Biotech Values

[LongRun8]

I am being very conservative, but I came up with that number based on projected $1B revenue once daxi is up and running and applying a multiplier of 7. Keep in mind Dysport was doing around $500M annualized at one point. My figure doesn't even account for their cash hoard, their filler line, and projections for off-label use. I'm just applying a discount because of the uncertainty surrounding a company's launching of a new product, particularly against a product like Botox that has a moat around it -- and the relative uncertainty of FDA's labeling, whether it gives RVNC the six-month duration it deserves.