Biotech Values

[Bickema]

RVNC - Allergan acknowledging Revance's RT002 on today's CC

Analyst

And then perhaps for Bill and/or David, how are you viewing the longer-term competitive threat from a longer-acting toxin? I believe Revance has some Phase 3 data coming in the next couple months, and in Phase 2 they showed a five- to six-month duration of action. Can you talk about the long-term threat?

William J. Meury - Allergan Plc

Yeah, I just would say first we have to really look at the data and understand whether or not there's a longer-acting concept there. I will tell you, it'll have a place. I think in the aesthetic space, it could have a place. There's an awful lot of work to do if you want to carve out a position on the therapeutic side of the business.

When I think about BOTOX right now, for us, the focus has got to be on market expansion. We have a 65%-plus share, we have an iconic brand, two-thirds of our users are enrolled in the Allergan loyalty program, we have data and approval for three different uses or areas of the face. And if we're worried about smaller toxins entering the category, then we frankly haven't done our job to grow this market. We have a multibillion-dollar business, it's growing at a double-digit rate, and we penetrated less than 10% of all the consumers that are aware of our products and want to use them. They just don't know how and when. And I think that's what we're going to focus on.

C. David Nicholson, Ph.D. - Allergan Plc

Yeah. Maybe just a couple of points. Clearly at Allergan we've got the most comprehensive toxin program of anybody in the industry. We have in our pipeline various of (51:13) R&D, we have toxins of different molecular weights. We're looking and understanding how to modulate the duration of activity of toxins, be it by looking at dose responses or spreading of toxins. We have topical toxins, and we're looking at liquid formulations of toxins. So whilst obviously we need to see the Revance data in detail and look at the Phase 3 data when we get the complete data set, I do think we've got a very competitive pipeline ourselves of toxins.

No mention of IP protection or lawsuits against Revance.