We do expect the biosimilar Botox that Revance and Mylan (MYL) are developing will slow sales. Our forecast assumes a roughly 1% market share loss per year over the near term, which is consistent with the previous launches of other neurotoxins like Dysport and Xeomin in the United States. Still, Botox is an unusual product and the market underappreciates the defensibility of the franchise.
Michael Waterhouse does not own shares in any of the securities mentioned above. Find out about Morningstar's editorial policies.