Updated from 11:06 a.m. with comments from Allergan.

Allergan plc (AGN) investors have yet another reason to turn their smiles upside down.

Shares of the Botox maker were sharply lower in mid-morning trading on Tuesday, Dec. 5., after rival Revance Therapeutics Inc. (RVNC)  announced positive top-line results from two Phase 3 studies evaluating RT002 for the treatment of glabellar, or frown, lines.

Allergan shares were trading down about 4% to $160.47, and have dropped about 24% this year. Meanwhile, shares of Revance were soaring 37% to $35.65.

In Tuesday's announcement, Newark, Calif.-based Revance said it thinks that RT002, if approved by the U.S. Food and Drug Administration, would be the first neuromodulator that works for as long as six months. 

"Marketed neuromodulators have demonstrated duration of three to four months in treating glabellar lines," Revance noted.

Allergan's blockbuster drug Botox was approved by the FDA for the temporary improvement in the appearance of frown lines between the eyebrows back in 2002. It was later approved for two additional indications: crow's feet lines in 2013 and moderate to severe forehead lines in October of this year.

Allergan spokesman Mark Marmur wrote in an emailed statement on Tuesday that the "clinical profile and market leadership of Botox and Botox Cosmetic are well established."

Marmur called Revance's Phase 3 data "underwhelming," noting that response rates were "similar to or lower than their prior phase 2b study." 

"Allergan does not expect Revance's toxin to enter the market until mid-2020 and we do not believe this data will support a longer duration claim as the only composite data (2-point improvement, none or mild, and both investigator and patient) is at 30 days not at six months," Marmur wrote. 

Botox Cosmetic had net revenue of $189.7 million in the third quarter of 2017, representing an 8.7% rise from the year-ago period.

Allergan is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AGN? Learn more now.

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