36 slides from Evolus, Inc. Common Stock's earnings presentation, Nov 5, 2025
Slide 1: Evolus
CVOLUS
Slide 2: Investor Presentation November 2025
INVESTOR PRESENTATION NOVEMBER 2025 2
Slide 3: Disclosures: Forward Looking Statements
DISCLOSURES FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including statements regarding our future resul
Slide 4: Our Purpose
OUR PURPOSE TO MAKE THEIR BEAUTY EXPERIENCE DELIGHTFUL AND ACHIEVABLE 4
Slide 5: A Compelling Investment Opportunity
A COMPELLING INVESTMENT OPPORTUNITY UNDERPENETRATED AESTHETICS MARKET Building a brand focused on the YOUNGER DEMOGRAPHIC GAINING MARKET SHARE IN THE U.S. while expanding internationally Total addressable market Fully funded to UNIQUE CASH-PAY EXPANDS BY 78% PROFITABILITY** BUSINESS MODEL with addit
Slide 6: Growing Our Presence in Large & Underpenetrated Markets—Toxins
GROWING OUR PRESENCE IN LARGE & UNDERPENETRATED MARKETS—TOXINS EVOLUS IS CONTINUING TO GAIN SHARE JEUVEAU® SHARE OF TOXIN MARKET IN THE FAST-GROWING NEUROTOXIN MARKET OVER THE LAST FEW YEARS* 16% 14% 14% 12% 13% 10% 11% 8% 9% 6% 7% 7% 4% 4% 2% 0% 2019 2020 2021 2022 2023 2024 2025** * Market share (
Slide 7: Expanding and Growing Global Addressable Market
EXPANDING AND GROWING GLOBAL ADDRESSABLE MARKET GROWING TO $7B IN 2028 $7.4B $5.9B $2.4B $1.7B ® $3.7B $1.8B $5.0B $4.2B FILLERS $1.9B NEUROTOXINS 2019 2024 2028 11% 6% CAGR CAGR Sources: Medical Insight, Inc.: The Global Aesthetic Market Study: XXII —January 2025 Note: Evolysse is licensed in the U
Slide 8: Evolus International Expected to Achieve $100M in 2028
EVOLUS INTERNATIONAL EXPECTED TO ACHIEVE $100M IN 2028 $0.3B Uniquely positioned in Europe as one of five companies with a portfolio of neurotoxins and $0.3B injectable HA gels $0.2B The combination of toxin and filler doubled the addressable market to $2.3 billion in 2024 $0.2B $0.2B • We currently
Slide 9: Strong Historical Revenue Growth
STRONG HISTORICAL REVENUE GROWTH OUTPACING THE MARKET AS WE EXHIBIT DOUBLE-DIGIT REVENUE GROWTH FOR THE FIFTH CONSECUTIVE YEAR ~40% CAGR $295M- $305M $266.3M $202.1M $148.6M $99.7M $56.5M 2020 2021 2022 2023 2024 2025 * Company guidance as of November 5, 2025 9
Slide 10: A Unique Business Strategy
A UNIQUE BUSINESS STRATEGY 1 4 STRATEGIC ADVANTAGE CUSTOMER SUCCESS • First cash-pay, aesthetics-only performance • Investing in customer growth beauty company • Only aesthetics company to offer co-branded marketing 2 5 CHALLENGER BRAND • Digitally savvy: a powerful, cost-effective & TRANSFORMING TH
Slide 11: Differentiated Cash Pay Business Model
DIFFERENTIATED CASH PAY BUSINESS MODEL WHY CASH PAY • Avoids third-party payer reimbursement complications • Greater pricing flexibility without tie to therapeutics • Enables co-branded marketing • Promotes brand and practices to draw in consumers • Ability to offer customers a compelling value prop
Slide 12: Executing a Performance Beauty Strategy
EXECUTING A PERFORMANCE BEAUTY STRATEGY • Evolus is a performance beauty company with a customer-centric approach to delivering breakthrough products in the self-pay aesthetics market • Focus on making the beauty experience delightful and achievable • First product line focused on neurotoxins—Jeuvea
Slide 13: Patient Demand Is Skewing Younger
PATIENT DEMAND IS SKEWING YOUNGER SHARE OF AESTHETICS PATIENTS BY GENERATION PROJECTED ADOPTION 4% GEN Z & YOUNGER 10% ≥1997 AMONG THE YOUNGER 25% DEMOGRAPHIC: MILLENNIAL 1981- 1996 35% AT LEAST 2X 40% AS LIKELY AS THE GEN X 1965 - 1980 36% OLDER DEMOGRAPHIC 31% BOOMER & OLDER ≤1964 19% 2017 2024 So
