Revance Therapeutics Inc (RVNC) 2023 Q4 法說會逐字稿

Welcome to the Revance Therapeutics Fourth Quarter and Full Year 2023 financial results and corporate update conference call.

歡迎參加 Revance Therapeutics 2023 年第四季和全年財務表現和公司最新情況電話會議。

(Operator Instructions) As a reminder, this call is being recorded on Wednesday, February 28, 2024.

（操作員說明）謹此提醒，此通話錄音時間為 2024 年 2 月 28 日星期三。

I would now like to turn the conference call over to Jessica Serra, Head of Investor Relations, Corporate Communications and ESG for events.

我現在想將電話會議轉交給投資人關係、企業傳播和 ESG 主管 Jessica Serra 負責相關活動。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線生。

Joining us on the call today from Revance, our Chief Executive Officer, Mark Foley, and Chief Financial Officer, Toby Schilke.

今天，我們的執行長 Mark Foley 和財務長 Toby Schilke 參加了我們的電話會議。

During this call, management will make forward-looking statements, including statements related to the impact of our pricing and strategy OnDeck's focus on adoption expectations and timing related to product adoption and reorders of pop product pipeline, consumer needs, preferences and behavior, the benefits and value to US practices and consumers of our products, including the efficacy, duration and safety of our products, 2024 guidance, cash flow breakeven, positive adjusted EBITDA, future capital expenditures, funding our business and capital allocation plans.

在本次電話會議中，管理層將做出前瞻性聲明，包括與我們的定價和策略的影響相關的聲明OnDeck 重點關注採用期望和與流行產品管道的產品採用和重新訂購相關的時間表、消費者需求、偏好和行為、收益我們的產品對美國實踐和消費者的價值，包括我們產品的功效、持續時間和安全性、2024 年指導、現金流盈虧平衡、正調整EBITDA、未來資本支出、為我們的業務提供資金和資本分配計劃。

Our strategic priorities, our anticipated success of blockbuster and growth potential for market opportunity and expectations, provider partnerships, the wind down of Opal, our strategy plan operations, international expansion, strategic partnerships and commercialization plans and timing.

我們的策略重點、我們對重磅炸彈的預期成功以及市場機會和期望的成長潛力、供應商合作夥伴關係、Opal 的逐步結束、我們的戰略計劃運營、國際擴張、戰略合作夥伴關係以及商業化計劃和時間安排。

Our actual results and the timing of events could differ materially from those anticipated in such forward-looking statements.

我們的實際結果和事件發生的時間可能與此類前瞻性聲明中的預期有重大差異。

As a result of these risks and uncertainties, factors that could cause these results to be different from these statements include factors the company describes in the section called Risk Factors in our annual report on Form 10-K to be filed with the SEC today, February 28, 2024.

由於這些風險和不確定性，可能導致這些結果與這些陳述不同的因素包括公司在今天（2 月）向 SEC 提交的 10-K 表格年度報告中「風險因素」部分中描述的因素2024 年28 日。

Revance undertakes no duty or obligation to update any forward-looking statements as a result of new information, future events or changes in its expectations.

Revance 不承擔因新資訊、未來事件或預期變更而更新任何前瞻性聲明的責任或義務。

Also on today's call, we will present both GAAP and non-GAAP financial measures reconciliation of non-GAAP to GAAP measures is included in our earnings release.

另外，在今天的電話會議上，我們將介紹 GAAP 和非 GAAP 財務指標，非 GAAP 與 GAAP 指標的對帳已包含在我們的收益發布中。

With that, I will turn the call over to Mark Foley, Chief Executive Officer of Revance.

接下來，我將把電話轉給 Revance 執行長 Mark Foley。

Mark?

標記？

Thank you, Jessica.

謝謝你，潔西卡。

Good afternoon, everyone, and thank you for joining our fourth quarter and full year 2023 financial results conference call.

大家下午好，感謝您參加我們的 2023 年第四季和全年財務業績電話會議。

I'll first cover our overall performance in our aesthetics and therapeutics businesses before turning the call over to Toby to review our financial results and 2024 guidance 2023 was an important year for readouts.

我將首先介紹我們在美容和治療業務方面的整體表現，然後將電話轉交給托比，以審查我們的財務業績和 2024 年指導，2023 年是讀數的重要一年。

We realized several pivotal milestones, including the launch of diversifying the aesthetics and the FDA approval of DR5 for cervical dystonia.

我們實現了幾個關鍵的里程碑，包括推出多樣化美學產品以及 FDA 批准 DR5 治療頸肌張力失調。

In addition, to achieving record product revenue of $213 million, up 80% year over year.

此外，產品收入達到創紀錄的2.13億美元，年增80%。

From a balance sheet perspective, we ended the year in a strong financial position with $254 million in cash, cash equivalents and short-term investments.

從資產負債表的角度來看，我們年底的財務狀況強勁，擁有 2.54 億美元的現金、現金等價物和短期投資。

Combined with our commercial progress to date, we believe we are well positioned to deliver on our strategic priorities for 2024, which I will cover later in the call.

結合我們迄今為止的商業進展，我們相信我們有能力實現 2024 年的策略重點，我將在稍後的電話會議中介紹這一點。

Turning to diversify for our aesthetics business.

我們的美容業務轉向多元化。

We generated total sales of $95 million in our first five quarters of launch, exceeding the combined sales of the last three neuromodulators to enter the market in the same launch time frame.

我們在上市前五個季度的總銷售額達到了 9,500 萬美元，超過了同一上市時間內進入市場的最後三種神經調節劑的銷售額總和。

We also gained important real-world feedback from the early stages of our docs, if I launch, which informed our updated pricing and provider engagement strategy, better positioning us for broader adoption and long-term success.

如果我發布的話，我們還從文檔的早期階段獲得了重要的現實世界反饋，這為我們更新的定價和提供商參與策略提供了信息，使我們能夠更好地為更廣泛的採用和長期成功做好準備。

As a reminder, we revised DAXXIFY pricing in September of last year to be more competitive and to facilitate greater trial and adoption.

提醒一下，我們在去年 9 月修改了 DAXXIFY 的定價，以更具競爭力並促進更多的試用和採用。

Since adapting our strategy, we began to see the desired impact with regards to usage, reorder rates and customer perception with that momentum continuing into Q1.

自從調整我們的策略以來，我們開始看到在使用量、再訂購率和客戶認知方面產生的預期影響，並且這種勢頭持續到第一季。

From a sales volume perspective, Q4 vials sold were up 22% compared to Q3, and importantly, more than two thirds of Q4 revenue came from existing accounts.

從銷售來看，第四季的小瓶銷售量比第三季成長了 22%，重要的是，第四季超過三分之二的收入來自現有帳戶。

Based on our current focus on existing customers.

基於我們目前對現有客戶的關注。

We believe this reflected deeper product adoption.

我們相信這反映了更深入的產品採用。

We ended the year with over 3,000 DAXXIFY accounts, which is less than 10% of the total number of US aesthetic accounts and less than one-half of our existing account base, underscoring our significant runway for growth since the rollout of our new pricing and provider engagement strategy.

截至今年年底，我們擁有超過 3,000 個 DAXXIFY 帳戶，不到美國美容帳戶總數的 10%，也不到我們現有帳戶基數的一半，這凸顯了自推出新定價和服務以來我們的重要增長跑道。提供商參與策略。

We have focused our efforts on existing diversified customers since these accounts have already been trained, have experienced with the product and in most cases, our HME customers and from a reputational and foundational perspective, we believe it's important to gain their support.

我們將工作重點放在現有的多元化客戶上，因為這些客戶已經接受過培訓，具有產品使用經驗，並且在大多數情況下，我們的HME 客戶，從聲譽和基礎的角度來看，我們相信獲得他們的支持非常重要。

Previously, we indicated that we expect this reengagement plan to take approximately two quarters before turning our focus to new account activation in the beginning of Q2 beyond pricing, we consistently hear from customers that DR5 is a great product and offers a compelling value proposition because of its unique peptide formulation, fast onset, long duration and ability to enhance the skin's appearance.

此前，我們表示，我們預計此重新參與計劃將需要大約兩個季度的時間，然後才能在第二季度初將重點轉向除定價之外的新帳戶激活，我們不斷從客戶那裡聽到，DR5 是一款出色的產品，並提供了令人信服的價值主張，因為其獨特的勝肽配方，起效快，持續時間長，能夠改善皮膚外觀。

To that end, we recently introduced new brand messaging for DAXXIFY, which highlights the product's full range of benefits and ability to deliver an optimal overall a static.

為此，我們最近為 DAXXIFY 引入了新的品牌訊息，突出了該產品的全方位優勢以及提供最佳整體靜態的能力。

Look, the new messaging, along with expanded sales tools and materials, was shared with our sales team at our national sales meeting in January and has been very well received based on feedback and in support of our new pricing strategy, we recently removed our no advertised price policy which was implemented in introductory phase of our product launches.

