Evolus, Inc. Q1 FY2025 earnings call

• David mentioned a successful start to the year with double-digit revenue growth, lapping a strong prior year quarter. Gained market share, offsetting slower market growth. • In the final quarter as a single product company, Jeuveau added 675 new purchasing accounts, total over 16,000. Consumer loyalty program had over 220,000 redemptions, 65% from existing consumers. • Officially launched Evolysse Form and Evolysse Smooth on April 18th, with strong early momentum. Introduced 'Drop the F Word' campaign to shift conversation from filler to HA. • Cold-X technology in Evolysse is first-in-class, with clinical data showing superiority vs market leading HA gels, and label mentions weight loss. • Refinanced debt facility to strengthen balance sheet, reducing borrowing costs, changing maturity structure, and adding incremental capacity.

In the first quarter, Evolus had global net revenue of $68.5 million, a 15.5% increase over the prior year. US product revenue accounted for approximately 94% of total sales. The single product segment (Jeuveau) achieved $68.5 million in revenue, representing 15.5% growth. The new multi-product segment, Evolysse, launched on April 18th in the US, with strong early momentum. Evolysse is expected to contribute 8% to 10% of total revenue in 2025.

• Reiterated full year 2025 revenue guidance of $345 million to $355 million, representing 30%-33% growth from 2024. • Reduced 2025 toxin market growth expectation to low single digits. • Anticipate Evolysse injectable HA gels to contribute 8%-10% of total revenue in 2025. • Expect to achieve profitability, positive non-GAAP operating income in Q4 2025. • Aim to achieve total net revenue of at least $700 million by 2028, with non-GAAP operating income margin targeting at least 20% by 2028.

• Tariffs on Evolysse: Currently subject to a 10% tariff (increased to 20% on July 5th), impact estimated at less than $2 million for 2025. • Market dynamics: Filler market facing pressure due to consumer sentiment around the word 'filler' and macroeconomic factors. • Macro factors: Potential impact of macroeconomic conditions on consumer spend and procedure volumes.

Q: Get color on market trends, including filler demand changes, market contraction in neuromodulators, and tariff classification of neuromodulators.

A: David discussed filler market being affected by both macroeconomic factors and negative sentiment around 'filler' term. Neuromodulator market is resilient but has seen some slowdown. Sandra talked about tariffs, noting neuromodulators are currently considered pharmaceuticals.

Q: Lump on market dynamics, AbbVie loyalty program impact, and Evolysse pricing.

A: David mentioned AbbVie's loyalty program changes impact Q1 revenue, but Evolus continues to gain share. Pricing on Evolysse not disclosed publicly, but priced in line with market leading products with loyalty program benefits for customers.

Q: Confidence in reiterating 2025 guidance, Evolysse launch metrics.

A: Sandra said Evolus is tracking well ahead of share assumptions despite market challenges. David discussed strong early uptake of Evolysse, including webcast attendance, clinician training, and trial programs, with high confidence in its fast start.

Q: Seasonality in market, tariffs and injector behavior.

A: David discussed seasonality trends, expecting market to align with historical patterns. Sandra talked about Evolus taking steps to mitigate tariff impact but no significant injector behavior changes seen ahead of potential pharmaceutical tariffs.

Q: Broader market softness, segment impact.

A: David noted softness in new patients and slight extension of treatment intervals, but existing patients remain loyal. Sandra mentioned strong adoption in loyalty program.

Q: Halo effect of Evolysse launch on toxin business.

A: David said Evolysse creates opportunity for Jeuveau over time, with early interest from new accounts, but initial launch not expected to drive immediate Jeuveau growth, seen as a 2026 opportunity.