Slide 14: Ready to Scale Performance Beauty Opportunity
READY TO SCALE PERFORMANCE BEAUTY OPPORTUNITY INCREASE ACCESS, UNLOCK NEW VALUES & ELIMINATE FRICTION DIGITAL INVESTMENTS BENEFITTING PRACTICES AND CONSUMERS ATTRACT MILLENNIALS AND LEAD TO INCREASED CUSTOMER AND CONSUMER LOYALTY INCREASE VALUE TO PRACTICE PHYSICIAN FINDER INCREASE ACCESS LOYALTY PR
Slide 15: Co-Branded Marketing for a Personal Experience
CO-BRANDED MARKETING FOR A PERSONAL EXPERIENCE BILLBOARDS DIGITAL STREAMING TV 1,600+ BILLBOARDS* 7,500+ DIGITAL CAMPAIGNS* 400+ ETV CAMPAIGNS* *Reflects campaigns completed and aired since 2020 15
Slide 16: Using Medical Education to Establish the Precision Profile of Jeuveau
USING MEDICAL EDUCATION TO ESTABLISH THE PRECISION PROFILE OF JEUVEAU® LIVE EVENTS 17K+ INJECTORS MEDICAL AFFAIRS TRAINING BUS EDUCATED IN 2023/24 TEAM 2023 16
Slide 17: Evolus Rewards Program
EVOLUS REWARDS PROGRAM ACTIVATION CONTINUES TO GROW EVOLUS REWARDS RECORDED >1.3 MILLION IN CONSUMER REDEMPTIONS IN THE EVOLUS TOTAL ENROLLMENTS IN Q3 2025 REWARDS PROGRAM CONTINUE TO GROW* >1.3M >1.2M 3500 TOTAL PATIENT REDEMPTIONS (000s) 60% >1.1M ~1.1M EXISTING PATIENTS SHARE 3000 50% 975K 942K 8
Slide 18: Market Expansion Opportunity—Fillers
MARKET EXPANSION OPPORTUNITY—FILLERS TOXINS AND FILLERS ARE THE TOP 2 MEDICAL AESTHETIC PROCEDURES* FILLERS ARE THE #2 SERVICE PROVIDED FILLERS ARE THE #1 ADD-ON PROCEDURE ACROSS ALL CHANNELS* FOR TOXIN USERS* 1 2 FILLER 48% PLASTIC TOXINS FILLERS SURGEONS: SKINCARE 18% SKIN DERMATOLOGISTS: TOXINS F
Slide 19: Customer Synergies
CUSTOMER SYNERGIES CURRENT CUSTOMERS ARE READY FOR AN EVOLUS FILLER 85% JEUVEAU® CUSTOMERS WILLINGNESS TO TRY A FILLER PRODUCT BY EVOLUS 1% 99% WILLING TO TRY A FILLER (N=311) OF AESTHETIC PRACTICES OFFER BOTH TOXINS AND FILLERS YES NO Source: 10-13-1023 Wave 3 A&U Source: 2024 Filler Market Researc
Slide 20: Consumer Synergies
CONSUMER SYNERGIES: 70% OF TOXIN CONSUMERS ALSO USE A FILLER, 37% RECEIVE BOTH TREATMENTS DURING THE SAME APPOINTMENT INJECTABLE CONSUMER HIGHLIGHTS: 37% OF CONSUMERS RECEIVE TOXIN AND FILLER DURING THE SAME APPOINTMENT 70% OF TOXIN CONSUMERS USE A DERMAL FILLER CONSUMERS WHO CONSUMERS RECEIVE BOTH
Slide 21: Evolysse: An Innovative Technology That Complements the Jeuveau Brand
EVOLYSSE AN INNOVATIVE TECHNOLOGY THAT COMPLEMENTS THE JEUVEAU BRAND ® 21
Slide 22: Symatese Science Genesis
SYMATESE SCIENCE GENESIS 25+ YEARS IN R&D AND MANUFACTURING OF AESTHETICS & MEDICAL BIOMATERIALS LAUNCHED FIRST PEROUSE PLASTIE LAUNCH OF 2 PRODUCTS: BREAST IMPLANTS NEVELIA®, DERMAL HEMOTESE® & SOLD TO MENTOR REGENERATION COLLAPAT®II MATRIX 1997 2003 2004 2007 2011 2013 2021 SOLD RIGHTS OF XpresHAn
Slide 23: First Innovation Breakthrough in a Decade
FIRST INNOVATION BREAKTHROUGH IN A DECADE 1996 2000 2005 2008 2015 2025 NASHA® HYLACROSS® VYCROSS® OBT® PNT® COLD-X TECHNOLOGY TECHNOLOGY TECHNOLOGY TECHNOLOGY TECHNOLOGY TECHNOLOGY Note: First regulatory approval date 23
Slide 24: Evolysse Manufacturing
EVOLYSSE TM MANUFACTURING COLD-X TECHNOLOGY BY SYMATESE CROSS-LINKING HA CONDITIONS • Typical cross-linking: Heat • Cold-X cross-linking: Cold DESIGNED TO CREATE A MORE NATURAL INJECTABLE HA GEL • Cross-linking technology FRAGMENTS o Preserve the hyaluronic acid chain BDDE o Decrease fragmentation o
