Biotech Values

[DewDiligence]

(RVNC/EOLS/AGN)—Botulinum-toxin sales held up quite well during the 2008-2009 global recession. However, in 2008-2009 the main issue was whether people would continue to pay for aesthetic* procedures, but in the current environment, physical access to injectors is the main hurdle.

RVNC ought to be less affected by COVID-19 than AGN and EOLS insofar as RVNC was not expecting material sales in 2020 anyhow.

*In the 2008-2009 recession, there was little or no downturn in the use of botulinum toxin for therapeutic indications.