看，新的訊息傳遞以及擴展的銷售工具和材料已在一月份的全國銷售會議上與我們的銷售團隊共享，並且根據反饋得到了很好的反響，並且為了支持我們的新定價策略，我們最近刪除了我們的無在我們產品發布的介紹階段實施的廣告價格政策。

However, as we move to broaden our share and brand awareness, it is important that we empower practices to market and promote the Revance product portfolio during the fourth quarter and into Q1.

然而，隨著我們努力擴大我們的份額和品牌知名度，重要的是我們在第四季度和第一季授權實踐來行銷和推廣 Revance 產品組合。

We also expanded and augmented our marketing tools, marketing materials, sales force, training and customer education programs.

我們還擴展和增強了我們的行銷工具、行銷材料、銷售團隊、培訓和客戶教育計劃。

We have and will continue to increase our visibility with customers and KOLs, the advisory boards, congresses, podium presence, media events and thought leadership.

我們已經並將繼續提高我們在客戶和 KOL、顧問委員會、大會、講台、媒體活動和思想領導中的知名度。

Further, in February, we executed one of several planned promotional programs, a patient coupon program, which has been very well received and aligns with our goal of driving greater practice and consumer experience with DR5.

此外，2 月份，我們執行了多項計劃中的促銷計劃之一，即患者優惠券計劃，該計劃受到了熱烈歡迎，符合我們推動 DR5 更好的實踐和消費者體驗的目標。

Turning to our filler business, the RHA Collection continues to be vital to our aesthetics franchise and foundational to the long term growth diversified three years into launch.

談到我們的填充劑業務，RHA 系列對於我們的美容系列仍然至關重要，也是推出三年後多元化長期成長的基礎。

The RHA Collection is still the fastest growing HA filler in the US sitting at about 10% market share, which was largely achieved independent of a neuromodulator.

RHA 系列仍然是美國成長最快的 HA 填充劑，佔據約 10% 的市場份額，這在很大程度上是獨立於神經調節劑實現的。

We believe our HA success can be attributed to not only our strong execution, but more importantly, its leading innovation.

我們相信HA的成功不僅歸功於我們強大的執行力，更重要的是其領先的創新。

Our HAE is designed to more closely resemble the natural hierarchy hyaluronic acid found in the skin, which we believe distinguishes the collection from other competitive offerings.

我們的 HAE 的設計更接近皮膚中發現的天然層次透明質酸，我們相信這一點使該系列與其他競爭產品區分開來。

Further the collections range of utility continues to expand with new SKUs and indications, including our HA were density for lift lines RJ4 for cannula use.

此外，隨著新的 SKU 和適應症，實用系列範圍不斷擴大，包括我們用於插管使用的提升線 RJ4 的 HA 密度。

And more recently, our HA3 for lip augmentation in lymphomas, Ilypsa, the most frequently treated area for dermal fillers and the recently approved label expansion provides us with new opportunities to train on RHA's leading innovation and injection techniques.

最近，我們用於淋巴瘤豐唇的 HA3、Ilypsa、真皮填充劑最常治療的區域以及最近批准的標籤擴展為我們提供了培訓 RHA 領先創新和注射技術的新機會。

We look forward to launching the new lip indication in Q2

我們期待在第二季推出新的唇部指示

In 2023 We were pleased to deliver 20% year over year.

2023 年，我們很高興實現年增 20%。

Our HA revenue growth despite softness in the US filler market.

儘管美國填充劑市場疲軟，我們的透明質酸收入仍實現成長。

And while we launched diversify and work through our strategy changes as we move into 2024, we look forward to continuing to drive healthy growth across both that Safi and the RHA product line through a combination of new account activation and deeper penetration while also beginning to unlock portfolio synergies across diversify and RHA we ended the year with over 7,000 aesthetic accounts, up from 5,001 year ago.

雖然我們在進入 2024 年時推出了多元化策略並進行了策略調整，但我們期待透過新帳戶啟動和更深層的滲透相結合，繼續推動 Safi 和 RHA 產品線的健康成長，同時也開始解鎖多元化和RHA 之間的投資組合綜效，截至年底，我們擁有超過7,000 個美容帳戶，高於一年前的5,001 個。

Now let me turn to our compelling opportunity in therapeutics with the approval of our cervical dystonia indication due to DR5, unique and differentiated profile.

現在讓我談談我們在治療方面的引人注目的機會，由於 DR5、獨特和差異化的特徵，我們的頸部肌張力失調適應症獲得批准。

We look forward to addressing the unmet needs of patients, physicians and payers in this category based on a published study in the Journal of Neurology, 88% of CD patients experienced symptom reemergence between injections with symptom with symptom recurrence happening as early as week eight because patients can't get reinjected until 12 weeks due to label and reimbursement restrictions, fiscally CD patients with significant treatment gaps when considering both the delayed onset of action and early wear off.

我們期待著解決患者、醫生和付款人在這一類別中未得到滿足的需求，根據《神經病學雜誌》上發表的一項研究，88% 的CD 患者在註射之間出現症狀復發，並且症狀早在第八週就出現了，因為由於標籤和報銷限制，患者要到 12 週才能重新註射，考慮到起效延遲和過早失效，CD 患者的財務上存在顯著的治療缺口。

Based on our clinical trial data and early preview experience, we believe that docs, if I have the potential to provide patients with better symptom control, along with the compelling safety profile as toxins are the 12th most costly medical benefit drug category payers are also motivate motivated to find alternatives that offer both clinical value and that can lower the cost of therapy based on DR5 clinical performance by oil price and the dosing used in our clinical trial, there's an opportunity for meaningful savings to payers, which we believe is why we've seen such strong commercial coverage at such an early stage in our launch.

根據我們的臨床試驗數據和早期預覽經驗，我們相信，如果我有潛力為患者提供更好的症狀控制，以及令人信服的安全性，因為毒素是第12 個最昂貴的醫療福利藥物類別，付款人也會受到激勵我們有動力尋找既具有臨床價值又可以根據油價和臨床試驗中使用的劑量來降低基於DR5 臨床表現的治療成本的替代方案，這有機會為付款人節省大量費用，我們相信這就是我們的原因在我們推出的這麼早階段，我們就看到瞭如此強大的商業報道。

Taken altogether, we believe Doxis strong efficacy, long duration and favorable safety profile, coupled with its attractive pricing have the potential to disrupt the current CD. treatment landscape, which has remained largely unchanged for 30 years following FDA approval in August 2023, we subsequently launched our CD preview program to leading clinicians in order to optimize treatment outcomes for patients and to assure ensure smooth practice innovate integration.

總而言之，我們相信 Doxis 功效強大、持續時間長、安全性良好，加上其有吸引力的定價，有可能顛覆目前的 CD。自 2023 年 8 月 FDA 批准後 30 年來，治療格局基本保持不變，我們隨後向領先的臨床醫生推出了 CD 預覽計劃，以優化患者的治療結果並確保實踐創新整合的順利進行。

To date, we have treated more than 300 patients across approximately 30 practices, which is in line with our plan as the majority of CD. patients experienced symptom breakthrough most patients treated to date in the previous program.

迄今為止，我們已經在大約 30 個診所治療了 300 多名患者，這符合我們作為大多數 CD 的計劃。迄今為止，大多數在先前的計畫中接受治療的患者都經歷了症狀突破。

Are those who are uncontrolled on their current toxin and switching.

是那些對目前的毒素和轉換無法控制的人。

These patients to diversify physicians have reported that they're using a wide range of doses in their effort to optimize treatment outcome.

這些患者向醫生報告說，他們正在使用多種劑量來努力優化治療結果。

In addition, diversified safety profile continues to be encouraging even in the presence of escalating doses.

此外，即使在劑量不斷增加的情況下，多樣化的安全性仍然令人鼓舞。

To date, approximately one-third of patients have completed their first treatment cycle and are now in their second treatment cycle.

迄今為止，大約三分之一的患者已經完成了第一個治療週期，現在正處於第二個治療週期。

As a reminder, with a new toxin, physicians tend to start patients at the lower end of the dosing range before titrating them up over subsequent treatment cycles.

提醒一下，對於一種新的毒素，醫生傾向於以較低的劑量範圍開始治療患者，然後在隨後的治療週期中逐漸增加劑量。

In order to find the optimal balance between symptom control and safety, despite being early in the dose optimization journey.

為了在症狀控制和安全性之間找到最佳平衡，儘管處於劑量優化之旅的早期。

When surveyed 94% of previous physicians who have been in the program since its inception indicated that they perceived diversified to last longer than other toxins based on their first treatment cycle.

在對自計劃啟動以來一直參與該計劃的前醫生進行的調查中，94% 的人表示，根據他們的第一個治療週期，他們認為多樣化比其他毒素的持續時間更長。

In summary, we've been very encouraged to see real-world clinical results, including safety, efficacy and duration in line with those seen in our Aspen clinical program, we remain on track to initiate a targeted commercial launch midyear, having received our permanent J-code in early January.

總而言之，我們非常高興看到現實世界的臨床結果，包括與我們的阿斯彭臨床計劃一致的安全性、有效性和持續時間，我們仍然有望在年中啟動有針對性的商業發布，並獲得了我們的永久授權一月初的 J 代碼。

Importantly, we've also made significant process progress on the payer front already securing 25 of the top 30 plans covering over 50% of commercial lives.

