ABBV
#Sure.
<UNK>, I think probably the best thing to do is dissect the US number on a quarter for you and I think that will give you some ---+ a good sense of the overall dynamics of the brand.
Then I will back up and talk a little bit about the business in general.
Obviously, the brand is performing very, very well in the US.
We grew at 26.7% in the Q.
Script trends, the way we see them, were in the midteens for the quarter.
Our price was up ---+ it was actually up in the single digits.
And then, as I said in my comments, we did see a modest impact from differences in customer order pattern.
Again, we run this business at less than half a month inventory, but it gets a little tough to call at various times, and we did see a little bit of demand differences between the Q.
We had a little bit lower inventories in the second quarter of 2015 relative to 2016.
So I think the way you've got to think about this is midteens growth from script and single-digit price.
When you add those up, you can pretty much get to the 20% number that we have guided to.
From an overall price standpoint, look, I would say if you back up and look at our growth on the quarter of 18%, the majority was volume.
Across the total book of business we had a price impact of less than 4%.
So the strategy that we have actually employed for the business, and certainly with our new product launching, is this is going to be a product ---+ a company that is fueled by volume and not price.
Obviously price, we do have an opportunity in certain markets to take it, but I would not say this is a company that is heavily dependent on price.
Then, as we look out over the LRP, we tend to scale down our price expectations in the US because we think that's the prudent way to model.
The only thing I would add is, on the inventory discussion that <UNK> had, it's important to keep in perspective both periods were under a half a month.
But even relatively small variations in a day here or a day there can have some impact on the growth rate.
So what <UNK> was describing is that the prior period had an inventory level that was below 0.5, but it was lower than what the inventory level was this period, which was also below 0.5.
From a cash flow and receivables standpoint, again we are still working on the Q so I'm not going to go into specifics there, other than to say that cash flow remains very robust.
And, frankly, from a receivables standpoint, we are collecting fine.
But I can't give you specifics at this point in time.
Thanks, <UNK>, and that concludes today's conference call.
If you would like to listen to a replay of the call, please visit our website at AbbVieInvestor.com.
Thanks again for joining us.
