RVNC - Revance nears eleven-month high as Botox rival gets FDA approval
- The shares of Revance Therapeutics ( NASDAQ: RVNC ) reached the highest level since October intraday Thursday after the biotech announced the FDA approval of its Botox rival Daxxify injection for the improvement of moderate to severe frown lines.
- The decision on the neuromuscular blocking agent sets the stage for a battle between Botox maker AbbVie ( ABBV ) and RVNC in the U.S. neurotoxin aesthetic market, which Cowen estimates to annualize at ~$2B.
- The approval based on 36-week efficacy data from Phase 3 SAKURA clinical program allows the company to market the therapy claiming a 6-month duration, the analysts led by Ken Cacciatore wrote, raising the RVNC price target to a Street high of $65 from $55 per share.
- Citing a recent clinician survey, the team with an Outperform rating on RVNC notes that physicians expect Daxxify to reach half the size of Botox and easily reach more than $1B eventually.
- Botox, which AbbVie ( ABBV ) added as part of its Celgene acquisition in 2020, generated $1.4B in net sales in the U.S. for the company under its aesthetics segment in 2021.
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Revance nears eleven-month high as Botox rival gets FDA approval