ABBV
#I think there's two ways to look at it.
I mean, first of all, if you look at the guidance that we provided back in, I think it was, October 29 of last year.
And you look at what happened to the consensus numbers, what you'll see is they shifted out, roughly a year.
I think the mean now is, probably ---+ if you look at where people are assuming biosimilar impact in the United States, it's probably in that 2019 ---+ <UNK>, correct me if I'm wrong here ---+ that 2019 time frame, although it moved out from about 2017 to 2019.
And I'd say one of the things we track is ---+ to try to understand how the market is perceiving that guidance is we track what our stock performance has been versus our peers over that period of time.
And I saw it just the other day, it made a change in the last couple days a little bit, but we're the number one performing stock since that point in time.
So I think it was around 14% appreciation or something like that ---+ 15% appreciation.
So I think it did have a positive impact.
Having said that, I would agree with your point that there's still this overhang, and this overhang is built around different catalysts.
As we've said before, we've given a lot of clarity in that review of what our IP strategy is and the confidence that we have in our IP strategy.
How the market will relate to that, that's a little harder for me to describe, or predict I'd say.
But certainly I think, as it plays out, I think the market will basically start to better understand what our position is.
And, certainly, as you have more confidence around that, I think you will see the sentiment change.
I think the bigger issue ---+ and I think Rova-T and the IL-23 are two good examples.
We, obviously, have a point of view of what we think is going to happen.
We've communicated what that point of view looks like, I think, in very clear terms.
That doesn't mean that everybody believes that point of view.
But what I'd say is, if you look at even the bare case on HUMIRA, which we certainly don't agree with, and you look at this pipeline that we've now assembled of assets that have a very high probability of success, I think even in the most bare case possible, most people would look at that pipeline and say, they should be able to grow through whatever happens.
Now, obviously, we have a different view of what we think is going to happen.
But even if you look at ---+ at least at the models I've looked at, that have the worst case built into them, when I look at our pipeline and the probability of success of those assets I described in my formal remarks and you just add them up and risk adjust them, based on the data you've seen and the commercial success you would expect from those assets, I think a reasonable person would draw the conclusion that you can grow through that.
And I think that, ultimately, will be the calculus that investors are going to have to make.
Thanks, <UNK>.
And that concludes today's conference call.
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