AbbVie Inc. (ABBV) Earnings Call Transcript & Summary

Good afternoon, everybody. I'm Chris Schott at JPMorgan. I'm very pleased to be introducing AbbVie today as we wrap up day 2 of the JPMorgan Healthcare Conference. From AbbVie, we have Rick Gonzalez, Chairman and CEO, making some prepared remarks, and then we'll open up to a broader segment of the management team for Q&A. Just a reminder before I turn it over to Rick. Anyone who wants to ask a question, feel free to submit those through the Ask-a-Question button on your screen, and I'll integrate those into the Q&A as we go. With that, let me turn it over to Rick for some prepared remarks.

All right. Thank you, Chris, and good afternoon to everyone, and certainly it's a pleasure on behalf of AbbVie, for us to be here this afternoon. I'd like to remind everyone to take a moment to review our forward-looking statement, which is on Slide 2. Turning to Slide 3. As many of you know, AbbVie is an innovation-driven, patient-focused specialty biopharmaceutical company dedicated to developing a consistent stream of innovative new medicines with compelling patient benefits. We've evolved quite significantly since our inception as an independent company 8 years ago, through a series of strategic actions, investments and transactions. And now following the successful acquisition and integration of Allergan, we have created a much stronger and much more diverse company, with leadership positions across numerous attractive high-growth markets, including immunology, hematological oncology, neuroscience and aesthetics. All of which we expect will significantly contribute to AbbVie's long-term growth. While we've made significant progress, and we've certainly taken decisive action, as well as delivered excellent performance and shareholder value. A key question for many investors is what growth do we expect following the loss of exclusivity in the U.S. from Humira? My goal today is to help address that question for all of you. Turning to Slide 4. We have been long planning for the Humira LOE. We built a strategy, which will allow us to absorb the impact of the Humira LOE and immediately return to growth following that event. The underlying performance of our non-Humira business will allow total AbbVie to quickly return to top line sales growth in 2024, with growth expected to accelerate to high single-digit compounded annual growth rate starting in 2025 through the remainder of the decade. This is a testament to the strength and diversity of our non-Humira business. Now moving to Slide 5. AbbVie represents a unique investment opportunity, positioned to continue to deliver strong shareholder returns and a significant opportunity for PE expansion. With our outlook for long-term performance, our business is expected to generate significant earnings growth and robust cash flow to support our capital allocation priorities which include significant investment in innovative R&D across our therapeutic categories, rapid debt repayment, where we remain on track to pay down $15 billion to $18 billion of debt by the end of this year, 2021. We expect to achieve a net debt-to-EBITDA ratio of 2.5x by the end of this year with further deleveraging through 2023. And paying a growing dividend remains a key priority. Last October, we announced a 10.2% increase in our cash quarterly dividend further underscoring our confidence in AbbVie's long-term outlook. As you can see on Slide 6, AbbVie has consistently delivered top tier performance. Having met or exceeded our key financial goals since becoming a public company. We have achieved strong double-digit adjusted revenue and earnings growth. Our track record of execution has resulted in exceptional shareholder value. Since inception, we have delivered a total shareholder return of approximately 340%, meaningfully outperforming the Dow Jones Industrial average and the S&P 500 Index over that time period, and nearly all of our industry peers as well. This exceptional value has also included a strong return of capital to our shareholders in the form of dividends and stock repurchases. Paying a strong dividend remains an important part of AbbVie's investment identity. We have grown our quarterly dividend by 225% since 2013. Turning to Slide 7. Our growth will be driven by numerous differentiated assets across each of our core therapeutic areas. I'll start with immunology, where we're very well positioned to sustain our leadership position with the portfolio of best-in-class medicines as well as an innovative pipeline. Humira has played an integral role in defining the standard of care for multiple diseases, contributing significantly to AbbVie's growth since our inception. We have raised the bar even higher with our 2 new immunology medicines, RINVOQ and SKYRIZI, which are best in category therapies that have both established strong launch trajectories. Both continue to perform well above all comparable launches as well as our own internal initial expectations. These 2 assets are now either approved or in late-stage development across all Humira's major indications, RA, psoriasis, PSA, ankylosing spondylitis, Crohn's disease and ulcerative colitis, plus new significant disease areas like atopic dermatitis. Additionally, we have a robust pipeline of early-stage immunology programs. Which are focused on further redefining the standard of care within our core indications and expanding into new disease areas, such as giant cell arteritis and lupus. Turning now to Slide 8. We remain extremely excited about the potential for RINVOQ and SKYRIZI, which are expected to collectively contribute approximately $2.2 billion in 2020 sales. Their first full year on the market. This very strong launch trajectory, along with the progress that we made across our broad development programs, which again, covers all of the Humira major indications, plus new significant disease areas like atopic dermatitis, gives us a high level