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Date
Thursday, July 31, 2025 at 1:00 p.m. ET
Call participants
Chief Financial Officer — Rob Michael
President and Chief Operating Officer — Jeff Stewart
Chief Medical Officer and Head of R&D — Roopal Thakkar
Senior Vice President, Finance — Scott Reents
Vice President, Investor Relations — Liz Shea
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Risks
HUMIRA revenue decline— Global HUMIRA sales declined 58.2% operationally in Q2 2025, and U.S. HUMIRA revenues are expected to decrease by $500 million in fiscal 2025 due to biosimilar competition and planned formulary exclusions.
Aesthetics category weakness— Global aesthetics sales declined 8% operationally in Q2 2025, with management highlighting persistent economic headwinds, "lower overall consumer sentiment," and market growth below historical levels, as discussed in the Q2 2025 earnings call.
IMBRUVICA performance pressure— IMBRUVICA global sales fell 9.5% in Q2 2025, attributed to continued competitive dynamics in chronic lymphocytic leukemia.
SKYRIZI pricing headwinds— CFO Scott Reents stated, "You will see some negative price in the back half of the year" for SKYRIZI, following temporary favorable pricing dynamics in the first half.
Takeaways
Adjusted EPS— Adjusted earnings per share of $2.97 for Q2 2025, exceeding the guidance midpoint by $0.11 (adjusted) and impacted by a $0.42 unfavorable acquired IPR&D expense (non-GAAP).
Total net revenues— Total net revenues of $15.4 billion for Q2 2025, up 6.5% operationally, surpassing expectations by over $400 million.
Ex-HUMIRA platform growth—AbbVie(ABBV -0.08%)'s ex-HUMIRA platform sales increased 22% in Q2 2025, led by SKYRIZI and RINVOQ, which together are pacing for over $25 billion in annual sales for full year 2025.
SKYRIZI global sales— Global sales of $4.4 billion for SKYRIZI in Q2 2025, representing 61.8% operational growth driven by leading share in psoriatic disease and expansion in IBD indications.
RINVOQ global sales— Global sales of $2 billion for RINVOQ in Q2 2025, up 41.2% operationally, capturing the number two branded share across key IBD lines of therapy in the U.S.
HUMIRA global sales— HUMIRA delivered global sales of more than $1.1 billion in Q2 2025, down 58.2% operationally, with further U.S. access reductions expected in the second half of 2025 due to formulary exclusions.
Neuroscience revenues— Neuroscience total revenues of approximately $2.7 billion for Q2 2025, up 24% operationally compared to the prior year period, with double-digit growth from Vraylar (up 16.3%), Botox Therapeutic global revenues rose 14.2%, UBRELVY global sales increased 47.2%, and CULIPTA global sales rose 76.9%.
Oncology revenues— Oncology total net revenues of nearly $1.7 billion for Q2 2025, with IMBRUVICA at $754 million (down 9.5%) and VENCLEXTA global revenues were $691 million, up 8.3% operationally.
Aesthetics revenues— Global aesthetics sales of nearly $1.3 billion for Q2 2025, down 8% operationally, including BOTOX Cosmetic at $692 million and Juvederm global sales were $260 million, both declining operationally.
Full-year guidance raised— Total net revenue is now expected to reach $60.5 billion (up $800 million) for fiscal 2025, with full-year adjusted earnings per share (non-GAAP) guidance increased by $0.21 to $11.88–$12.08.
Product-specific guidance— SKYRIZI revenue guidance raised by $600 million to $17.1 billion for fiscal 2025; U.S. HUMIRA revenue projected at $3 billion for full year 2025; neuroscience revenue forecast at $10.5 billion for full year 2025 (Vylev up $100 million, remainder split over Vraylar, Botox Therapeutic, and CGRP), oncology guidance increased by $100 million for full-year 2025, VENCLEXTA global sales are expected to reach $2.8 billion for fiscal 2025.
Pipeline approvals and milestones— FDA approval of I'mRELIS for nonsquamous non-small cell lung cancer (recently), RINVOQ (giant cell arteritis), positive Phase III data for alopecia areata (top-line results recently announced), and expansion in RINVOQ indications targeted.
Business development— More than 30 business development transactions completed since the beginning of last year, including the closing of an agreement with Gubra for a long-acting amylin analog in the treatment of obesity in 2025, planned KapStan Therapeutics acquisition (in vivo CAR T platform), ISB 2,001 in-licensing (trispecific antibody), and collaboration with 8Rx (siRNA platform).
Operational margins and expenses— Adjusted gross margin was 84.4% for Q2 2025; adjusted R&D expense was 13.7% of sales, and adjusted SG&A expense was 21% of sales for Q2 2025. Adjusted operating margin ratio was 44.3% (reflecting a 5.3% unfavorable impact from acquired IPR&D expense) for Q2 2025.
Q3 guidance— Net revenues of approximately $15.5 billion (including a 1% FX benefit) for Q3 2025 and adjusted EPS of $3.24–$3.28 (excluding further acquired IPR&D expense) for Q3 2025.
Notable neuroscience clinical data— The Phase III TEMPLE study showed QLIPTA met all primary and secondary endpoints versus topiramate, with 64% of QLIPTA patients achieving at least a 50% reduction in mean monthly migraine days (vs. 39% for topiramate) over the 24-week treatment period, and lower discontinuation due to adverse events (12% vs. 30%) over the 24-week treatment period.
RINVOQ alopecia areata results— In the 30 mg group, 54% of patients achieved 80% or more scalp coverage and 47% achieved 90% or more at 24 weeks, with results exceeding those of other JAK inhibitors in the first Phase III RINVOQ alopecia areata trial at 24 weeks; a second Phase III readout is expected in Q3 2025.
Vylev uptake— Vylev achieved $98 million in sales in Q2 2025, up 56% sequentially, with "very, very strong demand" largely from international markets, as described by management on the Q2 2025 earnings call.
Alopecia and next-wave RINVOQ indications— Company expects the collection of new indications (alopecia, vitiligo, HS, lupus) to add approximately $2 billion to peak year RINVOQ sales.
Upcoming product launches— Commercialization of Trinibot e (a fast-acting, short-duration toxin) in aesthetics is expected in 2026.
Summary
Management attributed significant ex-HUMIRA platform growth to expanded patient share in both immunology and neuroscience, supporting upward revisions to full-year revenue and earnings outlook. The company has executed more than 30 business development transactions since the beginning of last year, strengthening its R&D pipeline in obesity, oncology, and next-generation therapies. Recent U.S. and international launches, notably for Vylev and I'mrellis, demonstrated larger-than-anticipated demand, particularly in Parkinson’s disease and non-small cell lung cancer. The RINVOQ and SKYRIZI franchise achieved accelerated uptake in major indications. Late-stage pipeline assets—including novel bispecific and trispecific antibody programs in oncology and phase three immunology readouts—are expected to provide additional catalysts in the latter half of 2025 and beyond.