重要的是，我們在付款人方面也取得了重大流程進展，已經確保了 30 個計劃中的 25 個計劃涵蓋了超過 50% 的商業生活。

This impressive achievement reflects not only the team's ability to execute, but also diversifies differentiated clinical profile and attractive economic profile for payers.

這項令人印象深刻的成就不僅反映了團隊的執行能力，而且還為付款人提供了多樣化的差異化臨床概況和有吸引力的經濟概況。

Also, we recently operationalized our patient reimbursement support services to minimize potential hurdles to adoption.

此外，我們最近也經營了病患報銷支援服務，以盡量減少採用的潛在障礙。

In addition, we have launched our patient affordability program to ensure out-of-pocket costs do not impede access to therapy.

此外，我們還啟動了患者負擔能力計劃，以確保自付費用不會妨礙患者獲得治療。

On the commercial infrastructure side, our Therapeutics team will include about 40 people across sales, medical affairs, market access and reimbursement.

在商業基礎設施方面，我們的治療團隊將包括約 40 名人員，負責銷售、醫療事務、市場准入和報銷工作。

We believe we have the appropriate resources to target the concentrated CT physician population for 70% of patients are treated by the top 20% of physicians or about 1,000 injectors as announced earlier today, the therapeutics commercial organization will be led by Dr. David Hollander, our Chief Medical Officer, who is taken on the expanded role of Global Therapeutics franchise lead reporting directly to me, I'm confident that David's deep experience at all stages of the product lifecycle in addition to building strong teams will add significant value to our therapeutics franchise.

我們相信，我們擁有適當的資源來針對集中的CT 醫生群體，因為正如今天早些時候宣布的那樣，70% 的患者由排名前20% 的醫生或約1,000 名註射者進行治療，該治療商業組織將由David Hollander 博士領導，我們的首席醫療官將擔任全球治療特許經營負責人的擴大角色，直接向我報告，我相信，除了建立強大的團隊之外，大衛在產品生命週期各個階段的豐富經驗將為我們的治療增加重大價值特許經營權。

As preview continues to advance, we look forward to presenting two posters and abstracts on our ASPEN program at the American Academy of Neurology in April.

隨著預覽的不斷推進，我們期待四月份在美國神經病學會展示我們的 ASPEN 計畫的兩張海報和摘要。

With that, I'll turn the call over to Toby to cover our fourth quarter and full year financials and our 2024 financial guidance.

接下來，我將把電話轉給 Toby，介紹我們第四季和全年的財務狀況以及 2024 年的財務指引。

Thank you, Mark.

謝謝你，馬克。

The press release and the 10-K we issued today details our financial results in full, so I will only go over the highlights on this call.

我們今天發布的新聞稿和 10-K 詳細介紹了我們的財務業績，因此我只會回顧本次電話會議的重點內容。

Total revenue for the fourth quarter and full year 2023 were $69.8 million and $234 million, up 40% and 77%, respectively, from the same periods last year.

2023年第四季和全年總營收分別為6,980萬美元和2.34億美元，較去年同期分別成長40%和7​​7%。

Total revenue for the fourth quarter included $58.5 million of product revenue, $2.3 million of service revenue and $9 million of collaboration revenue on the product side for diversify.

第四季的總收入包括 5,850 萬美元的產品收入、230 萬美元的服務收入以及 900 萬美元的多元化產品協作收入。

We delivered $24 million in sales in Q4 and $84 million in sales in our first full year of launch in 2023.

我們在第四季度實現了 2,400 萬美元的銷售額，在 2023 年推出的第一個全年實現了 8,400 萬美元的銷售額。

For the RHA Collection.

適用於 RHA 系列。

Fourth Quarter and Full Year 2023 revenue were $34.5 million and $128.6 million.

2023 年第四季和全年收入分別為 3,450 萬美元和 1.286 億美元。

Sales were up 20% for the full year, driven by deeper and broader account penetration.

在更深更廣泛的客戶滲透的推動下，全年銷售額成長了 20%。

Quarterly sales were down 1% year over year, primarily due to higher than normal RHA sales recorded in Q4 of 2022.

季度銷售額年減 1%，主要是由於 2022 年第四季的 RHA 銷售額高於正常水準。

This dynamic resulted from both the introduction of the RHA route density skew and the launch of DAXXIFY.

這種動態源自於 RHA 路線密度偏差的引進和 DAXXIFY 的推出。

If I were early access to densify was prioritized among accounts that have ordered our RHA.

如果我能儘早訪問 densify，那麼在訂購我們的 RHA 的帳戶中會優先考慮。

Regarding OPUL, our services business substantially all payment processing was stopped as of January 31st, 2024, and we are on track to complete the wind-down of the business by the end of Q1, providing cost savings of approximately $20 million.

關於 OPUL，我們的服務業務自 2024 年 1 月 31 日起基本上停止了所有支付處理，我們預計在第一季末完成業務逐步結束，從而節省約 2000 萬美元的成本。

This year, we recognized $9 million of collaboration revenue in Q4 related to our biosimilar to BOTOX program with VHRS.

今年，我們在第四季度確認了與 VHRS 的 BOTOX 生物相似藥計畫相關的 900 萬美元的合作收入。

The revenue is reflective of the progress made in our collaboration effort.

該收入反映了我們合作努力所取得的進展。

Note that since the inception of the program we have received a total of $60 million from upfront and milestone payments, which have been shown as deferred revenue on our balance sheet.

請注意，自該計劃啟動以來，我們已從預付款和里程碑付款中收到了總計 6000 萬美元的資金，這些款項已在我們的資產負債表上顯示為遞延收入。

The revenue was recognized primarily from the deferred revenue balance.

收入主要從遞延收入餘額中確認。

Turning to OpEx, we are pleased to see our 2023 GAAP and non-GAAP operating expenses of $550.8 million and $319 million come in on the low end of our previously announced guidance, underscoring our continued efforts of disciplined capital allocation and cost controls.

談到營運支出，我們很高興看到2023 年GAAP 和非GAAP 營運支出分別為5.508 億美元和3.19 億美元，處於我們之前宣布的指導的低端，這突顯了我們在嚴格的資本分配和成本控制方面的持續努力。

Further, we continue to see operating leverage within our business.

此外，我們繼續看到我們業務中的營運槓桿。

Full year 2023 non-GAAP operating expenses increased 19% from 2022, while total product revenue increased by 80% during the same period on the balance sheet side, our current cash position, operating plan and anticipated revenues provide us with multiple levers to appropriately fund our commercial growth while maintaining our path to breakeven positive adjusted EBITDA in 2025.

2023 年全年非 GAAP 營運費用較 2022 年成長 19%，而資產負債表方面同期產品總收入成長 80%，我們目前的現金狀況、營運計畫和預期收入為我們提供了多種槓桿來適當融資我們的商業成長，同時保持我們在2025 年實現盈虧平衡正調整EBITDA 的道路。

Finally, Revance's shares of common stock outstanding as of February 16th, 2024 are approximately 88.2 million, with 97.7 million fully diluted shares, excluding the impact of convertible debt.

最後，截至 2024 年 2 月 16 日，Revance 已發行普通股約 8,820 萬股，其中完全稀釋股為 9,770 萬股，不包括可轉換債務的影響。

Before I turn the call back to Mark, I'd like to review our 2024 revenue and OpEx guidance in greater detail.

在我將電話轉回給 Mark 之前，我想更詳細地回顧一下我們的 2024 年收入和營運支出指南。

We recently provided our product revenue guidance, which includes sales of densify and our HA of at least $280 million for 2020 for our guidance, assumes continued market share growth for the RHA Collection and diversify statics and modest revenue contribution from the launch of DAXXIFY for cervical dystonia.

我們最近提供了我們的產品收入指導，其中包括2020 年densify 和HA 的銷售額至少為2.8 億美元，我們的指導假設RHA 系列的市場份額持續增長，並透過推出用於子宮頸癌的DAXXIFY 實現靜態多樣化和適度的收入貢獻肌張力失調。

Further, our guidance takes into consideration normal seasonality.

此外，我們的指導考慮了正常的季節性。

As a reminder, the US facial injectables market experienced its traditional seasonality where Q1 and Q3 are typically slower periods during the year compared to Q2 and Q4.

提醒一下，美國臉部注射劑市場經歷了傳統的季節性，其中第一季和第三季通常比第二季和第四季放緩。

Turning to our OpEx guidance, we expect our 2024 GAAP OpEx to be between $460 million to $490 million, and our non-GAAP OpEx to be between $290 million to $310 million.

談到我們的營運支出指導，我們預計 2024 年 GAAP 營運支出將在 4.6 億至 4.9 億美元之間，非 GAAP 營運支出將在 2.9 億至 3.1 億美元之間。

And you will note that we are aiming to deliver increased year-over-year product revenue growth, while at the same time decreasing our operating expense levels.

