Evolus (EOLS):

• Evolus is like the Pepsi to AbbVie's Coke, but specifically for anti-wrinkle injections.
• Evolus is like a younger, more focused challenger to AbbVie's Botox in the aesthetic injectable market.

• Jeuveau® (prabotulinumtoxinA-xvfs): A prescription neurotoxin indicated for the temporary improvement of moderate to severe glabellar lines (frown lines between the eyebrows) in adults.
• Nuceiva® (prabotulinumtoxinA-xvfs): Evolus's neurotoxin product marketed in Canada and Europe for the temporary reduction of moderate to severe glabellar lines.
• Evolysse™ Dermal Fillers: A line of hyaluronic acid-based injectables designed to smooth facial wrinkles and folds and restore lost facial volume.

Evolus (EOLS) operates primarily within a Business-to-Business (B2B) model, selling its medical aesthetic products, such as the neurotoxin Jeuveau and the Opul line of dermal fillers, directly to licensed medical professionals and aesthetic practices.

Given the nature of the medical aesthetics industry, Evolus's customer base is highly fragmented across numerous independent and small chain medical practices. As such, there are no specific "major customer companies" that are large, publicly traded entities representing a significant portion of Evolus's revenue that can be listed with company symbols.

Instead, Evolus's direct customers are the thousands of medical professionals and aesthetic clinics who purchase and administer these products to their patients. These customers primarily fall into the following categories:

• Dermatology Clinics: Practices specializing in skin health and cosmetic procedures, including injectable treatments.
• Plastic Surgery Practices: Clinics focused on both surgical and non-surgical aesthetic enhancements, where neurotoxins and fillers are commonly used.
• Medical Spas (MedSpas) and Aesthetic Clinics: Facilities offering a range of cosmetic treatments, often supervised or run by physicians, nurse practitioners, or physician assistants, who purchase products for patient treatments.

Evolus typically utilizes a direct sales force to engage with these professional customers across the United States and other international markets where they operate.

• Daewoong Pharmaceutical Co., Ltd. (Symbol: 069620)
• Cottage Aesthetics GmbH

David Moatazedi President and Chief Executive Officer

David Moatazedi has served as the President, Chief Executive Officer, and a member of the board of directors of Evolus since May 2018. Prior to joining Evolus, he was Senior Vice President at Allergan, Inc., where he led the U.S. Medical Aesthetics division. His career at Allergan, which began in March 2005, included various leadership roles such as Vice President, Sales and Marketing for both the U.S. Facial Aesthetics and U.S. Plastic Surgery divisions. Before Allergan, Mr. Moatazedi was a district manager for the Dermatology division at Novartis Pharmaceuticals. He was instrumental in managing several multi-billion dollar acquisitions for Allergan, including LifeCell for $2.9 billion and ZELTIQ Aesthetics for $2.5 billion. He also served as a board member of Obalon Therapeutics, Inc., a public medical device company. Mr. Moatazedi holds an M.B.A. from Pepperdine University and a B.A. from California State University, Long Beach.

Tatjana Mitchell Chief Financial Officer

Tatjana Mitchell was appointed Chief Financial Officer of Evolus in September 2025. Before her role at Evolus, Ms. Mitchell was the Senior Vice President of Corporate Finance at Experian, where she oversaw financial planning and capital allocation for six business units with revenues exceeding $5 billion. During her tenure at Experian, she also held the CFO position for both Experian Consumer Services and Experian Marketing Services. In these leadership roles, she achieved multiple years of double-digit organic revenue growth, executed and integrated several acquisitions, expanded the customer base, and delivered consistent EBITDA margin progression. Earlier in her career, Ms. Mitchell served as CFO at Zulily, an e-commerce retailer, and held finance leadership positions at companies such as Forever 21, Macy's, Gap Inc., and Marriott International.

Rui Avelar Chief Medical Officer and Head of Research and Development

Rui Avelar serves as the Chief Medical Officer and Head of Research and Development at Evolus. He is also listed as a Physician at Vancouver Canucks and Chief Medical Officer at ANGIOTECH PHARMACEUTICALS INC. His previous experience includes working as a Sports Medicine private practice physician and as an Analyst in Biotechnology at HAYWOOD SECURITIES INC.

Jeff Plumer General Counsel

Jeff Plumer holds the position of General Counsel at Evolus.

Kurt Knab Senior Vice President, Sales

Kurt Knab joined Evolus in August 2018 as Vice President of Sales, and currently serves as Senior Vice President, Sales. Prior to Evolus, he was the Vice President of Business Development and Sales at Medline Industries. Before Medline, Mr. Knab spent sixteen years at LifeCell Corporation, where he held various sales leadership roles, culminating in Vice President, U.S. Sales for four years. At LifeCell, he was responsible for leading commercial efforts for products including Alloderm®, Strattice®, and Revolve®. He has over two decades of commercial and executive experience in the medical and aesthetic industries, with earlier career experience at Pfizer and Mitek Products, an Ethicon Company. Mr. Knab earned his B.S. in Marketing from Pennsylvania State University.

Revance Therapeutics' Daxxify (daxibotulinumtoxinA-lanm), a neurotoxin approved for cosmetic use that offers a longer duration of effect (typically 6-9 months) compared to traditional neurotoxins like Evolus's Jeuveau (prabotulinumtoxinA-xvfs) which typically last 3-4 months. This longer duration has the potential to disrupt the market by reducing the frequency of treatments for consumers, directly impacting the recurring revenue model of companies like Evolus that rely on more frequent injections.

