Evolus Sees Poison Market Stabilizes, Evolysse Gains Traction, Raises 2028 Revenue Target at Conference

• Evolus says the US botulinum toxin market is stability after a pullback in 2024, it expects low single-digit growth now with a return to mid-single-digit growth in 2027-2028.

• Its new HA product, Evolysseis gaining momentum—now in nearly 3,000 US clinics with positive injection feedback on efficiency, control and duration, supported by manual training on more than 12,000 injectors, and the flagship Sculpt formulation is expected to be approved later this year.

• Management has increased its vision for 2028 $450-$500 million with income through 13%–15% adjusted EBITDA, reiterated guidance for 2026 se $327-$337 millionand promotes growth through Jeuveau+Evolysse and international expansion.

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Evolus (NASDAQ:EOLS) executives said they see signs of recovery and improvement in the US botulinum market after industry-wide pressure, while citing a slow recovery in skin supplements amid changing consumer sentiment. Speaking at the Leerink Conference, CEO David Moatazedi, CFO Tatjana Mitchell, and Head of R&D Rui Avelar also outlined the company’s long-term financial goals and recent commercial efforts related to its growing injectable portfolio.

Moatazedi said the company feels “very positive” about the toxin market, talking about progress starting in the fourth quarter and continuing into the first quarter. He cited last year’s decline as notable because, in his view, the aesthetics category has experienced only three periods of negative growth in nearly 25 years: the 2008-2009 recession, the COVID shutdown, and last year’s downturn.

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According to Moatazedi, the decline in the 2024 rate was largely driven by middle-class consumers cutting back on spending amid high costs and widespread uncertainty. He said the decline in the rate of decline in the rate of economic decline is not isolated to a certain age group or practice, he described it as spread across all channels. He added that, as in previous recessions, consumers tend to extend the intervals between treatments to stretch the value of each dollar.

Moatazedi said the company’s current outlook is consistent with the market’s low-single-digit growth outlook, with internal expectations that the market could return to mid-digit growth in 2027 and 2028. He described Evolus’ status as consistent with historical reversals, while noting that clinical and subscription growth for national accounts has increased.

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Moatazedi said that the filler market has been slow to recover from toxicity, revealing some of the weaknesses-especially for hyaluronic acid (HA) fillers-negative feelings about the face “too full” and consumers’ preference for natural-looking results. He described the softening of the filler as a two-year cycle and said that clinics have increasingly sent messages about both the safety of HA and its ability to deliver natural results.

He highlighted Evolus’ “Drop the F Word” campaign that coincided with the launch of Evolysse, encouraging clinics to avoid the word “filler” in favor of “injectable HA.” Moatazedi said he believes sentiment is beginning to turn in Europe, pointing to the UK as a market where HA trends are developing and likely to act as a leading indicator for the US, which he said may be behind the year.

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Regarding GLP-1 drugs for weight loss, Moatazedi said that beauty clinics recognize and treat GLP-1 patients, but he suggested that the impact will take time to pass because patients need to reach the desired weight, identify clinics, and budget for treatment. He also noted that lowering the price of GLP-1 would help reduce other affordability barriers.

Avelar described Evolysse’s HA gel technology as being produced at near-freezing temperatures to preserve the natural HA structure. He said the response during due diligence has been consistent in many areas:

• Efficiency: injectors report that they need less product to accomplish the repair.

• Forgiveness: the gel can be applied superficially with fewer problems compared to some solid gels.

• Manage: experts report the ability to inject into the intended effect without needing to under- or over-correct.

• Time frame: the company saw good longevity in clinical trials, which Avelar says also applies in practice.

Moatazedi said Evolysse performed well despite the decline in the broad filling category, and said the launch would be among HA’s top launches given the market environment. He said the product is currently in nearly 3,000 US clinics and that Evolus is planning a deliberate effort in the second quarter to increase adoption.

He also emphasized the company’s training infrastructure, saying that Evolus conducted practical training with more than 12,000 injectors last year. Moatazedi said the company has learned that a hands-on training session can be a tipping point in its use as clinics gain confidence in the product.

Moatazedi said the combination of the company Evolysse and Jeuveau is very important because historically Evolus has been competing as a company producing a single product. He described a pilot consolidation in the fourth quarter that provided incentives consistent with increased growth in both product lines; the company launched a comprehensive six-month program nationally in January, designed to mirror the loyalty-style programs offered by major competitors.

In a discussion on competitive dynamics, Moatazedi said clinics may have a limited share of Jeuveau due to portfolio economics with competitors, and that adding fillers helps “open up” share opportunities. He said that Evolus’ share of Jeuveau’s operating clinics is around 25%–30%, and he suggested that the share is reduced more by economics than by product. He also said that the expanded portfolio makes it easier to reach larger clinics that prefer fewer vendor relationships.

Looking ahead, Moatazedi said Evolus expects the Evolysse Sculpt to be approved later this year, calling it a top-of-the-line product and noting that the mid-section is an advanced and technically challenging area. Mitchell added that Sculpt is expected to be the largest product in dollar revenue within the four-product filler line, potentially 40% or more. Executives also hinted at additional product streams after Sculpt, including “eyes next year” and “lips” after that.

Mitchell reiterated the company’s 2026 guidance of $327 million to $337 million in revenue, representing approx 10% to 13% year-on-year growth. He said Evolus is directing EBITDA margins are in the low to mid-single digits in 2026, noting that the company was profitable in the fourth quarter and expects to build from there.

In 2028, Mitchell said Evolus revised its long-term vision $450 million to $500 million with income through 13% to 15% adjusted EBITDA margins. He explained the drivers of growth:

• Jeuveau: it is currently at 14% of the US share, with guidance expected to move into the mid-teens.

• Evolysse: expected to be 10%–12% of global revenue by 2026, with only two products (Form and Smooth) contributing at that time.

• International expansion: international revenue almost doubled by 2025 and went from 5% to 8% of total revenue; the company expects international to reach around 15% of revenue by 2028.

Mitchell said the company has “recovered” costs by 2025 as it builds the commercial infrastructure for the launch of the filling, and he expects the operating capacity to continue without a corresponding increase in operating costs. Moatazedi also highlighted Evolus’ customer loyalty program which he said has grown beyond that 1.4 million consumers and integrated with clinics, including automatic reminders and credits designed to get patients back on track.

Internationally, management said Evolus has a direct presence in the UK, Germany, Spain, and Italy, while France is operated by our partner Symatese; it also directs to Australia and collaborates in Canada. Moatazedi said that the European poison market continued to grow in mid-digits and that international markets did not experience the same economic pressure seen in the US. He estimated that the markets where Evolus operates are close to $2 billion opportunity outside of the US in curbing poisons and fillings, and that the company’s combined share in all those markets remains in the low single digits.

Evolus, Inc is a specialty pharmaceutical company focused on medical aesthetics. Headquartered in Newport Beach, California, Evolus develops and markets products designed to improve the appearance of the face through minimally invasive procedures. Since its founding in 2017, the company has positioned itself in the fast-growing beauty market by partnering with leading manufacturers and clinical technologies to bring innovative injections to doctors and patients.

The company’s offering, Jeuveau (prabotulinumtoxinA-xvfs), is a US-approved neuromodulator.

The article “Evolus Sees Toxin Market Stabilizes, Evolysse Gains Traction, Raises 2028 Revenue Targets at Conference” was first published by MarketBeat.