Replies to post #212825 on Biotech Values

[Bickema]

13% YOY is very nice.

[DewDiligence]

AGN 2Q17 CC slides:

http://phx.corporate-ir.net/External.File?t=1&item=VHlwZT0yfFBhcmVudElEPTUyNTg4ODV8Q2hpbGRJRD02NzcwNjg=

[DewDiligence]

(RVNC)—FDA approves Botox for (horizontal) forehead lines, an indication for which it is widely used off-label:

https://finance.yahoo.com/news/fda-approves-botox-cosmetic-onabotulinumtoxina-113100422.html

Horizontal forehead lines should not be confused with glabellar lines (the two vertical lines between the eyebrows that are caused by entirely different muscles from horizontal forehead lines); the latter is the lead cosmetic indication for RVNC’s RT002, where phase-3 data is expected during the current quarter.

For Botox in horizontal forehead lines, the change from off-label to on-label status has little if any practical consequence insofar as this is a self-pay indication.

When RT002 is approved for glabellar lines, it too will be used off-label to treat horizontal forehead lines and other cosmetic indications.

[DewDiligence]

3Q17 worldwide Botox sales=$775M, +12% YoY (-5% QoQ*):

http://phx.corporate-ir.net/External.File?t=1&item=VHlwZT0yfFBhcmVudElEPTUyNjM5NjJ8Q2hpbGRJRD02ODMxNjA=

• US therapeutic: $368.9M (+15% YoY)
• US cosmetic: $189.7M (+8% YoY)
• Ex-US therapeutic: $84.4M (+5% YoY in local currency)
• Ex-US cosmetic: $131.5M (+15% YoY in local currency)

All told, 72% of Botox sales were in the US, where the therapeutic/cosmetic split was 66/34; 28% of Botox sales were ex-US, where the therapeutic/cosmetic split was 39/61.

*The 3Q17 sales decline vs 2Q17 was expected; for cosmetic indications, the second and fourth quarters are seasonally stronger than the first and third quarters.