Revance Therapeutics (RVNC) is a late entrant to the differentiated botulinum toxin market, but its promise lies in a possibly longer duration of response with its drug DaxibotulinumtoxinA for Injection ((DAXI)), which may enable patients to take fewer injections every year, reducing treatment burden. The market is led by Allergan's (AGN) botox, closely followed by Xeomin and Dysport, as well as a new entrant, Jeuveau. The market has two segments, aesthetics, with 45% of sales, and therapeutics, with 55%. This is a multi-billion dollar market with a high CAGR.
DAXI is