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AbbVie Inc. (NYSE:ABBV) 41st Annual J.P. Morgan Healthcare Conference Call January 10, 2023 6:00 PM ET
Rick Gonzalez
So, as you probably recall, last year, up till May, the Aesthetics business and the market was growing very, very rapidly, right? And in the month of May, we saw this step down and then step down a little bit more in the summer. The leading indicators that we look at, the economic indicators that we look at started stepping down in sort of the March timeframe. So, we know they were an early indicator, but we didn't see it in the business until we got to May.
If you look at those indicators as we've been following them throughout the year, they come down and they pretty much stabilize where they are now. So, we have seen some stability in both the business and in the market itself, but at those lower levels. Now, the parts of the business that have been most impacted are the higher price point products. So, as an example, body contouring, the price point is about $3,000 to $4,000. Fillers, price point is about $1,000 to $1,500. They have been more impacted by the economic pressure.
Toxins we've seen some impact, but a lesser impact. But the price point for toxins is about $500, so it's less sensitive to that. So, I think as we look at 2023, the key call is going to be, is the economy – what's going to happen, especially in the U.S. economy going forward? Are we going to stabilize where we are now? And so, I would expect these indicators to continue to be stabilized and the business stabilized at this level or are we going to see that the U.S. goes into a recession? And if it does go into a recession, is it a shallow short recession? Hopefully, right. Or is it deep and long? And what happens to unemployment?
If it's the latter, I would expect we will see more impact. If it's the former, then I would expect it's going to be close to where we are now. And then the question is, how long is it going to last through 2023? From a growth standpoint, when we get to May, the percentage changes will be lower because we'll have lapped 2022, right? So, it'll start to improve from a pure growth rate standpoint. But this is a market where there's a tremendous opportunity in growing this market. It's very underpenetrated, single digit kind of penetration.
So the real key to growing the Aesthetics market is driving market penetration. And so, we need a broader economic support to be able to do that at the levels that we experienced in 2021 and the early part of 2022.
There is rumor circulating that J&J is interested in buying RVNC. I spoke to a J&J female about 12 months ago who is in the J&J Merger & Acquisition team.
J&J bought Mentor HS ( Breast Implants) several years ago and within a few years, turned Mentor into the #1 breast implants company in the world! J&J could easily turn Daxi into a multi billion dollar company and have the largest aesthetic company in the world with huge profits!!!
The Daxi Market share slide is very important and revealing. Daxi is taking 100% more market share than any of the previous 3 toxin companies. Allergan has created many barriers of entry into the Aesthetic Toxin market and Daxi, with it superior characteristics, is growing double the rate of the previous 3. So sales are doing amazing considering the MANY FOLEY BAD DECISIONS!
If you factor in a correct Daxi pricing strategy, an accurate Daxi marketing message and an affective Daxi patient marketing program, from day one of the Daxi release, the sales might be 30 to 40 million higher! FOLEY'S BAD DECSIONS have cost Daxi 30 to 40 million is sales dollars.
Revance is participating in the 42nd Annual JP Morgan Healthcare Conference.
“We are very pleased with the continued growth and adoption of our innovative product portfolio which reaffirms our conviction in our blockbuster opportunity in aesthetics,” Chief Executive Officer, Mark Foley.
Attending live
Daxi revenue sales grew 10% and unit sales grew 22% in Q4 versus Q3 which is significant achievement!
Foley continues to fire everyone and keep his job for the decisions which Foley is responsible for??? I don’t understand why the Board of Directors has not replaced Foley as he is the root cause!
RVNC will continue to grind out growth quarter over quarter but needs to create and release marketing products and programs which are an industry standard in Aesthetics!
Foley continues to stumble in the aesthetic marketing products and services area! The marketing side is not difficult, just replicate what the other aesthetic companies are doing, but make it a little better using AI technology!
Mark Foley and Angus C Russell seem to have an adversarial relationship with Wall Street. They wants to surprise and hide information versus building trust and good/faithful communication. Wall Street does not trust Foley or Russell due to their track record of incomplete and misleading communications. No idea what Foley and Russell will do. Hoping Foley has good faith comments which do not create another law suite. In my opinion, Foley and Russell have the skills to grow Daxi to its potential!
Per the many Therapeutic job opportunities currently posted on the RVNC website, it looks like RVnc could start selling Therapeutic Daxi in March or April!