Slide 25: Evolysse Versatility
EVOLYSSE TM VERSATILITY INDICATIONS 2026 | LAUNCH RECEIVED FDA APPROVAL LAUNCHED IN U.S. Q2 2025 2027 & BEYOND | LAUNCH For US-only; Estyme® OUS launch anticipated in 1H 2026 25
Slide 26: Injectable HA Gel Launch Milestones
INJECTABLE HYALURONIC ACID (HA) GEL LAUNCH MILESTONES 2024 2025 2026 2027 PRODUCT INDICATION 1H 2H 1H 2H 1H 2H 1H 2H Nasolabial Folds (“NLF”) – FORM U.S. Approval Launch NLF & Smooth Lines – SMOOTH U.S. Approval Launch EVOLYSSE Mid-Face Volume – SCULPT PMA Submission Launch Lips – LIPS PMA Submissio
Slide 27: Platform Will Be Leveraged for Filler Launch
PLATFORM WILL BE LEVERAGED FOR FILLER LAUNCH INJECTABLE SALES CUSTOM BUILT TRAINING SOLUTIONS FORCE DIGITAL FOR ALL HCPS Supporting ~17k INFRASTRUCTURE INCLUDING: customer base Supporting frictionless, • Online and growing across 30k efficient experience for • In-person large format potential custom
Slide 28: Financials
FINANCIALS 28
Slide 29: Jeuveau: Fastest-Growing Neurotoxin in the U.S.
JEUVEAU®: FASTEST- NET REVENUE +11% to +15% GROWING NEUROTOXIN IN THE U.S. FOR FOUR CONSECUTIVE YEARS1 14% MARKET SHARE2 #2 $295M- $305M* BRAND AWARENESS3 $266.3M $202.1M #1 2 MARKET SHARE IN $148.6M OR EVOLUS ACCOUNTS4 $99.7M $56.5M $34.9M 2019 2020 2021 2022 2023 2024 2025 1. Measured by comparing
Slide 30: Evolysse Is Strongest Filler Launch in Over a Decade
EVOLYSSE IS STRONGEST FILLER LAUNCH IN OVER A DECADE • Delivered $5.7 million in revenue for Q3 2025 and $15.5 million YTD; Evolysse revenue increased sequentially over the approximately $5.0 million run rate observed in the launch quarter • Performance supported by favorable stocking and phasing dy
Slide 31: Guidance Overview
GUIDANCE OVERVIEW 2022 2023 2024 2025 Revised Guidance NET SALES (IN MILLIONS) 143 149 150 180 1901 202 255 2651 266.3 295 3052 185 OPEX (NON-GAAP) (IN MILLIONS) 135 138 140 145 1501 164 185 190 208 2133 GUIDE ISSUED ACTUAL RESULTS 1. Reflects original guidance 2. Reflects revised revenue guidance;
Slide 32: Q3 2025 Results
Q3 2025 RESULTS Q3 NET REVENUE DOUBLE-DIGIT TOTAL REVENUE GROWTH $69.0M net revenue, up 13% Y-O-Y amidst softer U.S. aesthetic procedural volumes • Successful launch of Evolysse • Continued strength in international markets Key performance indicators demonstrate strong fundamentals and consistent gr
Slide 33: FY 2025 Outlook
FY 2025 OUTLOOK EVOLUS REAFFIRMS: • Total net revenues for 2025 to be between $295 million and $305 million, representing 11% to 15% growth over 2024 results • Evolysse injectable HA gels contribution of 10% to 12% of total revenue for the full-year 2025 • Non-GAAP operating expenses for 2025 to be
Slide 34: Projecting $700M Total Net Revenue & Non-GAAP Operating Income Margin of 20% by 2028
PROJECTING $700M TOTAL NET REVENUE NET REVENUE & NON-GAAP1 OPERATING INCOME MARGIN OF 20% BY 2028 DRIVEN BY: • Scale and profitability of existing aesthetic neurotoxin business • Highly synergistic, existing infrastructure $295M- $305M2 • Accelerating international business $266.3M • A robust cadenc
Slide 35: Thank You
THANK YOU = get
Slide 36: Non-GAAP Information
NON-GAAP INFORMATION Within this presentation, “profitability” is defined as achieving positive non-GAAP operating income. This presentation includes references to non-GAAP operating expenses, non-GAAP operating income (loss), and non-GAAP operating income margin which each exclude (i) the revaluati