AbbVie

Humira Q4 $1.2B, down 26.1% operationally. Full-year 2026 guidance $2.9B. Access expected to decrease further as more plans move to exclusive biosimilar contracts. Absolute dollar declines diminishing.

Full-year neuroscience $10.7B (+$1.8B YOY). Q4 >$2.9B (+17.3%). VYALEV $183M (+33% sequential), guiding to $1B blockbuster in 2026. Parkinson's franchise potential >$5B peak. Migraine franchise expected to exceed $5B peak. Three $5B+ franchises in neuroscience.

Q4 aesthetics ~$1.3B, down 1.2% operationally. BOTOX Cosmetic +3.8% but Juvederm -10.8%. TrenibotE approval expected this year; could potentially double new patient inflow at peak. 12,000 core injectors to be trained; revenue impact gating heavily into 2027.

Three-year agreement with US government includes low Medicaid prices, direct-to-patient cash pay options, and $100B US R&D/capital commitment. Exemption from tariffs and future pricing mandates including demonstration projects during term. BOTOX selected for Medicare negotiation in 2028.