您會注意到，我們的目標是實現產品收入年增，同時降低營運費用水準。

The midpoint of our 2024 non-GAAP operating expense guidance represents a 6% reduction from last year, driven primarily by the divestiture of our OPUS payments business.

我們 2024 年非 GAAP 營運費用指引的中位數比去年減少 6%，這主要是由於我們 OPUS 支付業務的剝離。

In addition to organizational streamlining and operational efficiencies.

除了組織精簡和營運效率之外。

Further, we expect our non-GAAP SG&A expenses to be between $240 million to $255 million.

此外，我們預計我們的非 GAAP SG&A 費用將在 2.4 億至 2.55 億美元之間。

And with that, I'll turn the call back over to Mark.

然後，我會將電話轉回給馬克。

Thank you, Toby.

謝謝你，托比。

Before we conclude, I'd like to review our strategic priorities for 2024.

在結束之前，我想回顧一下我們 2024 年的策略重點。

First and foremost, we will focus on delivering at least 32% growth on the top line, while effectively managing spend to reach positive adjusted EBITDA in 2025.

首先也是最重要的是，我們將專注於實現至少 32% 的營收成長，同時有效管理支出，以在 2025 年實現正向調整 EBITDA。

To reach this goal, we plan to execute on our commercial objectives for diversifying our RHA launch Taxus five for CD midyear and maintain our disciplined capital allocation while continuing to drive operational efficiencies.

為了實現這一目標，我們計劃執行我們的商業目標，以實現 RHA 的多元化，在年中推出用於 CD 的 Taxus 5，並保持嚴格的資本分配，同時繼續提高營運效率。

The proof points of our commercial strategy continue to provide us confidence in the trajectory of DAXXIFY and our RHA for densify in particular, the ongoing positive trends in adoption and improving customer sentiment reinforces our belief in our blockbuster potential in the US the aesthetics market.

我們商業策略的證據繼續讓我們對 DAXXIFY 的發展軌跡和我們的 RHA 緻密化充滿信心，特別是採用和改善客戶情緒方面持續的積極趨勢增強了我們對我們在美國美容市場的巨大潛力的信心。

Further, we are on a path to realizing our future growth opportunities and therapeutics, the international expansion of densify and strategic partnerships with frozen and Beatrice combined, these represent access to a $5 billion market opportunity outside of the $4.2 billion US facial injectables market.

此外，我們正在實現未來的成長機會和治療方法、緻密化的國際擴張以及與freeze 和Beatrice 的戰略合作夥伴關係，這些代表著在42 億美元的美國面部注射劑市場之外獲得50 億美元的市場機會。

With that, I will now open the call up for questions.

現在，我將開始提問。

Operator?

操作員？

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

David Amsellem, Piper Sandler.

大衛·阿姆塞勒姆，派珀·桑德勒。

thanks.

謝謝。

Just have a couple.

只要有一對。

So first wanted to drill down more on the top line guidance and I guess I'll just ask it plainly, how realistic do you think the implied assumptions regarding the DAXXIFY for 24?

因此，首先想深入了解頂線指導，我想我會簡單地問一下，您認為關於 24 的 DAXXIFY 的隱含假設有多現實？

There's clearly expectation here that there's going to be aggressive on expansion of the sales footprint.

人們顯然預計將積極擴大銷售範圍。

I just wanted to get your thoughts on what gives you that level of confidence?

我只是想聽聽您的想法是什麼給了您如此程度的自信？

Is it a greater our footprint among a significantly greater footprint among newer accounts.

在新帳戶中，我們的足跡是否更大？

Is it deeper penetration within existing accounts?

對現有帳戶的滲透是否更深？

How are you thinking about that mix and just your overall level of confidence, that's number one and then secondly, on the fillers and RHA is more of a long-term question, but how are you thinking about competitive dynamics and with Evolus looking to enter the market less about this year and more about the long-term dynamics in the context of a potentially more crowded space.

您如何看待這種組合以及您的整體信心水平，這是第一，其次，關於填充劑和 RHA 更是一個長期問題，但您如何考慮競爭動態以及 Evolus 尋求進入市場對今年的關注較少，而更多地關注在可能更加擁擠的空間背景下的長期動態。

Thank you.

謝謝。

Thanks, David.

謝謝，大衛。

This is Mark.

這是馬克。

On the top line growth.

營收成長。

We obviously feel very good about the $280 million guidance guidance that we put out there for top line.

顯然，我們對我們為營收製定的 2.8 億美元指導方針感到非常滿意。

As we stated on our JPMorgan pre-announcement, that we'd expect a little more of that come from our HA and a little bit less to come from diversify.

正如我們在摩根大通預先公告中所說，我們預計更多的資金來自我們的 HA，而來自多元化的資金則少一些。

And so we feel very good.

所以我們感覺很好。

I mean, if you look at where we are in our launch last year, the back half where we made some strategy changes in the pivot, we didn't see the normal launch trajectory because we were doubling back to those existing accounts to cement that relationship and now trying to address kind of what their concerns and issues were as we saw going into Q4, we were getting really good feedback from accounts that the pricing change, removed an important barrier to adoption.

我的意思是，如果你看看我們去年的發布情況，後半段我們在支點上做了一些策略改變，我們沒有看到正常的發布軌跡，因為我們加倍回到那些現有的帳戶來鞏固這一點正如我們在第四季度看到的那樣，我們從客戶那裡得到了非常好的反饋，表明定價變化消除了採用的重要障礙。

And with the way that we've leaned in and are prioritizing some of the other engagement strategies, we feel very good about the way that that is going.

透過我們的努力並優先考慮其他一些參與策略，我們對目前的進展感到非常滿意。

We have stated that we would expect to see normal seasonality in this business, but our growth will come from a combination of new account adds along with ongoing reorders.

我們已經表示，我們預計該業務會出現正常的季節性，但我們的成長將來自新帳戶的增加以及持續的重新訂單的結合。

And as we noted in Q4, more than two thirds of our revenue came from reordering accounts, which I think points to the stickiness of the product.

正如我們在第四季度所指出的，我們超過三分之二的收入來自重新訂購帳戶，我認為這表明了產品的黏性。

And those accounts where we're able to secure.

以及我們能夠保護的那些帳戶。

So we feel very good about where we are and again, particularly with how early we are in the diversified side.

因此，我們對自己的處境感到非常滿意，尤其是我們在多元化方面處於領先地位。

I would also note that we mentioned that we're in about 3,000 active accounts at the end of the year, and we have an account base of 7,000 accounts.

我還要指出的是，我們提到到年底我們有大約 3,000 個活躍帳戶，我們的帳戶基數為 7,000 個。

So even before we go outside of our existing account base.

因此，即使在我們超出現有的帳戶基礎之前。

We have a number of accounts that we've got relationships with that we can run and there will be opportunity for bundling and cross-selling to as we move forward on the filler dynamic side, the nice thing about the taxane partnership is that we were able to bring into market the sort of the latest innovation and filler technology but one that has years and years of experience.

我們有許多與我們有關係的客戶，我們可以經營這些客戶，隨著我們在填充劑動態方面的進展，將有機會進行捆綁和交叉銷售，紫杉烷合作夥伴關係的好處是我們能夠將最新的創新和填充技術引入市場，但擁有多年的經驗。

And so we feel very good about if you look at how our HA interaction has performed internationally in a very competitive market, how they've been able to continue to take share and to grow it.

因此，如果您看看我們的 HA 互動在競爭激烈的市場中的國際表現，以及他們如何能夠繼續佔據份額並擴大份額，我們會感到非常高興。

And with our expanded portfolio of different RHA filler lines in the expanded indications, we feel very good about how we're positioned in the market.

隨著我們在不同適應症中擴大不同 RHA 填充劑系列的產品組合，我們對自己在市場中的定位感到非常滿意。

And also given where we are in our journey, we have plenty of opportunity to continue to grow our share and we've been the fastest growing share taker over the last three years, and we feel very good about the technology and where we're positioned in the market.

而且考慮到我們目前所處的階段，我們有很多機會繼續增加我們的份額，並且我們在過去三年中一直是增長最快的份額接受者，我們對技術和我們所處的位置感到非常滿意市場定位。

Helpful.

有幫助。

Thank you.

謝謝。

Stacy Ku, TD Cowen.

史黛西·庫，TD·考恩。

Thanks so much for taking your questions.

非常感謝您提出問題。

We did have a few.

我們確實有一些。

So just first and partly for Q2.

所以，這只是第二季的第一部分。

A little bit of a follow-up on the last question.

對最後一個問題的一點後續。

Give a sense as you broaden out what kind of clinicians or accounts or hoping to target are they going to be the RESG existing accounts?

當您擴大 RESG 現有帳戶的範圍或希望瞄準哪些類型的臨床醫生或帳戶時，請先了解一下？

Just characterize your plan to put more And curious if you expect the sales force will have the ability to go beyond 500 accounts roughly per quarter.

只要描述一下您投入更多資金的計劃，並且好奇您是否預計銷售人員大約每季有能力處理超過 500 個帳戶。

So curious, you're targeting the same monitoring that you've kind of focused on recently and I have a follow-up.

