David Moatazedi: Yes. Canada is, we do believe will continue to grow and as a result will be more consistent in terms of the revenue that we see. I think you saw the €“ a big €“ greater consistency last year in terms of booking Canada revenue than you did the prior year, and you’ll continue to see that be the case as we get into this year where we expect more consistency of their ordering each quarter.
Marc Goodman: Okay. Thanks.
Operator: Thank you. Our next question comes from Douglas Tsao with H.C. Wainwright. Please proceed with your question.
Douglas Tsao: Hi. Good afternoon, and thanks for taking the questions. I guess, David, certainly the focus or conversation around business development has sort of picked up steam at least from my perspective. So how are you thinking about that from a timing standpoint and how is the sort of market in terms of opportunities and how close are you to potentially adding another product to the bag? Thank you.
David Moatazedi: Yes. Thanks for the question, Doug. Look, corporate development is a priority for the company. I think we’ve proven that we can execute with our flagship product here in the U.S., and this team has the capacity in the field with a strong base of customers to support the next asset. So clearly that’s something that we’re putting energy into. We remain, of course, dilution sensitive. We have a bias towards commercial stage assets or near commercial stage assets. And it’s something we’re very active on. Fortunately, we’re in a unique position. There’s only one neurotoxin in the market today, that has a singularity in focus, and that gives us the opportunity to see a lot of assets that companies would like to see partnered with us.
And so we’ll continue to be selective. We’re not under a timeline in terms of a date we need to execute something, but it is a priority, and it has been in all fairness for some time. So that hasn’t changed, but we do think that the market environment is evolving around us, which creates opportunities that may not have been there before.
Douglas Tsao: And David, how much value would that potentially unlock for Jeuveau itself, not just add obviously a new product adds revenue, but €“ would that help jumpstart Jeuveau from a market share standpoint and potentially take it above your sort of current 2028 guidance?
David Moatazedi: Yes. Doug, I have a view that each product, especially if you’re launching a product, has to stand on its own before the combination of products results in something greater than the individual parts. So I think to answer that question, we’d have to be more specific, which unfortunately, I can’t get into that level of detail on this call. But getting a management team that can launch products and execute well with them, high-quality products that are durable, these are assets that you believe five, 10 years from now, consumers will continue to come in and get treated with those products in high growth markets. I think those are the fundamental elements that we look for in an asset that we’d want to bring into the portfolio. And then clearly having a customer base that’s approaching 10,000 is meaningful with the relationships we’ve built and the brand that we currently have in the market.
Douglas Tsao: Okay. Great. Thank you.
David Moatazedi: Thank you.
Operator: Thank you. Our next question is from Louise Chen with Cantor Fitzgerald. Please proceed with your question.
Louise Chen: Hi. Thank you for taking my questions. So I had a few for you. First one I wanted to ask you was, did you say that 15% to 20% of that $500 million of sales in 2028 was international? And I also wanted to ask on phasing of revenues for 2023, should it follow sort of the typical aesthetic kind of sales or because you’re on a growth trajectory, it’ll just sequentially increase every quarter. And then for your guidance for 2023, how much of that is international versus U.S.? Thank you.
Sandra Beaver: Louise, thanks so much for the question. I guess I’ll take those in order. As it relates to the $500 million guidance, yes, we did say we anticipate roughly 15% to 20% of that revenue to be generated outside of the U.S. So you did hear that correctly. And that is our expectation. As it relates to 2023 phasing, we see us returning to typical aesthetic market seasonality as opposed to being on a ramp curve associated with our initial launch, which really was mostly in 2021. So that is a higher fourth quarter expectation and likely a higher second quarter with some lower performance in the third quarter is the typical seasonality we see in this market. So that is certainly what we are anticipating coming into 2023 in our guidance.
As for your third question, international, in our 2023 guidance, we have not broken out international as it relates to 2023 revenue. So we’ll continue to launch across those markets in Europe as well as evaluating Australia. But we expect the majority of our revenue, call it, over 90% to continue to come from the U.S.
Louise Chen: Thank you.
Operator: Thank you. Our next question is from Navann Ty with BNP Paribas Exane. Please proceed with your question.
Navann Ty: Hi. Thanks for taking my questions. I have two, please. So I know its early days that you have updated thoughts on the competitive environment, including DAXXIFY launch late March. And my second question is a follow-up on . So I believe the Pharmakon loan use of proceeds is also bd. So could we assume potentially higher acquisition size than the $50 million from the ATM filing? Thank you.
Rui Avelar: Yes. Maybe I’ll take the first one and hand it over to Sandra to take the second. Yes, Navann, I think you’re right. Its early days. We really don’t view it as competition. The fact that DAXXIFY is entering the market, we see it as an opportunity as you know, with the extra-strength data it’s raising. DAXXIFY’s entrance is raising a lot of questions around it and that in itself creates an opportunity, an opportunity with accounts that are considering potentially switching neurotoxin options, which opens the door for Jeuveau because 90% of the business is not currently with our brand. And also an opportunity to educate around the relationship between dosing and duration and that of course gets handled to our medical affairs team.
So in aggregate, the entry of DAXXIFY, I think creates a lot of interest, creates opportunity and likely leads to further market expansion, which we think is, which is interesting, but it is early days, hard to assess what that could mean over time. But it certainly makes it interesting in this space.
Sandra Beaver: Navann, thanks for the questions. As it relates to the ATM filing, we do still have access to the Pharmakon loan. It’s a 50 million times that expires at the end of this year, so December 31, 2023. And we did up until the middle of last year also have a shelf, although without an ATM. So as we look to our 10-K filing for this year, it was the most logical and efficient time for us to consider introducing a new shelf along with which we could evaluate whether or not we wanted to include an ATM. So I wouldn’t read anything into that about any potential acquisitions at this time. Really, it’s a matter of the efficiency and ensuring we have readily accessible, flexible availability of capital should we need it for the right opportunity. There’s not anything else that you should consider in terms of why we filed that.
Navann Ty: Thank you.
Operator: Thank you. Our next question is from Serge Belanger with Needham & Company. Please proceed with your question.
