AbbVie Inc. (NYSE: ABBV) Down To Knees on Short of Wall Street Expectations for Quarterly Sales

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AbbVie Inc. (NYSE: ABBV) dropped over 6.41% in early trading session on Friday after it fell short of Wall Street expectations for quarterly sales on Friday, owing to lower-than-expected revenue from its popular cosmetic filler Juvederm and blockbuster anti-wrinkle treatment Botox.

The pharmaceutical claimed “temporary economic challenges” were affecting its portfolio of aesthetic treatments, including Botox and Juvederm, which it acquired in a $63 billion transaction with Allergan.

Wall Street analysts have been watching for the impact of inflation and recession worries on AbbVie’s aesthetics business, which is more vulnerable to macroeconomic factors than the company’s other medicines.

In July, AbbVie stated that it had noticed “glimpses of inflationary pressures” on the Juvederm business, but had not yet seen an impact on Botox.

According to Refinitiv statistics, sales of Botox for aesthetic purposes were $637 million, below predictions of $640.17 million, while sales of Juvederm were $352 million, again missing estimates of $360 million. Net sales increased 3.3% to $14.81 billion, falling short of expectations of $14.91 billion.

In July, AbbVie stated that it had noticed “glimpses of inflationary pressures” on the Juvederm business, but had not yet seen an impact on Botox.

According to Refinitiv statistics, sales of Botox for aesthetic purposes were $637 million, below predictions of $640.17 million, while sales of Juvederm were $352 million, again missing estimates of $360 million. Net sales increased 3.3% to $14.81 billion, falling short of expectations of $14.91 billion.

On the other hand, AbbVie (NYSE: ABBV) said on Friday that the European Medicines Agency (EMA) has validated a Marketing Authorization Application (MAA) for epcoritamab (DuoBody-CD3xCD20), an experimental subcutaneous bispecific antibody, for the treatment of adult patients with relapsed/refractory (R/R) diffuse large B-cell lymphoma (DLBCL) after two or more lines of systemic therapy. In addition, Genmab has submitted a Biologics License Application (BLA) to the FDA for epcoritamab for the treatment of adult patients with R/R large B-cell lymphoma (LBCL) following two or more lines of systemic therapy.

The vice president of AbbVie, Mohamed Zaki stated that the regulatory applications for epcoritamab demonstrate their commitment to providing innovative care for persons with large B-cell lymphoma and diffuse large B-cell lymphoma who have few therapeutic alternatives. This accomplishment is a crucial first step in their dedication to scientific research and provides an essential therapeutic option with the potential to become a standard therapy for those suffering from B-cell malignancies such as LBCL and DLBCL.