The RVNC National Sales Meeting is the week of January 22nd and their Q4 sales numbers and revenue dollars will seen by all.
There was is a thin line for injectors to walk every time they treat a patient! An injector could provide 10 amazing treatments and then suggest a new toxin (Daxi) and if this new toxin does not “wow” the patient, this patient might decide to go to another injector! Recommending new treatments over an existing treat is always a risk!!
Each patient treatment win is rewarded with the next treatment! Now that Daxi costs the injector the same price as Botox, and gives the patient double the duration they get with Botox, the injector has a slam dunk, easy, and simple conversation with the patient…” for an extra $100 dollars, I your amazing injector can give you double the duration, 24 hours onset and a peptide which will make your skin glow for the duration!”
Every patient will pay $100 more and the injector increases their profits by 35% for each patient treatment! OMG. This is why Daxi will quickly take market share! There is a 2 to 3 month injection pattern learning curve which is rewarded with 35% more profit providing the #1 aesthetic treatment in the USA! Any injector who refuses to use Daxi is doing their patients a HUGE disservice and will see their patients migrate to Daxi injectors.
I am hearing more and more loyal Botox injectors now telling their patients about Daxi! The tide has come in!
Every employee who joins RVNC has to sign a document saying they will not share any prior information from any previous employers! Allergan sues as a way to intimidate and hurt the small player who is taking their market share! This lawsuit is about intimidation and has nothing to do with any legal facts! Judges are tied to attorneys…a lot of criminal judges! Allergan is losing top management employees every week as their cosmetic product sales continue to decline and employees see the writing on the wall! Botox is 20 years old…and Juvederm is 15 years old…both old cash cows which Allergan will ride into the ground! Allergan employees are actively reaching out to RVNC and other aesthetic companies for job opportunities. There are no trade secrets for a 20 yr old product! Allergan is continuing to cut costs with Botox and Juvederm as both products continue to decline in sales! Notice, Allergan blames the economy for their low sales…they will always bend and twist the truth! Allergan is losing market share every quarter to other companies!!! Soon they will begin to lose therapeutic market share too!!!
Typically, the internal revenue goal is a few million higher than the investor street goal. Don’t know the internal goal! Just that Daxi did exceed the internal revenue goal.
If you factor in the 25% price reduction, and the fact that the revenue exceeded the goal, unit quantities would have grown 30%.
Revance has their National Sales Meeting this month, so all the sales numbers will be shared with the sales team! Good chance there will be a communication to the investor community prior to the sales meeting with Q4 estimates!
IMHO- Daxi will come in around 105% to 110% of Q4 revenue plan and RHA will also exceed Q4 revenue plan!
Daxi unit sales will have increased 30 to 35% in order to achieve the Q4 revenue plan which is over and beyond!!! At this unit rate, tied to growth, cosmetic Daxi sales will blow away Q1 2024 revenue estimates! And additionally, there will be Q1 therapeutic Daxi sales!
Aesthetic Contract sales involves large buying groups and MedSpas (examples: Ideal Image, Orange Twist, West Dermatology, etc). There are more than 100 of these large accounts in the USA. Allergan has at least 20 people allocated to support these large accounts who make up at least 30 to 35% of Aesthetic Botox sales. These large accounts have been asking for RVNC Daxi & RHA contract prices since the launch of Daxi! Daxi is much more profitable than Botox and providing these accounts with a RVNC business relationship and contract prices will be a game changer! These large accounts are all about profit..they can switch to Daxi with their current volume and increase their bottom line profits by 15 to 20%. When adding the 15% annual market growth, these accounts will have record profits! Huge win!!!
Remember, for every penny the average price of cosmetic Botox drops, this costs Allegan $5 million in therapeutic annual revenue! Allergan has increased the price of cosmetic Botox every year for the last 15 years..sometimes 2 times in one year! Allergan does not care about anyone other than themselves! All these big buying groups will be loving their additional profits from RVNC products!
IMHO - per conversations RVNC will definitely exceed their plan sales numbers for Q4 2023. RVNC is also hiring for their Therapeutic sales team which means Therapeutic sales will happen in Q1 2024!
They are also hiring for contract sales support in the aesthetic industry (large group buying companies). This area will contribute hugely to their aesthetic sales!!
I see 2024 sales exceeding half a billion!
