Revance Therapeutics Inc (RVNC)

[Aestheticexec]

Disappointed shareholder here. So much time and money wasted on a launch strategy that would never work. 5 years of commercial investment and many millions of $ wasted. The facts were the same then as they are now: 50% of patients get the 6 month duration, providers will always control the end user cost of a treatment to the patient (they are the retailer), Botox dosing and pricing is the gold standard of the industry, unit-to-unit Daxi has similar efficacy as Botox, non-physicians control the aesthetic injectable market, therapeutic pricing will be tied to aesthetic pricing, therapeutic pricing is less elastic than aesthetic pricing. Breakup with Botox?!?! Most patients think Daxi IS Botox. I saw that ad and couldn’t figure out what the product was. Designer filler?!? RHA filler is a highly discounted HA (e.g. RHA4 launched at 30% the cost of Voluma), now it looks like DAXI will basically be a highly discounted Botox (unit to unit). Probably what they should have started with. The EOLS and Dysport dosing study strategies are smart - but the simplest execution with EOLS.

Questions for the future. Once the aesthetic and therapeutic approval timelines started to get so close, why risk therapeutic opportunity with the aesthetic distraction? How negatively will the therapeutic opportunity be impacted by the botched aesthetic launch pricing? Will aesthetic investment be reduced? Why move the failed aesthetic leader over the crown jewel of the RVNC franchise - therapeutic? What market development work has RVNC invested in to secure reimbursement and accelerate training opportunities? Hoping they get therapeutic right.