AbbVie Confident in Botox Market Share Amid Rising Competition

In the face of intensifying competition in the aesthetics space, pharmaceutical giant AbbVie (ABBV.N) has expressed confidence in maintaining Botox’s dominant market share, a company executive announced on Wednesday. Despite concerns about Botox safety and declining sales, particularly for aesthetic applications, due to economic uncertainties over recent quarters, AbbVie remains optimistic about its position in the market.

Rival companies, including Revance Therapeutics’ (RVNC.O) Daxxify and Evolus’ (EOLS.O) Jeuveau, have entered the anti-wrinkle injection market, posing potential threats to Botox’s longstanding supremacy. Investors have shown concern about market share losses, especially with Daxxify boasting effects lasting approximately six months, nearly twice as long as Botox.

Jeffrey Stewart, AbbVie’s Chief Commercial Officer, addressed these concerns at the J.P. Morgan healthcare conference, stating, “We’ve been incredibly efficient at maintaining our leading share position of about 68%.” This reassurance comes as AbbVie strategically navigates the competitive landscape, emphasizing its resilience in the aesthetics sector.

AbbVie, having acquired control over Botox through its $63 billion acquisition of Allergan in 2020, has diversified its growth avenues. This move proved crucial as it occurred just before the exclusivity loss of Humira, AbbVie’s blockbuster rheumatoid arthritis drug, in the United States last year.

Furthermore, AbbVie is making strides in the cosmetic filler market, expanding its presence beyond anti-wrinkle injections. The company’s robust strategy aims to counter challenges and capitalize on emerging opportunities within the broader aesthetics industry.

Regarding recent developments, CVS Health (CVS.N) announced its decision to remove Humira from some of its lists of preferred drugs for reimbursement from April, favoring biosimilar versions of the medicine instead. Stewart viewed this move as “very consistent” with their expectations, highlighting the positive performance of AbbVie’s newer immunology drugs, Skyrizi and Rinvoq, particularly in treating inflammatory bowel disease.

Anticipating robust future performance, AbbVie expects Skyrizi and Rinvoq to generate more revenue by 2027 than the peak sales of Humira, which reached $21.2 billion in 2022. This optimistic outlook has contributed to a nearly 1% increase in AbbVie’s shares in afternoon trade. As AbbVie navigates market dynamics, its strategic focus on maintaining Botox’s market share and expanding its product portfolio continues to shape its position in the evolving pharmaceutical landscape.

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