EOLSNasdaqPharmaceutical PreparationsUS GAAP · USD

Evolus, Inc.

Evolus, Inc. is a U.S.-based performance beauty company focused on cash-pay medical aesthetics. It commercializes Jeuveau®, a botulinum toxin for glabellar lines, and has begun launching Evolysse™, a line of injectable hyaluronic acid gels for wrinkles and folds.

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Revenue297m USD
+11.6 %y/y
Operating profit (EBIT)-32.7m USD
+5.1 %y/y
EBIT margin-11.0%
+1.9 ppy/y
Net income-51.6m USD
−2.4 %y/y
Free cash flow-45.7m USD
−134.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-200-1000100200300m USD2020: 57 m USD2020: EBIT -153 m USD20202021: 100 m USD2021: EBIT -44 m USD20212022: 149 m USD2022: EBIT -65 m USD20222023: 202 m USD2023: EBIT -49 m USD20232024: 266 m USD2024: EBIT -34 m USD20242025: 297 m USD2025: EBIT -33 m USD2025297-33
RevenueOperating profit (EBIT)

Business

Share of revenue
Injectable neurotoxins85 %

Jeuveau® is the company's commercial botulinum toxin product used by aesthetic practitioners for glabellar lines.

Injectable hyaluronic acid gels15 %

Evolysse™ is a collection of HA fillers for wrinkles, folds, and facial contour applications.

Commercial support programs0 %

Loyalty, pricing, and co-branded marketing programs that support practitioner adoption and repeat purchasing.

Products

Reported · share of revenue
99.3%FY2025100 %
  • Products99.3 %
  • Services0.7 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Evolus sells primarily to licensed aesthetic practitioners who administer injectable treatments in the cash-pay beauty market. Demand is driven by clinics and providers seeking differentiated products, marketing support, and flexible pricing rather than reimbursement-based therapeutic products. The company also indirectly serves end consumers who pay out of pocket for aesthetic procedures.

Licensed aesthetic practitioners

Buy Jeuveau® and Evolysse™ to perform elective injectable treatments and retain patients in cash-pay aesthetics.

Medical spas and aesthetic clinics

Purchase products for recurring facial aesthetic procedures and respond to pricing, loyalty, and bundled offers.

Dermatology and plastic surgery practices

Use the products as part of broader aesthetic service menus and value clinical data and product differentiation.

International distribution partners

Help commercialize Jeuveau® and future Evolysse™ launches outside the U.S. where direct sales are not used.

Strategy

Evolus is building a cash-pay aesthetics franchise around Jeuveau® and the Evolysse™ filler line, using an aesthetic-only model to avoid reimbursement complexity and preserve pricing flexibility. Its strategy combines U.S. expansion, international launches, and digital customer engagement to grow practitioner adoption and broaden the product portfolio.

Grow Jeuveau® adoption in the U.S. and abroadShort term

Jeuveau® is the core commercial product and funds the platform.

Scale Evolysse™ in the U.S. and EuropeMedium term

The HA filler line expands the addressable market and diversifies revenue.

Expand the product portfolio through approvals and partnershipsMedium term

A broader portfolio improves customer retention and competitive positioning.

Geography

2024

Evolus is headquartered in the United States and generates most revenue there, with Jeuveau® also sold in Canada, certain European countries, and Australia. The company launched Evolysse™ Form and Smooth in the U.S. in April 2025 and expects broader European launches in 2026, making international approvals and market access important to growth.

United States95 %
Other countries (US filing)4.9 %

Share of the revenue the company reports by geography.

Risks

Evolus depends on continued adoption of elective aesthetic procedures, so consumer spending weakness, inflation, and tariffs can pressure demand and margins. The company also faces execution risk around regulatory approvals, international launches, and reliance on third-party manufacturers and partners for supply and commercialization.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Dependence on elective consumer spending1Tariffs and supply-chain cost inflation2Regulatory approval and launch timing3Manufacturing concentration4Competitive pricing pressure5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Dependence on elective consumer spendingImpact: HighLikelihood: High

    Customers pay out of pocket, so demand is sensitive to confidence, inflation, and economic stress.

    Exposure: Jeuveau® and Evolysse™ procedure volumes

  2. Tariffs and supply-chain cost inflationImpact: HighLikelihood: High

    The company imports products and components through third-party manufacturers, making costs vulnerable to trade actions.

    Exposure: Gross margin and inventory planning

  3. Regulatory approval and launch timingImpact: HighLikelihood: Medium

    Future Evolysse™ products require FDA and other approvals before commercialization.

    Exposure: Revenue timing and product pipeline

  4. Manufacturing concentrationImpact: MediumLikelihood: Medium

    Jeuveau® and Evolysse™ rely on Daewoong and Symatese for production and supply.

    Exposure: Product availability and quality control

  5. Competitive pricing pressureImpact: MediumLikelihood: Medium

    Large aesthetics competitors can use rebates, coupons, and bundling to defend share.

    Exposure: Market share and average selling price

Accounting

Judgemental items
Revenue recognition and net revenue adjustments

Gross sales are reduced by rebates, loyalty rewards, and marketing programs, affecting reported revenue and comparability.

Impact: Net revenue and gross margin

Service revenue in Canada

Canadian Jeuveau® sales through a partner are recorded on a net basis as service revenue rather than product revenue.

Impact: Revenue mix and margin presentation

Contingent royalty obligation fair value

The liability is valued using projected revenues, discount rates, and timing assumptions, creating earnings volatility.

Impact: Operating expenses and balance sheet liabilities

Inventory and launch-related build

Inventory purchases for Evolysse™ launches and tariff protection can affect cash flow and period-end inventory balances.

Impact: Working capital and cash flow

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Last updated: 24/09/2026