• The Pepsi to Botox's Coke in the wrinkle-relaxer market.
• A focused challenger to AbbVie (the maker of Botox) in the aesthetic injectables space.

• Jeuveau: A proprietary 900 kilodalton purified botulinum toxin type A formulation for the temporary improvement in the appearance of moderate to severe glabellar lines in adults.

Evolus (EOLS) sells primarily to other businesses rather than directly to individuals. Its major customers are medical professionals and aesthetic practices that administer Jeuveau to their patients.

The primary categories of customers include:

• Dermatologists and Dermatology Practices: Physicians specializing in skin health and cosmetic procedures.
• Plastic Surgeons and Plastic Surgery Centers: Medical professionals focused on reconstructive and cosmetic surgery.
• Aesthetic Clinics and Medical Spas (Medspas): Facilities that offer a range of non-surgical cosmetic treatments, often overseen by medical directors.

These customers are typically private medical practices or clinics, and therefore do not have public company symbols.

Daewoong Pharmaceutical Co., Ltd. (069620)

David Moatazedi, President and Chief Executive Officer

Mr. Moatazedi has served as President and Chief Executive Officer 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, overseeing a range of products from facial aesthetics to skin care. His tenure at Allergan also included roles such as Vice President of Sales and Marketing for both the U.S. Facial Aesthetics and Plastic Surgery divisions. Mr. Moatazedi's experience at Allergan included successful acquisitions such as LifeCell for $2.9 billion and ZELTIQ® Aesthetics for $2.5 billion. He also served as a board member at Obalon Therapeutics, Inc., a public medical device company. Earlier in his career, he spent six years at Novartis Pharmaceuticals.

Tatjana Mitchell, Chief Financial Officer

Ms. Mitchell was appointed Chief Financial Officer of Evolus, effective September 8, 2025. She brings over 20 years of strategic and operational finance leadership experience from both public and private companies in retail, consumer, data, and technology-driven sectors. Most recently, Ms. Mitchell served as Senior Vice President of Corporate Finance at Experian, where she managed financial planning and capital allocation across six business units. During her time at Experian, she also held CFO roles for Experian Consumer Services and Experian Marketing Services, where she drove double-digit organic revenue growth and executed and integrated several acquisitions.

Michael Mazen Jafar, Chief Commercial Officer

Mr. Jafar was named Chief Commercial Officer effective November 1, 2020, and previously served as the company's Chief Marketing Officer since joining Evolus in June 2018. Before Evolus, Mr. Jafar was Vice President, Medical Aesthetics at Allergan, where he led the commercial launch of Juvederm Voluma® and managed product development and marketing initiatives for several key franchises, including Botox® Cosmetic and Kybella®. He also oversaw the market assessment and integration of the CoolSculpting® franchise acquired from Zeltiq.

Rui Avelar, Chief Medical Officer and Head of Research & Development

Dr. Avelar serves as the Chief Medical Officer and Head of Research & Development at Evolus. He participates in the company's earnings calls, providing insights into medical and R&D aspects.

Jeff Plumer, General Counsel

Mr. Plumer has served as General Counsel of Evolus since November 1, 2020. He previously held the role of Vice President of Legal since the company's initial public offering (IPO) in 2018. Prior to the IPO, he served as Vice President of Legal to Evolus' sole stockholder from 2014 to early 2018. Earlier in his career, Mr. Plumer practiced as a corporate securities and mergers & acquisitions attorney at K&L Gates LLP.

The key risks to Evolus's business include intense market competition, ongoing intellectual property and licensing dependencies, and challenges related to its financial health combined with an over-reliance on its primary product.

1. Intense Market Competition and Aggressive Pricing Strategies: Evolus operates in a highly competitive medical aesthetics market, particularly for neurotoxins, which is dominated by established players like AbbVie's Botox. The entry of new competitors and their aggressive pricing strategies are expected to intensify pricing pressures, potentially leading to eroded profit margins and challenges in gaining or maintaining market share for Jeuveau.
2. Intellectual Property Disputes and Reliance on Licensing Agreements: Evolus has a history of significant intellectual property disputes, including a U.S. International Trade Commission (ITC) ruling that previously imposed a 21-month ban on Jeuveau imports due to alleged trade secret misappropriation, though a settlement was later reached. Furthermore, the company's operations depend heavily on licensing agreements with partners like Daewoong and Symatese for product manufacturing and commercialization, which come with volume requirements and finite durations. Disruptions to these critical agreements or future IP challenges could severely impact Evolus's ability to operate and supply its products.
3. Financial Health Challenges and Over-reliance on Jeuveau: Evolus has faced concerns regarding its financial health, including significant debt levels and reported negative profitability margins despite revenue growth. The company's business model is largely dependent on the success of a single product, Jeuveau. This concentrated reliance makes Evolus highly vulnerable to market shifts, increased competition, or any factors that could hinder Jeuveau's market adoption or profitability, thereby exacerbating existing financial challenges.