of confidence that RINVOQ and SKYRIZI will be major growth drivers for the company going forward. As we outlined in December, we now expect combined risk-adjusted global sales of more than $15 billion for RINVOQ and SKYRIZI in 2025. We expect worldwide risk-adjusted sales for SKYRIZI to reach more than $7 billion in 2025 as it continues its strong uptake in psoriasis, along with a meaningful contribution in IBD. Similarly, we expect RINVOQ to achieve more than $8 billion of risk-adjusted sales in 2025 driven by its continued strong uptake in RA, expansion to the rapidly growing atopic dermatitis segment as well as contributions from SpA and the IBD indications. We are confident that RINVOQ and SKYRIZI have the ability to offset any level of Humira biosimilar erosion by 2025, while continuing to maintain strong growth through the rest of the decade. Moving now to Slide 9. AbbVie also has a well-established leadership position in hematological oncology. Which has become a significant growth engine for the company, with sales of more than $6.5 billion. IMBRUVICA is a first-in-class BTK inhibitor and the #1 therapy in CLL, relapsed/refractory MCL and other blood cancers. A robust clinical program supports IMBRUVICA's use across a wide range of patient populations as well as cancer types, including 11 FDA approvals in 6 distinct indications with more than 200,000 patients treated globally. In CLL, where IMBRUVICA is the clear market leader across all lines of therapy, we have generated the most comprehensive efficacy and safety data in the BTK inhibitor class. With 6 positive Phase III CLL studies demonstrating IMBRUVICA's superiority overall standard of care chemotherapy-based regimens, including overall survival benefits in both frontline and second-line plus sets. VENCLEXTA is a first-in-class BCL-2 inhibitor, another potential foundational therapy for multiple hematological malignancies. Offering durable, deep responses with fixed treatment duration. VENCLEXTA has received 5 FDA approval -- I'm sorry, 5 FDA breakthrough therapy designations, and 4 approved indications across CLL and AML. We are pursuing additional indications and label expansion with VENCLEXTA in several additional cancers and lines of therapies, which will support its long-term growth, including in multiple myeloma, with the first biomarker t(11;14 )driven approach, transforming treatment in this highly complex field, in high risk MDS. In AML, in patients who are eligible for high-dose induction therapy and stem cell transplantation. As well as combination studies with IMBRUVICA to further elevate standard of care in CLL and MCL. Moving now to Slide 10. Beyond IMBRUVICA and VENCLEXTA, we have a compelling oncology pipeline with several programs in development for both blood cancers and solid tumors. In heme-onc we continue to advance the development of navitoclax. A first-in-class BCL-XL inhibitor with the potential to transform the treatment of myelofibrosis, a serious disease with few treatment options. In our Genmab collaboration, we have a potential best-in-class CD3 x CD20 bispecific antibody in development for B-cell malignancies, including DLBCL, in follicular lymphoma. Our anti-CD47 monoclonal antibody is being studied in multiple cancers, with a focus in hematological malignancies. And we have TNB-383B, a BCMA x CD3 T cell redirecting antibody for multiple myeloma. These programs will also support continued strong growth of our heme-onc franchise across our long-range plan. We also have a pipeline of other promising early-stage programs, which are aimed at solid tumors, focusing on apoptosis and regulated cell death, tumor targeting and novel immuno oncology. Numerous proof-of-concept readouts are expected over the course of the next 2 years. Now moving to Slide 11. Neuroscience is another substantial growth franchise for the company, with an attractive portfolio of marketed products as well as several promising R&D programs. Our $5 billion franchise spans a wide range of therapeutic modalities, including migraine and psychiatry, which I'll discuss further in just a moment. As well as neurodegeneration and neuroprotection, 2 areas with limited treatment options and very high unmet need. In neurodegeneration, we have ABBV-951. A potentially transformative next-generation therapy for advanced Parkinson Disease, which is in Phase III development. [ ABBV-951 ] is an innovative approach to delivering DUOPA like efficacy through a subcutaneous delivery system. With a less invasive, nonsurgical delivery system, 951 has the potential to significantly expand the patient population currently addressed by DUOPA or other more invasive therapies for advanced Parkinson patients, such as deep brain stimulation. We'll see data from the pivotal program this year with commercialization anticipated in 2022. In addition, we have a number of disease-modifying programs in the plan, focused on Alzheimer's disease and Parkinson's disease with multiple proof-of-concept readouts coming over the course of the next few years. In neuro protection, we have programs in early-stage development for multiple sclerosis, stroke and spinal cord injury. Moving to Slide 12. We're also focused on therapies to help patients living with migraine. The total migraine market including therapies for both acute migraine and prevention of migraine is roughly a $3 billion market in the U.S. and is expected to triple by 2025. AbbVie is uniquely positioned in migraine with a portfolio of leading therapies to address the full spectrum of this common complex yet debilitating disease. BOTOX Therapeutics which has nearly a dozen medical treatment indications is a unique foundational treatment for the prevention of chronic migraine. Despite multiple new competitive entrants, BOTOX Therapeutics is largely retaining its total treatment base of patients, a testament to its efficacy, safety and brand recognition. The launch of UBRELVY the first to