All right, great. Thanks for joining us everybody. I'm Terence Flynn, Morgan Stanley's U.S. BioPharma analyst. Very pleased to be hosting AbbVie. For important disclosures, please see Morgan Stanley's research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. As I mentioned, very pleased to be hosting AbbVie this morning. We have Rob Michael, the company's Chairman of the Board and CEO. We have Jeff Stewart, the company's EVP Chief Commercial Officer, and Roopal Thakkar , the company's Head of R&D and Chief Scientific Officer. Thank you all three of you for joining me today. Really appreciate it.
Great to be here.
So maybe first, I'll kick it off with a pipeline question. I know you guys have made a lot of progress over the last years or so on this front.
Yeah.
We'll dive into it, but looking forward to the discussion.
Yeah. Thanks, Terence. I think this one, Roopal and I will tag team, but I am very excited about the state of the AbbVie pipeline as I sit here today. Now we are a couple of years into our next chapter, and you look at the progress we are making across immunology, oncology, neuroscience, and now entry into obesity. You are really starting to see the company, and it was really the strategy we had set out for the company as we thought about this next chapter of growth beyond HUMIRA. We have obviously rapidly returned to growth. In fact, our guidance this year will actually be almost $10 billion higher than our peak before HUMIRA. And that is with HUMIRA eroding by $18 billion from its peak. Right?
So we have had $18 billion of HUMIRA erosion, and we have offset that with $28 billion of ex-HUMIRA growth platform delivery, and particularly in immunology and neuroscience.
That is really the areas that have really driven that growth. But as I look at it, whether it is the combination platform in immunology, obviously we are very excited about Apogee. We look at lutikizumab, the new indications for RINVOQ. I think we have a very robust immunology pipeline that will elevate the standard of care and really drive this company to grow beyond SKYRIZI and RINVOQ. We have a very clear line of sight to growth well into the next decade, but that pipeline will then carry us forward beyond that. Really similar to what we accomplished with the HUMIRA loss exclusivity. We followed that with actually having RINVOQ and SKYRIZI, two better agents, which allowed us to continue investing in R&D. We increased R&D investment during that period. We rapidly returned to growth.
I would say the other area that does not get enough appreciation is in oncology.
We are very excited about etentamig, the opportunity that, as well as the trispecifics we have brought in from the outside to really give us a long-term strong position in multiple myeloma. Temab-A across several solid tumors, ABBV-969 in prostate cancer, ABBV-706 in small cell lung cancer, as well as the PD-1/VEGF from RemeGen, which we shared some data last week at the Congress. I think a lot of excitement around oncology and neuroscience. When I think about we have got three franchises that are $5 billion + peak franchises. We are now the leaders in neuroscience as you look across the revenue portfolio. And obviously we have VRAYLAR, but beyond that, as we think about our pipeline, bretisilocin and emraclidine ABBV-932, I think a very deep pipeline in psychiatry.
Obviously, we are very excited about VYALEV and Parkinson's, but we have tavapadon, which will hopefully be approved soon, which gives us a nice complementary asset in Parkinson's. Migraine, we do not get a lot of questions on migraine, but we are the leaders in migraine. As we look at the entire spectrum of the disease, we have got covered with BOTOX therapeutic and chronic migraine, and then our oral CGRPs, UBRELVY and QULIPTA. And I would say that is one where we have said, again, $5 billion+ peak, and at least sell-side consensus has it around $4 billion, so another source of upside for us. So I think, tremendous momentum in the pipeline. And then, bringing in the Amylin from Gubra gives us an entry into obesity. We are obviously very interested in bringing other mechanisms in. We have been very active on the BD front.
