IRVINE, Calif. - Allergan (NYSE:AGN) Aesthetics, a subsidiary of AbbVie (NYSE: NYSE:ABBV), has announced the approval of Botox Cosmetic (onabotulinumtoxinA) for the treatment of masseter muscle prominence (MMP) in China. MMP, a condition leading to a wider, squarer jawline due to an enlarged masseter muscle, is now addressable with Botox Cosmetic, marking it as the first neurotoxin to receive approval for this indication by the China National Medical Product Administration.
The approval is based on a Phase 3 clinical trial showing Botox Cosmetic provided a 5.2mm greater reduction in facial width compared to placebo, with results lasting 6-9 months. The trial also reported positive improvements in patient-reported outcomes relating to social interactions, attractiveness, and confidence. Side effects were mild to moderate, aligning with the product's established safety profile.
This development is significant as MMP is a common aesthetic concern, particularly within the Asian population, where non-invasive treatment options were limited. According to Professor Sun Jiaming, lead clinical study investigator, the approval of Botox Cosmetic introduces an effective, single-dose treatment that can be administered every six months, offering patients a slimmer and more defined jawline.
Allergan Aesthetics aims to expand the use of Botox Cosmetic for MMP in other global markets. While the treatment is not yet approved by the U.S. Food and Drug Administration for MMP, the company's global research and development efforts continue to focus on this application.
The announcement comes as Botox Cosmetic, with over 150 million vials distributed globally, continues to be a trusted name in medical aesthetics. The treatment's availability in China is expected to meet a growing demand for minimally invasive aesthetic procedures. This news is based on a press release statement from Allergan Aesthetics.
In other recent news, AbbVie has made several notable strides. The company reported a quarterly cash dividend of $1.55 per share, continuing its history of providing dividends to shareholders. AbbVie also made amendments to its bylaws, including the removal of a contested provision, in an effort to streamline its corporate governance practices.
In terms of analyst updates, Deutsche Bank held steady on its rating for AbbVie, maintaining a price target of $175.00, while Piper Sandler and Goldman Sachs raised their price targets to $209 and $200 respectively. These updates come amidst a reported decrease in Humira prescriptions, attributed to the increasing market share of Cordavis' Hyrimoz biosimilar among other factors.
In product news, AbbVie's new drug, TEPKINLY, received conditional approval from the European Commission for treating adult patients with relapsed or refractory follicular lymphoma. The company also expanded its neuroscience portfolio through the acquisition of Cerevel Therapeutics. Moreover, Allergan Aesthetics, a subsidiary of AbbVie, launched a new skincare product, SkinMedica® HA5® Hydra Collagen Replenish + Restore Hydrator.
Lastly, the Biden administration initiated price negotiations with Medicare for ten high-cost prescription drugs, including AbbVie's Imbruvica, with new prices set to take effect in 2026. These developments highlight the ongoing activities in AbbVie's business operations.
InvestingPro Insights
As AbbVie (NYSE: ABBV) celebrates the approval of Botox Cosmetic for MMP in China, investors are keenly observing the company's market performance and financial health. AbbVie's commitment to expanding its product offerings aligns with its strong financial metrics, as evidenced by the latest data from InvestingPro. The company's market capitalization stands at a robust $352.12 billion, reflecting investor confidence in its business model and growth prospects.
One of the key InvestingPro Tips for AbbVie is its consistent track record of raising dividends, with an increase for 12 consecutive years. This demonstrates the company's ability to generate stable cash flows and its commitment to returning value to shareholders. Additionally, AbbVie's net income is expected to grow this year, signaling potential for continued financial strength and profitability.
InvestingPro Data also reveals that AbbVie's stock trades at a high earnings multiple, with a P/E ratio of 66.03. While this may suggest a premium valuation, it is important to consider the company's growth prospects and dominant position in the biotechnology industry. With analysts revising their earnings upwards for the upcoming period, there is optimism about AbbVie's future performance.
For investors seeking further insights, InvestingPro offers additional tips on AbbVie, highlighting aspects such as the company's low price volatility and its stature as a prominent player in the biotechnology industry. To explore these and other investment considerations, more tips are available on the InvestingPro platform at https://www.investing.com/pro/ABBV.
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