Revance Therapeutics Inc (RVNC)

[soma2022]

Evolus phase 2 interim data show that it failed to get substantial increase in duration to justify the added cost.

Remember, Daxxify showed a median duration of none or mild for 24 weeks. Return to baseline typically takes another 2 months and was likely in the 7 1/2 to 9 month range. Daxi trials had a 2 point improvement for many trial subjects out to 24 weeks. This is a very high bar.

The evolus study measured time to get back to baseline or full muscle contraction ability.

Also no mention of duration for the botox 20 and jeuveau 20unit arms. I find that highly suspicious. They likely also went over 20 weeks duration and that makes the 40unit jeuveau performance not look much better. Evolus did not want us to see this limited upside despite 2x the dose.

Why pay 2 times the price for 15 to 20% more duration with jeuveau when daxxify 40 units will get you 100% more duration. Youre on the flattened part of the dose/response curve with diminishing returns.

Hope an analyst makes a request for the botox 20 and jeauvea median duration data on monday. If not, then the analysts were handpicked is my impression.

Either way, this is failure in my view for evolus and I suspect their share price will begin to reflect this.