Management said, "SKYRIZI together are capturing one out of every two in-play Crohn's disease patients and one out of every three in-play use patients in the U.S." illustrating franchise dominance in U.S. gastroenterology.
Rob Michael stated, "we do not expect our exposure to be outsized relative to peers," referencing limited expected impact from recent EU tariff announcements for 2026.
The company detailed that $400 million of the $600 million SKYRIZI guidance increase is from IBD, and $200 million is from psoriatic indications for full-year 2025 guidance, clarifying IBD as the largest near-term growth driver.
IMBRUVICA’s ongoing decline in Q2 2025 was partially offset by higher patient persistency, but competitive headwinds are expected to persist per management comments.
CFO Scott Reents noted pricing "anomalies" contributed to some favorability for SKYRIZI in the first half of 2025, but expects "negative price in the back half of the year" for SKYRIZI, marking an explicit upcoming margin risk.
Commercial headwinds in aesthetics were described by Jeff Stewart as "more chronic than we've seen before," citing ongoing pressure on dermal filler demand and heightened sensitivity to out-of-pocket costs.
Industry glossary
IPR&D (In-Process Research and Development): One-time R&D charges for assets acquired in clinical development, not yet commercialized.
In-play patient share: Real-time market share measurement reflecting patient starts and switches within a given indication or therapeutic class.
ADC (Antibody-drug conjugate): Biopharmaceutical composed of an antibody attached to a biologically active drug, used for targeted cancer therapy.
CGRP (Calcitonin gene-related peptide): A neuropeptide targeted by certain migraine prevention and treatment therapies.
SALT score (Severity of Alopecia Tool score): A clinical measure for quantifying hair loss in alopecia areata patients.
BCMA (B-cell maturation antigen): Target protein frequently used in multiple myeloma immunotherapies.
CAR T (Chimeric antigen receptor T cell): Genetically engineered T cells designed to recognize and destroy targeted cancer or immune cells.
IPD (Induction protocol dosing): Initial high-frequency treatment regimen to induce therapeutic response, especially in IBD therapies.
Part D redesign: U.S. Medicare policy changes impacting reimbursement and pricing dynamics, especially for biologics.
Full Conference Call Transcript
Rob Michael: Thank you, Liz Shea. Good morning, everyone, and thank you for joining us. AbbVie Inc. delivered another outstanding quarter with results exceeding our expectations. We are making excellent progress advancing our pipeline and adding more depth through strategic transactions that support our long-term growth. Turning to our second quarter performance, we delivered adjusted earnings per share of $2.97, which is $0.11 above our guidance midpoint. Total net revenues were $15.4 billion, more than $400 million ahead of our expectations. This overachievement includes sales growth of 22% from our ex-HUMIRA platform with continued robust performance from SKYRIZI and RINVOQ, which are now on pace to deliver more than $25 billion in combined sales this year, well above our initial expectation.
We also delivered strong double-digit growth from neuroscience, driven by Vraylar, Vylev, and our leading migraine portfolio. Based on our momentum in the first half of the year, we are raising guidance for the second time. We now expect full-year revenue of $60.5 billion, an increase of $800 million. We have now raised our revenue guidance by $1.5 billion since the start of the year. We are also raising our full-year adjusted earnings per share guidance by $0.21 and now expect adjusted EPS between $11.88 and $12.08. In addition to our strong financial results, we are making great progress with our R&D pipeline across all stages of development.
Notable highlights from our late-stage programs include the recent approvals of EMERALIS for nonsquamous non-small cell lung cancer and RINVOQ for GCA, the regulatory submission of Trinobot e, a first-in-class short-acting toxin in aesthetics, as well as highly differentiated phase three results in alopecia areata, a potential tenth indication for RINVOQ in the US. We are also focused on augmenting our pipeline with therapies and platform technologies that have the potential to elevate the standard of care for patients. These include promising early-stage programs that have the potential to drive growth for AbbVie Inc. in the next decade. We have executed more than 30 business development transactions since the beginning of last year.
Our recent activity includes closing the agreement with Gubra for a long-acting amylin analog in the treatment of obesity, as well as announcing our planned acquisition of KapStan Therapeutics, giving us an in vivo CAR T platform that can further strengthen our immunology pipeline. We also in-licensed ISB 2,001, a novel, tri-specific antibody for multiple myeloma, and we announced the collaboration with 8Rx to develop next-generation siRNA therapies across multiple disease areas, including immunology, neuroscience, and oncology. In summary, I'm very pleased with the performance of our business and the progress we are making against our long-term strategy. AbbVie Inc.'s outlook is strong, and we are well-positioned to deliver on our commitments in 2025 and beyond.
With that, I'll turn the call over to Jeff Stewart for additional comments on our commercial highlights.
Jeff Stewart: Thank you, Rob Michael. I'll start with the quarterly results for immunology, which delivered total revenues of more than $7.6 billion. SKYRIZI continues to demonstrate impressive growth. Global sales were $4.4 billion, up 61.8% on an operational basis. We continue to capture robust in-play patient share in psoriatic disease. In the US, this includes clear leadership in psoriasis across all lines of therapy, versus both biologics and oral agents, as well as continued strong performance in the PSA derm setting, with frontline in-play shared leadership more than double the next closest biologic or oral therapy. Globally, SKYRIZI continues to grow and achieve total psoriatic disease market leadership in numerous major markets around the world.
I'm also very pleased with SKYRIZI's performance in IBD, where we are on track to double our sales this year. In the US, we continue to capture more than a third of newer switching patients in Crohn's disease and nearly 20% of new or switching patients in ulcerative colitis. As we look ahead, we feel very confident in SKYRIZI's profile, including compelling efficacy, safety, and dosing. Our very robust head-to-head program, where we have demonstrated superiority and clear differentiation against multiple novel therapies, sets a high bar for comparison.
So as we do compare our current dynamic share to total prescription share, it's clear there is still a substantial opportunity for continued total share gain across all of SKYRIZI's indications over time, especially in ulcerative colitis and Crohn's disease, which are still earlier in their launch trajectory. Turning now to RINVOQ, which is also demonstrating outstanding growth. Global sales were $2 billion, up 41.2% on an operational basis as we continue to see nice momentum across all of RINVOQ's indications. Uptake in IBD continues to be very strong. In the US, RINVOQ's in-play patient share across all lines of therapy for both ulcerative colitis and Crohn's disease is second only to SKYRIZI among branded medicines.
So as a portfolio, RINVOQ and SKYRIZI together are capturing one out of every two in-play Crohn's disease patients and one out of every three in-play use patients in the US. A very strong combined leadership position in gastroenterology for AbbVie Inc. I'd also highlight that we are making excellent progress with RINVOQ's global launch in giant cell arteritis, our sixth indication in rheumatology. Initial prescription trends as well as feedback from rheumatologists have been positive, with access in the US expected to ramp quickly over the rest of the year. Finally, we announced impressive Phase III results in alopecia areata, a chronic autoimmune disease leading to unpredictable hair loss with nearly two million diagnosed patients globally.
