Revance Reports Third Quarter 2019 Financial Results, Provides Corporate Update - Conference call and webcast today at 4:30 p.m. ET

Revance Reports Third Quarter 2019 Financial Results, Provides Corporate Update

- Conference call and webcast today at 4:30 p.m. ET -

NEWARK, Calif., November 4, 2019 - Revance Therapeutics, Inc. (Nasdaq: RVNC), a biotechnology company pioneering new innovations in neuromodulators for aesthetic and therapeutic indications, today reported financial results for the quarter ended September 30, 2019, and provided a corporate update.

Third Quarter 2019 and Subsequent Updates

"Revance is entering a pivotal period, given the large number of value-inflection points we have created for the company, beginning in just a few weeks with the anticipated submission of our first BLA for DAXI with the FDA,"

said Mark J. Foley, President and Chief Executive Officer at Revance. "In 2020, we expect to report topline results for three Phase 2 clinical trials, as well as our ASPEN-1 Phase 3 trial in cervical dystonia. In addition, we anticipate 2020 will see FDA approval for, and the commercial launch of, our long-acting neuromodulator, DAXI, in glabellar lines. I'm thrilled to be taking the helm of this company at such a dynamic time. I want to take this opportunity to acknowledge everyone who has helped position Revance for the momentous period we are entering."

Financial Highlights

Cash, cash equivalents and short-term investments as of September 30, 2019 were $209.0 million. In August, Mylan was provided an extension to the collaboration and license agreement to defer its decision to move forward with the development of a biosimilar to BOTOX in exchange for a $5.0 million payment, which is expected to be received in fourth quarter of 2019. A decision on whether Mylan intends to proceed is expected by April 30, 2020.

Revenue for the quarter ended September 30, 2019 revenue was $46 thousand compared to $2.4 million for the same period in 2018. The revenue recognized represents the portion of revenue earned from the $30 million combined upfront and incremental payments from Mylan under the biosimilar collaboration and license agreement. Accordingly, revenue for the nine months ended September 30, 2019 was $0.3 million compared to $3.2 million for the same period in 2018.

Research and development expenses for the three and nine months ended September 30, 2019 were $25.9 million and $75.4 million compared to $21.8 million and $67.0 million for the same periods in 2018, respectively. The change in research and development expenses is primarily due to the initiation and continuation of clinical trials and studies for multiple therapeutic and aesthetic indications and pre-BLA filing activities for DAXI for the treatment of glabellar lines.

General and administrative expenses for the three and nine months ended September 30, 2019 were $16.7 million and $43.2 million compared to $14.2 million and $40.5 million for the same periods in 2018, respectively. The increase in general and administrative expenses is primarily due to increased costs related to personnel and infrastructure build-out.

Total operating expenses for the three and nine months ended September 30, 2019 were $42.6 million and $118.6 million compared to $36.0 million and $107.5 million for the same periods in 2018, respectively. Stock-based compensation for the three and nine months ended September 30, 2019 was $4.3 million and $12.9 million, respectively. When excluding depreciation and stock-based compensation, total operating expenses for the three and nine months ended September 30, 2019 were $37.5 million and $103.6 million, respectively.

Net loss for the three and nine months ended September 30, 2019 was $41.4 million and $114.1 million compared to $32.8 million and $102.0 million for the same periods in 2018, respectively.

Near-Term Milestone Expectations

2019 Financial Outlook

Revance reiterates its financial guidance provided in February 2019. Revance expects 2019 GAAP operating expense to be in the range of $173 to $185 million and non-GAAP operating expense, which excludes depreciation and stock-based compensation costs, to be in the range of $148 to $158 million as driven by increased research and development expenditures and launch preparation activities. With five clinical programs and preparations to file the BLA underway, Revance anticipates 2019 non-GAAP research and development (R&D) expense to be $93 to $100 million. With the successful capital infusion through partnering agreements in 2018 and an equity raise in January, management believes the company has adequate cash reserves to fund its current operations through 2020.

Individuals interested in listening to the conference call may do so by dialing (855) 453-3827 for domestic callers, or (484) 756-4301 for international callers and reference conference ID: 3774965; or from the webcast link in the investor relations section of the company's website at: www.revance.com. A replay of the call will be available beginning November 4, 2019 at 4:30 p.m. PT/7:30 p.m. ET to November 5, 2019 at 4:30 p.m. PT/7:30 p.m. ET. To access the replay, dial (855) 859-2056 or (404) 537-3406 and reference conference ID: 3774965. The webcast will be available in the investor relations section on the company's website for 30 days following the completion of the call.

