Allergan Aesthetics Reports $19.3 Billion Revenue with Botulinum Toxin Contributing Over 50%

Feb 06, 2024 00:01 CST Updated 00:01

AbbVie

Innovative Drug Developer

On February 2, 2024, AbbVie (ABBV) announced its financial results for the fourth quarter and full year ended December 31, 2023. The company's total revenue for the year was $54.318 billion, a year-over-year decrease of 6.4%.Allergan Aesthetics' total revenue was $5.294 billion (approximately RMB 19.306 billion), a year-on-year decrease of 0.8%.。

Specifically, for Allergan Aesthetics business,Botox revenue reached $2.682 billion, a year-on-year increase of 2.6%; Juvéderm series product revenue was $1.378 billion, a year-on-year decrease of 3.6%; other aesthetic business revenue was $1.234 billion, a decrease of 4.44%.。Net income is$13.71 billion，Botox Net Income was $718 Million, JuvédermGlobal Net Income$3.34 billion。

ForReasons for Q4 Performance Recovery Exceeding Expectations，Allergan stated:Market Continues to Recover + New Products Drive Growth。The U.S. market maintained its momentum of continuous recovery,Botulinum ToxinThe core factor for maintaining revenue growth.Another reason is that Allergan's Botox remains sufficiently competitive and has not been affected by the influx of other competitors.

BOTOX® by Allergan Aesthetics, a subsidiary of AbbVie, was approved for marketing in China by the National Medical Products Administration (NMPA) in 2009.It is the only botulinum toxin type A brand in China to have obtained SFDA certification., and as early as 1989, it had already obtained the most authoritative certification from the U.S. FDA. Botox has been approved in 83 countries over the past 20 years and used for 22 different indications. It is the only injectable cosmetic product with nearly 25 years of clinical application history.

Allergan Aesthetics' Juvéderm® Hyaluronic Acid Series has a total of 7 products, including 2 in the "U" series:Juvéderm® Volbella and Juvéderm® Voluma,Using Hylacross cross-linking technology;"V" Series 5 Models:Juvéderm® Voluma, Juvéderm® Voluma (with Lidocaine) (two products for two indications), Juvéderm® Volift (with Lidocaine), Juvéderm® Volbella (with Lidocaine), all using the Vycross cross-linking technology.

The revenue growth of hyaluronic acid is not only related to the recovery but also depends more on the scaling up of new products. AbbVie stated,It was the two products, Volux and SkinVive, that drove the growth.

Volux, the hardest filler in the Juvéderm series, is indicated for chin and jawline contouring, as well as nose and chin enhancement. It boasts advantages such as minimal diffusion, resistance to displacement, and a duration of up to 24 months.

Currently, VOLUX has been launched and used in multiple countries and regions, including Europe, North America, and Singapore. The product has only been approved for priority use in the Boao Lecheng International Medical Tourism Pilot Zone through a special channel and has not yet been approved for marketing in other regions of China.

SkinVive, the "hyaluronic acid injection" in the Juvederm series, was approved for marketing in the United States in May 2023.

For 2024, Allergan expressed great optimism. The company forecasts that its revenue scale will reach $5.7 billion in 2024, with both Botox and hyaluronic acid series continuing to maintain growth.The Source of This Confidence:First, aesthetics remains a field with very low market penetration.Moreover, Allergan believes that it has demonstrated the company's ability to drive growth through investments in customers, consumers, and innovation.Second, the continued recovery of global demand will further drive the growth of hyaluronic acid and botulinum toxin revenues.

For the Chinese market, Allergan Aesthetics stated that it needs to be observed.As of now,Allergan Aesthetics' medical aesthetics products currently marketed in China include: BOTOX® (Botulinum Toxin), Juvéderm® (Hyaluronic Acid), Natrelle® Breast Implants, McGhan® Breast Implants, CoolSculpting® (Cryolipolysis Device), RESONIC® Pulse Device.。ThisPreviously, Allergan stated in its Q3 earnings report that its performance significantly declined due to weak market demand in China.

So, how does Allergan Aesthetics, which has returned to the growth track, view the Chinese market? It believes that, firstIn the short term, the impact on China's economy persists;Second, the more expensive medical beauty products are more affected.

#Allergan Aesthetics

AbbVie Inc. mainly focuses on five major disease areas, including immunology, oncology, neuroscience, aesthetics, and ophthalmology.

Allergan Aesthetics, formerly known as Allergan,Headquartered in Dublin, Ireland. In 2009, Allergan officially entered the Chinese market, with its headquarters in Shanghai. On May 8, 2020, AbbVie completed the acquisition of Allergan for $64.084 billion and was officially renamed Allergan Aesthetics.

AiAllergan Aesthetics asAbbVie Inc., a company dedicated to research, development, and productionAnd the sale of a series of advanced aesthetic brands and products, its medical aesthetics business mainly covers: botulinum toxin, hyaluronic acidFillers, breast beautification products, body shaping, and functional skincare products.

Allergan Aesthetics’ medical aesthetic products currently available in China: Botox® (Botulinum Toxin), Juvéderm® Hyaluronic Acid Fillers (6 fillers + 2 hydrating products), Natrelle® Breast Implants, McGhan® Breast Implants, CoolSculpting® Fat Reduction System, and RESONIC® Pulse Device.

CoolSculpting® by Allergan Aesthetics, focuses on cryolipolysis technology and a full set of health contouring solutions. It was launched in China on November 2, 2018. CoolSculpting is a non-invasive cryotherapy device that employs a non-surgical treatment process known as cryolipolysis, which targets fat cells and cools them to a temperature that triggers apoptosis. Over time, the body naturally metabolizes these apoptotic cells, reducing the fat layer.

Editor-in-Chief | Zhao Qing Reviewed by | Yi He