Biotech Values

[Mufaso]

I would have thought RVNC would have provided more color on just how slow the CD launch would be WRT revenue recognition prior to the Aug 2023 PDUFA date when approval was widely expected. I searched all the RVNC Earnings CC's on Seeking Alpha and they didn't say anything on the launch until the May 9th earnings call and then they didn't say anything different of substance until investor day.

In the May 09, 2023 Q1 CC they said “2024 Launch” after getting approval. Really vague on when revenue recognized. (see quotes from that CC below). In the Aug 8, 2023 CC they said "wait till the September investor day".

May 09, 2023 Q1 CC quotes:

Mark Foley Opening Remarks:

…Turning to therapeutics, our team has begun laying the groundwork for our anticipated approval of DAXXIFY for the treatment of cervical dystonia or CD. Our upcoming PDUFA date is August 19, and if approved, we anticipate launching a preview early experience program in late 2023, followed by commercial launch in 2024.

Mark Foley in response to a question from Chris Shibutani on when revenue is recognized (probably the key question):

And then on the therapeutic side, as it relates to the cadence of the preview launch that we want to do there, the one difference for therapeutics program versus aesthetics is the reimbursement piece. And so we have put in place the market access team who's already started working with providers to grease the skids there to make sure that when we get approval that we can get this in as frictionless as possible. But given that cervical dystonia is a condition where typically injectors start low on the dosing side and then increased dosing over time based on how well the toxin works. We will get into that more in our Investor Day in September, but there will be some subtleties and differences there. But we believe that we're putting the right infrastructure in to make sure that our preview program focuses on high volume injectors, that we get the necessary information that we need to lay the foundation for a successful launch.

I certainly didn't get that there would be no revenue from the CD Prevue program from the May CC info. So we got a little clue in May 2023 and got a real understanding at the investor day IMO.