--- title: "Ozempic Face Is a Fat Gap, and Galderma Is Filling It" url: https://drugnews.com.tw/articles/2026-10-26-ozempic-face-glp1-facial-volume-galderma-sculptra-en.html date: 2026-10-26 lang: en category: "商業分析系列" tags: ["Ozempic face","GLP-1 facial volume loss","Sculptra","Galderma","Caliway CBL-514"] summary: "GLP-1 users are losing facial fat, not collagen, so creams can't fix 'Ozempic face.' Galderma's fillers and biostimulators grew 10.5% in H1 2026 while AbbVie's Juvéderm fell 6.6% in Q2." json: https://drugnews.com.tw/articles/2026-10-26-ozempic-face-glp1-facial-volume-galderma-sculptra-en.json publisher: Drugnews｜藥時事 (https://drugnews.com.tw/) --- ## 三句看懂 - 'Ozempic face' from GLP-1 weight loss is a loss of facial fat, not collagen, so creams cannot fix it; Galderma's 2026 full-year Fillers & Biostimulators sales will grow at least 8% at constant currency while AbbVie's Juvéderm declines for the year. - Galderma's Fillers & Biostimulators sales reached $611 million in the first half of 2026, up 10.5% at constant currency, while AbbVie's Juvéderm sold $245 million in Q2 2026, down 6.6% operationally. - A KFF poll in November 2025 found 18% of U.S. adults had taken a GLP-1 drug, and BCG estimates treatments for facial volume loss and skin laxity will grow from about $700 million to $2 billion over five years. ## 關鍵數字（附來源） | 項目 | 數值 | 日期 | 來源 | |---|---|---|---| | Share of U.S. adults who have ever taken a GLP-1 drug (KFF poll) | 18 % | 2025-11-14 | https://www.kff.org/public-opinion/kff-health-tracking-poll-prescription-drug-costs-views-on-trump-administration-actions-and-glp-1-use/ | | Share of U.S. adults currently taking a GLP-1 drug (KFF poll) | 12 % | 2025-11-14 | https://www.kff.org/public-opinion/kff-health-tracking-poll-prescription-drug-costs-views-on-trump-administration-actions-and-glp-1-use/ | | Current GLP-1 use among U.S. adults aged 50-64 | 22 % | 2025-11-14 | https://www.kff.org/public-opinion/kff-health-tracking-poll-prescription-drug-costs-views-on-trump-administration-actions-and-glp-1-use/ | | Galderma H1 2026 net sales | 3134 million USD | 2026-07-23 | https://www.galderma.com/news/galderma-H12026-performance | | Galderma H1 2026 net sales growth at constant currency | 24.6 % | 2026-07-23 | https://www.galderma.com/news/galderma-H12026-performance | | Galderma FY2026 net sales growth guidance (raised, constant currency) | 19–21 % | 2026-07-23 | https://www.galderma.com/news/galderma-H12026-performance | | Galderma H1 2026 Injectable Aesthetics net sales | 1437 million USD | 2026-07-23 | https://www.galderma.com/news/galderma-H12026-performance | | Galderma H1 2026 Fillers & Biostimulators net sales | 611 million USD | 2026-07-23 | https://www.galderma.com/news/galderma-H12026-performance | | Galderma H1 2026 Fillers & Biostimulators growth at constant currency | 10.5 % | 2026-07-23 | https://www.galderma.com/news/galderma-H12026-performance | | Galderma Q2 2026 Fillers & Biostimulators growth at constant currency | 7.6 % | 2026-07-23 | https://www.galderma.com/news/galderma-H12026-performance | | AbbVie Q2 2026 Aesthetics net revenues | 1282 million USD | 2026-07-31 | https://www.sec.gov/Archives/edgar/data/1551152/000155115226000023/abbv-20260630xexhibit991.htm | | AbbVie Q2 2026 Juvederm global net revenues | 245 million USD | 2026-07-31 | https://www.sec.gov/Archives/edgar/data/1551152/000155115226000023/abbv-20260630xexhibit991.htm | | AbbVie Q2 2026 Juvederm operational growth | -6.6 % | 2026-07-31 | https://www.sec.gov/Archives/edgar/data/1551152/000155115226000023/abbv-20260630xexhibit991.htm | | Galderma GLP-1 patient study: share saying face looked less gaunt at nine months | 85.7 % | 2025-07-17 | https://www.galderma.com/news/galderma-unveils-final-nine-month-data-medication-driven-weight-loss | | Galderma acquisition price for ZO Skin Health (cash) | 1.5 billion USD | 2026-10-15 | https://www.personalcareinsights.com/news/galderma-zo-skin-health-acquisition.html | | Galderma U.S. physician skincare share including ZO and Alastin | 19 % | 2026-10-15 | https://www.personalcareinsights.com/news/galderma-zo-skin-health-acquisition.html | | L'Oreal H1 2026 Dermatological Beauty like-for-like growth | 11.3 % | 2026-07-29 | https://www.loreal.com/en/press-release/finance/2026-half-year-results/ | | BCG estimate of facial volume loss and laxity treatment market in five years | 2 billion USD | 2026-10-21 | https://uk.fashionnetwork.com/news/Beauty-giants-target-ozempic-face-as-boom-in-obesity-drugs-opens-new-market,1877889.html | | Caliway CBL-514 subjects in completed trials | 544 people | 2026-05-18 | https://www.prnewswire.com/apac/zh/news-releases/-eco-2026--cbl-514--glp-1r---302774493.html | | Animal study: weight regain after stopping tirzepatide alone (25.2% with CBL-514) | 55.9 % | 2026-05-18 | https://www.prnewswire.com/apac/zh/news-releases/-eco-2026--cbl-514--glp-1r---302774493.html | | Caliway CBL-0201WR U.S. Phase 2 planned enrollment | 120 people | 2026-08-31 | https://www.caliwaybiopharma.com/news-detail/Caliway_Investor_Conference_Key_Takeaways_20260831/ | | Galderma Q2 2026 Injectable Aesthetics net sales | 790 million USD | 2026-07-23 | https://www.galderma.com/news/galderma-H12026-performance | | Share of U.S. aesthetics clinics expecting new patients from weight-loss medications (Medical Insight 2024, via Reuters) | 53 % | 2026-10-21 | https://uk.fashionnetwork.com/news/Beauty-giants-target-ozempic-face-as-boom-in-obesity-drugs-opens-new-market,1877889.html | | AbbVie Q2 2026 international Juvederm operational growth | -9.7 % | 2026-07-31 | https://www.sec.gov/Archives/edgar/data/1551152/000155115226000023/abbv-20260630xexhibit991.htm | Nearly one in five American adults has now taken a GLP-1 weight-loss drug. Many have also met a new face in the mirror: hollow cheeks, deeper folds, a tired look that sleep does not fix. Americans call it "Ozempic face." The beauty industry moved first. On October 21, Reuters reported that Brazil's Natura sees GLP-1 drugs "creating new beauty needs at unprecedented speed." L'Oréal told Reuters it is now testing products on GLP-1 users in separate studies. They are working on the wrong layer. What disappears from an Ozempic face is the fat under the skin. No cream reaches that deep. The money this side effect creates will flow to injectables. Right now it is flowing first to Switzerland's Galderma. AbbVie's Juvéderm, one of the best-known hyaluronic acid filler brands, is shrinking instead. ## 01｜What actually goes missing from the face London dermatologist Beibei Du-Harpur put it plainly to Reuters: "The drug doesn't melt your collagen." What is actually losing volume, she said, is the layer below the collagen: the fat layer. GLP-1 drugs such as Ozempic and Wegovy (semaglutide) and Zepbound (tirzepatide) work largely by turning down appetite. When the body burns fat, it does not choose where. The belly shrinks. So do the fat pads that keep cheeks and temples full. One surgeon told Reuters that four to six months of weight loss is enough to visibly change facial volume. The face is where people notice first. Faces are not padded evenly. Fat sits in separate compartments around the cheeks, the temples and under the eyes. Those pads give a face its curves. When they deflate, the skin stretched over them has less to rest on. It folds and sags. That is why a face can look older after weight loss even when the skin itself is perfectly healthy. The age of the typical user makes the problem sharper. A KFF poll published in November 2025 found that 18% of U.S. adults had ever taken a GLP-1 drug, and 12% were taking one at the time. Current use was highest among adults aged 50 to 64, at 22%. That is the age at which faces are already losing collagen and fat. The drugs simply