Evolus, Inc. — Call Transcript 2026

Good afternoon. I'm Serge Belanger, one of the healthcare analysts at Needham & Company. Want to welcome you back to Needham's 25th Annual Healthcare Conference. For our next fireside chat session, we have the Evolus team with us, President and CEO, David Moatazedi, the company's CFO, Tatjana Mitchell, and Rui Avelar, who's the Chief Medical Officer and Head of R&D. Maybe to get us going here, I'll hand it over to you guys just for a quick overview of the company for those who aren't familiar with Evolus, and then we'll proceed to some Q&A. Great. Serge, first off, thank you for having us on the line. It's exciting to be here. Evolus, for those of you that don't have a background, it's a company that was founded in 2012. We spent the first half dozen of our years in development stage getting our first drug approved, Jeuveau, and we've been commercial stage for just over six years. We're really proud of what we've accomplished as a company. We're the first company that's really gone head-to-head against market leaders in all of our clinical studies, whether it's Jeuveau or Evolysse, and we've created products that have the potential to be market leaders in the category through both the data as well as the way that we bring them to market, which is through a beauty lens. We partner with clinics in a way that enables us to reinvest back into their growth in the form of things like co-branded media or a consumer loyalty program that now has over 1.4 million consumers in it. That collectively has enabled us to build a stronger presence in this category where our flagship product, Jeuveau, has achieved mid-teens market share. We've grown historically since launch at about a 40% CAGR, and we recently launched a new product, Evolysse, in the U.S., which has been a really strong product for us in expanding our portfolio with customers here in the U.S. as well as internationally expanded our footprint, where we now operate in nine markets outside the U.S. Lastly, our guidance for this year reflects a shift for the company in our transition to profitability on the full year, and so we've guided to top-line double-digit growth and a transition to profitability on the bottom line. All right. Great. Maybe we start with the kind of a broad view of the aesthetic market. There's been a bit of a slowdown, which was a headwind, but I think we're seeing signs of improvement. Maybe you can give just an overall perspective on what you've seen over the last year and what you've seen more recently that gives you, not hope, but some positive signs that things are improving. Sure. Well, we've certainly seen that consumer confidence started to dip last year. It was very acutely felt in the front half of the year, which impacted procedural volumes across the category. And from that first half, we saw a step upward in terms of consumer sentiment and as a result, some of the procedural volume improved sequentially in the back half relative to the front half of the year. So that was a positive sign to close out the year. And despite that consumer pocketbook challenges that we saw in the category, our business continued to perform very well. On the year, we grew double digits in 2025, and we finished the year on a really strong note in the fourth quarter, notably growing 14% and achieving meaningful profitability. And importantly, that fourth quarter exit set the pace for what we believe is 2026 growth rates. We've guided to another year of double-digit growth in 2026. That's on the low end of our guidance range. It could be above that on the upper end. Of course, as I talked about earlier, that puts us well on track to achieve profitability of what we said low to mid-single digit operating profit in the company. What are current expectations for, I guess, the overall market on the neurotoxin side, and then we can talk about fillers, too? Yeah. Tatjana, you want to take that? Sure. As we exited Q4, we believe Q4 2025, the toxin market was about flat to slight single-digit growth. We believe that this will continue through 2026, and that's what's assumed in our guide as well. For the filler, it declined likely double digits in 2025, and we're expecting that to moderate in 2026 to see perhaps a low single-digit decline to flat in the filler market for 2026. Okay. On the fillers, is it just you're starting to comp over some weaker numbers and it's improving, or there's been a change in trends in adoption for products? Yeah. Yeah, I just came back from a medical meeting this last week in AmSpa, and I can tell you that the sentiment overall from clinicians was far more positive than I've heard it over the past several meetings prior. I think what we're starting to see is some of that negative sentiment around filler is starting to turn as there's greater education around the safety of hyaluronic acid, the fact that it's not only naturally occurring in the body, but the fact that it's reversible, and also a shift in how these products are getting used. Consumers want a more natural look, and what that means is less volume per patient and using it a bit more carefully than they have historically. I do believe that the HA market is on a road to recovery. We saw some bit of improvement in terms of the growth rate relative to before, but we expect on the full year that the HA market will continue to be down. We're optimistic that we might see a quarter where it turns to positive growth. As a matter of fact, in Europe, which is a close analog to the U.S., we do believe that the market for HAs has started to turn back to positive. All really good signs as we continue to see this market improve. Of course, as you know, we're a new entrant in this category, and so Evolysse's first quarter was our fourth quarter since launch with the product. We still have a lot of opportunity to continue to go wider with the product into new clinics. As they're getting more experience with the product in the existing clinics, we're becoming a bigger part of their overall filler use. Just four quarters in, we're really pleased with the uptake we're seeing. Lastly, our flagship product is a product called Evolysse Sculpt, and that's specifically indicated for the mid-face. That is currently under FDA review, and we expect that product to get approved by year-end. Serge, as you know, in this category, all the leading manufacturers have one flagship product that's commonly used. In our case, we believe that Sculpt product to be that brand. Okay, just going back a little bit to the market, when you did see the slowdown, was it kind of a broad slowdown or in specific pockets of the market? I know you guys kind of over-index towards the younger patients. Were they more impacted than others, than the broad market? Yeah. It's a question we got from a lot of investors. Interestingly, we went into our database, as we talked about, we have 1.4 million consumers in that database, and we looked at the different segments, by age demographic, income demographic, and we pretty much saw something consistent, which is, it doesn't vary by age. It really is this middle-class consumer that felt the effect. Across the board, that consumer base is stretching those intervals between treatments. It has nothing to do with anything other than the pocketbook. Of course, the more wealthier consumer continued to use these products as they were before because those consumers, they benefit from real estate prices rising, stock values appreciating, and so those consumers were very active in the category and continuing to spend. In the aesthetic space overall, however, it continues to be fueled by that middle-class consumer. It's not just a luxury good type of product. It's a mass-market product, and that's not unique to our brands, it's to the whole category. We continue to see that be an area that holds the market back from faster growth than it has today. Did the injectors start adjusting prices due to lower demand for the neurotoxins? I guess same thing with the fillers, I think they're subject to tariffs, so did that impact the pricing for procedures? Yeah. We didn't see any change in pricing related to tariffs at all, and nor did any of the manufacturers that we're aware of pass along any form of price increase associated with those tariffs, which are specific to devices as you know, up through last year. What we did see was with the slowing in the market, of course, it became more competitive in different cities, and so clinics would offer different promotional ideas and ways of trying to bring consumers back faster into their clinic that may have been stretching those intervals or try to attract new consumers to their clinics over maybe a clinic down the street. Those tended to be more in the form of promotional type of activities rather than just a shift in their overall pricing strategy. Yeah. Going back to the Evolysse launch, maybe I'll ask Rui to just provide a description of the technology behind Evolysse and how it differentiates the product from what's available on the market. Sure. Just to make the obvious statement, hyaluronic acid gels are made of hyaluronic acid, and where the differentiation really takes place is one of the critical steps in the manufacturing, the cross-linking. If you have strands of HA and they're not cross-linked, you don't have the properties, and they disappear. You have to cross-link them to give those gels those properties, that lift, that bounce, all those textures. That cross-linking process is really harsh and causes fragmentation in the hyaluronic acid. Our partner, Symatese, they just figured out a way of manufacturing and doing that cross-linking step in a way that just better preserved the HA structure. The way they did it was by conducting that cross-linking step at near freezing temperatures. In other words, they took all the thermal energy out of the system. If you think about it, if you have that long, complex HA chain still intact or better intact, you may get the benefits. Those gels may be more efficient, kind of like David was saying. Less gel just goes a longer way. You may get better performance, and you may get longer longevity. On the benchtop, we certainly saw that. The thing that was really nice was, when we started looking at the data clinical trials, that's exactly what we saw. With less material, we were getting more correction, and we were certainly seeing longer duration. From a natural perspective, that's actually the feedback that we've gotten. That fundamental approach of just trying to do a better job preserving the HA and hoping that would translate into a better product is what we seem to be seeing. Okay. I think David mentioned earlier that there's, especially with fillers, a movement towards less product, more natural look. When we're talking about less product, are we talking about 30% less, 20%? I'm sure maybe it varies, but is there a kind of a range? Yeah. I don't know that we've explored that completely. Certainly, for instance, when we looked at our U.S. FDA approval study for a product, one of them, Smooth, for instance, it was split-face, so the treating physician would treat one side, treat the other side, look at how much material was required. In general, in the Smooth study, there was 20% less material used. Despite that, when you looked at the primary endpoint, we hit both non-inferiority and statistical superiority. When you looked at over the year, we always had more improvement. In the case of Form, we always had more improvement, and when you looked at every data point over the course of the year compared to the active control, we actually hit statistical significance at every single time point. Okay. If I recall, when the product was approved, there was some language around GLP-1s. Has that been something you've been able to leverage? Does that differentiate the product? Turn over to David for that. Yeah. Well, what makes it unique, as you pointed out, is Rui was successful in getting the mention of weight loss into our patient label information, and that gives us the unique opportunity to advertise that to consumers, and we're the only hyaluronic acid that has this mention in the market. We are using that mention of weight loss in our co-branded media. Matter of fact, we put out billboards across the U.S. with mentions of weight loss. We have digital advertising as well with it. It starts with first establishing the science and the technology, getting the clinician interested in the product and starting to utilize it to build up their confidence. Once they build up their confidence and they're starting to use the product, then the co-branded media becomes effective. We are now in the early stages of building out our commercial presence from an advertising standpoint with Evolysse, just like we did with Jeuveau, which has been incredible, the awareness of that brand in the five short years we've been there through the co-branded media capability. It allows us to take any one clinic that's adopted our product and start to advertise our product in partnership with them in a radius of their office. We're starting to do that now with Evolysse, and as the product scales, we'll do a lot more of it all across the country. Okay. You mentioned the training. Is that just getting the product in their hands, and they trial it on staff and significant others, and that's how they gain experience with it? Yeah, it's been interesting. That's exactly right. The initial take when we give them samples and they trial it, they'll generally, with all these products, they'll start with people that they trust. And then from there, their adoption will broaden to their own patient base. And with Evolysse, one thing we've learned is because of the unique properties that Rui talked about, these clinicians will play with it a bit, gain some comfort, and then we'll bring in a second training because that'll be the one where they can address some of the other questions around the broader utility of the product and how to maximize those unique properties. And so that second training is where we start to see a meaningful lift in the overall usage of the product in those offices. We've been active on doing both the initial trainings as well as bringing accounts once they're at a certain level of proficiency in for a second training. Do you have an idea of what product you're displacing, or it's kind of like Jeuveau, where you kind of displace the products that have the most market share, and that's kind of how it works? Yeah. It's a little too early to say, right? Jeuveau went in a market where the share was heavily concentrated in the market-leading product. That's not the case in the category of hyaluronic acid. At this point, it's too early to say, but it is a representative mix, we believe, not overly concentrated against one particular product. Okay. The next product, Sculpt, is going to be launching this year. Is that still on track for late 2026? Rui? Yeah. That's what we've been guiding. Yeah. Is for approval in Q4. We just kind of made that assumption take about a year, a little bit over a year, last longer than the Form and Smooth. It's a two-year study instead of one year, and the duration profile of that product's longer. We continue to guide to a Q4 approval. Yeah. Okay. I would add, Serge, that there's no revenue assumed in our 2026 guide. Right. Before approval. Yeah. That was my next question. But Sculpt is going to be the workhorse of the Evolysse franchise, right? This is your mid-face product? That's right. It's a premium flagship product in that franchise. We already know from the investigators that have used the product in Europe, where we put it in the hands of some of the top users, Sculpt continues to be a standout product in that market. That area, in particular, is especially challenging