Botox sales have never been higher.
The big picture: The pandemic has dramatically reduced the number of people receiving cosmetic skin treatments. But the rollout of COVID vaccines and a larger, younger crowd willing to try Botox injections have led to increased demand in dermatology offices and medical spas.
In numbers : Sales of Botox in the United States – only the cosmetic version used to smooth facial wrinkles, and not the version used to treat conditions like migraines and neck spasms – topped $ 1 billion in the first nine months of 2021, up from $ 600 million in the first nine months of 2020.
- The rise in revenue stems from “investment in the brand and a strong recovery from the COVID-19 pandemic,” according to financial documents from AbbVie, which bought the company that makes Botox in 2020.
- China is the second-largest Botox market after the United States, bringing total international sales to $ 579 million in the first nine months of this year.
What they say : “At this point we do not see [growth] driven by pent-up demand as much as sheer fundamental demand, ”Carrie Strom, senior vice president at AbbVie who oversees the company’s cosmetic drugs, said at an investment banking conference this month.
- Patients receiving Botox are now younger on average. “And by younger I mean closer to 40 versus 50,” Strom said.
- Influencers promoting Botox and other cosmetic procedures on TikTok and Instagram and new Botox ads have also attracted and retained more people.
Follow the money: AbbVie charges $ 622 for a 100-unit vial of Cosmetic Botox.
- Dermatologists and plastic surgeons then charge an average of $ 15-20 per unit – the forehead, glabella, and crow’s feet each require a certain number of units of Botox – with the average procedure costing $ 466.
- Huge demand is driving sales, but AbbVie suggested that higher prices are coming due to the pervasive power of the brand and because inflation is giving the company a cover: “We have a clear leadership position. . conference. “Our clients can also benefit from this premium price when treating their patients.”
What to watch: If the Omicron variant leads to more people to postpone elective care again.