Evolus, Inc.

What they do

Evolus markets Jeuveau, a 900 kDa botulinum toxin type A formulation for temporary improvement of moderate to severe glabellar lines, and Evolysse, a portfolio of injectable HA gels indicated for wrinkles and folds such as nasolabial folds. Products are sold directly to licensed aesthetic practitioners in the United States, Canada, certain European markets, and Australia, operating entirely in the cash-pay aesthetic market without reliance on reimbursement.

Revenue drivers

• Jeuveau (Neurotoxin) — Jeuveau is the company's primary revenue source, driven by U.S. sales and growing international adoption. It competes directly with BOTOX and targets a U.S. market estimated at $3.2 billion in 2028. Total company revenue in 2025 was $297.2M, with Jeuveau contributing the majority.
• Evolysse (HA Fillers) — Evolysse Form and Smooth launched in the U.S. in April 2025, expanding Evolus into the dermal filler category. Two additional products (Evolysse Sculpt, Evolysse Lips) are under FDA review with expected approvals in 2026 and 2027. The U.S. addressable market for HA gels is estimated at $1.3 billion in 2028.

Recent performance

For the second quarter of 2026, Evolus reported global net revenue of $84.1 million, a 21% increase year-over-year. GAAP operating loss was $4.5 million, while adjusted EBITDA was positive at $4.7 million, marking the third consecutive quarter of positive adjusted EBITDA. U.S. account penetration exceeded 60%, with more than 18,600 total purchasing accounts and customer reorder rates above 70%. The Evolus Rewards loyalty program surpassed 1.5 million members, with redemptions reaching an all-time high.

Strategy

Evolus is building a diversified global injectable portfolio through partnerships and geographic expansion. In July 2026, it secured an exclusive U.S. license for Profhilo, a skin-quality HA injectable, with commercialization anticipated in 2030. In August 2026, it expanded its Evolysse commercialization rights to Canada, Australia, and New Zealand, with expected launch in 2028. The company targets 2028 net revenue of $450-$500 million and adjusted EBITDA margins of 13%-15%, driven by market share gains in neurotoxin and filler categories and a growing consumer loyalty program.

Risks

• History of Losses and Negative Equity — Evolus has incurred net losses every year since inception (2025 net loss of $51.6M) and had negative shareholder equity of $30.9M as of June 30, 2026, which could impair its ability to raise capital.
• Intense Competition — Jeuveau and Evolysse face strong competition from established products such as BOTOX and Restylane/Juvederm, and failure to maintain market share could limit revenue growth.
• Tariff Exposure on Imports — Evolysse imported from the EU is subject to a 10% tariff under Section 301, and Jeuveau manufactured in South Korea may face a 15% tariff under Section 232 starting September 2026, increasing costs and pressuring margins.
• Regulatory Approval Dependence — Future revenue growth depends on FDA approvals for Evolysse Sculpt (PMA submitted in August 2025) and Evolysse Lips, as well as U.S. clearance for Profhilo (commercialization expected in 2030), creating meaningful execution risk.

Outlook

Management raised full-year 2026 net revenue guidance to $330-$337 million and adjusted gross profit margin to 67.0%-67.5%. They reaffirm a 2028 long-term target of $450-$500 million in revenue and adjusted EBITDA margins of 13%-15%, representing a three-year CAGR of 15%-19%. Anticipated catalysts include U.S. approval of Evolysse Sculpt in the second half of 2026 and commercial launches of Evolysse in new territories and Profhilo in the U.S. in 2028 and 2030, respectively, subject to regulatory approvals.