很好奇，你的目標是你最近關注的相同監控，我有一個後續行動。

Sure, Stacy.

當然，史黛西。

So on the number of accounts as we kind of look at Q2 and where we're going to go, we frankly give a lot of latitude to the sales managers and the sales reps.

因此，在我們關注第二季的客戶數量以及我們的發展方向時，坦白說，我們給銷售經理和銷售代表很大的自由度。

Obviously, the market continues to grow and expand.

顯然，市場不斷成長和擴大。

And there's a wide range of different providers.

並且有各種各樣不同的提供者。

Obviously, those that we have a relationship or a natural starting point for us because we know the accounts and they know us.

顯然，那些我們有關係或自然的起點，因為我們知道帳目，他們也了解我們。

And so we would expect that that would be the initial priority.

因此，我們預計這將是首要任務。

But having said that, we also know from the RHA launch, there were a number of accounts that we're certainly intrigued by diversify, but for whatever reason weren't willing to engage with our HA at the time.

但話雖如此，我們也從 RHA 的推出中得知，有許多帳戶我們確實對多元化感興趣，但無論出於何種原因，當時都不願意與我們的 HA 合作。

And we think that that's going to be a great entry point for us for some of these accounts that are excited to offer, diversify and the innovation that is that it offers in the market.

我們認為，對於我們的一些客戶來說，這將是一個很好的切入點，這些客戶很高興能夠在市場上提供多樣化和創新。

So I think it will be it will be a mix.

所以我認為這將是一種混合。

And I think you'll see some variability across geographies.

我認為您會看到不同地區之間存在一些差異。

As you know, we started more with kind of a prestige strategy that was really tailored and targeted towards the top third of accounts.

如您所知，我們一開始更多地採用了一種真正針對前三分之一帳戶量身定制的聲望策略。

But I think now that we have adjusted our pricing to be more aligned, if anything, it opens up a broader aperture and a broader account opportunity for us.

但我認為，現在我們已經調整了定價，使其更加一致，如果有的話，它為我們開闢了更廣闊的視野和更廣泛的客戶機會。

So it's really about qualifying those accounts that are willing to lean in with us that see the value that are going to promote and support the product.

因此，這實際上是為了讓那些願意與我們合作、看到將推廣和支持產品的價值的客戶獲得資格。

And again, given sort of the number of accounts that we still have to go.

再說一次，考慮到我們仍然需要處理的帳戶數量。

We feel good about it in terms of the sales force and the training and the number of accounts again, I think that if you look back, we never had a target, for example, with the RHA filler line to open a 500 new accounts per quarter.

We feel good about it in terms of the sales force and the training and the number of accounts again, I think that if you look back, we never had a target, for example, with the RHA filler line to open a 500 new accounts per四分之一.

It just turned out that was sort of what the field force could digest between continuing to support existing accounts and trying to go deeper along with opening up new accounts.

事實證明，這就是現場人員在繼續支持現有帳戶和嘗試更深入地開設新帳戶之間可以消化的內容。

And then obviously, we believe very strongly in medical education and training.

顯然，我們非常相信醫學教育和訓練。

And given the profile of our products and sort of the innovative innovation that underlines them, we believe that the best way to for people to get the full value is through training and education.

考慮到我們產品的概況以及強調它們的創新性創新，我們相信讓人們獲得全部價值的最佳方法是透過培訓和教育。

So that will be an important part of it.

所以這將是其中的重要組成部分。

And so it's, I think, really hard right now to say for sure exactly what that account ramps going to look like partly because we have existing relationships too, that we're going to go into.

因此，我認為，現在很難確切地說出該帳戶的成長情況，部分原因是我們也有現有的關係，我們將要進入這段關係。

But when we've done the roll up and put together our plan, we feel very good about the guidance that we've put out there.

但是，當我們完成匯總並製定計劃時，我們對所提供的指導感到非常滿意。

Understood.

明白了。

And then just briefly on kind of the ongoing relationship repair with these accounts, are you willing to discuss in more detail what's working where you see these accounts or increasing orders versus maybe that have roughly one-third or so of accounts where there's a little bit more reticent to just trying to understand where we are in foreseeing any early signals in kind of the repair overhaul?

然後，簡單介紹一下與這些帳戶正在進行的關係修復，您是否願意更詳細地討論您看到這些帳戶或增加訂單的地方正在發揮作用，而不是大約三分之一左右的帳戶，其中有一點點是否更不願意僅僅試圖了解我們在預見修復大修方面的任何早期信號方面處於什麼位置？

Thank you.

謝謝。

Yeah, I mean, we like the signals and the signs that we're seeing and we've talked about the percentage of revenue in Q4 that came from reordering accounts, which we think is a good indicator for us.

是的，我的意思是，我們喜歡我們看到的信號和跡象，我們已經討論了第四季度來自重新訂購帳戶的收入百分比，我們認為這對我們來說是一個很好的指標。

People leaning in seeing the value in the strategy, appreciating the adjustment in price and frankly, appreciating that we're listening and making actionable changes to it.

人們傾向於看到策略的價值，欣賞價格的調整，坦白說，欣賞我們正在傾聽並對其做出可行的改變。

And so it's early, we'll continue to provide metrics and data that we think are representative of trends, not just points in time.

因此，現在還為時過早，我們將繼續提供我們認為代表趨勢的指標和數據，而不僅僅是時間點。

And so as we move forward, we'll continue to share things that we think are helpful.

因此，隨著我們的前進，我們將繼續分享我們認為有用的事情。

But again, reflects what we're seeing.

但這又反映了我們所看到的。

But we we're encouraged by what we continue to see as we've moved into the new year.

但隨著進入新的一年，我們繼續看到的情況令我們感到鼓舞。

It's very helpful.

這非常有幫助。

Thank you

謝謝

Balaji Prasad, Barclays.

巴拉吉·普拉薩德，巴克萊銀行。

Your line is now open if you'd like to proceed with your question.

如果您想繼續提問，您的熱線現已開放。

I'm afraid we get no audio from the largest line, so they will have to move onto Chris Shibutani, Goldman Sachs.

恐怕我們無法從最大的隊伍中得到任何音頻，因此他們將不得不轉向高盛的克里斯澀谷。

Hi, good afternoon, Krishna on for Chris Shibutani.

嗨，下午好，克里希納 (Krishna) 替克里斯·涉谷 (Chris Shibutani) 發言。

Thank you for taking our question.

感謝您提出我們的問題。

I was wondering if you could help us frame the discussion around cervical dystonia, how should we think about the positioning of the product in regards to payers and the impact of the permanent J-Code on the ramp of revenue generation and the adoption curve?

我想知道您是否可以幫助我們圍繞頸部肌張力失調進行討論，我們應該如何考慮產品在付款人方面的定位以及永久 J 代碼對創收和採用曲線的影響？

Thank you.

謝謝。

Yes, sure on the cervical dystonia market in the U.S., it's about a $340 million market.

是的，美國的頸部肌張力失調市場肯定有 3.4 億美元的市場。

Most of these patients are existing patients.

這些患者大多數是現有患者。

So a lot of the patients that we have seen in our previous program and that we expect to convert over to Dax.

我們在之前的專案中見過很多患者，我們希望他們能夠轉而使用 Dax。

If I were going to be switch patients, what's interesting for cervical dystonia?

如果我要換位患者，頸肌肌張力失調有什麼有趣的地方？

There's no cure.

沒有治癒方法。

And so it's really a management of the symptoms and toxins are really the frontline therapy to manage it.

因此，這實際上是對症狀的管理，而毒素實際上是控制症狀的一線療法。

Interestingly, as we pointed out in our prepared remarks, is that over 80% of these patients see symptom reemergence before they can get reinjected prior to week 12.

有趣的是，正如我們在準備好的評論中指出的那樣，超過 80% 的患者在第 12 週之前重新註射之前症狀再次出現。

And so given the data that we generated in our ASPEN clinical program, our ability to potentially give them many more symptom-free days, both from a an early onset of action, along with a good duration profile, has been incredibly well received by both clinicians and payers.

因此，鑑於我們在 ASPEN 臨床計劃中產生的數據，我們有能力為他們提供更多無症狀天數，無論是早期開始行動，還是良好的持續時間，都受到了雙方的熱烈歡迎。臨床醫生和付款人。

And so we're trying to go forward in a measured way because within the neurology community, they tend to be conservative.

因此，我們試圖以一種有節制的方式前進，因為在神經病學界，他們往往是保守的。

They're going to start low on the dosing and they're going to dose them up over time.

他們將從低劑量開始，然後隨著時間的推移逐漸增加劑量。

But as we mentioned in our prepared remarks that when asked when asking our preview physicians, what they thought of the duration profile of their perception of duration profile of diversify 94% of them felt that it was longer lasting until we have an opportunity to be the first really truly novel therapy in CD. in over 30 years.

