Revance Therapeutics Inc (RVNC)

[Mufaso]

I would describe today's Goldman Sachs Fireside chat with Mark/Dustin as "staying the course". They did speak quickly and confidently and came off to me as things are going according to plan- nothing more- nothing less. They believe their current strategy to focus on "prestige practice" is working.

Paraphrasing some of their comments on Aesthetics that stood out:

• Some injectors who commented they had some early patients who were unhappy they only got 4-5 mos. duration are now reporting on patients that are now seeing more than 6-mos who are very happy. Revance is continuing to try and manage expectations and emphasizes 6 months is a median.
  
• Several Early injectors who just doubled price are now modifying pricing to be still a premium but not be double.
  
• Many practices have waiting lists and longer duration is not seen as an issue for providers. Continue to say most patients were only coming in twice a year anyway and that is continuing.
  
• Incentivizing sales reps equally between Fillers and Toxin.
  
• Recently added accounts are not like PREV U accounts that got early access. The early accounts in December knew they were part of a limited release and ordered a fair amount. Recent new accounts get some samples to try (typically on staff) and then the reps come in and then some clients get Daxxi. The sales start to grow at this point and reps try to focus on going deep in the account.
  
• Some examples of Accounts standardizing on Daxxi. Encouraging these practices to be references for others.
  
• Staying focused on trying to make sure the product sold matches what is being used- no incentives to buy inventory for injectors- (i.e. - no channel stuffing so match reality)
  
• Continued reports of early/fast onset and light feeling in injected areas are continuing in social media. Becoming a benefit of Daxxi many like.
  
• Some discussion of direct-to-consumer advertising. Didn't close the door on this but they said they aren't at a point to where this makes sense as they need to continue acquiring/training accounts for now.

Paraphrasing some of their comments on Therapeutics that stood out:

• Very confident on approval by PDUFA date. Thought label would be like aesthetics and will provide data on duration in same manner.
  
• Will have a similar strategy that focuses on provider. There will be a Prev U strategy but made a point that it is not going to be a prestige thing but more a KOL/early adopter focus where the provider is willing to share with others.
  
• Pricing in Therapeutics is dictated by Aesthetics which is the other way around from how Allergan did it. This means that the DAXXI price in Therapeutics will effectively be the same as what Botox costs in therapeutics. This will yield attractive value prop for payers providers and patients. (Patients get longer duration, and payers don’t pay more while patients
  
• Many think Daxxi will work in patients where Botox/Dysport did not.
  
• Believe Providers really like Daxxi’s improved side effect profile (e.g. -lower Dysphagia)
  
• 20% of the Therapeutic providers do 80% of the procedures.