AbbVie's Aesthetics Revenue Slips as Botox Cosmetic Gains

The aesthetics division generated $1.176 billion in global net revenues for the quarter ended September 30, 2026, down 1.8 percent on an operational basis (constant currency). That decline masks divergent results within the portfolio. Botox Cosmetic brought in $669 million, up 4.1 percent operationally. Juvederm, the filler line, posted $222 million, down 11.8 percent operationally.

The aesthetics slowdown stands in sharp contrast to AbbVie's immunology and neuroscience divisions, which grew 16.6 percent and 19.5 percent operationally, respectively. The company's overall third-quarter net revenues hit $17.404 billion, up 10.5 percent operationally. Adjusted diluted earnings per share came to $3.82, more than doubling year-over-year.

Within neuroscience, Botox Therapeutic (the migraine and spasticity indication) generated $1.080 billion, up 9.8 percent. That product line is growing faster than its cosmetic counterpart, suggesting the therapeutic franchise is outpacing aesthetic demand. The neuroscience portfolio as a whole reached $3.389 billion, driven also by Vraylar at $1.068 billion (up 14.3 percent), Ubrelvy at $449 million (up 26.9 percent), and Qulipta at $398 million (up 38.5 percent operationally).

The immunology portfolio, AbbVie's largest, hit $9.165 billion, with Skyrizi at $5.776 billion (up 22.9 percent operationally) and Rinvoq at $2.706 billion (up 24.3 percent operationally). Humira, the aging blockbuster, fell to $683 million, down 30.6 percent operationally, as biosimilar competition intensifies.

The document does not break out regional results for aesthetics or explain why Juvederm declined. It also does not disclose whether the aesthetics slowdown reflects market saturation, competitive pressure, shifts in consumer demand, or pricing actions. AbbVie CEO Robert A. Michael attributed the company's overall results to "solid execution across our diverse portfolio" but made no specific comment on aesthetics in the press release.

On a GAAP basis, the company posted a gross margin of 75.4 percent in the quarter, with adjusted gross margin at 85.1 percent. Selling, general and administrative expense was 23.5 percent of net revenues on a GAAP basis, or 21.2 percent adjusted. Research and development expense was 14.7 percent of net revenues on a GAAP basis, or 13.9 percent adjusted. The operating margin ratio was 36.0 percent GAAP, or 48.7 percent adjusted. Net interest expense totaled $700 million on a GAAP basis, or $688 million adjusted. The tax rate was 12.6 percent GAAP, or 13.6 percent adjusted.

AbbVie acquired in-process research and development and milestones at 1.2 percent of net revenues, or $0.11 per share in the quarter. Year-to-date through Q3, that charge totaled $0.69 per share, as the company acquired Apogee Therapeutics, which closed during the quarter. The Apogee deal brought zumilokibart, a late-stage monoclonal antibody targeting IL-13 for atopic dermatitis, and APG273, a long-acting combination targeting IL-13 and thymic stromal lymphopoietin for asthma.

The company raised its full-year 2026 adjusted diluted EPS guidance to a range of $13.95 to $13.99, up from the prior range of $13.76 to $13.96. It also announced a 5.2 percent dividend increase, effective with the February 2027 payment. The FDA approved Skyrizi for subcutaneous induction in moderately to severely active Crohn's disease, and AbbVie submitted an application to the European Medicines Agency for the same indication. The company also reported positive Phase 3 results for lutikizumab, an investigational dual-variable-domain IL-1α/1β antagonist, in hidradenitis suppurativa, with regulatory submissions planned for the second half of 2027.

Business information, not medical or legal advice. Verify regulatory status at FDA.gov.