Evolus (EOLS) investor relations material

Business overview and product portfolio

• Achieved rapid growth with Jeuveau, capturing mid-teens U.S. market share and expanding internationally.

• Launched Evolysse, a differentiated HA filler, with strong initial adoption and recurring revenue from clinics.

• Portfolio approach is unlocking new accounts and deeper relationships with clinics, especially with the introduction of bundled offerings.

• Plans to introduce the flagship Sculpt product in 2026 to address mid-face volume loss and further round out the HA portfolio.

• International expansion continues, with direct entry into Spain, Australia, and Germany, and all four HA products approved in Europe.

Market dynamics and macro trends

• Aesthetic market has faced rare "speed bumps" due to macroeconomic pressures, with consumers stretching treatment intervals by 10–15%.

• Despite challenges, double-digit growth is maintained, outperforming a declining market.

• Expectation of market stabilization and sequential improvement starting in Q4, with potential for outsized rebound as conditions improve.

• Fillers have been more impacted by macro trends and negative perceptions of unnatural results, prompting a shift in marketing language to "injectable HA."

• Weight loss trends (GLP-1 use) are expected to drive future demand for HA fillers addressing facial volume loss.

Product differentiation and clinical data

• Jeuveau demonstrated strong efficacy in head-to-head trials, with fast onset and high peak effect, validated by independent studies.

• Higher dosing of Jeuveau can extend duration, but broad adoption is limited due to diminishing returns.

• Evolysse's cold manufacturing process preserves HA structure, resulting in efficient, versatile, and natural-looking outcomes.

• Clinical trials show less product is needed for comparable or better results, with low inflammatory response and broad application across facial areas.