但正如我們在準備好的發言中提到的，當被問及我們的預覽醫生時，他們對持續時間概況的看法如何，他們對持續時間概況的看法多樣化，94％的人認為它會持續更長時間，直到我們有機會成為第一個真正新穎的 CD 療法。 30多年來。

On the payer side, what makes it interesting for payers is that the based on the dosing ranges that we saw in our cervical dystonia, cervical dystonia, clinical program is that we are seeing more one-to-one dosing with other toxins.

在付款人方面，令付款人感興趣的是，根據我們在頸部肌張力失調、頸部肌張力失調、臨床計劃中看到的劑量範圍，我們看到更多與其他毒素的一對一劑量。

And based on the current vial price that we have when you do one to one dosing, there's a material discount for these payers.

根據當前的小瓶價格，當您進行一對一給藥時，這些付款人可以享受實質折扣。

And so the payers are looking at this saying, wow, this is a product that can deliver results that are similar to or better than conventional toxins and there's that there's that type of price break.

因此，付款人會看到這樣的說法，哇，這是一種可以提供與傳統毒素相似或更好的結果的產品，而且還有這種類型的價格優惠。

We love it, which is why we think we've seen such a robust adoption in the commercial lives covered.

我們喜歡它，這就是為什麼我們認為我們在所涵蓋的商業生活中看到瞭如此強勁的採用。

So we're already over 50% coverage on commercial lives before we even get started into the launch side of it, we do want to be measured because we know as we move into the full launch what's going to regulate.

因此，在我們開始發布之前，我們已經對商業生活進行了超過 50% 的覆蓋，我們確實希望進行衡量，因為我們知道當我們進入全面發佈時將要監管什麼。

This is the way that physicians treat these patients, which is they will start low.

這就是醫生治療這些患者的方式，即他們會從低水平開始。

These are switch patients.

這些是轉換患者。

They'll monitor them through their first 12 week cycle and then if the symptoms are managed, they won't go up any further.

他們將在第一個 12 週的周期中監測，然後如果症狀得到控制，症狀就不會進一步惡化。

If not, we'll continue to up the dose.

如果沒有，我們將繼續增加劑量。

And so we just want to give time for that learning process to take place over multiple cycles.

因此，我們只是想給這個學習過程一個多週期的時間。

But we think that this is a really an encouraging gateway for us into the broader therapeutics market.

但我們認為這對我們進入更廣泛的治療市場來說確實是一個令人鼓舞的門戶。

And we really like where we're positioned Thank you.

我們真的很喜歡我們所處的位置，謝謝。

That was really helpful.

這真的很有幫助。

Annabel Samimy, Stifel.

安娜貝爾·薩米米，斯蒂菲爾。

This is Jack on for Annabel.

這是安娜貝爾的傑克。

Thanks for taking our question.

感謝您提出我們的問題。

So could you provide a little bit more color on how you're changing your communications with physicians so that they're fully aware of your new price changes, have you only really been circling back to the accounts that you have an existing relationship with or have you kind of broaden that message such that new accounts can kind of gain some increase brand awareness?

那麼，您能否提供更多關於如何改變與醫生的溝通的信息，以便他們充分了解您的新價格變化，您是否真的只是回到與您有現有關係的帳戶或您是否擴大了這一訊息，以便新帳戶可以提高品牌知名度？

Yeah, so on the pricing change, given our focus on existing accounts, we really allow that to happen much more through the rep side of it because again, our primary goal in these first two quarters were to solidify the foundation with many of these accounts that are existing customers on the RHA side went through training know how to inject the product, but you had feedback for us on how we could improve things.

是的，所以關於定價變化，考慮到我們對現有客戶的關注，我們確實允許透過代表方面更多地發生這種情況，因為同樣，我們前兩個季度的主要目標是鞏固許多這些客戶的基礎RHA 方面的現有客戶接受過培訓，了解如何注射產品，但您向我們提供了有關如何改進的回饋。

And in some cases, they've got product on the shelf that needs to be worked through before they turn into a reordering account.

在某些情況下，他們的貨架上的產品需要經過處理才能轉換為再訂購帳戶。

And so rather than blast out the pricing to everybody, we thought it was best to allow those reps to go back into reengage to explain the rationale and work with these accounts on the different pull through as we start to move forward and go to more of a new account activation in Q2, then we'll be much more forward leaning on the pricing.

因此，我們認為，與其向所有人公佈定價，不如讓這些代表重新參與進來，解釋其基本原理，並在我們開始向前邁進並進行更多的工作時，與這些客戶一起處理不同的問題。在第二季度啟動新帳戶，那麼我們將更加關注定價。

And that's not to say that we are open about the pricing.

這並不是說我們對定價持開放態度。

But given the strategy, it's been more driven at the rep level and their ability to get back into these accounts and reengage.

但考慮到這一策略，代表層面以及他們重新進入這些客戶並重新參與的能力受到了更大的推動。

And then as we go forward, we'll be able to more broadly, I disseminate that information.

然後，隨著我們的前進，我們將能夠更廣泛地傳播這些訊息。

Great.

偉大的。

Thanks.

謝謝。

[Ilana Lalo, Guggenheim].

[伊拉娜‧拉羅，古根漢]。

Thanks for taking the question.

感謝您提出問題。

Just two quick ones.

就兩個快的。

First on regarding the patient coupon program.

首先是關於患者優惠券計劃。

I'm just wondering if you can provide any color on kind of what that looks like and any metrics that you can share so far on how that has done, Gerben increased patient interest and DAXXIFY and then with the removal of the no advertised price policy and again, any impact you're seeing from that yet, and any metrics that you can share from that angle?

我只是想知道您是否可以提供任何關於它的外觀的顏色以及到目前為止您可以分享的任何指標，以了解其效果，Gerben 增加了患者的興趣和 DAXXIFY，然後取消了無廣告價格政策再說一次，您從中看到了什麼影響，以及您可以從這個角度分享的任何指標嗎？

Sure.

當然。

Well, it's probably premature to say or any met TierOne metrics.

好吧，現在說是否符合 TierOne 指標可能還為時過早。

I think it's something we can share in more detail on our Q1 earnings call, but the patient coupon is basically a $75 off for the consumer that was redeemable through the practice.

我認為我們可以在第一季財報電話會議上更詳細地分享這一點，但患者優惠券基本上為消費者提供 75 美元的折扣，可以透過這種做法兌換。

And so with purchases, the practice received a number of those coupons that they can use.

因此，在購買時，診所收到了許多他們可以使用的優惠券。

And all this is designed to stimulate trial use and experience with our belief that more injectors get comfortable with the product and the more that patients experience, the look that there's going to be a bias and a desire to continue to get retreated with diversify.

所有這一切都是為了刺激試用和體驗，我們相信更多的注射者對產品感到滿意，患者體驗到的越多，就會出現偏見和繼續通過多樣化撤退的願望。

And as we've said in the past, we're going to continue to pilot a number of these different initiatives.

正如我們過去所說，我們將繼續試行一些不同的措施。

We've had different types of programs like this in the past, whether it's snow for people to qualify for one of our grew trainings or different influencer events or other types of programs.

我們過去曾舉辦過類似的不同類型的計劃，無論是人們有資格參加我們的成長培訓之一，還是不同的影響者活動或其他類型的計劃。

And so these are fairly common in the industry and we're going to pilot a number of these, but we've been very pleased to see the receptivity of this, both at the account level and on the patient level, and it's having the desired effect of generating more trial usage and experience in terms of the removal of NAP, our new advertised pricing policy has also been very well received, obviously in a B to B B to C business.

因此，這些在行業中相當普遍，我們將試點其中的一些，但我們非常高興看到這種做法的接受度，無論是在帳戶級別還是在患者級別，並且它具有在消除NAP 方面產生更多試用和體驗的預期效果，我們新的廣告定價政策也很受歡迎，顯然是在B to B B to C 業務中。

It's important that practices are able to drive awareness in a way that's linked to their practice.

重要的是，實踐能夠以與其實踐相關的方式提高意識。

And so by removing this, this allows practices to more and more actively promote sort of the range of Revance product lines across our HA and diversify.

因此，透過消除這一點，這使得實踐能夠越來越積極地在我們的 HA 中推廣 Revance 產品線的範圍並使其多樣化。

And we got a lot of kudos from accounts who sort of felt like these.

我們從有類似感覺的帳戶中得到了很多榮譽。

I want to do a better job of promoting this I'm excited about the product, and I'd like to be able to tell more customers about it, if I'm limited in some cases to in-office advertising only.

我想更好地宣傳這個產品，我對這個產品感到很興奮，如果我在某些情況下僅限於辦公室內廣告，我希望能夠向更多客戶介紹它。

Then I feel I'm missing out on opportunities to drive more awareness.

然後我覺得我錯過了提高人們意識的機會。

And so again, it aligns with the pricing change that we've made, and we've been encouraged by what we're seeing so far there.

同樣，它與我們所做的定價變化保持一致，並且我們對迄今為止所看到的情況感到鼓舞。

Great.

偉大的。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Tim Lugo, William Blair.

提姆·盧戈，威廉·布萊爾。

This is John on for Tim.

這是約翰替提姆發言。

Thanks so much for taking our question.

非常感謝您提出我們的問題。

Just one from us.