We haven't been compelled based on the data we've seen, but to the extent we see a differentiated asset, certainly, we think about half-life matching, the opportunity to combine. There's a great opportunity. But as a growth driver for the company in the next decade and beyond is the way I see obesity. Then, I briefly mentioned Apogee when I talked about immunology, but that gives us not only a late-stage asset in zumi with atopic dermatitis, but we've talked a lot as a management team about entering new areas of growth, and asthma was one area we identified a couple of years ago. We've been looking for an opportunity. Then I think zumi combined with the TSLP gives us a real mid-stage asset that can really drive growth in asthma for us as well. I'm very pleased with the state of the pipeline for AbbVie today.
I think we're getting more recognition of it. You're seeing multiple expansion. I think there's obviously more room for multiple expansion as the pipeline matures, but I think we're in a very strong position sitting here today.
Great. Perfect place to start, and I know we'll unpack a lot of this. I guess just one other high-level one is just on the policy side.
Sure.
We were talking about this before. The fireside is just different place from last year for sure.
Yeah
which I think is a good thing. But anything that is on your radar as we head into midterms
Yeah
that as a focus or you are hearing about in D.C. these days?
Yeah, I think from a policy perspective, we look at it from how do you continue to improve patient access to medicines, affordability for their medicines, but balancing that with supporting a healthy U.S. innovation ecosystem. The things that we pay a lot of attention to are how do we continue to have that edge in the U.S. in innovation? You have seen China make biopharma innovation a national priority. You have seen a lot of innovation come out of China. How do we ensure that the policies in the U.S., the regulatory framework in the U.S. allows us to keep up and maintain that lead? That is very important.
As I look at other areas like a lot of focus on, I would say foreign freeloading. We work very closely with Ambassador Greer, our U.S. Trade Representative, recently launched a Section 301 investigation in Germany as a result of some unfair practices. So we have highlighted to the USTR the various examples of unfair practices to try to get, I would say, more parity in terms of U.S.-OUS pricing, get them closer together. I think there is opportunities there, and we continue to work with the administration on that. Then I would say 340B, I think you are hearing all of the CEOs in the industry talk about the abuse. We all support the original intent of the program, but it is clear that the overly broad definition of a patient has led to a level of abuse over the years.
You are seeing just really uncontrolled growth in that program that is not benefiting patients.
Frankly, it is taking R&D investment away from the industry. It is going to affect future innovation. It is important that as an industry, we continue to work with the administration and U.S. Congress on how do you solve this problem? I say very encouraged by the bipartisan support we are seeing across both the House and Senate on a few proposals that are heading in the right direction. Then I would say the rebate pilot, we will have three drugs that participate in that pilot, will also be another opportunity to shed some more light and some more transparency in that program to ensure that ultimately it is serving its original intent, it is benefiting patients, and it is not stealing investment away from R&D.
Yep. Okay, great. Maybe we will just start high level on Apogee. This is probably the most notable transaction the company has done since Allergan.
Yeah.
So maybe just remind us kind of the strategic drivers here. You mentioned one of them getting into a lateral area in asthma.
Yeah.
But what else was interesting about this opportunity?
Yeah
and how do you see this evolving on the forward?
Yeah. Look, Apogee fits very nicely with our BD approach. We have talked about with the portfolio we have today, we have a very clear line of sight to very strong growth well into the next decade. You have seen us really executing over the last several years, more early-stage deals, but really with the idea of adding depth to our pipeline. We are always looking for ways of elevating the standard of care. That was a strategy with SKYRIZI and RINVOQ to replace HUMIRA. That is a strategy as we think about across the portfolio of what we are really trying to execute with the pipeline.
Obviously, we like a lot of our internal programs, and we are advancing them, but we are, I will say, very interested in what is happening outside of AbbVie, and we have brought in quite a few, I want to say it has been maybe close to 40, 30 to 40 deals over the last two and a half years. Where I see Apogee, it is very similar. It happens to have a late-stage asset, and we have always said we are not unwilling to pursue a late stage, even an on-market opportunity if it fits, if it is a differentiated asset that fits in the areas where we are focused, immunology, oncology, neuroscience, aesthetics, and obesity. We saw a level of differentiation. We have actually been following them for a couple of years. We saw the data, and we jumped right on it, and obviously then announced the transaction at the end of June.
