It’s preposterous for Morgan Stanley to model zero loss of market share by Botox out to 2030. Moreover, the excerpt you posted makes no mention of Daxxify’s sales in therapeutic indications, which will surely be contributing well before 2030.
Daxxify’s fewer visits issue is a red herring, IMO. Injectors are seeking more profit per patient visit, not more visits per se.
“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”