to formulate a hyaluronic acid gel that's effective in the mid-face. Sculpt was really the key starting point as Rui and I looked at various assets early on, and Symatese stood out because of this brand. We're very excited. I know the clinical investigators are equally excited. In the field, the noise level around that product is the highest we've seen of any product that we've worked around. Okay. So we should expect Sculpt to be a nice growth driver for 2027, just given the importance it represents for the franchise? That's right. I think you started your bundling program with Evolysse and Jeuveau, I believe it was in the fourth quarter. Any update there on how well it's gone? Yeah. As you know, Serge, we're a single-product company for almost six years before we introduced Evolysse. We're all proud of the fact that with a single product, given our value proposition in the market, we were able to capture double-digit market share. Now with Evolysse, we finally have a portfolio to start talking about more than one product. That enabled us in the fourth quarter to pilot our first rebate that was tied directly with purchasing of our portfolio of products. We purposely piloted the program to understand what the interest level would be, engagement with clinicians, and it exceeded our expectations that we had set internally. As a result, we turned around in January and we rolled it out to our entire sales organization, and now it's being broadly introduced around the country. It's a six-month program that gives a benefit to clinicians who grow with Evolus. To grow, of course, that means committing more of your partnership to us across both toxins as well as with Evolysse, our new HA. That six-month period ends at the end of June. We know a number of accounts are building up their volume with us in order to participate in that portfolio benefit, which is a financial incentive for those accounts. It's an opportunity cost for them to switch away from something else to us, but it's also our first opportunity to compete with a bundle after seven years of being on the market in total. Okay. I think prior to the start of bundling, you're already in 50% or so of U.S. accounts, 15,000, 16,000. Did the process involve going back to these existing accounts and offering the bundling program, or? Just curious how it was rolled out and how it will continue being rolled out for 2026. Yeah. As you know, a lot of our growth in our first six years came from a combination of adding new customers to get to, as you said, half of the clinics in the U.S., in addition to continuing to build our presence within existing customers. With Evolysse, it's more skewed towards going back into those existing customers and establishing Evolysse and building the portfolio benefit while we spend a bit lesser time on adding new customers. Over time, we'll go back to spending more of our time adding more clinics, because, as you pointed out, there's still roughly half of the clinics that we're not in today. It's a combination of both to some degree, with a heavier emphasis on going deeper. Okay. You view this as a growth driver for Jeuveau, not just Evolysse? That's right. Yeah. We see the portfolio bundle as an opportunity to take our brand, which we believe is mid-teen share overall, but in the clinics that we're in, tracks at roughly a 25%-30% market share, and an opportunity to go deeper within those clinics that bring on Evolysse and make us the partner of choice. Yeah. Okay. On Jeuveau, the product's been out on the market now for seven years or around that time, right? That's right. Obviously not growing at the 40%-50% annual growth rate that we used to see, but you're still outperforming the market. Maybe just highlight what you're expecting from that product in 2026, with the bundling program and just potential market recovery. Sure. Tatjana, you want to take it? Yeah, I'll take this one, and David can chime in. For 2026 and beyond, we do expect Jeuveau to continue to outpace the market. The portfolio rebate, as David mentioned, is part of that really drive. When you think about 2026, we also have two new entrants into the market in the toxin in the U.S. When we did our guide, we really were considering that as a potential impact, even if temporary, to Jeuveau. Okay. Those two entrants, you're referring to Letybo and the short-acting product from AbbVie? Yeah. The two entrants are the short-acting product from AbbVie, TrenibotE. Yeah. We could talk more about this, but with the short-acting, what AbbVie is really looking to do is expand the market for toxin. Bring those consumers, so this is a heavily under-penetrated market, and bring the consumers who are on the sidelines, maybe nervous about getting treated, bring them into the market, which we see as a positive for the entire market. The other one is Relfydess, and that is a liquid toxin by Galderma. Okay. With these new entrants, obviously the short-acting one I feel is a little different, addressing a different segment, but do you expect any impacts on pricing for the neurotoxin market? We do not at this time. What we've done, given that it's a pretty sluggish market, it's been in 2025 and going into 2026, right? We have not increased prices, and broadly, our competitors haven't either. From a pricing perspective, we're looking to stay stable. We think we're well-positioned in the market. Our value proposition is unique and different, as you know, between the value of the product, Jeuveau, with the head-to-head data and then the portfolio benefits that they're now earning on top of the co-branded media and the consumer loyalty. We'll continue to lean into our value proposition, just as we did as the last two entrants entered. You did not see us looking at price as a lever to do that, but to focus on what we're building, and we'll leave it up to the competition to establish their positioning. Fortunately, Jeuveau's weathered through a slowdown. It's weathered through multiple competition and continues to outpace the market. I think the story behind that is we just have an excellent product here with an increasing amount of evidence that supports that it's differentiated within this category and deserves to be here, if not deserves to have a bigger presence than it currently does in the space. Yeah. Remind me again where you exited 2025 in terms of market share. At 14%. Okay, 14%. Since you expect it to overperform the market, we could see that move upwards in the future? Yeah, we're guiding for 2028 to step up incrementally and still be in the mid-teens market share for Jeuveau in the U.S. Got it. I wanted to spend a little time on the ex-U.S. efforts. I think that's becoming a more important part of the top line. Just an overview of in which countries you are now and which additional ones you expect to be. Yeah. We operate now in nine countries outside of the U.S. We have a presence now in the Big Five, so to speak, in Europe, which are really important because not only do we have a presence, but we're direct in all of those, with the exception of France, where we have our partner, Symatese Mm-hmm. Importantly, we're launching the new HA products, the Estyme line, all four products in the second quarter of this year. We're really excited to build on their portfolio. Now, all of those markets are in different stages of maturity. U.K. was the first market we entered, followed by Spain, and then followed by France, Italy, and Germany that we took a direct presence in more recently. Beyond that, we have a presence in Canada and Australia. Australia is a direct presence and a partner in Canada with some smaller markets like Austria, and Ireland as well that we have a presence in starting last year. In these ex-U.S. markets, I guess the main part right now is Europe, since you're in the Big Five. Have you noticed any slowdowns or some macro pressures that have led to some of the issues that we've encountered here in the U.S. markets? Yeah. Europe's been a strong economy through last year. Of course, we're watching it closely because we're aware of their reliance on energy and the impact that the war could have on Europe. Thus far, we haven't seen anything that significantly shifts that view. Keep in mind, we're in very early innings in Europe when you think about some of these markets. We just hit one year in those markets, so our market shares are lower. Although we're pleased in the U.K., where we're three years in, and we're nearly at a double-digit market share there. We're seeing the markets outside the U.S. mirror the ramp of what we accomplished here in the U.S., but it's a lot more about gaining our presence in the market and getting into clinics than it is about the absolute growth of the category at this stage in our maturity for those markets. How do you see the opportunity for the four HA products you'll be launching in Europe, just given that the differences in the market makeup versus the U.S. one? Yeah. That's a competitive market in Europe, as you point out, with hyaluronic acids. There's more competitors there than there are in the U.S. That being said, we're one of a handful of companies that has both an injectable neurotoxin as well as an injectable HA and a differentiated one as well with Nuceiva. I think we're really well-positioned. The team is incredibly excited. We did engage clinicians from all of those key markets in an early experience program that started last year. We do have a large base of clinicians that have experience with Estyme products, but we're particularly excited for the launch in Q2 because this will be the first market where all four products are available simultaneously and the Sculpt product too. We know there's a lot of excitement about the Sculpt product in that experience program. Some of those clinicians have started to adopt our brand, and we of course look forward to the launch, being what will more broadly engage some of the bigger Nuceiva accounts and others to participate. Look, it'll be a welcomed addition to the portfolio, but it puts us in a unique place with just a handful of companies that will have that. Okay. Tatjana, you spoke a little bit earlier about guidance. The company kind of updated their long-term outlook last year. If you can go over that and kind of the moving parts that get you to your long-term target for 2028. Yeah, we did. What's important to note about that is that we started from 2025, which was a lower base. We just talked about, right, the trends both in the toxin. Yeah. Filler markets for that year. Starting from that base, we applied what I would say is a modest market CAGR, mid-single digits for toxin, and even a bit lower than that for filler. Maintaining our shares, so really thinking about much like in the last guide, in the filler in the U.S., achieving high single-digit market share and the toxin getting into the mid-teens and really advancing that from the 14% where we're at today. Within that also, international is contributing, so international nearly doubled in 2025, even though with rounding, went from 5% of global revenue to 8% of global revenue. We're looking for that to be in the mid-teens percent of global revenue by 2028. When you take these pieces together, that is what from a revenue perspective, and it's growth across the portfolio. Jeuveau in the U.S., Evolysse in the U.S., right, international, Nuceiva, and Estyme gets us to that $450 million-$500 million. Got it Importantly, if we are looking at margins being relatively stable over that timeframe, really looking at our operating expenses and really showing this operating leverage. You already see that in our 2026 guide. We have $210 million-$216 million range for OpEx, and that is really 0%-3% growth year-over-year. That's because in 2025, we really set this expense base to support the portfolio, both domestically and in international. We took out $25 million, in fact, of the planned spend in 2025. With this base, we can support the portfolio through 2028 without really needing meaningful step-ups in operating expense. That's what drives the leverage. When you look at our adjusted EBITDA guidance, we're guiding to low to mid-single-digit percent adjusted EBITDA in 2026, and for that to get to 13%-15% by 2028. Okay. As you know, once companies cross the profitability threshold, questions about what to do with their growing cash balances become more common. How interested are you in BD, and what kind of assets would you be interested in? Yeah. I will start, and then I'll hand it over to Rui. We are actively looking at assets to add to the portfolio, and two categories in particular that we are looking at that would be similar to how we executed with Evolysse are biostimulators and their products in that category that are showing really healthy growth in the United States. The other is skin quality. Both of these are devices. Both of these are injectables. They would both be very capital efficient in terms of developing them and bringing them to market, and we would be looking at that being 2028-2030 revenue, right, given the timeline on a lot of these products, which would be really well lined up because we have Sculpt and Lips, right, and then these new assets coming up. Rui, maybe you could touch on these two categories in particular. No, I think that was perfect. As you know, fillers is a broader category. We have the HA component. The biostimulator's a really nice add-on, and it fits in with our channel. Skin quality, again, same thing. It's a really nice complement to the portfolios that we have in our channel. The only other BD opportunity that I would add to Tatjana's is we also are very interested in hair. It's an interesting opportunity. It's underserved, so we continue to explore opportunities there. Okay, maybe just to wrap up here since we're coming up on time. David, the stock has obviously felt the impact of some of the macro pressures and re-rated lower over the last 12 months. Anything you want to highlight about the story that you feel is still underappreciated or misunderstood by us analysts or the investors? Yeah. I would just say the story's the same as it was when we first commercialized in the U.S., and that's now coming up on seven years, which is we're building not just a medical aesthetics company, but a performance beauty company. We think that the consumer mindset's shifted more to seeing this as part of their routine beauty treatment, and Evolus is incredibly well-positioned to capitalize on that shift that's occurring. Over the past seven years, you've seen Jeuveau capture mid-teens market share in the U.S. We've grown historically at a 40% CAGR as proof of our ability to get there. Last year, despite the market dislocation, we still grew double digits and exited with faster growth than we did on the full year. Of course, we rebased our expenses now in our maturity to focus on profitability, and we're deeply committed to it. You saw that in the back half of the year, the profit that we were able to generate on our new expense base, and that expense base enables us to maintain roughly a flattish expense base on the full year this year, which is meaningful profitability that drops to the bottom line on our journey to get to 2028. We're really excited about putting our heads down, executing on the business we have today, gaining approval of Sculpt, executing internationally, and looking at pipeline deals that enable us to continue to build on our platform of assets that drop right into the bag and bring more value to clinicians that are looking to build their business with Evolus around our beauty positioning. All right. Well, we want to thank you all for joining us this afternoon and giving us an overview of Evolus and how the company is growing. Thanks for your time. We appreciate it. Thank you. Thank you, Serge.

