Evolus at Leerink’s Global Healthcare Conference: Strategic Growth Insights

Evolus Inc. (NASDAQ: EOLS) shared a positive outlook during its presentation at Leerink’s Global Healthcare Conference on Tuesday, 11 March 2025. The company reported robust growth, driven by its innovative approach in the performance beauty sector, particularly targeting millennials. Despite concerns about market competition, Evolus remains optimistic about its growth prospects, supported by new product launches and strategic expansions.

Key Takeaways

• Evolus reported over 30% growth in Q4, surpassing the overall market growth of 5%.
• The company is launching a new filler, Evolise, which is expected to contribute 8% to 10% of 2025 revenue.
• Evolus aims for $100 million in revenue from international markets by 2028.
• The company expects the filler market to rebound before 2028, driven by demand from weight loss patients.
• Evolus plans to achieve at least $700 million in revenue and a 20% non-GAAP operating margin by 2028.

Financial Results

• Evolus achieved over 30% growth in the fourth quarter, significantly outpacing the market’s 5% growth.
• The company ended the year with a 14% market share in the toxin category.
• Revenue for 2025 is projected between $345 million and $355 million, with Evolise expected to generate $30 million to $35 million.
• Long-term targets include at least $700 million in revenue and a 20% operating margin by 2028.

Operational Updates

• The Club Evolus subscription program is enhancing customer loyalty and treatment frequency.
• Evolus is launching Evolise with the support of a new educational platform, Evolus Academy.
• 99% of existing customers have shown interest in trialing Evolise.
• The company is expanding in the UK, Italy, Germany, Spain, and Australia, with plans to launch Evolise internationally later this year.

Future Outlook

• Evolus anticipates a rebound in the filler market before 2028, with growth driven by weight loss trends.
• The company is exploring opportunities in biostimulatory and skin quality spaces.
• Evolus aims to convert weight loss patients into injectable users, capitalizing on the GLP-1 medication trend.

Q&A Highlights

• Evolus differentiates itself from competitors like Hugel through precision and predictability.
• Evolise demonstrated statistical superiority over Restylane in studies.
• The pricing strategy for Evolise aligns with premium market leaders, emphasizing quality over price competition.

Readers are encouraged to refer to the full transcript for a detailed account of the conference call.

Full transcript - Leerink’s Global Healthcare Conference 2025:

Operator: us. All right, we’re going to get started. All right, thank you. Next up is Evolus and we have David Modizetti, who is the CEO.

Thank you again for joining us. It’s been a great ride. I see the picture up there from the launch, and it’s just been great, right, what you’ve done. So tell us, just give us a quick update on what’s happening and just how Jeuveau has been doing? Talk a little bit about the fourth quarter and how you’re thinking about this year just to kick off things.

David Modizetti, CEO, Evolus: Sure. So it’s really the fourth quarter. I’ll start there. It’s a continuity of what’s been credit to the team, excellent execution, wrapped around a different business model. We’ve talked about that since we launched that.

Evolus is the first company that came into the space looking at the category differently. We’re a performance beauty company and that cash pay strategy has enabled us to operate differently to bring in this new generation of millennials into the market. And we’re being rewarded for that growth of building this beauty brand in a space where there’s pharma companies in the way we support the practices. And I’m really excited this year. You see our guide reflects the launch of a new injectable hyaluronic acid filler, Evolise.

And that product, not only is it differentiated, we can talk about that, but the label has a mention of weight loss. And so we often get asked, I was at a dinner last night, customers would say, look, this is a differentiated that’s great. This market has been relatively flat for the last year or so. This label of weight loss gets after the biggest potential catalyst for HAs or these patients that are losing weight that want to add volume back. Our ability to go out there and talk about weight loss and link it to a brand like Evolise is analogous to when we launched Jeuveau and targeting millennials.

And I think we have just a number of growth catalysts that will help drive this market going forward. So we’re really excited about it. Yes. That sounds good. So let’s just kind

Operator: of talk about market growth right now, which I think is probably the biggest concern, I would say. Obviously, macro concerns, just the economy slowing. Tell us what you’re seeing and how did the fourth quarter go? How are you seeing, like, the first quarter as far as just general trends? Sure.

David Modizetti, CEO, Evolus: So last year, now that everyone’s reported, we think it came in the market came in around 5% growth for the

Operator: full year.