Soma, thank you for your detailed analysis. I agree with you 100%. (the doctor in the article was from NYC and NYC toxin prices are crazy high)
My point is there is ZERO ADDITIONAL COST FOR AN INJECTOR TO OFFER DAXI versus Botox. ZERO Cost, yet Injectors have determined that since Daxi has LONGER duration than Botox, this entitles the injector to make more money. Why does the injector need more profit? Why not sell Daxi to the patient at the same margin as Botox.
An injector is paid by the revenue they bring in per hour/per day. Not by how much a patient spends on toxin at the practice per year. If an injector's daily schedule is full, then it does not matter how much revenue each patient brought to the practice per year. In all honesty, having more patients spending less revenue per year is much safer than having a smaller group of patients spending more money. New injectors who are looking to grow their patient base, will be happy to attract new Daxi patients and charge them the same price as Botox...This new injector is offering the patient an amazing Daxi value and still making over $1.000 per hour profit (15 minute appointments)...this is capitalism.... Toxin revenue is the highest revenue item in any injectors practice. The number #1 barrier to entry for a toxin patient is PRICE and how much it costs the patient. According to studies, Daxi and it 6 month duration will grow the 2024 toxin market over 15%.
As Daxi Patients becomes more educated and smarter, injectors will have to decide if they lower their price to match competition. Revance has shielded injectors by NOT allowing practices to advertise price. Revance has reversed course on advertising, since they are shooting themselves in the foot with this rule. Patients are the customer for DAXI...Injectors will always make their profit!
Just my humble thoughts!
Great summary of facts and the superior outcome of Daxxify versus Botox.
Sadly, the MAJORITY of Cosmetic Injectors are all about the profit and will overcharge Daxxify Patients until patients become knowledgeable about which injectors are charging the same price for Botox (50 units) and Daxi (100 units). The injectors are just being greedy and overcharging the patient for Daxi. REMEMBER, THE INJECTOR IS PAYING THE SAME PRICE FOR 50 UNITS OF BOTOX AS 100 UNITS OF DAXI, YET CHARGING THE PATIENT A PREMIUM FOR DAXI. Patients really need to do their research and find the injectors who are not gouging them with a premium price versus Daxi.
This will resolve itself over time, but many patients will be overcharged to just pad the pockets of injectors who are already making $500,000 per year net profit!
$1500 divided by 90 units = $16.67 per unit Cost is $2.75 per unit. Profit is $1,251 ($13.92 times 90 units) for 15 minutes of work! This doctor is making over $5,000 per hour profit.....that is crazy MONEY!!
There are investors who understand the amazing value of Daxi and also see the wrong leadership team decisions. These investors want more control to ensure decisions are correct and want the stock price to be valued where it belongs!
Last10K
4:06 PM
$RVNC just filed with the SEC a Bylaw Change last10k.com/sec-filings/RVN...
Had conversations with at least 10 different doctors in the last month and they continue to price Daxi at double the price of Botox even though their cost is the same as Botox. Just shows, aesthetic injectors are all about the profit. As long as Foley continues his bad decision to NOT allow practices to advertise price, this greedy profit above all element will hamper the sales of Daxi!!
COSMETIC SURGERY
Notice injectors/doctors are charging double the price for Botox when Daxi costs them the same as Botox! Total greed!!!
BATTLING BOTOX FATIGUE: NEW PRODUCT DAXXIFY COULD BE THE ANSWER, BUT IT COMES AT A PRICE
By Denise Dador
Friday, February 3, 2023
Botox is the number one requested non-invasive cosmetic procedure on the market. But the well-known brand is starting to show its age with many saying it doesn't work as well after years of use. Now, doctors have something new to offer.
PASADENA, Calif. (KABC) -- Botox is the number one requested non-invasive cosmetic procedure on the market. But the well-known brand is starting to show its age with many saying it doesn't work as well after years of use. Now, doctors have something new to offer.
Elisabeth Plunkett is no stranger to a widely popular procedure that helps reduce wrinkles.
"I've tried Botox for several years. I had success with it, but it never would last long. For me it would last maybe six to eight weeks," Plunkett said.
Board-certified dermatologist Dr. Han Lee with Comprehensive Dermatology in Pasadena said it's supposed to last three months. But a phenomenon called "Botox muscle fatigue" is a growing concern. Many of her patients complain they're not enjoying the same results they initially had.
