Botox久违增长带动医美业务复苏！艾伯维(ABBV.US)Q4财报超预期 同步上调全年利润指引

Core Viewpoint - AbbVie reported better-than-expected Q4 results, driven by recovery efforts in its aesthetics business, and raised its 2026 earnings guidance [1] Group 1: Financial Performance - Q4 sales reached $16.6 billion, exceeding market expectations of $16.4 billion [1] - Adjusted EPS for Q4 was $2.71, higher than the analyst average estimate of $2.65 [1] - The company expects adjusted EPS for 2026 to be between $14.37 and $14.57, compared to the analyst average estimate of $14.22 [1] Group 2: Aesthetics Business - The aesthetics segment showed signs of recovery, with Botox sales reaching $717 million, marking the first growth since Q3 2024 and surpassing the analyst average estimate of $683.9 million [1] - Despite Juvederm sales falling short of expectations, the overall marketing strategy, including the "Naturally You" campaign, contributed to the positive performance of Botox [2] Group 3: Immunology Business - Humira's global sales declined by 25.9% to $1.25 billion in Q4, marking the second full year after losing market exclusivity [2] - The immunology segment generated $30.4 billion in net revenue for 2025, a 14% increase year-over-year, with Rinvoq and Skyrizi sales at $2.4 billion and $5 billion, respectively [2] Group 4: Future Challenges and Developments - Botox sales for aesthetic products are projected to decline in 2025, the first drop since AbbVie's acquisition of Allergan in 2019, with potential price adjustments starting in 2028 due to the Inflation Reduction Act [3] - AbbVie is expanding its neuroscience product line, having acquired Cerevel Therapeutics for $8.7 billion, although a schizophrenia drug from this acquisition failed in Phase II trials [3] - The company also acquired a depression treatment drug from Gilgamesh Pharmaceuticals for up to $1.2 billion, which has shown positive results in clinical trials [3]