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The drugmaker said it was seeing an impact from “temporary economic headwinds” to its portfolio of cosmetic treatments, including Botox and Juvederm, which it gained through its $63 billion deal for Allergan (NYSE:AGN).
Wall Street analysts have been looking out for the impact of inflation and fears of a recession to its aesthetics business, which is more exposed to macroeconomic pressures than AbbVie’s other therapies.
AbbVie said in July that it had seen “glimpses of inflationary pressures” on the Juvederm business, though it had not yet seen an impact to Botox at that time.
Sales of Botox for cosmetic uses came in at $637 million, below estimates of $640.17 million, while sales of Juvederm were $352 million, also missing estimates of $360 million, according to Refinitiv data.
Net revenue rose 3.3% to $14.81 billion but misses estimates of $14.91 billion.
However, net earnings attributable to AbbVie rose about 24% to $3.95 billion, and sales of newer psoriasis treatment Skyrizi exceeded analysts’ estimates.
AbbVie has been hoping Skyrizi and arthritis drug Rinvoq can eventually replace sales of its blockbuster drug Humira, which is expected to face competition in the United States next year.
It is currently one of the world’s top-selling medicines after COVID-19 vaccines and pills.
Skyrizi brought in sales of $1.40 billion, beating estimates of $1.31 billion, while Rinvoq sales of $695 million missed estimates of $715.29 million.