"And it's also wearing off faster and some people develop antibodies to botulinum toxin and so it's not as effective anymore," Lee said.
Now there may be another option: a new longer lasting botulinum toxin injectable called Daxxify. It was FDA approved in September for the temporary improvement of moderate to severe frown lines. The approval was based on a study of 2,700 participants.
"The median duration of therapy was six months, but it was also you know, some people had effectiveness up to nine months," said Lee.
Lee said Daxxify is stabilized with peptide technology rather than an animal protein or human serum.
"It acts like a double-sided velcro. So once it gets to its target, it holds on stronger," Lee said.
Some participants reported results in one or two days.
Plunkett said with Botox she wouldn't see any change for nearly two weeks.
"As far as onset time, Daxxify was much quicker," said Plunkett.
Like Botox, similar side effects include eyelid droopiness and headaches which were rare and temporary. As for the price? It's difficult to do a direct comparison. For Botox, the frown line area can range from $250 to $500. For Daxxify, expect to pay nearly double that. Experts point out, however, you may need fewer appointments.
"Instead of coming in four times a year for their regular botulinum toxin, this could potentially be a game changer and maybe they might need to only come in once or twice a year," Lee said.
"Time is probably my most precious commodity. And so if I can utilize a product that's going to last longer, that's a win for me," Plunkett said.
I don't have a WS Journal Subscription...my buddy email me the article and i don't know how to attached the pic to this.
Was in the "On Beauty" section of the WS Journal.
Title: "Battling Botox" Daxxify sold patients on longer-lasting smooth skin. Its first year on the market has had some wrinkles.
By: Sara Ashley O'Brien and Jared s. Hopkins
Angus C. Russell is Chairman of the RVNC Board and needs to be replaced!
Another article in the Wall Street Journal over the weekend, "Battling Botox". More wrong and incorrect information about Daxi. Foley has completely failed with the launch and release of Daxi. Wrong Marketing Message, Wrong Pricing Strategy, Wrong Production Strategy ( should have 200 units per 100 unit vial...just like Dysport has 300 units per 100 unit vial) This article clearly states how confused the physicians and general public/patients truly are! As you can see, Daxi costs injectors the same price as Botox costs injectors...$5.50 (for 1 unit of Botox and 2 units of Daxi which both have the same active ingredient) ...Yet, injectors are now charging patients double the price for Daxi since it lasts double the duration...pure greed on the injectors and Foley just makes this situation 10 times worse, since Foley does on want injectors to advertise their price...OMG...what a train wreck!! So patients can not afford Daxi and get Botox. The Daxi Marketing Launch is a Harvard Text Book Case Study on "How to completely destroy a great product with terrible leadership".
How long do we, the investors, have to wait until competent Leadership is brought into RVNC!!! Amazing Product with terrible Leadership!!
When will the RVNC Leadership team start communicating with the aesthetic patient and help aesthetic patients get correct and accurate information!!
Having worked in the aesthetic injectable industry for 25 yrs, clinic dermatologist are typically very therapeutic focused and the last to adopt or utilize new aesthetics procedures! Some big dermatology clinics don’t even teach aesthetics! Normal for this dermatologist to be clueless!
Allergan Aesthetics is having a full injectable sales force meeting in Denver this week. Allergan never has meetings in December as this is a big sales month and they want everyone in the field selling! I am sure Botox and Juvederm sales are dropping and this was a drink the cool-aid meeting to try and get reps to load up accounts!
A sales rep told an account last week that Allergan is now doubling the amount of staff training vials for each account. Allegan knows this is illegal and encourages accounts to sell the staff training as a way to lower the Botox price! Hopefully the USDOJ will stop Allergan from this illegal practice!
Terrible Leadership Mark Foley…Foley has made a half dozen bad decisions all in a row and WS does not believe in him! Foley has not made a positive announcement in 9 months as an outcome of his bad decisions on the sales side, on the expensive side and Foley has hired the wrong people and then fires them saying he did not know what they were doing! Foley has broken RVNC.
Foley truly needs a WS Life Coach to help him make decisions!
Daxi is the Time Magazine product of the year and losing Billions of dollars for investors…Taylor Swift is the Time Magazine person of the year and making Billions…as you can see, Foley is the bad link!
Daxxify Pricing
Min 10 vials -49 $420 vial
50-99 $295 vial
100-149- $285 vial
150 + $275 vial
My pricing is a little different from your?
