Revance Therapeutics (RVNC) The 44th Annual William Blair Growth Stock Conference summary

Market overview and product positioning

• DAXXIFY is a longer-lasting botulinum toxin approved for both aesthetics and therapeutics, targeting a $2.5B U.S. market in each segment, with additional international opportunities.

• The company also markets hyaluronic acid fillers, generating over $128M in 2023, with expectations for double-digit growth and a new lip filler launch this quarter.

• The facial injectable market is recovering from pandemic-related stagnation, with signs of renewed growth.

• DAXXIFY differentiates itself through clinical profile, not just pricing, aiming for a unique market position.

• Five competitors are currently approved in the U.S. toxin market, with BOTOX holding about 60% share; DAXXIFY reached 3.8% in Q1 and is growing.

Recent performance and pricing strategy

• DAXXIFY's initial launch exceeded expectations, but a price reduction of 20% in September 2023 was necessary to align with market expectations.

• The relaunch phase since Q3 2023 has led to significant year-over-year and sequential volume growth, even during seasonally weak Q1.

• Market share increased from 3% to 3.8% from Q4 to Q1, with two-thirds of growth from recurring accounts and 500 new accounts added.

• End consumer pricing is now largely in line with competitors, though some practices are still adjusting.

• A consumer coupon program in Q1 confirmed strong product pull-through and minimized inventory buildup.

Competitive landscape and market dynamics

• The aesthetics market is mature, with new entrants like Letybo pending commercial launch and Galderma's QM1114 prefilled syringe product in development.

• Flexibility in injection technique is valued by physicians, potentially limiting adoption of prefilled syringes.

• Geographic preferences influence product adoption, with different regions favoring varying aesthetic outcomes.

• Strong sales presence in specific geographies correlates with account expansion and product adoption.

• Feedback suggests DAXXIFY may offer superior skin quality benefits, possibly due to its peptide formulation and longer duration.