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Lockdowns and pandemic fears had forced people to delay
non-essential surgeries earlier this year, but with restrictions
easing, demand for treatments and procedures have picked up.
Botox, which AbbVie gained through its $64 billion acquisition
of Allergan in May, suffered an initial hit during the peak of
the health crisis, but demand has since improved.
Third-quarter sales for its cosmetic use only fell 2.2%
year-on-year to $393 million, recovering from a 43.1% plunge in
the second quarter, and beat analysts' estimate of $364.4
million, according to IBES data from Refinitiv.
AbbVie's portfolio of aesthetic medicines such as Botox was
showing a "V-shaped recovery," Chief Executive Officer Richard
Gonzalez said in a statement.
Shares of the company rose 1.3% to $81.74 before the bell. They
have fallen nearly 9% this year.
The company's other treatments, including rheumatoid arthritis
drug Humira, the world's best-selling drug, and new psoriasis
therapy, Skyrizi, also outperformed Wall Street estimates in the
third quarter.
This comes even as Humira has come under pressure from cheaper
rivals in Europe and faces patent expiration in the United
States, its biggest market, in 2023.
Humira brought in sales of $5.14 billion and AbbVie's newer
psoriasis medicine Skyrizi generated $435 million in the quarter
ended Sept. 30.
AbbVie forecast a combined company 2020 adjusted earnings of
$10.47 to $10.49 per share, compared with $10.35 to $10.45 per
share forecast earlier.
Excluding items, AbbVie earned $2.83 per share in the third
quarter, beating Wall Street estimates of $2.77 per share.
Total sales rose 52.2% to $12.90 billion, also beating the
average analyst estimate of $12.72 billion.
(Reporting by Manas Mishra and Mrinalika Roy in Bengaluru;
Editing by Shinjini Ganguli)
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