It is very complementary to our strategy in immunology. It gives us a great opportunity in an area of high unmet need in atopic dermatitis, as I mentioned earlier, an opportunity to expand into asthma. We are also looking at opportunities like that across our portfolio. The lens again is on those key growth drivers, and we have the financial wherewithal. We have plenty of capacity to be able to continue to execute deals, whether that is a early-stage opportunity that is going to drive long-term growth, a late-stage asset, or even on market.
Yeah. Okay, great. Maybe to bring Roopal into it, just on the registration program for zumi, maybe you could just elaborate on what is the scope of it? What is that going to look like? What is the timeframe for that program?
Yeah. So very consistent with the data that we just saw, which was the phase II-B data set that Rob is referencing. We want to replicate that on a larger scale, and us, along with the Apogee team, we think we can do that. So opportunities to internalize and move with speed is very important. Maintaining the data that we have observed, we think we are in a good position to do that because the data were in a global setting. Oftentimes, we do see data in immunology move from phase II to phase III and potentially have a dip. In fact, we see something different here because they actually globalized and did not see a dip. In fact, some of the efficacy outcomes were stronger and numerically stronger across what is available. Even EASI-100, the most stringent endpoint, is starting to approach RINVOQ.
That was part of what has us excited, but now as we are able to internalize, globalize, we bring that scale, so we will be moving quickly. We will start enrolling, I would say, this year and then launch in the early part of 2030, and we would do our best to include multiple countries and then age groups getting down to adolescents, and potentially expanding further, Japan, China, where maybe a small company does not have that ability to do that. While we are doing that in parallel, we want to investigate zumi along with TSLP that Rob referenced, that is also half-life extended, and that would be in asthma. In AD and asthma, from our experience with RINVOQ and with Jeff's team, who have been very successful with RINVOQ, we still see an under-penetrated market, advanced therapies reaching less than 10% of individuals.
There is a lot of upside, and both of these markets are growing greater than 15% annually. That is why I think it was a great fit. We are very excited about the data in front of us and continue to build upon that and expand out indications.
Great. Maybe, Jeff, just from the commercial lens, anything you want to add there? I guess the one, I think the majority of investors think great deal, strategic fit, all makes sense. The one area that gets some pushback is just biosimilar DUPIXENT and kind of how you navigate that. Maybe you could talk about just commercial profile, zumi, go-to-market strategy, and then how you think that plays out longer- term, because I think that's the one question.
Yeah, I think it's a great question. Just to reiterate what Roopal said, the profile is very, very nice and certainly the way we look at it, we'll have RINVOQ in AD through 2037. When you look at our ability to co-position assets, we've been very successful at that, whether it's been in PsA or IBD, so it's quite exciting. We're not really too worried about biosimilar DUPIXENT just because we've seen how these markets evolve. We've seen biosimilar HUMIRA, we've seen biosimilar STELARA, and sort of when you reset the standard of care and you're able to bring basically the AbbVie capability, we've shown we can navigate that exceptionally well. I would like to reiterate a key point that Roopal made. If you look at the biopenetration rate of atopic dermatitis, it's very low. It's by far the lowest of any of the immunological categories.
It's about 8% in the U.S., and it's lower than that outside of the U.S. It's probably got 3x the number of moderate to severe patients as the psoriatic market that we've seen develop over the last couple of decades. While we think that, DUPIXENT's been out there for a while, it's a mega blockbuster, RINVOQ is the second product in that category, a very significant agent, there's a lot of runway to this market over time, and we're well-positioned commercially to make sure this Apogee transaction is fully exploited.
Just from a psoriatic market right now, dollar value, what is that roughly, like $25 billion?
Yeah, it is even higher than that, growing even faster.
