AbbVie beats Sales Forecast in the First Quarter of 2021

AbbVie Inc. (NYSE: ABBV) said it expects the demand for cosmetic treatments such as botox in Brazil and Europe to rebound in the second half of this year as nations lift restrictions and measures to curb the spread of COVID- 19 facilitate. The company reported an increase in revenue of 44.7% to $ 477 million for anti-wrinkle injection in the first quarter, thanks to vaccinations that encouraged people in the United States to postpone surgery. Botox sales benefited from the $ 63 million acquisition of Allergan in May 2020, and that helped market Botox. In an earnings call, CEO Richard Gonzalez confirmed that sales of botox and other cosmetics such as Juvederm face fillers were doing well, exceeding pre-pandemic levels. Gonzalez said the company had a great start into 2021, with significant performance in core therapeutic areas and an outcome that was above forecast. Gonzalez confirmed that while pent-up demand in the US drove Botox sales, some of the growth was due to investments in the drug after its acquisition. He said the European market continues to be significantly affected by the COVID-19 pandemic. However, the CEO confirmed that demand is starting to grow in countries like the UK. But there are still some areas in Europe that are restricted. He said AbbVie is close to potential commercial approvals for over a dozen new products over the next two years, with five expected this year. The company expects Botox sales this year to be around $ 1.9 billion, a year-over-year growth of 62%. Similarly, AbbVie had revised the 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. Sales of Humira, a drug for rheumatoid arthritis, also rose 3.5% to $ 4.87 billion, despite pressure outside the US from increased competition from cheap, generic drugs. AbbVie's total revenue rose nearly 51% to $ 13.01 billion, beating estimates of $ 12.76 billion.