Evolus (EOLS) participates in the aesthetic neurotoxin and dermal filler markets with its primary products, Jeuveau (known as Nuceiva internationally) and the Evolysse line of hyaluronic acid (HA) dermal fillers.

• Jeuveau/Nuceiva (Neurotoxin): The global aesthetic neurotoxin market size was valued at approximately USD 5.25 billion in 2024 and is projected to grow to USD 9.12 billion by 2032. The North American aesthetic neurotoxin market alone was valued at USD 2.71 billion in 2024. The broader global botulinum toxin market, which includes both aesthetic and therapeutic applications, was approximately USD 11.11 billion in 2024 and is projected to reach USD 20.30 billion by 2032.
• Evolysse (Dermal Fillers): Evolus's entry into the U.S. HA dermal filler market, with the launch of Evolysse Form and Evolysse Smooth in Q2 2025, expanded the company's total addressable market in the U.S. by 78% to approximately USD 6 billion. The global aesthetics market, encompassing both neurotoxins and fillers, is projected to grow to USD 7.4 billion by 2028, with fillers expected to represent a larger portion than neurotoxins. Evolysse Sculpt, designed for mid-face volume loss, is expected to receive FDA approval in the second half of 2026 for the U.S. market, and Evolysse Lips is slated for a U.S. launch in 2027. Internationally, the Estyme filler products (the Evolysse brand outside the U.S.) are expected to launch in Europe in the first half of 2026.

Evolus (EOLS) is poised for significant revenue growth over the next two to three years, driven by several strategic initiatives. These include the expansion of its product portfolio, aggressive international market penetration, continued growth of its flagship neurotoxin, and robust customer engagement strategies.

1. Expansion of Product Portfolio with Dermal Fillers (Evolysse/Estyme): A key driver is the introduction of the Evolysse collection of injectable hyaluronic acid (HA) gels. Evolysse Form and Smooth launched in the U.S. in Q2 2025, and these new products are projected to contribute 8-10% of Evolus's total revenue for 2025. Further expansion of the Evolysse line is planned with Evolysse Sculpt in 2026 and Evolysse Lips in 2027. Internationally, the Estyme filler products are slated for launch in Europe in the first half of 2026. This multi-product approach significantly expands Evolus's total addressable market.
2. International Market Expansion: Evolus is actively broadening its global footprint for both its neurotoxin, Nuceiva (known as Jeuveau in the U.S.), and its new filler products. Nuceiva is already available in the U.S., Canada, Australia, and several European markets, including Great Britain and Spain. The company plans to extend Nuceiva's reach to additional European markets, which is expected to double the addressable market in these regions to $1.8 billion. By 2028, international operations are projected to contribute $100 million to total revenue.
3. Continued Growth of Jeuveau/Nuceiva Neurotoxin: Despite the introduction of new products, the sustained performance and expansion of its flagship neurotoxin remain crucial. Jeuveau has been the fastest-growing neurotoxin in the market, increasing its U.S. market share from 4% in 2019 to 14% in 2025. Evolus is investing in expanding Jeuveau's presence in the U.S. Additionally, an "extra-strength" formulation of Jeuveau is in development, with Phase 2 study data showing a correlation between increased dose and extended duration, which could further boost its market appeal.
4. Strategic Partnerships and Customer Engagement: Evolus emphasizes building strong relationships with aesthetic clinics and practices to enhance market penetration and patient access. These partnerships contributed to a 21% increase in U.S. revenue in Q1 2024. The company's Evolus Rewards consumer loyalty program has grown significantly, surpassing 1.3 million members in Q3 2025, reflecting strong consumer engagement. High customer reorder rates, approximately 70%, also demonstrate robust retention. Furthermore, there are strong cross-selling opportunities, as 99% of current Jeuveau customers are willing to try Evolus filler products.

Share Issuance

• On October 10, 2025, Evolus granted non-qualified stock options to purchase an aggregate of 24,931 shares and 31,116 restricted stock units (RSUs) of its common stock to 9 newly hired non-executive employees, with the stock options having an exercise price of $6.26 per share.
• As of October 31, 2025, the total shares outstanding were 64,819,784.
• Evolus has filed registration statements for future share issuance under its 2017 Omnibus Incentive Plan and 2023 Inducement Incentive Plan.

Inbound Investments

• Pinnacle Associates Ltd. acquired 685,960 shares of Evolus, Inc. in the second quarter of 2025, valued at approximately $6.3 million.
• During the first quarter of 2025, Vanguard Group Inc. increased its position by 2.0% (62,664 shares) to 3,234,068 shares valued at $38,906,000, and Millennium Management LLC increased its position by 1.7% (23,605 shares) to 1,392,028 shares valued at $16,746,000. Nuveen LLC also purchased a new position valued at $12,330,000 in the same quarter.
• A May 2025 Amended and Restated Loan Agreement with Pharmakon provides Evolus with up to $250 million in senior secured term loans, with an initial funding of $150 million.

Capital Expenditures

• Evolus's property, plant & equipment increased from $4.09 million at December 2021 to $11.48 million at June 2025.
• Management indicated strategic investments in commercial infrastructure and automation.
• Full-year non-GAAP operating expenses for 2025 are projected to be between $208 million and $213 million, with a primary focus on expanding Jeuveau® in the U.S., scaling Nuceiva® internationally, and supporting the launch of Evolysse™ and Estyme® injectable HA gels.