market and leading oral CGRP for acute migraine is exceeding our expectations. Feedback from physicians has been very positive, highlighting UBRELVY's efficacy, safety and convenient dosing profile relative to triptans, which are the current standard of care. Based on this competitive profile, continued strong new patient starts and rapidly expanding market, we believe that UBRELVY represents a $1 billion-plus peak sales opportunity. Rounding out our migraine portfolio is atogepant, potential once-daily oral treatment for the prevention of episodic and chronic migraine. Recent Phase III results in episodic migraine support a strong benefit risk profile. And based on the data generated to date, we believe atogepant also represents a $1 billion-plus peak sales opportunity. Turning now to Slide 13. Also in neuroscience, we have Vraylar, one of the fastest-growing medicines in psychiatry. Vraylar provides a strong benefit risk profile relative to other atypical antipsychotics. Including efficacy across multiple disease areas with minimal impact on weight, lipids and fasting blood glucose. We believe this differentiation will drive meaningful share expansion within the currently approved indications of schizophrenia, bipolar I disorder and bipolar depression. We expect Vraylar's peak sales to approach $4 billion within the currently approved indications. Major depressive disorder, or MDD, is another potential large indication for Vraylar and an opportunity to expand our full coverage of mood disorders. We view this indication as somewhat higher risk but also high reward. And if successful, it would represent a significant growth opportunity above our current projections. With one positive study already complete, we expect to see readouts from the 2 remaining registrational studies in MDD later this year. Now turning to Slide 14, our aesthetics business where we have the leading portfolio, which spans 5 major product categories, including toxins, fillers, body contouring, plastics and regenerative medicine. This largely cash pay portfolio is anchored by several well-known brands, including BOTOX Cosmetics, the market-leading neurotoxin with more than 65% market share in the U.S. and greater than 50% market share internationally. And JUVEDERM, a portfolio of injectable dermal fillers with approximately 50% market share in the U.S. and 30% market share internationally. The aesthetics market remains highly underpenetrated today, with the increasing interest and acceptance of a stage procedures and products globally and increasing utilization within younger demographics the aesthetics market has the potential to double by 2025, making it an extremely attractive franchise for AbbVie. Our aesthetics business continues to perform extremely well, having demonstrated a strong V-shaped recovery since the initial phase of the COVID pandemic and is poised to regain its growth trajectory this year. Moving to Slide 15. Since integrating the Allergan business, the aesthetics franchise has been organized globally with fully dedicated international resources, R&D support and business development. This global structure, which is also supported by the largest sales and marketing organization in the category gives us the scale and flexibility to fully invest in consumer activation, geographic expansion and new product offerings over the next several years. We feel very confident in our competitive position in aesthetics, which we expect to generate high single-digit revenue growth over the next decade. Turning now to Slide 16. Since our inception, our focus has been to build a robust pipeline and add growth platforms that would allow AbbVie to absorb the eventual impact of biosimilar competition in the U.S. and maintain a strong and robustly growing business. And we have certainly made excellent progress against that objective. Our strong position gives us the capacity to pursue the most promising and innovative science, which remains the core focus for AbbVie and is what makes the real difference for the many patients which we serve. Our R&D productivity over the past 8 years has resulted in numerous new products, which collectively expect to deliver approximately $11 billion in revenue in 2020. This figure excludes any contribution from the Allergan portfolio. And our R&D efforts continue to advance quite nicely with more than 70 programs ongoing across all stages of our pipeline. And certainly, while not all of these programs will prove successful, we believe that the breadth and the depth of our opportunities across our pipeline will allow us to maintain a strong and growing business. As you can see from Slide 17, we anticipate numerous important pipeline milestones over the course of the next couple of years. We're on track for the approval of more than a dozen new products or major indications, which will collectively add meaningful revenue growth in advance of the U.S. Humira LOE. This includes a total of 6 new indications for RINVOQ and SKYRIZI, expanded indications for VENCLEXTA and Vraylar and several new product approvals, including atogepant, navitoclax and ABBV-951. Over the next 2-year time frame, we also expect proof-of-concept data from more than 25 early and mid-stage programs that have the potential to drive additional for AbbVie in the middle part of this decade. In summary, on Slide 18, I can tell you, I'm extremely pleased with our execution across the portfolio. Including the progress we're making with the recent new product launches and pipeline advancement. We have assembled an impressive set of diversified growth assets and the outlook for our business is very strong. We remain focused on achieving our long-term strategic vision for the company, delivering industry-leading performance, and outstanding shareholder value while improving the lives of the patients which we serve. With that, I'll turn the discussion back over to Chris for the Q&A portion of the session. Chris?