So you are telling us that there is a threefold higher atopic derm could be a $70 billion-
The pure number of patients is 3x, and it is less than a third penetrated at this point. The way that these markets work is you get line of therapy expansion, you get momentum over time as people live with these conditions for atopic dermatitis, it can be lifelong because you have a significant pediatric population. So it is extremely attractive, and I think the investors have seen that with the-
Yeah, there is a reason why we use mega blockbuster potential in our announcement.
Great. Okay, so maybe just going, we'll get to some of the other therapeutic areas, but immunology still, again, the core of the company and really has been such a success story, key growth driver. Just maybe level set us on kind of how you're thinking about SKYRIZI, RINVOQ over the long- term. Some competitive dynamics at play here, whether it's TREMFYA,[ AIKETIDE], but maybe just give us kind of mark to market on how you're thinking about the long term. Then kind of the related question is just on the sub-Q approval, just remind us kind of confidence level there and then what's in your guidance for this year and next year, because I think there's a lot of focus on that obviously important upcoming FDA decision.
Yeah. So when we look at the immunology markets, as I mentioned before in our last question, they're extremely robust. The biopenetration rates are quite small. What we see is that these markets are growing very nicely. The most mature markets may grow in the mid-single- digits, like rheumatoid arthritis. The others in the high- single- digits, and atopic dermatitis and asthma are growing almost 20%, between 15% and 20%. So they're extremely robust. They're characterized by this idea that as patients live for decades with these conditions, line of therapy expands. So we see in many of the segments that second or third line is now larger than front- line. So this basically creates a lot of space for innovation and people moving through their patient journey.
The other dynamic that we see is if we look at our actuals, and we've highlighted this over the years, we look at both in-play share, which is actually your dynamic share. So those are your capture rates of your new patients or switching patients compared to your total prescription share. So we can see that we still have very, very strong capture rates for both SKYRIZI and RINVOQ well ahead of where the prescription shares or the TRx, and so we know that we're going to have share momentum that is going to continue. This is despite the fact that competition has increased, but it doesn't lower our confidence level. Then we see multiple catalysts over the near- term. Certainly, we can highlight the sub-Q induction for SKYRIZI, and then we have four more key indications here for RINVOQ.
These indications for RINVOQ are right on top of our commercial footprint. So we have GCA and lupus. Those are right on top of our rheumatology community. The rest, like HS, vitiligo, and alopecia, are on that dermatology call point. So we see incremental catalysts coming with what we call the sort of the third wave of RINVOQ indications over time. So that gives us a lot of confidence in the sustainability of the momentum that we have with our big core assets. You asked about SKYRIZI sub-Q. So we see this as a significant catalyst that we're right on top of. So we expect the approval here in the fourth quarter.
It'll probably take 60 or 90 days for us, which is typical to get full paid access because we do have to go through sort of a formulary acceptance process, which we think will be quite reasonable. Then we think we can bring this to the market in Crohn's. What's remarkable about this new catalyst is the quality of the data. This is our firm data. What we saw was, whether you look at placebo-controlled endoscopic endpoints in particular, but also clinical remission, we've never seen anything like this level of basically induction quality in the category. So take the IL-23 competitive dynamic out of it. Across Crohn's disease, this will be an extremely effective and well-perceived asset when it comes in the fourth quarter. So very, very positive momentum as we look at the long-term for SKYRIZI and RINVOQ.
Okay. Maybe Rob, one area just from a strategic lens is just immunology combos. I know you guys
Yeah
have done a lot of work here. So maybe just
Yeah
give us the strategic view of it.
Sure.
Do you guys have all the pathways that you need?
Yeah.
Because again, it seems like a puzzle, and which ones are going to work in different indications?
Yeah.
Do you have everything you need, or is there opportunities to look for additional targets?
Yeah. That's also informed, as I mentioned earlier, our business development strategy because we obviously brought in a TL1A, we brought in a TREM1, we have our own alpha 4 beta 7. So what we see are mechanisms that make sense to combine. If we don't have it internally, we look for it externally, and we've been successful there. Really, the strategy is very similar to what I described earlier about how we approached SKYRIZI and RINVOQ, about elevating the standard of care. So now it's about how do you raise the bar, and we really see combinations as being that next frontier. Obviously very excited about the combination data with alpha 4 beta 7. We're going to pursue that approach at TL1A, TREM1.
