What are the current trends in the filler market, is Evolus reframing the conversation, and what impact are GLP-1s having?

Evolus is seeing improving conditions in the HA market and is capitalizing on GLP-1 patients seeking aesthetic treatments, leveraging Evelisse's patient label differentiation. They have seen significant interest from accounts wanting to advertise to this segment, viewing it as early innings for market recovery and GLP-1 patient entry. “We do have a lot of interest in that segment. believe it's a very early innings of both the market recovery and that GLP patient entering clinics, but that's exactly where these practices are focused, and that's something we'll continue to take advantage of as we get into the back half of the year.”

Is Profilo safe to use with fillers and JEUVEAU simultaneously? How has the toxin market performed throughout the quarter and into July?

Profilo is used superficially and is synergistic with toxins (muscle) and HAs (deeper plane for volume), not competitive. The market saw sequential improvement in Q2, with strengthening consumer segments (millennials, Gen Z). This momentum is expected to continue into H2, reflected in guidance. “We saw a sequential improvement in the market. You see that reflected in both technology. toxin procedures, NHAs turning to positive growth. Underneath that, we're also seeing that segments of the consumer are also strengthening and that younger demographic, which is well into her 40s now, the millennial, the Gen Z, they both show that their spend on beauty and healthcare only rising, and we do believe that contributes.”

Clarify if market comments are US or global for toxins/fillers, and provide current US/global market shares and drivers of share gains.

HA market strengthening is consistent across US and Europe. Evolus entered the year with mid-teens US market share, which is strengthening. In the UK, JEUVEAU is close to double-digit market share. Share gains are driven by strong business growth in the US and international markets. “we entered the year with roughly mid-teens market share. We expect to continue in that mid-teens range. It's hard to pin a share on an exact quarter, but clearly our share is strengthening.”

EOLS

Evolus (EOLS) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Health Care· Aug 5, 2026

Source: earnings call transcript

Executive summary

Evolus Q2 FY26 — Strong Growth, Raised Outlook, and Strategic Portfolio Expansion

Evolus delivered a strong second quarter, marked by significant revenue growth and sustained profitability, leading to a raised full-year outlook. The company expanded its portfolio with strategic licensing agreements for Profilo and Cimetase, diversifying into skin quality and broadening its international footprint. Management highlighted market share gains in the US injectable aesthetics market and the increasing traction of its portfolio strategy.

Highlights

Delivered 21% revenue growth, reaching $84.1 million in global net revenue.
Generated the third consecutive quarter of positive adjusted EBITDA, totaling $4.7 million.
Raised the full-year 2026 revenue guidance midpoint to $333.5 million.
Global toxin revenue exceeded $75 million, driven by double-digit growth in both the United States and international markets.
Evelisse revenue increased by more than $2 million sequentially, reflecting increased customer penetration and reorder rates.

Concerns

Gross margin benefited by approximately 120 basis points from a tariff refund, indicating underlying tariff pressures remain a factor.

Guidance & targets

Category	Target	Timeline	Confidence
Full-year 2026 Revenue	$330 million to $337 million high materiality	FY26	High
Full-year 2026 Adjusted Gross Profit Margin	67.0% to 67.5% medium materiality	FY26	High
Full-year 2026 Non-GAAP Operating Expenses	$212 million to $216 million medium materiality	FY26	High
Full-year 2026 Adjusted EBITDA Margin	low-to-mid single-digit high materiality	FY26	High
Long-term Annual Revenue	$450 million to $500 million high materiality	FY28	High
Long-term Adjusted EBITDA Margin	13% to 15% high materiality	FY28	High
Profilo Approval	around 2030 medium materiality	CY30	Medium
Sculpt Approval	Q4 medium materiality	Q4 · FY26	High
Evelisse Lips FDA Submission	by the end of this year medium materiality	FY26	High
Esteem Launch in Canada, Australia, New Zealand	2028 low materiality	CY28	Medium

Segment performance

Segment	Revenue	YoY	QoQ	Margin
Global Toxin Driven by double-digit growth across both the United States and international markets.	$75.2 million	double-digit	—	—
Injectable Hyaluronic Acid Gel Reflecting increased customer penetration, reorder rates, and utilization within existing accounts.	$8.9 million	—	increased by more than $2 million sequentially	—
International Business Becoming an increasingly important contributor to long-term strategy and growth. Expected to contribute >10% of total company revenue this year	—	—	—	—
Evelisse (HA) On track to contribute significantly to total company revenue. Expected to contribute >10% of total company revenue this year	—	—	—	—
Jeuveau (UK) The most established market for Evolus in Europe, serving as a strong lead. Market share: close to double digit	—	—	—	—

Deals & partnerships

IFSA Exclusive development and commercialization of Profilo in the United States.