About Revance Therapeutics, Inc.

Revance Therapeutics is a Silicon Valley-based biotechnology company, pioneering new innovations in neuromodulators for aesthetic and therapeutic indications. Revance's lead product candidate, DaxibotulinumtoxinA for Injection (DAXI), combines a proprietary stabilizing peptide excipient with a highly purified botulinum toxin that does not contain human or animal-based components. Revance has successfully completed a Phase 3 program for DAXI in glabellar (frown) lines, delivering unprecedented efficacy and long-lasting duration of effect, and is pursuing U.S. regulatory approval in 2020. Revance is also evaluating DAXI in forehead lines and lateral canthal lines (crow's feet), as well as in three therapeutic indications - cervical dystonia, adult upper limb spasticity and plantar fasciitis, with plans to study migraine. Beyond DAXI, Revance has begun development of a biosimilar to BOTOX , which would compete in the existing short-acting neuromodulator marketplace. Revance is dedicated to making a difference by transforming patient experiences. For more information or to join our team, visit us at www.revance.com.

"Revance Therapeutics" and the Revance logo are registered trademarks of Revance Therapeutics, Inc.

BOTOX is a registered trademark of Allergan, Inc.

Forward-Looking Statements

This press release contains forward-looking statements, including statements related to Revance Therapeutics' 2019 financial outlook, milestone expectations, expected cash runway and other financial performance; the process and timing of, and ability to complete, current and anticipated future clinical development of our investigational drug product candidates; the initiation, design, enrollment, submission, timing and results of our clinical studies, including the near-term milestone expectations described above; development of a biosimilar to BOTOX ; results of our non-clinical programs; statements about our business strategy, timeline and other goals and market for our anticipated products, plans and prospects, including our pre-commercialization plans and timing of our anticipated BLA submission to treat glabellar (frown) lines and potential regulatory approach and product launch; statements about our ability to obtain, and the timing relating to, regulatory approval with respect to our drug product candidates; and potential benefits of our drug product candidates and our excipient peptide and other technologies.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. These risks and uncertainties include, but are not limited to: the outcome, cost, and timing of our product development activities and clinical trials; the uncertain clinical development process, including the risk that clinical trials may not have an effective design or generate positive results; our ability to obtain and maintain regulatory approval of our drug product candidates; our ability to obtain funding for our operations; our plans to research, develop, and commercialize our drug product candidates; our ability to achieve market acceptance of our drug product candidates; unanticipated costs or delays in research, development, and commercialization efforts; the applicability of clinical study results to actual outcomes; the size and growth potential of the markets for our drug product candidates; our ability to successfully commercialize our drug product candidates and the timing of commercialization activities; the rate and degree of market acceptance of our drug product candidates; our ability to develop sales and marketing capabilities; the accuracy of our estimates regarding expenses, future revenues, capital requirements and needs for financing; our ability to continue obtaining and maintaining intellectual property protection for our drug product candidates; and other risks. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in Revance's periodic filings with the Securities and Exchange Commission (the "SEC"), including factors described in the section entitled "Risk Factors" of our quarterly report on Form 10-Q filed November 4, 2019. These forward-looking statements speak only as of the date hereof. Revance disclaims any obligation to update these forward-looking statements.

Use of Non-GAAP Financial Measures

Revance has presented certain non-GAAP financial measures in this release. This release and the reconciliation tables included herein include total non-GAAP operating expense and non-GAAP R&D expense, both of which exclude depreciation, stock-based compensation, and non-recurring milestone costs. Revance excludes depreciation, stock-based compensation, and non-recurring milestone costs because management believes the exclusion of these items is helpful to investors to evaluate Revance's recurring operational performance. Revance management uses these non-GAAP financial measures to monitor and evaluate its operating results and trends on an on-going basis, and internally for operating, budgeting and financial planning purposes. The non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results.

Revance Therapeutics, Inc.:

Jeanie Herbert, 714-325-3584

Gilmartin Group, LLC.:

Laurence Watts, 619-916-7620

Revance Therapeutics, Inc.:

Sara Fahy, 949-887-4476

Jenifer Slaw, 347-971-0906

Nadine Tosk, 504-453-8344

Source: Revance Therapeutics, Inc.

REVANCE THERAPEUTICS, INC.

Condensed Consolidated Balance Sheets

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Condensed Consolidated Statements of Operations and Comprehensive Loss

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REVANCE THERAPEUTICS, INC.

Reconciliation of GAAP Operating Expense to Non-GAAP Operating Expense

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Reconciliation of GAAP R&D Expense to Non-GAAP R&D Expense