Aesthetics: A Business Shrinking Since 2022Narrow moat

AbbVie (ABBV) — moat facet

AbbVie's cosmetics business has shrunk every year since 2022, and its flagship Botox Cosmetic lost share in America in 2025.

The cosmetic side of Allergan has not grown under AbbVie. Aesthetics revenue was $5,333 million in 2022, $5,294 million in 2023, $5,176 million in 2024 and $4,860 million in 202512. In the second quarter of 2026 it was $1,282 million, up 0.3%3.

Aesthetics net revenues ($M)5,33320225,29420235,17620244,8602025AbbVie Forms 10-K FY2024 and FY2025
Down every year since 2022.

The flagship is weakening. Botox Cosmetic sales fell 4% in 2025, and in the United States they fell 11%, which AbbVie attributed primarily to unfavourable pricing from changes to its customer loyalty programme, lower market share and decreased consumer demand4. Juvederm fillers fell from $1,428 million in 2022 to $993 million in 202556.

Aesthetics is a consumer business sold through clinics, and it behaves like one. Patients pay out of pocket, so demand follows consumer confidence, and competitors can win share with price. Management said on the fourth-quarter call that the United States and China are the vast majority of the aesthetics business7.

The brand still leads. Botox Cosmetic remains the reference product, and AbbVie is adding new treatments, including Skinvive for neck lines approved in 20268.

The fillers have fallen fastest. Juvederm sold $1,428 million in 20229 and $993 million in 202510, down about 30%11. Other aesthetics products, including body contouring and skincare, held steadier at $1,265 million12. The flagship brands are the ones under pressure.

A consumer franchise losing share is a narrowing moat. The number that would show it stabilising is US Botox Cosmetic growth; a return to growth in 2026 would say the 2025 decline was the loyalty programme change rather than the brand.

Moat trajectory: Narrowing

Revenue down each year from 2022 to 2025; flat in Q2 2026.

The number that tests this moat
Reported
Aesthetics revenue, latest quarter
$1,282M, +0.3% (Q2 2026)

The consumer franchise; a return to growth would mean the brand has stopped losing share.