Strategically, as we look at the long-term growth for the company and where we're going to be, when you think about well into the next decade, it's how do we bring that innovation forward? We see, particularly in immunology, combinations playing a very important role. That coupled with in HS between lutikizumab and the additional indication for RINVOQ, having a very strong position there gives us a really nice opportunity. As I mentioned, again, longer- term, as you think about Apogee, the role it's going to play atopic dermatitis and asthma. We will continue to look for. I'd say there's always additional mechanisms. I know that Roopal and the team would love to bring in-house, and that's what our BD group looks for. To the extent they see that differentiation, they'll bring it in.
Why don't you take a minute to talk about the approach we're taking in the combination platform, because I think it is an innovative approach, and one where we have a clear edge.
Okay.
Yeah. It is quite innovative and ambitious, and I don't think we've ever seen anything like this. So it's a very large program building on the phase II-A data that we've already seen, which showed a doubling of endoscopic remission versus SKYRIZI, which has already showed a doubling versus a IL-12/23 competitor to begin with. So you've already doubled standard of care, and within a few years, we've doubled it again in this phase II-A data. Actually, maybe there's some efficacy still left, and that's why going into this next phase II-B will raise the dose of the partner asset, the alpha 4 beta 7, that we've built internally to explore a higher dose. But what we'll do now is look at those combinations in Crohn's and ulcerative colitis, combining with SKYRIZI with that alpha 4 beta 7-3A2 and the TL1A that has a half-life extension.
The way we are thinking about this is similar to what Jeff had outlined in being consistent with lines of therapy expansion. At this stage, we don't know which one will work best where. Then, as Rob stated, we also have a TREM1 that potentially could enter. But we think about different lines of therapy. What could work better early, second- line, third- line, dependent on what the patient may have received previously. Thus far, the current combination data that I spoke about that showed a doubling of endoscopic remission showed that in many patients that were post-RINVOQ, and in fact post-SKYRIZI. But we may see other opportunities that may be balanced a little differently. So that's the first step. The next is to say which one seems to work best in Crohn's, which one seems to work best in ulcerative colitis.
There is special populations to consider. Ileal disease, fibrosing disease, fistula in Crohn's. We will have an opportunity to see which one is optimal in those subsegments. Further, we will use our internal precision medicine expertise to explore will there be a potential for a biomarker approach where we can maximize the benefit-risk, and will it be of an ability to do that? We do that today in oncology quite successfully, but immunology, it has been a little more elusive. But we have the wherewithal to look at all these different populations. I think that is something unique that no one else is able to do, and already looking to drive that standard of care that Rob referenced very soon.
Great. Can you tell us yet if the initial phase II data is going to be at UEGW, or still?
Yeah, that is our plan. We spoke externally, publicly, about two-thirds of the data, which was the interim cut. We will have 80% data now in hand. We would like to get that to the fall GI meetings, along with the sub-Q data for SKYRIZI that Jeff was referencing, showing 45% deltas for endoscopic response and clinical remission in that treatment-naive population is where SKYRIZI is positioned today. We would like to get that data out as well, and then show endoscopic remission, which we have not shown yet, so we will save that. As Rob referenced earlier, we just got done with
ABBV-1480, which is our PD-1/ VEGF that just got rolled out. We will also be busy at the end of September rolling out etentamig data at the IMS meeting. In addition to immunology, a lot in solid tumor and quite a bit in heme, including multiple myeloma, that is upcoming.
Okay, great. Maybe just two follow-ups. One is just on the sub-Q. Just remind us the strategy here is confidence that you can get to a co-formulation of these various different antibody drugs. That is question one. Then I guess question for Jeff is just as we think about these co-formulation combinations coming to the market, are these more market expansionary, or is this more about extending the tail of the franchise because you have this co-formulation approach? So maybe talk through just the commercial implications of when these do launch. What does that do for the market?
