Shares drop over 15% as company’s guidance disappoints

  • Revance Therapeutics shares fell over 15% on guidance shortfall
  • Company expects 2024 product revenue of at least $280 million
  • Analysts expected sales of $320.8 million for this year
  • Fourth-quarter product revenue expected to be $58-59 million
  • Full-year 2023 product revenue expected to be $212-213 million
  • President of Revance Therapeutics to step down at the end of March

Revance Therapeutics shares tumbled more than 15% on Monday after the company’s guidance fell short of Wall Street’s expectations. The Nashville-based biotechnology firm expects its 2024 product revenue to reach at least $280 million, while analysts were anticipating sales of $320.8 million for this year. Additionally, Revance projects fourth-quarter product revenue to be in the range of $58-59 million and full-year 2023 product revenue to be around $212-213 million, both lower than the estimates of $66.6 million and $230.4 million, respectively. In other news, Dustin Sjuts, who has served as the company’s president since November 2021, will be stepping down at the end of March, and Revance will be eliminating his position.

Public Companies: Revance Therapeutics (N/A)
Private Companies:
Key People: Dustin Sjuts (President)

Factuality Level: 8
Justification: The article provides factual information about Revance Therapeutics’ shares falling and the company’s guidance falling short of Wall Street’s expectations. It includes specific figures for the expected product revenue and compares them to analysts’ expectations. The article also mentions the resignation of the company’s president. There is no apparent bias or opinion presented in the article.

Noise Level: 3
Justification: The article provides relevant information about Revance Therapeutics’ shares falling and the reasons behind it. It includes details about the company’s guidance and compares it to Wall Street’s expectations. The article also mentions the resignation of the company’s president. However, it lacks in-depth analysis, scientific rigor, and actionable insights.

Financial Relevance: Yes
Financial Markets Impacted: Revance Therapeutics

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article pertains to financial topics as it discusses Revance Therapeutics’ guidance falling short of Wall Street’s expectations, resulting in a significant drop in the company’s shares. However, there is no mention of an extreme event or its impact.

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