press fast-forward. Clinics saw the wave coming. A 2024 Medical Insight survey cited by Reuters found 53% of U.S. aesthetics clinics expected new patients from weight-loss medications. ![Fig. 1｜The volume lost is in the fat layer](https://drugnews.com.tw/assets/articles/ozempic-face-glp1-facial-volume-galderma-sculptra-en/figure-01.png) *Fig. 1｜Creams stay on the surface; only injectables reach the layer that actually shrinks* So are all the companies that sell facial injectables cashing in? ## 02｜Same aisle, opposite directions: Galderma vs. Juvéderm The numbers say no. Galderma reported first-half 2026 net sales of $3.134 billion, up 24.6% at constant currency. It then raised its full-year growth guidance to 19% to 21%. Its Injectable Aesthetics business sold $1.437 billion in the half, up 12.1%. Within that, Fillers & Biostimulators brought in $611 million, up 10.5%. Sculptra, its flagship biostimulator, grew at double digits in both the U.S. and international markets. The second quarter alone shows the same pattern. Injectable Aesthetics rose 11.3% to $790 million. Neuromodulators grew 14.1% to $462 million, and Fillers & Biostimulators grew 7.6% to $328 million. The U.S. is Galderma's largest market, at about 44% of first-half sales. It is also where GLP-1 use is most widespread. AbbVie's Allergan Aesthetics tells a different story. Its second-quarter 2026 aesthetics revenue was $1.282 billion, down 0.9% on an operational basis. Juvéderm sold $245 million in the quarter, down 6.6% operationally. International Juvéderm sales fell 9.7%. U.S. Botox Cosmetic slipped 2.4%. International Botox Cosmetic, up 12.1% operationally, was the bright spot. ![Fig. 2｜Same injectables, opposite trends](https://drugnews.com.tw/assets/articles/ozempic-face-glp1-facial-volume-galderma-sculptra-en/figure-02.png) *Fig. 2｜In Q2 2026, Galderma's fillers grew 7.6% while AbbVie's Juvéderm fell 6.6%* The difference comes down to how the products work. A hyaluronic acid filler holds water under the skin. It props up a hollow at once, and the volume you get is roughly the volume you inject. Sculptra is made of tiny poly-L-lactic acid (PLLA) particles. Once injected, it prompts the body to build its own collagen, gradually rebuilding the support under the skin. Results come on slowly. They can last up to two years, and treatment usually takes about three sessions. Galderma sells hyaluronic acid too: Restylane is its filler line. Its edge is that it owns both tools. Hyaluronic acid lifts the hollow on day one, and Sculptra keeps rebuilding after that. AbbVie's aesthetics revenue, by contrast, still rests mainly on two lines: Botox Cosmetic and Juvéderm. For a face that has thinned out all over, getting the body to rebuild support is the better fit. Think of it as the difference between stuffing a deflated cushion and restitching its frame. Filling an entire thinned face with hyaluronic acid takes a lot of product, and every syringe adds volume the body did not make. A biostimulator spreads the work across a few sessions and lets the patient's own tissue do the rebuilding. For someone who has just lost 15 or 20 kilograms, the change then arrives gradually rather than overnight. Galderma has also produced evidence aimed squarely at this patient group. It ran a Phase IV study at two U.S. sites in people with facial volume loss after using one of four GLP-1 brands. Patients received Sculptra plus Restylane at the first visit, more Sculptra at week four, and an optional third Sculptra session at week eight. Nine months later, 85.7% said their face looked less gaunt or sunken. And 91.4% said they would recommend the regimen to others after weight loss. The study was open-label and run under Galderma's sponsorship. For a doctor facing a GLP-1 patient, though, it is a dataset that speaks directly to the person in the chair. Galderma is also building out the aftercare. On