Great. Thanks, Rick. Some very helpful comments. As we all grapple with kind of the Humira LOE and kind of life after the LOE. So maybe as you're heading back to your seat there, the first question I had was just the high single-digit 2025 through 2030 topline CAGR. Can you elaborate a bit more on that target? I guess I'm putting my hands around is, how much of that is based on existing assets? So thinking about things like SKYRIZI and RINVOQ continuing to ramp versus how much of that is pipeline? Is that a fully organic number? And then finally, how do we think about the IMBRUVICA LOE in that cycle? Because that growth would certainly be way above any industry peers we can think of in that time frame. Just trying to get some more color on how you get there.

Well, certainly, as I look at the consensus numbers for AbbVie, it shows where the consensus numbers are off compared to what our own projections look like. So I think the way to really think about the business is, as we enter 2023, we will see the impact of the Humira LOE. And that will obviously cause revenues to drop somewhat in 2023. Now because of the fact that, remember, it's 11 months of 2023. So you will get some annualized impact and you'll probably get some annualized impact just on the pricing competition that occurs. So some of that flows through to 2024. But underneath that, what you have is the non-Humira business, it's growing at a very robust rate. So that underlying business, once you take that step down, it really starts to take over. We expect to see that we'll recover and actually have positive top line growth in 2024. In 2024, then, the full annualized impact will have played through. So the base is reset completely. And then starting in 2025 and beyond, and essentially, you're growing at the rate that, that non-Humira business is capable of being able to drive the total portfolio. So to answer your question, it is based on a number of factors. It's based on the expansion of the indications for SKYRIZI and RINVOQ. It's based on continuing to drive market share expansion within those opportunities that we have with SKYRIZI and RINVOQ. It's based certainly on continuing to drive our hematological oncology franchise at a robust rate, and that's driven by many of the things that I commented on. Expansion into additional indications in areas like t(11;14), MDS, further expansion of the AML, the AML indication into those patients who are eligible for high dose chemotherapy. And if we -- and then we will also see the impact of programs like the Genmab program. Towards the end of that period of time, programs like the CD47 program would be built into that and several others that are part of our pipeline that we have a high degree of confidence that we can deliver. Then you look at the neuroscience pipeline. So there, you add the migraine assets. We're in the early stage of the UBRELVY launch, as we indicated in the formal remarks. We expect to be able to grow that business robustly. And certainly, we're seeing it grow robustly now from a new patient start standpoint. We have an update on atogepant to be comfortable with what we think that the approvability of that asset, plus what we think will be a reasonable label on that asset. And we can talk about any of these in more detail. That will help drive significant levels of growth. Then you look at Vraylar as an example. Vraylar today has roughly 2.3% market share. It has a running rate of about $1.5 billion continuing to grow robustly. If you can drive that business to 4% to 5%, maybe 5.5% market share, and we believe that's clearly possible with the current indications. You can get this asset to be roughly a $4 billion asset. By the end of our long-range plan without MDD. So if MDD would play in, it could be a bigger asset than what we originally are projecting. And then you have the aesthetics business that ultimately is fundamentally driving high single-digit growth over that period of time. It does not assume any business development efforts that are not currently within the business today, like a Genmab or like our CD47. So it doesn't assume some unknown additional business that we're going to add to it. That's not how we do long range planning. So it is things that we know about today. It's fundamentally the strategy that we have been working on for the last 8 years. It's now come together in a way that we have a high level of confidence that we can do what we originally projected, we wanted to be able to do. And that is -- takes the initial hit on the LOE on Humira and then be able to grow through that. Now certainly, SKYRIZI and RINVOQ carry a lot of the water for the Humira growth. And once we've seen that hit, our LRP would actually suggest that we can grow back to a level across that LRP, where we can exceed what the peak was prior to the LOE based on those assets. So the tail on Humira plays a role in that, but the big heavy lifting is played by SKYRIZI and RINVOQ. Anything you guys would want to add to that?