The launch and increasing market adoption of Revance Therapeutics' Daxxify (daxibotulinumtoxinA-lanm) represent a clear emerging threat to Evolus. Daxxify, approved in September 2022, is a botulinum toxin product for glabellar lines that offers a significantly longer duration of effect (median 6 months) compared to traditional neurotoxins like Evolus's Jeuveau (typically 3-4 months). This extended duration is a distinct competitive advantage that can attract both patients seeking fewer injection sessions and practitioners looking for improved patient satisfaction and clinic efficiency, thereby potentially eroding Jeuveau's market share.

Evolus, Inc. (EOLS) operates in the performance beauty sector, primarily offering medical aesthetic products. The company's main products are Jeuveau, a botulinum toxin type A formulation, and the Evolysse line of dermal fillers.

The addressable market sizes for Evolus's main products are as follows:

• For Jeuveau, which is a botulinum toxin type A product for aesthetic use, the U.S. market for botulinum toxin was valued at approximately USD 5.04 billion in 2024 and is projected to reach around USD 11.53 billion by 2033. Globally, the botulinum toxin market was valued at approximately USD 12.24 billion in 2024 and is projected to reach about USD 30.59 billion by 2034.
• For the Evolysse line of dermal fillers, the U.S. filler market was approximately USD 6.2 billion and is projected to grow to USD 10 billion by 2028.

Here are the expected drivers of future revenue growth for Evolus (EOLS) over the next 2-3 years:

1. Continued U.S. Market Share Growth for Jeuveau: Evolus anticipates continued expansion of Jeuveau's market share in the U.S. The company has demonstrated consistent gains, with Jeuveau reaching over 14% of the U.S. market in 2025 and projected to move into the mid-teens. This growth is supported by the brand's performance beauty positioning, clinically differentiated product, and robust consumer loyalty programs like Evolus Rewards™, which shows high repeat engagement.
2. Expansion of U.S. Injectable Portfolio with Evolysse and Estyme: The successful launch and increasing traction of Evolysse, a line of hyaluronic acid (HA) gels, is a significant driver. Evolysse is expected to contribute 10% to 12% of total revenue for 2026, with only two products (Form and Smooth) currently contributing to this. The planned FDA approval of Evolysse Sculpt, a mid-face volume product, later in 2026, and the upcoming introduction of Estyme, another HA gel in Europe in the first half of 2026, further diversify the company's portfolio and revenue streams. Evolus's portfolio rebate program also incentivizes clinics to adopt a broader range of its products.
3. International Expansion: Evolus is actively growing its international presence, with international revenue nearly doubling in 2025 and accounting for 8% of total revenue, up from 5% in 2024. The company expects international revenue to reach approximately 15% by 2028. Operating in nine countries outside the United States, Evolus plans to continue expanding, including the European launch of Estyme in the first half of 2026.

Share Issuance

• Evolus made equity awards to its directors and officers in February 2026, including 45,559 Restricted Stock Units (RSUs) to director Vikram Malik and 94,913 performance-based RSUs, 94,913 time-based RSUs, and stock options for 138,649 shares to officer Rui Avelar.
• The company has a registration statement with the SEC covering shares of common stock available for future issuance under its 2017 Omnibus Incentive Plan.
• Evolus management stated in March 2026 that the company is not planning to raise equity capital and remains highly sensitive to dilution.

Capital Expenditures

• Capital spending for the purchase of property, plant, and equipment was $955,000 in the fourth quarter of 2025, representing a 118.0% increase year-over-year.
• The company expects to allocate resources towards furthering the development of marketing programs and commercialization infrastructure for its products.
• Evolus has committed to reimbursing Symatese for specific clinical trial expenses related to the Evolysse™ Lip and Eye products in the United States and certain regulatory filing fees in Europe.