Speaker 3: Good afternoon. I'm Serge Belanger, one of the healthcare analysts at Needham & Company. Want to welcome you back to Needham's 25th Annual Healthcare Conference. For our next fireside chat session, we have the Evolus team with us, President and CEO, David Moatazedi, the company's CFO, Tatjana Mitchell, and Rui Avelar, who's the Chief Medical Officer and Head of R&D. Maybe to get us going here, I'll hand it over to you guys just for a quick overview of the company for those who aren't familiar with Evolus, and then we'll proceed to some Q&A. Good afternoon. good afternoon I'm Serge Belanger, one of the healthcare analysts at Needham & Company. i'm serge belanger one of the healthcare analysts at needham & company Want to welcome you back to Needham's 25th Annual Healthcare Conference. want to welcome you back to needham's 25th annual healthcare conference For our next fireside chat session, we have the Evolus team with us, President and CEO, David Moatazedi, the company's CFO, Tatjana Mitchell, and Rui Avelar, who's the Chief Medical Officer and Head of R&D. for our next fireside chat session we have the evolus team with us president and ceo david moatazedi the company's cfo tatjana mitchell and rui avelar who's the chief medical officer and head of r&d Maybe to get us going here, I'll hand it over to you guys just for a quick overview of the company for those who aren't familiar with Evolus, and then we'll proceed to some Q&A. maybe to get us going here i'll hand it over to you guys just for a quick overview of the company for those who aren't familiar with evolus and then we'll proceed to some q&a

Speaker 1: Great. Serge, first off, thank you for having us on the line. It's exciting to be here. Evolus, for those of you that don't have a background, it's a company that was founded in 2012. We spent the first half dozen of our years in development stage getting our first drug approved, Jeuveau, and we've been commercial stage for just over six years. We're really proud of what we've accomplished as a company. We're the first company that's really gone head-to-head against market leaders in all of our clinical studies, whether it's Jeuveau or Evolysse, and we've created products that have the potential to be market leaders in the category through both the data as well as the way that we bring them to market, which is through a beauty lens. Great. great Serge, first off, thank you for having us on the line. It's exciting to be here. serge first off thank you for having us on the line. it's exciting to be here Evolus, for those of you that don't have a background, it's a company that was founded in 2012. evolus for those of you that don't have a background it's a company that was founded in 2012 We spent the first half dozen of our years in development stage getting our first drug approved, Jeuveau, and we've been commercial stage for just over six years. We're really proud of what we've accomplished as a company. we spent the first half dozen of our years in development stage getting our first drug approved jeuveau and we've been commercial stage for just over six years. we're really proud of what we've accomplished as a company We're the first company that's really gone head-to-head against market leaders in all of our clinical studies, whether it's Jeuveau or Evolysse, and we've created products that have the potential to be market leaders in the category through both the data as well as the way that we bring them to market, which is through a beauty lens. we're the first company that's really gone head-to-head against market leaders in all of our clinical studies whether it's jeuveau or evolysse and we've created products that have the potential to be market leaders in the category through both the data as well as the way that we bring them to market which is through a beauty lens We partner with clinics in a way that enables us to reinvest back into their growth in the form of things like co-branded media or a consumer loyalty program that now has over 1.4 million consumers in it. That collectively has enabled us to build a stronger presence in this category where our flagship product, Jeuveau, has achieved mid-teens market share. We've grown historically since launch at about a 40% CAGR, and we recently launched a new product, Evolysse, in the U.S., which has been a really strong product for us in expanding our portfolio with customers here in the U.S. as well as internationally expanded our footprint, where we now operate in nine markets outside the U.S. We partner with clinics in a way that enables us to reinvest back into their growth in the form of things like co-branded media or a consumer loyalty program that now has over 1.4 million consumers in it. we partner with clinics in a way that enables us to reinvest back into their growth in the form of things like co-branded media or a consumer loyalty program that now has over 1.4 million consumers in it That collectively has enabled us to build a stronger presence in this category where our flagship product, Jeuveau, has achieved mid-teens market share. that collectively has enabled us to build a stronger presence in this category where our flagship product jeuveau has achieved mid-teens market share We've grown historically since launch at about a 40% CAGR, and we recently launched a new product, Evolysse, in the U.S., which has been a really strong product for us in expanding our portfolio with customers here in the U.S. as well as internationally expanded our footprint, where we now operate in nine markets outside the U.S. we've grown historically since launch at about a 40% cagr and we recently launched a new product evolysse in the u.s which has been a really strong product for us in expanding our portfolio with customers here in the u.s as well as internationally expanded our footprint where we now operate in nine markets outside the u.s Lastly, our guidance for this year reflects a shift for the company in our transition to profitability on the full year, and so we've guided to top-line double-digit growth and a transition to profitability on the bottom line. Lastly, our guidance for this year reflects a shift for the company in our transition to profitability on the full year, and so we've guided to top-line double-digit growth and a transition to profitability on the bottom line. lastly our guidance for this year reflects a shift for the company in our transition to profitability on the full year and so we've guided to top-line double-digit growth and a transition to profitability on the bottom line

Speaker 3: All right. Great. Maybe we start with the kind of a broad view of the aesthetic market. There's been a bit of a slowdown, which was a headwind, but I think we're seeing signs of improvement. Maybe you can give just an overall perspective on what you've seen over the last year and what you've seen more recently that gives you, not hope, but some positive signs that things are improving. All right. all right Great. great Maybe we start with the kind of a broad view of the aesthetic market. maybe we start with the kind of a broad view of the aesthetic market There's been a bit of a slowdown, which was a headwind, but I think we're seeing signs of improvement. there's been a bit of a slowdown which was a headwind but i think we're seeing signs of improvement Maybe you can give just an overall perspective on what you've seen over the last year and what you've seen more recently that gives you, not hope, but some positive signs that things are improving. maybe you can give just an overall perspective on what you've seen over the last year and what you've seen more recently that gives you not hope but some positive signs that things are improving

Speaker 1: Sure. Well, we've certainly seen that consumer confidence started to dip last year. It was very acutely felt in the front half of the year, which impacted procedural volumes across the category. And from that first half, we saw a step upward in terms of consumer sentiment and as a result, some of the procedural volume improved sequentially in the back half relative to the front half of the year. So that was a positive sign to close out the year. And despite that consumer pocketbook challenges that we saw in the category, our business continued to perform very well. On the year, we grew double digits in 2025, and we finished the year on a really strong note in the fourth quarter, notably growing 14% and achieving meaningful profitability. And importantly, that fourth quarter exit set the pace for what we believe is 2026 growth rates. Sure. sure Well, we've certainly seen that consumer confidence started to dip last year. well we've certainly seen that consumer confidence started to dip last year It was very acutely felt in the front half of the year, which impacted procedural volumes across the category. it was very acutely felt in the front half of the year which impacted procedural volumes across the category And from that first half, we saw a step upward in terms of consumer sentiment and as a result, some of the procedural volume improved sequentially in the back half relative to the front half of the year. and from that first half we saw a step upward in terms of consumer sentiment and as a result some of the procedural volume improved sequentially in the back half relative to the front half of the year So that was a positive sign to close out the year. so that was a positive sign to close out the year And despite that consumer pocketbook challenges that we saw in the category, our business continued to perform very well. and despite that consumer pocketbook challenges that we saw in the category our business continued to perform very well On the year, we grew double digits in 2025, and we finished the year on a really strong note in the fourth quarter, notably growing 14% and achieving meaningful profitability. on the year we grew double digits in 2025 and we finished the year on a really strong note in the fourth quarter notably growing 14% and achieving meaningful profitability And importantly, that fourth quarter exit set the pace for what we believe is 2026 growth rates. and importantly that fourth quarter exit set the pace for what we believe is 2026 growth rates We've guided to another year of double-digit growth in 2026. That's on the low end of our guidance range. It could be above that on the upper end. Of course, as I talked about earlier, that puts us well on track to achieve profitability of what we said low to mid-single digit operating profit in the company. We've guided to another year of double-digit growth in 2026. we've guided to another year of double-digit growth in 2026 That's on the low end of our guidance range. that's on the low end of our guidance range It could be above that on the upper end. it could be above that on the upper end Of course, as I talked about earlier, that puts us well on track to achieve profitability of what we said low to mid-single digit operating profit in the company. of course as i talked about earlier that puts us well on track to achieve profitability of what we said low to mid-single digit operating profit in the company

Speaker 3: What are current expectations for, I guess, the overall market on the neurotoxin side, and then we can talk about fillers, too? What are current expectations for, I guess, the overall market on the neurotoxin side, and then we can talk about fillers, too? what are current expectations for i guess the overall market on the neurotoxin side and then we can talk about fillers too

Speaker 1: Yeah. Tatjana, you want to take that? Yeah. yeah Tatjana, you want to take that? tatjana you want to take that

Speaker 4: Sure. As we exited Q4, we believe Q4 2025, the toxin market was about flat to slight single-digit growth. We believe that this will continue through 2026, and that's what's assumed in our guide as well. For the filler, it declined likely double digits in 2025, and we're expecting that to moderate in 2026 to see perhaps a low single-digit decline to flat in the filler market for 2026. Sure. sure As we exited Q4, we believe Q4 2025, the toxin market was about flat to slight single-digit growth. as we exited q4 we believe q4 2025 the toxin market was about flat to slight single-digit growth We believe that this will continue through 2026, and that's what's assumed in our guide as well. we believe that this will continue through 2026 and that's what's assumed in our guide as well For the filler, it declined likely double digits in 2025, and we're expecting that to moderate in 2026 to see perhaps a low single-digit decline to flat in the filler market for 2026. for the filler it declined likely double digits in 2025 and we're expecting that to moderate in 2026 to see perhaps a low single-digit decline to flat in the filler market for 2026

Speaker 3: Okay. On the fillers, is it just you're starting to comp over some weaker numbers and it's improving, or there's been a change in trends in adoption for products? Okay. okay On the fillers, is it just you're starting to comp over some weaker numbers and it's improving, or there's been a change in trends in adoption for products? on the fillers is it just you're starting to comp over some weaker numbers and it's improving or there's been a change in trends in adoption for products