Alopecia areata, as well as the next wave of diseases, including vitiligo, HS, and lupus, would expand RINVOQ's treatment in both dermatology and rheumatology, areas where we already have very strong call points with RINVOQ's core indications. Turning now to HUMIRA, which delivered global sales of more than $1.1 billion, down 58.2% on an operational basis, reflecting biosimilar competition. We anticipate HUMIRA access in the US will continue to decrease throughout the second half of this year as more planned select exclusionary formularies for existing patients. Moving to oncology, which delivered total revenues of nearly $1.7 billion. IMBRUVICA global sales were $754 million, down 9.5%, reflecting continued competitive dynamics in CLL, partially offset by higher persistency rates for existing patients.
VENCLEXTA global revenues were $691 million, up 8.3% on an operational basis. This reflects strong demand in CLL with combination use of VENCLEXTA plus BTK inhibitors emerging as a preferred fixed duration treatment. We are also seeing nice momentum from Elijir and McKinley, with both delivering double-digit revenue growth. We are early in the US launch of I'mrellis, our newest ADC for previously treated nonsquamous, non-small cell lung cancer patients. This commercialization will help to establish c medic as a valid biomarker in non-small cell lung cancer and also build AbbVie Inc.'s presence more broadly in solid tumors, where we have several promising next-generation ADCs in development, including tMAbA, which shares the same cMET target.
Turning now to aesthetics, which delivered global sales of nearly $1.3 billion, down 8% on an operational basis. BOTOX Cosmetic Global revenues were $692 million and Juvederm global sales were $260 million, with growth rates for both products down on an operational basis. Consistent with the past few quarters, economic challenges and lower overall consumer sentiment have impacted the aesthetics market, which continues to perform below historical levels. As noted on the first quarter call, we moderated our assumptions for near-term category growth globally, which is tracking largely in line with our expectations. From a competitive perspective, our facial injectable portfolio remains the clear leader with strong market shares globally.
Our progress with the Ally loyalty program is going well, and we have robust plans underway to support patient activation. This includes a new Botox consumer campaign in the US with ramping second-half investment, continued injector training globally, and bringing new products to market, like Trinibot e, our fast-acting short-duration toxin, with commercialization expected next year. So as economic conditions improve from current levels, we remain very well positioned for growth over the long term in the aesthetics category. Moving now to neuroscience, our second-largest therapeutic area, where we continue to demonstrate robust growth. Total revenues were approximately $2.7 billion, up 24% on an operational basis.
This exceptional performance is driven by continued double-digit operational growth of Vraylar, with global sales of $900 million, up 16.3%, Botox Therapeutic, with global revenues of $928 million, up 14.2%, UBRELVY, with global sales of $338 million, up 47.2%, and CULIPTA, with global revenues of $267 million, up 76.9%. Importantly, we recently announced positive results from the head-to-head TEMPLE study comparing Qlipta to topiramate for migraine prevention. Temple demonstrated that Qlipta had fewer treatment discontinuations attributed to adverse events as well as a significant reduction in migraine days versus topiramate. Given the high use of topiramate as a frontline treatment for migraine prevention, we anticipate these strong results will support earlier adoption of Moving to Parkinson's disease.
I'm very pleased with the performance of Violet, where the global launch is off to an excellent start. Total sales were $98 million, up 56% on a sequential basis. Feedback from movement disorder specialists has been overwhelmingly positive, with uptake across the international markets exceeding our expectations. Looking forward, we believe our emerging Parkinson's disease portfolio, with Vyleb, Duodopa, and Tevapadon forthcoming, has the collective potential to be a multibillion-dollar opportunity over the long term. So overall, I'm very pleased with the execution and continued strong performance across our commercial portfolio. And with that, I'll turn the call over to Rupl for comments on our R&D highlights.
Roopal Thakkar: Thank you, Jeff Stewart. Starting with immunology, where we continue to make meaningful progress advancing our pipeline, with several regulatory and clinical milestones since the last earnings call. FDA approval was granted for RINVOQ in GCA, representing our sixth rheumatology indication. Additionally, top-line data from the first phase three RINVOQ alopecia areata trial were just announced. In the study, RINVOQ met the primary and key secondary endpoints, demonstrating a statistically significant improvement in hair regrowth across both RINVOQ doses compared to placebo. Baseline scalp coverage prior to treatment was approximately 16%. In the RINVOQ thirty milligram group, fifty-four percent of patients reached 80% or more scalp hair coverage, and forty-seven percent reached 90% or more coverage at twenty-four weeks.
A robust effect was also demonstrated with RINVOQ fifteen milligrams. These are truly transformative results and compare very favorably to the efficacy shown in pivotal trials for other JAK inhibitors. The placebo-adjusted SALT twenty and ten scores for RINVOQ thirty milligrams were approximately 20 percentage points above the rates for the highest approved doses of other JAK inhibitors. For the RINVOQ fifteen milligram group, rates were approximately 10 points above. We are very pleased with these results, which certainly surpassed our expectations. Results from a second phase three alopecia areata study are anticipated in the third quarter, followed by regulatory submissions starting later this year.
The vitiligo program for RINVOQ is also nearing completion, with top-line results from phase three studies expected later this year. External innovation has supported the expansion of our growing immunology pipeline. We recently announced plans to acquire Capstan. Their novel platform allows for in vivo programming of cells through mRNA delivery using targeted lipid nanoparticles. Capstan's lead asset, currently in Phase one, generates c d 19 specific c d eight positive in vivo CAR T cells. The CAR T cells are designed to achieve rapid and deep B cell depletion without the need for lymphoablating chemotherapy, while also avoiding other challenges associated with conventional ex vivo CAR Ts.
This innovative approach has the potential to become a transformative new treatment modality to reset the immune system and provide deep, durable, drug-free remission for patients with autoimmune disease. Capstan's technology is a strong strategic fit for our early immunology efforts, where we have a number of internal assets designed to reset the immune system via depletion of pathogenic cells with the goal of delivering functional cures. We plan to advance several assets that deplete B cells into the clinic, each with a different target or modality. These include two anti CD19 monoclonal antibodies that activate cell-mediated cytotoxicity, one with and the other without a payload.
Etentamig, our BCMA CD three bispecific T cell engager, and ISB two zero one, a BCMA CD 38, CD three, trispecific T cell engager, that is part of our recently announced agreement with IGI Therapeutics. An interim analysis was recently completed on our monotherapy trial evaluating lutekizumab in colitis. Lutekizumab showed numerically higher efficacy for the primary endpoint of endoscopic improvement compared to Humira, which was the control arm. However, the results were not sufficiently differentiated for us to pursue it as a monotherapy in this population. We believe there is still an opportunity to drive incremental efficacy as a combination in Crohn's disease, where lutekizumab is being evaluated in combination with SKYRIZI.
