AbbVie expects Botox market share to stay strong despite newer rivals
(Reuters) -AbbVie expects its share of Botox in the aesthetics market to remain strong in the fourth quarter, despite recent launches of newer, longer-acting products by rivals, a company executive said on Wednesday.
Botox, especially for aesthetic use, has been under pressure in the last few quarters due to economic uncertainties, with the pharma major's investors also concerned about its product facing an eroding market share because of competition from newer rivals like Revance Therapeutics (NASDAQ:RVNC)' Daxxify and Evolus (NASDAQ:EOLS)'s Jeuveau.
«We've been incredibly efficient at maintaining our leading share position of about 68%,» AbbVie (NYSE:ABBV)'s Chief Commercial Officer Jeffrey Stewart said at the J.P.Morgan healthcare conference.
Revance's Daxxify has been of particular concern to AbbVie's investors because its effects last about six months — nearly twice as long as Botox.
Shares of AbbVie were up more than 1% in afternoon trade.
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