10 Best Cosmetic Surgery and Aesthetics Stocks To Buy

2. AbbVie Inc. (NYSE:ABBV)

Number of Hedge Fund Investors: 70                                                             

AbbVie Inc. (NYSE:ABBV) is a biopharmaceutical company that specializes in creating and distributing innovative treatments, which include dermatological and aesthetic products. For the treatment of wrinkles and volume loss in the face, the firm provides aesthetic treatments such as BOTOX Cosmetic and JUVÉDERM dermal fillers.

In July, Abbvie’s price target was increased by Truist Securities to $210 from $195, with a reiteration of a Buy rating following solid Q2 2024 results.

Abbvie’s aesthetics portfolio generated $1.39 billion in worldwide net revenues in the second quarter of 2024, up 0.5% from the same period the previous year. Juvederm brought in $343 million, while net sales from Botox Cosmetics were $729 million. By 2033, ABBV anticipates a double-digit CAGR in aesthetic medicine. Abbvie’s premier Botox product guarantees an impressive market share in the aesthetics market.

Polen Focus Growth Strategy stated the following regarding AbbVie Inc. (NYSE:ABBV) in its Q2 2024 investor letter:

“In the second quarter, the top relative contributors to the Portfolio’s performance were all names we do not hold: Home Depot, Meta Platforms, and AbbVie Inc. (NYSE:ABBV). AbbVie fell on the back of results that failed to allay concerns around continuing biosimilar threats to its very large, blockbuster arthritis drug, Humira, which went off patent last year.”

Although sales of Humira and Imbruvica may be impacted by the Inflation Reduction Act, Abbvie is anticipated to maintain long-term growth. The company presented its prospects for growth until the end of the decade, bolstered by its pipeline of innovative products and services. The optimistic forecast indicates faith in Abbvie’s capacity to overcome market obstacles and seize expansion opportunities.

BMO Capital Markets and JPMorgan also raised their price targets to $210 and $214, respectively. Abbvie surpassed market expectations with adjusted earnings per share of $2.65, achieving Q2 sales of $14.46 billion, up 4.31% from the same period the previous year. The company has named Dr. Roopal Thakkar as EVP of R&D and Chief Scientific Officer and is requesting FDA and EMA clearance for upadacitinib for giant cell arteritis, supported by encouraging findings from the Phase 3 SELECT-GCA research.

In the first quarter of 2024, 70 hedge funds out of 920 reported holding an ownership stake in AbbVie Inc. (NYSE:ABBV). Bernard Horn’s Polaris Capital Management is the largest shareholder in the company, with 234,479 shares worth $40.22 million.