Speaker 4: Yeah. Yeah. yeah

Speaker 1: Yeah, I just came back from a medical meeting this last week in AmSpa, and I can tell you that the sentiment overall from clinicians was far more positive than I've heard it over the past several meetings prior. I think what we're starting to see is some of that negative sentiment around filler is starting to turn as there's greater education around the safety of hyaluronic acid, the fact that it's not only naturally occurring in the body, but the fact that it's reversible, and also a shift in how these products are getting used. Consumers want a more natural look, and what that means is less volume per patient and using it a bit more carefully than they have historically. I do believe that the HA market is on a road to recovery. Yeah, I just came back from a medical meeting this last week in AmSpa, and I can tell you that the sentiment overall from clinicians was far more positive than I've heard it over the past several meetings prior. yeah i just came back from a medical meeting this last week in amspa and i can tell you that the sentiment overall from clinicians was far more positive than i've heard it over the past several meetings prior I think what we're starting to see is some of that negative sentiment around filler is starting to turn as there's greater education around the safety of hyaluronic acid, the fact that it's not only naturally occurring in the body, but the fact that it's reversible, and also a shift in how these products are getting used. i think what we're starting to see is some of that negative sentiment around filler is starting to turn as there's greater education around the safety of hyaluronic acid the fact that it's not only naturally occurring in the body but the fact that it's reversible and also a shift in how these products are getting used Consumers want a more natural look, and what that means is less volume per patient and using it a bit more carefully than they have historically. consumers want a more natural look and what that means is less volume per patient and using it a bit more carefully than they have historically I do believe that the HA market is on a road to recovery. i do believe that the ha market is on a road to recovery We saw some bit of improvement in terms of the growth rate relative to before, but we expect on the full year that the HA market will continue to be down. We're optimistic that we might see a quarter where it turns to positive growth. As a matter of fact, in Europe, which is a close analog to the U.S., we do believe that the market for HAs has started to turn back to positive. All really good signs as we continue to see this market improve. Of course, as you know, we're a new entrant in this category, and so Evolysse's first quarter was our fourth quarter since launch with the product. We still have a lot of opportunity to continue to go wider with the product into new clinics. We saw some bit of improvement in terms of the growth rate relative to before, but we expect on the full year that the HA market will continue to be down. we saw some bit of improvement in terms of the growth rate relative to before but we expect on the full year that the ha market will continue to be down We're optimistic that we might see a quarter where it turns to positive growth. we're optimistic that we might see a quarter where it turns to positive growth As a matter of fact, in Europe, which is a close analog to the U.S., we do believe that the market for HAs has started to turn back to positive. as a matter of fact, in europe which is a close analog to the u.s we do believe that the market for has has started to turn back to positive All really good signs as we continue to see this market improve. all really good signs as we continue to see this market improve Of course, as you know, we're a new entrant in this category, and so Evolysse's first quarter was our fourth quarter since launch with the product. of course as you know we're a new entrant in this category and so evolysse's first quarter was our fourth quarter since launch with the product We still have a lot of opportunity to continue to go wider with the product into new clinics. we still have a lot of opportunity to continue to go wider with the product into new clinics As they're getting more experience with the product in the existing clinics, we're becoming a bigger part of their overall filler use. Just four quarters in, we're really pleased with the uptake we're seeing. Lastly, our flagship product is a product called Evolysse Sculpt, and that's specifically indicated for the mid-face. That is currently under FDA review, and we expect that product to get approved by year-end. Serge, as you know, in this category, all the leading manufacturers have one flagship product that's commonly used. In our case, we believe that Sculpt product to be that brand. As they're getting more experience with the product in the existing clinics, we're becoming a bigger part of their overall filler use. as they're getting more experience with the product in the existing clinics we're becoming a bigger part of their overall filler use Just four quarters in, we're really pleased with the uptake we're seeing. just four quarters in we're really pleased with the uptake we're seeing Lastly, our flagship product is a product called Evolysse Sculpt, and that's specifically indicated for the mid-face. lastly our flagship product is a product called evolysse sculpt and that's specifically indicated for the mid-face That is currently under FDA review, and we expect that product to get approved by year-end. that is currently under fda review and we expect that product to get approved by year-end Serge, as you know, in this category, all the leading manufacturers have one flagship product that's commonly used. serge as you know in this category all the leading manufacturers have one flagship product that's commonly used In our case, we believe that Sculpt product to be that brand. in our case we believe that sculpt product to be that brand

Speaker 3: Okay, just going back a little bit to the market, when you did see the slowdown, was it kind of a broad slowdown or in specific pockets of the market? I know you guys kind of over-index towards the younger patients. Were they more impacted than others, than the broad market? Okay, just going back a little bit to the market, when you did see the slowdown, was it kind of a broad slowdown or in specific pockets of the market? okay just going back a little bit to the market when you did see the slowdown was it kind of a broad slowdown or in specific pockets of the market I know you guys kind of over-index towards the younger patients. i know you guys kind of over-index towards the younger patients Were they more impacted than others, than the broad market? were they more impacted than others, than the broad market

Speaker 1: Yeah. It's a question we got from a lot of investors. Interestingly, we went into our database, as we talked about, we have 1.4 million consumers in that database, and we looked at the different segments, by age demographic, income demographic, and we pretty much saw something consistent, which is, it doesn't vary by age. It really is this middle-class consumer that felt the effect. Across the board, that consumer base is stretching those intervals between treatments. It has nothing to do with anything other than the pocketbook. Of course, the more wealthier consumer continued to use these products as they were before because those consumers, they benefit from real estate prices rising, stock values appreciating, and so those consumers were very active in the category and continuing to spend. In the aesthetic space overall, however, it continues to be fueled by that middle-class consumer. Yeah. yeah It's a question we got from a lot of investors. it's a question we got from a lot of investors Interestingly, we went into our database, as we talked about, we have 1.4 million consumers in that database, and we looked at the different segments, by age demographic, income demographic, and we pretty much saw something consistent, which is, it doesn't vary by age. interestingly we went into our database as we talked about we have 1.4 million consumers in that database and we looked at the different segments by age demographic income demographic and we pretty much saw something consistent which is it doesn't vary by age It really is this middle-class consumer that felt the effect. it really is this middle-class consumer that felt the effect Across the board, that consumer base is stretching those intervals between treatments. across the board that consumer base is stretching those intervals between treatments It has nothing to do with anything other than the pocketbook. it has nothing to do with anything other than the pocketbook Of course, the more wealthier consumer continued to use these products as they were before because those consumers, they benefit from real estate prices rising, stock values appreciating, and so those consumers were very active in the category and continuing to spend. of course the more wealthier consumer continued to use these products as they were before because those consumers they benefit from real estate prices rising stock values appreciating and so those consumers were very active in the category and continuing to spend In the aesthetic space overall, however, it continues to be fueled by that middle-class consumer. in the aesthetic space overall however it continues to be fueled by that middle-class consumer It's not just a luxury good type of product. It's a mass-market product, and that's not unique to our brands, it's to the whole category. We continue to see that be an area that holds the market back from faster growth than it has today. It's not just a luxury good type of product. it's not just a luxury good type of product It's a mass-market product, and that's not unique to our brands, it's to the whole category. it's a mass-market product and that's not unique to our brands it's to the whole category We continue to see that be an area that holds the market back from faster growth than it has today. we continue to see that be an area that holds the market back from faster growth than it has today

Speaker 3: Did the injectors start adjusting prices due to lower demand for the neurotoxins? I guess same thing with the fillers, I think they're subject to tariffs, so did that impact the pricing for procedures? Did the injectors start adjusting prices due to lower demand for the neurotoxins? did the injectors start adjusting prices due to lower demand for the neurotoxins I guess same thing with the fillers, I think they're subject to tariffs, so did that impact the pricing for procedures? i guess same thing with the fillers i think they're subject to tariffs so did that impact the pricing for procedures

Speaker 1: Yeah. We didn't see any change in pricing related to tariffs at all, and nor did any of the manufacturers that we're aware of pass along any form of price increase associated with those tariffs, which are specific to devices as you know, up through last year. What we did see was with the slowing in the market, of course, it became more competitive in different cities, and so clinics would offer different promotional ideas and ways of trying to bring consumers back faster into their clinic that may have been stretching those intervals or try to attract new consumers to their clinics over maybe a clinic down the street. Those tended to be more in the form of promotional type of activities rather than just a shift in their overall pricing strategy. Yeah. yeah We didn't see any change in pricing related to tariffs at all, and nor did any of the manufacturers that we're aware of pass along any form of price increase associated with those tariffs, which are specific to devices as you know, up through last year. we didn't see any change in pricing related to tariffs at all and nor did any of the manufacturers that we're aware of pass along any form of price increase associated with those tariffs which are specific to devices as you know up through last year What we did see was with the slowing in the market, of course, it became more competitive in different cities, and so clinics would offer different promotional ideas and ways of trying to bring consumers back faster into their clinic that may have been stretching those intervals or try to attract new consumers to their clinics over maybe a clinic down the street. what we did see was with the slowing in the market of course it became more competitive in different cities and so clinics would offer different promotional ideas and ways of trying to bring consumers back faster into their clinic that may have been stretching those intervals or try to attract new consumers to their clinics over maybe a clinic down the street Those tended to be more in the form of promotional type of activities rather than just a shift in their overall pricing strategy. those tended to be more in the form of promotional type of activities rather than just a shift in their overall pricing strategy

Speaker 3: Yeah. Going back to the Evolysse launch, maybe I'll ask Rui to just provide a description of the technology behind Evolysse and how it differentiates the product from what's available on the market. Yeah. yeah Going back to the Evolysse launch, maybe I'll ask Rui to just provide a description of the technology behind Evolysse and how it differentiates the product from what's available on the market. going back to the evolysse launch maybe i'll ask rui to just provide a description of the technology behind evolysse and how it differentiates the product from what's available on the market

Speaker 2: Sure. Just to make the obvious statement, hyaluronic acid gels are made of hyaluronic acid, and where the differentiation really takes place is one of the critical steps in the manufacturing, the cross-linking. If you have strands of HA and they're not cross-linked, you don't have the properties, and they disappear. You have to cross-link them to give those gels those properties, that lift, that bounce, all those textures. That cross-linking process is really harsh and causes fragmentation in the hyaluronic acid. Our partner, Symatese, they just figured out a way of manufacturing and doing that cross-linking step in a way that just better preserved the HA structure. The way they did it was by conducting that cross-linking step at near freezing temperatures. In other words, they took all the thermal energy out of the system. Sure. sure Just to make the obvious statement, hyaluronic acid gels are made of hyaluronic acid, and where the differentiation really takes place is one of the critical steps in the manufacturing, the cross-linking. just to make the obvious statement hyaluronic acid gels are made of hyaluronic acid and where the differentiation really takes place is one of the critical steps in the manufacturing the cross-linking If you have strands of HA and they're not cross-linked, you don't have the properties, and they disappear. if you have strands of ha and they're not cross-linked you don't have the properties and they disappear You have to cross-link them to give those gels those properties, that lift, that bounce, all those textures. you have to cross-link them to give those gels those properties that lift that bounce all those textures That cross-linking process is really harsh and causes fragmentation in the hyaluronic acid. that cross-linking process is really harsh and causes fragmentation in the hyaluronic acid Our partner, Symatese, they just figured out a way of manufacturing and doing that cross-linking step in a way that just better preserved the HA structure. our partner symatese they just figured out a way of manufacturing and doing that cross-linking step in a way that just better preserved the ha structure The way they did it was by conducting that cross-linking step at near freezing temperatures. the way they did it was by conducting that cross-linking step at near freezing temperatures In other words, they took all the thermal energy out of the system. in other words they took all the thermal energy out of the system If you think about it, if you have that long, complex HA chain still intact or better intact, you may get the benefits. Those gels may be more efficient, kind of like David was saying. Less gel just goes a longer way. You may get better performance, and you may get longer longevity. On the benchtop, we certainly saw that. The thing that was really nice was, when we started looking at the data clinical trials, that's exactly what we saw. With less material, we were getting more correction, and we were certainly seeing longer duration. From a natural perspective, that's actually the feedback that we've gotten. That fundamental approach of just trying to do a better job preserving the HA and hoping that would translate into a better product is what we seem to be seeing. If you think about it, if you have that long, complex HA chain still intact or better intact, you may get the benefits. if you think about it if you have that long complex ha chain still intact or better intact you may get the benefits Those gels may be more efficient, kind of like David was saying. those gels may be more efficient kind of like david was saying Less gel just goes a longer way. less gel just goes a longer way You may get better performance, and you may get longer longevity. you may get better performance and you may get longer longevity On the benchtop, we certainly saw that. on the benchtop we certainly saw that The thing that was really nice was, when we started looking at the data clinical trials, that's exactly what we saw. the thing that was really nice was when we started looking at the data clinical trials that's exactly what we saw With less material, we were getting more correction, and we were certainly seeing longer duration. with less material we were getting more correction and we were certainly seeing longer duration From a natural perspective, that's actually the feedback that we've gotten. from a natural perspective that's actually the feedback that we've gotten That fundamental approach of just trying to do a better job preserving the HA and hoping that would translate into a better product is what we seem to be seeing. that fundamental approach of just trying to do a better job preserving the ha and hoping that would translate into a better product is what we seem to be seeing