So I will talk about our approach on the formulation side. As we are generating the data, in parallel, we are also working on co-formulations, and that would include the alpha 4 beta 7, TL1A, any other asset that we have in the pipeline. So far, I would say so good. They look good. They behave well together. So we have a reasonable level of confidence that these will be co-formulated and delivered in a single injection, which I think is very important commercially. We do that today in our on-body device with SKYRIZI, and patients really tell us they like that experience. They do not see a needle. Some will even ask, "Was there even a needle?" when they dose the product. So we will be able to use that type of technology once we hand that to Jeff and his team.
Yeah, and I think, Terence , we will see that it is both market expanding and also share accrual to AbbVie. This is exceptional data. What really drove the IL-23 category led by SKYRIZI in Crohn's disease, and then you see with this idea of this head-to-head trial sequence where you doubled the effectiveness versus the old standard of care. So when we saw internally that we could double it again, this idea that you can continue to have that level of innovation, and the market responded. It was a significant rapid share gain once the community saw, if I can get that level of endoscopic control, this is going to drive long-term outcomes. So to see that again in the early 2030s, which would be where our approach is a significant catalyst commercially, more expansion of IBD, biopenetration, and share gain.
Yeah. Okay, great. Maybe want to touch on CNS. So maybe, Rob, you mentioned you guys are one of the leader, I guess, now in
Yeah
in size in the CNS categories. Parkinson's has been a near-term focus. You have the legacy in migraine. Maybe first talk about Parkinson's. What's most exciting? How do you think the tavapadon launch will ramp? Secondly is Alzheimer's, another area you guys have talked about historically. I guess the question there is just do you think you have everything you need internally to build out an Alzheimer's leg here in parallel to what's going on in Parkinson's and migraine?
Yeah, I'll address the Parkinson's. It's very exciting. VYALEV has outperformed our expectations. We'll hit blockbuster global status this year and continue to ramp this over our long-range planning cycle. At the end of this year, we also have, to your point, tavapadon. We've guided at peak that Parkinson's pillar will be a $5 billion opportunity for us, so it's quite exciting. Tavapadon, we're right on the cusp of this. There's nothing like this in the category. Remember, basically, the standard of care for advanced Parkinson's is first orals, and everyone knows where that ends. It ends with basically freezing. It ends with dyskinesia, multiple oral pills, oral levodopa- carbidopa. To bring tavapadon, which is a unique, basically, antagonist, we are seeing that you can use it as a monotherapy or a combination therapy, and essentially the data that we have is quite striking.
We've never seen anything like it. It basically locks in your control for 85 weeks. You don't have to escalate oral levodopa and carbidopa. This is very significant. Like other prior generations of these agents, the safety profile is really significant. No somnolence of any meaningful approach. You don't get impulsive control disorders. Basically, this was a big thing that harmed many of the prior generation of agents, and the dyskinesia control is really exceptional. We're super excited about it. Now I have to say that given our timing of the launch, we sort of missed the window for Medicare reimbursement for 2027, so we'll have a little bit of a slower burn, but ultimately this is going to be a significant contributor to that $5 billion target, and certainly there's nothing that we've ever seen like this in the category so far.
I think Roopal can maybe address Alzheimer's, which is also exciting.
We did a deal with a company called Aliada, and that gave us an A-beta agent that can cross the blood-brain barrier, and that has now entered into phase I-B. So we're in patients now. The hope there is greater penetration across the blood-brain barrier and an extended half-life to improve the patient experience over time. Can you get to sub-Q? Can you get to monthly dosing? In addition to that, we did a deal with a company called ADARx to look at siRNA, so we're able to potentially target tau, and as we use our blood-brain barrier technology in combination, you don't have to have an intrathecal approach or through a spinal injection. This could be given IV or subcutaneous.
