Evolus (EOLS) Q3 2025 earnings summary

Executive summary

• Q3 2025 net revenue reached $69.0 million, up 13% year-over-year, driven by Jeuveau and a record Evolysse launch, with year-to-date growth of 10%.

• Evolysse generated $5.7 million in Q3 revenue and $15.5 million since launch, marking the strongest HA filler debut in over a decade, with initial U.S. inventory selling out in under a week.

• Jeuveau maintained a 14% U.S. market share, was the fastest-growing neurotoxin for four consecutive years, and global revenue reached $63.2 million.

• The Evolus Rewards loyalty program surpassed 1.3 million members, up 34% year-over-year, with 68–70% of Q3 redemptions from repeat customers.

• Strategic cost optimization and restructuring improved operating efficiency, with $1.4 million in restructuring charges in Q3.

Financial highlights

• Q3 2025 global net revenue was $69.0 million, up 13% year-over-year, with Jeuveau contributing $63.2 million and Evolysse $5.7 million.

• Gross profit margin was 66.5%; adjusted gross margin was 67.6%.

• Non-GAAP operating loss was $3.1 million, improved from $6.7 million in Q3 2024; GAAP operating loss was $11.5 million.

• Operating expenses for Q3 2025 were $57.3 million GAAP and $49.7 million non-GAAP.

• Cash and cash equivalents at quarter end were $43.5 million, down from $61.7 million in Q2 due to proactive inventory purchases.

Outlook and guidance

• 2025 net revenue guidance reaffirmed at $295–$305 million, representing 11–15% growth over 2024.

• Evolysse expected to contribute 10–12% of 2025 revenue.

• Full-year non-GAAP operating expenses expected between $208–$213 million.

• Non-GAAP operating income projected at $5–$7 million in Q4 2025; sustainable annual profitability targeted from 2026.

• Targeting $700 million in total net revenue and 20% non-GAAP operating income margin by 2028.