Lutekizumab is one of several assets being studied, and results from our Crohn's combination platform study will begin to read out next year. Luticizumab has the potential to drive efficacy across other autoimmune diseases. It has demonstrated strong efficacy in hidradenitis suppurativa, where phase three is ongoing with data expected in 2027. Additional studies are underway evaluating monotherapy or combination approaches in psoriatic arthritis, atopic dermatitis, and rheumatoid arthritis. Moving to oncology, I'mRELIS received accelerated approval from the FDA as a monotherapy in previously treated nonsquamous non-small cell lung cancer with high c Met expression. This is an important new treatment option for patients with this challenging disease.
At the recent ASCO meeting, we presented encouraging data for several novel ADCs in our oncology pipeline, including preliminary data from a phase one dose expansion study evaluating tmAbA, our next-generation c Met ADC, in patients with EGFR mutated nonsquamous non-small cell lung cancer. TMAb A demonstrated high and durable responses across c Met expression levels with an objective response rate of sixty-three percent and median duration of response of nine point eight months. Based on these results, we plan to initiate additional studies in both first and second line.
Rob Michael: Other highlights from the ASCO meeting included encouraging early-stage results for ABBV-seven zero six in high-grade neuroendocrine tumors and results from a registration enabling phase two study evaluating PIVAC in BPDCN, which will support a regulatory submission later this year. At the ESMO meeting this fall, we have several planned presentations for tMAb a, including results from a phase two study in combination with bevacizumab in CRC, as well as data from a proof of concept study in pancreatic cancer. We will also present updated data at the upcoming World Conference of Lung Cancer from our ABBV-seven zero six dose-ranging proof of concept study in small cell lung cancer.
In the area of hematologic oncology, we recently announced a license agreement with IGI Therapeutics to develop a novel trispecific T cell engager for multiple myeloma and autoimmune diseases. This first-in-class T cell engaging antibody targets BCMA and CD38 on myeloma cells and has the potential to deliver deep and durable responses, ultimately improving outcomes for patients. Despite advancements, the five-year survival rate in multiple myeloma is still only about sixty percent, so unmet needs remain high. Quality of life is also important. Patients currently receive triplet and quad therapy, which can be challenging from a safety and convenience standpoint.
HCPs and patients will continue to seek next-generation therapies that can provide high efficacy, better safety, and less complicated dosing regimens. We are extremely well-positioned to address the unmet needs across all patient segments in multiple myeloma with three next-generation multi-specific T cell engagers: Etentamig, ISB 2,001, and CIM zero five zero. These off-the-shelf therapies may be particularly important for community-based sites, where approximately eighty percent of patients receive care. In the area of neuroscience, we announced positive top-line results from the head-to-head Phase III TEMPLE trial, comparing QLIPTA and topiramate for migraine prevention.
The primary and all secondary endpoints were met in the study, demonstrating that patients treated with QLIPTA had fewer discontinuations due to adverse events and a greater reduction in migraine days compared to patients receiving topiramate. Over the twenty-four-week treatment period, twelve percent of patients discontinued QLIPTA due to adverse events, compared to thirty percent for topiramate. Sixty-four percent of patients on Cuclipta achieved at least a fifty percent reduction in mean monthly migraine days, compared to thirty-nine percent of patients on topiramate. These results add to the body of evidence supporting QLIPTA as a first-line treatment option for episodic and chronic migraine prevention. In the quarter, Mavorit was approved for the treatment of acute HCV.
With this label expansion, caregivers can now treat HCV patients immediately following diagnosis, rather than waiting until progression to chronic disease.
Scott Reents: Earlier treatment coupled with increased testing brings us closer to achieving the World Health Organization's goal of global HCV elimination by 2030. To summarize, we've made significant progress across all of our therapeutic areas in the first half of the year and continue to expand our pipeline through 2025. With that, I'll turn the call over to Scott Reents. Thank you, Roopal Thakkar. Starting with our second quarter results, we reported adjusted earnings per share of $2.97, which is 11¢ above our guidance midpoint. These results include a 42¢ unfavorable impact from acquired IPR and D expense. Total net revenues were $15.4 billion, reflecting growth of 6.5% on an operational basis, excluding a modestly favorable impact from foreign exchange.
Adjusted gross margin was 84.4% of sales, adjusted R&D expense was 13.7% of sales, and adjusted SG&A expense was 21% of sales. The adjusted operating margin ratio was 44.3% of sales, which includes a 5.3% unfavorable impact from acquired IPRD expense. Net interest expense was $678 million. The adjusted tax rate was 16.2%. Turning to our financial outlook, we are raising our full-year adjusted earnings per share guidance to between $11.88 and $12.08. Please note that this guidance does not include an estimate for acquired IPRD expense that may be incurred beyond the second quarter. We now expect total net revenues of approximately $60.5 billion, an increase of $800 million.
This reflects a relatively neutral impact from foreign exchange on full-year sales growth. Our updated revenue forecast includes the following approximate assumptions for several of our key products and therapeutic areas. In immunology, we now expect SKYRIZI global revenues of $17.1 billion, an increase of $600 million, reflecting continued share gains in psoriasis and IBD. And US HUMIRA revenues of $3 billion, a decrease of $500 million, reflecting biosimilar competition. In neuroscience, we now expect global sales of $10.5 billion, an increase of $300 million. This includes a $100 million increase for Vylev, reflecting strong international uptake, with the remaining $200 million increase split relatively evenly across Vraylar, Botox Therapeutic, and the total oral CGRP portfolio.
And in oncology, we now expect an increase of $100 million, reflecting higher persistency rates for existing patients, and VENCLEXTA global sales of $2.8 billion, an increase of $100 million, reflecting continued strong demand in CLL. Moving to the P&L for 2025, we continue to forecast full-year adjusted gross margin of approximately 84% of sales. We now expect adjusted R&D expense of approximately $9 million and adjusted SG&A expense of approximately $13.5 billion. We also now anticipate an adjusted operating margin ratio of roughly 45% of sales, in line with our previous expectations after including the 1.8% unfavorable impact of acquired IPRD expense incurred through the second quarter.
Turning to the third quarter, we anticipate net revenues of approximately $15.5 billion. This reflects an estimated 1% favorable impact from foreign exchange on sales growth. We expect adjusted earnings per share between $3.24 and $3.28. This guidance does not include acquired IPR and D expense that may be incurred in the quarter. In closing, AbbVie Inc. once again delivered outstanding top and bottom-line performance, with results well ahead of our expectations. I'm pleased with the momentum from our ex-HUMIRA platform, including SKYRIZI, RINVOQ, and neuroscience, which further supports AbbVie Inc.'s long-term outlook. With that, I'll turn the call back over to Liz Shea.
Liz Shea: Thanks, Scott Reents. We will now open the call for questions. In the interest of hearing from as many analysts as possible over the remainder of the call, we ask that you please limit your questions to one or two. Operator, we'll take the first question, please.
Operator: Yes. And our first question comes from Mohit Bansal with Wells Fargo. Your line is open.