We've created those constructs where we've seen in pre-clinical data that it can effectively cross into the blood-brain barrier and deliver an siRNA and start to take down tau, for example, that can partner well with an A-beta. We're also looking to build for alpha-syn, looking at Parkinson's disease modifications. In the pipeline, we also are considering neuroimmunology as the third leg of that stool as we consider neurodegeneration. I think we're very well-positioned to go forward in CNS across the board. Then I think it's important to mention that we put out very impressive data in menstrual migraine, which is a very important area. Many individuals that have migraine, up to 50% or even more, it's concentrated during menstruation. Those migraines are much more painful, more difficult to treat, and can last longer.
With atogepant or AQUIPTA globally, we've sort of ran the table on all the endpoints and saw very impressive data. There has been data published in the past, but no asset has been able to gain regulatory approval, so we're very hopeful we'll be able to take that forward and even enhance our presence in migraine.
I think the other longer-term opportunity for us is the Capstan platform, the in vivo CAR- T, which gives us, I think, some very compelling opportunities both in immunology and neuroscience. We talked about neuroimmunology. We actually have an opportunity there longer- term. As we think about on BD, we're always looking to add more depth to the pipeline. Is there something that's, say more disease modification in Parkinson's? There's always, I think, the team is looking for that level of innovation, the opportunity to add depth. I would say even though we're very satisfied with what we've brought in, we're still actively pursuing additional opportunities.
Yeah. Great. I am going to ask one on AI just because I feel like it is highly topical. It came up in a lot of my sessions, even at breakfast this morning. The question is just, Rob, one non-obvious use case.
Sure.
Because again, we have seen some of the obvious ones out there talked about, but internally, what is one non-obvious use case?
Yeah. I think we all spend a lot of time talking about these functional use cases, which are the obvious ones. What I would say was non-obvious and I think a learning for myself and the team is we have spent a lot of time over the course of, say, the last year, of really ensuring our employees are well-trained, educated, are proficient. We are adding more, I would say, tools for them to utilize. So I would say the non-obvious is the power across the enterprise of just better decision making. Ultimately, as they think about how do you drive up a higher probability of success, how do you across not just, we think about R&D, but within operations that can really drive.
We talk a lot internally about golden metrics, what ultimately will drive faster new patient starts, what will drive lower cost of goods, higher probability of success in R&D, and it is really about the non-obvious case to me is how we have armed our employees at the individual level as each of us become more proficient utilizing as a thought partner. I know personally it has been very rewarding as I have personally engaged more with AI. So I would say that is the non-obvious case, is just the power across the enterprise as we strengthen our employees' capabilities.
Okay. Roopal, just on the oncology pipeline, I know that Rob mentioned a lot of assets here, but if you just had to pick one to focus on as in the last minute here, which is the one that you think will have the most important data over the next six months or so?
I would say in the next couple of weeks.
Okay. Even better.
If folks can look at IMS in Europe, this is a multiple myeloma society meeting. We have very exciting data with etentamig. That's our next gen BCMA T-cell engager, which showed a very high efficacy, so high that the data monitoring committee reached out to us and said, "You should stop the study." Obviously the efficacy excites us, but in this market what's missing is convenience and safety, and we'll bring a once-a-month dosing regimen to a field that currently it's every week, every week for a long time, with multiple step-ups. Single step up once a month. Safety, grade 3 plus infections under 30. The current molecules are 40+% . CRS under 30 grade 2 single- digits. Competitors are grade 2 in the teens, and total CRS 60%-70%.
We have driven all of that down, and we are very excited to roll out that data later this month and get that submitted this year, and get that into Jeff's and his team's hand, who knows the heme space very, very well. Maybe people are not looking at this one, but I think it is important for investors to keep an eye on this data set, look how it compares, and then watch Jeff's team grab the ball and launch it.
The opportunity in the community setting is tremendous with this asset.
Okay. Great.
Great.
Well, thank you so much.
Thank you.
Really appreciate it. Thanks, Rob.