Why Invest

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A Pure‑Play Platform with a Unique Cash‑Pay Business Model

Evolus operates exclusively in the global cash‑pay aesthetics market, where consumers pay directly for treatments and practitioners (customers) make independent purchasing decisions. This model eliminates third-party reimbursement complexity and enables greater pricing flexibility, faster innovation, and a customer‑centric commercial approach. Evolus' digital-first loyalty programs, co-branded marketing, and practice tools are designed to help customers attract, engage, and retain consumers.

 

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Scaled Neurotoxin Franchise with Proven Momentum

Jeuveau® has established itself as a leading challenger brand in the U.S. neurotoxin market, reaching 14%¹ market share in 2025. Its performance is underpinned by a strong clinical foundation, with proven safety demonstrated across five clinical studies, including the largest head‑to‑head study versus BOTOX® Cosmetic. Designed for precise, predictable outcomes, Jeuveau® delivers high patient satisfaction and consistent aesthetic results. Supported by a growing international footprint across the U.S., Canada, Europe, and Australia, and enabled by its proprietary HI‑PURE™ manufacturing process, Jeuveau® provides a durable revenue base and a meaningful operating leverage opportunity.

 

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Evolysse™ Expands the Growth Runway

The launch of Evolysse™ Form and Evolysse™ Smooth in the U.S. in April 2025 marked Evolus’ entry into the dermal filler category. Built on Cold‑X™ technology designed by Symatese, the Evolysse™ portfolio is designed to differentiate on performance and durability. Upcoming European launches in the first half of 2026 and additional planned U.S. product approvals and launches in 2026 and 2027 create a multi‑year expansion opportunity across geographies and indications. 

 

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Millennials are Largest Consumer Demographic in the Aesthetics Category

Evolus is uniquely positioned to benefit from patient demand that is skewing younger and entering aesthetics earlier through preventative treatments, expanding both market size and long‑term demand. Millennials demonstrate higher adoption rates and are more responsive to digital‑first loyalty programs and co‑branded marketing, making Evolus’ consumer and customer tools particularly effective at driving brand preference, retention, and recurring revenue.

 

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Operating Discipline and Pathway to Long‑Term Value Creation

Anchored by a strong operating foundation, a growing portfolio of aesthetic products, and increasing scale, Evolus is positioned to generate sustainable annual profitability2 starting in 2026. Our 2028 long-term outlook projects $450M to $500M total net revenue, with Jeuveau® market share strengthening to mid-teens and Evolysse™ growing share to high-single digits in the U.S. We project 2028 Non-GAAP2 operating income margins of 13% to 15%.

 

  1. Market share (U.S.) is a company estimate

  2. Within this website, “profitability” is defined as achieving positive non-GAAP operating income. This website includes references to non-GAAP operating expenses, non-GAAP operating income (loss), and non-GAAP operating income margin which each exclude (i) the revaluation of contingent royalty obligations, (ii) stock-based compensation expense, and (iii) depreciation and amortization. Management believes that disclosure of non-GAAP operating expenses, non-GAAP operating income (loss), and non-GAAP operating income margin enables investors to assess the company in the same way that management assesses the company’s operating performance against comparable companies with conventional accounting methodologies. The company’s definitions of non-GAAP operating expenses, non-GAAP operating income (loss), and non-GAAP operating income margin have limitations as analytical tools and may differ from other companies reporting similarly named measures. Non-GAAP measures should not be considered superior to and are not intended to be considered in isolation or as a substitute for GAAP financial measures. Due to the forward-looking nature of the non-GAAP operating income and non-GAAP operating expenses outlook disclosed in this website, a reconciliation of such non-GAAP measures to the comparable GAAP financial measures is not available without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various reconciling items that would impact the forward-looking non-GAAP financial measures since they have not yet occurred and/or cannot be reasonably predicted. Such unavailable information could have a significant impact on the company’s GAAP financial results. 
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