Mohit Bansal: Thank you very much for taking my question and congrats on all the progress. I have a question regarding the impact of Stellara BioS. Biosimilar on SKYRIZI and RINVOQ here. Especially SKYRIZI. I mean, expect so, I mean, one end, it could be mean, it could be considered as a negative impact, but as you saw with Humira biosimilar, people decided to not move change to biosimilar, but to a more efficacious drug like Cytis and Renvoke, how do you think about the impact of biosimilar considering these two dynamics here? Thank you.
Jeff Stewart: Yeah. Thanks, Mohit Bansal. It's Jeff Stewart. And you're right, that we did see, certainly with the first exclusionary formulary, that was CVS last year, we did see movement from Humira. Not all of it went to the biosimilar. Some went to, as you mentioned, SKYRIZI and RINVOQ. Now Stellara is still early and there are more interchangeable biosimilars. So, and it's frankly, it was a much smaller drug because it's really just concentrated in GI. So it's difficult to sort of tease out exactly what movement we're seeing. Certainly, we did see that some physicians, when they think about a movement, would be more willing to look at the higher-end products.
But net-net, I think that fundamentally, the core momentum around SKYRIZI and RINVOQ are simply related to just the outstanding data, the breadth of indications, you know, our connections with physicians in terms of our value proposition. So I would say if anything, it's a minor, certainly contributor.
Rob Michael: And this is Rob Michael. I'll just add on. If you recall, we had the sequence head-to-head trial, SKYRIZI versus STELARA, and we did see significant share gains following the release of that head-to-head. And so when you think about SKYRIZI's performance versus STELARA before the biosimilar, we saw a very notable share inflection, and as Jeff Stewart mentioned, what we're seeing right now is just continued momentum from SKYRIZI. I would not attribute that to be an impact from the biosimilar, but I should want to make clear that we did see a very nice share uptake following the sequence head-to-head trial.
Liz Shea: Thanks, Mohit Bansal. Operator, next question, please.
Operator: Our next question comes from Terence Flynn with Morgan Stanley. Your line is open.
Terence Flynn: Great. Thanks for taking the questions. Maybe two for me. Obviously, another solid quarter here from SKYRIZI. It's annualized in about $18 billion now. I know you have the 2027 guidance out there for over $20 billion. So just maybe help us think about that number and confidence there. And kind of if you could tie in RINVOQ as well, again, annualizing $8 billion, I think that guidance is for over $11 billion in 2027. And then I know you might not have a lot of details yet, but just any thoughts on the latest tariff announcement regarding the EU and how that might impact 2026? Thank you.
Rob Michael: Terence Flynn, it's Rob Michael. I'll take both. So you're right. We're seeing tremendous performance from SKYRIZI and RINVOQ. Very pleased with the progress we're making. Obviously, you'll continue to raise our expectations for this year. As you know, we occasionally update the long-term guidance. Well, we've been doing that last few years around the time of the fourth quarter call. We've done that also previously at the JPMorgan conference. So we do refresh long-term guidance. Say we're obviously tracking very well against the performance, and, you know, we'll update that long-term guidance at the appropriate time. But I'd say, you know, actions. But look, without policy details, we're not gonna speculate on the longer-term impact.
We do need to see the outcome of the February investigation and how tariffs are ultimately phased in. What I can say is that we do not expect our exposure to be outsized relative to peers. And as I mentioned during our first quarter call, we have a broad US network, and includes 11 sites that manufacture API biologics, toxins, small molecules. As a reminder, again, our largest product SKYRIZI is made in the US for the domestic market. And longer term, we will add more US manufacturing capacity, which is part of the planned $10 billion in capital investment that we announced during the first quarter call.
That again includes adding four new sites to our US network that will cover API peptides, drug product, and devices. And so we are well-positioned. We'll obviously continue to invest in the US. I think, you know, we're having constructive discussions with the administration on sectoral tariffs. It's clearly, you know, the best way to motivate that is through tax incentives as well as a trade agenda that prioritizes innovation. But we're, you know, we're well-positioned as a company, but we're not gonna be able to really give you details until we understand the outcome of the February investigation.
Liz Shea: Thanks, Terence Flynn. Operator, next question, please.
Operator: Yes. Our next question comes from Chris Schott with JPMorgan. Your line is open.
Chris Schott: Great. Thanks so much. Just a couple of follow-ups here. Just on SKYRIZI, obviously, meaningful upside to results this year. And just would love if you'd lay out what particular is driving this. I guess, specifically, is it all IBD, or you're also seeing upside to the derm indications as well? Second question was just kind of a bigger picture kind of BD question. I know the focus on strengthening growth profile 2030 and beyond, but just given the momentum of the core business, it seems as though AbbVie Inc. could fund significant growth in its pipeline in R&D over the next few years and still have pretty healthy earnings growth.
So just should we think about this still being kind of the string of early-stage or mid-stage deals? Or is there appetite to also look at later-stage assets that maybe have more spend upfront but could also contribute as we get later in the decade? Thank you.
Jeff Stewart: Yeah. Thanks, Chris Schott. Remarkable in what that drove. But really, it's across the board. I mean, particularly continue to be very, very impressed with our momentum in psoriatic disease. So it's been seven years since the initial psoriasis approval, and we are still gaining in-play share. Really not been observed on a brand this big over that amount of time. And that's across both psoriasis and, as I mentioned in my prepared remarks, in frontline PSA derm. So it really is strength across the board. We even see continued momentum in PSA in rheumatology, where our combined share with both SKYRIZI and RINVOQ in terms of PSA room is the leading portfolio. So it really is well balanced.
Rob Michael: Chris Schott, I would just add to Jeff Stewart's comments that $600 million raise, 400 of that, you could think of as IBD. 200 in psoriatic. So that's gonna put the split of the seventeen one at $11.03, for psoriatic and $5.08 for IBD.
Rob Michael: And, Chris Schott, this is Rob Michael. I'll take your question on BD. When you, you know, when you look at AbbVie Inc., and the diversified growth platform we have today, that's going to provide us with the opportunity to really drive top-tier performance clear line of sight to grow for at least the next eight years. So as I think about strategically the pipeline, external innovation, the investments we're making are really all around what gonna drive growth in the next decade. We have a clear line of sight based on the portfolio we have today to drive that growth the next eight years.
And so it's really more about how do we set the company up to grow beyond SKYRIZI and RINVOQ. And so we've made, I think, a lot of very compelling investments. And you're right. We without any significant LOEs this decade, we have the flexibility to invest more in R&D to continue to acquire external innovation, and we will absolutely do that. We have I think, a lot of very exciting programs coming out of our internal pipeline. We look at the progress we're making, particularly, in oncology. You look at the you know, the combination approaches in immunology.
