Evolus, Daewoong Pharmaceutical’s U.S. partner, has achieved double-digit revenue growth for six consecutive years. The company successfully turned a profit in the fourth quarter of last year, signaling a significant improvement in profitability. This growth is driven by the synergy between its flagship product, the botulinum toxin formulation Jeuveau (marketed as Nabota in South Korea), and its new filler, Evolize. Evolus projects revenue of 500 million USD by 2028, with an operating profit margin of 15%.
Q4 Operating Profit Turnaround… Establishing Sustainable Annual Profitability
Industry sources reported on January 17 that Evolus announced preliminary fourth-quarter and annual results, marking its sixth consecutive year of double-digit revenue growth.
Evolus successfully turned a profit in the fourth quarter of last year, driven by the growth of its flagship product Jeuveau and its new filler lineup. The company anticipates entering a sustainable annual profitability structure starting this year.
Evolus’s preliminary fourth-quarter revenue for last year ranged between 88.6 million USD and 90.6 million USD, representing a growth of about 12% to 15% compared to the same period the previous year. This increase is attributed to rising sales across all product lines.
The company continues to improve its profitability. In the fourth quarter, Evolus achieved an operating profit of 5 million USD to 7 million USD, marking a significant milestone in its turnaround.
Total annual revenue for last year is estimated between 295.5 million USD and 297.5 million USD, an 11% to 12% increase from the previous year. This growth is not only due to its flagship botulinum toxin product but also to the filler Evolize, which accounts for about 8% of total revenue, contributing to portfolio diversification.
The company’s financial health shows positive signs. As of year-end, Evolus’s cash and cash equivalents totaled 53 million USD, a 21.8% increase from 43.5 million USD on September 30. This growth stems from increased revenue, efficient cash collection, and effective cost management.
Jeuveau and Evolize Duo Driving Growth… Revenue Projected to Exceed 500 Million USD by 2028
Evolus has designated this year as the starting point for achieving sustainable annual profitability and presented specific performance forecasts. The annual revenue target for this year is between 327 million USD and 337 million USD, reflecting an 11% to 13% growth compared to last year’s preliminary results.
Key growth drivers include expanding the product portfolio and entering global markets.
Evolus anticipates that its hyaluronic acid filler product line, Evolize, will account for 10% to 12% of total revenue this year. The company plans to fully commercialize Evolize Foam and Evolize Smooth in the U.S. market and expand sales in Europe under the name Esteem.
David Moatazedi, President and Chief Executive Officer (CEO) of Evolus, explained that its 2026 outlook reflects the strategic plan to return to market growth through increased U.S. market penetration and international portfolio expansion.
Six-Year Streak of Double-Digit Growth… Expanding Global Market Share
Evolus has updated its long-term financial outlook for 2028 to reflect the evolving market landscape.
According to revised targets, total revenue for 2028 is projected to range from 450 million USD to 500 million USD. This forecast corresponds to an average annual growth rate of 15% to 19% over the next three years. The operating profit margin target for 2028 is set at 13% to 15%.
Evolus stated that it adjusted this long-term outlook to reflect current market conditions and a conservative growth environment in the short term.
To achieve these long-term goals, Evolus has outlined key strategies, including consistently exceeding performance expectations, expanding its portfolio to strengthen market share, and enhancing its global business presence, particularly through increased Esteem sales in Europe.
Moatazedi emphasized that they’ve adjusted its long-term financial goals to align with a more conservative market growth outlook. However, it remains confident in the ability to outperform market growth rates and sustain meaningful profitability.
An industry insider commented that while Evolus’s realistic adjustment of long-term revenue targets may appear conservative, the return to profitability has eliminated uncertainty for Daewoong Pharmaceutical. This indicates that Jeuveau is not only expanding U.S. market share but also contributing significantly to Daewoong Pharmaceutical’s operating profit as a reliable revenue generator.