Revance Therapeutics Inc (RVNC)

[Bio_pete]

Baron Discovery Fund made the following comment about Revance Therapeutics, Inc. in its Q4 2022 investor letter:

“Shares of Revance Therapeutics, Inc. (NASDAQ:RVNC), an aesthetics-oriented biotechnology company, detracted from performance in the fourth quarter. Shares had meaningfully outperformed in the third quarter, after the FDA approved Daxxify, the company’s longer-acting competitor to Botox that lasts about six months versus Botox’s three to four months. The stock is in somewhat of a news vacuum as Revance is training injectors and smartly implementing a tightly managed preview program ahead of a broader launch in the second quarter of 2023. Early feedback on Daxxify has been positive. Part of the stock weakness may also be due to concerns around the impact of macro headwinds on discretionary consumer spending. Although we expect some near-term impact to Revance’s RHA dermal filler portfolio, we think the impact will be temporary and shouldn’t be the focus given the imminent broader Daxxify launch. More importantly, we think Daxxify’s longer-lasting result is a key selling point for consumers, and we expect to see meaningful uptake of the product in late 2023 and beyond. Ultimately, we see Daxxify and the already-launched RHA fillers capturing significant share in the fast growing $4 billion facial injectables market and supporting more than triple the company’s current valuation.”