Profilo is a gold standard in the rapidly emerging skin quality category, expanding Evolus into a third injectable aesthetics vertical.

Cimetase Expansion of relationship to include Canada, Australia, and New Zealand for the Esteem collection of injectable hyaluronic acid gels.

Evolus now holds exclusive rights to commercialize its injectable HA gel portfolio in every market where it maintains rights for Nuseva.

Risks & headwinds

Tariff uncertainty and inventory management Ongoing

Gross margin benefited by approximately 120 basis points from a tariff refund in Q2.

Mitigation:Prudently bringing approximately one year's worth of JEUVEAU inventory into the U.S. from South Korea to mitigate potential tariff impacts, with negotiated payment terms to avoid cash use.

What to watch in Q3 FY26

Sculpt approval and launch timeline

Q4 FY26 / FY27

Current Anticipated approval in Q4 FY26

Target Confirmation of Q4 approval and 2027 commercial launch details

Why it matters

Sculpt is a flagship product expected to significantly expand Evolus's HA portfolio and competitive position.

Sculpt, our premium mid-face HA injectable, has an anticipated approval in the fourth quarter and is expected to commercially launch in 2027.

Find out whether EOLS delivers this. Inve re-checks your case every morning.

Q&A highlights

What are the clinical requirements for Profilo in the US, how will it impact profitability, and is it a 'filler light' or a completely different market?

Profilo is a Class III device requiring a full PMA process, with approval anticipated around 2030. It's not a filler but a skin quality product that hydrates internally, complementing other injectables. The R&D expenses are contemplated in the long-term profitability targets, with no impact on the 13-15% adjusted EBITDA margin by 2028.

“It stimulates extracellular remodeling, improves the elasticity of the skin and its supporting function by stimulating fibroblasts and keratinocytes. Evelis will lead the U.S. clinical and regulatory approval process and then own the PMA. At this time, we anticipate approval around 2030.”

asked by Annabel Samimy · answered by Rui Avelar

2 min read 5 chapters

Detailed narrative

Market Dynamics and Share Gains

The U.S. neurotoxin market grew at a faster-than-expected mid-single-digit rate in Q2 FY26, while the hyaluronic acid gel market returned to positive growth after two consecutive years of declines. Evolus significantly outpaced the market, gaining share across its portfolio through disciplined commercial execution.

The 'Avalos Portfolio Growth Bundle' program has been particularly effective, with approximately 70% of participating accounts purchasing Evelisse, compared to 25% penetration across the overall customer base.

Portfolio Expansion with Profilo

Evolus expanded into the new 'skin quality' injectable aesthetics vertical by partnering with IFSA to develop and commercialize Profilo in the United States. Profilo is described as a 'gold standard' in Europe with no directly comparable product currently available in the US, and has the potential to generate over $100 million in peak annual revenue.

Evolus will lead the US regulatory filings and clinical development, with anticipated approval around 2030.

International Growth and Expansion

The international business is becoming an increasingly important contributor to Evolus's long-term strategy. The company successfully launched the Esteem collection of injectable hyaluronic acid gels in Europe, receiving encouraging early customer response. Additionally, Evolus expanded its relationship with Cimetase to include Canada, Australia, and New Zealand, broadening its global addressable market by approximately $200 million annually, with launches expected in these regions in 2028.

Financial Discipline and Profitability

Evolus achieved its third consecutive quarter of positive adjusted EBITDA, reaching $4.7 million in Q2 FY26, demonstrating its ability to deliver profitable growth while funding strategic initiatives. This reflects the scalability of its commercial infrastructure, which was intentionally built to support a broader portfolio, and disciplined expense management, including capital-efficient business development deals like the IPSA partnership.

HA Market Recovery and GLP-1 Impact

Management noted improving conditions in the HA market and is actively capitalizing on the increasing number of GLP-1 weight loss patients seeking aesthetic treatments. Evolus leverages its patient label differentiation for Evelisse, which includes a mention of weight loss, to attract these patients. This segment is seen as a key strategic focus for the back half of the year, contributing to the market's recovery.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.