Evolus (EOLS) Leerink Global Healthcare Conference 2026 summary

Market trends and recovery

• Toxin market showed improvement starting in Q4, with positive momentum continuing into Q1, following a year of negative growth driven by middle-class consumer pullback and economic concerns.

• Recovery patterns mirror previous downturns, with consumers stretching intervals between treatments but now showing signs of renewed confidence as economic pressures ease.

• Guidance anticipates low single-digit growth in the near term, moving to mid single-digit growth by 2027-2028, supported by national account contracts and clinic optimism.

• Filler market recovery lags toxins, impacted by negative sentiment around overfilled appearances, but clinics are shifting messaging to emphasize natural results and safety of injectable HA.

• European markets, especially the UK, are leading filler recovery, with the US expected to follow about a year behind.

Product differentiation and performance

• The filler product is manufactured to preserve the natural HA structure, resulting in efficient correction, forgiving application, and strong durability, as confirmed by clinical data and practitioner feedback.

• Despite a challenging filler market, the new filler launch has been among the top in the HA space, now present in 3,000 clinics, with plans to expand further.

• Training is a key driver of adoption, with over 12,000 injectors trained hands-on last year and a focus on second trainings to boost utilization.

• The upcoming Sculpt product is expected to be the flagship, potentially accounting for 40% or more of filler revenue.

• Bundling of toxin and filler products has unlocked greater share in clinics and attracted larger accounts seeking fewer partnerships.

Financial outlook and growth drivers

• 2026 revenue guidance is $327M-$337M (10%-13% YoY growth), with adjusted EBITDA margins in the low to mid-single digits; 2028 guidance is $450M-$500M revenue and 13%-15% EBITDA margin.

• Growth is driven by portfolio expansion, increased Jeuveau share, Evolysse growth, and international expansion, with international revenue expected to reach 15% by 2028.

• Operating leverage is expected to improve as infrastructure investments made in 2024-2025 support future growth without significant OpEx increases.

• Sculpt and Lips launches in 2027-2028 are anticipated to significantly boost filler revenue.

• International markets, especially Europe, represent a $1.5B opportunity, with current share in low single digits and significant room for expansion.