September 15, 2020

Impact: Moderate

At two recent investor conferences, Revance Therapeutics’ CEO, Mark Foley, provided updates on the company’s activities.

  • Revance Therapeutics has launched both the Resilient Hyaluronic Acid (RHA) filler line and the Hint MD platform. RHA dermal fillers use a unique technology for manufacturing that creates a product that is more like natural HA in the skin and has fewer chemical modifications. This helps preserve the natural structure of the HA, allowing it to mimic the natural HA found in the skin. This is the first and only set of products with dynamic facial wrinkle FDA approval, indicating these are better for areas with facial movement.
    • RHA 2 and 3 fillers are for finer lines and more superficial placement.
    • RHA 4 is a thicker filler for structure and lift.
    • The company’s initial focus is on high end dermatologists and plastic surgeon practices. Have a 100-person sales organization. Will not advertise pricing.
  • Positioning both RHA fillers and daxibotulinum-toxinA (DAXI) neuromodulator as premium facial injectable products.
  • Pricing for the RHA 4 filler is $375 per syringe and RHA 2 and 3 is priced at $355 per syringe. There will be some discounts, making them at parity with the market leaders at that point, but the practice can take a bit more of a price increase as this is the newest and improved filler on the market.
  • The DAXI neuromodulator will be priced at a premium, but the company is holding the details until the launch.  The price will not be two times that of Botox, even though it lasts two times as long.  Pricing will be somewhere in the middle of that.
  • The global neuromodulator market was highlighted as is $5.1 billion today and expected to expand to $8.5 billion by 2025.
  • The U.S. dermal filler market was highlighted as $1.1 billion today and expected to expand to $2.0 billion by 2025.
  • Revance catalysts left in 2020:
    • Phase 2 results of DAXI for upper facial lines.
    • FDA approval of DAXI for injection in glabellar lines.  U.S. commercial launch expected in Q4.
    • Phase 3 DAXI topline results in cervical dystonia (ASPEN-1) expected this fall.
    • Phase 2 DAXI topline results in plantar fasciitis expected this fall.
    • Phase 2 DAXI topline results in adult upper lime spasticity expected in early 2021.
  • Confident on the DAXI label duration claim based on the SAKURA data.
  • For DAXI in Cervical Dystonia, the phase 2 data showed longer duration than 20-weeks. The company expects phase 3 may show even longer duration.
  • Mylan biosimilar Botox program: The FDA has given a clear path forward. Biosimilar Botox is Revance’s entry into the short-acting neuromodulator market.  Plan to file IND in 2022.


Wells Fargo Securities Healthcare Conference, Sep 09, 2020

Morgan Stanley Healthcare Conference Revance, Sep 15, 2020