But our BD strategy will continue to be focused on assets that can really drive growth in the next decade and beyond. And if you just look at the deals we've done, obviously bolstering our pipeline in immunology with novel mechanisms, but also adding important capabilities with oral peptides as well as B cell depletion approaches. In oncology, we've added some very nice depth in multiple myeloma. We actually have our own program in etanzumab, but we've added two trispecific deals, SimSierra and IGI, to really give us significant depth in multiple myeloma to drive growth for the long term. We've also made a lot of progress in neuroscience across psychiatry, migraine, and Alzheimer's.
And then the siRNA transaction with 8Rx, gives us a very compelling platform that can generate opportunities across really all three of these immunology, neuroscience, and oncology, and then, you know, not to mention our entry into obesity with the Guber deal, which we plan to build upon with more BD. So as I think about the company strategically, we need to continue to invest in early-stage programs that can really drive growth for the company in the next decade and beyond. And we're very well positioned to drive growth in this decade with the portfolio we have today.
Liz Shea: Thanks, Chris Schott. Operator, next question please.
Operator: Thank you. Our next question comes from Dave Risinger with Leerink Partners. Your line is open.
Dave Risinger: Yes. Thanks very much, and congrats on the phenomenal financial momentum. So my question is, could you please discuss your vision for leveraging your global aesthetic to sell obesity drugs in the future. And also, are you thinking about potentially adding to your obesity R&D portfolio in the future? Very much.
Jeff Stewart: Yeah. Hi, David Risinger. It's Jeff Stewart. So this is a very important point. I mean, we do have a very strong footprint around the globe. And what we observed, and it's changed a little bit over the last several quarters, we observed that the sort of a cash pay obesity or weight loss market in our aesthetics practices became the second-largest sort of revenue driver for them in terms of patient flow. So you had the toxins was number one. Then obesity and weight loss became number two, and then, you know, dermal fillers was number three.
Now that's since moderated, and it's moderated because of the basically the loss of some of the compounding dynamics in the way the clinics were thinking about this. So this was an important, certainly not the only, an important reason for the Gubra transaction. Because we know that's just gonna be ongoing demand. And as we think of a lot of patients who are going to have already tried they're going to want to continue to think about how do they think about weight loss as part of their aesthetic journey over time. And we think we're very uniquely positioned to be able to deliver that to the aesthetic clinics around the world.
So again, pretty important in terms of how we would do that, our ability to distribute to think about ways that we would handle the cash pay aspects. Aspects of thinking about, you know, how Ally would work, and how that interaction would take place across the, you know, emerging portfolio and existing core brands that we have. So that was a big consideration. Of our deal and certainly attractive.
Roopal Thakkar: And this is Roopal Thakkar talking about R&D, furthering R&D in the obesity space, and that's certainly something we're open to. The asset we have right now is in the amylin class. In the things that we were thinking about there were enhanced tolerability, a desirable, dosing profile, that could drive durability. The issue we see here is many people will start but a majority of, whom will fall off relatively quickly and then not get the benefits of weight loss. The other considerations are around muscle loss and bone loss.
And along those lines of what I just mentioned, if there are other assets, that address those, similarly to an amylin class and we have an opportunity to combine, that would be something that we'd be very interested in. The other thing we like about the two ninety-five molecule is a neutral pH, which may make it simpler to combine with other assets that address these, I would say, continued unmet needs.
Liz Shea: Thanks, Dave Risinger. Operator, next question, please.
Operator: Thank you. And our next question comes from Carter Gould with Cantor. Your line is open.
Carter Gould: Thanks for the question. Maybe change pace and ask on BioLove. Obviously, you raised the guide there. How think about that being primarily driven by US or OUS I guess, specifically, has the OUS success sort of changed the way you think about the US launch now? Thank you.
Jeff Stewart: Yes. Hi, Carter Gould. It's Jeff Stewart. So again, as we mentioned, we're super pleased with the launch on BIOLEV. And what we're seeing is just very, very strong demand. The drug-device combination is really transformational. And what we see with the control over the Parkinson's or the advanced Parkinson's disease is you get twenty-four-hour effect. And so that helps manage the motor disorders and the sleep disturbances and throughout not just the day, when people are awake but also through the night. So this quality of life impact and the control of disease is quite remarkable. So we're just seeing real demand that's coming through largely across the international markets.
So as we've highlighted before, we're very confident that we're going to start to see the Medicare ramp in the US start here in the latter part of the year, and we're right on track for that. But the raise really is largely related to just the core demand. Think about it really the first full year, a $400 million running rate in the international markets, very impressive based on the performance of the brand.
Liz Shea: Thank you, Carter Gould. Operator, next question please.
Operator: Yes. The next question comes from Tim Anderson with Bank of America. Your line is open.
Tim Anderson: Thank you very much. I have a question on IRA price negotiation. You guys have a horse in the race again. With Pralar. In this upcoming round. You had IMBRUVICA in the first round. There have been investor fears that this next round of negotiations will be worse than last year so Trump can make his mark. Any assurances you can give us that this won't be the case? Or can you otherwise provide me color on how those negotiations are matching up with your expectations as you first headed into those negotiations. And then second question on aesthetics. If a know you talked about pushes and pulls. Question I've asked in the past.
The impact from the GLP-1s on Botox and dermal fillers, what's the latest? Is it helping sales, hurting sales, or net neutral?
Rob Michael: Hey, Tim Anderson. It's Rob Michael. I'll take your first question. Obviously, as we go through these negotiations, we don't publicly comment for obvious reasons. And you know, the prices will be public in November, and we'll comment as appropriate at that time. But as it relates to the IRA, I do think one important a notable change as part of the One Big Beautiful Bill Act is the expansion of the IRA orphan drug exemption. You know, drugs with more than one orphan designation are now exempt from IRA negotiations, which will be a benefit to our own cancer therapy, VENCLEXTA. So we previously would have assumed, you know, we had a timeline as we model the impact VIARA.
Now with this change, we would not expect VENCLEXTA to be negotiated, and that's an example of a good policy change where innovation is being rewarded and not penalized. But as it relates to the current negotiations, we'll provide commentary once those prices are public.
Jeff Stewart: Yeah. And regarding the GLP ones, I would say overall what we see after numerous discussions and working with our clinics, Tim Anderson, is that it's really a net neutral. I mean, if anything, if you look at it, I mean, the filler market where, you know, in some cases, people are interested and as they lose as they lose their facial muscle and fat, we see it as a really a neutral effect.
Liz Shea: Thanks, Tim Anderson. Operator, next question, please.
Operator: Yes. Our next question comes from Vamil Divan with Guggenheim Securities. Your line is open.
Vamil Divan: Great. Thanks for taking the questions. Congrats on the quarter. So just two for me. One on the alopecia areata. Data you touched on earlier in the call and the press release from yesterday. Wondering if you can just sort of talk about the commercial opportunity for that indication, obviously, RINVOXA. A big product and going to get bigger, but just curious how much an impact that can have on written book sales. And then second, going back to the aesthetics commentary, maybe you can just give a little more color on what you're seeing on the ground in terms of the impact of the macro. Are things that you're getting better in the practices?