October 14, it agreed to buy physician-dispensed skincare brand ZO Skin Health for $1.5 billion in cash, roughly 4.5 times ZO's annual sales. ZO sells through more than 16,500 physicians, medical spas and online accounts in over 40 countries. Together with Alastin, which Galderma already owns, the deal lifts its share of the U.S. physician skincare category from 12.7% to 19%. It wants to sell the jar patients take home after the injection, too. ## 03｜Did the beauty giants really bet wrong? The counterargument deserves a fair hearing. L'Oréal's Dermatological Beauty division grew 11.3% like-for-like in the first half of 2026, to €4.216 billion. That is far ahead of the group's 6.8%. Its SkinCeuticals brand already markets a serum "clinically tested to meet GLP1 patients' needs." Then there is the ownership. L'Oréal holds 20% of Galderma. Every dollar Galderma earns from injectables, L'Oréal shares in. Galderma also has the reach. Reuters noted that it works with tens of thousands of plastic surgeons and aestheticians worldwide. That is the channel through which a GLP-1 patient actually gets treated. The same 2024 clinic survey found 43% of U.S. aesthetics clinics expected higher demand for treatments related to weight-loss drugs. Natura is right that the demand is real and arriving fast. The only question is which layer of the face the money lands in. L'Oréal's own structure answers that. It looks after the skin's surface with creams, and backs the business under the skin through its stake in Galderma. It knows better than anyone that lost volume has to be put back by injection. Market forecasts send the same message. Boston Consulting Group estimates that clinical treatments for skin laxity and facial volume loss will grow from about $700 million to $2 billion over five years. That is close to a tripling, a pace that skincare sales do not come near. Pfizer estimates the obesity drug market could reach $150 billion a year by 2030. Facial repair is a rounding error next to that. Yet it is one of the few entirely new pools of demand the aesthetics industry has seen in years. Skincare will keep selling to GLP-1 users. It just will not be where the largest share of Ozempic-face spending lands. ![Fig. 3｜Where three giants placed their bets](https://drugnews.com.tw/assets/articles/ozempic-face-glp1-facial-volume-galderma-sculptra-en/figure-03.png) *Fig. 3｜Only injectables can restore volume, and among injectables Galderma is moving fastest* ## 04｜The Taiwan angle: Caliway attacks the same problem from the other side The basic trouble with GLP-1 drugs is that the whole body slims at once. The belly you want to lose and the face you want to keep shrink together. Taiwan's Caliway Biopharmaceuticals (TPEx: 6919) is taking the opposite route. Its CBL-514 is an injectable small-molecule drug that triggers fat-cell death only where it is injected. The company says it does so without major damage to surrounding tissue. The drug has been tested in 544 subjects across 10 completed trials. Its first global pivotal Phase 3 trial, SUPREME-01, has started enrolling patients. The second, SUPREME-02, has clearance from regulators in the U.S., Canada and Australia. Caliway has also reshaped its pivotal design with the FDA. The main efficacy measure is now the share of patients who improve by at least two grades on both their own and their doctor's assessment. MRI moved to a secondary endpoint. Closer to home, an Asia-Pacific Phase 2 study, CBL-0206, is enrolling patients in Taiwan and Australia. A pharmacokinetic study in China has also been filed with regulators, the first step toward a Chinese Phase 3. Caliway is also positioning CBL-514 alongside the weight-loss shots rather than against them. In animal data presented orally at the European Congress on Obesity in May, weight regain after stopping tirzepatide alone was 55.9%. With CBL-514 