Evolus (NASDAQ:EOLS) executives told investors at Needham & Company’s 25th Annual Healthcare Conference that the company is pursuing double-digit growth and a transition to full-year profitability as it expands beyond its flagship neurotoxin Jeuveau and scales its newer hyaluronic acid (HA) filler line, Evolysse.
In a fireside chat moderated by Needham healthcare analyst Serge Belanger, President and CEO David Moatazedi and CFO Tatjana Mitchell discussed trends in medical aesthetics demand, market expectations for toxins and fillers, and Evolus’ plan to leverage a portfolio approach that combines products, marketing support, and loyalty programs. Chief Medical Officer and Head of R&D Rui Avelar detailed Evolysse’s manufacturing approach and clinical data versus active controls.
Market conditions and category outlook
Mitchell said Evolus believes the U.S. toxin market was “about flat to slight single-digit growth” exiting the fourth quarter of 2025, and that assumption is embedded in the company’s 2026 guidance. For fillers, Mitchell said the market likely declined double digits in 2025 and is expected to moderate in 2026 to a “low single-digit decline to flat.”
Moatazedi said Evolus’ internal data—drawn from what he described as a consumer loyalty database of more than 1.4 million people—suggested the slowdown was less about age cohorts and more about pressure on middle-class consumers, who he said have been stretching intervals between treatments due to “the pocketbook.” He added that higher-income consumers “continued to use these products as they were before.”
On pricing, Mitchell said Evolus does not expect pricing pressure from new toxin entrants and that the company has not increased prices in the current environment. Moatazedi said he did not see changes in procedure pricing tied to tariffs, describing competitive responses as more promotional than structural price shifts.
Evolysse: differentiation, adoption, and marketing
Avelar said differentiation among HA gels primarily comes from the cross-linking step in manufacturing, which he described as “really harsh” and prone to fragmenting HA chains. He said Evolus’ partner, Symatese, developed a cross-linking process performed at near-freezing temperatures to better preserve HA structure. Avelar said benchtop and clinical trial results aligned with the hypothesis that better-preserved HA could drive efficiency and durability, stating that “with less material, we were getting more correction, and we were certainly seeing longer duration.”
In response to a question about how much less filler might be needed, Avelar pointed to Evolysse Smooth’s U.S. FDA approval study, saying physicians used “20% less material” on average in a split-face design, yet the product met non-inferiority and statistical superiority on the primary endpoint. He added that in the Form study, the product showed more improvement than the active control, reaching statistical significance at every time point over the year.
Moatazedi also highlighted that Evolysse’s patient labeling includes a mention of weight loss, which he said enables a unique advertising angle. He said Evolus is incorporating weight loss references into co-branded media, including billboards and digital advertising, and is building commercial awareness for Evolysse using the same co-branded strategy it used for Jeuveau.
On early adoption, Moatazedi described a typical training and sampling pathway where clinicians initially treat people they trust before expanding to patients. He said Evolus often follows up with a second training session once clinicians gain experience, which he said has correlated with increased usage in those offices.
Pipeline: Sculpt under FDA review
Evolus’ planned next U.S. Evolysse product is Sculpt, which Moatazedi described as the franchise’s “premium flagship product” for mid-face indication. Avelar said the company continues to guide to a fourth-quarter approval, noting it is a two-year study and has a longer duration profile than earlier products. Mitchell emphasized that Evolus’ 2026 guidance assumes no revenue contribution from Sculpt prior to approval.
Moatazedi said feedback from investigators who have used Sculpt in Europe has been strong, calling the “noise level” around the product the highest he has seen among Evolus’ offerings. In the discussion, Moatazedi agreed with Belanger that Sculpt could be a growth driver in 2027 given its role in the franchise.
Jeuveau, bundling, and competitive landscape
Mitchell said Jeuveau exited 2025 with 14% market share and that Evolus expects the product to continue to outpace the broader toxin market in 2026 and beyond. She also said the company’s longer-term outlook anticipates Jeuveau remaining in the mid-teens market share by 2028, stepping up incrementally.
Moatazedi said Evolus piloted its first portfolio rebate in the fourth quarter tied to purchasing across Jeuveau and Evolysse, and that engagement exceeded internal expectations. The company expanded the program nationwide in January as a six-month initiative ending in June, offering financial incentives for accounts that grow with Evolus across both product categories. He said the goal is to deepen share within existing accounts, where he said Jeuveau’s share runs roughly 25% to 30% in clinics that carry it.
Mitchell said Evolus considered the impact of new toxin entrants in its guidance, naming AbbVie’s short-acting toxin, TrenibotE, and Galderma’s liquid toxin, Relfydess. She characterized the short-acting product as a potential market-expansion catalyst by bringing in consumers who are “on the sidelines.”
International expansion, long-term targets, and business development
Moatazedi said Evolus operates in nine markets outside the U.S., including what he called the “Big Five” in Europe, with France served through partner Symatese. He said the company plans to launch the Estyme HA line—four products—in Europe in the second quarter. He also cited early progress in the U.K., where he said Evolus is “nearly at a double-digit market share” after about three years.
Mitchell reviewed Evolus’ 2028 framework, describing modest assumed market growth (mid-single digits for toxin and lower for fillers), maintained share targets, and a larger international contribution. She said international revenue nearly doubled in 2025 and increased from about 5% to 8% of global revenue, with a goal of reaching the mid-teens percentage by 2028. Mitchell said those components support a long-term revenue target of $450 million to $500 million, while operating leverage is expected to come from a relatively stable expense base. She cited 2026 operating expense guidance of $210 million to $216 million, representing roughly 0% to 3% growth year over year, and said adjusted EBITDA margin is guided to low-to-mid single digits in 2026 and 13% to 15% by 2028.
On potential portfolio expansion, Mitchell said Evolus is actively evaluating business development opportunities, with a focus on biostimulators and skin quality categories, which she described as device-based injectables that could be capital efficient to develop and commercialize. Avelar added that Evolus is also interested in hair as an underserved opportunity.
Closing the discussion, Moatazedi reiterated the company’s “performance beauty” positioning and said Evolus is focused on executing against its current products, pursuing Sculpt approval, expanding internationally, and exploring pipeline deals that fit its platform.
About Evolus (NASDAQ:EOLS)
Evolus, Inc is a specialty pharmaceutical company focused on medical aesthetics. Headquartered in Newport Beach, California, Evolus develops and commercializes products designed to enhance facial appearance through minimally invasive procedures. Since its founding in 2017, the company has positioned itself in the fast-growing aesthetic market by partnering with leading manufacturers and leveraging clinical expertise to bring innovative injectables to practitioners and patients.
The company’s flagship offering, Jeuveau (prabotulinumtoxinA-xvfs), is a neuromodulator approved by the U.S.
