Add asparagus and broth; stir. Bring to boil; cover. Simmer on medium-low heat 15 min. or until vegetables are very tender.
Blend asparagus mixture, in batches, in blender until smooth; return to saucepan.
Add remaining ingredients; cook and stir on medium heat 2 to 3 min. or until cream cheese is completely melted, and soup is well blended and heated through.