David Modizetti, CEO, Evolus: For the full year. And I think the fair question is, well, how did that play out over the course of the year? Clearly, the market growth slowed a bit as we exited 2024. You don’t see that reflected in our numbers because we grew over 30% in the fourth quarter. So I think where we’re positioned is a really good place in the sense that we bring more value back into the market.

And at a time when there’s pressure on margins, there’s pressure on procedural volume, we bring more value there. And that reinvestment back in advertising helps. I think as we look at the market this year, we sort of conservatively guided in this mid single digit range for market. But we see a number of ways to outperform. And we finished the year trading at roughly a 14% market share in the category, which is where we expect this year to be on the full year for the talks.

And so assuming that we continue to gain share like we did last year, it far offsets anything you might see in terms of market pressure. So as we look at our year and our guide, I think we’re well insulated. But we get a lot of questions from investors around this consumer discretionary spend. I’ll just remind you, and you know this, when you go back to 02/2008, the worst of the recession that we’ve had in our recent history, the toxin market actually grew a couple points. So these markets are very healthy.

They’re very resilient. And this consumer, you know, when she looks in the mirror and it’s worn off, you see all the wrinkles come back. Yeah. So she prioritizes this today more than she did even in ’eight, and it’s a lot more affordable than it was then because the price point’s the same, but either wages have gone up. So we see a lot of reasons why this market will continue to be healthy and that the consumer will prioritize this over other areas of spend.

So right now, a lot

Operator: of concerns were AbbVie talking about on their call just slowing, but they also were losing share. I think they finally admitted that they were losing share a little bit, right? So what do we learn from Calderma from their conference call?

David Modizetti, CEO, Evolus: Yes. So Calderma also talked a little bit about the market. Look, I think the bigger players are have a dated approach to the market. And the pharma model, isn’t driving growth back for these practices. If you’re, you know, our average clinician is a small business owner, and they’re running a small med spa or a small dermatology practice somewhere in the country.

And they’re now having to think about their cost of goods on the product. They’re having to invest back in advertising. The average clinic spends 10% to 15% of their gross revenue back in advertising. And they think about these consumer loyalty programs because they help subsidize some of that cost. So our ability to go in these practices and talk about how our business partner with them as a small company ourselves, it’s resonating with them.

And I think that’s playing a role in helping us establish more trust with these practices. And that’s why you continue to see in our fifth year, you’ve got the product continuing to gain share because of the way that we’re supporting these small business owners. And in all fairness, the pharma model, it doesn’t allow you to support practices on those dimensions. And I think that is ultimately the bigger differentiation point is high quality products in

Operator: a very different business model. And feel free to What would you say how are how’s the health right now of your customers, so to speak, these MediSpas? Do they still feel like everything’s kind of going strong? I mean, what are they saying?

David Modizetti, CEO, Evolus: Yes. Look, they are growing. MedicalSpas are growing. As you know, they offer a range of services too. So toxins continue to be incredibly healthy for the med spas.

They are offering GLPs. That’s a big part of a number of med spas and how they generate their revenue stream. And HAs are still the second largest market that they operate in. So it’s a big part of it. And I will say the market to some degree as we’ve educated ourselves a little bit more having been in the space for many years, but not for the last six or seven.

I’d say it’s a somewhat neglected market, meaning, you’ve had a number of headwinds from the consumer standpoint that we believe we can play a role in helping reverse and accelerate the market growth there. And it really sits all in the back of this weight loss patient. They’re in these clinics already.

Operator: Yeah.

David Modizetti, CEO, Evolus: And there’s an opportunity to bring them over and to convert them over into injectables. And we think we could play a role in helping.

Operator: Good. Well, I want to stick to Jeuveau for a minute. We can flip to the filler in a second. But talk about just 2025 and what’s kind of the new, new thing for Evolus for working on Jeuveau? Because I know you’ve always got something up your sleeve and there’s always new customer programs.

And just give us a sense of what the focus will be this year from a marketing perspective. Yes.

David Modizetti, CEO, Evolus: From a clinical perspective, we focus on the precision of JUVAX. And that as we continue to penetrate the market, we’re only in 15,000 clinics now, half of the toxin market. The other half aren’t aware of the clinical profile and the unique differences in what Jeuveau brings versus what they’re currently using. So we have an opportunity to continue to go into new accounts and tell that story. But within the existing accounts, we’ve continued to make the brand more relevant.

