Drugmaker AbbVie has today reported a loss in the second quarter, as comparable sales from wrinkle treatment Botox, acquired as part of its $63 billion Allergan deal, slumped due to the impact of the Covid-19 pandemic.
The company had cautioned earlier against a potential hit to sales from Botox and other aesthetic products during the pandemic.
This comes as people avoided non-emergency procedures due to lockdown restrictions imposed to control the virus.
The drugmaker bought Allergan in May for a hefty sum, acquiring its medical aesthetics business including Botox.
It had hoped the drugs would emerge as new growth drivers before AbbVie's arthritis drug, Humira, loses its US patent in 2023.
Total Botox cosmetic comparable sales plunged 43.1% to $226m and therapeutic sales fell 22.3% to $297m in the second quarter ended June 30, on a comparable basis.
International sales of Humira also fell about 20% due to competition from cheaper versions.
Like several other drugmakers, AbbVie is also looking to develop a therapy for Covid-19.
It is collaborating with three organisations, including the Netherlands' Utrecht University, to develop an antibody that targets the spike protein of the virus.
AbbVie forecast a combined company 2020 adjusted profit estimate, which includes the results of Allergan from May 8 to December 31, of $10.35 to $10.45 per share, representing annualized net accretion from the Allergan deal of 11%.
Second-quarter net loss attributable to shareholders was $738m, or 46 cents per share, compared with a profit of $741m, or 49 cents per share, a year earlier.
Revenue rose about 26.3% to $10.43 billion.
