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

Page 9 of 12

Mark Foley: Sure. So I’ll take the first one, maybe kick the second one over to Dustin. So on the Q4 numbers, most of the DAXXIFY revenue that we generated, I think that’s what you’re referring to came as a result of the 400 PrevU accounts that we onboarded in December. And that group bought the product to take advantage of what was one of the busiest times of the year and the fact that they were going to be some of the early ones to actually get the product and therefore had to sort of a window of time to be one of the few people in their area that that had it. And so it’s hard to know given that we’re only two months into the launch with that group to know how that’s going to settle out in terms of overall usage going forward.

And so I know we got a lot of questions when we did our pre-announcement in early January around is it stocking, is this usage, it’s not stocking in the traditional sense that there was no middleman or third-party. It reflects what those accounts thought that they were going to be able to use and whatever timeframe they thought. There are incentives in our purchasing program where if you buy more volume at the time of purchase, you do get better pricing. So there might have been some folks that were trying to get better pricing, but it’s still early. Again, I come back to we’re very encouraged by what we’re seeing in the market, but it’s hard to really know with that initial 400 group, how that’s going to inform the behavior of the future accounts going forward.

Dustin Sjuts: I’ll take the therapeutic side. We are currently have the therapeutics, the market access head, and the head of marketing in place. If you look at kind of as we’ve progressed towards that PDUFA date and anticipated approval, we’ll continue to expand kind of the market access efforts as well as our medical affairs efforts align with our PrevU strategy and look forward to kind of updating more on the field sales sizing and others as we get closer to that date.

Operator: Terence Flynn with Morgan Stanley, your line is open.

Terence Flynn: Great. Thanks so much for taking the questions. I guess, the first one is, I’m just trying to understand the comments around the Nashville training center in terms of the second phase of the rollout here, are you implying that there’s going to be a bottleneck in terms of the number of people that you can actually bring to Nashville and flow through that site? And then the second question was, I know in the past you’ve talked a lot about the €“ having a differentiated strategy because you have both RHA filler and that now DAXXIFY. So any latest thoughts or color on a potential bundling strategy and how that might be rolled out over the course €“ back half course of the year? Thank you.

Mark Foley: Sure. So, Terence, on your first question around Nashville and bottleneck, I mean, we think there’s a proper way to onboard accounts, which is to engage them at a deep level to make sure that we’ve shared all the learnings that we have from some of the folks around how they message this to patients and what they go. We think Nashville is the right way to do that. There’s no doubt that we have a limit to how many people that we can ultimately run through Nashville and any given training standpoint, but we are investing in building out more capacity here in Nashville, and we are also going to explore virtual training options as well with a bias towards Nashville. And so I would look at this more of a thoughtful measured rollout versus necessarily having any bottlenecks that we don’t think we can work our way through.

Page 9 of 12