Are you already seeing an increase in patient flow as maybe the macro sentiment is getting a little better over the last few months? Thanks.
Jeff Stewart: Yeah, so thanks, Vamil Divan. It's Jeff Stewart. So the data was quite impressive that you've seen the recovery of the hair growth quite striking relative to other JAK inhibitors that we see report out and gain approvals. The way that we thought about RINVOQ and the new indications is really sort of the third wave of how we've developed the product. So we had the big rheumatology indications to start out with. We built atopic dermatitis and the IBD indications. And now we have this next set of indications. GCA, lupus, etcetera, which are all overlapping with the derm and the room categories, we have this exceptional strength right now.
So as we build that out, it's going to be, we think, quite significant. And we've highlighted that the collection of the next wave of indications would add approximately $2 billion to peak year sales for RINVOQ. Now, we're gonna have to continue to study this because it's sort of late-breaking. And understand, you know, could we get more momentum coming out of the transformational quality of this data? Because in the research that we've had with patients with alopecia, clearly, any sort of hair recovery helps out their perception of their disease, their immune disease.
But when you look at the potential to get those SALT scores at that level, could we really see more momentum than we've studied the market so far? We'll have to see. But net-net, to your point, it's a very significant strategy for us that will start to play out here towards the end of the decade starting in 'twenty-six, 'twenty-seven, 'twenty-eight. And we're really encouraged with the data. In terms of additional color on the aesthetic, we've seen things pretty stable. The big issue that has come up has been really the decline across some of the major territories in the dermal filler market.
So certainly given their price points, patients are more sensitive to the price points of the fillers versus the toxins versus Botox. But at the same time, we've seen that the sentiment around the worry over what happens if I become overfilled, or is that the look that I want? I want a more subtle natural look. And so that's something that we are basically going to deal with pretty substantially here in the second half. With our clinics, with our thought leaders and with our trainers to make sure that the consumers can really understand you can just get exceptional results with dermal fillers.
And so we see things fairly stable, but we're going to have to do some work basically to make sure that market sort of stabilizes and then grows over time.
Liz Shea: Thanks, Vamil Divan. Operator, next question please.
Operator: Yes. Our next question comes from Steve Scala with TD Cowen. Your line is open.
Steve Scala: Oh, thank you so much. Two questions. First, on back on aesthetics, nothing you have said is particularly encouraging. In the past, the company has pointed to past periods of uncertainty and pointed to the resilience these brands have had during that period. So the question is why is this economic uncertainty different than in the past? This one seems to be lingering longer than in past soft periods. Or are there other things at work such as perhaps competition that's also gnawing away at these franchises? And then secondly, on the pipeline, so you have an anti-amyloid monoclonal antibody that completed a phase one trial in April.
What is the status of this product, and could AbbVie Inc. go straight to a potentially registrational trial based on imaging? As an endpoint. Thank you.
Jeff Stewart: Yeah, I think Steve Scala, to your point, I think that there is a difference between this and some other areas where we've some economic uncertainty. It's been sort of more short-term recessionary issues. I think the longer-term impact on the pocketbook of the consumers has just been more chronic, and we've seen that across even just recent reports on luxury good items and significant issues. So I do think it's more chronic than we've seen before. Ultimately, I think we'll be able to work through it. We still see high levels of interest in aesthetic procedures, and we do see the target customers, you know, complain about issues of their wallet.
I also did highlight that I do think something's different in terms of the sentiment around this natural look and worry about being overfilled in terms of the dermal fillers. All of these are addressable. And I also think that we have the right portfolio and we also have the right disruptive innovations that's pretty close, particularly around the toxin space with our short-acting fast on, fast off Trinobot E. So I do think we're set up for taking advantage of the long-term recovery. And we'll look forward to that as we continue to progress the strategy.
Roopal Thakkar: Steve Scala, this is Roopal Thakkar talking about Alzheimer's assets. We have a monoclonal antibody nine month six, which read out as data, I would say, similar to what's already available on market. And that was around that period, we also acquired Aliata technology, which is a monoclonal similar to our nine sixteen in that it binds with high potency to pyroglutamated amyloid. And that also has the blood-brain barrier crossing technology via the transferrin receptor so we can enhance penetration into the CNS. Also, what's emerging with that asset is a relatively long half-life. Taken together, we are focused on being able to deliver that subcutaneously.
Straight to phase three and getting an approval based on imaging, it's probably where industry and all of us would like to go to save time. I think we are still gonna have to demonstrate a favorable impact on cognition along with that, and perhaps that can eventually that imaging results can eventually become a predictive biomarker. But at this stage, we're planning on doing the study based on the effect that we have and also reading out on cognition.
Rob Michael: Steve Scala, this is Rob Michael. I just wanna come back on your aesthetics question. So when I look at this business, as you look at the performance, I think it's important to note, you know, as you look at this is it market growth versus market share? And the market share performance has been stable. And so when I look at this, you know, longer term, low penetration rates, being a leader in this space, and the innovation that we have coming forward there's tremendous potential here. Gives us a lot of confidence that over the long term, this will be a very good business.
We've had a prolonged economic headwind, and again, it's the dynamic we're seeing in various markets around market growth and certain dynamics, as Jeff Stewart has mentioned, around dermal fillers and in certain geographies. But that said, again, given our position, given our ability to, I think, compete very effectively as demonstrated by the market share performance, and we're very excited about short-acting toxin and the way it could, one, drive an inflection in terms of market growth. And market share as well as the other items in our pipeline around fillers. There's tremendous potential here. And then there was a question asked earlier about the role that aesthetics can play in obesity.
And so you think about strategically, you know, we have the opportunity to play in that market as well. And so longer term, we have a great deal of confidence in this aesthetics business. It's been a challenging few years, but the performance on a market share basis has been strong. It's just the market growth has been challenged and we will overcome that.
Liz Shea: Thanks, Steve Scala. Operator, next question, please.
Operator: The next question comes from Trung Huynh with UBS. Your line is open.
Trung Huynh: Hi, all. Thanks for the question. So when I compare your SKYRIZI 2Q sales to prescription trends, it suggests pricing has been quite favorable, which seems at odds with your commentary around low single-digit price concessions. The major missing piece is the contribution from IV, IBD, induction scripts. So perhaps can you give us some help on the portion of sales from SKYRIZI in IBD now or percentage of number of scripts getting IBD induction? And if we take that into account, is the one h pricing performance consistent with the full-year expectations? Or should we expect a more meaningful step down in pricing in the second half of the year? Thank you.
Scott Reents: Hi, Trung Huynh. It's Scott Reents. Let me address your question. So I think you're correct. From an overall perspective, the first half of the year, we did see quickly on the volume side, when you look at that IQVIA data as we've spoken about in the past, there is a disconnect from the induction. And that really, I would call that about a 10 differential that you need to add to what you're seeing in the data to get to the volume trend. But we still do have favorable price in the quarter and also the first half. There's really a couple of things going on there. It's really some price gating items that were unique.
