets?

Yeah, and that's also informed, as I was mentioning earlier, our business development strategy, because we brought in a TL1A, we brought in a TREM1, we have our own Alpha 4, Beta 7, so what we see mechanisms that make sense to combine, if we don't have it internally, we look for it externally, and we've been successful there. And really the strategy is very similar to what I described earlier about how we approach Skyris and Runebook about elevating the standard of care, so now it's about how do you raise the bar, And we really see combinations as being that next frontier. Obviously, very excited about the combination data with alpha-4, beta-7. We're going to pursue that approach, TL1A, TREM-1. And so strategically, as we look at the long-term growth for the company and where we're going to be, when you think about well into the next decade, it's how do we bring that innovation forward? and we see, particularly in immunology, combinations playing a very important role. You know, that coupled with, you know, in HS between ludicizumab and the additional indication for RINVOC, having a very strong position there gives us a really nice opportunity. As I mentioned, you know, again, longer term as we think about Apogee, the role it's going to play atop dermatitis and asthma. So we will continue to look for, I'd say there's always additional mechanisms. I know that RUPLE and the team would love to bring in-house, and that's what our BD group looks for. To the extent they see that differentiation, they'll bring it in. But why don't you take a minute to talk about the approach we're taking in the combination platform, because I think it is an innovative approach, and we have a clear edge.

Yeah, it is quite innovative and ambitious, and I don't think we've ever seen anything like this. So it's a very large program building on the Phase 2A data that we've already seen. which showed a doubling of endoscopic remission versus SkyRizzy, which has already showed a doubling versus a 1223 competitor to begin with. So you've already doubled standard of care, and within a few years we've doubled it again in this Phase IIa data. And actually maybe there's some efficacy still left, and that's why going into this next Phase IIb will raise the dose of the partner asset, the alpha-4-beta-7 that we've built internally to explore a higher dose. But what we'll do now is look at those combinations in Crohn's and ulcerative colitis, combining with Skyrisi with that alpha-4-beta-7-3A2 and the TL1A that has a half-life extension. And the way we are thinking about this is similar to what Jeff had outlined and being consistent with lines of therapy expansion. At this stage, we don't know which one will work best where. And then, as Rob stated, we also have a TREM-1 that potentially could enter. But we think about different lines of therapy. What could work better early, second line, third line, dependent on what the patient may have received previously. Thus far, the current combination data that I spoke about that showed a doubling of endoscopic remission showed that in many patients that were post-Renvoque and, in fact, post-Skyrizi. But we may see other opportunities that may be balanced a little differently. So that's the first step. The next is to say which one seems to work best in Crohn's, which one seems to work best in ulcerative colitis. And then there's special populations to consider ileal disease, fibrosing disease, fistula in Crohn's. So we'll have an opportunity to see which one is optimal in those sub-segments. And then further, we'll use our internal precision medicine expertise to explore, will there be a potential for a biomarker approach where we can maximize the benefit risk? And will it be of an ability to do that? We do that today in oncology quite successfully, but immunology, it's been a little more elusive. but we have the wherewithal to look at all these different populations. So I think that's something unique that no one else is able to do and already looking to drive that standard of care that Rob referenced very soon.

Great. And can you tell us yet if the initial Phase II data is going to be at UEGW or still?

Yeah, that's our plan. We spoke externally publicly about two-thirds of the data, which was the interim cut. We'll have 80% data now in hand. We'd like to get that to the fall GI meetings along with the sub-Q data for SkyRizzy that Jeff was referencing showing 45% deltas for endoscopic response and clinical remission in that treatment-naive population is where SkyRizzy is positioned today. We'd like to get that data out as well and then show endoscopic remission, which we haven't shown yet, so we'll save that. And as Rob referenced earlier, we just got done with 1480, which is our PD-1 VEGF that just got rolled out, and we'll also be busy at the end of September rolling out intentamig data at the IMS meeting. So in addition to immunology, a lot in solid tumor and quite a bit in heme, including multiple myeloma, that's upcoming.