Speaker 3: Okay. I think David mentioned earlier that there's, especially with fillers, a movement towards less product, more natural look. When we're talking about less product, are we talking about 30% less, 20%? I'm sure maybe it varies, but is there a kind of a range? Okay. okay I think David mentioned earlier that there's, especially with fillers, a movement towards less product, more natural look. i think david mentioned earlier that there's especially with fillers a movement towards less product more natural look When we're talking about less product, are we talking about 30% less, 20%? when we're talking about less product are we talking about 30% less 20% I'm sure maybe it varies, but is there a kind of a range? i'm sure maybe it varies but is there a kind of a range

Speaker 2: Yeah. I don't know that we've explored that completely. Certainly, for instance, when we looked at our U.S. FDA approval study for a product, one of them, Smooth, for instance, it was split-face, so the treating physician would treat one side, treat the other side, look at how much material was required. In general, in the Smooth study, there was 20% less material used. Despite that, when you looked at the primary endpoint, we hit both non-inferiority and statistical superiority. When you looked at over the year, we always had more improvement. In the case of Form, we always had more improvement, and when you looked at every data point over the course of the year compared to the active control, we actually hit statistical significance at every single time point. Yeah. yeah I don't know that we've explored that completely. i don't know that we've explored that completely Certainly, for instance, when we looked at our U.S. certainly for instance when we looked at our u.s FDA approval study for a product, one of them, Smooth, for instance, it was split-face, so the treating physician would treat one side, treat the other side, look at how much material was required. fda approval study for a product one of them smooth for instance it was split-face so the treating physician would treat one side treat the other side look at how much material was required In general, in the Smooth study, there was 20% less material used. in general in the smooth study there was 20% less material used Despite that, when you looked at the primary endpoint, we hit both non-inferiority and statistical superiority. despite that when you looked at the primary endpoint we hit both non-inferiority and statistical superiority When you looked at over the year, we always had more improvement. when you looked at over the year we always had more improvement In the case of Form, we always had more improvement, and when you looked at every data point over the course of the year compared to the active control, we actually hit statistical significance at every single time point. in the case of form we always had more improvement and when you looked at every data point over the course of the year compared to the active control we actually hit statistical significance at every single time point

Speaker 3: Okay. If I recall, when the product was approved, there was some language around GLP-1s. Has that been something you've been able to leverage? Does that differentiate the product? Okay. okay If I recall, when the product was approved, there was some language around GLP-1s. if i recall when the product was approved there was some language around glp-1s Has that been something you've been able to leverage? has that been something you've been able to leverage Does that differentiate the product? does that differentiate the product

Speaker 2: Turn over to David for that. Turn over to David for that. turn over to david for that

Speaker 1: Yeah. Well, what makes it unique, as you pointed out, is Rui was successful in getting the mention of weight loss into our patient label information, and that gives us the unique opportunity to advertise that to consumers, and we're the only hyaluronic acid that has this mention in the market. We are using that mention of weight loss in our co-branded media. Matter of fact, we put out billboards across the U.S. with mentions of weight loss. We have digital advertising as well with it. It starts with first establishing the science and the technology, getting the clinician interested in the product and starting to utilize it to build up their confidence. Once they build up their confidence and they're starting to use the product, then the co-branded media becomes effective. Yeah. yeah Well, what makes it unique, as you pointed out, is Rui was successful in getting the mention of weight loss into our patient label information, and that gives us the unique opportunity to advertise that to consumers, and we're the only hyaluronic acid that has this mention in the market. well what makes it unique as you pointed out is rui was successful in getting the mention of weight loss into our patient label information and that gives us the unique opportunity to advertise that to consumers and we're the only hyaluronic acid that has this mention in the market We are using that mention of weight loss in our co-branded media. we are using that mention of weight loss in our co-branded media Matter of fact, we put out billboards across the U.S. with mentions of weight loss. matter of fact we put out billboards across the u.s with mentions of weight loss We have digital advertising as well with it. we have digital advertising as well with it It starts with first establishing the science and the technology, getting the clinician interested in the product and starting to utilize it to build up their confidence. it starts with first establishing the science and the technology getting the clinician interested in the product and starting to utilize it to build up their confidence Once they build up their confidence and they're starting to use the product, then the co-branded media becomes effective. once they build up their confidence and they're starting to use the product then the co-branded media becomes effective We are now in the early stages of building out our commercial presence from an advertising standpoint with Evolysse, just like we did with Jeuveau, which has been incredible, the awareness of that brand in the five short years we've been there through the co-branded media capability. It allows us to take any one clinic that's adopted our product and start to advertise our product in partnership with them in a radius of their office. We're starting to do that now with Evolysse, and as the product scales, we'll do a lot more of it all across the country. We are now in the early stages of building out our commercial presence from an advertising standpoint with Evolysse, just like we did with Jeuveau, which has been incredible, the awareness of that brand in the five short years we've been there through the co-branded media capability. we are now in the early stages of building out our commercial presence from an advertising standpoint with evolysse just like we did with jeuveau which has been incredible the awareness of that brand in the five short years we've been there through the co-branded media capability It allows us to take any one clinic that's adopted our product and start to advertise our product in partnership with them in a radius of their office. it allows us to take any one clinic that's adopted our product and start to advertise our product in partnership with them in a radius of their office We're starting to do that now with Evolysse, and as the product scales, we'll do a lot more of it all across the country. we're starting to do that now with evolysse and as the product scales we'll do a lot more of it all across the country

Speaker 3: Okay. You mentioned the training. Is that just getting the product in their hands, and they trial it on staff and significant others, and that's how they gain experience with it? Okay. okay You mentioned the training. you mentioned the training Is that just getting the product in their hands, and they trial it on staff and significant others, and that's how they gain experience with it? is that just getting the product in their hands and they trial it on staff and significant others and that's how they gain experience with it

Speaker 1: Yeah, it's been interesting. That's exactly right. The initial take when we give them samples and they trial it, they'll generally, with all these products, they'll start with people that they trust. And then from there, their adoption will broaden to their own patient base. And with Evolysse, one thing we've learned is because of the unique properties that Rui talked about, these clinicians will play with it a bit, gain some comfort, and then we'll bring in a second training because that'll be the one where they can address some of the other questions around the broader utility of the product and how to maximize those unique properties. And so that second training is where we start to see a meaningful lift in the overall usage of the product in those offices. Yeah, it's been interesting. yeah it's been interesting That's exactly right. that's exactly right The initial take when we give them samples and they trial it, they'll generally, with all these products, they'll start with people that they trust. the initial take when we give them samples and they trial it they'll generally with all these products they'll start with people that they trust And then from there, their adoption will broaden to their own patient base. and then from there their adoption will broaden to their own patient base And with Evolysse , one thing we've learned is because of the unique properties that Rui talked about, these clinicians will play with it a bit, gain some comfort, and then we'll bring in a second training because that'll be the one where they can address some of the other questions around the broader utility of the product and how to maximize those unique properties. and with evolysse one thing we've learned is because of the unique properties that rui talked about these clinicians will play with it a bit gain some comfort and then we'll bring in a second training because that'll be the one where they can address some of the other questions around the broader utility of the product and how to maximize those unique properties And so that second training is where we start to see a meaningful lift in the overall usage of the product in those offices. and so that second training is where we start to see a meaningful lift in the overall usage of the product in those offices We've been active on doing both the initial trainings as well as bringing accounts once they're at a certain level of proficiency in for a second training. We've been active on doing both the initial trainings as well as bringing accounts once they're at a certain level of proficiency in for a second training. we've been active on doing both the initial trainings as well as bringing accounts once they're at a certain level of proficiency in for a second training

Speaker 3: Do you have an idea of what product you're displacing, or it's kind of like Jeuveau, where you kind of displace the products that have the most market share, and that's kind of how it works? Do you have an idea of what product you're displacing, or it's kind of like Jeuveau, where you kind of displace the products that have the most market share, and that's kind of how it works? do you have an idea of what product you're displacing or it's kind of like jeuveau where you kind of displace the products that have the most market share and that's kind of how it works

Speaker 1: Yeah. It's a little too early to say, right? Jeuveau went in a market where the share was heavily concentrated in the market-leading product. That's not the case in the category of hyaluronic acid. At this point, it's too early to say, but it is a representative mix, we believe, not overly concentrated against one particular product. Yeah. yeah It's a little too early to say, right? it's a little too early to say right Jeuveau went in a market where the share was heavily concentrated in the market-leading product. jeuveau went in a market where the share was heavily concentrated in the market-leading product That's not the case in the category of hyaluronic acid. that's not the case in the category of hyaluronic acid At this point, it's too early to say, but it is a representative mix, we believe, not overly concentrated against one particular product. at this point it's too early to say but it is a representative mix we believe not overly concentrated against one particular product

Speaker 3: Okay. The next product, Sculpt, is going to be launching this year. Is that still on track for late 2026? Okay. okay The next product, Sculpt, is going to be launching this year. the next product sculpt is going to be launching this year Is that still on track for late 2026? is that still on track for late 2026

Speaker 1: Rui? Rui? rui

Speaker 2: Yeah. That's what we've been guiding. Yeah. yeah That's what we've been guiding. that's what we've been guiding

Speaker 3: Yeah. Yeah. yeah

Speaker 2: Is for approval in Q4. We just kind of made that assumption take about a year, a little bit over a year, last longer than the Form and Smooth. It's a two-year study instead of one year, and the duration profile of that product's longer. We continue to guide to a Q4 approval. Is for approval in Q4. is for approval in q4 We just kind of made that assumption take about a year, a little bit over a year, last longer than the Form and Smooth. we just kind of made that assumption take about a year a little bit over a year last longer than the form and smooth It's a two-year study instead of one year, and the duration profile of that product's longer. it's a two-year study instead of one year and the duration profile of that product's longer We continue to guide to a Q4 approval. we continue to guide to a q4 approval

Speaker 4: Yeah. Yeah. yeah

Speaker 3: Okay. Okay. okay

Speaker 4: I would add, Serge, that there's no revenue assumed in our 2026 guide. I would add, Serge, that there's no revenue assumed in our 2026 guide. i would add serge that there's no revenue assumed in our 2026 guide

Speaker 3: Right. Right. right

Speaker 4: Before approval. Yeah. Before approval. before approval Yeah. yeah

Speaker 3: That was my next question. But Sculpt is going to be the workhorse of the Evolysse franchise, right? This is your mid-face product? That was my next question. that was my next question But Sculpt is going to be the workhorse of the Evolysse franchise, right? but sculpt is going to be the workhorse of the evolysse franchise right This is your mid-face product? this is your mid-face product

Speaker 1: That's right. It's a premium flagship product in that franchise. We already know from the investigators that have used the product in Europe, where we put it in the hands of some of the top users, Sculpt continues to be a standout product in that market. That area, in particular, is especially challenging to formulate a hyaluronic acid gel that's effective in the mid-face. Sculpt was really the key starting point as Rui and I looked at various assets early on, and Symatese stood out because of this brand. We're very excited. I know the clinical investigators are equally excited. In the field, the noise level around that product is the highest we've seen of any product that we've worked around. That's right. that's right It's a premium flagship product in that franchise. it's a premium flagship product in that franchise We already know from the investigators that have used the product in Europe, where we put it in the hands of some of the top users, Sculpt continues to be a standout product in that market. we already know from the investigators that have used the product in europe where we put it in the hands of some of the top users sculpt continues to be a standout product in that market That area, in particular, is especially challenging to formulate a hyaluronic acid gel that's effective in the mid-face. that area in particular is especially challenging to formulate a hyaluronic acid gel that's effective in the mid-face Sculpt was really the key starting point as Rui and I looked at various assets early on, and Symatese stood out because of this brand. sculpt was really the key starting point as rui and i looked at various assets early on and symatese stood out because of this brand We're very excited. we're very excited I know the clinical investigators are equally excited. i know the clinical investigators are equally excited In the field, the noise level around that product is the highest we've seen of any product that we've worked around. in the field the noise level around that product is the highest we've seen of any product that we've worked around