Is your pricing a newer update?
Maybe the Saudis will put up money and help Foley buy RVNC…love it! 🥳
Musk bought “X” with his money! Investors are good and out!
If Foley wants to buy RVNC with $5 billion of his money! Foley can make all the bad decisions he wants!
If Foley had just 25% of the leadership skills of Musk, RVNC would not be in the trash! Foley has broken RVNC with his terrible leadership and multiple bad decisions! WS sees RVNC as broken and Foley needs to be replaced!
Daxi should take 40% cosmetic market share at the same price as Botox! Instead, the SP is in the trash!
There are many individuals who could lead RVNC who have amazing leadership skills and have been in the aesthetic industry for 20 plus years!
Sorry for the confusion! I am a big Charlie Munger fan and support leadership who is humble, skilled and knows how to lead by being the role model! Charlie Munger never built a big beautiful house because he did not feel it would be a good role model for his kids. Charlie was true leadership! Elon Musk is the same way. Elon parks in the same lot, rides the same elevator and uses the same bathroom as his employees at Tesla...not like EGO Foley.
Mark Foley does not deserve to lead RVNC with their amazing products! Foley has made so many bad decisions and is a big "EGO" guy which historically leads to more bad decisions!
List of Foley Bad Decisions: ( there are many more bad decisions which we do not know about)
- Trial of Plantar Faucitis - waisted millions
-Hired Dustin who placed himself above everyone - EGO
-Hired Taryn who he now fired - waisted hundreds of thousands
-CRL for Daxi Approval - blew millions
-Wrong Pricing Strategy for Daxi - blew millions
-Wrong Marketing Message for Daxi - blew millions
-Miss allocation of Expenses - Build out of 18th Floor which is empty, and the 17th floor is now more than 1/2 empty...all EGO - waisted millions
-No Patient Marketing Program- this is because Foley waisted all the money on other areas to satisfy his EGO
And Foley's excuse is he did not know what was going on in all these areas....Foley is full of BS and a con man who talks in circles. I truly believe Foley does not have the skills to lead Revance! He is all about Ego Foley and not a team player! He obviously does not connect with other employees or he would have known what is going on! He is not a truthful person!
Merz is defiantly seeing their aesthetic sales of Xeomin drop as Daxi continues to take cosmetic market share. Xeomin has always been the price bottom feeder and now practices can inject Daxi Lite with better outcomes and better profit than Xeomin. If you recall, Merz was sued by Allergan when Merz first launched Xoemin. Merz hired about 15 Allergan Reps ( they all resigned from Allergan...not fired) and these reps took their aesthetic customer lists on their thumb drives and used them at Merz. The final decision of the law suite required Merz to stop selling Xeomin for 12 months. Merz is trying to use the same tactic with one employee who they fired...all employees have a right to work. I am sure RVNC required this employee to sign a document which states that he will not use any Merz documents in any way and that he contacted RVNC 100%. There is no proof that this individual has caused any damage to Merz. RVNC has not sold 1 therapeutic unit. There has to be "monetary damages incurred" for a law suite to have merit, which is why the lawsuit against Merz happened about 12 months after Xeomin was launched. Allergan could then claim financial damages. This type of bulling is standard practice in this industry where the big players constantly sue the smaller players as a way to try and drive them out of business. Sad that the USDOJ allows this! This case will be dismissed and will be nothing.
On a side note, I have heard of several very large aesthetic practices ( who have used ONLY Botox and Juvederm for the the last 15 years) started with Daxi and are now switching to RHA as well. These practices will do $100,000 in Daxi sales a month and are switching 100% to RHA since RHA is a much better filler than Juvederm. The Botox/Juvederm sales team ( unusually 3 to 4 people) are offering these accounts dozens of free staff training Botox ( 100% illegal) and Juevederm to continue using Allergan Products. The reps will also offer Staff Training Juvederm as a way to offset the Botox price (again 100% Illegal) Remember, Botox is where AbbVie makes all their profits...they do not care about Juvederm, CoolSculpting, or Skin Medica. Life is all about Botox profits. The fully loaded cost to make a vial of Toxin (all companies) is about $5 to $7 dollars. Allergan knows, once an account brings in Daxi, it is only a matter of time before RHA replaces Juvederm. This is happening all over the USA! These accounts do not want the free Allergan staff training products because they now LOVE Daxi and RHA and both of these products have higher profit margins for the injector then Botox and Juvederm.