And it started with the millennial, but as the millennial’s aging, the branding and the way we message around that consumer’s evolving as well. And so that’s why in the clinics that we’re in, we trade at roughly a 30% market share in those 15,000 clinics we’re in. And part of it is this reinvestment back into the clinic and driving that new consumer in that’s starting to get older. And then we announced Club Evolus. So we introduced the first subscription program.

And that’s continuing to gain uptake in the market as well. Just describe what that

Operator: is for some people.

David Modizetti, CEO, Evolus: What we created through our digital platform is the ability for the consumer to get a year wrinkle free for $49 a month. So one of the challenges in this market is there’s not price transparency. Consumers don’t know what it would cost if they went in to get treated. And so we were able to overcome that with a subscription model. And so it’s $49 a month.

Patients wrinkle free for a year. We did a pilot with about 500 patients. They were coming back in every ninety days versus on average patients come in four to five every four to five months. So we’re accelerating the time frame they come in. And so it’s really a we call it a win win for all sides, right?

The consumer is getting treated on the cycle they want to get treated in and they get savings for signing up in a subscription. The practice benefits because instead of that consumer coming into their office couple times a year, they’re coming up to four times a year and they’re buying more each time they come back. And of course, we benefit because every patient that moves in our subscription, that consumer lifetime value doubles versus somebody who’s in our traditional loyalty program. So it really is a win win. It hasn’t been done in our space by a manufacturer and our digital platform enabled us to do it.

Now this is a long game for us. I mean, subscription is brand new to this category. You’re starting to see GLP one manufacturers introduce subscription. So we didn’t anticipate that. I think that’s a really nice thing to see in the market because these consumers see this as part of their everyday beauty regimen and having programs like subscription models enables this to become more realistic for them.

Yes, yes. So this was rolled out recently in

Operator: a broad way. Fourth quarter broadly in a broad way.

David Modizetti, CEO, Evolus: We limited actually to a certain number of just under 100 accounts. We’re now expanding beyond that.

Operator: Yes, yes. Cool. Interesting. Okay. And then have we seen another toxin player join yet?

Huzhou, did they ever launch?

David Modizetti, CEO, Evolus: Yes. So Huzhou, we do see them in the market now with their partner. And they are in some clinics where they’re, as you can imagine, given the most recent toxin that came before them, I think there were promises made and then the clinician saw a different outcome. So practices are are going to scrutinize the new toxin as they should. It’s their number one procedure they do.

And so that interest in making a switch to a new product will be based on how it performs. And I think right now it’s in that stage of assessment. And as you know, we compete with Hugel in Europe. We’re aware of that product and the profiles that it has, and we feel really good about our prospects. And you see that reflected in our guide.

Operator: Yes. Really maybe you can talk about the HUGO product versus your product and why we shouldn’t be concerned about that. Well, actually I think

Unidentified speaker, Evolus: David answered in the best way. We one thing that we’ve seen with our product is a lot of precision and predictability. When we look at the huge out product lease from what we saw, we see a lot of variability even in their Phase III studies up to 40% difference in just primary endpoint. And that’s kind of the feedback we’re getting. But I think David summed it up best.

We compete against them right now. We seem to do fairly well against it.

David Modizetti, CEO, Evolus: Does it

Operator: diffuse more from the side or just the duration is not there?

Unidentified speaker, Evolus: Yes. All we can talk about is the feedback or sorry, if you look at it, what we’re just looking at is the efficacy metrics. There’s a lot of variability, at least

Operator: in their Phase IIIs. Yes, interesting. Which is unusual. Right, right, right. Obviously, everybody is excited about the EVILYS filler launch.

Maybe you can describe a little bit of the technology that makes this so interesting and differentiated.

Unidentified speaker, Evolus: The technology is really simple, which is kind of why David and I liked it so much. If I were to try and sum it up, hyaluronic acid injectables are based on hyaluronic acid and mother nature invented hyaluronic acid. And the reason these gels work so well is because of the complexity and the length of these hyaluronic acid strands. And the technology is really based on a manufacturing step that we think does a better job in preserving that structure. And when we looked at the data that we had on the bench top it seems to stand up very well to testing and stress testing.

And then in the clinical we saw that borne out also. We see a very efficient gel where you get a disproportionate amount of correction and very good results in long duration with it.

Operator: So what will the salespeople, everybody be able to talk about as far as comparison versus Restylane?

