Amid the European debt crisis, sales of Botox Cosmetic have continued to show strong growth throughout the region. A significant increase has also been seen for other non-invasive cosmetic procedures such fillers that reduce creases around the mouth. Such activity shows that a gloomy financial climate poses little threat to beauty-conscious European consumers.
"My surmise is that societal forces of people wanting to look younger and better are overpowering the economic environment," comments David Pyott, chief executive at Allergan.
Rapid consumer demand for Botox as well as other cosmetic procedures in Europe comes during a time when U.S. sales are seeing a moderate decline, but are still "pretty good" according to Pyott. Around the world, Botox sales exhibited a nearly 16 percent increase over the past year. Allergan announced profits upwards of $251m in its third quarter, largely attributable to Botox - the company's top seller.
The U.S. FDA recently gave clearance for Botox as a treatment for overactive bladder, a bladder storage condition that causes a sudden urge to urinate and often results in urinary incontinence. It received similar clearance In Ireland, which could pave the way for approval throughout the EU.
Botox will likely continue to see a strong increase in sales as it continues to be approved for non-cosmetic indications. Pyott estimates that therapeutic sales of Botox grow enough to eventually outweigh cosmetic related sales with the next five years.
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