As Allergan Botox/Juvederm reps leave AbbVie, AbbVie is now merging territories and not replacing reps or managers. CoolSculpting reps and business development managers are dropping like flies. Allergan products will continue to lose market share quarter over quarter... this is what happens when your product is 20 years old and new better products enters the market. The Botox Cash Cow just keeps swinking! If you notice, Allergan keeps changing the Botox tag line...in the beginning, Botox was "The ONE and Only". now, Botox is "The One with a Proven Track Record" You can only rebrand an old product so may times and trick the aesthetic patient.......Botox should be, "The Old One who has worked well and is now retired"!!
Interesting how Foley still thinks and states the reps are circling back to their accounts to get them back on board with Daxi. 2,500 accounts if EVERY account stopped injecting Daxi with 150 reps...this is 16 accounts per rep over 3 months or 1 account per week and they are still circling back...Foley is truly full of BS. Foley is like the old CEO from Endo...every time Foley talks he just makes up BS and the stock drops. WS dislikes and does not trust Foley!
Foley has BROKEN RVNC and is killing the company! RVNC Board of Directors needs to replace Foley. As you can see, none of the past Zeltiq management team where Foley was the CEO has joined Foley at RVNC and none will. They know Foley and would never work with him again!
WS is now seeing Foley as a train wreck! Foley has been checked out and does not deserve to be in charge with all his mistakes! I now see RVNC Directors who have been dismissed and the bad decisions are from Foley not them! Foley is blaming everyone else when he blessed all these decisions! I am sure an email audit would confirm Foley made all the bad decisions! This guy is over his head!!!
The RVNC Board of directors needs new leadership!
Best toxin Award in the World (2 times) and Foely is killing the company!!!
Hi Dew, the USDOJ is fully aware that Allergan is doing this. There was and is a lawsuit in California where an Allergan Regional Manager had doctors who demanded free staff training vials to sell and the regional manager would not give the vials to the doctor. The doctor call Allergan upper management who went behind the RM’s back and shipped the doctor staff training vials for the doctor to sell. This is a standard practice and the DOJ just does nothing.
Many of the KOLs for Botox are being paid between $75,000 to $100,000 a year to speak at Allergan Training Meetings and to train injectors at the practices level. (all paid to say Botox is the best!) These KOLs are refusing to offer Daxi to their patients which is most likely a condition Allergan requires for them to continue on the Allergan Medical Institute Speaker Payroll. This is both unethical and another element of the Pharma dark side. These KOLs are all about the $$$ and have abandoned their medical oath of servicing the patient and doing the right thing. These KOLs also receive hundreds of Staff Training vials.
Allergan is heavily providing "staff training" vials to practices as a way to lower the cost of Botox. This practice is 100% illegal and Allergan has had many lawsuits from former employees and the FDA. Each doctor has to sign saying they will not sell the staff training product. which puts the legal oath on the doctor, but everyone knows the practices sell the staff training product! Injectors will use a lot number off a paid vial when using the staff training vials in case they are audited. If the FDA audited the "Staff Training" vial lot numbers, the injector would have never used the product, yet the vial is missing from the injector's inventory. Allergan will go to any level!
This staff training sampling does not go against Allergan's Therapeutic price discount and is illegally stealing millions of dollars from the US Government by falsely creating a higher Therapeutic price for Botox. Every penny of discount against the price of Botox costs Allergan approximately $5 million in therapeutic revenue.
There was one practice in North Jersey where all the Allergan Management would send their wives and friends for Botox. The Allergan rep complained because the practice was getting so many staff training vials as pay for injecting the wives that the practice stopped ordering vials which cost money. The rep could not hit the quota.
Both of these practices are examples of why Allergan is unethical and all about the $$$. The FDA should limit paid speakers to $10,000 per year and limit staff training vials to 20 vials per year so that doctors can be true to their medical oath.
In order for the reps to hit their plan dollar sales numbers, they had to grow their unit sales by 25% from day one (do to the price decrease)...per my conversations, most reps are at their dollar plan or very close to date. Meaning if the quarter is 50% over, they are at 50% of their dollar plan. Hopefully the same sales growth momentum will continue and RVNC will exceed the sales dollar plan numbers for the quarter since the last month tends to have the most sales for the quarter as reps load up accounts in the last month in a effort get paid their quarterly bonus/annual bonus.