Unidentified speaker, Evolus: We had two products. They went head to head against Restylane. And in the label, we have that it met non inferiority. And we also have the stats in there where you could see the confidence intervals and the p value showing statistical superiority in the primary endpoint, p value of 0.001. And then we have all the efficacy in that label that goes out to a year.

So there we could see even at one year, we still have a very high respond rate. And then on the sales force, the other thing that we got that we think was, you know, very helpful in particular for the patient labeling is we talk about wrinkles being caused not just by aging, but by weight loss. And to our knowledge, we’re the first ever had that and the only ones to have that. So that’s something that we believe we can take advantage of. Interesting.

In particular with

Operator: the backdrop of GLP-one. Yes. So help us with the launch strategy and then help us with how to think about the ramp of the product and the numbers. I guess it’s kind of a one, two question.

David Modizetti, CEO, Evolus: Sure. I’ll take the first

Operator: question. Sure.

David Modizetti, CEO, Evolus: So we did spend quite a bit of time over the last eighteen months doing research in the market to understand what products were successful historically in their launch strategy and and where products were challenged. And so, we did bring on a few individuals to the organization that have deep expertise in hyaluronic acid fillers, and we built a new medical education platform that we’ve now launched called Evolus Academy, which will enable us to expand our training efforts around the injectable And we are now in that stage where we’re rolling it out. So we’ve identified sort of our core faculty and we’re training them on Evolise. We’re going to be rolling out the product in the coming weeks. And what’s really important is that they have really good results initially in the training to support that.

That will all be wrapped around a unique way of going to market with Evolise and that’s something that we’ll roll out after our national meeting, which we have planned at the end of the year.

Operator: What do you mean by unique way of going to market?

David Modizetti, CEO, Evolus: Every product has a unique way of launching it. With Jeuveau, we did the JET program to give a a number of accounts early access to the product. And you can imagine we’ll do something unique with Evolise as well, but, we’ll roll that out after we come out of our our national meeting. So you get a better sense for that in the first quarter. Right.

But we see one in our research, 15,000 clinics that currently work with us, 99% of them expressed interest in bringing on Evelisse and trialing it. So we know there’s a large base of practices that are excited to use the product. And then we see another 15,000 clinics when research, half of them told us with Evolise, they’d be interested in revisiting potentially partnering with us. So we have a unique opportunity to go deeper within our existing customer set, which could enable Jeuveau to be more successful and also to start partnering with more clinics. And I think that’ll be, you know, our strategy this year is going deeper and wider at the same time.

Sandra, Evolus: Yes. So we’ve guided to $345,000,000 to $355,000,000 of revenue for 2025, of which we expect 8% to 10% to come from the filler. So call it this $30,000,000 to $35,000,000 number. As David alluded, we are going to do a lot of training. Like any one of these products, there’s quite an adoption curve as people get accustomed to the performance of the product.

And in that will be sampling of the product as well as training events. So you’re going to see investment concentrated in the second quarter as we’re embarking on the launch here now. And that will mean a relatively modest revenue actually in Q2. So that will back end weight the majority of the revenue, particularly in Q4, just because it’s seasonally the highest performance quarter, highest procedure volume quarter of the year for Evolise itself.

Operator: Yes. And how should we be thinking about the pricing strategy, whatever you’re willing to share? Because the Jeuveau pricing strategy was unique and seems to work pretty well. Yes.

David Modizetti, CEO, Evolus: And Jeuveau, as you know, when we first entered The U. S. Was at a different price point than where we are today. So as we’ve taken the investment we made at launch and continue to build on it with co branded media, we’ve used that as an opportunity to close the gap relative to the market leader. And so we continue to remain at a savings of roughly 20%, but in line more with Gauterma and other companies more in the next value segment tier.

This product is the first new technology to end this market in a decade. And as we pointed out, it really is interesting and different science to preserve more of this natural And so we see it as very competitive against that premium line of the market leaders. And so I think we see the pricing being sort of in line and competitive against those brands. And we do believe that with the launch of Evelisse, it elevates not just our partnership with them, but just the overall portfolio. And so, we tested that in research and it tested very well.

I think the clinics want to see us help grow this market and that’s where you’ll see us making the biggest impact. Glad you brought up

Operator: the market because while we’ve been so focused on toxins, you know, with your company over the past couple of years, it seems like the filler market has not been as strong as the toxin market. And I think there’s a lot of concerns that it’s slowing even more. What’s your sense of just the broader filler market and talk about the growth dynamics relative to the toxin to help us?

