AbbVie Inc. (NYSE: ABBV) said that it expects cosmetics treatments like Botox’s demand in Brazil and Europe to recover in the second half of this year as nations easy restriction and measures put in place to curb the spread of COVID-19.
AbbVie reports 44.7% growth in Botox sales in the first quarter
The company reported a 44.7% increase in sales to $477 million for the anti-wrinkle injection in Q1 thanks to vaccinations, which have encouraged people to take up deferred procedures in the US. Botox sales benefitted from the $63 million acquisition of Allergan in May 2020, and it helped in marketing Botox. In an earnings call, CEO Richard Gonzalez confirmed that Botox sales and other cosmetics such as Juvederm facial fillers performed well and topped pre-pandemic levels. Gonzalez said that the company is off to a great start to 2021 with substantial performance in Core therapeutic areas with earnings topping projections.
Gonzalez confirmed that although pent-up demand in the US drove up Botox sales, some growth was due to investments in the drug following its acquisition. He said the European market continues to be impacted significantly by the COVID-19 pandemic. However, the CEO confirmed that demand is beginning to grow in countries such as the UK. But there are still some areas in Europe under restrictions. He said that AbbVie is on the verge of possible commercial approvals for over a dozen new products in the next two years, with five approvals expected this year.
AbbVie expects Botox sales of $1.9 billion in 2021
The company expects Botox Sales or around $1.9 billion this year which is 62% YoY growth. Similarly, AbbVie had revises if full-year adjusted earnings estimate to $12-37 and $12.57 per share from the previous forecast of between $12.32 and $12.52 per share.
Also, sales for Humira, which is a rheumatoid arthritis drug, were up 3.5% to $4.87 billion despite pressure outside the US due to increasing competition from cheap copycat drugs. AbbVie’s total sales rose almost 51% to $13.01 billion, topping estimates of $12.76 billion.