AbbVie Inc (NYSE:ABBV)
AbbVie Inc (NYSE:ABBV) quarterly sales were below Wall Street’s expectations on Friday, primarily due to lower-than-anticipated income from its popular cosmetic filler Juvederm and blockbuster anti-wrinkle injectable Botox. Due to this, AbbVie stock declined in the market.
Abbvie, situated in North Chicago, Illinois, had its stock price drop 2.6% to $149.45 before the opening bell.
The company’s $63 billion acquisition of Allergan’s aesthetic treatment portfolio, including Botox and Juvederm, is suffering from “temporary economic headwinds,” the pharmaceutical warned.
Analysts have been keeping an eye on AbbVie stock since its aesthetics business is more vulnerable to inflation and recession worries than the company’s other medications.
In July, AbbVie said that its Juvederm business had seen “glimpses of inflationary pressures” but that Botox had not yet been affected.
According to Refinitiv statistics, sales of Botox for aesthetic purposes came in at $637 million, which was below predictions of $640.17 million. In comparison, sales of Juvederm came in at $352 million, which was also below estimates of $360 million.
A 3.3% increase in net sales to $14.81 billion fell short of analysts’ forecasts of $14.91 billion.
Despite this, AbbVie outperformed consensus projections of $3.57 per share in earnings with an actual profit of $3.66.
New psoriasis medication sales Skyrizi was also able to beat expectations set by industry experts.
Since AbbVie’s bestselling treatment Humira is set to face competition in the United States next year, the company has been counting on the sales of Skyrizi and the arthritis drug Rinvoq to make up the difference.
After COVID-19 vaccinations and tablets, it is one of the most widely used medications worldwide. right now.
Skyrizi’s $1.40 billion in revenue was more than expected, while Rinvoq’s $695 million fell short of projections of $715.29 million.
AbbVie stock has fallen due to the company’s failure to meet sales projections. Investors are worried about a potential slowdown in demand for its Botox and Juvederm products.
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