IMHO- per conversations, Daxi sales have achieved the necessary 25% unit sales increase to bring dollar sales ahead of Q4 plan. Hoping for a strong finish in Q4 which would put Daxi sales dollars significantly ahead of plan numbers.
RHA sales are continuing to grow and are strong!
Rumored RVNC is also cutting unnecessary expenses.
Dermatologist are extremely intelligent and have their own agenda which is why they become Derms. They want to work the least amount of hours, have the least patient issues, and maximize their paycheck! Everyone knows Derms don't do rounds and show up at the office around 9:15am and leave as early as possible...but they do treat themselves to all the aesthetic services. We love Derms and the quote in the article in Aesthetic Insights is a good summary. Daxi has cost the Derms time, which is money, to explain that a patient would get 6 months in the glabellar area but it might only be 5 months in the forehand area...this extra duration is free duration for 2 or 3 months versus Botox. Will a Derm want to take time and explain this to their patients?
Will Derm patients choose 5 or 6 months of duration (includes the FREE 2 or 3 months of duration) or go with the 20 year old product which will give them 3 months...both are the same price to the patient. Once Derms or any injector start losing patients to other practices offering Daxi, they will take the time to explain the benefits of Daxi to their patients. ALL INJECTORS (doctors, nurses, PAs, NPs) HATE losing patients to other practices! 40% of the USA toxin patient base will switch to another injector over a better price or longer duration.
And duration is just 1 benefit...the 24 hour onset and skin tone improvement are 2 other additional benefits of Daxi over Botox.
From: Aesthetic Insights
Nov 14, 2023
KOLs Reveal Reality of Long-Lasting Neurotoxins
Longer-lasting cosmetic neurotoxin duration has greatly interested practitioners since the roll-out of DAXXIFY (Revance Therapeutics, Inc., Nashville, Tenn.), which claims a notable six-month efficacy period. Other manufacturers have been researching and substantiating extended-duration formulations and dosages of their products to compete with DAXXIFY. One leading company in our industry showcased its most recent findings from such research at the American Society for Dermatologic Surgery (ASDS) annual meeting. Evolus, Inc. (Irvine, Calif.), presented phase 2 trial results for an “extra strength” 40-unit formulation of Jeuveau, demonstrating efficacy up to 26 weeks in treating glabellar lines.
“Dosing is a topic that has come up frequently from injectors around the country,” stated David Moatazedi, Evolus President and CEO. “Around two years ago we entered into a large phase 2 study in order to show how 40 units, which we call extra-strength Jeuveau, performs if we followed patients out for a full six months.”
The double-blind study’s aim was to look at the safety and duration of effect of Jeuveau at an increased dose to treat moderate to severe glabellar lines. “With 150 patients divided into three arms, we investigated an extra-strength, hyper-concentrated 40-unit dose of Jeuveau compared to the standard 20-unit doses of Jeuveau and BOTOX in the glabellar region, using the 4-point Glabellar Line Scale, or GLS,” said Rui Avelar, M.D., Head of Research and Development and Chief Medical Officer at Evolus. “The study spanned one year or until the treatment’s effects subsided, a method allowing for straightforward cross-toxin comparisons independent of various scales.”
The findings revealed that the median effect of Jeuveau’s 40-unit dose lasted six months, or 183 days, or 26.1 weeks, as determined by Kaplan-Meier analysis and confirmed by global aesthetic improvement assessments. Patients maintained at least a one-point improvement on the GLS and consistent results on the Global Aesthetic Improvement Scale. “Safety evaluations showed no significant differences in adverse events among the groups, with 89% classified as mild and one moderate, indicating a clean safety profile comparable to the standard doses,” added Dr. Avelar. “Overall, the extra-strength Jeuveau demonstrated a statistically significant increase in duration of effect, up to six months when compared to the active controls, aligning with the expected increase in duration with higher toxin doses.”
Evolus is just one of several developers reformulating their neurotoxins to be longer lasting. “We’ve seen what other toxins, including DAXXIFY and BOTOX, can do at 20 units. When you double the dose, you get longer duration,” said Sue Ellen Cox, M.D., FAAD, dermatologist and Past President of the ASDS. “It’s not a linear correlation. Doubling the dose doesn’t give you double the duration. It’s about 30%, maybe 40% depending on what study you look at. And that’s the reality behind the claims about longer-lasting neurotoxins.”
