IRVINE, Calif. - Allergan (NYSE:AGN) Aesthetics, an AbbVie company (NYSE: NYSE:ABBV), announced the launch of Allē Payment Plans, a new program offering patients the option to finance aesthetic treatments and products over time. This initiative, powered by Cherry, aims to make aesthetic procedures such as BOTOX® Cosmetic and JUVÉDERM® Collection of Fillers more accessible by addressing cost concerns, which have been a primary barrier for potential patients.
The company's market research indicates that over 50 million Americans show interest in facial injectables, but only a small percentage undergo treatments annually, mainly due to financial constraints. Allē Payment Plans are designed to bridge this gap by providing monthly payment options, thereby enabling more consumers to pursue their aesthetic goals.
Jasson Gilmore, Senior Vice President of U.S. Aesthetics at Allergan, expressed enthusiasm for the new payment structure, which is offered at no cost to aesthetic practices for Allergan Aesthetics treatments and products. He noted that the pilot program for Allē Payment Plans revealed that 54% of transactions involved new patients or those trying new services, and 34% included multiple brand treatments.
The national rollout of Allē Payment Plans begins today, with full availability expected across the United States in the coming months. Neekan Rivera, PA, and founder of Aère Aesthetics, shared that the introduction of the payment plans has already led to an increase in patients seeking aesthetic services and expressing interest in additional treatments.
Allergan Aesthetics is also showcasing Allē Payment Plans at The Aesthetic Show in Las Vegas, offering providers an inside look at the program and how it can be integrated into their practices.
Allē has served over seven million members and approximately 30,000 practices to date, with the mission of educating consumers about aesthetic treatments and simplifying operations for providers. The introduction of Allē Payment Plans complements the existing Allē rewards program, which allows consumers to earn points on a wide range of treatments and brands.
For more information on incorporating Allē Payment Plans into a practice, Allergan Aesthetics encourages reaching out to their sales representative or visiting the Allē business website.
This article is based on a press release statement.
In other recent news, AbbVie has received a Complete Response Letter (CRL) from the FDA regarding its New Drug Application for ABBV-951, a Parkinson's disease treatment. The CRL cites concerns with a third-party manufacturing facility, but does not question the safety or efficacy of the drug. AbbVie has committed to resolving these issues promptly.
In analyst activity, Piper Sandler has raised its price target for AbbVie from $185.00 to $190.00, maintaining an Overweight rating based on anticipated EU approval of a key drug. Meanwhile, Deutsche Bank (ETR:DBKGn) has reiterated its Hold rating on AbbVie, and Cantor Fitzgerald has initiated coverage on the company with an Overweight rating and a 12-month price target of $200.
AbbVie has also finalized its acquisition of Landos Biopharma, adding the promising investigational drug, NX-13, to its portfolio. Furthermore, the company has entered into a partnership with FutureGen Biopharmaceutical to develop FG-M701, a novel TL1A antibody aimed at treating inflammatory bowel disease.
Despite these developments, AbbVie is implicated in opioid crisis settlements exceeding $46 billion. Lastly, despite the presence of biosimilars, AbbVie's flagship arthritis medication, Humira, has maintained over 80% of its patient base. These are some of the recent developments concerning AbbVie.
InvestingPro Insights
AbbVie (NYSE: ABBV), the parent company of Allergan Aesthetics, has been making headlines not only for its innovative Allē Payment Plans but also for its robust financial performance. With a substantial market capitalization of $304.12 billion, AbbVie stands as a significant player in the pharmaceutical industry. The company's dedication to increasing shareholder value is evident through its impressive track record of raising dividends for 11 consecutive years, a testament to its financial health and commitment to investors.
InvestingPro data highlights AbbVie's strong market position, with a Price/Earnings (P/E) ratio of 23.0 for the last twelve months as of Q1 2024, reflecting investor confidence in the company's earnings potential. Moreover, the firm's dividend yield stands at an attractive 3.62%, showcasing its ability to generate substantial cash flows and return a portion to shareholders. This is particularly relevant for investors seeking stable income streams in their portfolios.
For those interested in a deeper dive into the financial intricacies of AbbVie and how it correlates to the company's strategic moves, such as the launch of Allē Payment Plans, there are additional InvestingPro Tips available. These tips provide insights into aspects like the company's expected net income growth this year and its strong free cash flow yield, which could be driving factors behind such innovative customer financing solutions. Interested readers can leverage the exclusive offer code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to a total of 12 InvestingPro Tips for AbbVie on InvestingPro.
AbbVie's strategic initiatives, combined with its solid financial metrics, suggest a company that is not only growing but also adapting to market demands – a reassuring sign for both consumers and investors alike.
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