It's perfect.

Great. And maybe on that topic, we saw some SKYRIZI Crohn's induction data last week. Maybe help put some context of how you think about the competitive landscape there? And as you think about that initial data, how that plays out relative to other agents in the space?

Certainly, I'll cover that, Chris. So we're seeing a number of data readouts from the programs for the RINVOQ and SKYRIZI in their additional indications. And we've started to see the inflammatory bowel disease readouts just at the end of last year and the beginning of this year, we had 2 readouts for SKYRIZI in Crohn's disease, as you mentioned. And those were very consistent with our expectations in that we wanted to drive high levels of response, high levels of clinical remission and high levels of endoscopic response not only in bio naive patients, but in patients who have been pretreated with biologics, biologic inadequate responder populations. And across both studies, we saw that. And we also saw a very favorable safety profile, which is important as well. And that's a very important profile for a biologic entering the space because we know that patients with Crohn's disease can develop disease early in life. It's difficult to keep them in long-term remission. So they need new agents that have safety and efficacy profiles, like the one that I've just described. And then an additional important feature in Crohn's disease and in ulcerative colitis is durability of response. We don't have the maintenance studies yet. Those will be coming this year for Crohn's disease for SKYRIZI. But from Phase IIb data, we know that we have good durability in the long-term extension studies, and that's been a consistent feature of SKYRIZI. So we think the profile for SKYRIZI is shaping up to be one that is highly competitive and very consistent with our expectations. And then we also saw just at the end of last year for RINVOQ in ulcerative colitis the first induction study. And that had very similar characteristics in that the efficacy was very strong, high levels of response, remission and endoscopic response, good activity across a wide spectrum of patients and a favorable safety profile. So the IBD portfolio is shaping up very nicely.

Great. And if I think about that portfolio as a whole, I mean, it seems like we've at this point derisked most of the major indications for those 2 assets. Is that a fair statement?

I think that is a fair statement. We, quite some time ago, put out a number risk-adjusted of $10 billion in revenue, and that's been updated recently to $15 billion. When we made those initial projections, for anything, but the lead indications for the 2 molecules, we were principally working off of Phase II data. In the large majority of those indications, we now have Phase III data. And in many of them, we have the complete Phase III data set and are submitted so that would be indications like RINVOQ in psoriatic arthritis, ankylosing spondylitis, atopic dermatitis. And we now have data for SKYRIZI in psoriatic arthritis as well, and we just talked about the progress with IBD. So really across that portfolio, we've derisked now with Phase III data and that gives us increased confidence. And of course, we have recently updated that $10 billion risk-adjusted to greater than $15 billion risk-adjusted based on that increased confidence.

Great. And maybe just one more on this for me. Do you see any impact to either RINVOQ or SKYRIZI from the Humira LOE? So if I guess if pricing comes down for that product, does that pose any challenges to continuing the very healthy growth trends that you've seen with both assets?

Well, obviously, as part of our long range planning, we would have factored that into the analysis that we put in place. I don't think that we are concerned about seeing a step function kind of impact on SKYRIZI and RINVOQ's pricing in the marketplace. Certainly, as you build out the number of indications in order to maintain the kind of access that we like to maintain, there'll be some level of rebating or discounting depending upon what -- how the system is operating at that point in time. And we have assumed that as part of the calculus of how we built out this long-range plan.

