Evolus (NASDAQ:EOLS) reported fourth-quarter and full-year 2025 results and outlined its priorities for 2026, emphasizing a “performance beauty” strategy centered on cash-pay aesthetics, practice partnerships, and an expanding injectable portfolio.
Strategy update: “beauty-first” positioning and practice partnerships
Chief Executive Officer David Moatazedi said Evolus is “redefining the category through a beauty-first lens,” positioning itself as the first company with a neurotoxin dedicated exclusively to cash-based aesthetics rather than reimbursement-driven markets. Moatazedi highlighted practice-focused initiatives intended to drive share gains and retention, including:
- Evolus, described as the first industry program that rewards practices with co-branded media investment tied to purchase volumes.
- Evolus Rewards, an SMS-based loyalty program co-branded with clinics, which the company said has grown to more than 1.4 million treated patients over six years.
- A new portfolio growth rebate, piloted in the fourth quarter and officially launched in January, aimed at rewarding practices for expanding purchases across Evolus’ product portfolio.
Portfolio commentary: Jeuveau share gains and Evolysse launch progress
Jeuveau, Evolus’ flagship neurotoxin, remained the company’s primary product in 2025. Moatazedi cited an independent study published in JAMA last year that he said demonstrated “fast onset, the highest peak effect, and the longest duration” among toxins studied, calling it the second head-to-head study validating Jeuveau’s advantages. He said Evolus has captured over 14% U.S. market share to date and continued to gain share in 2025 despite a “declining procedural environment.”
In dermal fillers, Evolus discussed the rollout of Evolysse, describing it as the first new hyaluronic acid (HA) technology introduced in over a decade. The company said its proprietary Cold-X technology is designed to create a natural HA formulation and has shown longer duration versus a market-leading brand. Moatazedi said more than 3,000 customers have purchased Evolysse so far and that a larger sampling and experience program is planned in the second quarter of 2026 as Evolus enters the “second phase” of the launch.
Evolus also said it expects FDA approval of Evolysse Sculpt, its mid-face volume product, in the fourth quarter. Chief Medical Officer Rui Avelar described Sculpt as targeting the premium midface category and said clinical data showed non-inferiority and superiority at the primary endpoint versus a known product, with higher responder rates at two years. Avelar also said 1-year data for Firm and Smooth and 2-year data for Sculpt support duration claims.
International expansion and market backdrop
Moatazedi said the company entered France with partner Symatese, transitioned Germany to a direct model in the fourth quarter, and delivered strong growth across existing markets. Evolus now operates in nine countries outside the U.S., and management said international revenue nearly doubled year-over-year, with the U.K. approaching double-digit toxin market share.
On the broader market, Moatazedi characterized 2025 as a difficult year, noting it was only the third time in 25 years that U.S. injectable procedural volumes declined. He said Evolus delivered 12% full-year revenue growth despite that environment and exited the year with 14% growth in the fourth quarter.
During Q&A, Moatazedi said Evolus estimates the overall U.S. neurotoxin market declined “mid to upper single digits” in 2025 on volume, but he believes the market stabilized in the fourth quarter at “flat to low single-digit growth.” For 2026 modeling assumptions, he said Evolus expects low single-digit growth in toxins and a filler market that begins a “road back to recovery,” while management continues to forecast a low-single-digit decline in fillers for the year.
In Europe, Moatazedi said economic conditions have been stronger than in the U.S. and that the company does not believe the toxin market declined there last year. He also said the European HA market appeared to recover toward the end of the year, which Evolus views as potentially informative for eventual recovery timing in the U.S.
Financial results and 2026 outlook
Chief Financial Officer Tatiana Mitchell reported global net revenue of $90.3 million in the fourth quarter, up 14% year-over-year. This included $83.1 million in global Jeuveau revenue and $7.2 million from Evolysse. For full-year 2025, Evolus posted $297.2 million in global net revenue, up 12% versus 2024.
International revenue represented approximately 8% of 2025 global revenue, up from 5% in 2024, including product revenue from Europe and Australia and service revenue tied to a distributor relationship in Canada.
Gross margin was approximately 66% reported and 67% adjusted (excluding amortization of intangibles) for both the fourth quarter and full year, according to Mitchell.
Mitchell also addressed tariffs, stating that Jeuveau is not currently impacted based on announcements to date, while Evolysse—classified as a medical device imported from France—is currently subject to a 10% tariff following a U.S. Supreme Court decision and executive actions. She said fiscal 2025 results reflected a prior 15% tariff and Evolus’ 2026 guidance also assumes a 15% tariff, adding the company is evaluating potential recovery of previously paid tariffs.
On profitability, Mitchell said Evolus delivered fourth-quarter profitability and expects “sustainable annual profitability beginning in 2026.” Non-GAAP operating income for the fourth quarter was $7.1 million, compared to $6.7 million in the year-ago quarter.
For liquidity, Evolus ended the quarter with $53.8 million in cash, up from $43.5 million in the third quarter. Mitchell said the company entered into a revolving credit facility with Eclipse Business Capital providing up to $30 million in availability with an accordion feature up to $40 million. She also noted Evolus retains access to two additional $50 million tranches under its Pharmakon long-term debt agreement, with the existing term loan maturing in mid-2030. Mitchell said Evolus is not planning to raise equity capital and is “highly sensitive to dilution.”
For 2026, Evolus guided to total net revenues of $327 million to $337 million, representing 10% to 13% growth. Other key guidance items included:
- Evolysse contribution: injectable HA products expected to contribute 10% to 12% of total revenue in 2026.
- Adjusted gross margin: 65.5% to 67%.
- Non-GAAP operating expenses: $210 million to $216 million (0% to 3% growth versus 2025).
- Profitability: low to mid-single-digit adjusted EBITDA margin on a consolidated basis, with adjusted EBITDA becoming the primary profitability metric beginning in 2026.
- Interest expense: $16 million to $17 million.
- Diluted weighted average shares: approximately 68 million.
Looking further out, management reiterated a 2028 target of $450 million to $500 million in revenue and 13% to 15% adjusted EBITDA margins, supported by Jeuveau share in the mid-teens, U.S. Evolysse share in the high single digits, and international revenue exceeding 15% of the total.
Competitive and commercial themes: rebates, sampling, and marketing spend
Management said the portfolio growth rebate was designed to address competition from bundled portfolios. Moatazedi said the pilot rewarded accounts that purchased $50,000 or $100,000 more in a quarter, with rebates paid at quarter-end based on purchases. For 2026, the program is based on six months of purchasing volume from January through the end of June.
Mitchell said advertising and media spend has been in the range of $7.5 million to $9 million over the last three years and is expected to remain in that range in 2026, with much of the co-branded marketing earned through Evolus’ programs and targeted around individual practices.
On competition, Moatazedi said Evolus expects additional neurotoxin entrants in 2026, including a shorter-acting BoNT/E launch expected in the summer and a liquid toxin anticipated in the back half of the year, and that anticipated competitive sampling pressure is reflected in the company’s guidance.
About Evolus (NASDAQ:EOLS)
Evolus, Inc is a specialty pharmaceutical company focused on medical aesthetics. Headquartered in Newport Beach, California, Evolus develops and commercializes products designed to enhance facial appearance through minimally invasive procedures. Since its founding in 2017, the company has positioned itself in the fast-growing aesthetic market by partnering with leading manufacturers and leveraging clinical expertise to bring innovative injectables to practitioners and patients.
The company’s flagship offering, Jeuveau (prabotulinumtoxinA-xvfs), is a neuromodulator approved by the U.S.
