Juvederm Revenue Fell 15.3% in 2025. Is Your Practice Carrying Filler Inventory It Can't Track?

AbbVie's Juvederm line generated $993 million in global revenue in 2025, down 15.3% year-over-year. Galderma's filler and biostimulator segment grew 8.0% to $1.101 billion over the same period. The market is shifting between vendors. Most med spa bookkeeping systems are tracking neither.

The accounting problem is not which vendor you buy from. It is that filler ordered but not yet used is an asset sitting in your refrigerator, and nearly every default QuickBooks setup for a medical spa treats that asset as an expense on the day the invoice arrives. The cost hits your P&L in the ordering month.

The corresponding revenue hits in the treatment month. The two numbers are separated by however long it takes to use the product. That timing mismatch distorts your gross margin every month.

What is filler inventory accounting? Filler inventory accounting is the accrual practice of recording purchased Juvederm, Restylane, Sculptra, or Radiesse as a current asset on the balance sheet at the moment of receipt, then moving the cost to COGS only when the syringe or vial is used in a treatment. This matches injectable revenue and injectable cost in the same period. Expensing product at the invoice date (the QuickBooks default) distorts gross margin whenever order volume and use volume diverge, which for most med spas is every month.

What Juvederm's 15.3% revenue decline means at the practice level

AbbVie attributed the decline to continued economic pressure on the aesthetics category.

The company stated: "Economic headwinds have continued to impact market conditions globally in aesthetics, and category growth is anticipated to remain challenged in 2026." That is the corporate framing. At the practice level, it means two things: patients are more price-sensitive on filler treatments than they were two years ago, and competing vendors are taking share.

Galderma's fillers and biostimulators segment, which includes Restylane and Sculptra, generated $1,101 million at 8.0% year-on-year growth at constant currency. Galderma noted that "Sculptra growth was particularly high in key International markets and especially in China thanks to a strong launch trajectory." Sculptra demand in the U.S. market has also grown as biostimulators gain traction as an alternative to traditional HA fillers.

For a practice that has historically stocked Juvederm and is considering adding Sculptra or shifting toward Restylane, the COGS model changes. Sculptra is sold in vials, not prefilled syringes. The cost-per-treatment calculation is different. If the chart of accounts does not track filler by product line, the practice cannot measure the margin impact of a vendor switch.

Source: AbbVie Full-Year 2025 Financial Results (February 4, 2026); Galderma Full-Year 2025 Results (March 5, 2026). Galderma's Fillers & Biostimulators segment includes Sculptra, Restylane, and related products.

How filler inventory works on a proper med spa balance sheet

When a syringe of Juvederm or Sculptra arrives at your practice, it is a current asset. You paid for it (or owe for it on net-30 terms), but you have not delivered any service. The product has value. It sits in your refrigerator alongside your other current assets.

Under proper accrual accounting, that syringe stays on the balance sheet as inventory until it is used in a treatment. When the treatment is delivered, the cost moves from the inventory asset account to Cost of Goods Sold on the income statement. At that point, revenue is also recognized for the treatment. The revenue and the COGS hit the P&L in the same period. Gross margin is accurate.

Under the default QuickBooks setup most practices run, the syringe cost hits COGS (or Medical Supplies expense) the day the invoice is entered. The corresponding treatment revenue hits weeks or months later. In a high-ordering month, costs are overstated. In a high-utilization month where orders ran light, costs are understated. Gross margin is never accurate.

The QuickBooks default: expensing filler at order, not at use

The default QuickBooks behavior comes from how items are set up in the chart of accounts. Most med spa bookkeepers set up a single expense account for medical supplies or injectables. When an Allergan invoice comes in, it posts to that expense account immediately. There is no inventory account. There is no asset tracking. The product does not appear on the balance sheet.

This works acceptably if your ordering cycle and utilization cycle are nearly identical, meaning you order close to what you use each month. In practice, most med spas order in larger batches for pricing efficiency, hold product across multiple months, and have significant variation between high-utilization and low-utilization periods. The timing mismatch is real and persistent.

The fix requires restructuring the chart of accounts before it requires any change to ordering behavior. Once the inventory accounts are live, every subsequent invoice routes to the asset account rather than expense. COGS is recognized at the moment of treatment, not at the moment of purchase.

Matching Galderma and Allergan invoices against treatment revenue

The monthly reconciliation process for injectable inventory has three steps. First, pull all vendor invoices for the month and confirm they were posted to the inventory asset account, not directly to expense.

Second, pull the treatment log from the booking system and calculate the COGS that should have been recognized in the month based on treatments delivered. Third, verify that those two numbers move the inventory balance in the expected direction.

If you opened the month with $8,000 in filler inventory, ordered $4,000 in new product, and used $6,000 worth in treatments, you should close the month with $6,000 in filler inventory and $6,000 on the COGS line. If the numbers do not reconcile, there is waste, breakage, a recording error, or product that was used but not invoiced to the patient.

That last item, product used without a corresponding patient charge, is a revenue leakage problem that inventory tracking surfaces. Practices that do not track injectable inventory do not know how much product they are giving away.

How to see filler performance by product line in your P&L

A properly structured injectable COGS setup has four accounts at minimum:

• Injectable COGS - Neurotoxins (Botox, Dysport, Xeomin, Daxxify, Jeuveau)
• Injectable COGS - Fillers (Juvederm line, Restylane line, Radiesse)
• Injectable COGS - Biostimulators (Sculptra, Radiesse when used as biostimulator)
• Injectable COGS - Other (Kybella, PRF, and similar)

With these accounts, the monthly P&L shows gross margin by injectable category. If Juvederm margin is compressing because AbbVie pricing has not adjusted to reflect their volume decline, that is visible. If Sculptra treatments are running at a higher margin than HA fillers, the data supports a service mix shift.

Without separated COGS accounts, all injectable revenue sits above one blended cost line. The margin on a $900 Sculptra treatment and a $600 Juvederm treatment look identical. They are not.

The steps to set up filler inventory tracking in QuickBooks are straightforward. Here is the setup sequence:

1. 1
   In QuickBooks Online, create two new accounts under Current Assets: name them "Injectable Inventory - Fillers" and "Injectable Inventory - Neurotoxins."
2. 2
   When you receive a filler or neurotoxin order, debit the inventory asset account and credit Accounts Payable or Cash. Do not expense the product on the day of the order.
3. 3
   When a treatment is delivered, debit Injectable COGS - Fillers (or Neurotoxins) and credit the inventory account for the product cost of that treatment.
4. 4
   At month end, compare the inventory account balance in QuickBooks against your physical count of remaining product.
5. 5
   Any variance between the book balance and physical count is waste, breakage, or a recording error. Investigate it before closing the month.

The shift in market share from Juvederm to Galderma products is a supply-chain and vendor-relationship question for most practices. It is also a bookkeeping question.

If your chart of accounts tracks all fillers in one undifferentiated account, you cannot measure the margin impact of stocking Sculptra alongside or instead of Juvederm. The accounting setup determines what questions you can answer about your own business.

For more on calculating injectable gross margin by product, including a step-by-step breakdown of cost per unit against revenue per treatment, see the full guide.