Source: AbbVie Q2 2026 results release ↗
⚠ Threats to the moat
⚠ THREAT 01
Two Countries Are Most of It
Most of AbbVie's cosmetics sales come from American and Chinese consumers paying cash, which makes the business move with their confidence.
References
  1. ReportedAesthetics revenue was $5,333 million in 2022, $5,294 million in 2023, $5,176 million in 2024 and $4,860 million in 2025.
    AbbVie Form 10-K for fiscal 2024 - product revenue for 2022-2024, product concentration, the CEO succession and the emraclidine impairment. — FY2024 · publ. February 2025 · source ↗
  2. ReportedAesthetics revenue was $5,333 million in 2022, $5,294 million in 2023, $5,176 million in 2024 and $4,860 million in 2025.
    AbbVie Form 10-K for fiscal 2025 - Item 7 MD&A: net revenues by product and region, and rebates. — FY2025 · publ. 20 February 2026 · source ↗
  3. ReportedIn the second quarter of 2026 it was $1,282 million, up 0.3%.
    AbbVie second-quarter 2026 results release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 31 July 2026 · source ↗
  4. ReportedBotox Cosmetic sales fell 4% in 2025, and in the United States they fell 11%, which AbbVie attributed primarily to unfavourable pricing from changes to its customer loyalty programme, lower market share and decreased consumer demand.
    AbbVie Form 10-K for fiscal 2025 - Item 7 MD&A: net revenues by product and region, and rebates. — FY2025 · publ. 20 February 2026 · source ↗
  5. ReportedJuvederm fillers fell from $1,428 million in 2022 to $993 million in 2025.
    AbbVie Form 10-K for fiscal 2024 - product revenue for 2022-2024, product concentration, the CEO succession and the emraclidine impairment. — FY2024 · publ. February 2025 · source ↗
  6. ReportedJuvederm fillers fell from $1,428 million in 2022 to $993 million in 2025.
    AbbVie Form 10-K for fiscal 2025 - Item 7 MD&A: net revenues by product and region, and rebates. — FY2025 · publ. 20 February 2026 · source ↗
  7. ReportedManagement said on the fourth-quarter call that the United States and China are the vast majority of the aesthetics business.
    The Motley Fool, AbbVie Q4 2025 earnings call transcript - 2026 revenue assumptions by product and management's comments on share and competitors. — Q4 2025 · publ. 4 February 2026 · source ↗
  8. ReportedBotox Cosmetic remains the reference product, and AbbVie is adding new treatments, including Skinvive for neck lines approved in 2026.
    AbbVie second-quarter 2026 results release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 31 July 2026 · source ↗
  9. ReportedJuvederm sold $1,428 million in 2022 and $993 million in 2025, down about 30%.
    AbbVie Form 10-K for fiscal 2024 - product revenue for 2022-2024, product concentration, the CEO succession and the emraclidine impairment. — FY2024 · publ. February 2025 · source ↗
  10. ReportedJuvederm sold $1,428 million in 2022 and $993 million in 2025, down about 30%.
    AbbVie Form 10-K for fiscal 2025 - Item 7 MD&A: net revenues by product and region, and rebates. — FY2025 · publ. 20 February 2026 · source ↗
  11. Moat Explorer calcJuvederm sold $1,428 million in 2022 and $993 million in 2025, down about 30%.
    Moat Explorer calculation from AbbVie's reported product revenue and financial statements ($ millions unless stated). Therapeutic areas 2025: immunology 17,562 + 8,304 + 4,540 = 30,406; neuroscience 3,621 + 3,769 + 1,271 + 1,036 + 482 + 381 + 207 = 10,767; oncology 2,869 + 2,792 + 690 + 271 + 33 = 6,655; aesthetics 2,602 + 993 + 1,265 = 4,860; eye care 493 + 410 + 197 + 1,009 = 2,109; other key products 1,317 + 1,512 + 907 = 3,736; all other 2,627; eye care and other products 2,109 + 3,736 + 2,627 = 8,472; total 61,160. 2024: immunology 11,718 + 5,971 + 8,993 = 26,682; neuroscience 8,999; oncology 6,555; aesthetics 5,176; eye care and other 2,242 + 3,648 + 3,032 = 8,922. 2023: 7,763 + 3,969 + 14,404 = 26,136; neuroscience 7,717; oncology 5,915; aesthetics 5,294; eye care and other 2,415 + 3,806 + 3,035 = 9,256. 2022: 5,165 + 2,522 + 21,237 = 28,924; neuroscience 6,528; oncology 6,577; aesthetics 5,333; eye care and other 2,701 + 3,854 + 4,137 = 10,692. Growth 2025: immunology 30,406 / 26,682 - 1 = 14.0%; neuroscience 10,767 / 8,999 - 1 = 19.6%. Immunology and neuroscience 30,406 + 10,767 = 41,173, 41,173 / 61,160 = 67.3%. Immunology share 30,406 / 61,160 = 49.7%. Skyrizi + Rinvoq: 5,165 + 2,522 = 7,687 (2022); 7,763 + 3,969 = 11,732 (2023); 11,718 + 5,971 = 17,689 (2024); 17,562 + 8,304 = 25,866 (2025); H1 2026 9,988 + 4,644 = 14,632; Q2 2026 5,505 + 2,525 = 8,030, 8,030 / 16,990 = 47.3%; 2026 plan 21.5 + 10.1 = 31.6 bn. Shares of revenue 7,687 / 58,054 = 13.2%; 11,732 / 54,318 = 21.6%; 17,689 / 56,334 = 31.4%; 25,866 / 61,160 = 42.3%. Humira: 4,540 / 21,237 - 1 = -78.6%; share 8,993 / 56,334 = 16.0% (2024), 4,540 / 61,160 = 7.4% (2025). Rebates: 65.1 / 61.16 = 1.06; 65.1 / 18.8 = 3.5 times (2019-2025) against net revenues 61,160 / 33,266 = 1.8 times; gross sales 61.2 + 65.1 = 126.3 bn, 126.3 / 61.2 = 2.1 times; managed care 22,307 / 61,160 = 36.5%; Medicaid and Medicare 21,283 / 61,160 = 34.8%; payers 22,307 + 21,283 = 43,590, 43,590 / 61,160 = 71.3%. Geography: US 46,603 / 61,160 = 76.2%; international 14,557 / 61,160 = 23.8%. Gross margin 2025 (61,160 - 18,204) / 61,160 = 70.2%. Government-set price products, 2025 sales: 2,869 + 3,621 + 907 + 3,769 = 11,166, 11,166 / 61,160 = 18.3%. Goodwill and intangibles 35,640 + 52,641 = 88,281, 88,281 / 133,960 = 65.9%. Eye care share 2,109 / 61,160 = 3.4%; aesthetics share 4,860 / 61,160 = 7.9%. Net debt 30 June 2026: 62,481 + 8,341 - 6,569 = 64,253; net debt / operating cash flow 64,253 / 19,030 = 3.4 years. Free cash flow 2025: 19,030 - 1,214 = 17,816; dividends paid 11,657 / 17,816 = 65.4%; operating cash flow / dividends 19,030 / 11,657 = 1.6; dividends declared / net earnings 11,819 / 4,226 = 2.8; dividends per share 6.65 / 1.75 = 3.8 times (2014-2025). Free cash flow yield 17,816 / 468,500 = 3.8%; free cash flow per share 17,816 / 1,771 = 10.06. 2026 adjusted EPS guidance midpoints: (14.37 + 14.57) / 2 = 14.47; (13.96 + 14.16) / 2 = 14.06; (14.08 + 14.28) / 2 = 14.18; (13.91 + 14.11) / 2 = 14.01; (13.87 + 14.07) / 2 = 13.97. Ubrelvy and Qulipta Q2 2026 392 + 350 = 742; 2025 1,271 + 1,036 = 2,307. Skyrizi share 17,562 / 61,160 = 28.7%. Juvederm 993 / 1,428 - 1 = -30.5%. Aesthetics 4,860 / 5,176 - 1 = -6.1%. Gross margin 2023 (54,318 - 20,415) / 54,318 = 62.4%. Skyrizi + Rinvoq 2021 2,939 + 1,651 = 4,590; 2022 7,687 / 21,237 = 36% - therapeutic-area totals, growth and rebates. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in AbbVie's Forms 10-K, 10-Q, results releases, the Q4 2025 call and market data; operands shown in the source line.
  12. ReportedOther aesthetics products, including body contouring and skincare, held steadier at $1,265 million.
    AbbVie Form 10-K for fiscal 2025 - Item 1 business: products, customers, competition and research. — FY2025 · publ. 20 February 2026 · source ↗
Sources
Generated September 25, 2026