Okay, great. Maybe just two follow-ups. One is just on the sub-Q, just remind us the strategy here is, like, confidence that you can get to a co-formulation of, you know, these various different antibody drugs. That's question one. And then, I guess, question for Jeff is just as we think about these co-formulation combinations coming to the market, are these more market expansionary, or is this more about extending the tail of the franchise because you have this co-formulation approach? So maybe talk through just the commercial implications of when these do launch. Like, what does that do for the market?

So I'll talk about our approach on the formulation side. So as we're generating the data in parallel, we're also working on co-formulations, and that would include the Alpha 4, Beta 7, TL1A, any other asset that we have in the pipeline. And so far, I would say so good. They look good. They behave well together. So we have a reasonable level of confidence that these will be co-formulated and delivered in a single injection, which I think is very important. Commercially, we do that today in our on-body device with SkyRizzy, and patients really tell us they like that experience. They don't see a needle. Some will even ask, was there even a needle when they dose the product? So we'll be able to use that type of technology once we hand that to Jeff and his team.

Yeah, and I think, Terrence, we'll see that it's both market expanding and also share accrual to Abby. I mean, this is exceptional data. I mean, what really drove the IL-23 category led by Skyrisi and Crohn's disease, and then you see was this idea of this head-to-head trial sequence where you doubled the effectiveness versus the old standard of care. So when we saw internally that we could double it again, this idea that you can continue to have that level of innovation, and the market responded. I mean, it was a significant rapid share gain once the community saw, if I can get that level of endoscopic control, this is going to drive long-term outcomes. And so to see that again, you know, in the early 2030s, which would be our approach, is a significant catalyst commercially, more expansion of IBD, biopenetration, and share Okay, great.

Maybe I want to touch on CNS. So maybe, Rob, you mentioned you guys are one of the leader, I guess, now in size in the CNS categories. Parkinson's, you know, has been a near-term focus, obviously, of the legacy in migraine. But maybe first talk about Parkinson's, you know, what's most exciting? How do you think the Tevapadon launch will ramp? And then secondly, is Alzheimer's another area you guys have talked about historically? So I guess the question there is just do you think you have everything you need internally to address, you know, to build out an Alzheimer's leg here in parallel to what's going on in Parkinson's and migraine?

Yeah, I'll address the Parkinson's. It's very exciting. I mean, Violev has outperformed our expectations. you know we'll hit blockbuster global status this year and continue to ramp this over our long-range planning cycle and then at the end of this year we also have to your point to vapidon so we've guided at peak that that parkinson's pillar will be you know a five billion dollar you know opportunity for us so it's quite exciting to vapidon we're right on the cusp of this there's nothing like this in the category so remember basically the standard of care for advanced Parkinson's is first orals. And everyone knows where that ends. It ends with basically freezing. It ends with dyskinesia, multiple oral pills, oral levodopa, carbidopa. So to bring to Vapadon, which is a unique, basically, antagonist, we are seeing that you can use it as a monotherapy or a combination therapy. And essentially, the data that we have is quite striking. We've never seen anything like it. It basically locks in your basically control for 85 weeks. You don't have to escalate oral levodopa and carbidopa. So this is very significant. And then like other prior generations of these agents, the safety profile is really significant. So no somnolence of any meaningful approach. You don't get impulsive control disorders. Basically, this was a big thing that harmed many of the prior generation of agents. And the dyskinesia control is really exceptional. So we're super excited about it. Now, I have to say that given our timing of the launch, we sort of missed the window for sort of Medicare reimbursement for 27. So we'll have a little bit of a slower burn. But ultimately, this is going to be a significant contributor to that $5 billion target. and certainly there's nothing that we've ever seen like this in the category so far. And I think RUPLE can maybe address Alzheimer's, which is also exciting.

