Revance surges on strong demand for its anti-wrinkle injection

Revance Therapeutics

09/01/2023 17:19

** Shares of Revance Therapeutics Inc  RVNC.O  surge 44% to
$28.39; set for their biggest daily pct rise on record, if gains
hold   
    ** Stock among top gainers on Nasdaq Biotechnology index
 .NBI 
    ** Co reports preliminary Q4 results; expects revenue from
an early experience program of its anti-wrinkle injection
Daxxify to be between $10.5 mln-$11.5 mln in the quarter
    ** U.S. FDA approved the injection in September, setting up
a challenger for market leader AbbVie's  ABBV.N  Botox
    ** Brokerage Cowen and Co says RVNC's Q4 update marks "a
stunning initial performance and sets a strong foundation for
the upcoming broader Daxxify introduction" given that Wall
Street expectations for the injection were minimal, and the
launch only initiated in Dec. 2022
    ** Co expects full commercial launch of Daxxify to begin in
late Q1/early Q2 of 2023
    ** "Our consultants continue to believe Daxxify could
potentially completely disrupt what has long been a
Botox-dominated undifferentiated market" - Cowen 
    ** RVNC shares gained ~13% in 2022, compared with ~11%
decline in Nasdaq Biotechnology index in the same period
 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))