While Evolus and other neurotoxin competitors are busy validating long-lasting formulations, Revance has been trying to improve performance of another kind, namely to roll back pricing and market perceptions of DAXXIFY. Initially, Revance set DAXXIFY’s price-per-unit higher than other botulinum toxin injectables because of the longer, more effective results. The company claimed DAXXIFY has double the longevity of BOTOX, aiming to penetrate the “prestige market” despite its higher cost. However, DAXXIFY has seen limited success in overtaking BOTOX since its approval. In response, Revance unveiled a revised strategy in September 2023, a price reduction to boost market share and sales.
“The buzz around the ASDS meeting was that the price reduction will probably boost Revance’s bottom line,” said Michael B. Gold, M.D., FAAD, founder and medical director of Gold Skin Care Center (Nashville, Tenn.). “That may be, but the elephant in the room with DAXXIFY has always been the marketing message, which is its neurotoxin can last six months. However, not 100% of the patients get that six-month duration. It’s a smaller percentage. Some people get maybe six. I’ve seen it last nine months with one of my best friends. The company’s messaging needs to align with what’s real, and what’s happening in clinics. I think it’s a great toxin. But as physicians, we always want to under promise and over deliver.”
Jeremy B. Green, M.D., dermatologist and principal investigator at the Skin Research Institute in South Florida (Coral Gables, Fla.), agreed. “One challenge for injectors is Revance’s messaging, that DAXXIFY lasts six months. It can last six months in glabellar lines, for sure. I was an investigator in the clinical trial, so I saw that with my own eyes. But when patients hear six months, they don’t distinguish between frown lines and other areas. Some people think it will last six months in forehead lines. I’ve seen nothing last six months on the forehead. But they hear the messaging from the company, and physicians have to spend time explaining to patients and setting them straight. Another challenge is the cost. DAXXIFY has been more costly for us, and then subsequently for patients. I’m happy to hear of some cost adjustments being planned, but there’s an expression, you never get a second chance to make a first impression. All that said, I think that there’s hope for DAXXIFY. I think it can gain traction and realize its potential in the market.”
The Foley and Tobin (Dustin has been moved to Therapeutic and Taryn left) both blame injectors for the failure of the Premium Pricing Strategy. Injectors are not sales people who sell skin care products or a toxin which costs 25% more than the market leader. Injectors hate selling and are not sales people! Injectors do like offering a better product at the same price which gives their patients a better outcome. This shows the injector cares about the patient outcome and is patient price sensitive.
The Toxin market is a mature industry and patient buying habits and patterns have been established and entrenched over the last 10 years. The Premium Pricing Strategy was 100% a bad decision by Foley and yet he blames the injectors. When will Foley and his management team just be honest and admit they made a bad decision. Then Foley attached the RVNC expense budget to the Premium Pricing Revenue and is now over spending on the wrong expenses in the wrong areas.
Aesthetic patients are programed for rebates and coupons and are typical retail shoppers. RVNC does not need to offer $$$ Dollar rebates or coupons. They can do "No Charge" units of Daxi or RHA filler promotions. There are many ways to climb the Coupon/Rebate Trail which will grow sales and does not require a $$$ Rebate. Foley needs to wake up!
Sadly, once again, Foley who never worked in the Toxin Industry is lacking the understanding of the aesthetic retail patient and slowing the success of Daxi. He keeps trying to change the culture. All Foley has to do is offer Daxi at the same price as competitors with the same bells and whistles. Daxi is a better product and will win. What happened to marketing to the patient??? Where is Daxi Patient Education?
Remember when the president of JC Penny decided to eliminate all holiday promotions and price merchandise at a fair margin....The retail shopper did not care about the fair price...they want coupons......and JC Penny went out of business.
Sadly, every time either Tobin or Foley talk about RVNC, they project a tone of unknown, confusion and inconsistency. Foley and Tobin truly lack the ability to build trust or confidence in them as leaders or RVNC as a company. Both should be replaced with individuals that create leadership, trust and consistency so investors, injectors and patients believe RVNC is capitalizing on the amazing features and attributes of Daxi and RHA. I know of many positive talking points which should of been discussed, instead of the humdrum pessimistic tone. Sad, that such an amazing product, Daxi, is in the hands of such poor leaders!
Both need to work with a Life Coach and learn how to communicate trust and confidence.