David Modizetti, CEO, Evolus: Sure. Yeah. The toxin market has just been incredible. It’s always been consistent. If you go back twenty years, you know, you could say, okay, it grew mid single digits, it grew low double digits.

It sort of plays in that range and it plays in that range consistently. If you did the same on the market, what you’d find is the highs are higher than the toxin market and lows tend to be lower. But on a five year period, interestingly, they tend to grow closer together. Still 5% to 7%. Yeah.

Mid to high single digits. So I would just say that I don’t think any one moment in time is reflective of what you’ll see over a longer period in the But

Operator: why do we see that, you know, kind of more volatility?

David Modizetti, CEO, Evolus: I think more recent well, part of the volatility is when consumers are making pocketbook trade offs, they always stick with the toxin first. It’s $300 to $500 It’s more affordable. And as I mentioned earlier, when you look in the mirror four months after you’ve used the toxin and it’s worn off, you see it, because it’s a % worn off. Mhmm. Whereas when you go to a filler it’s a gradual tapering of the outcome.

So a consumer doesn’t wake up four months or six months later and they absolutely need the filler. But when you go out a little further and you say a year, year and a half, they absolutely see the difference. And so that’s why you tend to see a little bit more of that that the spikes and and the lows driven by that. Now I do think that GLPs have changed the dynamic just a bit in the sense that now they’re prioritizing their pocketbook to weight loss before they’re gonna add on the injectable HAs. And I think that is a significant tailwind we see for the category.

And when I think about the growth potential in HAs, we could easily be sitting here over the next five years saying, this market’s growing so much faster than toxins. What’s happening with the toxin world is toxins will continue to be healthy growth, but the tailwind of GLPs, the research supports it. The number one procedure they want to add on when they lose weight is injectable fillers. And the reason is because they lose that volume and that is the first sign of aging.

Operator: Yeah.

David Modizetti, CEO, Evolus: And they want to reinject back. And I think we believe that we can play a significant role in doing that. We’re the only manufacturer that can make claims around that. And that claim alone gives us the ability to do things in the office to target the patient that’s already in there. It gives us the ability to put that in our co branded media messaging out to the consumer and enables us to target those GLP patients very differently than those that don’t have in their label because they can’t speak to it proactively.

So I can tell you when we’ve done small focus groups since we got this in our label, that is the biggest difference that clinicians see is this opportunity to go after that segment. They’re looking for growth and they’re looking for a company that could come in and play

Operator: a role in doing that. So is there a potential partnership with like some of these, you know, weight loss clinics and stuff? How are you thinking about that? Yeah. I like the

David Modizetti, CEO, Evolus: way we’re plugged in today, right? So if you think about it, we have a consumer loyalty program today that has over a million consumers in it, and the majority of our clinics use it. So we have the ability with the Evolise to target consumers and give them those benefits. So you can imagine that and how we can target within the clinic if they do have GLP patients. It opens up a lot of opportunity.

These clinics today that the majority of our revenue touches in some way are co branded media. And so adding on Evolise means these practices purchase more from us, which means they earn more co branded media from us. And we’ll build co branded media that targets that weight loss patient because we can actively talk about that. That helps drive some of that growth. So we see a number of pathways to be a contributor to that catalyst of growth, but that’s not an overnight idea.

I think that’s something that will continue to build over time. But I do believe this market has incredible potential in HAs. And there just hasn’t been the investment in the space because I think the bigger players have seen a market that slowed and they pulled back the investment behind it, which makes us a unique player in the space coming in to be able

Operator: to do that. Interesting. We spent so much time talking about The U. S. Let’s talk about OUS and maybe start with the toxin OUS, what happened in the fourth quarter, how we expect in this year to play out and then we can flip to the other?

Yes.

Sandra, Evolus: Our OUS markets have been a really exciting growth story for us. We’ve been launching markets for the last three years in a row. We launched The U. K. In 2022.

We launched Italy and Germany in 2023 and just this year, Spain and Australia. With all of those launches, we continue to lap around sort of the launch dates and see accelerating growth. We’re gaining share in The UK well above our own expectations and right where we hope to be for the longer term guide. So we’ve guided to at least 100,000,000 of revenue from OUS by 2028. We’re well on our way to achieving that goal.

