Evolus (EOLS) Barclays 27th Annual Global Healthcare Conference summary

Business performance and growth outlook

• Achieved over 30% annual growth for four consecutive years, reaching the high end of updated guidance with 32% growth in the latest year.

• Set a goal of at least $700 million in revenue by 2028, with multiple growth vectors identified.

• 2024 revenue guidance is $345–$355 million, with about $90 million incremental growth expected.

• Evolysse, a new injectable HA filler, is expected to contribute 8–10% of 2024 revenue, with launch in Q2 and revenue impact in the second half.

• Exited 2024 with 14% market share, surpassing the 13% target, and aiming to accelerate share adoption for both Jeuveau and Evolysse.

Product innovation and differentiation

• Evolysse is the first new technology in the dermal filler category in over a decade, featuring a unique manufacturing process that preserves the natural HA strand.

• Clinical trials demonstrated non-inferiority and statistical superiority to leading competitors, with efficacy and durability confirmed.

• Evolysse is the first filler with a weight loss indication on its label, targeting the growing GLP-1 patient segment.

• Commercial messaging emphasizes natural outcomes and scientific differentiation, resonating with clinicians and consumers.

• Co-branded media and loyalty programs are leveraged to drive adoption and reinforce partnerships with clinics.

Market strategy and competitive landscape

• Operates in a $1.8 billion U.S. dermal filler market, with zero initial share but strong interest from clinics.

• 15,000 clinics currently partnered, with a 30% market share in those clinics; Evolysse expected to unlock further share and new partnerships.

• Portfolio strategy includes advantaged pricing, co-branded media, and integration into consumer loyalty programs.

• Competitive focus is on quality, education, and value rather than price competition, with loyalty programs offering higher rewards than established players.

• Upside risks to guidance include higher-than-expected market share gains and potential halo effects from new product launches.