Revance Therapeutics, Inc. (NASDAQ:RVNC) Q4 2022 Earnings Call Transcript

Page 5 of 12

Newer California, where we make both our drug substance and limited drug product, we said is not configured to meet the expected demand of DAXXIFY. So we early on signed a partnership with Ajinomoto down in San Diego as a full finish contract manufacturer. The post-approval supplement was filed in 2022. We feel very good about where we are in that process and approval in 2023. They have been making product all along the journey prior to their approval. We do need them to come online in 2023, but we feel very good about where they are in that process to date. We’ve also signed an agreement with Lyophilization Services of New England, because we believe that in order to meet the longer term demand that we’re going to need them to come online as well.

And so we need them to come online in 2025. And we continue to be encouraged by the progress that they’re making. So we feel very good about where we’re positioned right now. We’ve got a fair bit of inventory that we built in advance of our approval in the Newark site, and we also feel good about where Aji is in terms of their process as well.

Seamus Fernandez: Great. And if I could just ask a follow-up question, would €“ if you don’t mind, could you just provide maybe a little bit of color on where the ASP is and sort of the unit-to-unit match up relative to BOTOX and/or at least where it was in the fourth quarter. And if you can continue to provide updates with regard to where the ASP sits on a relative basis going forward.

Mark Foley: Sure. So maybe I’ll start with the second part, the unit-to-unit. So on the unit-to-unit side, if you look at our labeled indication for glabella line treatment, it’s 40 units of DAXI in the glabella, which is the indicated dose. And that has a core amount of active neurotoxin, a 0.18 nanograms. And if you compare that to example for BOTOX, they’re labeled indication for glabellar lines is 20 units, which also has 0.18 nanograms. And so what we have seen in practices is that they are looking to deliver basically the same amount of core neurotoxin that they’re used to with other neuromodulators. And so if you compare it, again, to the market leader, we’re about a two to one. If you look at our pricing of two vials to everyone vial of the market leader, we believe our pricing probably to the practice comes in at anywhere from maybe a 10% premium to a 40% premium, depending on where they are, are two vials to their one vial on the €“ and that depends on what they buy for and what level they buy.

We’ve got four different levels that practices can buy at with our product, and it has to do with the volume that they purchase at any given point in time. And so our internal ASP will fluctuate based on the mix of how these practices buy, but it’s the same pricing for everybody based on how they choose to buy. And again, that volume purchase is going to vary probably on a quarterly basis.

Seamus Fernandez: Okay. Great. Maybe if I could just ask one final question. As we think about the €“ sort of opportunity in therapeutics, how do you expect sort of the launch in therapeutics to compare to the launch in aesthetics? I presume it’ll be quite a bit slower a little bit more paced than aesthetics, but just wanted to get maybe a little bit of color on how you’re thinking about the uptake in the therapeutics market. And I’ll jump back into queue. Thanks.

Mark Foley: Sure. I’ve got Dustin here with me. Maybe I’ll throw that one over to him.

Page 5 of 12