Speaker 3: Okay. So we should expect Sculpt to be a nice growth driver for 2027, just given the importance it represents for the franchise? Okay. okay So we should expect Sculpt to be a nice growth driver for 2027, just given the importance it represents for the franchise? so we should expect sculpt to be a nice growth driver for 2027 just given the importance it represents for the franchise

Speaker 1: That's right. That's right. that's right

Speaker 3: I think you started your bundling program with Evolysse and Jeuveau, I believe it was in the fourth quarter. Any update there on how well it's gone? I think you started your bundling program with Evolysse and Jeuveau, I believe it was in the fourth quarter. i think you started your bundling program with evolysse and jeuveau i believe it was in the fourth quarter Any update there on how well it's gone? any update there on how well it's gone

Speaker 1: Yeah. As you know, Serge, we're a single-product company for almost six years before we introduced Evolysse. We're all proud of the fact that with a single product, given our value proposition in the market, we were able to capture double-digit market share. Now with Evolysse, we finally have a portfolio to start talking about more than one product. That enabled us in the fourth quarter to pilot our first rebate that was tied directly with purchasing of our portfolio of products. We purposely piloted the program to understand what the interest level would be, engagement with clinicians, and it exceeded our expectations that we had set internally. As a result, we turned around in January and we rolled it out to our entire sales organization, and now it's being broadly introduced around the country. Yeah. yeah As you know, Serge, we're a single-product company for almost six years before we introduced Evolysse. as you know serge we're a single-product company for almost six years before we introduced evolysse We're all proud of the fact that with a single product, given our value proposition in the market, we were able to capture double-digit market share. we're all proud of the fact that with a single product given our value proposition in the market we were able to capture double-digit market share Now with Evolysse, we finally have a portfolio to start talking about more than one product. now with evolysse we finally have a portfolio to start talking about more than one product That enabled us in the fourth quarter to pilot our first rebate that was tied directly with purchasing of our portfolio of products. that enabled us in the fourth quarter to pilot our first rebate that was tied directly with purchasing of our portfolio of products We purposely piloted the program to understand what the interest level would be, engagement with clinicians, and it exceeded our expectations that we had set internally. we purposely piloted the program to understand what the interest level would be engagement with clinicians and it exceeded our expectations that we had set internally As a result, we turned around in January and we rolled it out to our entire sales organization, and now it's being broadly introduced around the country. as a result we turned around in january and we rolled it out to our entire sales organization and now it's being broadly introduced around the country It's a six-month program that gives a benefit to clinicians who grow with Evolus. To grow, of course, that means committing more of your partnership to us across both toxins as well as with Evolysse, our new HA. That six-month period ends at the end of June. We know a number of accounts are building up their volume with us in order to participate in that portfolio benefit, which is a financial incentive for those accounts. It's an opportunity cost for them to switch away from something else to us, but it's also our first opportunity to compete with a bundle after seven years of being on the market in total. It's a six-month program that gives a benefit to clinicians who grow with Evolus. it's a six-month program that gives a benefit to clinicians who grow with evolus To grow, of course, that means committing more of your partnership to us across both toxins as well as with Evolysse, our new HA. to grow of course that means committing more of your partnership to us across both toxins as well as with evolysse our new ha That six-month period ends at the end of June. that six-month period ends at the end of june We know a number of accounts are building up their volume with us in order to participate in that portfolio benefit, which is a financial incentive for those accounts. we know a number of accounts are building up their volume with us in order to participate in that portfolio benefit which is a financial incentive for those accounts It's an opportunity cost for them to switch away from something else to us, but it's also our first opportunity to compete with a bundle after seven years of being on the market in total. it's an opportunity cost for them to switch away from something else to us but it's also our first opportunity to compete with a bundle after seven years of being on the market in total

Speaker 3: Okay. I think prior to the start of bundling, you're already in 50% or so of U.S. accounts, 15,000, 16,000. Did the process involve going back to these existing accounts and offering the bundling program, or? Just curious how it was rolled out and how it will continue being rolled out for 2026. Okay. okay I think prior to the start of bundling, you're already in 50% or so of U.S. accounts, 15,000, 16,000. i think prior to the start of bundling you're already in 50% or so of u.s accounts 15,000 16,000 Did the process involve going back to these existing accounts and offering the bundling program, or? did the process involve going back to these existing accounts and offering the bundling program or Just curious how it was rolled out and how it will continue being rolled out for 2026. just curious how it was rolled out and how it will continue being rolled out for 2026

Speaker 1: Yeah. As you know, a lot of our growth in our first six years came from a combination of adding new customers to get to, as you said, half of the clinics in the U.S., in addition to continuing to build our presence within existing customers. With Evolysse, it's more skewed towards going back into those existing customers and establishing Evolysse and building the portfolio benefit while we spend a bit lesser time on adding new customers. Over time, we'll go back to spending more of our time adding more clinics, because, as you pointed out, there's still roughly half of the clinics that we're not in today. It's a combination of both to some degree, with a heavier emphasis on going deeper. Yeah. yeah As you know, a lot of our growth in our first six years came from a combination of adding new customers to get to, as you said, half of the clinics in the U.S., in addition to continuing to build our presence within existing customers. as you know a lot of our growth in our first six years came from a combination of adding new customers to get to as you said half of the clinics in the u.s in addition to continuing to build our presence within existing customers With Evolysse, it's more skewed towards going back into those existing customers and establishing Evolysse and building the portfolio benefit while we spend a bit lesser time on adding new customers. with evolysse it's more skewed towards going back into those existing customers and establishing evolysse and building the portfolio benefit while we spend a bit lesser time on adding new customers Over time, we'll go back to spending more of our time adding more clinics, because, as you pointed out, there's still roughly half of the clinics that we're not in today. over time we'll go back to spending more of our time adding more clinics because as you pointed out there's still roughly half of the clinics that we're not in today It's a combination of both to some degree, with a heavier emphasis on going deeper. it's a combination of both to some degree with a heavier emphasis on going deeper

Speaker 3: Okay. You view this as a growth driver for Jeuveau, not just Evolysse? Okay. okay You view this as a growth driver for Jeuveau, not just Evolysse? you view this as a growth driver for jeuveau not just evolysse

Speaker 1: That's right. Yeah. We see the portfolio bundle as an opportunity to take our brand, which we believe is mid-teen share overall, but in the clinics that we're in, tracks at roughly a 25%-30% market share, and an opportunity to go deeper within those clinics that bring on Evolysse and make us the partner of choice. That's right. that's right Yeah. yeah We see the portfolio bundle as an opportunity to take our brand, which we believe is mid-teen share overall, but in the clinics that we're in, tracks at roughly a 25%-30% market share, and an opportunity to go deeper within those clinics that bring on Evolysse and make us the partner of choice. we see the portfolio bundle as an opportunity to take our brand which we believe is mid-teen share overall but in the clinics that we're in tracks at roughly a 25%-30% market share and an opportunity to go deeper within those clinics that bring on evolysse and make us the partner of choice

Speaker 3: Yeah. Okay. On Jeuveau, the product's been out on the market now for seven years or around that time, right? Yeah. yeah Okay. okay On Jeuveau, the product's been out on the market now for seven years or around that time, right? on jeuveau, the product's been out on the market now for seven years or around that time right

Speaker 1: That's right. That's right. that's right

Speaker 3: Obviously not growing at the 40%-50% annual growth rate that we used to see, but you're still outperforming the market. Maybe just highlight what you're expecting from that product in 2026, with the bundling program and just potential market recovery. Obviously not growing at the 40%-50% annual growth rate that we used to see, but you're still outperforming the market. obviously not growing at the 40%-50% annual growth rate that we used to see but you're still outperforming the market Maybe just highlight what you're expecting from that product in 2026, with the bundling program and just potential market recovery. maybe just highlight what you're expecting from that product in 2026 with the bundling program and just potential market recovery

Speaker 1: Sure. Tatjana, you want to take it? Sure. sure Tatjana, you want to take it? tatjana you want to take it

Speaker 4: Yeah, I'll take this one, and David can chime in. For 2026 and beyond, we do expect Jeuveau to continue to outpace the market. The portfolio rebate, as David mentioned, is part of that really drive. When you think about 2026, we also have two new entrants into the market in the toxin in the U.S. When we did our guide, we really were considering that as a potential impact, even if temporary, to Jeuveau. Yeah, I'll take this one, and David can chime in. yeah i'll take this one and david can chime in For 2026 and beyond, we do expect Jeuveau to continue to outpace the market. for 2026 and beyond we do expect jeuveau to continue to outpace the market The portfolio rebate, as David mentioned, is part of that really drive. the portfolio rebate as david mentioned is part of that really drive When you think about 2026, we also have two new entrants into the market in the toxin in the U.S. when you think about 2026 we also have two new entrants into the market in the toxin in the u.s When we did our guide, we really were considering that as a potential impact, even if temporary, to Jeuveau. when we did our guide we really were considering that as a potential impact even if temporary to jeuveau

Speaker 3: Okay. Those two entrants, you're referring to Letybo and the short-acting product from AbbVie? Okay. okay Those two entrants, you're referring to Letybo and the short-acting product from AbbVie? those two entrants you're referring to letybo and the short-acting product from abbvie

Speaker 4: Yeah. The two entrants are the short-acting product from AbbVie, TrenibotE. Yeah. yeah The two entrants are the short-acting product from AbbVie, TrenibotE. the two entrants are the short-acting product from abbvie trenibote

Speaker 3: Yeah. Yeah. yeah

Speaker 4: We could talk more about this, but with the short-acting, what AbbVie is really looking to do is expand the market for toxin. Bring those consumers, so this is a heavily under-penetrated market, and bring the consumers who are on the sidelines, maybe nervous about getting treated, bring them into the market, which we see as a positive for the entire market. The other one is Relfydess, and that is a liquid toxin by Galderma. We could talk more about this, but with the short-acting, what AbbVie is really looking to do is expand the market for toxin. we could talk more about this but with the short-acting what abbvie is really looking to do is expand the market for toxin Bring those consumers, so this is a heavily under-penetrated market, and bring the consumers who are on the sidelines, maybe nervous about getting treated, bring them into the market, which we see as a positive for the entire market. bring those consumers so this is a heavily under-penetrated market and bring the consumers who are on the sidelines maybe nervous about getting treated bring them into the market which we see as a positive for the entire market The other one is Relfydess, and that is a liquid toxin by Galderma. the other one is relfydess and that is a liquid toxin by galderma

Speaker 3: Okay. With these new entrants, obviously the short-acting one I feel is a little different, addressing a different segment, but do you expect any impacts on pricing for the neurotoxin market? Okay. okay With these new entrants, obviously the short-acting one I feel is a little different, addressing a different segment, but do you expect any impacts on pricing for the neurotoxin market? with these new entrants obviously the short-acting one i feel is a little different addressing a different segment but do you expect any impacts on pricing for the neurotoxin market

Speaker 4: We do not at this time. What we've done, given that it's a pretty sluggish market, it's been in 2025 and going into 2026, right? We have not increased prices, and broadly, our competitors haven't either. From a pricing perspective, we're looking to stay stable. We do not at this time. we do not at this time What we've done, given that it's a pretty sluggish market, it's been in 2025 and going into 2026, right? what we've done given that it's a pretty sluggish market it's been in 2025 and going into 2026 right We have not increased prices, and broadly, our competitors haven't either. we have not increased prices and broadly our competitors haven't either From a pricing perspective, we're looking to stay stable. from a pricing perspective we're looking to stay stable

