Medicis Pharmaceutical Corp’s MRX.N would-be competitor to Allergan Inc’s AGN.N popular anti-wrinkle treatment Botox could be delayed as regulators seek more information, but analysts have no doubt it will be approved before too long.

They still see approval coming later than a planned regulatory action date, despite the results of a U.S. study involving 1,502 people released Monday that showed the drug Reloxin reduced forehead wrinkles with few side effects.

Strong marketing by Medicis could deliver a blow to Allergan in a shrinking aesthetic-products market, by eventually grabbing about 20 percent to 30 percent of Botox’s market share.

Analysts expect Reloxin to bring in between $25 million and $50 million in the second half of 2009, while Botox sales totaled $1.31 billion in 2008.

Medicis is expected to launch the injectable drug at a discount to Botox, but Allergan could counter through rebates and coupons and by bundling its diverse aesthetic products into value-added packages for customers.

read full story via Reuters.