We did a deal with a company called Aliada, and that gave us an A-beta agent that can cross a blood-brain barrier, and that has now entered into phase 1B. So we're in patients now. The hope there is greater penetration across the blood-brain barrier and an extended half-life to improve the patient experience over time. Can you get to sub-Q? Can you get to monthly dosing? In addition to that, we did a deal with a company called AdRx to look at siRNA, so we're able to potentially target tau. And as we use our blood-brain barrier technology in combination, you don't have to have an intrathecal approach or through a spinal injection. This could be given IV or subcutaneous. So we've created those constructs where we've seen in preclinical data that it can effectively cross into the blood-brain barrier and deliver an sRNA and start to take down tau, for example, that can partner well with an A-beta. We're also looking to build for alpha-syn, looking at Parkinson's disease modifications. And in the pipeline, we also are considering neuroimmunology as the third leg of that stool as we consider neurodegeneration. So I think we're very well positioned to go forward in CNS across the board. And then I think it's important to mention that we put out very impressive data in menstrual migraine, which is a very important area. Many individuals that have migraine, up to 50% or even more, it's concentrated during menstruation. And those migraines are much more painful, more difficult to treat, and can last longer. And with Etojapan or Equipta globally, we sort of ran the table on all the endpoints and saw very impressive data. There has been data published in the past, but no asset has been able to gain regulatory approval, so we're very hopeful we'll be able to take that forward and even enhance our presence in migraine.

I think the other longer-term opportunity for us is the capstan platform, the InVivo CAR-T, which gives us, I think, some very compelling opportunities both in immunology and neuroscience. We talked about neuroimmunology. We actually have an opportunity there longer term. And so as we think about on BD, you know, we're always looking to add more depth to the pipeline. Is there something that's, you know, say more disease modification in Parkinson's? There's always, I think the team is looking for that level of innovation, the opportunity to add depth. So I would say even though we're very satisfied with what we've brought in, we're still actively pursuing additional opportunities.

Yeah, great. And I'm going to ask one on AI just because I feel like it's highly topical. It came up in a lot of my sessions, even at breakfast this morning. And so the question is just, you know, Rob, one non-obvious use case. Because, again, we've seen some of the obvious ones out there talked about. But internally, like, what's one non-obvious case?

I mean, we all, I think, spend a lot of time talking about these functional use cases, which are the obvious ones. What I would say was non-obvious and I think a learning for myself and the team is, you know, we've spent a lot of time over the course, I'd say, the last year of really ensuring our employees are well-trained, educated, are proficient. We're adding more, I'd say, tools for them to utilize. So I'd say the non-obvious is the power across the enterprise of just better decision-making. Ultimately, as I think about how do you drive up a higher probability of success, how do you across not just, you know, we think about R&D, but within operations, you know, that can really drive. We talk a lot internally about golden metrics, you know, what ultimately will drive, you know, faster new patient starts, what will drive lower cost of goods, higher probability of success in R&D. And it's really about the non-obvious case to me is how we've armed our employees at the individual level as each of us become more proficient, utilizing as a thought partner. I know personally it's been very rewarding as I've personally engaged more with AI. So I'd say that's the non-obvious case is just the power across the enterprise as we strengthen our employees' capabilities. Okay.

Rupal, just on the oncology pipeline, I know that Rob mentioned a lot of assets here, but if you just had to pick one to focus on us in the last minute here, which is the one that you think will have the most important data over the next six months or so?

I would say in the next couple weeks. If folks can look at IMS in Europe, this is a multiple myeloma society meeting. We have very exciting data with Intentamig. Pentamig. That's our next-gen BCMA T-cell engager, which showed a very high efficacy, so high that the Data Monitoring Committee reached out to us and said, you should stop the study. So obviously, the efficacy excites us, but in this market, what's missing is convenience and safety, and we'll bring a once-a-month dosing regimen to a field that Currently, it's every week, every week for a long time with multiple step-ups, single step-up once a month, safety, grade 3-plus infections under 30, the current molecules are 40-plus percent, CRS under 30, grade 2, single digits, competitors are grade 2 in the teens, and total CRS 60 to 70 percent. We've driven all of that down, and we're very excited to roll out that data later this month and get that submitted this year and get that into Jeff's and his team's hand, who knows the heme space very, very well. So maybe people aren't looking at this one, but I think it's important for investors to keep an eye on this data set, look how it compares, and then watch Jeff's team grab the ball and launch it. And the opportunity in the community setting is tremendous.

Well, thank you so much. Really appreciate it.