About 5% of our revenue in 2024 came from OUS markets, and we expect that percentage to clip up over the coming years. So that the toxin is gaining a lot of traction outside of the S. And we’re really excited about what that opportunity is.

Operator: Is that 100,000,000 you referred to, that’s toxin only? It’s toxin and filler. Toxin and filler. Correct. Correct.

Correct. And we’ll

Sandra, Evolus: launch the filler in the back half of this year. We did get that approval late last year.

Operator: Yeah. So what’s the plans for the rollout there? So what markets first for filler?

David Modizetti, CEO, Evolus: Yeah. We haven’t disclosed the plans. We said we will introduce, the it’s called the esteemed line of fillers in the back half of the year. In the front half, RUI’s team is leading sort of an experience based program with some thought leaders around Europe to gain experience because the full line is approved there. So in The U.

S, we got approval for the first two products, but the lip product and the cheek product, which we call Sculpt, are also approved in Europe. So we’re putting these products in the hands of the thought leaders so we can start building up that experience in advocacy as we continue to build our footprint with Nusiva, our talks in the back half. We’ll look to introduce it. Obviously, in key markets like UK where we now have a sizable infrastructure that can absorb it, that’s an obvious market we’ll want to enter. And then we’ll assess some of the other markets that are let’s call it newer to launch Nucyba and determine whether we launch them in the back half or look

Operator: to move into 2020. And talk about the health of some of these markets relative to The U. S. Growth numbers that you were talking about earlier. What does The U.

K. Market grow like The U. S. Market does for toxins and felt just give us a sense.

David Modizetti, CEO, Evolus: Yeah. The markets are healthy. Frankly, they’re healthy all around the globe and, you know, all these markets are growing. We don’t go into clinics typically and find that their toxin business is down year over year. These toxin businesses across the board are all growing.

And it doesn’t matter what market you’re in. Sure, markets like Spain are booming right now a little bit more than maybe UK, but they’re all still high growth markets. When you talk to med spa groups, they’re still adding injectors. They’re still hiring. Their growth plans of adding additional facilities are still playing out.

And the same applies within the dermatology and plastic surgery community. We’re at AAD this past weekend and dermatologists are still looking for more injectors. The hardest part is finding a great injector or training new ones to get to a place where they’re confident enough to start treating patients. So I do believe this the market, despite the headlines you read, the backdrop is there’s a lot of growth potential still here and these practices are still investing.

Operator: Are there many spas of the same business model of customers overseas as it is in The U. S?

David Modizetti, CEO, Evolus: It varies a bit because, some of the regulations vary. So in some countries, it’s MD only. Like if you go to Germany, you won’t find the, you know, nurses and PAs injecting. But in other markets like UK, it’s more similar to The US. So it it does vary a bit.

But in the end, the consumer demographic that’s driving it is still the millennial on a global basis. The psychology of them looking at it as a beauty treatment is the same. And the way that they’re servicing these consumers, the way they inject these products is more similar than different. I think there’s just the regulations that vary.

Operator: Because I’ve always found you over index with the younger crowd, you over index with the medi spas, right, relative to your competitors, which is why you’re growing faster probably. Is that the same kind of thought process that goes overseas as well? Is that it’s the same dynamic?

David Modizetti, CEO, Evolus: The positioning is the same, but it does vary a little bit by market in terms of who’s using it.

Operator: Yes. Sandra, talk about the longer term guidance. Just remind us of those numbers again. And if we’re still completely comfortable with those numbers, just given the macro concerns,

David Modizetti, CEO, Evolus: I guess, obviously. So Macro

Sandra, Evolus: is definitely an interesting environment these days, but we’ve got a very thoughtful way that we build our guidance. And it’s very much a bottoms up view, and we take a very responsible approach to how we think about it. So as we think about 2028, which is where our long term guide is, we’ve consistently said at least $700,000,000 of revenue and at least 20% non GAAP operating margin. And the reason we feel really confident in the at least is that we’re assuming very modest share in each of our products, in each of our geographies to support that guide. So it assumes that we don’t gain any more share on the toxin compared to where we are today.

It assumes we achieve 7% market share on the filler, which is a meaningful discount to the performance we achieved on the toxin. So for example, for the last three years, we’ve gained two So for example, for the last three years, we’ve gained two percentage points of share each year on the toxin. If we continue that performance on the toxin and we match the toxin performance on the filler, that 700,000,000 is a billion. And so there’s a lot of opportunity for us to beat. We continue to outperform our own expectations each year when it comes to share gain, and we have a much more favorable launch environment for this filler than we did for the toxin, right?