Speaker 1: We think we're well-positioned in the market. Our value proposition is unique and different, as you know, between the value of the product, Jeuveau, with the head-to-head data and then the portfolio benefits that they're now earning on top of the co-branded media and the consumer loyalty. We'll continue to lean into our value proposition, just as we did as the last two entrants entered. You did not see us looking at price as a lever to do that, but to focus on what we're building, and we'll leave it up to the competition to establish their positioning. Fortunately, Jeuveau's weathered through a slowdown. It's weathered through multiple competition and continues to outpace the market. We think we're well-positioned in the market. we think we're well-positioned in the market Our value proposition is unique and different, as you know, between the value of the product, Jeuveau, with the head-to-head data and then the portfolio benefits that they're now earning on top of the co-branded media and the consumer loyalty. our value proposition is unique and different as you know between the value of the product jeuveau with the head-to-head data and then the portfolio benefits that they're now earning on top of the co-branded media and the consumer loyalty We'll continue to lean into our value proposition, just as we did as the last two entrants entered. we'll continue to lean into our value proposition just as we did as the last two entrants entered You did not see us looking at price as a lever to do that, but to focus on what we're building, and we'll leave it up to the competition to establish their positioning. you did not see us looking at price as a lever to do that but to focus on what we're building and we'll leave it up to the competition to establish their positioning Fortunately, Jeuveau's weathered through a slowdown. fortunately jeuveau's weathered through a slowdown It's weathered through multiple competition and continues to outpace the market. it's weathered through multiple competition and continues to outpace the market I think the story behind that is we just have an excellent product here with an increasing amount of evidence that supports that it's differentiated within this category and deserves to be here, if not deserves to have a bigger presence than it currently does in the space. I think the story behind that is we just have an excellent product here with an increasing amount of evidence that supports that it's differentiated within this category and deserves to be here, if not deserves to have a bigger presence than it currently does in the space. i think the story behind that is we just have an excellent product here with an increasing amount of evidence that supports that it's differentiated within this category and deserves to be here if not deserves to have a bigger presence than it currently does in the space

Speaker 3: Yeah. Remind me again where you exited 2025 in terms of market share. Yeah. yeah Remind me again where you exited 2025 in terms of market share. remind me again where you exited 2025 in terms of market share

Speaker 4: At 14%. At 14%. at 14%

Speaker 3: Okay, 14%. Since you expect it to overperform the market, we could see that move upwards in the future? Okay, 14%. okay 14% Since you expect it to overperform the market, we could see that move upwards in the future? since you expect it to overperform the market we could see that move upwards in the future

Speaker 4: Yeah, we're guiding for 2028 to step up incrementally and still be in the mid-teens market share for Jeuveau in the U.S. Yeah, we're guiding for 2028 to step up incrementally and still be in the mid-teens market share for Jeuveau in the U.S. yeah we're guiding for 2028 to step up incrementally and still be in the mid-teens market share for jeuveau in the u.s

Speaker 3: Got it. I wanted to spend a little time on the ex-U.S. efforts. I think that's becoming a more important part of the top line. Just an overview of in which countries you are now and which additional ones you expect to be. Got it. I wanted to spend a little time on the ex-U.S. efforts. got it. i wanted to spend a little time on the ex-u.s efforts I think that's becoming a more important part of the top line. i think that's becoming a more important part of the top line Just an overview of in which countries you are now and which additional ones you expect to be. just an overview of in which countries you are now and which additional ones you expect to be

Speaker 1: Yeah. We operate now in nine countries outside of the U.S. We have a presence now in the Big Five, so to speak, in Europe, which are really important because not only do we have a presence, but we're direct in all of those, with the exception of France, where we have our partner, Symatese Yeah. yeah We operate now in nine countries outside of the U.S. we operate now in nine countries outside of the u.s We have a presence now in the Big Five, so to speak, in Europe, which are really important because not only do we have a presence, but we're direct in all of those, with the exception of France, where we have our partner, Symatese we have a presence now in the big five so to speak in europe which are really important because not only do we have a presence but we're direct in all of those with the exception of france where we have our partner symatese

Speaker 3: Mm-hmm. Mm-hmm. mm-hmm

Speaker 1: Importantly, we're launching the new HA products, the Estyme line, all four products in the second quarter of this year. We're really excited to build on their portfolio. Now, all of those markets are in different stages of maturity. U.K. was the first market we entered, followed by Spain, and then followed by France, Italy, and Germany that we took a direct presence in more recently. Beyond that, we have a presence in Canada and Australia. Australia is a direct presence and a partner in Canada with some smaller markets like Austria, and Ireland as well that we have a presence in starting last year. Importantly, we're launching the new HA products, the Estyme line, all four products in the second quarter of this year. importantly we're launching the new ha products the estyme line all four products in the second quarter of this year We're really excited to build on their portfolio. we're really excited to build on their portfolio Now, all of those markets are in different stages of maturity. now all of those markets are in different stages of maturity U.K. was the first market we entered, followed by Spain, and then followed by France, Italy, and Germany that we took a direct presence in more recently. u.k was the first market we entered followed by spain and then followed by france italy and germany that we took a direct presence in more recently Beyond that, we have a presence in Canada and Australia. beyond that we have a presence in canada and australia Australia is a direct presence and a partner in Canada with some smaller markets like Austria, and Ireland as well that we have a presence in starting last year. australia is a direct presence and a partner in canada with some smaller markets like austria and ireland as well that we have a presence in starting last year

Speaker 3: In these ex-U.S. markets, I guess the main part right now is Europe, since you're in the Big Five. Have you noticed any slowdowns or some macro pressures that have led to some of the issues that we've encountered here in the U.S. markets? In these ex-U.S. markets, I guess the main part right now is Europe, since you're in the Big Five. in these ex-u.s markets i guess the main part right now is europe since you're in the big five Have you noticed any slowdowns or some macro pressures that have led to some of the issues that we've encountered here in the U.S. markets? have you noticed any slowdowns or some macro pressures that have led to some of the issues that we've encountered here in the u.s markets

Speaker 1: Yeah. Europe's been a strong economy through last year. Of course, we're watching it closely because we're aware of their reliance on energy and the impact that the war could have on Europe. Thus far, we haven't seen anything that significantly shifts that view. Keep in mind, we're in very early innings in Europe when you think about some of these markets. We just hit one year in those markets, so our market shares are lower. Although we're pleased in the U.K., where we're three years in, and we're nearly at a double-digit market share there. Yeah. yeah Europe's been a strong economy through last year. europe's been a strong economy through last year Of course, we're watching it closely because we're aware of their reliance on energy and the impact that the war could have on Europe. of course we're watching it closely because we're aware of their reliance on energy and the impact that the war could have on europe Thus far, we haven't seen anything that significantly shifts that view. thus far we haven't seen anything that significantly shifts that view Keep in mind, we're in very early innings in Europe when you think about some of these markets. keep in mind we're in very early innings in europe when you think about some of these markets We just hit one year in those markets, so our market shares are lower. we just hit one year in those markets so our market shares are lower Although we're pleased in the U.K., where we're three years in, and we're nearly at a double-digit market share there. although we're pleased in the u.k where we're three years in and we're nearly at a double-digit market share there We're seeing the markets outside the U.S. mirror the ramp of what we accomplished here in the U.S., but it's a lot more about gaining our presence in the market and getting into clinics than it is about the absolute growth of the category at this stage in our maturity for those markets. We're seeing the markets outside the U.S. mirror the ramp of what we accomplished here in the U.S., but it's a lot more about gaining our presence in the market and getting into clinics than it is about the absolute growth of the category at this stage in our maturity for those markets. we're seeing the markets outside the u.s mirror the ramp of what we accomplished here in the u.s but it's a lot more about gaining our presence in the market and getting into clinics than it is about the absolute growth of the category at this stage in our maturity for those markets

Speaker 3: How do you see the opportunity for the four HA products you'll be launching in Europe, just given that the differences in the market makeup versus the U.S. one? How do you see the opportunity for the four HA products you'll be launching in Europe, just given that the differences in the market makeup versus the U.S. one? how do you see the opportunity for the four ha products you'll be launching in europe just given that the differences in the market makeup versus the u.s one

Speaker 1: Yeah. That's a competitive market in Europe, as you point out, with hyaluronic acids. There's more competitors there than there are in the U.S. That being said, we're one of a handful of companies that has both an injectable neurotoxin as well as an injectable HA and a differentiated one as well with Nuceiva. I think we're really well-positioned. The team is incredibly excited. We did engage clinicians from all of those key markets in an early experience program that started last year. We do have a large base of clinicians that have experience with Estyme products, but we're particularly excited for the launch in Q2 because this will be the first market where all four products are available simultaneously and the Sculpt product too. We know there's a lot of excitement about the Sculpt product in that experience program. Yeah. yeah That's a competitive market in Europe, as you point out, with hyaluronic acids. that's a competitive market in europe as you point out with hyaluronic acids There's more competitors there than there are in the U.S. there's more competitors there than there are in the u.s That being said, we're one of a handful of companies that has both an injectable neurotoxin as well as an injectable HA and a differentiated one as well with Nuceiva. that being said we're one of a handful of companies that has both an injectable neurotoxin as well as an injectable ha and a differentiated one as well with nuceiva I think we're really well-positioned. i think we're really well-positioned The team is incredibly excited. the team is incredibly excited We did engage clinicians from all of those key markets in an early experience program that started last year. we did engage clinicians from all of those key markets in an early experience program that started last year We do have a large base of clinicians that have experience with Estyme products, but we're particularly excited for the launch in Q2 because this will be the first market where all four products are available simultaneously and the Sculpt product too. we do have a large base of clinicians that have experience with estyme products but we're particularly excited for the launch in q2 because this will be the first market where all four products are available simultaneously and the sculpt product too We know there's a lot of excitement about the Sculpt product in that experience program. we know there's a lot of excitement about the sculpt product in that experience program Some of those clinicians have started to adopt our brand, and we of course look forward to the launch, being what will more broadly engage some of the bigger Nuceiva accounts and others to participate. Look, it'll be a welcomed addition to the portfolio, but it puts us in a unique place with just a handful of companies that will have that. Some of those clinicians have started to adopt our brand, and we of course look forward to the launch, being what will more broadly engage some of the bigger Nuceiva accounts and others to participate. some of those clinicians have started to adopt our brand and we of course look forward to the launch being what will more broadly engage some of the bigger nuceiva accounts and others to participate Look, it'll be a welcomed addition to the portfolio, but it puts us in a unique place with just a handful of companies that will have that. look it'll be a welcomed addition to the portfolio but it puts us in a unique place with just a handful of companies that will have that

Speaker 3: Okay. Tatjana, you spoke a little bit earlier about guidance. The company kind of updated their long-term outlook last year. If you can go over that and kind of the moving parts that get you to your long-term target for 2028. Okay. okay Tatjana, you spoke a little bit earlier about guidance. tatjana you spoke a little bit earlier about guidance The company kind of updated their long-term outlook last year. the company kind of updated their long-term outlook last year If you can go over that and kind of the moving parts that get you to your long-term target for 2028. if you can go over that and kind of the moving parts that get you to your long-term target for 2028

Speaker 4: Yeah, we did. What's important to note about that is that we started from 2025, which was a lower base. We just talked about, right, the trends both in the toxin. Yeah, we did. yeah we did What's important to note about that is that we started from 2025, which was a lower base. what's important to note about that is that we started from 2025 which was a lower base We just talked about, right, the trends both in the toxin. we just talked about right the trends both in the toxin