added, regain was 25.2%. Caliway has been taking this data to the obesity field's main stages. After the oral presentation at ECO in May, the combination results were also selected for the American Diabetes Association's Scientific Sessions in June. That is an unusual audience for a fat-reduction injection, which has traditionally been pitched to dermatologists and plastic surgeons. It signals where Caliway wants CBL-514 to sit: inside obesity treatment, not only in aesthetics. The research also reaches into deeper fat. A CBL-514 study on reducing visceral fat was selected for oral presentation at EASD 2026. Between 2026 and 2028, Caliway plans nine trials across four indications in five countries, enrolling more than 1,000 people. In August, the FDA cleared a U.S. Phase 2 trial of about 120 people at roughly 10 sites. It will measure what happens to abdominal fat after GLP-1 treatment stops. Those human results are the next milestone. ![Fig. 4｜Slim everywhere, or only where you want](https://drugnews.com.tw/assets/articles/ozempic-face-glp1-facial-volume-galderma-sculptra-en/figure-04.png) *Fig. 4｜GLP-1 drugs shrink fat in the face and belly alike; CBL-514 targets only the injected area* This is a rare position: working next to GLP-1 drugs instead of competing with them. Lose weight on the shot, then sculpt the area you care about with a local injection. That could also mean a lower GLP-1 dose, one that hollows the face less. The two approaches will eventually meet in the same clinic. One needle fills the face. Another trims the belly. "Ozempic face" makes it sound like skin aging. A more accurate name would be the fat gap. The gap sits under the skin, which is why creams cannot close it. Whoever helps the body rebuild that volume gets first claim on a $2 billion business. Right now, that is Galderma. This article is industry and company analysis, not investment or medical advice. ## References 1. Beauty giants target 'Ozempic face' as boom in obesity drugs opens new market｜Reuters (via FashionNetwork)｜2026-10-21｜https://uk.fashionnetwork.com/news/Beauty-giants-target-ozempic-face-as-boom-in-obesity-drugs-opens-new-market,1877889.html 2. Galderma reports record first half 2026 net sales of 3.134 billion USD｜Galderma｜2026-07-23｜https://www.galderma.com/news/galderma-H12026-performance 3. AbbVie Reports Second-Quarter 2026 Financial Results (Exhibit 99.1)｜AbbVie / SEC｜2026-07-31｜https://www.sec.gov/Archives/edgar/data/1551152/000155115226000023/abbv-20260630xexhibit991.htm 4. Galderma unveils final nine-month data on facial aesthetic changes after medication-driven weight loss｜Galderma｜2025-07-17｜https://www.galderma.com/news/galderma-unveils-final-nine-month-data-medication-driven-weight-loss 5. Galderma Receives FDA Approval for New SCULPTRA Label｜Galderma｜2021-12-13｜https://www.galderma.com/index.php/news/galderma-receives-fda-approval-new-sculptra-label-offering-more-options-aesthetic-partners 6. Galderma buys ZO Skin Health for US$1.5B to expand dermatological skin care｜Personal Care Insights｜2026-10-15｜https://www.personalcareinsights.com/news/galderma-zo-skin-health-acquisition.html 7. 2026 Half-Year Results｜L'Oréal｜2026-07-29｜https://www.loreal.com/en/press-release/finance/2026-half-year-results/ 8. KFF Health Tracking Poll: Prescription Drug Costs and GLP-1 Use｜KFF｜2025-11-14｜https://www.kff.org/public-opinion/kff-health-tracking-poll-prescription-drug-costs-views-on-trump-administration-actions-and-glp-1-use/ 9. Caliway presents CBL-514 plus GLP-1R agonist animal data at ECO 2026 (Chinese)｜Caliway Biopharmaceuticals (PR Newswire)｜2026-05-18｜https://www.prnewswire.com/apac/zh/news-releases/-eco-2026--cbl-514--glp-1r---302774493.html 10. Caliway H2 2026 investor conference key takeaways (Chinese)｜Caliway Biopharmaceuticals｜2026-08-31｜https://www.caliwaybiopharma.com/news-detail/Caliway_Investor_Conference_Key_Takeaways_20260831/