We didn’t have any customers when we launched the toxin. We are in half of the customers in The U. S. Market today and we have an incredibly competitive and exciting product that we’re putting out there. So we certainly tried to build our guide in a way that thought was thoughtful about confident execution.

That leaves us a little bit of room if the market’s a little bit softer than we expect that we’ll still be really confident in that at least $700,000,000

Operator: And how do you think about the market growth over the next couple of years and has that changed at all?

Sandra, Evolus: Yes, we’ve pegged it in this sort of 10% range, right. So if you look historically, the market’s grown at about 13% on average over the last five years. And so that high single low double digit, as David mentioned, over a long term tends to play out. So you can see a little bit of movement in any one given year, but we continue to see the younger generations opting into these procedures at an incredibly high rate and there remains very, very low penetration on those populations with these procedures. So we have aligned the market to about a 10% growth rate into the future.

Having said that, we’ve been a little bit more modest in our 2025 expectations as we built our 2020 guide. We expect a flat filler market, knowing that there’s a little bit more pressure, as David mentioned, on that share of wallet. We do believe that GLP tailwind will come, but I don’t think we know exactly when it will come. So we’ve thought about ’25 in a more prudent way and kept that flat on filler. And we’re in the high single digits on the toxin, right?

That’s what we’ve seen over the last couple of years was these mid to high single digits in ’24, very high single digits in ’23. So we are expecting kind of a high single digit on the toxin.

Operator: So high single digit toxin, flattish on the filler for this year. Correct. But over the course of a three, four year period, it’s closer to ten percent Closer to ten percent. Of the combination of it all. Correct.

You’re saying. So we do expect the filler to We

Sandra, Evolus: do expect the filler to rebound before ’28. Yeah. And if we’re a little wrong about that, we have lots of opportunity to outperform on the share side.

Operator: Right. Right. Are there any other, new competitors? Anything else? Who else is coming in on a filler or a toxin?

I mean, we’ve talked about Hughes Allen. We’ll see how that goes. But anybody else on the horizon that you’re focused on?

David Modizetti, CEO, Evolus: You’re seeing a number of you’ll see a few more products enter, more kind of single product companies, assets that are less differentiated Yeah. Coming into the category. But we don’t see a company that’s coming in with a portfolio that that’ll be able to be Yeah. You know, differentiated over time. I think what’s playing out right now is there’s the market starting to segment.

You’ve got a group of price player companies with a portfolio, and then you have the premium segment. And, we’ve continued to inch our way up towards the value space. I think that puts us in a unique spot where relative to the premium brands, we offer a unique value proposition with high quality products, but we also don’t compete on price relative to the price players because we’ve focused on that value.

Operator: So a few years ago, I think our question was, well, will you ever have a second product line? Are you going to be one product story? And now that you’ve had two products, I guess the question is, you know, is there going to be a third product or fourth? Like, how do you think about business development just for the last, you know, twenty seconds or whatever?

David Modizetti, CEO, Evolus: Well, we’re gonna have it slowed on the business comment side.

Operator: Is there a lot going on

David Modizetti, CEO, Evolus: out there? Yeah. There’s we see the biostimulatory space as a Yeah. As a fast growing space for the foreseeable future. Skin quality is another area that we think is a fast growing space, and we have a pipeline that, you know, continues to feed the company for the next several years with new Evolise products next year and the following year.

But as we get out 2028 and beyond, I think we see an opportunity to innovate further. So we’ll be very active on that side while we continue to execute.

Operator: And just to understand, what does skin quality mean? Is that like a cream or an ointment? Is it an injection? Is it a what?

Unidentified speaker, Evolus: So as David qualifies us as a performance beauty company. And the topical stuff will have a certain degree of efficacy. We’re always looking for something that is as good if not better than what’s currently there. And the other implication, it usually has a high hurdle of entry. So we’re looking at skin quality, for instance, hyaluronic acid injectables to actually improve the quality of the skin.

You you know kind of intuitively can see a youthful skin has properties of hydration elasticity like you can tell old skin from new skin. So with injectable HAs, we believe you can actually take skin and make it look

Operator: more youthful. Interesting quality. Thanks. Well, thanks for joining us. Appreciate it.

Good luck. Hope you have another great year. Thank you. Thanks for joining us. Appreciate it.

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