Revance Therapeutics falls on plans to price Botox rival at discount

Revance Therapeutics

19/09/2023 17:28

** Shares of aesthetic drug maker Revance Therapeutics 
 RVNC.O  slump as much as 33.5% to four-year low of $11.10 
    ** Stock among top losers on Nasdaq biotech index  .NBI  and
on course to record biggest one day pct. decline in over 1-1/2
years 
        ** Co announces revised pricing for its anti-wrinkle
injection Daxxify to be more competitive with AbbVie's  ABBV.N 
Botox
    ** Says will price Daxxify "competitively to Botox" with the
highest volume tier at a "less than 20% discount"
    ** With updated pricing and considering traditional
seasonality, co says Q3 2023 product revenue to be around Q2
2023 levels
    ** Brokerage TD Cowen said stock response appears overdone 
    ** While this pivot may lead to short-term uncertainty, it
would help in the adoption of Daxxify in aesthetics - brokerage
    ** RVNC also says it will exit OPUL payments business by the
end of Q1 2024; will record restructuring charges of up to $7
mln through Mar. 31, 2024
    ** Stock down ~37% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))