我們只有一份。

So I was just wondering if the team could provide commentary on the comfort level with the current debt structure.

所以我只是想知道團隊是否可以就當前債務結構的舒適程度提供評論。

Yes.

是的。

Toby, do you want to hit that on a comfort level on the current debt structure?

托比，你想在目前的債務結構上達到一個舒適的水平嗎？

Yes, sorry about that.

是的，對此感到抱歉。

I didn't hear the question.

我沒有聽到問題。

Yes, I think when you take a look at what we've been trying to achieve over time and the operating leverage that we're generating on through 2023 decisions, we've taken to streamline our business with the reduction of Opel on and kind of moving towards a profitability that we feel is in sight with the guidance we've given both from a top line perspective and the OpEx perspective of having EBITDA positive in 2025.

是的，我認為，當你看到我們隨著時間的推移一直在努力實現的目標以及我們在2023 年決策中所產生的營運槓桿時，我們已經採取了透過減少歐寶和其他類型的業務來簡化我們的業務。根據我們從營收角度和營運支出角度給予的指導，我們認為實現 2025 年 EBITDA 為正值的獲利能力是可以實現的。

I feel like that really unlocks a lot of options on what's sort of our capital stack.

我覺得這確實為我們的資本累積提供了許多選擇。

Clearly, we'll always take prudent measures to finance the business and manage our maturities.

顯然，我們將始終採取審慎措施為業務融資並管理我們的到期日。

But we feel like the first thing to do is prove out the business model continue the track record of success that we've had growing, diversify our HA with a cost structure that we've outlined here, and that will unlock continued operator opportunities on through either organic or sort of other financing alternatives.

但我們覺得要做的第一件事是證明業務模式繼續我們不斷增長的成功記錄，透過我們在此概述的成本結構使我們的 HA 多樣化，這將釋放持續的運營商機會通過有機融資或其他融資替代方案。

Very helpful.

很有幫助。

Thanks.

謝謝。

Terence Flynn, Morgan Stanley.

特倫斯‧弗林，摩根士丹利。

Great.

偉大的。

Thanks for taking the question.

感謝您提出問題。

Maybe a two part from me on Dex.

也許我在 Dex 上分兩部分。

If I I know earlier this year you had talked about one of the things you guys were working through.

如果我知道今年早些時候你們談論過你們正在解決的事情之一。

Was the trying to help practices with some of the prior inventory at a higher cost.

是否試圖以更高的成本幫助實踐一些先前的庫存。

And so just maybe talk us through where you are in that process.

所以也許請告訴我們您在這個過程中的位置。

And then the second question is, I think during your prior remarks, Mark, you mentioned bundling and I think that's the first time we've heard about the potential to bundle DAXXIFY and RHA.

第二個問題是，馬克，我想在您之前的演講中，您提到了捆綁，我認為這是我們第一次聽說捆綁 DAXXIFY 和 RHA 的潛力。

So just wondering, is that something that's currently out there in the marketplace or is that something that's being contemplated?

所以只是想知道，這是目前市場上存在的東西還是正在考慮的東西？

And then how would that how would that work, I guess, effectively?

那麼我想這將如何有效地發揮作用呢？

And how do you think about the impact of that on this year's revenues?

您如何看待這對今年營收的影響？

Thank you.

謝謝。

Sure.

當然。

So first, in terms of working with those customers and some that had made perhaps product on the shelf at higher cost unit up wagon, we focused these two quarters on going back to those existing accounts, I would say were we're a good way through that majority of the way through that, partly because the reps were incentivized to go and engage with those accounts, figure out how we can get them back on track and work with them to develop a strategy to move some of the barriers and obstacles to getting back on board.

因此，首先，在與這些客戶以及一些可能以更高成本單位生產貨架上的產品的客戶合作方面，我們在這兩個季度的重點是回到這些現有帳戶上，我想說我們是一個好方法在整個過程中的大部分時間裡，部分是因為代表們受到激勵去參與這些帳戶，弄清楚我們如何讓他們回到正軌，並與他們合作制定一項策略，以消除一些障礙和障礙。回到船上。

So I feel we've made a really good, really good progress there.

所以我覺得我們已經取得了非常非常好的進展。

And that's why I think when we go into Q2, hopefully we've sort of worked our way through those accounts that were existing users, those that are going to get on board with us.

這就是為什麼我認為當我們進入第二季度時，希望我們已經透過現有用戶的帳戶以及將要加入我們的帳戶來解決問題。

We've had an opportunity to reengage them and then we can start moving forward sort of with a clean slate on the bundling side of it, both with our RHA and with Axovant, we wanted those products to stand on their own.

我們有機會重新吸引他們，然後我們可以開始在捆綁方面從頭開始前進，無論是我們的 RHA 還是 Axovant，我們都希望這些產品能夠獨立存在。

It doesn't help to trying to put together bundling programs until people are sort of fully bought into both individual products.

在人們完全接受這兩種產品之前，嘗試將捆綁計劃放在一起是沒有幫助的。

We don't want the incentive for them to drive product is just because of discounting.

我們不希望他們僅僅因為折扣而推動產品銷售。

We want them to buy into the products because they believe in the value and they see the value.

我們希望他們購買產品，因為他們相信產品的價值並且看到了產品的價值。

And then what we can do is look to how do we create additional incentives for these accounts to go deeper and broader with us once they're embedded.

然後我們能做的就是研究如何為這些帳戶創造額外的激勵措施，以便在它們嵌入後與我們進行更深入、更廣泛的合作。

So to your question, we really haven't done anything yet on the bundling side, but that is something that we do plan to kick off as we move throughout the year, where there will be additional incentives for practices, whether it's different benefits that they get or pricing when we link the two together and they're willing to give us greater share of their business in return for some additional value.

所以對於你的問題，我們確實還沒有在捆綁方面做任何事情，但這是我們計劃在全年行動中啟動的事情，其中​​將對實踐提供額外的激勵措施，無論是不同的好處當我們將兩者聯繫在一起時，他們會得到或定價，並且他們願意給我們更大的業務份額，以換取一些額外的價值。

And so we just want to make sure that we're establishing the products based on their own merit first and then can find ways to unlock that.

因此，我們只是想確保我們先根據產品本身的優點來開發產品，然後找到方法來解鎖它。

And we do think that that will be a source of future opportunity for us as we take those accounts, that might be our HSA accounts only or densify accounts only and figure out how we can create mutual align with those accounts to grow our share.

我們確實認為，這將是我們未來機會的來源，因為我們會利用這些帳戶（可能只是我們的 HSA 帳戶或僅增加帳戶密度），並找出如何與這些帳戶建立相互協調以增加我們的份額。

Thank you.

謝謝。

Navann Ty, BNP Paribas.

納萬·泰，法國巴黎銀行。

Hi, everyone.

大家好。

Thanks for taking my question and a follow up on to the previous one.

感謝您提出我的問題以及對上一個問題的跟進。

Can Could you clarify on what is left to do and on the account reengagement and maybe you can touch base on the priorities and if we would see any strategy tweaks with the new Chief Commercial Officer and the Global Therapeutics franchise lead.

您能否澄清一下剩下要做的事情以及客戶重新參與的問題，也許您可以談談優先事項，以及我們是否會看到新任首席商務官和全球治療特許經營負責人進行任何戰略調整。

Thank you.

謝謝。

Sure.

當然。

So I think you're asking kind of where we are in kind of the re-engagement strategy.

所以我認為你是在問我們在重新參與策略方面處於什麼位置。

And so that's something we said is going to be a priority up and through the end of Q1 before we kick off sort of more traditional launch dynamics where new account activation will be an important part, not that it is it today, but it will take much more of a prominent role going forward.

因此，我們所說的這將是第一季末的優先事項，然後我們將啟動更傳統的啟動動態，其中新帳戶激活將是一個重要部分，不是今天的情況，而是需要一段時間未來將發揮更加突出的作用。

And so we're WERE given where we are now at the end of February, we've made really good progress through that.

所以我們在二月底就知道了現在的情況，我們已經取得了非常好的進展。

And you'll see us again move to a more normal launch cadence as we get into Q2 on the leadership side, you know, as we previously announced, we promoted that Erica Jordan into the Chief Commercial Officer role over therapeutics America joined the organization in sort of the spring of last year and was doing a lot of strategic workforce on the commercial side.

當我們進入第二季度的領導層時，您會看到我們再次轉向更正常的發布節奏，您知道，正如我們之前宣布的那樣，我們將Erica Jordan 提升為治療美國的首席商務官職位，美國於2019 年加入該組織。去年春天，我們在商業方面進行了大量的策略工作。

So she has spent a lot of time with the organization understand its strategic priorities, work streams and stuff.

因此，她花了很多時間與該組織合作，以了解其策略重點、工作流程等。

And so we feel very fortunate to have her leading our aesthetic efforts and she's doing a great job and has really been intimately involved with a lot of the streamlining efforts that we have made and we think her background is uniquely suited to help us get to where we need to go on the aesthetic side, on the therapeutic side, as we announced, we added the additional responsibility to David, Dr. David Holland, our Chief Medical Officer of Global Franchise Head for it therapeutics group.

