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Mar 31, 2023
Revance Q1 2023 Earnings Report
Reported financial results for the first quarter ended March 31, 2023 and provided a corporate update.
Key Takeaways
Revance reported strong Q1 2023 results with a 95.3% YoY increase in total revenue, driven by the growth of the RHA® Collection of dermal fillers and the successful launch of DAXXIFY®.
Total revenue for Q1 2023 was $49.3 million, a 95.3% increase year-over-year.
RHA® Collection revenue increased 45.3% year-over-year to $30.3 million in Q1 2023.
DAXXIFY® launch generated $15.4 million in revenue for Q1 2023.
FDA approved Ajinomoto Biopharma Services as Revance’s contract manufacturer for DAXXIFY®.
Forward Guidance
Revance expects 2023 GAAP operating expenses to be $460 million to $480 million and non-GAAP operating expenses to be $320 million to $340 million. Revance expects 2023 non-GAAP research and development expense to be $80 million to $90 million. Management projects that the company’s U.S. aesthetics portfolio (DAXXIFY®, RHA® Collection, OPUL®) will be funded to cash flow breakeven.
Positive Outlook
- Increased investments in its aesthetics commercial infrastructure.
- Sales team expansion.
- DAXXIFY® commercial investments.
- RHA® Collection commercial investments.
- Biosimilar partnership investments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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