Evolus (NASDAQ:EOLS) reported second-quarter revenue growth of 21% and raised the lower end of its full-year 2026 revenue outlook, citing market-share gains in neurotoxins and hyaluronic acid injectable gels, continued customer adoption of its portfolio and expanding international operations.
Global net revenue totaled $84.1 million in the second quarter, including $75.2 million in toxin revenue and $8.9 million from injectable hyaluronic acid gels. The company generated adjusted EBITDA of $4.7 million, its third consecutive quarter of positive adjusted EBITDA, according to Chief Financial Officer Tatjana Mitchell.
Portfolio adoption and market conditions
Moatazedi said Evolus estimates the U.S. neurotoxin market grew at a faster-than-expected mid-single-digit rate during the quarter. He also said the hyaluronic acid gel market returned to positive growth after two years of decline. Treatment intervals remained stable, while practitioners reported healthy patient traffic and engagement, he said.
Jeuveau and Nuceiva posted double-digit toxin growth in the United States and international markets, while Evolysse revenue increased by more than $2 million sequentially. The company attributed Evolysse growth to increased customer penetration, reorders and utilization among existing accounts.
Evolus said its Portfolio Growth Bundle has helped support adoption across product lines. Approximately 70% of customers participating in the bundle purchased Evolysse during the program’s first six months, compared with about 25% of the company’s overall customer base.
Moatazedi said accounts purchasing both Jeuveau and Evolysse have bought two-and-a-half times more volume year to date than accounts buying only one product. The company remains on track for both Evolysse and its international business to contribute more than 10% of total revenue in 2026, he said.
Profhilo agreement expands skin-quality strategy
During the quarter, Evolus announced an exclusive agreement with IBSA to develop and commercialize Profhilo in the United States. Profhilo is a hyaluronic acid-based product intended to address skin quality rather than restore facial volume, according to company executives.
Evolus will lead U.S. clinical development and regulatory work and will own the product’s premarket approval application, Chief Medical Officer and Head of R&D Rui Avelar said. The company currently anticipates regulatory approval around 2030.
Moatazedi said Profhilo could generate more than $100 million in peak annual revenue. The partnership has no upfront or milestone payments, Mitchell said, and its associated development spending is already contemplated in Evolus’ 2028 adjusted EBITDA margin target of 13% to 15%.
Avelar said Profhilo uses a thermal manufacturing process rather than conventional cross-linking and is intended to hydrate skin internally. He described the product as complementary to neurotoxins and traditional hyaluronic acid fillers, which are administered in different tissue layers and address different aesthetic needs.
The company also expects Evolysse Sculpt, a midface injectable gel, to receive approval in the fourth quarter and launch commercially in 2027. Evolysse Lips is expected to be submitted to the Food and Drug Administration by the end of 2026, with a projected launch in 2028.
International expansion and profitability
In Europe, Evolus launched Estyme during the quarter and said early customer response has been encouraging. The company also expanded its relationship with Symatese to cover Canada, Australia and New Zealand, giving Evolus exclusive rights to commercialize its injectable hyaluronic acid gel portfolio in all markets where it holds Nuceiva rights.
Moatazedi said the added territories expand the company’s global addressable market by approximately $200 million annually. Evolus expects to launch in Canada, Australia and New Zealand in 2028, subject to registration timelines.
Reported gross margin was 68% in the second quarter, while adjusted gross margin was 69%. Mitchell said gross margin benefited by approximately 120 basis points from a tariff refund recognized during the period. Excluding the refund, first-half gross margin was flat year over year, as modest improvement in U.S. margins was offset by a larger international revenue mix.
GAAP operating expenses rose to $61.7 million from $55.7 million in the first quarter, while non-GAAP operating expenses increased to $53.3 million from $49.1 million. The company cited continued spending on customer education, marketing programs and international portfolio expansion.
Evolus ended the quarter with $45.2 million in cash and cash equivalents, down from $49.8 million at the end of the first quarter. The company said cash use primarily reflected interest expense and planned capital investments. Mitchell said Evolus has access to $100 million of additional liquidity through its Pharmakon debt facility and does not anticipate needing additional equity financing.
Raised 2026 outlook
For 2026, Evolus raised the lower end of its revenue forecast to $330 million while maintaining the upper end at $337 million. The revised range has a midpoint of $333.5 million. The company reported 14% revenue growth during the first six months of the year.
- Adjusted gross profit margin guidance was raised to 67.0% to 67.5%.
- Non-GAAP operating expense guidance was narrowed to $212 million to $216 million.
- The company reaffirmed its forecast for a low- to mid-single-digit adjusted EBITDA margin in 2026.
- Evolus maintained its 2028 targets of $450 million to $500 million in annual revenue and a 13% to 15% adjusted EBITDA margin.
Mitchell said Jeuveau remains exempt from tariffs at this time, while Evolysse remains subject to a 10% tariff. Evolus plans to move approximately one year of Jeuveau inventory from South Korea into the United States as a precaution while awaiting further clarity on potential pharmaceutical tariffs. The company said the move is expected to increase inventory and accounts payable but not cash use because of negotiated payment terms.
About Evolus (NASDAQ:EOLS)
Evolus, Inc is a specialty pharmaceutical company focused on medical aesthetics. Headquartered in Newport Beach, California, Evolus develops and commercializes products designed to enhance facial appearance through minimally invasive procedures. Since its founding in 2017, the company has positioned itself in the fast-growing aesthetic market by partnering with leading manufacturers and leveraging clinical expertise to bring innovative injectables to practitioners and patients.
The company’s flagship offering, Jeuveau (prabotulinumtoxinA-xvfs), is a neuromodulator approved by the U.S.