We also are seeing from some of the information that we've received the Part D redesign impact will be a little bit more heavily weighted towards the back half of the year. So that was less of a headwind in the first year. But really some pricing gating items. We do expect on an overall basis that pricing to be neutral for SKYRIZI. And, you know, on a long-term basis, of course, you know, low single digits consist of what we've said. But this year had some anomalies, and so neutral for this year. You will see some negative price in the back half of the year.
Liz Shea: Thanks, Trung Huynh. Operator, next question, please.
Operator: Yes. The next question comes from Gary Nachman with Raymond James. Your line is open.
Gary Nachman: Thanks. Good morning and nice quarter. So first, also on SKYRIZI, what are you seeing regarding the competitive dynamics in the IL-twenty-three class? Especially with J and J's Tremfya? Their new IBD approvals, if that's impacting at all, or is there just a ton of headroom in the IBD market to absorb that? And then on neuro, it was very strong in 2Q. Is that mainly volume demand driven across the various products? Any changes with gross to net that are worth noting? And much more have you been investing behind the neuro franchise overall given such strong growth, that you've been seeing there? Thank you.
Jeff Stewart: Yes. So thanks, Gary Nachman, on SKYRIZI and the competition. We're quite pleased again with the overall performance, their head-to-head trials, our ability to think about the dosing and the convenience and the safety, the profile of SKYRIZI is just fantastic across IBD that we've highlighted multiple times. I think your point is consistent with how we think about how this market will develop over time. And I think I've highlighted it before. There's actually the launches of the 23s really SKYRIZI first and now TREMFYA are so new really have single-digit patient share capture. This is for total patient share. We saw the same dynamic in psoriasis where you look at it was that way in 2018, 2019.
Now 60% of the entire market of patients is in the IL-twenty-three category. So to your point, there's plenty of headroom when you look at the profile of these agents. And certainly from a capture rate standpoint, we believe that SKYRIZI will do very, very well relative to the peers in the IL-twenty-three category. Having said that, you know, we prudently would allocate a certain amount of share capture from a competitor like Tremfya. So hopefully, that'll help give the perspective you're right, strong growth rates across the board most of that is volume and promotion. If you look at the migraine business, we have the leading business across all three segments of that category.
So we're number one in acute with UBRELVY. Number one in prevention with QLIPTA, and for chronic migraine where you have the injectors for Botox therapeutic there as well. So there's no cannibalization. All of them grow very well. We have super powerful, share of voice out there. Of course, on BIOLEV and Vraylar as well.
Scott Reents: Scott Reents can highlight also sort of the mix in the quarter on price versus volume. Sure. Happy to. I mean, it's a great question. I mean, as Jeff Stewart said, the volume is really driving this business. When you think about our two largest brands, Vraylar and Botox those are both double-digit. You did see a little bit of a price benefit from Vraylar in particular as we look at the Part D redesign impact. So we have a little bit of price favorability. But, you know, Vraylar in particular, double-digit growth in volume for the year, double-digit every quarter. And we're really seeing that across the board.
On the gross net side, I would say that especially in the oral CGRP space, Buprelvy, Calypta, we continue to work very closely on the co-pays. And making sure that we're within the right gross to net, and we've been very happy with progress. So there's a little bit of benefit there coming across, but this is a volume-driven business and a volume-driven therapeutic area.
Jeff Stewart: And maybe in terms of, investment going forward, we obviously have substantial investment in the therapeutic area now. But it can take more investment. For example, we are significantly ramping the investment in the US for Violet. We would be anticipating tevapadon, as I highlighted in my remarks. This is also shaping up to be a very important product. This is the oral medication that will be used, you know, prior to BioLeb. And so we're planning Salesforce expansion on that front. And certainly, Rupl and I both highlighted the study versus topiramate. Now topiramate basically is forty to percent of all the generics in the preventative space.
And so we will also be assessing on whether or not more representation might enable QLIPTA to basically start to power forward over the long-range plan. But that approach is underway. But at a macro level, we certainly want to continue to invest into the neuroscience growth rates that we're seeing.
Rob Michael: This is Rob Michael. I think it's an important question. We are obviously gonna fully invest in neuroscience. It's our second-largest therapeutic area. It's the fastest growing in our portfolio. In fact, we expect to be the largest neuroscience company in the industry next year. We clearly have very strong positions in psych and migraine and emerging position in Parkinson's with Violet and Tivapadon, as Jeff Stewart mentioned. And we also have an opportunity to drive advancement in Alzheimer's treatment through the Aliata platform. You've seen us, you know, over the course of the last several years invest in external innovation.
You know, we've highlighted the Gideon Richter discovery collaboration in psych, the Gilgamesh opportunity that we entered into last year in mood disorders, I have mentioned Aliata. Very excited about that next-generation a beta antibody. In Alzheimer's, again, with a unique shuttle platform. And then as a discussed earlier today, the siRNA opportunity with ADREX will play a role in neuroscience as well. And so we are fully investing in neuroscience. We look forward to maintaining our leadership position there. It's obviously performing exceptionally well. You saw across the board that every brand exceeded expectations in neuroscience this quarter. And we're gonna keep fueling that engine.
Liz Shea: Thanks, Gary Nachman. Operator, we have time for one final question.
Operator: Okay. And then the last question comes from Assad Hayder with Goldman Sachs. Your line is open.
Assad Hayder: Great. Thanks and congrats on yet another solid set of results. I think most of my questions have been answered at this point. Just one bigger picture question on the oncology franchise, maybe for Roopal Thakkar. You've mentioned that you're watching the PD-1 by Jeff class. Just curious if you have any updated thoughts on the broader landscape, how AbbVie Inc. is positioned. Given there has been a lot of BD activity there, what would it take for AbbVie Inc. to make a move? Here? Thank you.
Roopal Thakkar: Yeah. It's Roopal Thakkar. So, yeah, we're monitoring that class. There are several assets that are revealing data over time. But it is something that we're interested in and looking at. And in particular, how we think about that is what can partner well with our internal ADC platform. And I think this could that mechanism or that class could create an opportunity. And how we think about ADCs is we, you know, we look for a good target. We look for high tumor expression of that target versus what we would observe on healthy tissue. That can allow for potential patient selection using biomarkers if appropriate, allows you to optimize benefit-risk and enhance tolerability.
The platform that we have with the linker technology and our merging Topo Warhead, we're seeing I would say, very little spill, meaning low rates of alopecia, stomatitis, diarrhea, the things that you see with chemo, and some other ADCs. So safety and tolerability are critical as a strategy, and if we see a partner asset that we can combine with in a variety of different indications, that is something that we would be interested in. For sure.
Liz Shea: Thanks, Assad Hayder. That concludes today's conference call. If you'd like to listen to a replay of the call, please visit our website at investors.abbvie.com. Thanks again for joining us.
Operator: Thank you. And that concludes today's conference. You may all disconnect at this time.