Arvind Sood: The next 1 is from Christopher Schott of JPMorgan. And Christopher is saying, can you elaborate on our Otezla in 2023? Bristol suggesting that they are seeing some strong initial uptake in their bridge program and would be interested how much of this market expansion for orals versus something you’re seeing in Otezla. And you mentioned an impact from competitor free drug impact over the next few quarters. Do you anticipate that will lessen as the year continues or an impact for much of the year?
Murdo Gordon: Yes. It’s a similar question to 1 asked earlier but perhaps I can elaborate a little bit for Chris. It’s fairly clear that dermatologists want to use the easiest product and safest and well-understood product when moving to a first systemic treatment post topically. Many of these topical patients are hesitant to try a systemic agent. And so I think this is where Otezla’s profile studied extensively with over 700,000 patients globally having experienced this product, the safety and efficacy of Otezla is extremely well understood. As I mentioned earlier, the frontline access coverage that we’ve secured in the U.S. without a lot of prior authorization requirement, the convenience of that for dermatology practices is very clear and it makes it a really good first-line treatment, systemic treatment, especially for a patient with milder or more moderate disease.
For moderate or severe disease, it is likely that you’re going to need to use something like a biologic or a second-line agent. And we think that given that has yet to go through the market access process and secure payer reimbursement, we’re not really seeing how it’s actually going to be used longer term in the marketplace. And I think sometimes, these free good programs can distort what the actual uptake curve will be for a product.
Arvind Sood: Then Murdo, there is a second question from Chris. He’s asking, how are you thinking about ENBREL pricing dynamics over time, given the expected significant price declines in the HUMIRA market? I know you’ve talked about price continuing to erode but not accelerate. Can you remind us why we shouldn’t expect a bigger step-down in price in 2023 or 2024 as the HUMIRA market price resets down significantly?
Murdo Gordon: Well, as I mentioned before, we’re primarily through our 2023 cycle and we’ve secured very good access. We’ve had to concede a bit of price, as I mentioned but not anything that looks precipitous compared to prior years. So we’re pleased with that. ENBREL is an important product for many indications. We see that the safety and efficacy profile of ENBREL is well understood. I think physicians also want choice. And I think that’s where PBMs are also open to having more than 1 TNF product on their formulary. And I think that’s really what we’ve been able to secure and what we continue to think we’ll be able to achieve in the future.
Bob Bradway: Let’s go to the next question.
Arvind Sood: The next question is from Mohit Bansal from Wells Fargo. And his question is, could you talk a little bit more about your HUMIRA biosimilar negotiations thus far? Seems like AbbVie has parity access with majority of them and the pricing is different for the first half versus the second half and there’s more competition. Are your contracts similar? And how should we think about the cadence of launch as the year progresses?
Murdo Gordon: Well, I can’t comment on a competitor’s contracts with PBMs and payers. What I can say is we’ve secured broad access for AMGEVITA at the 3 national PBMs. We continue to work with other customers to provide access for providers and patients alike. And we’ll continue to compete effectively as we have done everywhere else in the world with this product. And outside of the U.S., we were able to establish a leadership position with AMGEVITA. And we think, given the services that we’ve provided and the commercial footprint we have, we’re in a very good competitive position vis-Ã -vis other biosimilars.