Speaker 3: Yeah. Yeah. yeah

Speaker 4: Filler markets for that year. Starting from that base, we applied what I would say is a modest market CAGR, mid-single digits for toxin, and even a bit lower than that for filler. Maintaining our shares, so really thinking about much like in the last guide, in the filler in the U.S., achieving high single-digit market share and the toxin getting into the mid-teens and really advancing that from the 14% where we're at today. Within that also, international is contributing, so international nearly doubled in 2025, even though with rounding, went from 5% of global revenue to 8% of global revenue. We're looking for that to be in the mid-teens percent of global revenue by 2028. When you take these pieces together, that is what from a revenue perspective, and it's growth across the portfolio. Filler markets for that year. filler markets for that year Starting from that base, we applied what I would say is a modest market CAGR, mid-single digits for toxin, and even a bit lower than that for filler. starting from that base we applied what i would say is a modest market cagr mid-single digits for toxin and even a bit lower than that for filler Maintaining our shares, so really thinking about much like in the last guide, in the filler in the U.S., achieving high single-digit market share and the toxin getting into the mid-teens and really advancing that from the 14% where we're at today. maintaining our shares so really thinking about much like in the last guide in the filler in the u.s achieving high single-digit market share and the toxin getting into the mid-teens and really advancing that from the 14% where we're at today Within that also, international is contributing, so international nearly doubled in 2025, even though with rounding, went from 5% of global revenue to 8% of global revenue. within that also international is contributing so international nearly doubled in 2025 even though with rounding went from 5% of global revenue to 8% of global revenue We're looking for that to be in the mid-teens percent of global revenue by 2028. we're looking for that to be in the mid-teens percent of global revenue by 2028 When you take these pieces together, that is what from a revenue perspective, and it's growth across the portfolio. when you take these pieces together that is what from a revenue perspective and it's growth across the portfolio Jeuveau in the U.S., Evolysse in the U.S., right, international, Nuceiva, and Estyme gets us to that $450 million-$500 million. Jeuveau in the U.S., Evolysse in the U.S., right, i nternational, Nuceiva, and Estyme gets us to that $450 million-$500 million. jeuveau in the u.s evolysse in the u.s right, i nternational nuceiva and estyme gets us to that $450 million-$500 million

Speaker 3: Got it Got it got it

Speaker 4: Importantly, if we are looking at margins being relatively stable over that timeframe, really looking at our operating expenses and really showing this operating leverage. You already see that in our 2026 guide. We have $210 million-$216 million range for OpEx, and that is really 0%-3% growth year-over-year. That's because in 2025, we really set this expense base to support the portfolio, both domestically and in international. We took out $25 million, in fact, of the planned spend in 2025. With this base, we can support the portfolio through 2028 without really needing meaningful step-ups in operating expense. That's what drives the leverage. When you look at our adjusted EBITDA guidance, we're guiding to low to mid-single-digit percent adjusted EBITDA in 2026, and for that to get to 13%-15% by 2028. Importantly, if we are looking at margins being relatively stable over that timeframe, really looking at our operating expenses and really showing this operating leverage. importantly if we are looking at margins being relatively stable over that timeframe really looking at our operating expenses and really showing this operating leverage You already see that in our 2026 guide. you already see that in our 2026 guide We have $210 million-$216 million range for OpEx, and that is really 0%-3% growth year-over-year. we have $210 million-$216 million range for opex and that is really 0%-3% growth year-over-year That's because in 2025, we really set this expense base to support the portfolio, both domestically and in international. that's because in 2025 we really set this expense base to support the portfolio both domestically and in international We took out $25 million, in fact, of the planned spend in 2025. we took out $25 million in fact of the planned spend in 2025 With this base, we can support the portfolio through 2028 without really needing meaningful step-ups in operating expense. with this base we can support the portfolio through 2028 without really needing meaningful step-ups in operating expense That's what drives the leverage. that's what drives the leverage When you look at our adjusted EBITDA guidance, we're guiding to low to mid-single-digit percent adjusted EBITDA in 2026, and for that to get to 13%-15% by 2028. when you look at our adjusted ebitda guidance we're guiding to low to mid-single-digit percent adjusted ebitda in 2026 and for that to get to 13%-15% by 2028

Speaker 3: Okay. As you know, once companies cross the profitability threshold, questions about what to do with their growing cash balances become more common. How interested are you in BD, and what kind of assets would you be interested in? Okay. okay As you know, once companies cross the profitability threshold, questions about what to do with their growing cash balances become more common. as you know once companies cross the profitability threshold questions about what to do with their growing cash balances become more common How interested are you in BD, and what kind of assets would you be interested in? how interested are you in bd and what kind of assets would you be interested in

Speaker 4: Yeah. I will start, and then I'll hand it over to Rui. We are actively looking at assets to add to the portfolio, and two categories in particular that we are looking at that would be similar to how we executed with Evolysse are biostimulators and their products in that category that are showing really healthy growth in the United States. The other is skin quality. Both of these are devices. Both of these are injectables. They would both be very capital efficient in terms of developing them and bringing them to market, and we would be looking at that being 2028-2030 revenue, right, given the timeline on a lot of these products, which would be really well lined up because we have Sculpt and Lips, right, and then these new assets coming up. Yeah. yeah I will start, and then I'll hand it over to Rui. i will start and then i'll hand it over to rui We are actively looking at assets to add to the portfolio, and two categories in particular that we are looking at that would be similar to how we executed with Evolysse are biostimulators and their products in that category that are showing really healthy growth in the United States. we are actively looking at assets to add to the portfolio and two categories in particular that we are looking at that would be similar to how we executed with evolysse are biostimulators and their products in that category that are showing really healthy growth in the united states The other is skin quality. the other is skin quality Both of these are devices. both of these are devices Both of these are injectables. both of these are injectables They would both be very capital efficient in terms of developing them and bringing them to market, and we would be looking at that being 2028-2030 revenue, right, given the timeline on a lot of these products, which would be really well lined up because we have Sculpt and Lips, right, and then these new assets coming up. they would both be very capital efficient in terms of developing them and bringing them to market and we would be looking at that being 2028-2030 revenue right given the timeline on a lot of these products which would be really well lined up because we have sculpt and lips right and then these new assets coming up Rui, maybe you could touch on these two categories in particular. Rui, maybe you could touch on these two categories in particular. rui maybe you could touch on these two categories in particular

Speaker 2: No, I think that was perfect. As you know, fillers is a broader category. We have the HA component. The biostimulator's a really nice add-on, and it fits in with our channel. Skin quality, again, same thing. It's a really nice complement to the portfolios that we have in our channel. The only other BD opportunity that I would add to Tatjana's is we also are very interested in hair. It's an interesting opportunity. It's underserved, so we continue to explore opportunities there. No, I think that was perfect. no i think that was perfect As you know, fillers is a broader category. as you know fillers is a broader category We have the HA component. we have the ha component The biostimulator's a really nice add-on, and it fits in with our channel. the biostimulator's a really nice add-on and it fits in with our channel Skin quality, again, same thing. skin quality again same thing It's a really nice complement to the portfolios that we have in our channel. it's a really nice complement to the portfolios that we have in our channel The only other BD opportunity that I would add to Tatjana's is we also are very interested in hair. the only other bd opportunity that i would add to tatjana's is we also are very interested in hair It's an interesting opportunity. it's an interesting opportunity It's underserved, so we continue to explore opportunities there. it's underserved so we continue to explore opportunities there

Speaker 3: Okay, maybe just to wrap up here since we're coming up on time. David, the stock has obviously felt the impact of some of the macro pressures and re-rated lower over the last 12 months. Anything you want to highlight about the story that you feel is still underappreciated or misunderstood by us analysts or the investors? Okay, maybe just to wrap up here since we're coming up on time. okay maybe just to wrap up here since we're coming up on time David, the stock has obviously felt the impact of some of the macro pressures and re-rated lower over the last 12 months. david the stock has obviously felt the impact of some of the macro pressures and re-rated lower over the last 12 months Anything you want to highlight about the story that you feel is still underappreciated or misunderstood by us analysts or the investors? anything you want to highlight about the story that you feel is still underappreciated or misunderstood by us analysts or the investors

Speaker 1: Yeah. I would just say the story's the same as it was when we first commercialized in the U.S., and that's now coming up on seven years, which is we're building not just a medical aesthetics company, but a performance beauty company. We think that the consumer mindset's shifted more to seeing this as part of their routine beauty treatment, and Evolus is incredibly well-positioned to capitalize on that shift that's occurring. Over the past seven years, you've seen Jeuveau capture mid-teens market share in the U.S. We've grown historically at a 40% CAGR as proof of our ability to get there. Last year, despite the market dislocation, we still grew double digits and exited with faster growth than we did on the full year. Of course, we rebased our expenses now in our maturity to focus on profitability, and we're deeply committed to it. Yeah. yeah I would just say the story's the same as it was when we first commercialized in the U.S., and that's now coming up on seven years, which is we're building not just a medical aesthetics company, but a performance beauty company. i would just say the story's the same as it was when we first commercialized in the u.s and that's now coming up on seven years which is we're building not just a medical aesthetics company but a performance beauty company We think that the consumer mindset's shifted more to seeing this as part of their routine beauty treatment, and Evolus is incredibly well-positioned to capitalize on that shift that's occurring. we think that the consumer mindset's shifted more to seeing this as part of their routine beauty treatment and evolus is incredibly well-positioned to capitalize on that shift that's occurring Over the past seven years, you've seen Jeuveau capture mid-teens market share in the U.S. over the past seven years you've seen jeuveau capture mid-teens market share in the u.s We've grown historically at a 40% CAGR as proof of our ability to get there. we've grown historically at a 40% cagr as proof of our ability to get there Last year, despite the market dislocation, we still grew double digits and exited with faster growth than we did on the full year. last year despite the market dislocation we still grew double digits and exited with faster growth than we did on the full year Of course, we rebased our expenses now in our maturity to focus on profitability, and we're deeply committed to it. of course we rebased our expenses now in our maturity to focus on profitability and we're deeply committed to it You saw that in the back half of the year, the profit that we were able to generate on our new expense base, and that expense base enables us to maintain roughly a flattish expense base on the full year this year, which is meaningful profitability that drops to the bottom line on our journey to get to 2028. We're really excited about putting our heads down, executing on the business we have today, gaining approval of Sculpt, executing internationally, and looking at pipeline deals that enable us to continue to build on our platform of assets that drop right into the bag and bring more value to clinicians that are looking to build their business with Evolus around our beauty positioning. You saw that in the back half of the year, the profit that we were able to generate on our new expense base, and that expense base enables us to maintain roughly a flattish expense base on the full year this year, which is meaningful profitability that drops to the bottom line on our journey to get to 2028. you saw that in the back half of the year the profit that we were able to generate on our new expense base and that expense base enables us to maintain roughly a flattish expense base on the full year this year which is meaningful profitability that drops to the bottom line on our journey to get to 2028 We're really excited about putting our heads down, executing on the business we have today, gaining approval of Sculpt, executing internationally, and looking at pipeline deals that enable us to continue to build on our platform of assets that drop right into the bag and bring more value to clinicians that are looking to build their business with Evolus around our beauty positioning. we're really excited about putting our heads down executing on the business we have today gaining approval of sculpt executing internationally and looking at pipeline deals that enable us to continue to build on our platform of assets that drop right into the bag and bring more value to clinicians that are looking to build their business with evolus around our beauty positioning

Speaker 3: All right. Well, we want to thank you all for joining us this afternoon and giving us an overview of Evolus and how the company is growing. Thanks for your time. We appreciate it. All right. all right Well, we want to thank you all for joining us this afternoon and giving us an overview of Evolus and how the company is growing. well, we want to thank you all for joining us this afternoon and giving us an overview of evolus and how the company is growing Thanks for your time. thanks for your time We appreciate it. we appreciate it

Speaker 4: Thank you. Thank you. thank you

Speaker 2: Thank you, Serge. Thank you, Serge. thank you serge