Great. Can I talk a little bit about leverage? I think you're targeting roughly 2.5x leverage over time. I guess in the past, you've been above that level. It seems like there's a lot of synergistic assets, I can envision in the market, given some of the categories you compete in. So tell me a little bit about how you balance the delevering targets versus looking to do additional business development and further, I guess, accelerate the recovery off of the Humira LOE?

So Chris, I think the way to think about it is, we look at how much cash this business generates, it allows us to do a number of things in terms of capital allocation. Obviously, paying down debt is very important. We've said 2.5x by the end of this year. I do expect us, though, to deleverage beyond this year. So you'd see that continue to trend down. So I do think, as you think more long term, we'll continue to see that leverage ratio improve. At the same time, we have set aside $2 billion per year in order to access external innovation. So that's very important. And at the same time, we're continuing to grow the dividend. We just announced a 10.2% increase, did on Q3 call. So we're able to do all things we want to do with growing the dividend, paying down debt and accessing external innovation. And we're really focused on trying to pay off the Allergan financing. Think of it that Allergan financing being paid off in the '23 time frame and until that, we'll be looking at about $2 billion per year for [ LNA ], and then we'll reassess at that time.

Okay. And just on the dividend kind of payout and ramp, should we think about the dividend, the absolute kind of percentage is slowing a bit through the Humira LOE? Or as you get more visibility, would you be willing to maybe have that payout ratio move up a little bit in that window. So I'm trying to get a sense of like the pace of dividend increases going forward.

Yes. So we're very committed to growing the dividend and continue to grow the dividend. I think you'll see the dividend, not necessarily grow at the same rate as earnings growth. So you would expect to see that payout ratio. Think of it probably settling in the low 40% range and then upon that '23 entry. We might pop up to the low 50s. And then I think long term, as we return to rapid growth, settling in the mid- to high 40% payout ratio range.

Great. Just on the aesthetics portfolio, now that you've had some additional time to own that, understand that better. Are you thinking differently about growth there? I might be misremembering, but high single-digit growth through the end of the decade seems a bit above where I was maybe thinking originally, you'd be envisioning that growth. So can you talk about as you've integrated that into AbbVie some of the learnings there and how you're thinking about the portfolio?

Certainly, as we've gotten the ability to be able to operate that business directly. It's given us the visibility of the key drivers. Every business has a different set of drivers but I'd say one of the things that's impressive about that market is it's very responsive to consumer activation. In fact, probably more responsive than almost any market I've ever experienced. And it's very underpenetrated globally, the ability to be able to drive greater penetration and grow that market. So we are assuming some level of competition in this because if you think about what I said in my remarks, I basically said we expect the business to double by 2025. Although on a compounded growth rate, that's faster than high single digits. So essentially, what you're seeing is that the market is growing or should grow robustly. We're obviously driving a significant part of that market. We're the major market player and major market leader in that segment. So our ability to capture more than our fair share comes through, but we're clearly -- there's competition in that market. We would expect that to occur as well. So I think we're very comfortable that we can grow it at a high single digit. I would hope that we can potentially accelerate it a little bit beyond that going forward. And certainly, the market dynamics would suggest that we should be able to accelerate it to maybe low double digits, we're not committing to that. I think high single digits is an appropriate level. I'd say the other thing about that market that's very interesting to us. Is it's very clear to us now that a lot of the capabilities that we have, particularly in R&D, are going to be very beneficial in that market. And I think the next-generation of some of these assets are going to require a more sophisticated approach from an R&D standpoint. If you think about fillers, as an example, dermal fillers. Today, what we have is, for the most part, dermal fillers that do physical filling. But ideally, what you want to do in that market, if you're going to get the optimal impact or outcome is that you want to do both. You want to physically fill so you think you get a rapid impact followed by biological stimulation of things like collagen and elastic to give you a more natural kind of look and a more sustained look over the long time. Well, that's right in the wheelhouse of areas that we have a tremendous amount of expertise and capabilities. And so I think marrying is one of the areas where they marrying together AbbVie and Allergan is going to produce a much better long-term outcome from an R&D standpoint.

Absolutely. I think we're just about out of timing. Congrats on all the progress you've made. It seems like it's kind of asset-by-asset really starting to build some visibility in those out years. So congrats on that. And I really appreciate the time today.

All right. Well, thank you, Chris. We appreciate the opportunity.

Thanks, Chris.