因此，我們感到非常幸運，有她領導我們的美學工作，她做得很好，並且確實密切參與了我們所做的許多精簡工作，我們認為她的背景非常適合幫助我們達到目標我們需要在美學方面、在治療方面進行研究，正如我們所宣布的，我們為David Holland 博士增加了額外的責任，他是我們治療集團全球特許經營負責人的首席醫療官。

And I think given his background and experience being an MD, particularly with that within the neurology community, we think that not only does he have the gravitas from a leadership and skill set, but we think being an MD and with our targeted launch is going to really help ensure that we position thing the right way that we're understanding the subtleties around how physicians are using it and how best to position ourselves for the future growth.

我認為，考慮到他作為醫學博士的背景和經驗，特別是在神經病學界的背景和經驗，我們認為他不僅具有領導力和技能組合的威嚴，而且我們認為作為一名醫學博士以及我們的目標發布將會持續下去。真正幫助確保我們以正確的方式定位事物，我們了解醫生如何使用它的微妙之處以及如何最好地定位自己以適應未來的成長。

And so David's always been close to the program, but more on the medical side and now in sort of the leadership side, we feel really good to have him in that role because we said it's going to be a targeted launch.

因此，大衛一直與該計劃關係密切，但更多的是在醫療方面，現在在領導方面，我們對讓他擔任這個角色感到非常高興，因為我們說過這將是一個有針對性的啟動。

We'll start with about 40 commercial folks across sales reimbursement, market access and medical affairs.

我們將從大約 40 名負責銷售報銷、市場准入和醫療事務的商業人員開始。

And we've got a lot of the leaders already in place in that functional area that David's already had a chance to work with.

我們在該職能領域已經有很多領導者，大衛已經有機會與他們合作。

And so we feel that we've got the right infrastructure in place today hit on our plan.

因此，我們認為今天我們已經擁有了正確的基礎設施，符合我們的計劃。

And this is helpful.

這很有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

Serge Belanger, Needham & Company.

謝爾蓋貝蘭格 (Serge Belanger)，李約瑟公司。

Hi, good afternoon.

嗨，下午好。

A couple of questions on the upcoming daxi launch in cervical dystonia, looks like you've made some significant data on is the current coverage, at least on the commercial side.

關於即將推出的用於治療頸部肌張力失調的 daxi 的幾個問題，看起來您已經在當前的覆蓋範圍（至少在商業方面）上取得了一些重要數據。

Maybe just talk about the nature of that coverage, how it compares to the other neurotoxins on whether it will impede usage outside of cervical dystonia?

也許只是談談該覆蓋範圍的性質，它與其他神經毒素相比如何，是否會妨礙頸部肌張力失調以外的使用？

And maybe just cover also your plans and time lines for Medicare coverage.

也許還包括您的 Medicare 承保計劃和時間表。

Thanks.

謝謝。

Sure.

當然。

So on the covered side of it, if you look at the commercial category within CD., it's about 60% of the overall CD. lives.

因此，從覆蓋面來看，如果您查看 CD 中的商業類別，您會發現它約佔整個 CD 的 60%。生活。

We're over 50% already.

我們已經超過50%了。

And within that, about almost two thirds of that coverage is going to be first-line therapy.

其中，約三分之二的覆蓋範圍將是一線治療。

So we feel like at least in CD coming into the market, we've got a really strong position within the commercial payer community in terms of our ability to compete effectively and not have any step edits or limits.

因此，我們覺得至少在進入市場的 CD 方面，就我們有效競爭且沒有任何步驟編輯或限制的能力而言，我們在商業支付社群中擁有非常強大的地位。

And within the commercial category, maybe 14%, we'll have a step at it.

在商業類別中，也許 14%，我們將採取措施。

And so we'll continue to work to knock that down with additional payer data right now, we don't have a lot of payer data to go back to those.

因此，我們現在將繼續努力透過額外的付款人資料來消除這種情況，我們沒有大量的付款人資料可以傳回這些資料。

And so we really like sort of the response that we've gotten in the adoption.

所以我們真的很喜歡我們在採用過程中得到的回應。

We've made great product progress with a lot of the top groups there.

我們與那裡的許多頂級團隊一起在產品上取得了巨大的進步。

On the Medicare side, we already have 100% coverage on the Medicare side, that's about 20% of the market.

在醫療保險方面，我們已經實現了 100% 的醫療保險覆蓋率，約佔市場的 20%。

And then, you know, same thing on the federal side, and we have a little bit more work to do on the Medicaid side of it.

然後，你知道，聯邦方面也是如此，我們在醫療補助方面還有更多的工作要做。

But all in all, the has made tremendous progress in terms of the overall coverage side of it.

但總而言之，在整體覆蓋方面取得了巨大進步。

With respect to spontaneous use, obviously we can only promote for CT, but there are a number of the coverage policies.

對於自發性使用，顯然我們只能推廣CT，但是覆蓋政策有很多。

We are agnostic to the toxin.

我們對毒素一無所知。

So you have some that will look at toxins as a sort of a general category in.

因此，有些人將毒素視為一種一般類別。

If you get oxygen coverage within that payer network, then they leave it up to the physicians to ultimately use the product in a way that they that they see fit, others will allow for coverage of other indications with additional data on it doesn't need to be indication data.

如果您在該支付網絡內獲得氧氣覆蓋，那麼他們會讓醫生最終以他們認為合適的方式使用該產品，其他人將允許覆蓋其他適應症，並提供不需要的額外數據作為指示數據。

It could be additional data and then some are very rigid in terms of only covering those indications where you have an FDA approval.

它可能是額外的數據，然後有些數據非常嚴格，僅涵蓋您獲得 FDA 批准的那些適應症。

So we feel like we're really well positioned in cervical dystonia, and we're also encouraged by some of the payers that are looking at.

因此，我們覺得我們在頸部肌張力失調方面確實處於有利位置，我們也受到一些正在關注的付款人的鼓勵。

This is sort of a generic category where the approval of diversify.

這是一種普遍的類別，其認可程度是多樣化的。

We'll allow the payers to ultimately manage the category the way that they think makes the most sense along with the clinicians.

我們將允許付款人最終以他們認為與臨床醫生最有意義的方式管理該類別。

Thanks,

謝謝，

(inaudible) .

（聽不清楚）。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Uy Ear, Mizuho.

Uy Ear，瑞穗。

Thanks for taking my question.

感謝您提出我的問題。

This is Charles on for Uy.

這是查爾斯 (Charles) 代表黃方 (Uy) 發言。

I guess I had a question about the expanded label for the arch three launch?

我想我對拱三發布的擴展標籤有疑問？

And just on, do you think that's going to be a modest contribution to the sales in this year?

順便問一下，您認為這對今年的銷售貢獻不大嗎？

Thanks.

謝謝。

Sure.

當然。

Well, I mean the nice thing about the indication is you can teach train market promote to it.

嗯，我的意思是這個指示的好處是你可以教它進行火車市場推廣。

And given that Ellipse is the most commonly performed HA filler procedure and having that ability to directly target, promote, teach, train and go after it definitely helps.

鑑於 Ellipse 是最常用的 HA 填充程序，並且具有直接瞄準、推廣、教學、培訓和追求的能力，這肯定會有所幫助。

And so it's another thing to talk about.

這是另一件事要談。

And I think it speaks to the ongoing innovation pipeline that the octane is bringing forward and the RHA line.

我認為這說明了辛烷正在推進的持續創新管道和 RHA 系列。

And so it's just yet another thing for us to get in front of customers to talk about.

因此，對我們來說，在客戶面前談論這只是另一件事。

It allows us to get behind it from a promotional standpoint.

它使我們能夠從促銷的角度支持它。

So does not sound like it's the kind of thing that's going to create step function difference in the growth, but it does all help and contribute to the ability for us to have something else to talk to customers about and to get trial perhaps in accounts that maybe had not yet leaned in and it fits also really well with our density, which is used for period or aligns.

因此，聽起來這並不是那種會在成長中產生階梯函數差異的事情，但它確實有助於並有助於我們有能力與客戶談論其他事情，並可能在以下帳戶中獲得試用：也許還沒有傾斜，它也非常適合我們的密度，用於週期或對齊。

And so it's a nice combination of using our RHA3 for lip fullness and then using our RHA route density for the areas kind of around the lips.

因此，這是一個很好的組合，使用我們的 RHA3 來實現唇部豐滿，然後使用我們的 RHA 路線密度來處理嘴唇周圍的區域。

And so it just again gives us yet it's more to talk about with our customers more reason to engage and more reason to get trial.

因此，它再次為我們提供了更多與客戶討論的機會，更多的理由參與其中，更多的理由進行試用。

Thanks very helpful.

謝謝非常有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

And this will conclude the Revance Therapeutics Fourth Quarter and Full Year 2023 financial results and corporate update conference call.

Revance Therapeutics 2023 年第四季和全年財務表現和公司更新電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect your lines.

現在您可以斷開線路。